Ann: NiCO Young Updated Mineral Resource - Additional Information, page-3

The application of heap leach will produce mixed hydroxide (or sulphide) which can be converted to refined products such as nickel and cobalt sulphates, suitable for direct sale to battery manufacturers. Jervois next steps are to finalise the appointment of leading international heap leach consultants, undertake lab-scale heap leach tests to improve the extraction rates from the limonitic and hematitic ores, and to commence design and ultimately operation of a pilot scale saprolite and weathered serpentinite heap leach pads. Nickel Equivalent Calculations and Recovery Assumptions A Ni-Eq metal equivalent was used for reporting the Ardnaree and Thuddungra resources. The formula used for the metal equivalent was as follows: Ni-Eq = Ni% + (5 * Co%) Metal prices for the Ni-Eq formula were taken as follows: Ni Price of US$6/lb Co Price of US$30/lb