Ann: Preliminary metallurgical results from Nico Young, page-9

Only have to look at an announcement in November to know we have a lot of newsflow to come. If Auz are 124 million cap and we are 67 million it's crazy.

HIGHLIGHTS

 Nico Young Pre-Feasibility Study ("PFS") in final stages on a 3.0Mtpa production rate, materially higher than originally envisaged and on a scale similar to other major east coast Australian nickel laterite projects at significantly lower capital

 Jervois has made strategic decision to introduce a partner at the project level to share development financing and de-risk its exposure to a large-scale greenfield project

 Commensurate off-take rights will be made available

 Nico Young PFS remains forecast for completion in Q4 2018. Timing of final publication dependent on partner engagement and negotiations

 Jervois remains actively focused on growth via acquisition outside Nico Young and Australia. In addition to the advanced investment opportunities publicly disclosed (shareholding in eCobalt Solutions Inc. ("eCobalt") (TSX:ECS) and application for a prospecting license over the Kabanga nickel-cobalt deposit in Tanzania), the company is at an advanced stage of review and negotiation on other transactions to materially enhance shareholder value

Jervois Mining Limited (ASX: JRV) is pleased to update shareholders on its Nico Young cobalt nickel project in New South Wales, Australia. The deposit is currently 100% owned with no residual royalties or back in rights to third parties.

The Nico Young deposit comprises two distinct bodies of mineralisation held under separate but adjacent exploration licenses 5527 ("Ardnaree") and 5571 ("Thuddungra").

As the PFS nears finalisation, the optimal production scale of the project of 3.0Mtpa ore throughput is significantly greater than originally envisaged, and also larger than what Jervois believes is prudent to move forward with alone. This is particularly relevant given our competing investment opportunities, some of which have been publicly disclosed.