Jervois Mining ('Jervois' or the 'Company') ended the June 2020 quarter with A$5.8 million in cash and no debt.
Despite global upheaval caused by Covid-19 and its impact on capital markets, Jervois retains a strong balance sheet and adequate liquidity to fund its current operational footprint for more than 12 months.
Budgeted activities scheduled within this timeframe include the finalisation and public release of the ICO BFS, continued advancement of the project (debt) finance process in Idaho which includes engagement with lenders and their technical advisers (RPM), the United States government, and customers. Jervois has remobilised in Uganda to drill high priority coppergold targets identified from its last field reconnaissance activities, but were unable to be drilled prior to Covid-19 forcing a cessation of in-country drilling. Negotiations with potential off-take partners for Jervois's nickel-cobalt project in Australia, Nico Young, also continue.
Expenditure on exploration and development for the quarter was A$1.7 million, with A$1.5 million in Idaho and A$0.2 million in Uganda.
Insider Compensation Restructures
Late in Q1 2020, in light of the escalating global Covid-19 pandemic, Jervois focused on aggressively reducing all cash expenditure not related to advancing the project financing of its United States based ICO. Jervois' Non-Executive Directors continue to waive their fees until 30 September 2020. Executive management has been restructured with salary reductions ranging between 30 and 75 percent.
As a consequence of grandfathering arrangements acquired during the M2 Cobalt merger, during the quarter A$0.1 million was paid to related parties outside their salaried Jervois roles for Ugandan exploration management services (Ms Jennifer Hinton and Mr Thomas Lamb, Ugandan Country Head and Ugandan Operations Manager respectively).
No related party fees were paid to Non-Executive Directors due to the aforementioned waiver.
Acting Chief Financial Officer ('CFO') Appointment
In June, Jervois announced it had appointed Jess Birtcher as its Acting CFO to replace Cameron Knox (previously Group Controller and Acting CFO in accordance with Canadian securities regulations), who resigned to pursue other opportunities. Mr Birtcher is the senior finance executive at Jervois' ICO in the United States and is based in Idaho. He is an experienced resources executive and joined Jervois from the leadership team of Coeur Mining ('Coeur') (NYSE: CDE), a US$1.25 billion precious metals producer which operates five precious metal mines in North America and is listed on the New York Stock Exchange. Prior to Coeur, Mr Birtcher spent seven years as Finance Director in Rio Tinto's North American business unit and was a senior audit manager with Ernst & Young for 10 years.
Mr Knox will be with Jervois until the end of July 2020 to facilitate the transition. Mr Simon Clarke (Executive General Manager - Corporate Affairs) also left the group at the end of June 2020. The Jervois Board thanks both Mr Knox and Mr Clarke for their contributions.
Investor Relations
Travel was restricted during the period due to Covid-19. Jervois Chief Executive Officer Mr Bryce Crocker presented at a number of investment bank virtual investor conferences during the period, together with the NWR Communications Virtual Small Cap Resources Conference.
Contact:
Nathan Ryan
Tel: +61 420 582 887
Email: nathan.ryan@nwrcommunications.com.au
This news release may contain certain 'Forward-Looking Statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target, 'plan', 'forecast', 'may', 'schedule' and other similar words or expressions identify forward-looking statements or information. These forwardlooking statements or information may relate to exploration work to be undertaken at ICO or in Uganda, preparation of studies on the ICO, the reliability of third-party information, and certain other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
COEUR MINING, INC. 
