Ann: Jervois Annual Report 2022, page-2

Investing becomes really easy when you can read and understand the basics in financial reporting so let's see what the Annual Report is telling shareholders.
Let's look at the expected cash outflows in 2023-
ICO mine: $102.5mil(as below)
Accruals(capital expenditure)(pg 123 AR)17.91
PP&E commitments(cap ex)(pg 142 AR)29.90
Senior Bond repaid(pg 141 AR)12.50
Cash operating loss(see attached schedule)42.20

SMP Brazil: $76.8mil(as below)
Acquisition cost(balance)(pg 113 Note 15)11.82
Refurbishment costs(ASX announce 10Nov22)65.00

Other borrowings to be repaid: $32.1mil(as below)
Borrowings(ex above Bond)(pg 141 AR)17.32
Lease liabilities(pg 141 AR)14.82

So we have known outgoings(as above)totalling $211.4mil in 2023
and yet they only had $152.65mil in cash at 31Dec22 - it is unlikely that their Finland smelter will generate any significant operating surpluses this year as the cobalt price keeps bouncing along the bottom and for the smelter to generate excess profits it needs to buy raw materials at a low price and then sell the finished product into a rising market.
You would have to assume that they'll be another capital raising sometime around early Q3 this year to replenish the coffers but they mightn't have the support of their two major shareholders this time around as the penny has probably dropped for them that this is a classic bottomless pit - Perpetual is already selling their holding and we can expect another sell-down notice from them shortly.
Some hard decisions need to be made by the BOD shortly as the falling share price has to be seen as the writing on the wall - they need to get back to basics and that means closing the ICO mine and putting SMP Brazil on hold as they haven't convinced the market that this operation will be commercially viable.