Ann: Jervois BMO Conference Presentation February 2023, page-4

Key takeaways for me.

> Recent cobalt price fall related to both demand and supply side factors. On the demand side, crushed demand for LCO - used in consumer electronics - China lockdown story. Reopening of China will see destocking change to restocking. LCO demand will improve. Also, additional supply coming online via Indo, etc. Any doom and gloom articles ignoring the demand side should be ignored themselves.

> CME forward market pricing = showing 20s per pound of cobalt. This links in with:

> "Significant (forward buying) - believed to be OEMs - buying largely. OEMs are out there buying aggressively hundreds, thousands of tonnes of Co in the low 20s (out in a year or two) - which gives you an indication that cobalt as a commodity isn't broken. High nickel is the chemistry that is being rolled out". Follow the money, deals and what is actually taking place in the real world.

> Protecting Western supply chains. China dominates the supply chain at present, but Jervois is looking to provide a solution. USG genuinely about REEs and Co. Cobalt matters. EVs batteries are not going away. Cars needing range, power, speed - high nickel is a big part of that.

> Assets are strategically important and will become increasingly important over time.

> Balanced & diversified assets x 3. Considers all three up and running and generating cash = company just at the "starting line".

> Access to capital. Others can only dream.