There are a few different things! Liquidation, Chapter 11,...

There are a few different things! Liquidation, Chapter 11, Receivership, Voluntary administration etc etc etc... Have to be careful especially when we have presence across many countries. Listed on ASX, ICO in US, JF in Finland, SMP in Brazil all different jurisdictions. Lets unpack from perspective of all actors here!

Bond Holder
- The main ICO bond holder holds senior security over ICO assets plus a guarantee from Jervois Global - If they wanted to call in liquidators/receivers to their debt they would have done it by now instead of extending the deferral several times and instead of taking over the Mercuria debt for Jervois Finland
- The Bond holder has a total exposure of $144m of which only a small portion is now backed by cobalt inventory/receivables as the prices have come off quite a lot. They can only sell off the physical plant at ICO in bits and pieces and perhaps the tenements for a very small amount.
- Again if their motive was to call in liquidators to recover 10c in a $ they wouldn't have gone through the pain

Australian Super and Mercuria

- They have lost pretty much all of their investment here and would not like to throw good money after bad.
- Especially considering there is no business case here for ICO (prices too low) and JF (Running at losses and needing working capital facility that it cant service)
- Mercuria likely wants out of this as they have given up the debt to Bond Holder
- There is the $25M convertible debt holder Mill Street who went into this mess with eyes open. They seem to be willing to take on this level of Risk!

JRV Management

Bunch of c@nts who destroyed shareholder wealth along with their own. They will not appoint a VA as it will be admitting defeat. They will rather be a pain in the Bond holders and Mill Streets butt and force them into submission

US Government

The heroes of our story. They already donated money twice to Bryce - Firstly for the RAM drilling and then for the Refinery Study. I am confident that USG wants this refinery on US soil that they can control in events of a war. Cobalt goes into high tech weapons and defence applications. USG wants the intellectual property that lies in Jervois Finland and they will be happy to finance the refinery with tax payers funds. This is Bryce's only hope right now. Again, USG need to keep Jervois Finland alive and under its control. Europeans are also interested in that asset. Although ICO in itself is a piece of sh!t but combined with the refinery it has value for Department of defence.



There is a comprehensive deal being negotiated among all of the above parties - lets wait for a week and see what it is. Again, to be clear i am not suggesting anyone should Buy or hold the stock. All I am saying is this is an interesting situation and liquidation is least likely pathway in my view.

Liquidation = 10c in a dollar
Deal = May be 25c in a dollar or more

Shareholders like us probably going to lose in all scenarios as we deserve to.