Jervois Global Limited (JRVMF) Q4 2023 Earnings Call Transcript

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Jervois Global Limited (OTCQB:JRVMF) Q4 2023 Earnings Conference Call January 29, 2024 5:00 PM ET

Company Participants

Bryce Crocker – Chief Executive Officer

James May – Chief Financial Officer

Conference Call Participants

Operator

Thank you for standing by. Welcome to the Jervois Global Q4 2023 Results Call. All participants’ are in a listen-only mode. There will be a presentation followed by question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Mr. Bryce Crocker, CEO. Please go ahead.

Bryce Crocker

Thank you very much, and a pleasure to be here with James May, Chief Financial Officer again this quarter.

Turning to slide two, please note the usual disclaimers and let’s move to the highlights slide please, moderator.

On slide three, the Q4 2023 highlights. Jervois Finland contributed US$4.7 million in operating cash flow for the quarter, which rounded out the calendar year at US$46.1 million. Fourth quarter prices — fourth quarter results continued to be driven by low cobalt prices with the price starting the quarter at US$14.50 per pound and finishing the year at US$13 per pound. We estimate global cobalt demand to have risen by approximately 15% in 2023, a healthy rise under normal circumstances. Unfortunately, Chinese oversupply from the Democratic Republic of Congo or DRC continues to overwhelm market balances and weigh down pricing.

Jervois ended the year with US$45.4 million in cash and our negotiations on various partnership transactions continued across the year end and into January. Selectively introducing partners who can share the holding costs of our portfolio across this cyclical downturn is a top priority, whilst also ensuring Jervois shareholders remain exposed and can benefit from the inevitable recovery.

Consistent with the strategic foundation on how Jervois has built out its portfolio of assets under this management team since 2017, geopolitics

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