Jervois and Global Tungsten & Powders Sign MOU

Jervois and Global Tungsten & Powders (GTP) have signed a non-binding explorative memorandum of understanding to jointly evaluate GTP making a minority investment in Jervois’ proposed US cobalt refinery.

GTP, an existing cobalt customer of Australia-based Jervois, is expected to provide recycling feedstock for the US refinery as part of its potential equity investment. In addition, Jervois’ cobalt refinery could potentially be co-located at GTP’s existing facilities in Towanda, PA. Jervois’ two short listed sites are in Pennsylvania and Louisiana.

Jervois’ US Department of Energy advanced technology vehicle manufacturing loan program application to finance the US cobalt refinery is advancing in parallel with Jervois’ US Department of Defense fully refundable bankable feasibility study for the US cobalt refinery (“BFS”). Jervois expects to publicly release BFS in the second half of 2024.

The facility is expected to supply sufficient cobalt for approximately 1.2 million electric vehicles per annum.

Cobalt is a critical mineral as declared by the US Government due to the commodity’s energy transition and national security applications; there are no operating cobalt refineries in the US today. Cobalt is commonly used with nickel for lithium-ion battery manufacturing as well.