Name of the Project
Idaho cobalt operation.

Location
The project is located in East Central Idaho, in the historic Idaho cobalt belt, in the US.

Project Owner/s
Jervois Mining. Jervois took over eCobalt, the owner of the Idaho cobalt project, in April 2019.

Project Description
The Idaho cobalt operation is estimated to contain a resource of about 45.7-million pounds of cobalt grading 0.59% in the measured and indicated categories.

It will be a vertically integrated project designed to produce cobalt chemicals for the rechargeable batteries market in addition to by-products of copper concentrate, copper sulphate, magnesium sulphate and gold.

The project is based on an underground mine with a target production rate of 1 200 t/d, compared with 800 t/d in the previous mine plan.

Additionally, a cobalt production facility, a hydrometallurgical refining operation located on a railhead in Blackfoot, Idaho, is expected to be built.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 7.5% discount rate, of $176.9-million and an internal rate of return of 25.1%, with a payback of 2.9 years.

Capital Expenditure
Initial capital costs have been estimated at $186.7-million.

Planned Start/End Date
The feasibility and refinery scoping study are scheduled for completion by the first quarter of 2020, and on the close of project financing, Jervois is expecting a 12-month construction period.

Latest Developments
Jervois Mining plans to start cobalt concentrate production from its newly acquired Idaho cobalt operations by the second half of 2021, after closing the takeover of eCobalt in April this year. Jervois struck a friendly merger agreement offering 1.65 common shares in Jervois for every eCobalt share held, representing an implied offer price of C$0.36 an eCobalt share.

The merger closed earlier this week following eCobalt and Jervois shareholder approvals, and final approval from the British Columbia Supreme Court.

The merger has given Jervois ownership of the Idaho cobalt project, which has now been renamed the Idaho cobalt operation, where an estimated $100-million has been invested to date in plant and infrastructure.

Jervois wants to update the feasibility study on the project, with mobilisation starting to support the study. A drill programme is planned to support final testwork and engineering for the permitted 1 200 t/d concentrator and enhance the geological confidence on the mineral resource in the early years of production.

Jervois has invited tenders for the feasibility study and will send invitations for the completion of a scoping study to produce refined cobalt and copper from the Idaho concentrate within the state of Idaho.

Jervois has said that a domestic US refinery will improve project economics and increase investment and skilled job creation in Idaho, while enhancing the security of US cobalt supply.

Key Contracts and Suppliers
Expert Processing Solutions (bench scale testing) and Hazen Research (pilot-level testing)

On Budget and on Time?
Not stated.

Contact Details for Project Information
eCobalt Solutions, tel +1 604 682 6229 or email inform@eCobalt.com.