Jervois Mining Ltd. Successfully Closes Oversubscribed A$45.0 Million Equity Raise

The Placement comprises the issue of 147,540,985 new ordinary shares at a price of A$0.305 per share. This represents a 1.2% discount to the 10-day VWAP on 16 October 2020. These shares will be issued as fully paid and rank equally with existing ordinary shares on issue.

Existing Jervois shareholder AustralianSuper cornerstoned the Placement, contributing A$18.5 million. The Placement was significantly oversubscribed, as the Company received strong support and demand. Jervois is pleased to welcome several new institutional investors onto its register.

As part of the Placement, Jervois Directors and Senior Management subscribed for 5,737,705 new ordinary shares, representing A$1.75 million. This complements their participation in the July 2019 equity raise of A$2.75 million, strongly aligning Company insiders with other shareholders.

The balance of the new ordinary shares has been placed with institutional and sophisticated investors within the meaning of the Corporations Act 2001 (Cth). Of the 147,540,985 new ordinary shares, Jervois will issue 96,511,881 shares utilizing its existing capacity under Listing Rule 7.1 and issue 32,170,626 utilizing the Company's existing capacity under Listing Rule 7.1A. This portion of the Placement will settle on 27 October 2020.

Jervois will issue a further 18,858,478 shares upon shareholder approval at the Company's AGM scheduled for 30 November 2020, including for the participation of Directors and senior management of the Company in the Placement.

Jervois will use proceeds from the Placement for Idaho Cobalt Operations ("ICO") long lead item orders, detailed engineering and ongoing site costs; and activities relating to the recently announced acquisition of the Sao Miguel Paulista ("SMP") nickel-cobalt refinery in Sao Paulo, Brazil, including the purchase deposit, lease payments from March 2021 and restart feasibility study costs.

Shaw & Partners acted as sole lead manager and bookrunner, with support from BW Equities.

The Placement significantly increases the flexibility of Jervois to pursue the optimal debt, off-take and partnering strategies for its expanded asset base encompassing ICO, SMP and Nico Young. Commercial discussions for nickel and cobalt intermediate suppliers into SMP are commencing, and Jervois plans to commence a restart feasibility study for SMP later in Q4 2020.

For further information, please contact:

Investors and analysts: Media:

Bryce Crocker Nathan Ryan

Chief Executive Officer NWR Communications

bcrocker@jervoismining.com.au nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

Approved on behalf of Jervois Mining Ltd.,

Bryce Crocker, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to ICO activities, work to be undertaken in relation to the SMP Refinery and the timing of such activities, the reliability of third-party information, and certain other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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