Jervois Global Limited

Jervois Finland contributed US$40 million in revenue and US$0.7 million in adjusted EBITDA in Q1 2024, its fourth consecutive quarter of positive adjusted EBITDA. The company said the average quarterly cobalt price was approximately US$12.60 per pound, and cash at quarter-end was US$26.6 million. Sales volumes were 1,239 metric tons, up 13% versus the prior quarter, but still slightly below historical average levels; management said Q2 production and sales volumes will be lower than historical average due to port strike-related shipment delays. Guidance otherwise was unchanged, and holding costs remain US$1 million per month for ICO and US$500,000 per month for S&P.

Bryce Crocker framed the quarter around survival through the downturn and positioning for the next cobalt cycle. He emphasized selective partnerships to share holding costs, preserve shareholder upside, and strengthen the portfolio across the U.S., Finland, and Brazil. He was constructive on longer-term demand, citing rising OEM requirements for IRA-compliant material, aerospace alloy demand, and order requests visible in 2025 and beyond.

James May said the priority is to improve liquidity and establish a durable capital structure. He highlighted US$6.25 million of semi-annual bond interest paid in January, stable Mercuria debt at US$44 million, and cash use tied to ICO and S&P holding costs plus working capital movements. He said the company is pursuing one more transaction to support liquidity and deleveraging, while major lenders remain actively engaged.

There was no analyst Q&A, as the operator noted there were no questions. The closest thing to follow-up was management’s own commentary that Q2 production and sales will be lower than historical averages because port strikes delayed inbound compatible-material shipments, while other guidance remained unchanged. Management also reiterated ongoing discussions with partners, lenders, and the U.S. government, including support for a cobalt price floor concept.