Mr. Trent Mell reports

FIRST COBALT BEGINS DRILLING AT BELLELLEN MINE

First Cobalt Corp. has commenced drilling at the Bellellen mine in the Cobalt camp, Ontario. A total of 15 holes for 2,000 metres are planned at Bellellen to test the relationship between the disseminated style of cobalt mineralization identified in 2017 and the vein-style mineralization that was traditionally mined in the Cobalt camp.

Highlights:

• 2,000 m drill program at the historic Bellellen mine now under way;
• 15 drill holes to range from 50 to 200 metres to test near-surface disseminated and vein styles of mineralization;
• Downhole geophysical surveys on selected holes to identify extensions of cobalt-bearing veins beyond the holes and veins nearby; televiewer surveys to also be selectively done to better define the orientation of veins and other host rock structures;
• Additional 1,000 m planned at Keeley-Frontier to follow up on new cobalt-nickel-silver mineralization identified in 2017 to the north and south of the historic mines.

Trent Mell, president and chief executive officer, commented: "Bellellen is the initial focus of the 2018 drill program because of the high values of cobalt as a disseminated ore texture with pyrite, which has not been previously described in the Cobalt camp. Early work suggests that a more complex structural and hydrothermal setting may exist here than was previously considered."

In September, 2017, grab samples from historic muck piles adjacent to the Bellellen mine shafts were collected and analyzed for their metal content to validate historic observations. A significant number of samples returned high-grade cobalt mineralization, including up to 0.78 per cent cobalt as disseminated cobaltite with pyrite in altered mafic volcanic rock. Other samples contained a fracture-controlled-type mineralization with grades up to 3.76 per cent Co (see Sept. 28, 2017, press release). An association of cobalt and copper within veins was also found in samples at Bellellen with assays of up to 1.55 per cent copper and 0.40 per cent Co. Permits to drill this property were received in late December.

The 2,000-metre drill program will test the known north-south-trending Bellellen vein system as well as the northeast-trending Frontier No. 2 vein system interpreted to intersect the Bellellen vein. The Bellellen mine occurs at the northern portion of the vein system and contains Co-rich mineralization, but its association to the main silver-bearing veins such as the Woods and Watson veins is not known.

The Frontier No. 2 vein is interpreted to be parallel to a fold structure, based on surface mapping. It is now believed that both the disseminated and vein systems may be associated with these fold structures so drill holes are also planned to test these structures and determine the relationship of these two styles of mineralization.

Drill holes are planned to intersect a wide area around the known veins to test whether disseminated cobalt mineralization occurs as a halo. The disseminated style of cobalt mineralization associated with pyrite at Bellellen mine is distinct from the Keeley-Frontier mine that is dominated by vein-style ore textures and therefore holes will be extended well beyond any veins intersected.

Drill hole lengths will range from 50 to 200 metres and multiple holes may be collared from one drill station to identify the dip and continuity of disseminated and vein styles of mineralization.

Mining at the Bellellen mine began in 1909, around the same time the Haileybury, Frontier and Keeley mines began operations. The Bellellen mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era. Bellellen had intermittent production until 1943, when 12.3 tons of ore were shipped containing 9.25 per cent Co and 11.55 per cent nickel. Mined trenches and two shafts are still visible with underground material piled nearby.

Following the drilling at Bellellen, an additional 1,000 metres are planned at Keeley-Frontier to test strike extensions of newly identified cobalt-nickel-silver mineralization at the Woods extension area north of the Frontier mine and at the Keeley Co area southwest of the Keeley mine. The next 3,000 metres of drilling will focus on the Drummond and Kerr mines in Cobalt North to test targets generated from 3-D structural interpretations of historic mine data compilations currently under way. The winter program will be conducted by Laframboise Drilling from Earlton, Ont.

Qualified and competent person statement

Dr. Frank Santaguida, PGeo, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is also a competent person (as defined in the JORC code, 2012 edition) who is a practising member of the Association of Professional Geologists of Ontario (being a recognized professional organization for the purposes of the Australian Securities Exchange listing rules). Dr. Santaguida is employed on a full-time basis as vice-president, exploration, for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a competent person as defined in the JORC code.

About First Cobalt Corp.

First Cobalt is the largest landowner in the Cobalt camp in Ontario, Canada. The company controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

We seek Safe Harbor.