Mr. Anthony Milewski reports

COBALT 27 CLOSES ACQUISITION OF US$300 MILLION COBALT STREAM ON VALE'S VOISEY'S BAY MINE

Cobalt 27 Capital Corp. has closed its previously announced acquisition (from a subsidiary of Vale SA) of the world's first pure cobalt stream, being an amount of finished cobalt equal to 32.6 per cent of the cobalt production from Vale's Voisey's Bay mine, including from the proposed Voisey's Bay mine expansion, commencing Jan. 1, 2021. The company has paid to Vale total upfront cash consideration of $300-million (U.S.), which represents a prepayment of a portion of the purchase price for the sale of cobalt to Cobalt 27. Cobalt 27 will also make continuing payments equal to 18 per cent of the cobalt reference price for each pound of cobalt delivered under the cobalt stream until Cobalt 27 has recovered the full value of the advance amount through Vale's deliveries of finished cobalt under the cobalt stream. After this time, the continuing payments will increase to 22 per cent of the cobalt reference price.

The closing of this transaction is in conjunction with Vale completing a separate streaming agreement with Wheaton Precious Metals Corp. In total, Cobalt 27 and Wheaton Precious Metals have provided Vale an aggregate of $690-million (U.S.) in upfront proceeds for a combined purchase of finished cobalt equal to 75 per cent of Voisey's Bay cobalt production commencing Jan. 1, 2021.

Anthony Milewski, chairman and chief executive officer of Cobalt 27, commented: "The Voisey's Bay cobalt stream is a milestone achievement in our pursuit of building the world's premier investment vehicle to play the electric vehicle and battery energy storage revolution. Cobalt 27 is expecting to purchase approximately 1.6 million pounds of cobalt per year during the 2021 to 2024 ramp-up, increasing to approximately 1.9 million pounds of cobalt per year during full-scale production starting in 2025. The cobalt stream will be settled by Vale delivering to Cobalt 27 cobalt metal stored in warehouses in the form of warehouse certificates. At current cobalt spot prices, the Voisey's Bay cobalt stream is expected to add significant cash flow to Cobalt 27, for an initial 14-year mine life, beginning in 2021. We expect a stream on this world-class, low-cost, long-life asset to be rewarded in the market and build the foundation for a value rerating of our company's shares."

Vale recently confirmed its plans to proceed with the construction of the Voisey's Bay mine expansion, with its first full year of production scheduled for 2021. Total estimated capital expenditures to complete construction and commissioning of the Voisey's Bay mine expansion are estimated by Vale to be approximately $1.7-billion (U.S.) and will extend the life of mine to 2034. As previously announced on June 11, 2018, once an aggregate of approximately 10,800 tonnes (23.8 million pounds) of cobalt has been delivered to Cobalt 27, which would occur once Voisey's Bay cobalt production after Jan. 1, 2021, reaches approximately 33,100 tonnes (73 million pounds), the proportion of cobalt production delivered to Cobalt 27 will reduce to 16.3 per cent. Under the terms of the cobalt stream, Vale has agreed that if mill throughput does not reach 85 per cent of targeted levels by Dec. 31, 2025, some or all of the advance amount may be refunded to Cobalt 27 and/or the applicable cobalt stream percentages may be increased.

About Voisey's Bay

Located on the north coast of Labrador, Canada, Voisey's Bay began production in 2005 and was purchased by Vale in 2006. The integrated open-pit mine and 8,100-tonne-per-day milling operations produce a copper concentrate and nickel-cobalt-copper concentrate from ore mined from the Ovoid deposit, with the nickel-cobalt-copper concentrate being shipped for processing at Vale's Long Harbour hydrometallurgical refinery in Newfoundland, which produces nickel rounds, copper cathode and cobalt rounds. The Long Harbour refinery began operations in 2014 and has a nameplate capacity of 50,000 metric tonnes of nickel per year. The Voisey's Bay mine expansion will focus on the Reid Brook and Eastern Deeps deposits. Once in operation, underground mining is scheduled to extend the life of mine of Voisey's Bay to at least 2034, based on total estimated underground reserves of 23.6 million tonnes, with a nickel grade of 2.17 per cent and a cobalt grade of 0.14 per cent. The life of the mine may extend beyond the current scheduled reserve base as exploration drilling has shown mineralization continues below the current resource boundaries.

About Cobalt 27 Capital Corp.

Cobalt 27 is a leading electric metal investment vehicle offering exposure to metals integral to key technologies of the electric vehicle and battery energy storage markets. The company owns 2,982 metric tonnes of physical cobalt and is acquiring the world's first producing cobalt-nickel stream on the low-cost, long-life Ramu nickel-cobalt mine and a cobalt stream on Vale's world-class Voisey's Bay mine beginning in 2021, including the announced underground expansion. The company also manages a portfolio of eight royalties and intends to continue to invest in a cobalt-focused portfolio of streams, royalties and direct interests in mineral properties containing cobalt while potentially adding to its cobalt physical holdings when opportunities arise.

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