Mr. Wayne Tisdale of US Cobalt reports

US COBALT AND FIRST COBALT PROVIDE TRANSACTION UPDATE

US Cobalt Inc. has mailed its management information circular, relating voting materials and letters of transmittal to US Cobalt's securityholders in connection with the special meeting of US Cobalt's securityholders to be held on May 17, 2018.

At the meeting, US Cobalt's securityholders will be asked to approve the previously announced plan of arrangement transaction, announced March 14, 2018, pursuant to which First Cobalt Corp. will acquire all of the issued and outstanding shares of US Cobalt. US Cobalt shares will be exchanged on the basis of 1.5 First Cobalt common shares for each US Cobalt common share.

US Cobalt's board of directors unanimously recommends that US Cobalt securityholders vote in favour of the proposed transaction. If the transaction is approved at the meeting, subject to the receipt of final court approval and other regulatory approvals (including approval from the Committee on Foreign Investment in the United States), it is anticipated that the transaction will be completed on or about May 28, 2018.

The meeting of US Cobalt securityholders will be held on May 17, 2018, at the offices of Cassels Brock & Blackwell LLP, Suite 2200, 885 West Georgia St., Vancouver, B.C., V6C 3E8, at 11 a.m. (Pacific Time). All US Cobalt securityholders are encouraged to vote by proxy or in person at the meeting.

The meeting materials have been filed on US Cobalt's profile on SEDAR and US Cobalt's website.

About First Cobalt Corp.

First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. First Cobalt controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt camp in Ontario, Canada. The First Cobalt refinery is the only permitted facility in North America capable of producing cobalt battery materials. First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America.

About US Cobalt Inc.

US Cobalt is focused on the acquisition and development of high-grade battery metal deposits in North America. The Iron Creek cobalt project, located in the prolific Idaho cobalt belt, is the focus of a 40-hole, 35,000-foot (10,700-metre) drill campaign to confirm a historical estimate of 1.3 million tons grading 0.59 per cent cobalt (non-compliant with National Instrument 43-101) and a resource estimate prepared in accordance with NI 43-101 is expected on the project in 2018.

As an exploration company with cobalt and lithium assets in both Idaho and Utah, US Cobalt is well positioned in the pipeline for potential future production of battery grade metals which are critical components to power storage solutions including lithium-ion batteries for electric vehicles and consumer electronics.

Historic estimates

US Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current Canadian Institute of Mining, Metallurgy and Petroleum definition standards on mineral resources and mineral reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and US Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM definition standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. US Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. US Cobalt believes that the historical estimates are relevant to continuing exploration on the Iron Creek property.

We seek Safe Harbor.