Mr. Eugene Beukman reports

INTERNATIONAL COBALT ENTERS PROVIDES UPDATE ON BUSINESS COMBINATION AGREEMENT WITH GENERAL MAGNESIUM CORPORATION

International Cobalt Corp. is providing an update on the previously announced business combination agreement with General Magnesium Corp. (GMC) (see the news releases dated Aug. 11, 2021, and Oct. 20, 2021). The company is currently advancing its due diligence investigations and anticipates that it will be in a position to file materials with the Canadian Securities Exchange and to call a special meeting to obtain approval shareholder approval of the transaction in early 2022.

Completion of the transaction is subject to a number of conditions, including, but not limited to, receipt of regulatory approval, compliance with applicable securities laws and the receipt of all requisite shareholder approvals. Trading in the common shares of International Cobalt will remain halted pending review of the transaction by the CSE. There can be no assurance that trading in the common shares will resume prior to completion of the transaction.

About International Cobalt Corp.

International Cobalt is a Canadian-based mineral exploration and development company focusing on the burgeoning battery metal sector. The company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions, adhering to strict environmental and social standards.

We seek Safe Harbor.