Mr. Trent Mell reports

FIRST COBALT UPSIZES PRIVATE PLACEMENT

First Cobalt Corp. has increased its previously announced non-brokered private placement (see news release dated Jan. 22, 2020) to accommodate demand. The offering has increased to 14.3 million units of the company at a price of 14 cents per unit for gross proceeds of approximately $2-million. The company expects to close the offering on Feb. 5, 2020.

Each unit issued pursuant to the offering will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at a price of 21 cents for a period of two years. The warrants are subject to accelerated expiry if the closing price of the common shares of the company is equal to or greater than 37 cents per share for a period of 10 consecutive trading days, in which case the company will have the option, but not the obligation, to accelerate the expiry to 20 calendar days from the date of notice.

Closing is subject to receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from their issue.

About First Cobalt Corp.

First Cobalt is a North American cobalt company and owner of the only permitted primary cobalt refinery in North America. The company is exploring a restart of the First Cobalt refinery in Ontario, Canada, which could produce over 25,000 tonnes of cobalt sulphate per year from third party feed. First Cobalt's main cobalt exploration project is the Iron Creek cobalt project in Idaho, which has an indicated and inferred mineral resource estimate available on the company's website. The company also controls a significant land package in the Canadian Cobalt camp spanning over 100 square kilometres, which contains more than 50 past producing mines.

We seek Safe Harbor.