First Cobalt Announces Warrant Proceeds and Leadership Team Addition

TORONTO, March 16, 2021 - First Cobalt Corp. (TSX-V: FCC) (OTCQX: FTSSF) (the "Company") is pleased to announce that it has received a further $1.92 million in cash proceeds from warrants subsequent to an acceleration notice provided to holders on February 23, 2021.

Under the terms of the warrants issued as part of the Company's March 2019 and February 2020 private placements, the Company provided holders with notice of its election to accelerate the expiry date of the warrants to March 15, 2021. At the time of the notice of acceleration, there were 5,604,561 warrants outstanding at a strike price of $0.21 per Common Share subject to the accelerated expiry date of March 15, 2021. All warrants were exercised prior to the expiry deadline for gross proceeds of $1,176,957.

Additionally, at the time of the notice of acceleration, there were 2,957,482 warrants outstanding at a strike price of $0.27 per Common Share subject to the accelerated expiry date of March 15, 2021. A total of 2,757,482 warrants were exercised prior to the expiry deadline for gross proceeds of $744,520. The remaining warrants have been cancelled.

Addition to Leadership Team

The Company is pleased to announce that Cora Klein has joined First Cobalt as Head of Investor Relations. In this capacity, she will be responsible for communicating our strategy to the market as First Cobalt enters the construction phase for expansion and recommissioning of its Canadian cobalt refinery.

Ms. Klein has 15 years of experience in communications and investor relations ranging from a micro-cap biotech company to, more recently, a global engineering and construction firm with a market cap of over $4 billion and annual net revenues of $3.6 billion.

Trent Mell, President & Chief Executive Officer, commented:

"We are pleased to welcome Cora to the team. Her experience across different industries and with a global investor base will serve us well as we work towards a greener future powered by electric vehicles."

About First Cobalt

First Cobalt owns North America's only permitted cobalt refinery. Cobalt refining is a critical component to the development and manufacturing of batteries for electric vehicles and forms a foundational piece of the next generation of the North American auto sector and other electrified consumer and industrial applications. First Cobalt owns the Iron Creek cobalt-copper project in Idaho, USA and controls significant silver and cobalt assets in the Canadian Cobalt Camp, including more than 50 past producing mines.

On behalf of First Cobalt Corp.

Trent Mell
President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". The forward-looking statements contained herein may include, but is not limited to, information concerning the expected sale of Common Shares under the ATM Program, the price, volume and timing of the sale and distribution of Common Shares under the ATM Program, the anticipated use of proceeds of any offering under the ATM Program, anticipated benefits and impacts of the ATM Program, and statements regarding the timing for provision to holders of notice of the Acceleration Trigger and the accelerated warrant expiry date in connection therewith. Forward-looking statements are based on First Cobalt's current beliefs and assumptions as to the outcome and timing of future events, including, but not limited to, that the Company makes sales of Common Shares under the ATM Program, that the proceeds of any offering conducted under the ATM Program will be deployed as anticipated, the anticipated benefits and impacts of the ATM Program being realized, and the notice of the Acceleration Trigger and the accelerated warrant expiry date will be as planned. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among other things: the ability of the Company to successfully close a financing, including the ATM Program, the price, volume and timing of sale of Common Shares under the ATM Program not being determinable at this time, the anticipated use of proceeds from any offering made under the Company's Base Prospectus and any offerings to be conducted thereunder including the ATM Program, the benefits and impacts of the ATM Program not being as anticipated, the notice of the Acceleration Trigger and the accelerated warrant expiry date not being as planned, the risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties and other such factors as are set forth in the Base Prospectus and the Prospectus Supplement, as well as the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE First Cobalt Corp.