First Cobalt Files First Quarter 2021 Financial Results

TORONTO, May 27, 2021 - First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") today announced the filing of its unaudited financial results for the three-month period ended March 31, 2021.

For complete details of the condensed interim consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR (www.sedar.com) or the Company's website (www.firstcobalt.com).

The Company remains on schedule to commission its expanded refinery in October 2022, at which time it will become the only refiner of battery-grade cobalt sulfate in North America and the second largest outside of China.

Highlights

• Cash of $16.0 million and working capital of $20.2 million as of March 31, 2021
• Glencore loan converted to common shares of First Cobalt on April 7, 2021 eliminating all Corporate debt and freeing up the security package associated with the refinery
• Sale of a portion of the Cobalt Camp properties to Kuya Silver Corp. for $3.7 million in Kuya shares and $1 million in cash
• 5-year feedstock arrangements for 90% of refinery capacity with Glencore and IXM
• Flexible, 5-year cobalt sulfate offtake arrangement for up to 100% of production executed with Stratton Metals. Quantities are at First Cobalt's election, subject to a minimum
• Entered an exclusivity agreement and commenced due diligence with a leading financial institution to provide US$45 million in debt financing

The Company launched an at-the-market equity program (the "ATM Program") in February 2021 for the issuance of up to $10 million of common shares from treasury. There were no issuances of shares under the ATM Program during the first quarter of 2021. In April and May 2021, the Company has issued a total of 965,500 common shares under the ATM Program at an average price of $0.3565 per share, providing gross proceeds of $344,162. A commission of $10,325 was paid to Cantor Fitzgerald in relation to these distributions.

About First Cobalt

First Cobalt's mission is to be the most sustainable producer of battery materials. The Company owns North America's only permitted cobalt refinery, a critical asset in the development and manufacturing of batteries for electric vehicles. First Cobalt owns the Iron Creek cobalt-copper project in Idaho, USA as well as several significant cobalt and silver properties in the Canadian Cobalt Camp.

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 may contain 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". 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 are set forth in 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.