Mr. Wayne Tisdale of U.S. Cobalt reports

US COBALT RECEIVES FINAL ORDER APPROVING ACQUISITION BY FIRST COBALT

U.S. Cobalt Inc. has received a final order from the Supreme Court of British Columbia approving the previously announced acquisition by First Cobalt Corp.

The acquisition of U.S. Cobalt will enhance First Cobalt's position as a vertically integrated pure play cobalt company with three significant North American assets: 50 past-producing mines in the Canadian Cobalt camp, the Iron Creek project in Idaho and the only permitted cobalt refinery in North America capable of producing battery materials.

The Iron Creek project has a historic mineral resource estimate (non-compliant with National Instrument 43-101) of 1.3 million tons grading 0.59 per cent cobalt. A new resource estimate is anticipated by October, 2018.

Subject to obtaining all required regulatory and government approvals, it is anticipated that the transaction will be completed on or about May 31, 2018.

First Cobalt has also agreed to provide a bridge loan to U.S. Cobalt for up to $5-million to maintain the current drill program at the Iron Creek project until the close of the transaction. Subject to regulatory approval, the bridge loan will be a demand promissory note having a term of two years and bearing interest at prime plus 1 per cent. Upon completion of the transaction, the bridge loan will become intercompany debt and be terminated. If the transaction is terminated, First Cobalt may demand repayment of all accrued interest and the principal amount owing under the bridge loan.

About U.S. Cobalt Inc.

U.S. 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 metres) 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.

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.

We seek Safe Harbor.