building the world s largest cobalt exploration … · such factors include, but are not limited to...

November 9, 2017

BUILDING THE WORLD’S LARGEST

COBALT EXPLORATION COMPANY

2

All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities LitigationReform Act of 1995, and “forward-looking information” under similar Canadian legislation and are based on the reasonable expectations, estimates and projections of the Company as of the date ofthis presentation. Forward-looking statements and forward-looking information include, without limitation, possible events, trends and opportunities and statements with respect to possible events,trends and opportunities, including with respect to, among other things, the potential mergers with Cobalt One Limited and CobalTech Mining Inc., the state of the cobalt market, global marketconditions, the ability of the Company to identify and acquire assets, results of exploration activities, the nature of potential business acquisitions, capital expenditures, successful development ofpotential acquisitions, currency fluctuations, government policy and regulation, geopolitical uncertainty and environmental regulation. Generally, forward-looking statements and forward-lookinginformation can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,“anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”or “be achieved”. Forward-looking statements and forward-looking information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Companyas of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in thispresentation, which may prove to be incorrect, include, but are not limited to, the various assumptions of the Company set forth herein. Known and unknown factors could cause actual results to differmaterially from those projected in the forward-looking statements and forward-looking information. Such factors include, but are not limited to fluctuations in the supply and demand for cobalt,changes in competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the Company’s investments, changesin currency and exchange rates, unexpected geological or environmental conditions, changes in and the effects of, government legislation, taxation, controls and regulations and political or economicdevelopments or civil unrest in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers and directors for the future success of theCompany’s business, officers and directors allocating their time to other ventures; success in obtaining any required additional financing to make target acquisition or develop an acquired business;employee relations, and risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the Company’s actual results and could causeactual results to differ materially from those expressed or implied in any forward-looking statements and forward-looking information made by, or on behalf of, the Company. There can be noassurance that forward-looking statements and forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in suchstatements. All of the forward-looking statements and forward-looking information made in this presentation are qualified by these cautionary statements. Although management of the Company hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be otherfactors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does notundertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Timelines used inthis presentation are for the purpose of aiding management in the planning and implementation of the project, and are not based on a detailed assessment of project requirements. Consequently, thetimelines are subject to material revision based on when technical reports and/or feasibility studies, if any, are completed. Future phases of the project are contingent upon completion of precedingphases. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

This presentation contains references to historical resources. First Cobalt is not treating the historical estimates as current mineral resources or mineral reserves. A qualified person has not donesufficient work to classify the historical estimates as current mineral resources or mineral reserves. Frank Santaguida, Vice President, Exploration of the Company is the Qualified Person under NI 43-101 who has reviewed and approved the scientific and technical content in this presentation.

Forward-Looking Statement

TSX.V: FCC OTCQB:FTSSF

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✓ Vision

• Build the largest pure-play cobalt exploration company in the world

• Deliver good liquidity and strong leadership team

✓ Strategy

• Pursue vision of large open pit mining of historic high grade underground mines

• Control over 50 past producers and 10,000 hectares of prospective land in the Canadian Cobalt Camp, which has not previously seen meaningful consolidation

✓ Pathway to Production

• Brownfield camp with patent lands and mining leases mitigates permitting risk

• Only permitted cobalt extraction refinery within the Cobalt Camp

• Significant historic muckpile material supports early metallurgical work and potential early cash flow

Who is First Cobalt?


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Management Team & Board of Directors


TRENT MELL

PRESIDENT & CEO, DIRECTOR

DR. FRANK SANTAGUIDA, P.GEO, PHDVP, EXPLORATION

PETER CAMPBELL, P.ENG

VP, BUSINESS DEVELOPMENT

Management Team

PAUL MATYSEK

CHAIRMAN, LITHIUM XBOB CROSS

CHAIRMAN, B2GOLD

JASON BONTEMPO

EXECUTIVE DIRECTOR, COBALT ONE

Board Nominees

JOHN POLLESEL

SVP MINING,FINNING CANADA

JEFF SWINOGA

CFO, TOREX GOLD

ROSS PHILLIPS

COO POTASH RIDGE

BRYAN SLUSARCHUK

PRESIDENT, K2 MINING

Current Board

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TSX Venture FCCOTCQB FTSSF

Share Price (Nov 1/17) $0.75YTD high/low $0.92/$0.34

Shares outstanding 57,257,751 basic5,215,000 warrants3,600,000 options

66,072,751 fully diluted

Ave. Daily Volume (20-day) 663,000 sharesMarket capitalization $42.6 millionCash balance (Jun 30/17) $4.2 million

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First Cobalt Corp. (TSXV:FCC) - Volume


TSX.V: FCC (YTD in CAD$)

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• Creates the largest pure-play cobalt exploration company in the world

• Enhanced capital market profile and strong re-rating potential

• District-scale potential in historical mining camp in Cobalt, Ontario

• Fast-track to production with fully permitted refinery, mill and muckpiles

Transformational Transactions


Silverfields - Produced ~18.2 Moz Ag;additional 7,200 hectares of highlyprospective exploration property withseveral past producing Co-Ag mines

Owns the only refinery in the Camp

Kerr Lake and Lawson - 100% ownerof these past-producing mines whichproduced ~32.7 Moz Ag + significantCo by-product from 1905-1996

Fully-permitted 100 tpd mill

Keeley-Frontier - Option for 100% ofpast producer; 3.3 Mlbs Co and 19.1Moz Ag from 1907-1965

Best cobalt-to-silver ratio of all majorproducers in this mining camp

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Pro Forma Capital Structure


NEWCO

Note: market data as of June 28, 2017 First Cobalt has signed a letter of intent with Cobalt One to acquire all of the issued and outstanding shares of Cobalt One for 0.145 of a First Cobalt common share for each Cobalt One ordinary shareFirst Cobalt has signed a binding letter of intent with CobalTech to acquired all of the issued and outstanding shares of CobalTech for 0.2632 of a First Cobalt common share for each CobalTech common share* As of August 29, last 20 active trading days, excluding halt period

Ticker TSXV:FCC ASX:CO1 TSXV:CSK TSXV:FCC

Share price C$0.76 A$0.11 C$0.16 C$0.76

Basic shares outstanding (M) 57.3 696.4 78.5 194.8

Warrants (M) 3.6 - - 3.6

Options (M) 5.2 89.8 10.0 8.1

FD shares outstanding (M) 66.1 786.1 88.5 206.5

Avg. daily volume (20-day) (M) 0.92* 0.98 0.23 n/a

FC Market capitalization C$50.2 A$86.5 C$14.2 C$150.9

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First Cobalt Strategy and Activity

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Historic Canadian Mining Camp


• Historically the most prolific cobalt mining camp in Canada• 50 million pounds of cobalt and 600 million ounces of silver mined over a

60-year period• Peak production from 1919 to 1931

• Limited historic exploration undertaken• Mining activity declined after WWII• Focus was silver, not cobalt• Shallow mining, typically < 200m depth

• Potential to develop a district-scale cobalt mining operation

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The Consolidated Cobalt Camp


High grade vein style mineralization in historic stockpiles throughout district

• Grades up to 8.34% Co and 188 oz Ag/t*

First Cobalt will control 45% of the camp

• 50 past producing mines

Never explored for cobalt or bulk mining potential

• Previous mining and exploration focused on silver

Pathway to early production and cash flow

• Infrastructure-rich, including fully permitted refinery, mill, roads, power and local workforce

Key AssetsMines & ProspectsOther Deposits

* See October 5, 2017 press release for details.

FCC Property

11TSX.V: FCC OTCQB:FTSSF

2017 Map

Sulphide Bearing Vein Intersections at Taylor

Occurrence

Carbonate Vein Stockwork in Basalt at Keeley Mine

• An assessment and understanding of the overall structural setting of the vein systems will improve drill targeting

• Two mapping programs (1:5000 and 1:1000 at minesite). Outcrop stripping and washing completed to augment mapping (1:100 scale)

• New interpretations that veins occur as stockwork networks and not linear structures

• Diabase contact with mafic volcanics is folded; relationship to veining is unknown (drill targets)

Exploration Approach: Field Mapping

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Prospecting: Mineralization Styles


Disseminated, Bellellen Mine

Vein Cobalt, FrontierVein Silver, Keeley

Fracture-Controlled, BellellenStockwork, Keeley

Breccia, Keeley

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Target zone with two kilometre strike; initial 7,000m target area included:

Additional 2,000m planned at Bellellen for total 9,000m program

Drilling to test:

1. Base metal halo around high grade silver veins (footwall & hanging-wall)

2. Known cobalt-rich zones not previously mined

Keeley-Frontier: Current Drill Program


1. Haileybury2. Frontier #13. Frontier #3

(Watson Vein)4. Woods

Extension

5. Keeley #36. Keeley #17. Keeley #28. Keeley #5

(820 Vein)

Woods Extension

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Bellellen


• Variable styles of mineralization; unique compared to other Cobalt Camp historic ores

• High Grade Co-Ni production

• One ore shipment of 12.3 tons of 9.25% Co and 11.55% Ni in 1943

• Potential for copper-rich mineralization; open exploration potential to north

• Underground material sampled in muckpiles (high assays above)

Style Sample Co (%) Ag (g/t) Ni (%) Cu (%)

Disseminated L35130 0.78 195 0.08 0.82

Disseminated L35132 0.72 79 0.21 0.72

Fracture E6536090 1.54 11 0.53 <0.01

Fracture L35129 3.76 126 0.93 0.04

Vein E6536087 3.17 46 0.48 0.03

Vein L35131 0.40 15 0.06 1.55

Bellellen

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Drummond

Ag Co Cu Ni Pb ZnType g/t % % % % %Vein 4 0.63 0.01 0.19 0.00 0.00

Vein 4990 0.65 0.29 0.13 0.01 0.02

Fracture 56 0.01 1.79 0.00 0.01 0.01

Disseminated 41 0.01 0.04 0.00 0.45 1.63

Disseminated 120 0.03 0.65 0.01 0.01 0.01

• Historic production of 350,000 lb Co and 3.9M oz Ag from 1905-1936

• Muckpile samples from near the Main Shaft returned grades of up to 0.65% Co, 1.79% Cu and 4,990 g/t Ag

• Open pit potential in area due to high density of veining and mineralization in wallrocks

• Polymetallic nature of vein and disseminated style mineralization (low arsenic)


Drummond

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✓ 6,200 metres of drilling completed as of October 30

✓ 3D Geology Map Compilation; Keeley-Frontier-Bellellencomplete; Kerr Lake area ongoing

✓ 3D geophysical data modelling of Silver Center region complete; New Lake area

✓ First assays announced November 2, 2017

✓ New areas for drill follow-up

• Regional structural interpretations for drill targeting ongoing

• Bore-hole and ground geophysical surveys initialized

Exploration objective to solve the remaining unknowns:• Metal zoning?• Timing of mineralization?• Regional deformation history?• Major fluid pathways?• Source of fluids / source of metals?

Greater Cobalt Project Status


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Infrastructure and Short Term Potential


• Significant material and processing infrastructure on site to support a fast-track to production and cash flow generation

• 6,588 tonnes of crushed stockpile with an average grade of 761 g/t Ag and 0.95% Co over 2,000 samples1

• Permitted 100 TPD mill operation• Consists of a ball mill, shaker tables and Knelson

concentrator as well as excavator, dozer and loader

• The only permitted cobalt extraction refinery within the Cobalt Mining Camp• One of only four fully permitted facilities of this

type in Canada• Ideal location for future mill complex

1. This potential quantity and grade are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the stockpile being delineated as a mineral resource

Crushed Stockpile

Ball Mill and Shaker Tables

Fully Permitted Refinery

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Q4’17 H1’18 H2’18

What’s Next for FCC


Three-Way Merger Completed in 4 weeks

- Trading begins on ASX

- New Board constituted

Greater Cobalt Project

• First assay results from maiden drill program at Keeley-Frontier

• Expand drill program to include additional mines acquired in mergers

• Infill drilling at Keeley-Frontier

• Evaluation of regional exploration targets

Stockpile Processing Works

• Engagement of XPS, Dundee Sustainable & SNC Lavalin to begin stockpile assessment

• Muckpile volumetricsand sampling underway

• Preliminary study on flowsheet design and metallurgy

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Appendix

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Fall Mapping and Prospecting Program

Structural mapping is being conducted in two areas:

1) New Lake Area containing the Silver Banner and Ophir Mines2) Maiden Lake Area east of Keeley-Frontier includes several

small surface pits and trenches where Ag mineralization previously known

Prospecting consists of sampling existing muckpiles around historic mines and surrounding bedrock. Sampling of historic trenches and pits and surrounding bedrock. Areas include:1) Juno2) Silver Banner 3) Ophir4) Caswell5) Maiden Lake area

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Deposit Model


Modified from Andrews, 1986 Canadian Journal of Earth Sciences

• Ag-Co-Ni vein systems occur within and in close proximity to mafic intrusive rocks and surrounding rocks

• In places, direct relationship to faults can be mapped

• Both Ag-rich and Co-rich veins systems occur

• Carbonate-Chlorite-epidote alteration is associated with mineralization

• Hydrothermal fluids are highly saline

22TSX.V: FCC OTCQB:FTSSF

Keeley-Frontier Data Compilation for 3D Model

• Review and compilation of >100 maps and cross-sections completed

• Approx. 50 images (JVX and 2017 scans) of mine level plans for digitizing

• All relevant data from the field mapping will be incorporated into the model for drill targeting

• 2017 drillholes incorporated into model to modify lithological contacts

• Airborne magnetic data interpretation in progress to modify 3D lithogical contacts

Diabase Contours

800 Level

Beaver CreekFault Trace

Mine Workings

PlannedDrillholes

Keely#3

Bellellen

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TRENT MELL, PRESIDENT & CEO, DIRECTOR

• 18 years’ experience in mining & capital marketsincluding involvement in more than 200 transactions

• Resume includes Barrick Gold, Sherritt International,AuRico Gold, Falco Resources, PearTree Securities

DR. FRANK SANTAGUIDA, PGEO, PHD, VP, EXPLORATION

• Over 25 years’ experience in base metal mining campsin Canada, Australia, Zambia, & the DR Congo.

• Principal Geologist with First Quantum & spent severalyears in the Central African Copperbelt

PETER CAMPBELL, PENG, VP, BUSINESS DEVELOPMENT

• Professional Engineer with 35 years’ experienceincluding Exploration Manager for FalconbridgeLimited (now Glencore)

• More recently, Mining Analyst, Chairman of JenningsCapital

PAUL MATYSEK, DIRECTOR (NOMINEE)• Executive Director for Lithium X Energy Corp, with

more than 30 years’ experience• Extensive transactional history including Goldrock

Mines/Fortuna Silver; Lithium One/Galaxy Resources;and Potash One/K+S Ag

BOB CROSS, DIRECTOR (NOMINEE)• Co-founder and Chairman of B2Gold, with 25 years

experience in mining & oil & gas sectors• Extensive experience with Bankers Petroleum,

Petrodorado Energy, Northern Orion Resources,Yorkton Securities, & Gordon Capital

JASON BONTEMPO, DIRECTOR (NOMINEE)• 18 years’ experience in public company management,

corporate advisory, investment banking & publiccompany accounting

• primarily for resource companies including resourceasset acquisitions & divestments

JOHN POLLESEL, DIRECTOR

• SVP, Mining, Finning Canada, with morethan 26 year’s experience

• Previously COO & Director, Base MetalsOperations, Vale (North AtlanticOperations); VP & GM, Vale (OntarioOperations); & CFO, Compania MineraAntamina in Peru

JEFF SWINOGA, DIRECTOR

• CFO of Torex Gold, with over 24 years’experience in mining & public finance

• Previous Senior Management rolesinclude Golden Star Resources, HudBayMinerals, and Barrick Gold

ROSS PHILLIPS, DIRECTOR

• COO of Potash Ridge Corp with 18 yearsof experience in the resource andenergy sectors

• Career to date predominantly workingon large-scale resource and energycapital projects

BRYAN SLUSARCHUK, DIRECTOR

• Founder and President of K92 Mining• Significant international experience

structuring, funding & operatingcompanies involved in mineralexploration, development & production

Management Team & Board of Directors


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The Cobalt Market

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Cobalt Demand Climbing Sharply


• EVs to drive demand growth of 14% (CAGR) from 2016 to 2025

• Resulting in >90% demand growth by 2025 to 203,000 tonnes

Source: Canaccord Genuity

Cobalt Demand (2015) Forecast Cobalt Demand

Li-ion Batteries

49%

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Electric Vehicle Revolution Has Just Begun


Innovation has accelerated penetration rates

• Energy density to increase by 50% by 2020

• 300-mile range now achievable

• Charging speeds continually improving

• Economies of scale have reduced battery manufacturing costs by 80% in 6 years

Source: Exane BNP Paribas

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Supply Deficit Despite New Production


Source: Canaccord Genuity

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• Constructive long term price forecasts due to market growth and deficit projections

• Investors are seeking leverage to the best performing commodity of 2017

Strong Cobalt Price Outlook


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Emergence of Cobalt Explorers


Source: Benchmark Mineral Intelligence and USGS

• 97% of the global production is a by-product of copper & nickel mines

• 64% of 2016 production from the DRC

• New demand driving a new primary cobalt exploration market

• Canada emerging as a prospective, mining friendly jurisdiction with a distinguished history in hard-rock mining

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Top Cobalt Producers


Company Cobalt (tonnes) Market Share

1 Glencore 28,300 26%

2 China Moly 16,000 15%

3 Sherritt Internation (JVs) 7,000 8%

4 Vale 5,800 5%

5 Norilsk Nickel 5,500 5%

6 Sumitomo Metal Mining 5,000 5%

7 Jinchuan 4,600 4%

8 Zhejiang Huayou 4,500 4%

9 Groupe de Terill Lubumbashi 3,500 3%

10 ERG 3,500 3%Top 10 80,400 73%Global Production 110,0000

31TSX.V: FCC

OTCQB: FTSSF

www.firstcobalt.com

Investor RelationsHeather Smiles

[email protected]+1 416 900 3891

building the world s largest cobalt exploration … · such factors include, but are not limited to...

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