First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is pleased to announce that it has received the second of three required permit amendments to recommission its hydrometallurgical refinery in Canada. Receipt of the Air & Noise Environmental Compliance Approval from the Ontario Ministry of the Environment, Conservation and Parks is yet another key milestone in the advancement of the Company's North American battery materials strategy.

HIGHLIGHTS

• The Air & Noise Permit is the second of three permit amendments to be approved in support of the Company's plans to produce North America's only supply of battery-grade cobalt for the electric vehicle market
• The third and final permit amendment has undergone community consultations, has been submitted to the Ministry for review and final approval is expected shortly
• The US$60 million facility expansion remains on schedule to be commissioned in Q4'2022
• Once commissioned, First Cobalt expects its hydrometallurgical refinery to have peer leading ESG credentials, with the lowest Scope 1 and Scope 2 emissions in the industry

Trent Mell, President & CEO commented, "In the first half of 2021, sales of electric vehicles in the U.S. were up more than 130% and that trend could accelerate with several new EV models hitting the market. With financing in place, receipt of this latest permit keeps us on schedule for Phase 1 of our North American Battery Materials Park strategy.  By the end of 2022, we will be the only producer of battery-grade cobalt sulfate in North America. In 2023, Phase 2 will entail commercial-scale battery recycling from the same facility, leveraging existing personnel and infrastructure. In Phase 3, we will set our sights on building a nickel sulfate plant, once again becoming the sole North American supplier of an important raw material for the EV industry."

The Company will continue to update the market as key construction and commercial milestones are achieved.

About First Cobalt

First Cobalt's mission is to be a producer of diversified high-quality and sustainable battery materials. The Company owns a permitted North American hydrometallurgical 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.

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 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.