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Pala Investments to Acquire Cobalt 27 for Investor Presentation C$5.75 per Share; Creation of Nickel 28 August 2019 0 www.cobalt27.com | TSXV : KBLT | OTCQX: CBLLF | FSE: 27O Transaction Summary Shareholders of Cobalt 27 Capital Corp.


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www.cobalt27.com | TSXV: KBLT | OTCQX: CBLLF | FSE: 27O

Investor Presentation August 2019 Pala Investments to Acquire Cobalt 27 for C$5.75 per Share; Creation of Nickel 28

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www.cobalt27.com | TSXV: KBLT | OTCQX: CBLLF | FSE: 27O

Transaction Summary

Offer

  • Shareholders of Cobalt 27 Capital Corp. (“Cobalt 27”, or the “Company”), other than Pala Investments

Limited (“Pala”), to receive total consideration of C$5.75 for each common share held, consisting of:

– C$3.57 in cash, and – C$2.181 in shares of Nickel 28 Capital Corp. (“Nickel 28”), a newly created entity which will retain Cobalt 27’s existing nickel-focused assets

  • Total consideration of C$5.75 represents ~66% and ~46% premiums to Cobalt 27’s June 17, 2019

closing price on the TSX-V and 20-day VWAP as at the same date on the TSX-V, respectively

– Cash consideration of C$3.57 alone represents a premium to Cobalt 27’s June 17, 2019 closing price

Structure

  • Plan of Arrangement
  • Pala will acquire Cobalt 27 which will retain the physical cobalt and Voisey’s Bay cobalt stream, with

residual assets to be spun out into Nickel 28, consisting of:

– The 8.56% joint venture interest in the Ramu nickel-cobalt mine – The Dumont royalty and other royalty assets (royalties on Turnagain, Nyngan, Flemington, Triangle, Rusty Lake, Professor & Waldman2, North Canol2, and Sunset properties) – Equity positions in Giga Metals Corporation and Minerva Intelligence Inc., and – US$5.0M of cash, in addition to the ~US$6M previously funded in escrow by Cobalt 27 to satisfy certain contingent payment obligations related to the acquisition of Highlands Pacific Limited (“Highlands”)

  • Pala will retain a 4.9% interest in Nickel 28

Conditions

  • Transaction subject to 66 2/3% approval by all Cobalt 27 voting shareholders and majority approval

excluding Pala and certain interested persons

  • Directors and senior officers of Cobalt 27 holding in aggregate approximately 2% of the Cobalt 27

common shares have entered into customary voting and support agreements Financing

  • Pala has mandated and received financing commitments from Société Generale and ING Capital LLC as

Joint Lead Arrangers for loan facilities related to the transaction

  • Transaction is not subject to a financing condition

Timing

  • Cobalt 27 shareholder vote and transaction close targeted for September 2019

(1) Implied value as per the June 18, 2019 transaction press release (2) Two separate mineral properties to which a Co NSR applies

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Transaction Rationale

Significant Premium

  • Total offer represents a ~66% premium to Cobalt 27’s June 17, 2019 closing price of C$3.47 per share

and a ~46% premium to Cobalt 27’s 20-day VWAP of C$3.95 per share as at the same date Immediate Cash Consideration with Value Certainty

  • Cash consideration alone represents a premium to Cobalt 27’s June 17, 2019 closing price
  • Cash consideration component provides immediate liquidity and value certainty to shareholders at a

time of market volatility Continued Exposure to Battery Metal Upside Potential via Nickel 28

  • Nickel 28 share consideration provides shareholders with continued upside exposure to the electric

vehicle market through nickel and cobalt exposure

  • Ramu is a large operating nickel-cobalt mine with a long-life, low-costs, and high-growth potential

– Total estimated reserves in excess of 1 billion pounds of nickel and 100 million pounds of cobalt – 30+ years mine life per management estimates – Ramu consistently ranks in the first or second quartile on the global nickel cash cost curve

  • Significant potential growth upside from portfolio of 11 existing royalties focused on battery metals,

including:

– Royalty on the world class, construction-ready Dumont nickel-cobalt project in Canada, and – Royalty on Turnagain, one of the largest undeveloped nickel sulphide projects globally

Well-funded Nickel 28 to be Led by Experienced Team

  • Nickel 28 will have a well-funded balance sheet and capital structure

– Nickel 28 to be funded with US$5.0M in cash1 and will have no corporate debt at inception

  • Nickel 28 to be led and managed by Cobalt 27’s seasoned, high-calibre executive team with extensive

experience Supported by Board of Directors and Management

  • Proposed transaction is unanimously supported by Cobalt 27’s Board of Directors, Special Committee,

and Management

  • Fairness opinions stating that the offer was fair, from a financial point of view, to the shareholders of

Cobalt 27 (other than Pala) were provided by both the independent financial advisor to the Special Committee and Cobalt 27’s financial advisor

(1) Excluding the ~US$6M cash in escrow related to the contingent payment for the acquisition of Highlands

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Nickel 28 Overview

Streams & Royalties 8.56% JV interest in Ramu Ni-Co Mine

  • Nickel 28 offers a focused vehicle with significant exposure to nickel, a metal with increasing

relevance to the electric vehicle and energy storage industry

  • Nickel 28 expected to benefit from Ramu JV interest cash flow generation while identifying and

acquiring additional accretive streams & royalties

  • Nickel 28 to be led and managed by Cobalt 27’s seasoned, high-calibre executive team

ᅳ Cobalt 27’s management team has extensive experience in the battery metals sector and streaming and royalties industry

Nickel 28

Producing, open-pit nickel- cobalt mine located in Papua New Guinea

  • Low 2nd quartile nickel cash cost

with a six-fold increase in nickel and cobalt production since 2012

  • Potential for future expansion

Portfolio of 11 existing royalties focused on nickel and cobalt, including:

  • Royalty on Dumont, a world class,

construction-ready nickel-cobalt project in Canada, and

  • Royalty on Turnagain, one of the

largest undeveloped nickel sulphide projects globally

Other Assets

US$5.0M in cash1 with no corporate debt, along with equity stakes of approximately:

  • 7.4% of Giga Metals Corporation,

100% owner of the nickel-cobalt Turnagain project

  • 2.9% of Minerva Intelligence Inc.,

a mining software provider

(1) Excluding the ~US$6M cash in escrow related to the contingent payment for the acquisition of Highlands

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Cobalt & Nickel Price Since Announcement

Source: Bloomberg (LME), Metals Bulletin

Cobalt and Nickel Price Since Announcement of Cobalt 27 Sale US$/lb

Nickel 28 will benefit from enhanced nickel exposure

Nickel Cobalt $5.25 $5.50 $5.75 $6.00 $6.25 $6.50 $6.75 $12.25 $12.75 $13.25 $13.75 $14.25 $14.75 $15.25 18-Jun-19 25-Jun-19 02-Jul-19 09-Jul-19 16-Jul-19 23-Jul-19 30-Jul-19 (17%) +22%

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Nickel 28’s Global Portfolio

Nickel 28 will provide shareholders with continued exposure to the electric vehicle and battery storage revolution

Turnagain Ni-Co (Royalty) % NSR 2.0% Operator Giga Metals Stage Exploration Acquisition Cost US$10M (2018) Ramu Ni-Co Mine (Direct Interest) % Ownership 8.56% Operator Metallurgical Corporation of China Stage Producing Acquisition Cost US$65M1,3 (2019)

Nickel 28 will be capitalized with US$5.0M3 in cash and no corporate debt

Along with ~4.0M shares of Giga Metals and ~1.2M shares of Minerva Intelligence worth ~US$1M5

~74.5 million shares outstanding

Flemington Ni-Co (Royalty) % GRR 1.5% Gross Revenue Royalty Operator Australian Mines Stage Exploration Nyngan Co-Sc-Ni (Royalty) % GRR 1.7% Gross Revenue Royalty Operator Scandium International Mining Stage Construction-Ready Dumont Ni-Co (Royalty) % NSR 1.75% Operator RNC Minerals Stage Construction-Ready Acquisition Cost US$15M (2018)

(1) Highlands transaction value adjusted for the PanAust buyback and Highlands’ adjusted cash balance (2) Other royalties acquired for ~C$0.9M in aggregate in 2017 (3) Excludes Highlands contingent payment of ~US$6M currently held in escrow

Acquired from Jervois Mining for US$4.5M (2019) Other Ontario Royalties2

  • Triangle: 2% Co NSR
  • Rusty Lake: 2% Co NSR
  • Professor & Waldman: 2% Co NSR4

North Canol Properties: 2% Co NSR2,4 Sunset: 2% Co NSR2

(4) Two separate mineral properties to which a Co NSR applies (5) Valued as at June 17, 2019

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Illustrative Nickel 28 Value Considerations

Note: USDCAD FX rate of 1.3407 as at June 17, 2019 and Nickel 28 total shares outstanding of 74.5M (1) Contingent consideration of A$0.010 per Highlands Pacific shares (excluding Cobalt 27 holdings) due December 31, 2019 if the LME official closing cash settlement price for nickel is US$13,220 per tonne or higher for a period of 5 consecutive trading days between January 1, 2019 and December 31, 2019 (2) Giga Metals (TSXV:GIGA) closing share price of C$0.20 and Minerva Intelligence (TSXV:MVAI) closing share price of C$0.18 as at June 17, 2019

Nickel 28 assets largely valued using historical purchase prices

Management Comments

  • Purchase price adjusted for PanAust Buyback and ~US$5M

adjusted cash from Highlands Pacific

  • Valued using a P/NAV multiple of 0.4x, 2021 start-up, 8%

discount rate and broker consensus nickel prices

  • Purchase price
  • Purchase price
  • Purchase price
  • US$5M cash with no corporate debt
  • 50% probability weighted ~US$6M contingent payment(1)
  • Market price as at June 17, 2019(2)

N ickel 28 Assets US$M C$M C$/Share 8.56% JV Interest in Ramu Mine $65 $87 $1.16 Dumont Royalty $33 $44 $0.59 Turnagain Royalty $10 $13 $0.18 Nyngan & Flemington Royalties $5 $6 $0.08 Other Royalties ~$1 ~$1 $0.01 SpinCo Cash $5 $7 $0.09 Highlands Pacific Contingent Payment $3 $4 $0.05 Giga & Minerva Shares ~$1 $1 $0.01 Total $121 $163 $2.18

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Ramu Highlights

  • Constructed in 2008 and commissioned in 2012 with ~US$2.1 billion in capital

expenditures

  • Consistently ranks at or near first-quartile of global nickel cost curve(1)
  • Production exceeded nameplate capacity in 2017 and 2018 and is on track to repeat in

2019

  • Project consists of a nickel-cobalt mine and beneficiation plant connected via a 135km

pipeline to a processing plant strategically located on the coast

  • NI 43-101 report highlights significant additional resource and reserve potential
  • Resources covers less than 15% of Ramu’s exploration license
  • Project operator MCC is evaluating a doubling of capacity at Ramu given significant

resource base

(1)

As reported by Wood Mackenzie

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Detailed Map of Ramu Nickel-Cobalt Mine

Kurumbukari Mine Site

Madang

Basamuk Plant

Lae Usino

Ramu Nickel-Cobalt Mine

100 Kilometres

Ramu Nickel-Cobalt Mine Madang Port Morseby Basamuk Plant Lae

Exploration Licence All Weather Roads Highway Pipeline City

MADANG PROVINCE

Frieda River

(PanAust)

Porgera

(Barrick / Zijin)

PNG LNG

(Exxon)

Wafi-Golpu (Newcrest / Harmony) Lihir

(Newcrest)

Elk-Antelope

(Oil Search/Exxon)

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5.3 11.4 21.0 25.6 22.3 34.7 35.4 0.5 1.0 2.1 2.5 2.2 3.3 3.3

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

2012 2013 2014 2015 2016 2017 2018

Ramu Mine Performance

Production in Mixed Hydroxide

000s of Tonnes

Ramu Historical Cost Curve

US$/lb Nickel

Ramu mine achieved record annual production of 35,355 tonnes of nickel and 3,275 tonnes of cobalt in 2018

  • Attractive production and cost profile, with potential to deliver 30+ years of mine life

− Nickel and cobalt production has risen over six-fold between 2012 and 2018 − Low cost operation; consistently ranks in the first-quartile − Projected LOM site operating cost of US$57.27/tonne of ore processed as per NI 43-101 technical report

Note: Quarterly figures are calculated on a YTD basis, Ramu figures are estimated by Wood Mackenzie Source: Wood Mackenzie

LME YTD Price Ramu C1 Voisey’s Bay C1 25th Percentile 50th Percentile Nickel Cobalt $-- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Nickel (US$/lb)

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Ramu Mine Overview

  • Ramu is a producing, open-pit nickel-cobalt mine located on

the coast of the Bismark Sea in the Madang Province of Papua New Guinea (“PNG”)

− In 2017, PNG’s total population was ~8.3 million and its total GDP was ~US$21 billion

  • Ramu was constructed in 2008 and commissioned in 2012

with ~US$2.1 billion in capital expenditures invested

  • Joint venture between the following:

− Metallurgical Corporation of China Ltd. (operator, majority

  • wner)

− Cobalt 27 (8.56% ownership), to be transferred to Nickel 28 − PNG Government and local landowners (6.44%

  • wnership)
  • MCC is evaluating a potential expansion of the Ramu mine,

which could cost in the order of ~US$1.5 billion

  • Nickel 28 would have the opportunity to participate in any

potential expansion and increase its attributable production

  • Record annual production in 2018 of 35,355 tonnes of

nickel and 3,275 tonnes of cobalt (in concentrate)

− Potential to deliver 30+ years of mine life − Mineral Resource1: 76 Mt1 Measured and Indicated and 60 Mt Inferred @ 0.9% Nickel and 0.1% Cobalt − Mineral Reserve: 56 Mt @ 0.9% Nickel and 0.1% Cobalt

Ramu PNG LNG

(Exxon)

Lihir

(Newcrest)

Porgera

(Barrick / Zijin)

Wafi-Golpu

(Newcrest / Harmony)

Frieda River

(PanAust)

Elk-Antelope

(Oil Search / Exxon)

Mining Assets Oil And Gas Assets

Ramu Site Core Infrastructure Location Mine Location

Source: World Bank, Highlands (1) Resources are inclusive of reserves

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Nickel’s Importance in the Electric Vehicle Industry

  • Nickel is a crucial element in the lithium ion battery and is becoming increasingly important

ᅳ Evolving battery chemistries suggest accelerating nickel demand in EV batteries

Nickel: +1.3 Mtpa by 20301 Contained Nickel in EVs (Mt) Nickel Demand from Electric Vehicles % of 2018 Ni Supply

Source: Glencore estimates, Wood Mackenzie, CRU, BNEF (1) Does not include the nickel required for other parts of the EV supply chain including energy storage systems

3% 5% 18% 59% 2018 2020E 2025E 2030E 0.06 0.11 0.40 1.30 2018 2020E 2025E 2030E

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  • Over 2 million tonnes of refined nickel produced annually,
  • f which 50% is FeNi/NPI and solely consumed by the

stainless steel industry

  • 40% of balance of 1 million tonnes is in forms desired by

chemical producers (battery manufacturers) as briquette, powder or chemical

  • Greenfields Ni operations typically take 5 years to

construct when fully financed at typical cost of US$50,000 to $200,000 per tonne of annualized Ni

Nickel Production

30% 35% 40% 45% 50% 500 1000 1500 2000 2500 2017 2018 2019 2020 2025 2030 2035 2040 % Class 1 Nickel Production (kt) % Class 1

Extraction and recovery of nickel into a market product typically consists of three major operations: Mining and beneficiation or upgrading (concentrates) Smelting or intermediate production (matte/MHP/MS or FeNi or NPI) Refining to final product (cathode, powder/briquette, high purity sulphate)

50% 2500 Chemicals Oxide sinter Pellets FeNi Briquettes NPI Cathode % Class 1 Source: Wood Mackenzie

Nickel Output (By Product)

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Nickel Supply & Demand

Including only highly probable projects Note: Considers the amount of capital expenditures needed to provide sufficient supply based on third-party sources estimates (CRU and Wood Mackenzie) and expected deficit by 2030 (50% Upside Case and 50% Conservative Case)

Nickel production will need to grow to supply the EV battery market

Class 1 Nickel Market Balance Kt Ni

Ni

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 400 200

  • 200
  • 400
  • 600
  • 800
  • 1,000
  • 1,200
  • Nickel resources are available and

technologies to recover the nickel are well-known

  • Capital intensity to develop new nickel

projects is high and development times are long

  • The nickel industry will need to invest up

to US$70 billion by 2030 to meet expected demand

  • Current nickel prices are well below the

incentive price required to support new capacity

ESTIMATED Class I surplus Class 1 inventory Class 1 deficit

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www.cobalt27.com | TSXV: KBLT | OTCQX: CBLLF | FSE: 27O 49 495 928 54 220 276 2017 2023 2028 Nickel Cobalt

Battery Raw Material Demand

Source: Benchmark Minerals, January 2019

Lithium-Ion Battery Megafactory Raw Material Demand at 100% Utilization Rate 000s of Tonnes

Rapidly increasing battery raw material demand

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NMC 111 NMC 532/622 NMC 811 NCA LFP LMO/LTO

Types of Lithium-Ion Batteries

Nickel rich chemistries gaining in popularity; cobalt still critical

Conservative battery chemistry mix for large batteries (without new chemistry)

Battery Chemistry for CV+PV+ESS

Source: Bernstein, February 2018

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

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Appendix: Overview of Key Royalties

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  • Focus on streams and royalties that provide material

near-term cash flow

  • Streams and royalties have structural advantages

relative to other commodity investments: ᅳ Exposure to commodity price, resource growth and production growth ᅳ Avoidance of direct exposure to increasing capital,

  • perating and environmental costs

Royalty Name Operator Location Stage Primary Metal(s) Royalty Type Stream ROFR Dumont RNC Minerals Québec Construction-ready Ni-Co 1.75% NSR

  • Turnagain

Giga Metals British Columbia Exploration Ni-Co 2% NSR Yes Nyngan Scandium Int’l Mining Australia Construction-ready Ni-Co-Sc 1.7% GRR1

  • Flemington

Australian Mines Australia Exploration Ni-Co-Sc 1.5% GRR1

  • Triangle

New Found Gold (formerly Palisade Resources) Ontario Exploration Co-Ag 2% Co NSR Yes Rusty Lake New Found Gold (formerly Palisade Resources) Ontario Exploration Co-Ag 2% Co NSR Yes Professor & Waldman Properties2 New Found Gold (formerly Palisade Resources) Ontario Exploration Co-Ag 2% Co NSR Yes North Canol Properties2 Golden Ridge Resources Yukon Exploration Ag-Pb-Zn-Co 2% Co NSR Yes Sunset Private Individuals British Columbia Exploration Cu-Zn-Co 2% Co NSR Yes

Growth Through Portfolio of Streams and Royalties

(2) Two separate mineral properties to which a Co NSR applies

Portfolio of 11 royalties focused on nickel and cobalt, including:

  • Royalty on Dumont, a world class, construction-

ready nickel-cobalt project in Canada,

  • Royalty on Turnagain, one of the largest

undeveloped nickel sulphide projects globally, and

  • Royalty on Nyngan, a construction-ready

scandium-cobalt project in Australia

(1) Gross Revenue Royalty

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6.4 2.8 2.4 1.7 1.7 1.7 Taimyr Penninsula Dumont Weda Bay Onca Puma Jinchuan Soroako

Overview of the Dumont Project and Royalty

Dumont Highlights

  • Strategically located in the established Abitibi mining camp
  • One of the largest undeveloped nickel and cobalt reserves;
  • nce in production one of the largest battery metal

development projects globally

  • Fully permitted, construction-ready and in close proximity to

roads, rail, an airport, and low-cost power supply

  • Impacts and Benefits Agreement successfully negotiated with

local First Nation

  • Open pit mine, updated May 2019 Feasibility Study envisions

an initial mine life of 30 years with additional upside potential identified

  • Proven and Probable Mineral Reserves1 of ~6,082 Mlbs Ni and

~243 Mlbs Co (1,028,480 kt @ 0.27% Ni and 107 ppm Co)

  • LOM annual production of 39kt Ni and 1.2kt Co, ramping up

to 50kt Ni and 1.5kt Co in Phase II, with LOM C1 cash cost in the low 2nd quartile cost curve at $3.22/lb of payable nickel Royalty Highlights

  • Life-of-Mine 1.75% Net Smelter Returns (NSR) Royalty
  • RNC Minerals holds a repurchase option on 0.375% of the

NSR Royalty for US$15M, exercisable in July 2019 or July 2020 ASSET OVERVIEW LOCATION MAP NICKEL RESERVES BENCHMARKING (MT NI)

Producing Asset Development Asset RNC Dumont Property FS Pit Extent Airports Highways Roads CNR Cities / Towns Amos Amos Municipal Airport 395 111 109 Villemontel Launay

Lac La Motte Lac Figuery Lac Obalski

N

5 10km

QC

Amos Water Aerodrom e Val-d’Or is 90 km southeast from Dumont and 57 km away from Amos

Source: RNC Minerals (1) Mineral Reserves Statement (Penswick, May 30, 2019)

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Overview of the Turnagain Project and Royalty

LOCATION MAP ASSET OVERVIEW Turnagain Highlights

  • Located in British Columbia, Canada
  • Nickel-cobalt deposit, 100% owned by Giga Metals, among the

world's largest undeveloped nickel-cobalt sulphide deposits

  • Recent metallurgical testwork indicates a clean concentrate

grading >20% nickel and >1% cobalt is achievable using proven simple and reliable “off-the-shelf” processing technology

  • Turnagain ore is ideally suited to be refined into cobalt and Class 1

nickel required by battery manufacturers globally

  • Engineering studies are underway with goal of having the project

shovel ready by 2021 Royalty Highlights

  • 2% Net Smelter Return ("NSR") royalty on all future metal

production from the Turnagain Nickel-Cobalt Project

  • Turnagain royalty acquired for US$1M and 1.125M shares
  • NI 43-101 Mineral Resource containing:

Measured & Indicated: 865 million tonnes @ 0.21% Ni & 0.013% Co (4 billion lb of Ni & 250 million lb of Co)

Inferred: 976 million tonnes @ 0.2% Ni & 0.013% Co (4 billion pounds of Ni & 280 million pounds of Co)

  • Less than 25% of the nickel prospective geology has been drilled

to date; drilling campaign completed in 2018

  • Turnagain concentrate is amenable to hydrometallurgical

treatment for production as nickel and cobalt sulphates TURNAGAIN MINERALIZATION PROJECT DEVELOPMENT Development Timeline

  • Funds from sale of NSR royalty being used for exploration at

Turnagain Project and to advance to pre-feasibility stage

  • Currently updating the NI 43-101 resource estimate incorporating

the results from the 2018 drilling campaign, subsequently enabling engineering studies to be advanced to pre-feasibility and then to feasibility stage

  • Engineering studies are underway with the goal of lowering capex

by reducing the start-up size

  • Step-out drilling from the known deposit is designed to increase

the resource and may also lead to discovery of more starter pits

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Forward-Looking Statements & Qualified Person This presentation contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar

  • expressions. Forward-looking statements in this presentation include, but are not limited

to statements with respect to: the anticipated benefits associated with the Arrangement; the business and assets (including their implied value) of Nickel 28 and its strategy going forward; future prices of cobalt, nickel and other commodities; statements pertaining to the adoption of electric vehicles and battery storage globally; the timing for the completion of the Arrangement; the Consideration to be received by shareholders of Cobalt 27, which may fluctuate in value due to Nickel 28 common shares forming part of the Consideration; the composition of the future management team of Nickel 28 and the satisfaction of closing conditions including, without limitation (i) required Cobalt 27 shareholder approvals; (ii) necessary court approval in connection with the plan of arrangement, (iii) termination rights available to the parties under the Arrangement Agreement; (iv) Cobalt 27 obtaining the necessary approvals from the TSX-V for the listing of the common shares of Nickel 28 in connection with the Arrangement; and (v)

  • ther closing conditions, including, without limitation, compliance by Cobalt 27 and Pala

with various covenants contained in the Arrangement Agreement. In particular, there can be no assurance that the Arrangement will be completed. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. For more details on these and other risk factors see the Company’s most recent Annual Information Form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading “Risk Factors”. Should one

  • r more of the risks or uncertainties underlying these forward-looking statements

materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from those anticipated and described in the forward-looking statements. With respect to the forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: future cobalt and nickel market prices; future global economic and financial conditions; future commodity prices, demand for cobalt and nickel and the product mix of such demand and levels of activity in the battery metals industry and in such other areas in which the Company may supply cobalt and nickel and the product mix of such supply; the accuracy and veracity of information and projections sourced from third parties respecting, among other things, future industry conditions and demand for cobalt and nickel; and, where applicable, each

  • f those assumptions set forth in the footnotes provided herein in respect of particular

forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in its forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward- looking statements will materialize or prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward- looking statements contained in this presentation are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking

  • statements. These statements speak only as of the date of this presentation. Except as

may be required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements or information whether as a result of new information, future events or otherwise. Disclosures of a scientific or technical nature in this presentation relating to the Voisey’s Bay project and the Ramu Nickel Cobalt project have been reviewed and approved in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Mr. Robert Osborne, P.Eng., geologist and President of Osborne Laterite Geology Service Inc., an independent consultant to Cobalt 27 and a “qualified person” as defined in NI 43-101. For additional scientific and technical information regarding Cobalt 27’s portfolio, readers are encouraged to review additional materials available on the Company’s website and profile on SEDAR at www.sedar.com

Disclaimer

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www.cobalt27.com | TSXV: KBLT | OTCQX: CBLLF | FSE: 27O

TSXv: KBLT OTCQX: CBLLF FRA: 270