This presentation is dated June 11, 2018. A preliminary short form prospectus containing important information relating to the securities described in this investor presentation has not yet been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the preliminary short form prospectus is Voisey's Bay Stream Transaction Overview required to be delivered to any investor that receives this presentation and expresses an interest in acquiring the securities. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final June 2018 short form prospectus has been issued. This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus, final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. 0 www.co27.com | TSXV : KBLT | FSE: 27O
Disclaimer General statements are not guarantees of future performance. In particular, this presentation contains forward-looking statements pertaining, but not limited, to: the completion, size, Neither Cobalt 27 Capital Corp. (the “Company”, “Cobalt 27 ”, “us”, “we” or “our”) nor any expenses and timing of the offering of common shares by the Company and the use of of the Underwriters have authorized anyone to provide prospective investors with proceeds therefrom; expectations regarding the price of cobalt and sensitivity to changes in additional or different information. The Underwriters are not offering to sell the common such prices; industry conditions and outlook pertaining to the cobalt market; expectations shares in any jurisdiction where the offer or sale of such securities is not permitted. respecting future competitive conditions; industry activity levels; and the Company’s For prospective investors outside Canada, neither we, nor any of the Underwriters has objectives, strategies and competitive strengths. done anything that would permit this offering in any jurisdiction where action for that By their nature, forward-looking statements involve numerous current assumptions, known purpose is required, other than in Canada. Prospective investors are required to inform and unknown risks, uncertainties and other factors which may cause the actual results, themselves about, and to observe any restrictions relating to, this offering. performance or achievements of the Company to differ materially from those anticipated by The securities have not been, and will not be, registered under the United States Securities the Company and described in the forward-looking statements. Act of 1933, as amended (the “U .S. Securities Act”), or the securities laws of any state of With respect to the forward-looking statements contained in this presentation, assumptions the United States (as such term is defined in Regulation S under the U.S. Securities Act) have been made regarding, among other things: cobalt market prices; future cobalt prices; and may not be offered, sold or delivered, directly or indirectly, in the United States, except future global economic and financial conditions; future commodity prices, demand for pursuant to an exemption from the registration requirements of the U.S. Securities Act and cobalt and the product mix of such demand and levels of activity in the battery metals applicable state securities laws. industry and in such other areas in which the Company may operate, and supply of cobalt In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Any and the product mix of such supply; the accuracy and veracity of information and graphs, tables or other information in this presentation demonstrating the historical projections sourced from third parties respecting, among other things, future industry performance of the Company or of any other entity are intended only to illustrate past conditions and demand for cobalt; and, where applicable, each of those assumptions set performance and are not necessarily indicative of future performance of the Company or forth in the footnotes provided herein in respect of particular forward-looking statements. such entities. 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 Forward-Looking Statements anticipated, estimated or intended. There can be no assurance that forward-looking Certain statements contained in this presentation constitute “forward -looking information” statements will materialize or prove to be accurate, as actual results and future events or “forward -looking statements” (collectively, “forward -looking statements”) within the could differ materially from those anticipated in such statements. The forward-looking meaning of applicable Canadian and United States securities laws relating to, without statements contained in this presentation are expressly qualified by this cautionary limitation, expectations, intentions, plans and beliefs, including information as to the future statement. Readers should not place undue reliance on forward-looking statements. These events, results of operations and the Company’s future performance (both operational and statements speak only as of the date of this presentation. Except as may be required by financial) and business prospects. In certain cases, forward-looking statements can be law, the Company expressly disclaims any intention or obligation to revise or update any identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, forward-looking statements or information whether as a result of new information, future “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and events or otherwise. phrases, or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Such forward-looking statements reflect the Company’s beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward- looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking 1 www.co27.com | TSXV : KBLT | FSE: 27O
Transaction Rationale – Voisey's Bay Cobalt Stream 1 Strengthens Portfolio with World-class, Low-cost & Long-life Asset in a Low Political-risk Jurisdiction 2 Adds ~0.85kt (1) (~1.9mmlb) of Attributable Cobalt Production per year 3 Voisey's Bay Mine Expansion is a Brownfield Project with Extensive Infrastructure in Place 4 Significant Investment in State-of-the-art Nickel / Cobalt Refinery at Long Harbour Processing Plant 5 Increases Cobalt 27's Cash Flows Starting in 2021 6 Adds Strong Partner in Vale 1. Expected Voisey's Bay annual cobalt deliveries to Cobalt 27 after Voisey's Bay Mine Expansion fully ramped up, based on Vale management expectations. 2 www.co27.com | TSXV : KBLT | FSE: 27O
Business Strategy 12 Streams & Royalties 2,981.7 tonnes Cobalt 27 provides direct of cobalt, valued at ~C$359 million (1) exposure to cobalt through the Stream on world class Ni mine in Canada (Voisey's Bay UG) acquisition of physical cobalt, Stream on cash flowing first quartile cost Ni-Co mine (Ramu) streams, royalties and direct 2,269.1 tonnes 712.6 tonnes of premium of standard Royalty on largest construction-ready Ni-Co project (Dumont) interests in mineral properties grade cobalt grade cobalt Royalty on Flemington, adjacent to CleanTeQ’s Sunrise project containing cobalt 8 other exploration-stage royalties Streams & Royalties (12 properties) Cobalt 27 Focus Physical Cobalt Material (2,981.7 mt) Direct Interests in Properties Containing Cobalt 1. Based on 2,269.1 tonnes of premium grade cobalt at Metal Bulletin high-grade cobalt price of US$42.30/lb and 712.6 tonnes of standard grade cobalt at Metal Bulletin low-grade cobalt price of US$42.30/lb. Metal Bulletin cobalt prices and US$/C$ exchange rate as at June 8, 2018. 3 www.co27.com | TSXV : KBLT | FSE: 27O
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