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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


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www.co27.com | TSXV: KBLT | FSE: 27O

Voisey's Bay Stream Transaction Overview June 2018

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 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

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

  • ffered, before making an investment decision.
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General Neither Cobalt 27 Capital Corp. (the “Company”, “Cobalt 27”, “us”, “we” or “our”) nor any

  • f the Underwriters have authorized anyone to provide prospective investors with

additional or different information. The Underwriters are not offering to sell the common shares in any jurisdiction where the offer or sale of such securities is not permitted. For prospective investors outside Canada, neither we, nor any of the Underwriters has done anything that would permit this offering in any jurisdiction where action for that purpose is required, other than in Canada. Prospective investors are required to inform themselves about, and to observe any restrictions relating to, this offering. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Any graphs, tables or other information in this presentation demonstrating the historical performance of the Company or of any other entity are intended only to illustrate past performance and are not necessarily indicative of future performance of the Company or such entities. Forward-Looking Statements Certain statements contained in this presentation constitute “forward-looking information”

  • r “forward-looking statements” (collectively, “forward-looking statements”) within the

meaning of applicable Canadian and United States securities laws relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and 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

  • pinions regarding its future growth, results of operations, future performance (both
  • perational 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 statements are not guarantees of future performance. In particular, this presentation contains forward-looking statements pertaining, but not limited, to: the completion, size, expenses and timing of the offering of common shares by the Company and the use of proceeds therefrom; expectations regarding the price of cobalt and sensitivity to changes in such prices; industry conditions and outlook pertaining to the cobalt market; expectations respecting future competitive conditions; industry activity levels; and the Company’s

  • bjectives, strategies and competitive strengths.

By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company 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: cobalt market prices; future cobalt prices; future global economic and financial conditions; future commodity prices, demand for cobalt 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 operate, and supply of cobalt 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, where applicable, each of 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.

Disclaimer

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www.co27.com | TSXV: KBLT | FSE: 27O

Transaction Rationale – Voisey's Bay Cobalt Stream

Significant Investment in State-of-the-art Nickel / Cobalt Refinery at Long Harbour Processing Plant Strengthens Portfolio with World-class, Low-cost & Long-life Asset in a Low Political-risk Jurisdiction Adds Strong Partner in Vale 6 4 1 Adds ~0.85kt(1) (~1.9mmlb) of Attributable Cobalt Production per year 2 Voisey's Bay Mine Expansion is a Brownfield Project with Extensive Infrastructure in Place 3 Increases Cobalt 27's Cash Flows Starting in 2021 5

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.

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www.co27.com | TSXV: KBLT | FSE: 27O

Physical Cobalt Material (2,981.7 mt) Streams & Royalties (12 properties)

2,981.7 tonnes

  • f cobalt, valued at ~C$359 million(1)

Business Strategy

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.

Cobalt 27 provides direct exposure to cobalt through the acquisition of physical cobalt, streams, royalties and direct interests in mineral properties containing cobalt 2,269.1 tonnes

  • f premium

grade cobalt

12 Streams & Royalties

  • Stream on world class Ni mine in Canada (Voisey's Bay UG)
  • Stream on cash flowing first quartile cost Ni-Co mine (Ramu)
  • Royalty on largest construction-ready Ni-Co project (Dumont)
  • Royalty on Flemington, adjacent to CleanTeQ’s Sunrise project
  • 8 other exploration-stage royalties

712.6 tonnes

  • f standard

grade cobalt

Direct Interests in Properties Containing Cobalt

Cobalt 27 Focus

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Cobalt Stream Transaction Details

Parties

  • Cobalt 27 Capital Corp. ("Cobalt 27")
  • A subsidiary of Vale S.A. ("Vale")

Subject Asset

  • The Voisey’s Bay Mine, including from the proposed Voisey’s Bay Mine Expansion (the "VBME", and collectively,

"Voisey's Bay"), located in Newfoundland & Labrador, Canada

  • Stream area includes a 2 km area of interest around Voisey's Bay so long as any such cobalt is extracted using

the same underground infrastructure as the planned Reid Brook and Eastern Deeps deposits Advance Amount

  • US$300 million (the "Advance Amount")

Metal Purchase and Sale

  • An amount of finished cobalt equal to 32.6% of all cobalt production commencing on January 1, 2021
  • Once an aggregate of ~10.8kt (23.8mmlb) have been delivered, reduces to 16.3% of cobalt production
  • 93.3% payability factor applied to cobalt contained in concentrate recovered from the stream area

Ongoing Payment

  • 18% of the cobalt reference price
  • Increased to 22% once Cobalt 27 has recovered full value of the Advance Amount through Vale's deliveries of

finished cobalt

  • Cobalt reference price equal to Cobalt Metal Bulletin free market US$ per pound in warehouse price, determined

by grade, as published by Metal Bulletin, or alternative price agreed upon by Vale and Cobalt 27 Delivery

  • Vale will deliver cobalt metal stored in warehouse in the form of warehouse certificates

WPM Agreement

  • Wheaton Precious Metals Corp. ("WPM") has agreed to acquire from Vale, an amount of cobalt equal to 42.4%
  • f all cobalt production from Voisey's Bay, for an advance amount of US$390 million
  • The terms of Cobalt 27's cobalt stream and the separate WPM agreement, other than the advance amounts and

the stream percentages, are substantially the same

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Voisey's Bay - History

Location Timeline of Key Milestones

1993 Voisey's Bay discovered by Diamond Field Resources Inc. 1996 Inco Limited acquired Diamond Fields Resources Inc. and the rights to the Voisey’s Bay deposit 2005 Voisey's Bay commences production from

  • pen pit operations

2006 Vale acquired Inco Limited and

  • wnership of Voisey's Bay

2016 Construction commenced on the VBME 2017 In August, Vale announced it would undertake a review of the VBME 2018 In June, Vale announced further details regarding the development of the VBME

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Voisey's Bay - Overview

Crusher Coarse Ore Storage Concentrator Tailings Basin Ovoid Pit Plant Site Air Strip

Summary Location

  • Newfoundland & Labrador, Canada

Mine Type & Infrastructure

  • Open pit mine, concentrator, tailings

facility, diesel power generation facility, airstrip, accommodations complex, concentrate storage, fuel storage, and port facility

  • Transition to UG mining in 2021

Products

  • Copper and nickel (containing cobalt)

concentrate

  • Nickel concentrate is refined at Long

Harbour Processing Plant

Mine Life

  • ~17 years(1)
  • ~14 years UG estimated starting 2021(2)

3-Year Production History(3) Mine & Mill Site Layout

2015 2016 2017

Cobalt 0.8kt (1.9mmlb) 0.9kt (2.0mmlb) 1.8kt (4.0mmlb) Nickel 53kt (117mmlb) 49kt (108mmlb) 52kt (114mmlb) Copper 32kt (71mmlb) 32kt (71mmlb) 34kt (75mmlb)

1. Calculated from 2018 to expected mine life exhaustion in 2034. 2. Calculated from 2021 (expected first full year of production at VBME) to expected mine life exhaustion in 2034. 3. Source: Vale 2017 20-F

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Long Harbour Processing Plant

Summary Anaktalak Bay – Voisey's Bay Port Start Date

  • Long Harbour Processing Plant ("LHPP")

became operational in in 2014

Production Capacity

  • 50,000 tonnes of nickel per annum

Processing Method

  • High pressure acid leaching, solvent extraction

and electrowinning processes

Products

  • High purity nickel rounds, high purity cobalt

rounds and copper cathode from Voisey's Bay concentrate

Status

  • In late 2017, all Voisey’s Bay nickel concentrate

began shipping to LHPP

Long Harbour Processing Plant

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1. Production from Ovoid Open Pit in 2021 and 2022 included in stream agreement.

  • Vale estimated total expansion capital

expenditures of US$1.7bn

  • Targeted first full year of production in 2021
  • Full scale production expected by 2025
  • Expected to extend mine life to 2034
  • Cobalt 27's cobalt stream includes ore from

remaining open pit operations and full VBME underground operations

Voisey's Bay Mine Expansion

FRESH & RETURN AIR FANS FRESH & RETURN AIR FANS SHOTCRETE PLANT EASTERN DEEPS PORTALS PASTE BACKFILL PLANT REID BROOK PORTALS

REID BROOK EASTERN DEEPS CONCENTRATOR OVOID

Planned Site Map Resource by Deposit Overview

Cobalt Grade Average Annual Refined Cobalt Production Ovoid Open Pit(1) 2021-2022 0.08% 0.8kt (1.8mmlb) VBME Ramp-Up 2021-2024 0.15% 1.8kt (4.0mmlb) VBME Full Scale 2025-2033 0.13% 2.6kt (5.8mmlb)

Projected Refined Cobalt Production

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Voisey's Bay Exploration Upside

Voisey's Bay Exploration Drilling Results

Note: Possible exploration upside refers to potential areas of exploration and does not indicate that any additional reserves or resources are contained at Voisey's Bay.

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Production Contribution from Cobalt Stream

Note: Resources shown exclusive of reserves. Numbers may not add to due to rounding. Refer to appendix for detailed mineral reserves and resource statement. 1. Includes stream deliveries from open pit operations in 2021 and 2022.

Start Date

  • First production to Cobalt 27 starting January 1st, 2021

Ramp-Up

  • Average annual cobalt stream deliveries of approximately 0.73kt(1) (~1.6mmlb) per year

Full Scale

  • Average annual cobalt stream deliveries of approximately 0.85kt (~1.9mmlb) per year

Summary Voisey's Bay Mineral Reserves and Mineral Resource Estimate (100% Basis) Estimated Production Contribution from Cobalt Stream

Tonnes Grade (%) Contained Metal (kt) Contained Metal (mmlb) mt Ni Cu Co Ni Cu Co Ni Cu Co

P&P

OP 8.8 2.02 1.09 0.10 177 96 9 391 211 19 UG 23.6 2.17 0.91 0.14 514 216 33 1,132 476 72 Total 32.4 2.13 0.96 0.13 691 312 42 1,523 687 91

M&I

OP 10.3 0.87 0.65 0.04 89 66 4 196 145 10 UG

  • Total

10.3 0.87 0.65 0.04 89 66 4 196 145 10

Inferred

OP 6.8 0.9 0.6 0.1 58 42 3 128 93 7 UG 5.9 2.1 0.8 0.1 120 49 8 265 108 18 Total 12.7 1.4 0.7 0.1 178 91 12 393 200 26

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Voisey's Bay is a World-Class Mine

Nickel C1 Cost Curve - 2017 (Wood Mackenzie)

Source: Wood Mackenzie 2017 Nickel Industry Normal C1 Cash Cost.

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  • Vale is one of the largest mining companies in the

world

  • +US$75bn market capitalization
  • 70+ year mining history
  • Investment grade credit rating
  • Highly diversified, both geographically and by

commodity

  • World's largest producer of nickel
  • Four principal business segments:
  • Ferrous minerals: Iron ore and manganese
  • perations
  • Base metals: Ni, Co, Cu, PGMs & other precious

metals

  • Coal: Metallurgical and thermal coal operations
  • Logistics infrastructure: Leading operator globally of

railroads, ports and distribution centres

Vale is a World-Class Partner

CANADA UNITED STATES BRAZIL PERU BARBADOS PARAGUAY ARGENTINA CHILE MALAWI MOZAMBIQUE U.K. SWITZERLAND AUSTRIA CHINA SOUTH KOREA JAPAN TAIWAN PHILIPPINES AUSTRALIA NEW CALEDONIA INDONESIA SINGAPORE MALAYSIA INDIA UAE OMAN

Headquarters Vale Operations Voisey's Bay

Legend

VOISEY`S BAY

Ferrous minerals $25.1 Coal $1.6 Base metals $6.9 Other $0.4

$34.0bn

2017 Net Revenues

Company Overview Geographical Footprint 2017 Net Revenues by Segment (US$bn)

URUGUAY

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Sources Equity Financing $223 Cash on Hand $151 Credit Facility $50 Total Sources $424 Uses Voisey's Bay Stream $300 Ramu Stream $113 Highlands Pacific Investment $11 Total Uses $424

Transaction Financing Summary

  • Acquisition of Voisey's Bay stream will be funded by concurrent equity financing of C$300mm, recently

announced revolving credit facility, and cash on hand

  • Cobalt 27 expects to have ~US$30mm in available liquidity after funding all announced transactions

Transaction Financing Summary

US$mm

1. C$300mm equity financing converted at spot USD / CAD FX rate of 1.2926. Net of underwriting fees and estimated expenses. 2. Balance sheet cash of C$195mm as of March 31st 2018. Converted at spot USD / CAD FX rate of 1.2926. 3. Cobalt 27's credit facility has a total capacity of US$80mm.

(1) (2) (3)

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Transaction Rationale – Voisey's Bay Cobalt Stream

Significant Investment in State-of-the-art Nickel / Cobalt Refinery at Long Harbour Processing Plant Strengthens Portfolio with World-class, Low-cost & Long-life Asset in a Low Political-risk Jurisdiction Adds Strong Partner in Vale 6 4 1 Adds ~0.85kt(1) (~1.9mmlb) of Attributable Cobalt Production per year 2 Voisey's Bay Mine Expansion is a Brownfield Project with Extensive Infrastructure in Place 3 Increases Cobalt 27's Cash Flows Starting in 2021 5

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.

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Note: As reported by Vale as of December 31st 2017. Resources shown exclusive of reserves. Numbers may not add to due to rounding.

Appendix: Voisey’s Bay Reserves & Resources

Voisey's Bay Mineral Reserves and Mineral Resource Estimate (100% Basis)

Proven & Probable Tonnes Grade (%) Contained Metal (kt) Contained Metal (mmlb) mt Ni Cu Co Ni Cu Co Ni Cu Co Main Ovoid 5.8 2.67 1.43 0.13 154 83 8 340 182 17 Mini Ovoid 0.2 1.37 0.93 0.07 3 2 7 5 SE Extension 2.8 0.71 0.39 0.03 20 11 1 44 24 2 Reid Brook 6.1 2.10 0.87 0.14 128 53 9 282 117 19 Eastern Deeps 17.5 2.20 0.93 0.14 386 163 25 849 359 53 Total 32.4 2.13 0.96 0.13 691 312 42 1,523 687 91 Measured & Indicated Tonnes Grade (%) Contained Metal (kt) Contained Metal (mmlb) mt Ni Cu Co Ni Cu Co Ni Cu Co SE Extension 3.8 0.67 0.38 0.03 25 14 1 55 31 2 Discovery Hill 6.5 0.99 0.80 0.05 64 52 3 141 114 7 Total 10.3 0.87 0.65 0.04 89 66 4 196 145 10 Inferred Tonnes Grade (%) Contained Metal (kt) Contained Metal (mmlb) mt Ni Cu Co Ni Cu Co Ni Cu Co Discovery Hill 6.8 0.9 0.6 0.1 58 42 3 128 93 7 Reid Brook 5.9 2.1 0.8 0.1 120 49 8 265 108 18 Total 12.7 1.4 0.7 0.1 178 91 12 393 200 26