Auto industry entrepreneur and design icon Henrik Fisker joins First Cobalt Board of Directors

First Cobalt Corp. (TSXV:FCC, OTCQX:FTSSF, ASX:FCC) (the "Company") announces the appointment of Henrik Fisker, Chairman & CEO of California-based electric vehicle OEM Fisker Inc., to the Company's Board of Directors with immediate effect. As a global automotive design icon and renowned entrepreneur, Mr. Fisker brings his unique electric vehicle (EV) understanding and outside perspective to the Company. The addition of Mr. Fisker to the Company's Board of Directors will allow First Cobalt to draw from his many talents as an EV pioneer, entrepreneur and successful OEM car designer.

"It is an honour to welcome Henrik to the Board." said Paul Matysek, Chairman of First Cobalt's Board of Directors. "He brings a proven set of skills, insightful knowledge and experience that our team can benefit from greatly. We are confident that our collaborative efforts can reach larger audiences as we endeavor to become a leading producer of cobalt in the United States."

First Cobalt and Henrik Fisker believe in developing an extractive industry that upholds the highest in ethical and environmental standards and strives to create sustainability for future generations.

"Electric vehicle automakers and battery manufacturers have a responsibility to ensure any materials we use in our batteries are sourced in an ethical way. I have made a commitment to contribute to a better world all the way down the supply chain. We must stop looking at innovation superficially and start taking responsibility for our products end to end and give our customers the true choice to be part of a sustainable future. During this last few weeks, I have spent considerable time with the First Cobalt team, seeing their cobalt project, Iron Creek, in Idaho as well as the First Cobalt Refinery in Ontario. I was extremely impressed with the depth and extent of commitment from the entire First Cobalt team to the safety and training of all employees, ethical mining practices and the focus on environmental protection around their projects," said Henrik Fisker.

"First Cobalt's strategy is to explore, mine and refine cobalt material in North America with the goal of providing cobalt to the American EV market. Henrik's knowledge of the EV space and experience as a successful OEM automotive manufacturer will play a key role as First Cobalt continues to execute on this strategy. The vision and energy that Henrik has demonstrated throughout his career will be an important asset as the Company continues to develop its projects in North America," said Trent Mell, President & Chief Executive Office of First Cobalt.

Certain directors and officers of the Company have been granted incentive stock options to purchase an aggregate of 340,000 deferred share units and 2,100,000 common shares of First Cobalt exercisable at a price of $0.36 for a period of five to seven years. The grant of options remains subject to the approval of the TSX Venture Exchange and the requirements of the Australian Securities Exchange.

About Henrik Fisker

Henrik Fisker is the Chairman and CEO of Fisker Inc. Through his career in the automotive sector, Fisker has become synonymous with iconic cars and leadership in premium electric vehicle development. Mr. Fisker's vision is behind some of the most emotionally appealing vehicles ever created, including the BMW Z8, the Aston Martin DB9/V8 Vantage, VLF Force 1 to the Fisker Karma and more. Henrik and Fisker Inc. are currently working towards developing the next generation of electric vehicle expertise, tomorrow's technology and compelling design for the advancement of human mobility and comfort.

About First Cobalt

First Cobalt is a vertically integrated North American pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, with Inferred mineral resources of 29.6 million tons (26.9 million tonnes) grading 0.11% cobalt equivalent; the Canadian Cobalt Camp and the only permitted cobalt refinery in North America capable of producing battery materials.