Edison Lithium Corp. — Regulatory Filings 2021

Jun 23, 2021

FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1: Name and Address of Company

Edison Cobalt Corp. (the “ Company ”) Suite 820, 1130 West Pender Street Vancouver, BC, Canada V6E 4A4

Item 2: Date of Material Change

June 17, 2021

Item 3: News Release

The news release was disseminated on June 17, 2021, through the news dissemination service of Newsfile Corp. and a copy was subsequently filed on SEDAR.

Item 4: Summary of Material Change

The Company announced that it has entered into a Definitive Purchase and Sale Agreement (the " Agreement ") to acquire Resource Ventures S.A. (" ReVe "), an Argentina corporation that owns or controls the rights to over 148,000 hectares (365,708 acres) of prospective lithium brine claims in the province of Catamarca, Argentina. The claims are principally located in the two geologic basins known as the Antofalla Salar and the Pipanaco Salar in South America's famed Lithium Triangle.

Item 5: Full Description of Material Change

The Company announced that it has entered into an Agreement to acquire ReVe, an Argentina corporation that owns or controls the rights to over 148,000 hectares (365,708 acres) of prospective lithium brine claims in the province of Catamarca, Argentina. The claims are principally located in the two geologic basins known as the Antofalla Salar and the Pipanaco Salar in South America's famed Lithium Triangle.

Salar de Antofalla ("Antofalla")

Located less than 20 km west of the producing lithium operation of Livent (fka FMC Corporation), Argentina's largest lithium producer, in northern Catamarca Province, the Antofalla Salar hosts one of the largest lithium-bearing basins in the region. It is over 130 km long and varies between 5km and 20 km across. On September 12, 2016, Albemarle Corporation, the world's largest producer of lithium, announced that it had acquired from Bolland Minera, S.A., a large private mining company, exclusive exploration and acquisition rights to a claim block located in the center section of the Antofalla Salar. At that time, Albemarle publicly stated its belief that Antofalla has the third largest lithium brine reservoir in the world. In 2016, Roskill Information Services reported that Bolland had drilled 56 boreholes over 265km[2] and defined a resource of 83mt of potash (KCl) grading 6,400mg/l and 2.22mt of lithium (11.8mt LCE) grading 350mg/l. Bolland's test wells were drilled between 2008 and 2011 in the claim block now owned by Albemarle and were completed in conjunction with the Institute of Mineral Resources for the National University of La Plata in Buenos Aires (" Inremi "). Well logs, permeability, hydraulic gradient, core sample chemistry, and gravimetric studies published by Inremi during that period indicated substantial values for lithium and potassium continuously observed from the surface down to a depth of over 500 meters, suggesting that Antofalla is one of the deepest basins in the region.

In 2018, ReVe secured TEM geophysical studies conducted by Quantec Geoscience Argentina S.A., including 187 soundings points conducted across 36.4 km of line scans covering approx. 15,655 hectares

(38,683 acres) of claims in the northern area of its claims in the Antofalla Salar - all of which indicated the presence of prospective brines down to a depth of approx. 500 meters, which was the intended depth limit of the surveys. Brine in the basin could extend to even greater depths than the TEM scans revealed.

Salar de Pipanaco ("Pipanaco")

ReVe's claims in the Pipanaco Salar consist of over 41,000 hectares (101,311 acres) of core areas in this salar, which is located approximately 50 km due west of Catamarca city. These properties are in the very early stages of exploration with minimal surface samples having been collected to date. This salar is at a much lower altitude than Antofalla and was drilled more than ten years ago in a program for the federal government of Argentina to identify new sources of fresh water. Based on those drilling reports, the Company believes that these Pipanaco holdings, which are located at only 700-750 meters above sea level, could represent a favourable site for a lithium extraction facility or a potash mine, as well as being a potential location to create a regional lithium processing facility located less than a two-hour drive from Catamarca city.

Under the terms of the Agreement the Company can acquire ReVe and a 100% interest in its properties for a purchase price of $1,850,000.00 paid by the issuance of 10,000,000 common shares of the Company at a deemed price of $0.185 per share. The Company will also pay a finder's fee of $92,500.00 by the issuance of 500,000 common shares of the Company at a deemed price of $0.185 per share.

All securities issued pursuant to the above transactions will be subject to a hold period of four months from the date of closing. The above transaction and payment of finder's fees are subject to TSX Venture Exchange approval.

Cautionary Statement: Investors are cautioned that the above information and the information on the adjacent properties is taken from the publicly available sources. The Company has not been able to independently verify the information contained. The information is not necessarily indicative of the mineralization on the property, which is the subject of this news release. The Company will need to conduct exploration to confirm historical mineralization reported on the property and there is no guarantee that significant discovery will be made as a result of its exploration efforts.

Item 6: Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7: Omitted Information

Not applicable.

Item 8: Executive Officer

Nathan Rotstein, Chief Executive Officer and Director Telephone: 416-526-3217

Item 9: Date of Report

June 23, 2021