RESOLUTION MINERALS LTD — Capital/Financing Update 2018

Jul 2, 2018

ASX RELEASE

ASX: N27, N27O

3 Jul 2018 y

2018/19 JUNIOR MINERALS EXPLORATION INCENTIVE

• N27 has again been successful in its application for participation in the Federal Government’s Junior Minerals Exploration Incentive (“JMEI”) scheme

• JMEI credits will be distributed to shareholders as tax credits for the 2018/19 tax year – allocation up to $1,375,000 in JMEI credits

• To be eligible, shareholders must have participated in the Company’s fundraising between 1 July 2018 and up to 30 June 2019

• Only new shares issued by N27 are eligible for JMEI credits

• Option holders exercising their quoted or unquoted options are eligible for JMEI credits

Northern Cobalt Ltd (ASX: N27) (“N27” or the “Company”) is pleased to announce that it has been advised by the Australian Taxation Office (“ATO”) that its application to participate in the JMEI scheme has been accepted and the Company has received an allocation of up to $1,375,000, which can be distributed to eligible shareholders for new shares issued between 1 July 2018 and 30 June 2019 (“2018/19”).

In March 2018, the Federal Parliament passed legislation introducing the JMEI scheme with effect from 1 July 2017 for a four-year period based on an annual application process. The ATO is the administrator of the scheme.

The JMEI scheme enables eligible exploration companies to create refundable tax credits to distribute to eligible shareholders by forgoing a portion of their carried forward tax losses that have arisen from allowable expenditure on “greenfield” exploration. The final amount of JMEI credits to be distributed will be impacted by the Company’s expenditure on “greenfield” exploration, the tax losses incurred during 2018/19 and the number of new N27 shares issued during 2018/19.

CAPITAL STRUCTURE

Ordinary Shares Issued 50.8M

Options Listed 6.3 M @ 20c Unlisted 12.3 M @ 25c

Performance Shares Class A 9.6 M Class B 3.6 M Last Capital Raise 24 Apr 2018 - SPP $0.6M @ 35c

BOARD

Len Dean - Chair Michael Schwarz - MD Duncan Chessell - Exec Dir Andrew Shearer - NED Jarek Kopias - Co Sec

EMAIL US

WWW.NORTHERNCOBALT.COM.AU

67 GOODWOOD ROAD WAYVILLE SA 5034 AUSTRALIA

ASX: N27, N27O

Australian resident shareholders that are issued with JMEI credits will generally be entitled to refundable tax offsets (for individual shareholders or superannuation funds) or franking credits (for companies). Receiving a JMEI credit could have tax consequences and shareholders who are issued JMEI credits by the Company should obtain independent tax advice specific to their personal circumstances.

The Company’s allocation of JMEI credits must be distributed to all eligible shareholders on a pro-rata basis. For shareholders to be eligible to receive a pro-rata distribution of JMEI credits from the Company, they must have applied for and be issued shares in the Company from 1 July 2018 and no later than 30 June 2019.

The JMEI credits will apply to the 2018/19 tax year and can be issued by the Company after lodgement of its 30 June 2019 tax return.

The Record Date to determine eligibility for JMEI credits is Sunday 1 July 2018 and only those shareholders to whom shares were issued after this date and before 30 June 2019 will be eligible to receive a distribution of the JMEI credits allocated to the Company.

Eligible shareholders are expected to be notified by the Company of their JMEI credit entitlement in the approved form by 30 September 2019, and the JMEI credits will apply to income tax assessed for the year ended 30 June 2019.

For more information please see the ATO website on the JMEI tax credits. https://www.ato.gov.au/Business/Junior-Minerals-Exploration-Incentive/What-to-do-if-you-receiveexploration-credits/ or contact the Company Secretary Jarek Kopias admin@northerncobalt.com.au

Please sign up to our newsletter via our website for invitations to webinars and important announcements www.northerncobalt.com.au

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67 GOODWOOD ROAD WAYVILLE SA 5034 AUSTRALIA

WWW.NORTHERNCOBALT.COM.AU

EMAIL US

ASX: N27, N27O

Project Location

The Wollogorang Cobalt Project occurs in the far north-eastern corner of the Northern Territory, a mining friendly jurisdiction. The Project area is 180 km to the south-east of the population centre of Borroloola. The capital city of Darwin is 870 km to the north-west and the McArthur River Mine is approximately 150 km to the west-northwest.

About Northern Cobalt Ltd

Northern Cobalt Ltd is an emerging resource company engaged in the acquisition, exploration and development of cobalt mineral projects. The company is led by an experienced and diverse board of directors and management team with proven success in corporate finance, operational management, engineering and exploration project management. Their combined experience and commitment provides Northern Cobalt with the tools to capitalise on the growing demands of the cobalt and energy storage markets.

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67 GOODWOOD ROAD WAYVILLE SA 5034 AUSTRALIA

WWW.NORTHERNCOBALT.COM.AU

EMAIL US