Quarterly Activities and Cashflow Report (Sept 30 2019)

• The Company has executed a binding term sheet with Millrock Resources Inc (TSXV: MRO) to earn up to an 80% interest in the brownfields Goodpaster Project in Alaska

• The Goodpaster Project surrounds Northern Star’s (ASX: NST) Pogo Mine, which has produced 4 Moz @13.6g/t at 300koz pa; reserve/resource of over 6 Moz Au (ASX: NST Announcement 19/9/2019)

• Northern Cobalt has secured an exclusive option for up to 100 days to complete due diligence and provision drill access road works in preparation for the 2020 drilling program

• Drilling to begin in Q1, 2020 on high priority drill targets immediately adjacent to the recent NST announcedGoodpaster Discovery “2.3km strike open in all directions” (ASX: NST Announcement 16/9/2019) within 450m of the claim boundary

• Management changes implemented to take Goodpaster project forward with Millrock

Northern Cobalt entered into a binding term sheet with Millrock Resources Inc following the end of the quarter to acquire, via joint venture earn-in, up to 80% in the GoodpasterProject in Alaska. The Goodpaster Project is adjacent to Northern Star’s Pogo Mine which has a total endowment of 10million ounces of gold and is currently producing at a rate of ~300,000 ounces per annum. Northern Star has announced a planned 30% production expansion by spending a further US$30m (A$43m) capital expenditure, in parallel with utilising better mining methods which will allow NST to lower the cut-off grade and reduce AISC, see ASX: NST Announcement 19/9/2019.