Cobalt Blockchain Receives Claim for Entitlement to Payments from Former Contractor

Toronto, Ontario--(Newsfile Corp. - April 28, 2021) - Cobalt Blockchain Inc. (TSXV: COBC) (OTC Pink: COBCF) ("COBC" or the "Company") yesterday received correspondence on behalf of a former independent contractor claiming an entitlement to payment of outstanding "salary" and expenses of US$329,000, 300,000 common shares of the Company and payment in respect of the termination of their services. The contractor was engaged to provide limited DRC-related consulting services to the Company in 2018. The Company believes the claims for entitlement to be completely without merit and intends to vigorously defend them.

About Cobalt Blockchain Inc.

Cobalt Blockchain Inc. (TSXV: COBC) is a Canadian resource company expanding its exploration and development business to include cobalt assets in the Democratic Republic of the Congo. The Company believes that it is the first mining and mineral trade company set up specifically to procure cobalt in compliance with the Organization for Economic Co-operation and Development ("OECD") due diligence framework. COBC has developed and is implementing a blockchain-based reporting platform to provide greater certainty of provenance and further assurance that all minerals procured are ethically-sourced.

For more information on the Company, investors should review the Company's filings at www.sedar.com.

For additional information, please contact:

Peter Copetti, Executive Chairman and CEO
Cobalt Blockchain Inc.
Telephone: +1-416-519-4009
Email: info@cobc.co
Website: www.cobc.co

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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