M2 Cobalt Commences Trenching at Bujagali and Identifies Airborne Anomalies at Its Kilembe Area Properties

Vancouver, British Columbia--(Newsfile Corp. - May 3, 2018) - M2 Cobalt Corp. (the "Company") (TSXV: MC) is pleased to announce that it has mobilized trenching crews and has commenced trenching its Waragi and Bombo Targets at the Bujagali Property. Both targets comprise large-scale cobalt ("Co"), copper ("Cu") and nickel ("Ni") anomalies recently discovered by M2 Cobalt through the Company's ongoing exploration programs. Anomalous soil and rock samples at the Waragi target contain 1.24% Co and 0.4% Cu and anomalous soil and rock samples at Bombo contain 0.65% Co, 0.4% Cu and 0.15% Ni.

Trenches are designed from 30 to 90 meters in length cross cutting stratigraphy to: test mineralization at depth; better understand local stratigraphy; and sample buried bedrock in preparation for drilling. Maps showing the areas of trenching can be viewed on our website at www.m2cobalt.com/index.php/projects/bujagali.

At M2 Cobalt's Kilembe Area Properties, Geotech Ltd. has now completed the helicopter-borne VTEM™ B-Field and horizontal magnetic gradiometer geophysical survey over the Company's northernmost exploration license in Bunyangabu District (Kilembe Area Property). The survey was flown at 100-metre spaced lines and was designed to identify priority geophysical anomalies analogous to that of volcanogenic massive sulphide deposits ("VMS") for follow-up exploration. The past producing Kilembe copper — cobalt deposit is considered a VMS deposit. Once final data is received M2 will provide further target information.

A number of priority anomalies have been identified from the initial data interpretation which will be utilized to focus ground crews who will undertake: mapping and prospecting; detailed ground geophysical surveying; and, soil and rock sampling to further define key target areas within the Exploration License.

The helicopter survey will now be focused on the Company's License in Kasese District, south of the former Kilembe Mine and thereafter will be utilized, as required, on a focused basis to support the ground program currently underway at the Bujagali Property.

Simon Clarke, CEO stated, "Our detailed trenching programs will provide increased definition and delineation across our recently announced discoveries at Bujagali with the additional goal of locating mineralized host rocks. This phase of our program is focused on enabling us to identify key drill ready targets and line of sight to initial resource numbers at Bujagali."

Dean Besserer, P.Geol., the Company's Technical Advisor and exploration program manager stated, "Our crews continue to make extremely good progress in the field and our program is generating numerous targets and discoveries.

The airborne survey results from our Kilembe area properties will enable the most efficient approach to exploring these Licenses. Not only does the airborne data provide detailed geological information within our Licenses, but, by identifying a number of high priority targets, it will enable our ground crews to focus their efforts on specific targets early on."

About M2 Cobalt

M2 Cobalt Corp. is focused on discovering and developing world-class cobalt assets (and related minerals) to help address the growing deficit in the supply of cobalt. The Company has a large, highly prospective land package in the Republic of Uganda, East Africa bordering historic production and on the same mineral trends as some of the major mines in the neighbouring DRC where over 60% of world cobalt supply originates. Uganda is a stable country with a growing economy looking to re-energize its historic mining industry. The Company has a highly experienced management team and board of directors, which has been involved in funding and advancing resource projects globally. The Company also owns licenses over 2,800 hectares of land in the Cobalt Camp in Ontario, Canada. Further information on the Company and its projects can be found at www.m2cobalt.com.

The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.

For further information, contact Simon Clarke at sclarke@m2cobalt.com or Andy Edelmeier at andy@m2cobalt.com.

On behalf of the Board,

M2 COBALT CORP.

Simon Clarke, Chief Executive Officer

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

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to exploration work to be undertaken in Uganda, the reliability of third party information, and certain other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.