M2 Cobalt Commences Initial Drilling Program

Vancouver, British Columbia--(Newsfile Corp. - October 18, 2018) - M2 Cobalt Corp. (TSXV: MC) (the "Company") is pleased to announce it has launched an initial drill program focused on key targets discovered during its successful Phase 1 work program. The Company has entered into a drilling contract with an East-African drilling company and currently plans up to 3,000 metres of diamond core drilling with the ability to extend the program as required.

Simon Clarke, CEO stated, "The commencement of drilling is a very exciting time for the Company. The success of our phase 1 program, during which we discovered multiple large-scale targets with surface sampling up to 1.75% Co, 0.91% Cu and 0.26% Ni, has positioned us strongly for this initial phase of drilling. It moves us closer to achieving our corporate objective of discovering and developing world-class deposits of cobalt and associated minerals.

We will keep shareholders apprised of developments and anticipate regular news-flow as this initial drilling program unfolds."

During its phase 1 program, the Company discovered multiple targets and 3 distinct styles of mineralization; volcanogenic massive sulphide ("VMS") copper-cobalt at its Kilembe-area properties, Katanga-style sediment hosted, copper-cobalt mineralization at Bujagali as well as ultramafic nickel, copper and cobalt at Bombo. The initial drill program will test key targets at depth in each style of mineralization and will position the Company to embark on a larger drill program.

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. 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.