Ann: First Cobalt Proposed MergeCo Presentation, page-43

Well, at 0.145 with the last trading price of First Cobalt at 76c CAD, the equivalent ASX price is 11c, hence the closing price today. So they brought the CDI's and FPO's back to be currently in sync.

Those who have been buying at 13c must expect to be long term holders, because they are buying at the equivalent of 90c CAD, nearly 20% above the current First Cobalt share price on the TSX. I suppose some of these people have a FOMO, and a long term belief in Cobalt, as well as a lot of patience.

However, First Cobalt's share price was pumped from 55c two days prior to their trading halt, in order to reach the 0.145 conversion ratio.

And First Cobalt is also undergoing another merger, with a third company (further dilution).

So once First Cobalt implements the two (2) mergers, the original holders of First Cobalt will only retain 35% of the company, and the dilution to all shareholders involved in the two mergers will be a 200% equivalent.

So, taking all these into consideration, I'm expecting First Cobalt to get a small lift when it relists, before settling back to it's more normal mean, somewhere about 60c to 65c CAD, which is around 9.5c for the CDI's on the ASX.

All supposition of course, and a wild guess, because the market is now a casino/lottery, but hey, it's a comment!

Good luck to us all. And may add some around the 9c mark.

Gw