Global Cobalt Corporation has commissioned Wardell Armstrong International (WAI) to commence the preparation of a Gap Analysis to meet the requirements of the Russian Techniko-Ekonomicheskoe Obosnovanie Konditsy (TEO Konditsy) for the Karakul Cobalt Project. The primary objective of this study will be to identify any missing data that may impede the process of completing the TEO Konditsy requirements and will serve to outline specific work requirements and identify areas of cost savings as the Company also meets Canadian regulatory requirements. During this Gap Analysis phase, WAI will compare historical data and outline future work that will satisfy both regulatory environments.

Differences related to project design, level of technical detail required for baseline studies, level of public consultation, consideration and disclosure of information, labour, coverage of community and social issues and the preparation of a social and environmental management system will all be taken into consideration. This comparison will be an important exercise to alleviate knowledge gaps and justify recommendations for subsequent stages of project advancement. The scope of work for a TEO Konditsy is specified by various Russian standards, and mainly focuses on the overall technical and economic conditions of the project and sets out the expectations for development of the project.

This extensive and thorough report is a very technical and scientific document that goes well beyond the criteria generally expected in a typical western preliminary feasibility study.