Edison Announces Not Proceeding with Sudbury Platinum RTO and Proposed Brokered Private Placement

TSX VENTURE EXCHANGE: EDDY NEWS RELEASE OTCBB: PWMRF FRANKFURT: VV0

EDISON ANNOUNCES NOT PROCEEDING WITH SUDBURY PLATINUM RTO AND PROPOSED BROKERED PRIVATE PLACEMENT

Vancouver, British Columbia – May 6, 2020 – Edison Cobalt Corp (“Edison”, “EDDY” or the "Company")

(TSX-V: “EDDY”) announces it will not be proceeding with the previously announced (see news releases 09-09-2019 and 12-12-2019) merger transaction between Edison Cobalt Corp. (EDDY) and Sudbury Platinum Corporation (SPC) that would have resulted in a reverse takeover of EDDY by SPC. The agreement between EDDY and SPC expired on April 30, 2020. EDDY shares were halted from trading upon the announcement of the proposed Transaction on September 9, 2019. EDDY will resume trading on the TSX Venture Exchange on a date to be determined by the TSX Venture Exchange. The Company will issue a press release once such date is known.

The previously announced (see news release 12-12-2019 and 02-05-2020) Brokered Private Placement with Gravitas Securities Inc., as co-lead agent with Red Cloud Securities Inc., will not proceed.

The state of the capital markets have made financing of base metal stories difficult and as a result this proposed transaction is not able to proceed.

EDDY will continue its evaluation and development of the Kittson Cobalt project.

About Edison Cobalt Corp.

Edison Cobalt is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium and other energy metals. Edison Cobalt's acquisition strategy focuses on acquiring affordable, cost-effective and highly regarded mineral properties in areas with proven geological potential.

On behalf of the Board of Directors: For more information please contact:

“Christopher Hobbs” Tel: (416) 276-6689 Christopher Hobbs Email: [email protected] Chief Financial Officer, Director Website: www.edisoncobalt.com

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.

Suite 1080, 789 West Pender Street, Vancouver, BC V6C 1H2 Tel: 604-687-4719 Fax: 604-687-4778 www.edisoncobalt.com