Mr. Jean-Sebastien David reports

NIOBAY ANNOUNCES ELECTION OF DIRECTORS

Niobay Metals Inc. has released the results of its annual general meeting (AGM) of shareholders held on June 8, 2023.

Shareholders holding a total of 25,094,844 common shares of the company attended the AGM in person or were represented by proxy, representing over 35 per cent of the 70,301,524 common shares issued and outstanding.

Jean-Sebastien David, Dawn Madahbee Leach, Raymond Legault, Mathieu Savard and Serge Savard were re-elected to Niobay's board of directors. The shareholders also reappointed PricewaterhouseCoopers LLP as auditors for the ensuing financial year and reapproved the company's rolling stock option plan.

Following the AGM, the board decided not to grant any options in view of the poor performance of Niobay's share price. Instead, the human resource committee of the board has approved a list of objectives for 2023, for which stock options may be granted where appropriate.

About Niobay Metals Inc.

Niobay will be a leader in the environment, social, governance and indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to its success will be the consent and full participation of the indigenous communities in whose territories it operates.

The company holds, in addition to others, a 100-per-cent interest in the James Bay niobium project located 45 kilometres south of Moosonee, in the Moose Cree traditional territory of the James Bay Lowlands in Ontario. Niobay also holds a 72.5-per-cent interest in the Crevier niobium and tantalum project located in Quebec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation.