Mr. Jean-Sebastien David reports

NIOBAY COMMENCES ITS 2023 DRILLING CAMPAIGN AT THE CREVIER PROJECT

Niobay Metals inc. has started a drilling campaign on the Crevier property, which is owned by Les Mineraux Crevier Inc., of which Niobay holds a 72.5-per-cent interest. The work will consist of testing the continuity of the dyke by drilling a series of holes to the north-west and south-east of the known zone.

Two larger-diameter holes will also be drilled directly into the existing dyke to test for potential niobium enrichment at depth. These holes will also be used to recover mineralisation in order to produce concentrate. Samples of this concentrate will be sent to various potential customers in the battery sector.

The Crevier property is located about 50 km north of the town of Girardville and about 150 km from the Niobec mine. The original Crevier site was discovered almost at the same time as the Niobec mine site, in the mid-1970s. It is located in the Nitassinan (or ancestral territory) of the Pekuakamiulnuatsh, whose main population centre is Mashteuiatsh. This property is easily accessible via existing logging roads.

The drilling campaign will be carried out using a diamond drill. Niobay is pleased to announce that this campaign will be carried out by First Nations Drilling of Mashteuiatsh. Geological supervision will be carried out by IOS Services Geoscientifiques. IOS Services Geoscientifiques were involved in the previous drilling campaigns at this site.

"We are delighted to be resuming work on the Crevier site. This campaign will allow us to recover mineralization for sampling and also to increase our knowledge of this mineralized dyke. Of particular note is the end of hole 2022-07, which showed a higher Nb 2 0 5 content than the surface of this dyke. This provides us with an excellent opportunity to test the mineralogical potential of this dyke at depth. Also, we're delighted to be once again carrying out this work with local companies including First Nation Drilling from Mashteuiatsh and IOS Services Geoscientifiques from Chicoutimi," said Jean-Sebastien David, President and CEO.

Following the completion of studies that indicate positive metrics for this project, it would be dedicated exclusively to the production of niobium oxide for battery manufacturers.

Update on the results of the 2022 drilling program on the Crevier Project

Niobay is taking advantage of the launch of its 2023 drilling campaign on Crevier to provide an update on the results obtained during its 2022 campaign. Attached are the intersections that demonstrated interesting intersections for different types of mineralisation.

Qualified person

This press release has been reviewed and approved by Jean-Sebastien David, P.Geo., a qualified person under National Instrument 43-101. Mr. David is President of Niobay Metals Inc.

About Niobay Metals Inc.

Niobay wishes to become a leader in the Environment, Social, Governance and Indigenous inclusion supporting the development of mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to our success will be the consent and full participation of the Indigenous communities in whose territories we operate.

The Company holds, in addition to others, a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. Niobay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Quebec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation.

About Niobium

Niobium is a naturally occurring element. It is a metal that is ductile, malleable and highly resistant to corrosion. Because it enhances properties and functionalities, niobium is used in a wide range of materials and applications in the Mobility, Structural and Energy sectors. Niobium transforms materials. When added to materials like steel, glass and aluminum castings, niobium makes them more efficient and lowers environmental impacts, while also delivering other benefits such as better performance, improved safety and increased value.

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