Mr. Jean-Sebastien David reports

NIOBAY INTERCEPTS NIOBIUM IN THE EXTENSION OF ITS MAIN ZONE AT CREVIER

Niobay Metals Inc. has released the first results of the fall 2023 drilling program at its 72.5-per-cent-owned Crevier niobium and tantalum project. The Crevier project is located about 50 kilometres north of the town of Girardville and about 150 km from the Niobec mine. It is located on the Nitassinan (or ancestral territory) of the Pekuakamiulnuatsh, whose main population centre is Mashteuiatsh. This property is easily accessible via existing logging roads.

Update on the results of the 2023 drilling program on the Crevier project

The company completed a drilling program at the end of September, 2023. The eight-hole campaign, spanning more than 2,700 metres, tested the continuity of mineralization at depth, and in the northwest and southeast sectors of the main zone. The company has just received the first results from holes 23-001, 23-002 and 23-003. Niobay is proud to have intercepted niobium more than one km from the main zone, in what appears to be its extension.

Offsetting Niobay's GHG (greenhouse gas) emissions

To compensate for the 42.21 tonnes CO2e (carbon dioxide equivalent) of greenhouse gas emissions generated during the drilling campaign and the regional exploration campaign, Niobay has made a contribution to Carbone Boreal, which will compensate by planting 305 trees in the province of Quebec.

A word from the president and chief executive officer of Niobay Metals about Crevier

"We're delighted to announce these results and, in particular, the intersections encountered in hole 02, which is more than a kilometre from the main zone and, what's more, seems to demonstrate an extension of this zone," said Jean-Sebastien David, Geo, president and CEO of Niobay. "Higher tantalum grades, compared with the resource calculation, were also intercepted in this same hole over more than 20 m. We're looking forward to the rest of the results."

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

Qualified person

This press release has been reviewed and approved by Mr. David, PGeo, a qualified person under National Instrument 43-101. Mr. David is president and CEO of Niobay Metals.

About Niobay Metals Inc.

Niobay aims to become a leader in the development of mine(s) with low carbon consumption, and responsible water and wildlife management practices, while prioritizing the environment, social responsibility, good governance and the inclusion of all stakeholders. Its top priority, which is critical to the company's success, is the consent and full participation of the indigenous communities in whose territories and/or ancestral lands 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.

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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