Mr. Jean-Sebastien David reports

NIOBAY METALS SIGNS OPTION AGREEMENT TO ACQUIRE HIGH-POTENTIAL TITANIUM AND PHOSPHATE PROPERTIES

Niobay Metals Inc. has executed a definitive option agreement with Vior Inc. to acquire an 80-per-cent undivided interest in Vior's Foothills project, with strong potential for the discovery of critical and strategic metals.

The Foothills project is located north of St. Urbain, 100 kilometres north of Quebec City and 90 km south of Saguenay (La Baie area), Quebec. The project covers an area of approximately 285 square km and is composed of five separate claims blocks. It covers most of the contact of the intrusive zone known as the St. Urbain anorthosite. This zone has demonstrated the presence of rutile-ilmenite with results up to 57 per cent of titanium dioxide (TiO2), as well as apatite (note: Vior referred to as phosphate). Of 139 outcrop samples collected, 67 contain P2O5 (phosphorus oxide) values of 4 per cent to 6.3 per cent, and boulder samples reveal some historic higher-grade mineralization of over 10 per cent P2O5 (Sigeom, Quebec). See Vior's press release dated Sept. 20, 2023.

A word from Jean-Sebastien David, the company's president and chief executive officer:

"With this option agreement, we are delighted to add the Foothills project to our portfolio of projects. The areas of interest are mainly located on Seminaire de Quebec property. This project strengthens our green portfolio by adding two important elements in the decarbonization of our economy: titanium and phosphate," stated Mr. David, president and CEO of Niobay. "The results obtained previously by Vior, and particularly during their 2023 work, caught our attention. Samples were taken with high phosphate content, an element newly added to Quebec's list of critical and strategic metals. Our objective is clear: to find a homogeneous zone, supported by a resource calculation, and thus prove the mineral potential of this sector. We look forward to returning to the field and continuing Vior's work," added Mr. David.

The option agreement provides for the terms and schedule as shown in the associated table.

Niobay can accelerate the vesting period of this 80-per-cent undivided interest by incurring expenditures, making cash payments and making share-based payments at any time before Dec. 31, 2027. Niobay will act as operator during the option period.

The operative date for a contractual joint venture between Niobay and Vior (the joint venture) will be the date on which the option will be completed. The option agreement provides that once one party's interest in the Foothills project and/or the joint venture falls below 10 per cent, this interest will transferred to the other party and converted into a 1.5-per-cent NSR (net smelter return) on precious and base metals, and a 1.5-per-cent GRR (gross revenue royalty -- on mineral substances other than precious or base metals), with a 0.5-per-cent NSR/0.5-per-cent GRR being collectively redeemable for an aggregate amount of $1.5-million.

Vior and Niobay deal at arm's-length and no finders fees will be payable in connection with this transaction. The option agreement is subject to the approval of the TSX Venture Exchange.

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.

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.

In addition to others properties, Niobay holds 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.

We seek Safe Harbor.