Mr. Jean-Sebastien David reports

NIOBAY INTERCEPTS HISTORICAL GRADES ON ITS CREVIER PROJECT AND CONFIRMS THE EXTENSION OF THE MINERALIZED ZONE

Niobay Metals Inc. has released the latest results of the fall 2023 drilling campaign on the Crevier niobium and tantalum project, of which the company holds a 72.5-per-cent interest. The Crevier project is located approximately 50 kilometres north of the town of Girardville and approximately 150 kilometres from the Niobec mine. It is located in the Nitassinan (or ancestral territory) of the Pekuakamiulnuatsh, whose main population centre is Mashteuiatsh.

Updated results of the 2023 drilling program on the Crevier project

The company completed a drilling campaign at the end of September, 2023. This eight-hole campaign (2,700 metres) consisted of verifying the continuity of the mineralization in the northwest, southeast and at-depth sectors of the main area. The latest results of this campaign were received, and the company is taking the opportunity to highlight the important interceptions for the entire campaign. In addition, it has modified the hole identification numbers for the completed drill holes. The best intersections, using a cut-off of 0.2 per cent (2,000 parts per million) of Nb2O5, have been presented, whereas a cut-off of 0.1 per cent was used in the previous press release (Jan. 8, 2024).

This campaign allows the company to note the presence of tantalum mineralization in the northwest extension of the main zone and a higher concentration of niobium toward the southeast. In addition, the last hole shows mineralization, leaving this area open.

A word from the chief executive officer Jean-Sebastien David

"We are pleased to announce the final results and to note that the mineralized zone is open towards the southeast, having intercepted mineralization in hole 18," said Jean-Mr. David, geo, president and CEO of Niobay. "Historic grades (highest grades over more than 1.5 m since 2009) were intercepted in both niobium and tantalum, compared to drilling carried out to date at site. The Crevier project has definitely not revealed all its secrets," concluded Mr. David.

Crevier would be exclusively devoted to the production of niobium oxide for battery manufacturers.

Qualified person

This press release has been reviewed and approved by Jean-Sebastien 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 mines 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 its success, is the consent and full participation of the indigenous communities in whose territories and/or on ancestral lands it operates.

In addition to others properties, Niobay holds a 100-per-cent 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-per-cent interest in the Crevier niobium and tantalum project located in Quebec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation.

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