Mr. Jean-Sebastien David reports

UPDATE FOR THE JAMES BAY NIOBIUM PROJECT

Niobay Metals Inc. has provided an update on its wholly owned James Bay niobium project.

The company recently became aware of a letter dated Feb. 18, 2026, issued by the Chief of the Moose Cree First Nation (MCFN) and subsequently posted on Facebook.

Niobay wishes to reiterate that it will carry out its exploration program in a manner that respects the rights of the MCFN as well as all applicable environmental laws and regulations, and in full compliance with the permit issued by the Ontario government.

Niobay is committed to working in alignment with the local community through the use of local contractors, job creation, strategic partnerships, community contributions and the development of collaborative opportunities. The company's objective is to foster a genuine and respectful partnership while maximizing the economic benefits generated by this exploration program for the community.

Niobay's board of directors acknowledges that the James Bay niobium project is part of Treaty 9 and constitutes the core territory of the Moose Cree First Nation. The company respects the indigenous rights and interests of Moose Cree and the Treaty 9 indigenous communities.

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. The company's 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 the company operates. In addition to other 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.

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 increased value.

We seek Safe Harbor.