Mr. Jean-Sebastien David reports

NIOBAY ANNOUNCES THE COMPLETION AND SUCCESS OF METALLURGICAL WORK ON THE CREVIER PROJECT

Niobay Metals Inc. has completed, and received the successful results of, its metallurgical and hydrometallurgical testwork. This work was carried out using a mineralized 10-metric-tonne bulk sample from the Crevier niobium (Nb) and tantalum (Ta) project, of which the company owns 72.5 per cent, with the remaining 27.5 per cent held by Niobec Inc. (a division of Magris Performance Materials Inc.). The Crevier project is located approximately 50 kilometres (km) north of Girardville and about 150 km from the Niobec mine. It lies within the Nitassinan (ancestral territory) of the Pekuakamiulnuatsh, the main population centre of which is Mashteuiatsh.

Highlights and results:

• The work was carried out with the support of a grant awarded by the Ministere des Ressources naturelles et des Forets (MRNF) and the Consortium de recherche et d'innovation en transformation metallique (CRITM). The work title was "demonstration of the pilot-scale niobium-tantalum concentration process and production of niobium and tantalum oxides from the Crevier deposit, located in the Lac-Saint-Jean region."
• The final metallurgical report demonstrates a 70-per-cent recovery of Nb2O5, achieving the targeted grades ranging from 17 per cent Nb2O5 to 36 per cent Nb2O5 depending on the concentration stage.
• Hydrometallurgical testwork shows high extraction efficiency and strong selectivity, with overall extraction rates (conventional process) averaging 92.3 per cent for niobium and 95.8 per cent for tantalum.
• The final product purity (via direct precipitation and calcination) is niobium pentoxide (Nb2O5) at purity of 75.8 per cent.
• With respect to byproduct valorization, the leach residues contain 19 per cent to 32 per cent zirconium.
• Preliminary fluoride-free extraction tests using alkaline fusion and water leaching achieved high extraction yields -- 86.4 per cent for niobium and 91.4 per cent for tantalum -- using a low-grade concentrate containing 13 per cent Nb2O5.
• The metallurgical portion of the work (gravimetric separation, magnetic separation, flotation tests) was carried out at the facilities of SGS Canada Inc., a specialized independent firm, located in Quebec city, Que.
• The hydrometallurgical portion of the work (leaching, precipitation testing, calcination) was carried out at the facilities of SGS located in Lakefield, Ont.

For competitive reasons, the SGS reports, titled "Pilot-Scale Niobium Magnetic separation and Flotation Tests on a Sample from the Crevier Deposit" and "The Development of a Selective Process for the Extraction and Recovery of Tantalum and Niobium and the Production of their Oxides from Low-Grade Ore from the Crevier Deposit," respectively, dated March 26, 2026, and March 30, 2026, will be made available to partners, potential customers and financial institutions only under non-disclosure agreements.

Updated resource estimate for the Crevier project

Following the announcement of a new resource estimate on Feb. 25, 2026, the company is pleased to report that the final technical report, titled "NI 43-101 Technical Report -- Mineral Resource Estimate Update for the Crevier Project," dated April 7, 2026, with an effective date of Feb. 25, 2026, prepared by IOS Geosciences in accordance with Regulation 43-101 respecting Standards of Disclosure for Mineral Projects, has been filed on SEDAR+.

Message from Niobay's president and chief executive officer

"We are pleased with the results obtained during this intensive period of metallurgical and hydrometallurgical work. The results exceeded our expectations and will allow us to begin large-scale testing with confidence, thanks to the knowledge gained throughout this work. We were also pleasantly surprised by the results from Universite Laval and CNETE with their alkaline process, as well as by the opportunity presented by the valorization of zirconium obtained during our leaching tests," said Jean-Sebastien David, PGeo, president and CEO of Niobay. Following studies demonstrating positive technical and economic parameters, the Crevier project could be dedicated exclusively to the production of niobium oxide for battery and superalloy manufacturers.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Jean-Sebastien David, PGeo, a qualified person under National Instrument 43-101. Mr. David is the president and chief executive officer 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. 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 we operate. 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.

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