Mr. Mark Fedosiewich reports

VIOR OPTIONS ITS FOOTHILLS PROJECT TO NIOBAY METALS

Vior Inc. has executed a definitive option agreement with Niobay Metals Inc. for Vior's Foothills project, located 100 kilometres northeast of Quebec City and 90 km south of the deepwater port at Saguenay (La Baie area), Que. The agreement outlines the final terms and conditions between Vior and Niobay, providing Niobay with the right to acquire an 80-per-cent undivided interest in the project. This agreement will be subject to receipt of all regulatory approvals, including acceptance and approval by the TSX Venture Exchange.

The district-scale project consists of 529 claims over an area of 285 square km, which includes a group of properties with strong potential for critical and strategic minerals. It encompasses most of the contact of the intrusive zone known as the St. Urbain anorthosite. Vior has confirmed the presence of rutile-ilmenite, with results up to 57 per cent titanium dioxide (TiO2), as well as phosphate (phosphorus pentoxide (P2O5)). Of 139 outcrop samples collected, 67 contain P2O5 values of 4 to 6.3 per cent, and boulder samples reveal some historic higher-grade mineralization of over 10 per cent P2O5 (Sigeom, Quebec). See Vior press release, Sept. 20, 2023.

Mark Fedosiewich, president and chief executive officer of Vior, commented: "We are very pleased to enter into this agreement with an experienced partner such as Niobay who has the specific expertise required to fully uncover the project's mineral potential. The Foothills project is a non-core asset for Vior that holds much promise; however, due to our recent focus and efforts at our flagship Belleterre gold project, Foothills has not been afforded the exploration commitment it deserves. Vior shareholders will now have the opportunity to participate in its upside success by having Niobay rapidly advance it."

Agreement terms and highlights

Niobay will have the option to acquire an 80-per-cent undivided interest in the project by fulfilling the terms and conditions as outlined below.

Option terms

The option agreement provides for the terms and schedule noted herein.

Niobay has the right to 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 will be the date on which the option agreement is executed. 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 be 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.

Further, Vior is providing clarification of the Jan. 10, 2024, contract, signed with consultant Machai Capital Inc., which is subject to TSX-V approval (see Vior press release, Jan. 10, 2024). The consultant is at arm's length to Vior and has no relationship with Vior, except under this contract. The consultant has no current interest in Vior other than the stock options granted by Vior on Jan. 10, 2024, but may acquire a future interest in the market or via a private placement in compliance with TSX-V rules and regulations. The services will commence upon TSX-V approval and will be paid with cash from Vior's treasury.

Qualified person

The technical content disclosed in this press release was reviewed and approved by Laurent Eustache, executive vice-president for Vior and qualified person as per National Instrument 43-101.

About Vior Inc.

Vior is a junior mineral exploration corporation based in the province of Quebec, Canada, whose corporate strategy is to generate, explore and develop high-quality projects in proven and favourable mining jurisdictions in North America. Through the years, Vior's management and technical teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects. Vior is rapidly advancing two district-scale projects in Quebec, which include its flagship Belleterre gold project and Skyfall nickel project.

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