Mr. Jean-Sebastien David reports

NIOBAY CONFIRMS RECEIPT OF AN EXPLORATION PERMIT FOR ITS JAMES BAY NIOBIUM PROJECT

Niobay Metals Inc. confirms receipt of a notice from the Ontario government. This notice announced the granting of a new exploration permit for the James Bay niobium project, located 42 kilometres (km) south of the town of Moosonee in Ontario. It should be noted that Niobay also holds a mining lease, which is valid until October, 2028.

Permit and work

This permit is valid for three years and will allow for the resumption and completion of the drilling campaign that was suspended at the request of the Moose Cree First Nation (MCFN) on March 17, 2022. The new exploration campaign addresses the community's concerns about water management by modifying the drilling pattern to move away from South Bluff Creek. This permit will require a helicopter-borne campaign and strict water and drilling mud management. These requirements were met by the company during the last drilling campaign.

Land acknowledgment

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.

Message from the president and chief executive officer of Niobay Metals on Crevier

"The geopolitical context has changed significantly over the past two years regarding critical and strategic minerals; we consider that this permit was granted with this in mind, which is to be able to count on Canadian metals to supply our supply chains in the country. We acknowledge this permit, but we do not intend to conduct the next exploration program without the contribution of members of the local community. Our modus operandi will be the same as for our various projects elsewhere in Canada, namely to involve the local community in the planning and execution of the work. It is a priority for the company to work with the MCFN to advance this exploration work," said Jean-Sebastien David, geologist, president and chief executive officer of Niobay.

Qualified person

This news release has been reviewed and approved by Jean-Sebastien David, PGeo, a qualified person as defined by 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 low-carbon mines and responsible water and wildlife management practices, while prioritizing the environment, social responsibility, good governance and the inclusion of all stakeholders. The top priority, which is critical to this success, is the consent and full participation of indigenous communities in the territories or ancestral lands on which the corporation operates. The company holds, among other things, a 100-per-cent interest in the James Bay niobium project, located 45 km south of Moosonee in the James Bay Lowlands of Ontario. Niobay also holds a 72.5-per-cent interest in the Crevier niobium and tantalum project, located in Quebec on the Nitassinan territory of the Pekuakamiulnuatsh First Nation.

About niobium

Niobium is an element of natural origin. It is a ductile, malleable metal that is highly resistant to corrosion. Because it enhances properties and functionality, 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 such as steel, glass and aluminum castings, niobium makes them more efficient and reduces their impact on the environment, while providing other benefits like better performance, increased safety and greater value.

We seek Safe Harbor.