Mr. Jean-Sebastien David reports

NIOBAY RECEIVES A GRANT OF $500,000 FROM THE GOVERNMENT OF QUEBEC

Niobay Metals Inc. has been awarded a grant of $500,000 under the Quebec Ministry of Natural Resources and Forests' mining research and innovation support program for its Crevier niobium and tantalum project. The Crevier project is located approximately 50 kilometres north of the town of Girardville and approximately 150 kilometres from the Niobec mine. It is situated within the Nitassinan (or ancestral territory) of the Pekuakamiulnuatsh, whose main population centre is Mashteuiatsh.

The funding received under this grant will be used to advance the processing of niobium and tantalum from Crevier and to optimize hydrometallurgical processes. The title of the project that was accepted for the grant is: "Production of a Nb and Ta concentrate from 140 metric tons of material from the Crevier deposit and optimization of the hydrometallurgical process for the production of Nb and Ta oxides."

Message from Niobay's president and chief executive officer on Crevier

"We are deeply grateful for the government of Quebec's support of the Crevier project," said Jean-Sebastien David, Niobay's president and CEO. "This financial contribution reflects the government's confidence in our project's potential and its role in advancing Quebec's critical and strategic minerals sector. This non-dilutive funding is an important catalyst that will enable us to continue advancing the project while creating value for our shareholders and local partners, and contributes to the development of a region recognized for its strong mineral potential."

Statement from the Minister of Natural Resources and Forests, Kateri Champagne Jourdain

"Niobay is one of the only companies in North America capable of producing both niobium and tantalum oxides. Its project represents a unique and significant asset for Quebec, particularly at a time when demand is growing rapidly," said Ms. Champagne Jourdain, Quebec's Minister of Natural Resources and Forests. "Our government is committed to supporting companies that innovate, optimize their operations, and help strengthen Quebec's position as a responsible and essential partner in the supply of critical and strategic minerals."

Statement from Nancy Guillemette, member of the National Assembly for Roberval

"The $500,000 contribution to Niobay's Crevier project is excellent news for our region and for the future of our mining sector. It demonstrates that, here in the Saguenay-Lac-Saint-Jean region, we have the strategic resources and expertise to make a meaningful contribution to tomorrow's economy. By supporting innovation and the processing of niobium and tantalum, we are choosing to create greater value here at home while strengthening Quebec's position as a responsible leader in the development of critical and strategic minerals. I would like to recognize the work of Niobay and its partners, as well as their commitment to advancing this project with respect for the land and in collaboration with indigenous communities," said Nancy Guillemette, member of the National Assembly for Roberval.

The Crevier project will focus exclusively on the production of niobium oxide for battery and superalloy manufacturers, including suppliers to the defence industry, as well as tantalum oxide for high-technology applications.

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 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. Its priority, which is critical to success, is the consent and full participation of the indigenous communities in whose territories and/or on ancestral lands it 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 (ancestral territory) of the Pekuakamiulnuatsh First Nation.