Mr. Kirby Renton reports

NIOBIUMX MINING OUTLINES THE PRINCIPAL EXPLORATION TARGET AT ITS SHIPSHAW NIOBIUM PROPERTY, QUEBEC

Niobiumx Mining Inc. has outlined the principal exploration target at its Shipshaw property in the Saguenay region of Quebec and the reasons the company has prioritized it. The company also announces the appointment of Matthew Schwab to its board of directors.

Key highlights:

1. Two magnetic lows, one mine: In 2010, a reinterpretation of Geological Survey of Canada magnetic data by Camille St-Hilaire for Dios Exploration Inc. identified two low magnetic anomalies north of the Saguenay River. The first correlates with the Niobec deposit, North America's only producing niobium mine, approximately two kilometres from the company's nearest claim. The second is largely covered by the Shipshaw property and has never been verified.
2. What the first one became: Niobec was discovered in 1967 by a radiometric survey during uranium exploration and has been in production since 1976. Its 2013 technical report states measured and indicated mineral resources of 629.9 million tonnes at 0.42 per cent Nb2O5 and inferred resources of 67.7 million tonnes at 0.37 per cent Nb2O5, plus a separate rare earth zone of 531.4 million tonnes indicated at 1.64 per cent total rare earth oxides and 527.2 million tonnes inferred at 1.83 per cent TREO.
3. The rims were drilled; the core was not: The 2010-2011 program by Dios Exploration, 23 holes totalling approximately 5,850 metres, was designed around systematic drilling of the magnetic rims surrounding the carbonatite core, to a depth of approximately 125 to 150 metres. Every hole intercepted the carbonatite complex. The company's National Instrument 43-101 technical report concludes that the drilling to date is insufficient to determine the dimensions or orientation of the mineralization, and that the target merits further work.
4. The niobium-bearing carbonatite type: Geologie Quebec reports that, of the five carbonatite systems, it selected for characterization along the Waswanipi-Saguenay corridor, Shipshaw is the only one with a homogeneous magnesio-carbonatite composition, and that, at Shipshaw, the magnesio-carbonatite is the facies most mineralized in niobium.

Why the company is focused on this target

Carbonatite complexes in the Saint-Honore corridor share a geophysical signature: a magnetic low, commonly accompanied by elevated thorium. That is the signature that led to Niobec. At Shipshaw, the same signature is present, carbonatite has been confirmed in every historical drill hole and the centre of the magnetic low has not been drilled. Geologie Quebec notes that carbonatite made up only about 6 per cent of the rock logged in the historical holes. The company's National Instrument 43-101 technical report describes that program as systematic drilling of the magnetic rims surrounding the carbonatite core.

The next step is to image the system properly. High-resolution airborne magnetics and radiometrics, 3-D magnetic inversion, and a re-examination of the historical core are designed to define the size, orientation and depth of the target before the first hole goes into its centre.

"There are two magnetic lows north of the Saguenay River. One of them is Niobec. The other one is ours," said Kirby Renton, president and chief executive officer. "The earlier drilling went around the edges and hit carbonatite in every hole. Nobody has drilled the middle. That is the hole we want to drill."

Rare earth elements

The Shipshaw carbonatite also carries rare earth elements as recorded in the company's NI 43-101 technical report and in Geologie Quebec bulletin BM 2024-02. The company's exploration focus at Shipshaw is niobium.

The Shipshaw property

The Shipshaw property is a 100-per-cent-owned, 48-claim, approximately 2,686-hectare land package on the north side of the Saguenay River, approximately five kilometres west of the Chicoutimi-Nord sector of the city of Saguenay, Que. The Saint-Honore alkaline complex that hosts the Niobec mine lies to the north-northeast: The nearest claim boundary is approximately two kilometres from the mine, and the historically drilled Terres Rompues zones lie six to seven kilometres south-southwest of it. The property sits within the Saguenay graben of the Grenville province, and is cut by a swarm of carbonatite and lamprophyre dikes, the same geological setting as the Niobec deposit. It is accessible year-round by paved road (Route 172) from the Dubuc Bridge, in an established industrial region with hydroelectric power, rail and port infrastructure.

Appointment of Matthew Schwab to the board of directors

Niobiumx announces the appointment of Mr. Schwab to its board of directors, effective immediately. Mr. Schwab is an acclaimed exploration geologist, who, in 2014, as senior exploration geologist at NexGen Energy Ltd., was instrumental in the discovery of the Arrow uranium deposit located in the southwestern Athabasca basin. Mr. Schwab was also a member of the Hathor Exploration Ltd. development team, where he contributed to the sale of the Roughrider deposit to Rio Tinto for $654-million. More recently, he served as chief executive officer of Kraken Energy Corp. His prior roles include co-founding Axiom Exploration Group Ltd. and serving as president, senior adviser and founder of multiple successful private and public mineral exploration and energy consulting firms within the Canadian mining and petroleum industries. Mr. Schwab currently serves as chief executive officer and director of Stallion Uranium Corp., as executive director of Atomic Minerals Corp. and as a director of Uraniumx Discovery Corp.

"Matt has been part of teams that took a target through to discovery and on to a sale," said Mr. Renton, president and chief executive officer. "Shipshaw is at the stage where that experience counts, and we are pleased to welcome him to the board."

About Niobiumx Mining Inc.

Niobiumx is a Canadian mineral exploration company focused on niobium. The company's principal asset is the Shipshaw property, a package of 48 mineral claims totalling approximately 2,686 hectares in the Saguenay region of Quebec, situated within the Saguenay graben of the Grenville geological province and characterized by a swarm of carbonatite and lamprophyre dikes. The Shipshaw carbonatite is one of five carbonatite intrusions in the Waswanipi-Saguenay zone selected for characterization by Geologie Quebec in metallogenic bulletin BM 2024-02.

Niobium is designated a critical mineral by Canada, the United States, the European Union and Australia.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Deepak Varshney, PGeo, a consultant to the company, a qualified person as defined by National Instrument 43-101.

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