Niobay Announces a New Resource Estimate ON Its Crevier Project
Press Release
TSX-V: NBY & OTCQB : NBYCF
NIOBAY ANNOUNCES A NEW RESOURCE ESTIMATE ON ITS CREVIER PROJECT
Montréal, Québec, February 25, 2026 - NioBay Metals Inc. (“NioBay” or the “Company”) ( TSX-
V NBY) (OTCQB: NBYCF), is proud to provide a new resource estimate (the “2026 MRE”) for the
Crevier niobium (Nb) and tantalum (Ta) project (the “Crevier Project”), which is 72.5% owned by
NioBay and 27.5 % by Niobec (a subsidiary of Magris Performance Materials Inc.) . The Crevier
Project is located approximately 50 km north of the town of Girardville and approximately
150 km from the Niobec mine. It lies within the Nitassinan (or ancestral territory) of the
Pekuakamiulnuatsh, whose main population centre is Mashteuiatsh.
Overview of the 2026 MRE
The Company engaged IOS Geoscientific Services to update its 2010 resource estimate (the “2010
MRE”). The work was carried out and completed in accordance with NI 43-101 regulations and is
based on an estimate of resources completed February 2026, including a calculation based on an
optimized pit. In addition, a major revision of production costs was performed, thereby providing
a more robust economic model. The final technical report is expected to be filed on SEDAR in line
with regulation in place . It will include an analysis of various selling price scenarios based on
marketing niobium as a specialty product, rather than on an Nb₂O₅ basis. Besides the revi ew of
historic drill results, the 2026 MRE incorporates additional drilling completed in 2022, 2023, and
2025, as well as the results of metallurgical tests conducted in 2025 on a bulk sample.
This new estimate made it possible to convert 16,257,000 tons at 0,17 Nb₂O₅ and 201 ppm Ta₂O₅
into measured resources, whereas no measured resources had been defined in the previous
estimate.
Comparative Parameters of 2010 MRE vs. 2026 MRE
2010 MRE
• Resources calculated over the entire drilled area, without pit constraints
• Price based on ferroniobium sales
• Preliminary production cost estimate
2026 MRE
• Estimate made using an optimized pit shell
• Elimination of inferred resources at depth (below the pit)
• Production cost estimate based on metallurgical tests from a pilot project using a surface
sample
• Use of a specialty product-based price
• Nb₂O₅ grade comparable to 2010, but with better overall resource quality
Scenario for a pit at US$82/kg of Nb
Category Tonnage Nb₂O₅ Ta₂O₅
(t) (%) (ppm)
Measured 16,257,000 0.17 201
Indicated 4,476,000 0.17 208
Measured and
indicated 20,733,000 0.17 202
Inferred 12,766,000 0.12 131
• Estimate performed by Jean-Michel Dubé, P.Geo., M.Sc. | P.Geo., M.Sc., Qualified Person, Resource Estimation and IT
Manager at IOS Geosciences. February 23rd 2026.
• The Mineral Resource Estimate has been prepared in accordance with National Instrument 43 -101 (NI 43-101) Standards
of Disclosure for Mineral Projects and are compliant with CIM MRMR Best Practice Guideline (2019).
• To demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE), open pit Mineral Resources were
constrained by an optimised pit shell. All blocks above the cut-off, conforming to the classification rules and within the pit
shell were included in the Mineral Resources.
• Cut-off grade (COG) for Mineral Resource reporting was calculated using a Nb price of US$82/kg.
• COG is of 0.1124% Nb2O5 equivalent (Nb₂O₅ equivalent = Nb₂O₅+( Ta₂O₅*0.000303));
• Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no certainty that all
or any part of the estimated Mineral Resources will be converted into Mineral Reserves.
• Average density values used are: overburden 2.0 t/m3: fresh rock 2.63 t/m3.
• 1m length downhole and by domain composites are used for interpolation.
• Grade interpolation is done by inverse distance using a rotated block model (azimuth 320°) with a block size of 2.5 m (X)
by 12.5 m (Y) by 5 m (Z). Outlier management used grade capping for extreme outliers on a domain-by-domain basis.
• Visual validation (in section) and validation using alternate interpolation methods (nearest neighbor and ordinary kriging)
were conducted.
• Mineral Resources were classified as Measured, Indicated and Inferred as defined by CIM Definition Standards.
• Classification rules are based on the number of composite and the number of drillholes informing the interpolations as
well as distances selection based on each domain variographies.
• Totals presented are reported from the Mineral Resource models, are subject to rounding, and may not sum exactly.
A Word from the President and CEO of NioBay Metals
“We are pleased to present this updated resource estimate for the Crevier project, a key milestone
for continuing our discussions with potential clients and partners. The results and methodologies
used make this estimate significantly more robust. This new resource provides an excellent basis
for planning future fieldwork,” said Jean-Sébastien David, P.Geo., President and CEO of NioBay.
Following studies demonstrating positive technical and economic parameters, the Crevier project
could be exclusively dedicated to the production of niobium oxide for battery and superalloy
manufacturers.
Qualified person
This press release has been reviewed and approved by Jean-Sébastien David, P.Geo., a Qualified
Person under National Instrument 43-101. Mr. David is President and CEO of NioBay.
The Company approved the grant of an aggregate of 475,000 incentive stock options to a director
and consultants of the Company. One third of the stock options granted will vest immediately
and the remaining stock options granted are subject to a two year vesting period. All grants have
a seven-year term at an exercise price of $0. 10. The stock options have been granted pursuant
to the Company’s Stock Option Plan and are subject to applicable securities laws and TSX Venture
Exchange policies.
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. Our top priority, which is
critical to our 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% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the
Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5%
interest in the Crevier Niobium and Tantalum project located in Québec 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.
Cautionary Note
Certain statements in this press release constitute forward -looking information within the
meaning of Canadian securities laws, including statements regarding the Company’s plans. These
statements are necessarily based on a number of management’s beliefs, assumptions, and
opinions as of the date they are made and are subject to numerous risks and uncertainties that
could cause actual results and future events to differ materially from those anticipated or
projected. The Company assumes no obligation to upda te these forward -looking statements
should management’s beliefs, estimates, or opinions, or other factors, change, except as required
by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy
of this release.
FOR MORE INFORMATION, CONTACT:
NioBay Metals Inc.
Jean-Sebastien David, geo.
President & Chief Executive Officer
Tel.: 514 866-6500
www.niobaymetals.com
Kimberly Darlington
Investor Relations
Tel: 514-771-3398