Montreal, July 9, 2020 – Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to report an updated Mineral Resource estimate (the “MRE”) for its James Bay Niobium Project, located in Northern Ontario. The MRE shows an increase in tonnage of 33.6% and 13.8%, respectively, for the Inferred and Indicated Resources categories. The MRE was prepared in accordance with CIM (2014) Definition Standards as referenced in Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and was prepared by Roscoe Postle Associates Inc. (“RPA”) following the successful completion of a seven hole/3,090 metre drill program conducted earlier this year. The effective date of the MRE is July 9, 2020 and the supporting NI 43-101 technical report will be filed on SEDAR no later than 45 days after the date of this press release.

HIGHLIGHTS OF THE UPDATED 2020 MINERAL RESOURCE ESTIMATE:
Classification
Tonnes Grade Contained Nb2O5 (Mt) (%Nb2O5) (Mkg)
Indicated 29.7 0.53 158
Inferred 33.8 0.52 177

Notes:
1. CIM (2014) Definitions Standards were followed for Mineral Resources.
2. Mineral Resources are reported at a cut-off grade of 0.3% Nb2O5 based on an underground mining operating cost of C$70/tonne and a metallurgical recovery of 70%.
3. Mineral Resources are estimated using a long-term niobium price of US$40 per kg and a US$/C$ exchange rate of 1:1.2.
4. Bulk density of 2.93 g/cm³ was used.
5. A minimum mining width of approximately 7.5 m was used to build the resource wireframes.
6. Resources of 7.2 million tonnes situated in a 46 m thick crown pillar have been excluded.
7. The RPA Qualified Persons for the estimate are Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

“The James Bay Niobium deposit keeps on surprising us. The resource improvement is just amazing, and with just 3,090 metres of drilling, we’ve increased the mineral resource considerably. The PEA is well underway, and we are looking forward to its results which are expected to be published in early Q4 2020. Further, these results support our belief that the mineral resource could be increased significantly by continuing drilling in the northern section of the deposit.’’ commented Claude Dufresne, President and CEO.

The MRE is supported by the results from the recent 3,090 metre drill program by the re-logging and re-sampling of twelve (12) representative historical diamond drill holes, by the preliminary metallurgical testing performed by SGS Lakefield on a composite sample and by all the historical data Niobay recovered from the previous operator: drill logs, assay certificates, surveyed collar coordinates, interpreted geological surface and level plans, interpreted vertical sections, location of the exploration shaft and 1st level, and metallurgical tests.

The data used to estimate the Mineral Resource includes 86 diamond drill holes totaling 16,320 metres located within the resource model area. The data includes 3,449 assays, of which 64 have a value of zero for Nb2O5. The estimate was prepared using a block model constrained with 3-D wireframes of the mineralized zone. The niobium oxide grades were interpolated using ordinary kriging, dynamic anisotropy and two passes.

The seven-diamond-drill-hole program of last winter was successful in confirming the extension to the North and at depth of the high-grade zone at the heart of the deposit.

Hole Name From (m) To (m) Length (m) Nb2O5 %
NBY-20-E1 93 278 184.4 0.69%
Including 171 233 61.8 1.02%
NBY-20-E2 139 329 189.8 0.66%
Including 195 257 62.5 0.97%
NBY-20-E3 334 444 110.2 0.58%
Including 392 408 15.5 0.80%
NBY-20-E4 250 419 168.5 0.56%
Including 282 309 26.6 0.75%
NBY-20-E5 169 415 246.0 0.57%
Including 272 344 72.3 0.63%
NBY-20-E6 335 463 127.6 0.60%
Including 379 416 37.0 0.79%
NBY-20-E7 274 481 206.9 0.58%
Including 289 396 107.0 0.67%
The current MRE incorporates this recent drilling and demonstrates an increase in contained metal of 13.7% for the Indicated Resources and 37.2% for the Inferred Resource.

COMPARISON TO PREVIOUS MINERAL RESOURCE ESTIMATE

Category
Tonnage (Mt) Grade (% Nb2O5) Contained Metal (000 t Nb2O5)
Indicated 26.1 0.53 139
2018
Inferred 25.3 0.51 129
Indicated 29.7 0.53 158
2020
Inferred 33.8 0.52 177
Indicated + 13.8% 0.0% + 13.7%
Differences Inferred + 33.6% 2.0% + 37.2%

Notes:
1. CIM (2014) Definitions Standards were followed for Mineral Resources.
2. Mineral Resources are reported at a cut-off grade of 0.3% Nb2O5 based on an underground mining operating cost of C$70/tonne and a metallurgical recovery of 70%.
3. Mineral Resources are estimated using a long-term niobium price of US$40 per kg and a US$/C$ exchange rate of 1:1.2.
4. Bulk density of 2.93 g/cm³ was used.
5. A minimum mining width of approximately 7.5 m was used to build the resource wireframes.
6. Resources of 7.2 million tonnes situated in a 46 m thick crown pillar have been excluded.
7. The RPA Qualified Persons for the estimate are Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

RPA recommends a next phase drill program, including 9,000 metres focused on upgrading portions of the Inferred Resources to Indicated Resources and extending the Mineral Resources laterally as well as environmental, engineering and metallurgical studies required to support a future Feasibility Study.

Jacquelin Gauthier, P.Geo., P.Eng., consultant to the Company, acted as the Qualified Person as defined in National Instrument 43-101. He reviewed and approved the technical and scientific content of this press release. RPA’s Qualified Persons for the mineral resource estimate are Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo. They have reviewed and approved the above technical and scientific content of this press release related to the mineral resource estimate.

About NioBay Metals Inc.

NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 47% direct participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with SOQUEM.


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