NioBay Corporate Update on NioBay Activities

14 February 2023

NioBay Metals Inc. would like to provide an update on the delay in the delivery of assay results following the drilling program on the “extension” of the Crevier project  in addition to increase in the Company’s land position in Quebec.

Delay in receiving analyses on the Crevier Extension
The Company wishes to inform that it is currently facing delays in the delivery of assay results from the 2022 drilling campaign. (PR December 2022). The Company will issue a press release when it has validated the results obtained, respecting the established standards.

Figure 1: Map of the 2022 drilling program

Staking of claims
The Company has staked a series of 257 mining claims northwest of its Crevier property in the Lac-St-Jean region of Québec (see Figure 2). The Company will verify the Lithium (Li) potential in this area following completion of its compilation work. This newly staked area adds 14,116 ha to the portfolio of mining claims for NioBay.

Figure 2: Map of new claims for Li

Message from the President of NioBay and Crevier Minerals
“Consistent with messages received from some of our shareholders, we are also disappointed with the delays surrounding the analysis results,” said Jean-Sébastien David, president of the Company. “Last week, due to quality control deficiencies, we have placed a request to re-test the majority of the analysis’ received. We still wish to have results to present at PDAC 2023, which will be held in March in Toronto. As for the claims staked since last January, it follows compilation and discussions with the users of the territory. In addition, the selected sectors are accessible by a network of forestry roads,” concluded Mr. David.