NioBay Improves the Concentrate Content by 56% as Compared to Historical Metallurgical Results

On October 20, 2025, NioBay Metals announced positive highlights from metallurgical pilot plant work on its Crevier Niobium & Tantalum Project in Quebec. The key results from processing 10 metric tons of ore include: * A 56% improvement in the concentrate content compared to historical metallurgical results. * An average recovery rate of 65% for Niobium Oxide (Nb2O5), with a peak recovery of 84.6%. * The company is now planning a second, much larger pilot plant test ("pilot no. 2") which will process 145 metric tons of ore to produce additional product for marketing purposes.

This news is a material positive development for NioBay. While the market's attention was recently captured by the major de-risking event at the James Bay Niobium Project (the granting of an exploration permit on October 9, 2025), this announcement demonstrates tangible progress and technical de-risking at the company's other key asset, the Crevier project.

The progression of news in 2025 has been consistently positive: * Early 2025: Positive met work on James Bay, good drill results at the Foothills titanium project. * Mid-2025: Began drilling at Crevier (June 10), delivered first product samples to potential partners (June 3), and successfully closed a $2.23M financing (July 30), shoring up the balance sheet. * Late 2025: Announced strong drill results extending mineralization at Crevier (Sept 11), strengthened its team by appointing a technical advisory committee with key expertise (Sept 25), and crucially, received the exploration permit for James Bay after a 3.5-year suspension (Oct 9).

The latest news on Crevier's metallurgical improvements fits perfectly into this positive operational cadence. A 56% improvement in concentrate grade is a significant technical achievement that could positively impact the future economics of the project. It validates the company's technical approach and builds confidence in management's ability to execute. While the James Bay permit was the primary catalyst for the stock's recent breakout, this news provides fundamental support for the new valuation by demonstrating progress across the asset portfolio. It is not a "game-changer" on its own, but it is a material step forward that reinforces the positive re-rating of the company.

NioBay Metals Inc. is a Canadian exploration company focused on critical and strategic minerals. The company's portfolio is centered around two main Niobium projects: 1. James Bay Niobium Project (Flagship): Located in Ontario, this is considered the company's primary asset. The project was stalled since March 2022 due to a suspended exploration permit pending consultations with the Moose Cree First Nation (MCFN). The permit was granted in October 2025, allowing exploration to resume. 2. Crevier Niobium & Tantalum Project: NioBay holds a 72.5% interest in this project located in a mining-friendly region of Quebec. The company is actively working on metallurgical testing and resource expansion to advance this project. The company also holds the Foothills Titanium project in Quebec.