NioBay Metals Announces New Mineralized Intersections

Niobay Metals Inc. (NBY) has released initial assay results from the first approximately 5,000 meters of its 2026 summer-autumn drilling campaign at the Crevier Nb-Ta project, which it owns 80.2% in Quebec. The total planned campaign is 10,000 meters, with drilling scheduled to conclude at the end of October 2026.

The company received assay results for the first 13 holes: 1532-26-16, 18, 19, 22, 23C, 24, 25, 27, 29, 30, 31, 32, and 34. The release presents composites only where results exceed specific thresholds, with Table 1 using >200 ppm Ta2O5 and Table 2 using >0.2% Nb2O5. Material below these thresholds is not reported.

Table 1 lists the following >200 ppm Ta2O5 composites, reported as downhole lengths rather than true widths:

• 1532-26-25: 20.00 m @ 320.84 ppm Ta2O5 (167.50-187.50 m)
• 1532-26-34: 13.90 m @ 312.68 ppm (182.00-195.90 m)
• 1532-26-29: 9.00 m @ 378.24 ppm (333.00-342.00 m)
• 1532-26-32: 8.10 m @ 480.97 ppm (249.50-257.60 m)
• 1532-26-19: 8.00 m @ 280.17 ppm (176.50-184.50 m)
• 1532-26-24: 7.50 m @ 354.62 ppm (248.50-256.00 m)
• 1532-26-27: 6.95 m @ 364.69 ppm (14.00-20.95 m)
• 1532-26-22: 6.00 m @ 263.95 ppm (223.00-229.00 m)
• 1532-26-23C: 6.00 m @ 258.74 ppm (248.00-254.00 m)
• 1532-26-18: 4.00 m @ 390.74 ppm (310.00-314.00 m); smaller 1-3 m composites to 604 ppm
• 1532-26-24: 1.00 m @ 978.06 ppm (266.50-267.50 m)

Table 2 lists the following >0.2% Nb2O5 composites, reported as downhole lengths:

• 1532-26-32: 6.10 m @ 0.43% Nb2O5 (249.50-255.60 m)
• 1532-26-29: 6.00 m @ 0.27% (333.00-339.00 m)
• 1532-26-27: 6.95 m @ 0.26% (14.00-20.95 m)
• 1532-26-34: 7.85 m @ 0.25% (187.15-195.00 m)
• 1532-26-31: 5.00 m @ 0.29% (262.50-267.50 m)
• 1532-26-22: 3.00 m @ 0.26% (242.00-245.00 m)
• 1532-26-24: 1.00 m @ 0.82% (266.50-267.50 m)

The release states that holes intercepted more than 15 meters of mineralization with grades exceeding the average tantalum content in nine named holes, and that the data will feed a resource-estimate update. No cut-off, true width, metallurgy, or grade capping are given. Niobay Metals anticipated lower niobium content but higher tantalum levels in the northern zone, with central and southern results to follow.

Niobay Metals Inc. (NBY) remains a pre-revenue explorer and developer with a defined resource but no Preliminary Economic Assessment or Pre-Feasibility Study economics disclosed in this release. The company is not a producer, generates no revenue, and funds its operations through equity and flow-through financing.

The latest drilling results do not change the deposit’s scale, grade, or contained metal. Instead, they confirm mineralization at roughly resource grade across the northern sector, with locally higher tantalum concentrations.

The best prior Crevier drill release, dated November 18, 2025, reported 16.00 m @ 0.1931% Nb2O5 + 198 ppm Ta and 4.05 m @ 0.3281% Nb2O5 + 247 ppm Ta. Today's tantalum intervals are modestly better on grade x width:

• 20 m @ 320.84 ppm Ta
• 13.90 m @ 312.68 ppm Ta
• 8.10 m @ 480.97 ppm Ta

Today's niobium composites are comparable to slightly better in grade but shorter. The delta is mildly positive on tantalum and neutral on niobium.

The stock has not re-rated on any 2025-2026 news. It traded at approximately C$0.14 around the November 2025 drill release, C$0.10 at the February 2026 resource estimate, and is currently at C$0.07, near its 52-week low. The current price assumes essentially nothing positive.

At a market capitalization of approximately C$13 million, a genuine scale-changing result would matter significantly; however, confirming resource-grade rock does not. This result is not materially better than what is already known, representing deposit-grade confirmation over a zone the company already flagged as tantalum-rich, with no new zone, no new depth, and no resource change.

Niobay Metals Inc. (TSXV: NBY; OTCQB: NBYCF) is a pre-revenue critical-minerals explorer and developer focused on niobium and tantalum, with operations in Quebec and Ontario. The company’s Crevier Project, located in Quebec approximately 50 km north of Girardville and 150 km from Niobec, is 80.2% owned per the latest release. The project hosts a 2026 Mineral Resource Estimate (MRE) indicating Measured and Indicated resources of 20.733 Mt @ 0.17% Nb2O5 and 200 ppm Ta2O5, alongside Inferred resources of 12.766 Mt @ 0.12% Nb2O5 and 131 ppm Ta2O5. These figures are based on a cut-off of 0.1124% Nb2O5 eq at US$82/kg Nb. Niobay is positioning the Crevier Project for the exclusive production of niobium oxide and high-purity tantalum oxide.

In Ontario, the company’s James Bay Niobium Project is 100% owned and situated approximately 45 km south of Moosonee on Moose Cree traditional territory. The project is in the advanced-exploration stage, with a 20-30 hole validation program and permitting and environmental assessment work contemplated according to the investor presentation.

There is an inconsistency in ownership stakes reported for the Crevier Project across recent filings. Prior releases referenced 72.5% ownership in the February 2026 MRE and August 2026 grant, and 80.18% in the August 2026 metallurgy report, whereas the current release states 80.2%. The actual working interest appears to have shifted between filings and requires reconciliation.

Regarding its financial position, prior-period context not disclosed in today’s release indicates Niobay held C$7,635,400 in cash as of June 30, 2026, with working capital of C$6.77 million and no debt. The company reported a six-month net loss of C$2,525,417, with 187,570,633 shares outstanding and a book value per share of C$0.04. The investor presentation notes that the Quebec government and Osisko are cited as major shareholders, and the board includes Chairman Serge Savard along with several finance and technical directors.