Niobay Metals releases Crevier resource estimate

Mr. Jean-Sebastien David reports NIOBAY ANNOUNCES A NEW RESOURCE ESTIMATE ON ITS CREVIER PROJECT Niobay Metals Inc. has provided a new resource estimate (the 2026 MRE) for the Crevier niobium (Nb) and tantalum (Ta) project (the Crevier project), which is 72.5 per cent owned by Niobay and 27.5 per cent by Niobec (a subsidiary of Magris Performance Materials Inc.). The Crevier project is located approximately 50 kilometres 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 National Instrument 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 (niobium oxide) basis. Besides the review 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 parts per million Ta2O5 (tantalum pentoxide) into measured resources, whereas no measured resources had been defined in the previous estimate. Comparative parameters of 2010 MRE versus 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 with 2010, but with better overall resource quality. Estimate performed by Jean-Michel Dube, PGeo, MSc, PGeo, MSc, qualified person, resource estimation and IT manager at IOS Geosciences. Feb. 23, 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 Canadian Institute of Mining MRMR Best Practice Guideline (2019). To demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE), open pit mineral resources were constrained by an optimized 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 $82 (U.S.)/kilogram. COG is of 0.1124 per cent Nb2O5 equivalent (Nb2O5 equivalent equals Nb2O5 plus (Ta2O5 multiplied by 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 tonnes per cubic metre: fresh rock 2.63 t/ cubic metre. One m length downhole and by domain composites are used for interpolation. Grade interpolation is done by inverse distance using a rotated block model (azimuth 320 degrees) with a block size of 2.5 metres (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 (Canadian Institute of Mining) Definition Standards. Classification rules are based on the number of composite and the number of drill holes 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 chief executive officer 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-Sebastien David, PGeo, president and chief executive officer 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-Sebastien David, PGeo, a qualified person under National Instrument 43-101. Mr. David is president and chief executive officer 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 10 cents. 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. The company's top priority, which is critical to its success, is the consent and full participation of the indigenous communities in whose territories and/or on ancestral lands the company operates. In addition to other properties, Niobay holds a 100-per-cent interest in the James Bay niobium project located 45 kilometres south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. Niobay also holds a 72.5-per-cent interest in the Crevier niobium and tantalum project located in Quebec 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. We seek Safe Harbor.