New Risk • May 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.1m (US$9.60m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (75% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.1m market cap, or US$9.60m). Announcement • Apr 08
Niobay Metals Inc Announces Completion and Success of Metallurgical Work on Crevier Project NioBay Metals Inc. announced the completion and successful results of its metallurgical and hydrometallurgical test work. This work was carried out using mineralized 10 metric tonnes bulk sample from the Crevier niobium (Nb) and tantalum (Ta) project, of which the Company owns 72.5%, with the remaining 27.5% held by Niobec Inc. The Crevier Project is located approximately 50 km north of Girardville and about 150 km from the Niobec mine. It lies within the Nitassinan (ancestral territory) of the Pekuakamiulnuatsh, whose main population center is Mashteuiatsh. The work was carried out with the support of a grant awarded by the Ministère des Ressources naturelles et des Forêts (MRNF) and the Consortium de recherche et d’innovation en transformation métallique (CRITM). The work title was “Demonstration of the Pilot-Scale Niobium-Tantalum Concentration Process and Production of Niobium and Tantalum Oxides from the Crevier Deposit Located in the Lac-Saint-Jean Region.” The final metallurgical report demonstrates a 70% recovery of Nb2O5, achieving the targeted grades ranging from 17% Nb2O5 to 36% Nb2O5 depending on the concentration stage. Hydrometallurgical test work shows high extraction efficiency and strong selectivity, with overall extraction rates (conventional process) averaging 92.3% for niobium and 95.8% for tantalum. The final product purity (via direct precipitation and calcination) is niobium pentoxide (Nb2O5) at 75.8% purity. With respect to by-product valorization, the leach residues contain 19% to 32% zirconium. Preliminary fluoride-free extraction tests using alkaline fusion and water leaching achieved high extraction yields - 86.4% for niobium and 91.4% for tantalum- using a low-grade concentrate containing 13% Nb2O5. The metallurgical portion of the work (gravimetric separation, magnetic separation, flotation tests) was carried out at the facilities of SGS Canada Inc., a specialized independent firm, located in Québec city, Québec. The hydrometallurgical portion of the work (leaching, precipitation testing, calcination) was carried out at the facilities of SGS located in Lakefield, Ontario. For competitive reasons, the SGS reports titled “Pilot-Scale Niobium Magnetic separation and Flotation Tests on a Sample from the Crevier Deposit” and “The Development of a Selective Process for the Extraction and Recovery of Tantalum and Niobium and the Production of their Oxides from Low-Grade Ore from the Crevier Deposit”, respectively dated March 26, 2026 and March 30, 2026, will be made available to partners, potential customers, and financial institutions only under non-disclosure agreements. Following the announcement of a new resource estimate on February 25, 2026, the Company reported that the final technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate Update for the Crevier Project” dated April 7, 2026, with an effective date of February 25, 2026, prepared by IOS Géosciences in accordance with Regulation 43-101 respecting Standards of Disclosure for Mineral Projects (“NI 43-101”), has been filed on SEDAR+. Announcement • Apr 07
Niobay Metals Inc., Annual General Meeting, Jun 16, 2026 Niobay Metals Inc., Annual General Meeting, Jun 16, 2026. 
