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Note to Shareholder

Montreal, March 18, 2022 Dear shareholder,

I would like to provide you with additional information surrounding our decision to suspend drilling at our James Bay Niobium project.

1- We received a letter from the council of the Moose Cree First Nation (“MCFN”) asking us to stop exploration activities.

2- This request is based on a small survey, which we had been told was supposed to be informative in nature and not decision-making, as there are already referendum mechanisms in the community. Overall, 300 people were surveyed, 55% of whom want to protect the South Bluff Creek area. Recall that the population of MCFN is approximately 3,900. South Bluff Creek is near our mining lease and where have been drilling.

3-We are being respectful of the Chief and Council and have requested an urgent meeting with them.

4- Originally, we had planned to stop for the goose-hunting break in two weeks. Work will therefore be suspended for a little longer which will allow us to work out our options.

5-The Ontario government has been made aware of this situation and we are planning a meeting to find a solution to resolve this impasse.

Remember that our exploration permit is valid until the end of the year and that we still have a “Protection Agreement” with the community that was resigned on December 7th. It is rather ironic to have received this letter from MCFN on the same day as the release of the Ontario Government’s strategy to support critical and strategic mineral projects.

The James Bay Niobium project has demonstrated its strong potential since it is extremely rare to find this metal in the quantities discovered to date. There are only 3 niobium mines in operation in the world. Niobium is used primarily in steel, of which Ontario is a major producer, and recently in some batteries and electronic components.

We will keep you informed of developments.

Thank you for your support,
Jean-Sebastien David
President and Chief Executive Officer



Paradox Public Relations
Tel: (514) 341-0408 or 1-866-460-0408

NioBay Metals Inc.

Jean-Sebastien David, geo.
President & CEO
Tel.: 514 866-6500


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