GlobeNewswire Inc | May 10, 2021 12:35PM EDT

May 10, 2021

MONTREAL, May 10, 2021 (GLOBE NEWSWIRE) -- NioBay Metals Inc. ("NioBay" or the "Company") (TSX-V: NBY) (OTCQB:NBYCF), an Environmental Sustainable Governance Indigenous (ESGI) Company, is pleased to announce the signature of an option agreement with Les Ressources Tectonic inc. ("Tectonic") to acquire a 100% interest in two large properties showing exciting potential for niobium discovery (theOption Agreement).

The two properties, Gouin East and Gouin West (the Gouin Properties), located 150km south of Chibougamau, Qubec, cover two magnetic anomalies, about 6X8km each, remarkably similar in size and structure to the magnetic anomaly over the Niobec Mine, the only niobium commercial operation outside Brazil, located some 200km east of the Gouin Properties. The composition of a mineralized series of small outcrops and boulders, recently discovered at the periphery of the anomalies, strongly suggest that the magnetic anomalies are produced by an alkaline complex with carbonatites similar to the alkaline complex hosting the Niobec Mine.

"We are excited with the option agreement, as the Gouin Properties hold the potential of a niobium discovery in Qubec, and will strengthen our "green" portfolio. The Gouin Properties fit into our vision to become a key player in green metals, supporting low carbon economy." said Claude Dufresne, NioBays President and CEO.

The Gouin East and Gouin West properties are made of 114 and 96 claims, respectively, covering a total of 11,650 hectares. These properties are criss-crossed by numerous logging roads at some 75km from highway 167 and a railroad. A high-voltage line passes just 20 km to the south. These properties are located on the territory of the Opitciwan Atikamekw First Nation whose main agglomeration, Obedjiwan, is about 65 km north-west of the Gouin Properties, on the shore of the Gouin Reservoir.

Limited prospecting works by Tectonic in the last two years led to the discovery of a dozen boulders and few outcrops on the periphery of the magnetic anomalies. The geological composition ranges from syenite and calcio-syenite to carbonatite, typical of a carbonatite-rich alkaline complex. Three of the boulders assayed 0.04%, 0.36% and 0.54% of Nb2O5.

Subject to regulatory approvals from the TSX Venture Exchange, the Option Agreement calls for a total of $190,000 in cash payments, $430,000 payable at NioBays option either in cash or in common shares of NioBay and $1.65 million in work commitment, over a six-year period. The first installments, payable upon receipt of regulatory approvals, are $10,000 in cash and $20,000 represented by the issuance of 22,591 common shares of NioBay. In addition, the Option Agreement provides for a firm work commitment of $50,000 to be incurred on the Gouin Properties by August 31, 2021. Upon exercise of this option, a 1% NSR royalty will be granted to Tectonic, being redeemable by Niobay for $1.5 million (or $250,000 at any time during the option period).

Qualified Person

This press release was verified and approved by Jacquelin Gauthier, P.Geo. and Qualified Person as defined by National Instrument 43-101. Mr. Gauthier is the Vice-President Geology of NioBay.

About NioBay Metals Inc.

NioBay will be a leader in the Environment, Sustainability, Governance and Indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices.Critical to our success will be the consent and full participation of the Indigenous communities territories where we operate.The Company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Qubec and a 48% direct participation in mineral titles situated in the Chibougamau region, Qubec, under a joint venture agreement with SOQUEM.

Cautionary Statement

Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)acceptresponsibility for the adequacy or accuracy of this release.

FOR MORE INFORMATION, CONTACT:

NioBayMetals Inc.Claude Dufresne,P.Eng.President &CEOTel.: 514 866-6500Email: cdufresne@niobaymetals.comwww.niobaymetals.com

Paradox Public RelationsTel: (514) 341-0408 or 1-866-460-0408jfmeilleur@paradox-pr.ca