the only play in niobium - niobay metals...

’diversified junior exploration/development company’

THE ONLY PLAY IN NIOBIUM

APRIL 2020

Forward Looking Statements

This presentation contains certain “forward-looking statements”, including, but not limited to, the statementsregarding the Company’s strategic plans, its anticipated benefits and the use of proceeds resulting thereof, inparticular, future financial results, production targets and timetables, the evolution of mineral reserves andresources, mine operating costs, capital expenditures, work programs, development plans, explorationprograms, objectives and budgets, the possible determination of additional reserves, and the Company'seventual success to execute its strategy to focus on building its portfolio of properties. Forward lookingstatements express, at this date, the Company’s plans, estimates, forecasts, projections, expectations or beliefsas to future events and results. Forward-looking statements involve a number of risks and uncertainties, andthere can be no assurance that such statements will prove to be accurate. Therefore, actual results and futureevents could differ materially from those anticipated in such statements. Risks and uncertainties that couldcause results or future events to differ materially from current expectations expressed or implied by theforward-looking statements include, but are not limited to, factors associated with fluctuations in the marketprice of metals, mining industry risks, exploration risks, risks associated with foreign operations, environmentalrisks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing oradditional permits, authorizations or licenses, risks of delays in construction and production and other risksreferred to in the Company’s Annual Information Form.

Claude Dufresne, P. Eng, acted as the qualified person as defined in National Instrument 43-101. He reviewedand approved the technical and scientific content of this presentation.

2

Niobium an Undeniable Ally for Steel

3

As an additive in steelmaking process Niobium improves steel propertiesProduction of High Strength Low Alloy Steel

Stronger

Flexible

Lighter

Toughness

Weldability Contributes to GHG Reduction

$10 of Niobium in a mid-size vehicule5%

litres / km savings

4

Niobium – Global Markets

90%

10%

Niobium - Tech

§ Additional information at https://www.niobium.tech/en

5

https://www.youtube.com/watch?v=1j8cjnz4QKs

https://www.youtube.com/watch?v=sw0e2qv690U

50,00060,00070,00080,00090,000

100,000110,000120,000130,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

$30

$32

$34

$36

$38

$40

$42

$44

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6Source: Global Trade Atlas, Camet Metallurgy Inc

Price Ferro-Niobium

USD

/kg

Nb

Niobium – Global Markets (HSLA)

World Consumption (t FeNb)

Niobium – Global Markets

N.A.17%

Europe28%

China30%

Others 25%

2009

7

N.A.15%

Europe21%

China38%

Others26%

2019

55,000 tFeNb

124,000 tFeNb

Niobium - Supply

8

Producer Ownership Value/Opex

Niobec, Canada CapacityMarket share

~7,000 Nb tpa8%

CEF Holdings (+47%), HK

Sold US$ 500M

Resource 70M to 100M(below 850m)

Temasek (+47%),Singapore

2015 (5-6X EBITDA)

Grade 0.56% Nb2O5U/G

A. Regent, Canada

~19 US$/kg Nb

Catalao, Brazil CapacityMarket share

~9,000 Nb tpa11%

China Moly Sold US$ 1.7B(inc phosphate)

Resource abt 35 Mt 2016 (10-11X EBITDA)

Grade 1.0% Nb2O5O/P

N/A

CBMM, Brazil CapacityMarket share

100,000 Nb tpa+80%

Moreras Salles Family (70%)

Net Earning US$ 2B (2018)

Resource +500MtO/P

Strategic Asian steelmakers (30%)

+ US$ 15B

Grade 2.3% Nb2O5 <10 US$/kg Nb

James Bay Niobium Project

Moose River, Moose Factory

Project Location

10

Moosonee

Renison station

James BayNiobium Project

Rail

James Bay

40 km

Wetum road

Project Location

James Bay Niobium’s History

11

Discovered in 1966§ 14,000 meters of drilling at an average depth of 170 meters in 85 holes.§ Historical estimate of 56M t @ 0.52% Nb2O5.

§ Open at depth (below 275m).§ Exploration shaft (~40m ) & a 75m cross-cut.§ 225 t extracted for metallurgical testing (pilot plant).

Lakefield Research carried out metallurgical tests§ Overall recovery of 78%, very low impurities, and high grade concentrate.

Feasibility study completed by Bechtel Canada in 1969

Access to all historical technical data and drill cores.Note: NioBay Metals has not yet undertaken the work necessary to verify or classify the historical estimates. Economic studies completed in the1960s does not mean the James Bay Niobium deposit would be found to be economic today. NioBay Metals is not treating the historical results as acurrent mineral resource nor as having been verified by a qualified person.

James Bay Niobium Resource

12

§ A Mineral Resource Estimate 2018 (43-101) was published by RPA.

§ Mineralization is open at depth (> 275m).§ A crown pillar is excluded from the resource (abt 6 Mt).§ 30m of overburden.§ High potential to increase resources.

Classification(cut-off

0.3%Nb2O5)

Tonnes Grade Contained Nb2O5

(Mt) (%Nb2O5) (Mkg)

Indicated 26 0.53 137Inferred 25 0.51 128

Total Ind. & Inf. 51 0.52 265

Equivalent to a gold deposit of ~3.1 g Au/t with 5,200,000 oz of gold!1

1: NON 43-101 / Niobium valued at 42 US$/kg Nb, $1500/oz Au

Scoping Study 2019 (G Mining)

13

3D View James Bay Deposit

14

Sections 0 to 600N

15

0 200N

400N 600N

400m

400m

400m 40

0m

Plan View James Bay Deposit

16

Section 200N

17

Assay Results Drill Holes E1 – E3

18

Hole Name From(m) To(m) Length(m) Nb2O5 %

NBY-20-E1 93 278 184.4 0.69%

Including 93 171 78.4 0.57%

Including 171 233 61.8 1.02%

NBY-20-E2 139 329 189.8 0.66%

Including 139 195 56.0 0.48%

Including 195 257 62.5 0.97%

NBY-20-E3 334 444 110.2 0.58%

Including 336 348 11.6 0.76%

Including 392 408 15.5 0.80%

Section 400N

19

Section 600N

20

Drill Rig

21

Pyrochlore crystals

22

Benchmark Niobec1 vs James Bay2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Grade (% Nb2O5) Recovery (%) Prod ('00000 t)

Niobec James Bay

23

0

100

200

300

400

500

600

700

800

Resources (M t) EBITDA (M US$) Value1 (M US$)

Niobec James Bay

1. Niobec data from historical & estimates2. Niobay data are not 43-101 compliance

Niobec valued between US$ 750M and US$ +1BBased on 5 to 8 X EBIDTA

Niobec mine

24

• In operation for 44 years.• +70M t resource @ 0.56%

Nb2O5 (2020).• Recovery improved to 65%.• Vast majority of resource is

below shaft (850m). Blocs 7+• Ramps to shaft then surface.• Hosting capacity ~ 7,000 tpd

(ore & waste).• Believe owners have not

decided yet to extend shaft depth or new shaft.

• Production at 7,000 tpa Nb(+/- 5%).

• Opex US$19kg / Nb (+/-$1/kg).

Niobium – Anticipated Market Share

25

-

50,000

100,000

150,000

200,000

250,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Sale FeNb (t Nb)

CBMM World James Bay

NioBay’s James Bay Project will produce no more than 5% WS

CBMM sales won’t dip

Niobium - World Market Share

26

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

65%

70%

75%

80%

85%

90%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Nio

bay

Wor

ld M

arke

t Sha

re

CBM

M W

orld

Mar

ket S

hare

CBMM MS James Bay Market Share

Set limit by Niobay

Based on NioBay production of 6,500 tpy Nb

Moose Cree First Nation

27

§ MCFN signed IBA w/ Detour Gold, Victor Mine, OPG.

§ Former Chief wasn’t supporting Resource Development.

§ Got expelled by councillors before end of her term.

§ New Chief & Council elected July 2019 (4 years term)

§ Favorable to engage with resource developers.

§ Seeking opportunities for local community.

§ Signed a “Protection Agreement’’ for early explorationprograms (December 2019).

§ February/March Information Sessions in Moose Factory.

§ Considering having MCFN as equity partner in the project.

Next steps in 2020

§ Drills Results§ Remaining 4 holes.§ May 2020.

§ Mineral Resource Update NI43-101§ RPA – July 2020.

§ Baseline Study§ Initiate summer..

§ Geophysics (summer/fall)

§ James Bay Niobium.§ Valentine.

§ Preliminary Economic Assessment§ G Mining Services Ltd.§ Completed Q4 2020.

28

Company Profile

29

DIRECTORS & MANAGEMENTSerge Savard, ex NHLBusinessman, Real Estate Chairman

Claude Dufresne, P.Eng+15 years niobium, Iamgold/Cambior

President & CEO

Anthony Glavac, CAFalco Res, Osisko Metals CFO

Jean-Sébastien David, P.EngAriane Phosphate Inc, Osisko Director

Raymond LegaultRetired Financial Investor Director

Jacques Bonneau, GeoEx-CEO Mazarin/Niobec Director

Dawn Madahbee LeachWaubetek Business Development Co/ First Nations

Director

STOCK INFORMATION ($CAD)

Symbol NBY

Exchange TSX-V

Market Cap $15 M

Shares Outstanding 52 M

Warrants 3 M

Share Price $0.45

Cash (Dec 2019) $3.5 M

MAJOR HOLDERS

Osisko Gold Royalties 20%

Toronto based High Net Worth 9%

Caisse de Dépôt & Placement Inc 4%

Management 8%

30

Thank You !Claude Dufresne, P.Eng.

President & CEONioBay Metals Inc

300-1100 Ave Canadiens-de-MontrealMontreal, QC H3B 2S2

cdufresne@niobaymetals.com