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NioBay Metals Inc (NBY-V)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
April 12, 202451,300$0.060$0.060$0.060($0.005)Trading
Basic Info
Listed On:TSX Venture: NBY1/6/1997Sector:ResourceKey People
Issued:79,068,5239/30/2023Story Type:Feasibility DemonstrationJean-Sebastian David (CEO), Serge Savard (Chair), Anthony Glavac (CFO),
Diluted:92,039,477
JK Owns:Yes
Insider Stake:19%6/8/2023Tel:(514) 866-6500
Working Capital:$3,577,7519/30/2023Email:
Address
Market Cap:$4,744,111
Web Site:niobaymetals.com1111 St. Charles West, Suite 101, Longueuil, QC, J4K 5G4, Canada
Cash Breakup:$0.04per shTwitter:@NioBayMetals
Spec Value Rating History
Dec 14, 2018 $0.270 Bottom-Fish Spec Value New
Apr 9, 2020 $0.300 Good Spec Value New
Dec 31, 2020 $0.540 Good Spec Value New
Dec 2, 2021 $0.350 Bottom-Fish Spec Value New
Dec 31, 2021 $0.320 Bottom-Fish Spec Value New
Nov 28, 2022 $0.105 Bottom-Fish Spec Value New
Dec 30, 2022 $0.180 Fair Spec Value New
Dec 21, 2023 $0.060 Bottom-Fish Spec Value New
Dec 29, 2023 $0.060 Bottom-Fish Spec Value New
Spec Value Rating Overview Updated January 6, 2023
SV Rating: Bottom-Fish Spec Value - as of December 29, 2023: NioBay Metals Inc was made a Fair Spec Value rated 2023 Favorite at $0.18 on December 30, 2022 based on early evidence a major new niobium bearing carbonatite has been discovered under a lake a few km to the west of the existing low grade Crevier syenite dyke hosted niobium-tantalum deposit located in southern Quebec about 150 km northwest of the Niobec Mine now owned by a private group called Magris which owns 27.5% of Crevier. The stock was rated a Good Spec Value Favorite in 2020 and 2021 based on the PEA completed in late 2020 for the James Bay carbonatite hosted niobium deposit in northern Ontario near the town of Moosonee. This deposit was discovered in the 1960s but never developed because of its remote location and the superior Niobec deposit in southern Quebec. NioBay acquired the James Bay project in early 2016 but could not start work because the chief of the Moose Cree First Nation, who represented an anti-mining stance with an emphasis on traditional Indigenous activities such as hunting, fishing and trapping, refused to engage in consultations with NioBay as required by Ontario's drill permitting process. She was ousted in mid 2019 tribal council elections and replaced by a new chief who engaged with NioBay in a manner that would protect community interests. This allowed NioBay to conduct a drill program in 2020 to support an updated resource and delivery of a PEA in October 2020 for a 6,600 tpd open pit mining scenario. Open pit mining was chosen over underground mining because the Moosonee community members preferred jobs operating equipment above ground rather than underground. At the base case price of $45/kg ferro-niobium James Bay has an after-tax NPV ranging from USD $638 million at 10% to $1.25 billion at 5% discount rates with an IRR of 30.4%. With CapEx at USD $393 million James Bay clears development hurdles. Based on 82 million shares fully diluted this represents a future price target in the $11-$22 range. NioBay started PFS related drilling in 2022 but was forced to stop when the anti-mining faction pulled the chief into a survey trap that split the community but resulted in a thumbs down to exploration activity in their backyard. The stock price collapsed and NioBay was given a Bottom-Fish Spec Value rating based on the hope that the MCFN would eventually support feasibility demonstration work to bring the project to a level where environmental concerns are addressed and the basis for a benefits agreement is in place. The focus changed in late December 2022 when NioBay reported visual results for a 10 hole drill program on the 72.5% owned Crevier project on which it had spent $9 million between 2009-2012 delivering a PEA and giving up when the bench scale flow-sheet did not scale up. In any case the 41 million tonne deposit grading 0.19% Nb2O5 project was marginal and because CBMM through its giant Araxa Mine in Brazil can control supply to meet global demand, there is no optionality bet on higher niobium prices. With James Bay sidelined CEO Jean-Sebastian David decided to revisit the 10 km by 4 km alkaline intrusive complex to see if there was potential for a richer zone than the late stage dyke. The area had been clear cut logged in recent years which allowed field crew to observe softer carbonate rocks in the creek beds. Hole #5 across the creek with the carbonate outcrop encouraged the crew to drill a hole across Lac Touladi which delivered a long carbonatite interval containing the key niobium mineral pyrochlore. A total of 4 holes were drilled under the lake along a 1,500 km strike, all with similar visuals. An XRF unit has confirmed substantially better niobium content than the syenite dyke core, but until NioBay receives assays the average grade and zonation remains unknown. The tonnage footprint is comparable to Niobec which in 2011 had underground mineable M+I+I resources of 794 million tonnes of 0.37%-0.43% Nb2O5 remaining with a 0.2% cutoff. After the stock nearly doubled from its bottom-fish level in the wake of this news NioBay was upgraded to Fair Spec Value and made a 2023 Favorite at $0.18 with very significant upside if assays confirm grades in excess of 0.4% Nb2O5 over substantial widths. Because the project is an the jurisdiction of First Nations groups engaged in all manner of commercial activites and has only one seasonal fishing cottage on the lake, NioBay will be able to fast-track delineation if assyas confirm a major new niobium discovery.
What's Next?
Updated April 9, 2021: NioBay Metals Inc was made a Bottom-Fish Spec Value rated 2020 Favorite at $0.45 on December 31, 2019, upgraded to Good Spec Value at $0.30 on April 9, 2020, and continued as a Good Spec Value rated 2021 Favorite at $0.54 on December 31, 2020. SVR Overview Tracker April 9, 2021 confirms the Good Spec Value rating at $0.85 with a Fair Spec Value near term target in the $3-$6 range based on the PEA defined fundamentals of the James Bay niobium project. Tracker Feb 15, 2021 provides a detailed explanation of the James Bay project, the future of niobium, and a niobium price sensitivity analysis using a DCF model based on the PEA's technical report. The company started 2021 with $14 million raised in December 2020 at $0.65 for hard dollar units and $0.68 for flow-thru shares. This private placement came free trading on April 9, 2021 and the result has been a rush to sell by clip and flippers among the 100 placees rounded by Canaccord and Sprott Capital. NioBay is sufficiently funded to deliver a PFS which was initially expected in mid 2022, but is not expected until the end of 2022. NioBay was supposed to mount a 12,000 m drill program in Q1 of 2021 to infill drill the James Bay deposit so that the resource can be completely upgraded to indicated category as required by a PFS. The drilling would also delineate a high grade core identified during the 2020 winter drill program which may allow NioBay to consider expanding the 6,600 tpd mill to as high as 10,000 tpd. The core would also furnish additional sample material for metallurgical studies, including studies to see what is involved in making niobium oxide, the battery grade form required by lithium ion batteries which replace graphite in the anode with a niobium-titanium material that allows faster charging time without safety compromise. The warm winter resulted in a slow start to building the track alongside the resident-only winter road that connects Moosonee with Cochrane. The contractor was observed using the winter road to speed up building the haul track for the drill rig which upset the Moosonee community and drew a rebuke from the MCFN chief. NioBay pulled the plug on the winter drilling program which was in danger of losing its crew because the drill rig had not arrived on time. The Moosonee community now understands that this was not a flagrant violation by NioBay of the "protection agreement" that had been signed weeks ahead of the violation. But in person meetings are required to reinstate the agreement in support of a summer drilling program which will also initiate environmental baseline studies that would create a fair number of local jobs. But first Ontario must lift its 4 week emergency lockdown imposed when covid related ICU hospitalizations hit a record in March. And then the Moosonee community must feel comfortable enough to allow outside visitors such as NioBay management to sit down with the elders who, although they have been vaccinated, understandably feel vulnerable to the new P.1 variant circulating in Canada which in Brazil has reinfected people who had covid last year. For the moment there is uncertainty that the PFS drilling will get underway this summer, especially because drill contractors are booked up. Confirmation that drilling will happen this summer is the key milestone we need to see the market chase the stock into the $3-$6 range where it deserves to trade while we await completion of the PFS now expected at the end of 2022. We are also waiting to hear what, if anything, NioBay may get underway at its Crevier niobium-tantalum project in Quebec where PFS work stalled in 2012 when large scale metallurgical studies failed to duplicate bench scale recoveries on which a PEA had relied. We are also waiting for confirmation that the niobium based battery on which Toshiba is working and for which CBMM has publicly expressed great hopes for substantial niobium growth beyond steel alloying demand is heading toward commercialization. That will expand niobium from being a "lightweighting" clean energy metal to also being a battery metal.
Corporate Change History


#Old for NewLast PricePrior NameSubsequent NameDetails
Mar 31, 2016New Exchange Listing1:1$0.05MDN Inc (MDN-T)MDN Inc (MDN-V)
Sep 21, 2016Name Change5:1$0.22MDN Inc (MDN-V)Niobay Metals Inc (NBY-V)
Recommendation History
Edition Date Price
Recommendation Gain
BF2009 12/24/2008 $0.56 New BF TP Buy $0.50-$0.75 -25%
BF2009 12/30/2011 $0.22 BF Technical Closeout Hold 0% -71%
SVF2020 12/31/2019 $0.45 Bottom-Fish Spec Value Favorite 0%
SVF2020 4/9/2020 $0.30 Good Spec Value Favorite -33%
SVF2020 12/31/2020 $0.54 Good Spec Value Favorite 20%
SVF2021 12/31/2020 $0.54 Good Spec Value Favorite 0%
SVF2021 4/9/2021 $0.86 Good Spec Value Favorite Confirmed 59%
SVF2021 12/31/2021 $0.33 SV Technical Closeout 100% -40%
SVF2023 12/30/2022 $0.18 Fair Spec Value Favorite 0%
SVF2023 12/29/2023 $0.06 SV Technical Closeout 100% -67%
Charts & Financing Activity
 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Aug 9, 2016 MDN Inc PP 35,900,000 $0.050

$1,795,000
Jan 16, 2017 Niobay Metals Inc PP 1,377,626 $0.850 FT
$1,170,982
Jan 19, 2018 Niobay Metals Inc PP 814,075 $0.270 FT
$219,800
Jan 19, 2018 Niobay Metals Inc PP 2,890,909 $0.220

$636,000
Oct 12, 2018 Niobay Metals Inc PP 9,000,000 $0.260

$2,340,000
Dec 31, 2019 Niobay Metals Inc PP 4,525,698 $0.385 FT Units $1,742,394
Dec 31, 2019 Niobay Metals Inc PP 1,710,200 $0.350
Units $598,570
Jan 24, 2020 Niobay Metals Inc PP 328,571 $0.350
Units $115,000
Dec 22, 2020 Niobay Metals Inc PP 10,094,910 $0.650 FT Units $6,561,692
Dec 22, 2020 Niobay Metals Inc PP 7,399,127 $0.680 FT
$5,031,406
Jul 27, 2023 Niobay Metals Inc PP 3,514,999 $0.120 FT Units $421,800
Jul 27, 2023 Niobay Metals Inc PP 2,452,000 $0.110 FT Units $269,720
Jul 27, 2023 Niobay Metals Inc PP 1,800,000 $0.100
Units $180,000
Capital
Financials Dated: September 30, 2023 Reporting Period: 9 months Year End: 12/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $3,514,392 Current Liabilities: $447,785 Operating Revenues: $0
Receivables etc: $511,144 Tangible LT Debt: $0 Operating Cash Costs: $0
Current Assets: $4,025,536 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$517,244Total Liabilities:$447,785Operating Non-Cash Costs:$0




Miscellaneous Revenue:$0
Total Assets: $4,542,780 Share Capital: $85,608,898 Cash Expenses: $2,146,631


Shareholder Deficit: ($81,513,903) Non-Cash Expenses: $162,108
Working Capital: $3,577,751 Net Shareholder Equity: $4,094,995 Total Expenses: $2,308,739




Overall Cash Flow:($2,146,631)
Monthly Overhead:$238,515

Net Income (Loss):($2,308,739)

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINCash
Expenses
DilutedWorking
Capital
9/30/2010 9 $7,680,337 $13,788,057 $48,337,433 $926,971 $3,950,487 $62,823,630
$3,178,499 0 $12,861,086
6/30/2011 6 $1,620,963 $10,348,215 $47,326,042 $2,015,679 $3,499,610 $63,448,630
$288,785 0 $8,332,536
9/30/2011 9 $1,466,122 $11,474,313 $49,714,665 $1,397,321 $1,477,231 $63,448,630
$3,578,537 102,595,887 $10,076,992
12/31/2011 12 $1,659,611 $10,977,297 $49,087,267 $503,100 $1,774,543 $63,813,193
$3,531,496 104,447,220 $10,474,197
3/31/2012 3 $4,089,633 $9,496,642 $47,307,320 $621,645 $1,267,234 $63,813,193
$962,316 104,447,220 $8,874,997
6/30/2012 6 $2,709,557 $8,164,165 $46,783,195 $423,094 $1,677,345 $63,813,193
$1,588,552 104,357,220 $7,741,071
9/30/2012 9 $4,625,511 $6,769,876 $45,516,684 $743,911 $1,912,536 $63,813,193
$2,582,343 104,327,220 $6,025,965
12/31/2012 12 $4,433,437 $5,724,911 $36,167,533 $828,946 $2,002,790 $63,813,193 0% $2,643,844 104,327,220 $4,895,965
3/31/2013 3 $3,429,986 $4,815,243 $35,777,911 $736,267 $1,890,054 $63,813,193
$539,702 104,227,220 $4,078,976
6/30/2013 6 $2,684,149 $4,035,988 $35,761,310 $736,588 $1,133,756 $63,813,193
$963,168 104,227,220 $3,299,400
9/30/2013 9 $2,539,865 $3,446,821 $35,213,835 $771,894 $1,112,252 $63,813,193
$1,269,713 104,087,220 $2,674,927
12/31/2013 12 $1,974,943 $2,865,864 $30,345,795 $753,527 $1,215,751 $63,813,193 0% $1,656,014 104,087,220 $2,112,337
3/31/2014 3 $1,533,763 $2,430,958 $30,691,430 $811,085 $1,273,442 $63,813,193
$235,794 104,087,220 $1,619,873
6/30/2014 6 $1,002,162 $1,867,136 $29,801,777 $752,659 $1,215,042 $63,813,193
$578,997 105,787,220 $1,114,477
9/30/2014 9 $1,265,918 $2,179,478 $31,096,280 $913,530 $1,375,754 $64,481,913
$880,944 118,217,539 $1,265,948
12/31/2014 12 $964,796 $1,815,460 $25,599,783 $864,833 $1,327,057 $64,481,913 1% $1,180,797 121,449,286 $950,627
3/31/2015 3 $1,069,138 $1,408,330 $26,437,557 $921,442 $462,224 $64,530,913
$259,931 117,867,539 $486,888
6/30/2015 6 $683,610 $1,066,722 $24,106,221 $877,897 $1,340,121 $64,530,913
$369,633 119,017,539 $188,825
9/30/2015 9 $451,280 $828,921 $24,056,014 $219,311 $681,535 $64,530,913
$454,042 119,312,539 $609,610
12/31/2015 12 $319,343 $551,142 $8,346,930 $236,894 $432,082 $64,530,913 0% $681,779 118,287,539 $314,248
3/31/2016 3 $442,447 $669,856 $8,216,222 $499,773 $694,961 $64,530,913
$130,639 118,437,539 $170,083
6/30/2016 6 $235,226 $445,559 $984,309 $463,261 $463,261 $64,880,913
$320,221 125,217,538 ($17,702)
9/30/2016 9 $1,464,600 $1,674,052 $1,674,052 $379,958 $379,958 $66,686,758
$523,091 32,260,301 $1,294,094
12/31/2016 12 $2,281,637 $2,489,187 $3,128,819 $620,601 $620,601 $67,805,705 5% ($1,509,175) 34,016,629 $1,868,586
3/31/2017 3 $1,876,689 $2,133,909 $2,907,933 $519,761 $519,761 $67,857,585
$156,716 34,183,221 $1,614,148
6/30/2017 6 $1,528,475 $1,778,791 $2,679,540 $426,427 $426,427 $67,857,585
$146,402 34,183,221 $1,352,364
9/30/2017 9 $1,346,657 $1,564,933 $2,699,696 $512,004 $512,004 $74,696,459
$409,320 32,985,127 $1,052,929
12/31/2017 12 $1,233,957 $1,474,141 $3,412,141 $438,307 $438,307 $68,702,682 1% $558,031 37,948,205 $1,035,834
3/31/2018 3 $3,224,756 $3,412,889 $5,427,430 $275,045 $275,045 $71,042,682
$159,779 46,908,205 $3,137,844
6/30/2018 6 $2,979,869 $3,159,430 $5,228,978 $232,390 $232,390 $71,042,682
$441,397 48,708,205 $2,927,040
9/30/2018 9 $2,664,849 $2,854,798 $5,103,837 $272,063 $272,063 $71,042,682
$650,630 48,708,205 $2,582,735
12/31/2018 12 $2,291,378 $2,526,271 $3,046,412 $331,343 $331,343 $71,042,682 3% $1,140,486 48,788,911 $2,194,928
3/31/2019 3 $1,985,215 $2,184,748 $2,702,612 $305,594 $305,594 $71,042,682
$325,520 48,938,911 $1,879,154
6/30/2019 6 $1,653,600 $1,863,962 $2,378,304 $270,542 $270,542 $71,042,682
$620,893 48,978,911 $1,593,420
9/30/2019 9 $1,399,618 $1,603,593 $2,114,404 $287,874 $287,874 $71,042,682
$905,286 48,978,911 $1,315,719
12/31/2019 12 $3,265,559 $3,573,828 $4,081,108 $683,818 $683,818 $73,241,204 3% $1,429,394 58,651,609 $2,890,010
3/31/2020 3 $2,042,401 $2,549,053 $3,063,706 $834,334 $834,334 $73,356,204
$1,431,387 59,236,465 $1,714,719
6/30/2020 6 $1,477,586 $1,743,226 $2,254,322 $465,870 $465,870 $73,388,739
$1,912,047 60,461,465 $1,277,356
9/30/2020 9 $1,065,673 $1,338,622 $1,846,162 $514,993 $514,993 $73,491,153
$2,661,023 60,460,665 $823,629
12/31/2020 12 $13,174,309 $13,492,533 $14,353,658 $1,058,806 $1,058,806 $84,345,026 15% $719,029 83,047,957 $12,433,727
3/31/2021 3 $11,957,145 $12,448,275 $13,225,447 $1,111,404 $1,111,404 $84,436,498
$1,265,318 83,039,957 $11,336,871
6/30/2021 6 $11,711,285 $12,266,042 $12,477,996 $622,883 $622,883 $84,569,289
$1,790,193 82,977,548 $11,643,159
9/30/2021 9 $11,487,233 $11,901,975 $12,085,183 $997,075 $997,075 $84,783,789
$2,810,993 84,357,748 $10,904,900
12/31/2021 12 $10,181,558 $10,814,492 $11,133,256 $1,106,064 $1,106,064 $84,783,789 1% $4,054,143 81,726,264 $9,708,428
3/31/2022 3 $9,305,799 $10,184,440 $10,703,039 $1,713,594 $1,713,594 $84,831,999
$1,166,560 81,718,264 $8,470,846
6/30/2022 6 $7,389,134 $8,317,155 $9,090,435 $1,277,094 $1,277,094 $84,831,999
$2,373,851 82,090,646 $7,040,061
9/30/2022 9 $6,023,983 $6,770,593 $7,499,011 $595,547 $595,547 $84,831,999
$3,271,474 80,287,868 $6,175,046
12/31/2022 12 $4,529,611 $5,550,521 $6,166,998 $782,903 $782,903 $84,831,999 0% $5,860,377 81,448,980 $4,767,618
3/31/2023 3 $4,003,116 $4,810,078 $5,390,103 $610,705 $610,705 $84,831,999
$609,719 80,622,313 $4,199,373
6/30/2023 6 $3,462,228 $3,896,399 $4,443,968 $182,724 $182,724 $84,831,999
$1,137,350 79,488,979 $3,713,675
9/30/2023 9 $3,514,392 $4,025,536 $4,542,780 $447,785 $447,785 $85,608,898
$2,146,631 92,039,477 $3,577,751
Structure & People
Directors, Officers and Employees: 5,224,642 6.6% AGM: June 8, 2023
Other Insiders: 9,877,143 12.5% People Tree Available
Past Reported Shareholders: 20,597,463 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
Jacques Bonneau Engineer 6/5/2008

687,562 0.9%
Jean-Sebastian David Mining Executive 6/12/2014 CEO & President 1,671,152 2.1%
Dawn M. Leach Administrator 5/2/2018

0 0.0%
Raymond Z. Legault Consultant 6/5/2008

605,385 0.8%
Mathieu Savard Geologist 4/13/2021

0 0.0%
Serge Savard Athlete 1/1/2001 Chairman 1,209,913 1.5%
Claude Dufresne Metallurgist 5/12/2014

Advisory Board 1,050,630 1.3%
Jacquelin Gauthier Geologist 11/22/2018
VP 0 0.0%
Anthony Glavac Accountant 12/11/2019
CFO 0 0.0%
Osisko Development Corp Public Company 6/22/2022


9,857,143 12.5%
Marc Pothier Lawyer 12/17/2020
VP 0 0.0%
Jean Rainville Engineer 6/17/2016


20,000 0.0%
Relations Publiques Paradox Inc Investor Relations 6/11/2020

IR 0 0.0%
Philip Sutherland
7/12/2021

Advisory Board 0 0.0%
Derek Teevan ESG Specialist 6/5/2020
VP 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
Marcel Bergeron
5/24/2007 6/5/2008 6/5/2008
Director 0
Carlos H. Bertoni
1/1/2001 5/24/2007 5/24/2007
Director 16,370
Marc Boisvert Engineer 1/1/2013 6/12/2014 6/12/2014
Director 408,000
Claude Boulay
5/31/2013 6/17/2016 6/17/2016
Director 1,121,000
Serge Bureau Engineer 2/23/2010 5/27/2015 5/27/2015
Director 757,395
Richard Corbo Investor Relations 1/1/2008 6/5/2020

VP Corp Dev 0
Evolution Group Inc Investor Relations 9/11/2007 6/5/2020

IR 0
David A. Fennell Businessperson 1/1/2001 5/24/2007 5/24/2007
Director 0
Dominique Fournier
7/17/2006 9/11/2008

Insider 0
GBS Gold International Inc Public Company 4/5/2007


Placee 8,000,000
Robert Getz Fund Manager 12/18/2008 6/17/2010 6/17/2010
Director 0
Paul A. Girard Consultant 1/1/1994 6/17/2010 6/17/2010
Director 468,888
Paul Gobeil Accountant 4/22/2009 5/31/2013 5/31/2013
Director 250,000
Robert La Valliere
6/17/2010 5/31/2013 5/31/2013
Director 66,667
Robert Lavalliere Investor Relations 5/14/2012 6/5/2020

VP Corp Dev 0
Osisko Gold Royalties Ltd Public Company 6/6/2018 6/22/2022

Insider 9,857,143
Gilbert E. Playford Mining Executive 5/24/2007 10/6/2008 10/6/2008
Director 0
Louis M. Riopel Administrator 5/24/2007 6/17/2010 6/17/2010
Director 30,000
Yves Therrien Accountant 7/2/2007 6/5/2020

CFO 0
Anthony P. Walsh Retired 1/1/2003 5/24/2007 5/24/2007
Director 30,000
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability
Ranges in millions
ranked from most to least achievable
below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50 Tiny Scale: underground mine or quarry - not worth the bother
$50-$100 Small Scale: junior needs to self-develop
$100-$250 Buyout Target: by Lower Tier Producers
$250-$500 Buyout Target: by Mid-Tier Producers
$500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
James Bay Canada - Ontario - James Bay Lowlands 100% WI 6-Prefeasibility $6 $11 - $22 NiobiumCarbonatite
Crevier Canada - Quebec - Central Quebec 72.5% WI 7-Permitting & Feasibility $8 $10 - $15 Tantalum NiobiumCarbonatite
Foothills Canada - Quebec 80% WI 2-Target Drilling $7 $276 - $690 TitaniumMagmatic Intrusive
Gouin Canada - Quebec - Southern Quebec 100% WI 2-Target Drilling $6 $221 - $552 NiobiumCarbonatite
Valentine Canada - Ontario - James Bay Lowlands 100% WI 2-Target Drilling $6 $221 - $552 NiobiumCarbonatite
Project StageFlagshipSecondaryActive
Grassroots (1) & Target Testing (2)
Discovery Delineation (3)
Infill Drilling & Metallurgy (4)
PEA (5) or PFS (6)
Feasibility & Permitting (7)
Construction (8) or Production (9)
Clicking on the project icon will display a popup identifying the company project, its stage and target metals, basic facts, a chart, a link to that project within that company's KRO Profile, a link to the most recent news release, and a link to the most recent KRO comment if one exists.
Company Projects

James Bay Project
Featured in Share Collective
James BayCanadaONJames Bay Lowlands2,585 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 2.00%
Ownership Terms: Agreement Mar 4, 2016 to acquire 100% from Barrick (60%), James Bay Columbium Ltd (30%) and Goldcorp (10%) for $25,000 and 5 million shares, plus a 2% NSR of which half can be bought for $2 million anytime in constant 2016 dollars to a maximum of $3 million. Vendors can back-in for 51% by reimbursing 2.5X expenditures within 6 months of a resource equalling 2 million oz gold or gold equivalent. The gold equivalency does not apply to niobium content. The Moose Cree First Nation must be consulted on this project accroding to Ontario Ministry of Northern Development and Mines. Title is in the form of a mining lease with surface and mineral rights. Subject to a 2% NSR with a 1% buyback at $2 million. As part of a private placement of 9,000,000 shares at $0.26 on Mar 28, 2018 by Osisko Gold Royalties, NioBay granted Osisko the right to purchase a 1% NSR for $2 million within 90 days of a BFS, in effect a transfer of the buyback right from NioBay to Osisko.
Target Metals: NiobiumModel: CarbonatiteStage: 6-Prefeasibility
See Reliable Project Location Google Map in free Corporate Profile
Base Case Resource Estimates
Project Resource Estimate - James Bay
Jul 9, 2020NI 43-101Dorota El Rassi, P.Eng, Paul Chamois M.Sc, P.Geo, Roscoe Postle AssociatesCutoff: 0.3% Nb2O5 UG CAD $70/t OpEx, 70% recovery, USD $40/kg Nb
Note: Based on 86 holes 16,320 m.
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources29,700,000$248/tNiobium5,300.00 g/t100.0%347,026,105 lb100%
Inferred Mineral Resources33,800,000$244/tNiobium5,200.00 g/t100.0%387,480,517 lb100%
All Categories Spot63,500,000$246/tNiobium5,246.77 g/t
734,506,622 lb100%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$15,608,265,7070.0%Niobium $21.25/lb
Outcome Visualization Project as of Apr 12, 2024: James Bay Underground
Project:James BayLocation:CanadaStage:6-Prefeasibility
Net Interest:100% WIUncapped NSR:2.0%Target Metals:Niobium
OV Project ID:1000020OVP Posted:4/10/2020OVP Retired:
Current OV ID:1000060Current OV Confirmed:10/20/2020Visualizer:JK
Click here for Full Visualized Outcome (KRO Members Only)
Visualized Outcome: James Bay Niobium PEA 6,600 tpd UG Scenario
The James Bay niobium carbonatite deposit located 40 km south of the Moose Cree First Nations town of Moosonee in the James Bay Lowlands of northern Ontario was discovered in 1967. Bechtel completed a feasibility study in 1969 and updated it in 1979 but the project was never developed because of the remote location and the fact that CBMM had brought on stream the extraordinary Araxa deposit (5 times the resource and 5 times the grade), and the better located Niobec deposit in Quebec was developed. The deposit is unusual in that although it is similar in grade to the Niobec deposit, its coarser grained pyrochlore mineralization supports a recovery in the 70%-80% range compared to 50%-60% for Niobec and Araxa. The deposit was forgotten over the decades until NioBay Metals, which was already involved with the Crevier tantalum deposit in Quebec, purchased 100% of the deposit in 2016. Plans to do a PEA economic study were derailed when the chief who controlled the Moose Cree tribal council in Moosonee and who was in principle opposed to mining refused to engage in the consultations required by the Ontario mining ministry as a pre-condition for granting drill permits. This problem was not resolved until mid 2019 when a new group replaced the chief and her allies on the tribal council and secured a "protection agreement" allowing NioBay to proceed with a 7 hole drill program completed early 2020. The "social license" risk remains the dominant concern for this project advancing through feasibility and eventually being developed as the world's fourth major niobium mine. On Oct 13, 2020 NioBay published a PEA for a 6,600 tpd processing facility with 3 mining scenarios: open pit only, underground and open pit, and underground only. NioBay included an open-pit only scenario which has a 30 year mine life after feedback from the MCFN its community might prefer that option, in particular because there may be an opportunity for the MCFN to own and operate the 64 truck fleet needed for open-pit mining. This OV presents the Underground only scenario.
Source Note: The James Bay OV is based on the underground only scenario in the 43-101 compliant PEA published by NioBay Metals Inc on Oct 13, 20120. Costs were presented in CAD but have here been converted to USD using the 1.3 CAD:USD used by the PEA to convert the USD ferro-niobium price to CAD.
Visualized Outcome Summary: James Bay Niobium PEA 6,600 tpd UG Scenario
Deposit Scenario: 53,600,000 t @ 5,100.00 g/t Niobium
Mining Scenario: Underground 6,600 tpd 22.2 yrs, CapEx $445.0 million, SustCapEx $320.0 million, OpEx $51.50/t (USD)
LOM Payable: 329.0 million lb FeNb niobium
Economic Outcome (USD): Revenue Model at OV designated Metal Prices

Annual AverageLife of Mine (LOM)LOM Stats
Recoverable Revenue:$301,402,758$6,706,180,090$125/t ore Recoverable Value:
   Smelter/Transport Costs:$0$00.0% of Recoverable Revenue
Gross Payable Revenue:$301,402,758$6,706,180,090100.0% of Recoverable Revenue
   Royalties:($6,028,055)($134,123,602)2.0% of Gross Payable Revenue
Net Payable Revenue:$295,374,703$6,572,056,48898.0% of Recoverable Revenue
   Mining Cost:($54,563,850)($1,214,040,000)39% of OpEx - $22.65/t ore
   Processing Cost:($50,974,440)($1,134,176,000)37% of OpEx - $21.16/t ore
   Other Cost:($18,525,210)($412,184,000)13% of OpEx - $7.69/t ore
   Sustaining Cost:($13,915,696)($320,061,000)10% of OpEx - $5.97/t ore
Total Operating Cost:($137,979,196)($3,080,461,000)47% of Net Payable Revenue - OpEx - $57.47/t ore
Pre-Tax Cash Flow:$157,395,507$3,491,595,48853% of Net Payable Revenue - $65.14/t ore
   Taxes:($41,216,642)($913,934,546)26% of Pre-Tax Cash Flow - $17.05/t ore
After-Tax Cash Flow:$116,178,865$2,577,660,94139% of Net Payable Revenue - $48.09/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:23 yearsStartupNPV 5%NPV 10%NPV 15%
Annual Avg NSR:$2,953,747Now$37,257,613$23,628,495$16,357,857
LOM NSR:$65,720,5652025$35,483,441$21,480,450$14,224,223
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $948.0 million - Good Speculative Value
Gross Rock Value (USD/t):$160Recoverable Rock Value:$125Payable Rock Value:$125
LOM Net Payable Revenue (USD):$6,572,056,488LOM PT Cash Flow (USD):$3,491,595,488LOM AT Cash Flow (USD):$2,577,660,941
USD Pre-Tax NPV:$1,079,004,971Pre-Tax IRR:35.3%Pre-Tax Payback:2.8
USD After-Tax NPV:$688,577,849After-Tax IRR:25.9%After-Tax Payback:3.8
CAD Fair Spec Value Low:$236,974,067CAD Fair Spec Value High:$473,948,133CAD Implied Project Value:$5,522,369
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $10.30
Fair Speculative Value Stock Price Range: CAD $2.57 - $5.15
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.
Fair Speculative Value Ladder
USD OV NPVCAD OV NPVExch RateDilutedNet Interest
$688,577,849$947,896,2661.376692,039,477100.00%
Project StageUncertainty RangeCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Grassroots 0.5% - 1.0% $4,739,481 - $9,478,963 $0.05 - $0.10 $0.10 - $0.26
Target Drilling 1.0% - 2.5% $9,478,963 - $23,697,407 $0.10 - $0.26 $0.26 - $0.51
Discovery Delineation 2.5% - 5.0% $23,697,407 - $47,394,813 $0.26 - $0.51 $0.51 - $7.72
Infill & Metallurgy 5% - 10% $47,394,813 - $94,789,627 $0.51 - $1.03 $5.15 - $10.30
PEA 10% - 25% $94,789,627 - $236,974,067 $1.03 - $2.57 $2.57 - $7.72
Prefeasibility 25% - 50% $236,974,067 - $473,948,133 $2.57 - $5.15 $2.57 - $5.15
Permitting & Feasibility 50% - 75% $473,948,133 - $710,922,200 $5.15 - $7.72 $2.57 - $5.15
Construction 75% - 100% $710,922,200 - $947,896,266 $7.72 - $10.30 $5.15 - $7.72
Production 100% $947,896,266 $10.30 $10.30 - $12.87
Market Speculative Value Stock Price Range: CAD $2.57 - $5.15
Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.
Alternative Metal Price Scenarios

Metal 1Metal 2Metal 3Metal 4

Niobium


Spot:$21.25 /lb FeNb


OV Assigned:$20.41 /lb FeNb


Pessimistic:$15.00 /lb FeNb


Optimistic:$22.00 /lb FeNb


Fantasy:$25.00 /lb FeNb


Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4
Economic Outcomes with Alternative Metal Price Scenarios

USD PT NPVUSD PT IRRUSD AT NPVUSD AT IRRAT Payback yrs
Spot:$1,194,304,07238.1%$769,287,21927.9%3.6
OV Assigned:$1,079,004,97135.3%$688,577,84925.9%3.8
Pessimistic:$336,423,85917.2%$168,975,89212.8%7.3
Optimistic:$1,297,249,69840.5%$841,349,15729.6%3.4
Fantasy:$1,709,032,20050.3%$1,129,596,90936.5%2.7
Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Prefeasibility - 25.0% - 50.0%

CAD AT NPVCAD Target PriceCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Spot:$1,059,000,786$11.51$264,750,196 - $529,500,393$2.88 - $5.75$2.88 - $5.75
OV Assigned:$947,896,266$10.30$236,974,067 - $473,948,133$2.57 - $5.15$2.57 - $5.15
Pessimistic:$232,612,214$2.53$58,153,053 - $116,306,107$0.63 - $1.26$0.63 - $1.26
Optimistic:$1,158,201,250$12.58$289,550,312 - $579,100,625$3.15 - $6.29$3.15 - $6.29
Fantasy:$1,555,003,105$16.89$388,750,776 - $777,501,552$4.22 - $8.45$4.22 - $8.45
Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.
.
Outcome Visualization Project as of Apr 12, 2024: James Bay Open Pit
Project:James BayLocation:CanadaStage:6-Prefeasibility
Net Interest:100% WIUncapped NSR:2.0%Target Metals:Niobium
OV Project ID:1000028OVP Posted:10/20/2020OVP Retired:
Current OV ID:1000078Current OV Confirmed:10/20/2020Visualizer:JK
Click here for Full Visualized Outcome (KRO Members Only)
Visualized Outcome: James Bay Niobium PEA 6,600 tpd OP Scenario
The James Bay niobium carbonatite deposit located 40 km south of the Moose Cree First Nations town of Moosonee in the James Bay Lowlands of northern Ontario was discovered in 1967. Bechtel completed a feasibility study in 1969 and updated it in 1979 but the project was never developed because of the remote location and the fact that CBMM had brought on stream the extraordinary Araxa deposit (5 times the resource and 5 times the grade), and the better located Niobec deposit in Quebec was developed. The deposit is unusual in that although it is similar in grade to the Niobec deposit, its coarser grained pyrochlore mineralization supports a recovery in the 70%-80% range compared to 50%-60% for Niobec and Araxa. The deposit was forgotten over the decades until NioBay Metals, which was already involved with the Crevier tantalum deposit in Quebec, purchased 100% of the deposit in 2016. Plans to do a PEA economic study were derailed when the chief who controlled the Moose Cree tribal council in Moosonee and who was in principle opposed to mining refused to engage in the consultations required by the Ontario mining ministry as a pre-condition for granting drill permits. This problem was not resolved until mid 2019 when a new group replaced the chief and her allies on the tribal council and secured a "protection agreement" allowing NioBay to proceed with a 7 hole drill program completed early 2020. The "social license" risk remains the dominant concern for this project advancing through feasibility and eventually being developed as the world's fourth major niobium mine. On Oct 13, 2020 NioBay published a PEA for a 6,600 tpd processing facility with 3 mining scenarios: open pit only, underground and open pit, and underground only. NioBay included an open-pit only scenario which has a 30 year mine life after feedback from the MCFN that its community might prefer that option, in particular because there may be an opportunity for the MCFN to own and operate the 64 truck fleet needed for open-pit mining. This OV presents the Open Pit only scenario.
Source Note: The James Bay OV is based on the open pit only scenario in the 43-101 compliant PEA published by NioBay Metals Inc on Oct 13, 20120. Costs were presented in CAD but have here been converted to USD using the 1.3 CAD:USD exchange rate used by the PEA to convert the USD ferro-niobium price to CAD. The conversion of the USD NPV into CAD to allow a per share calculation is done at the current exchange rate.
Visualized Outcome Summary: James Bay Niobium PEA 6,600 tpd OP Scenario
Deposit Scenario: 70,800,000 t @ 4,400.00 g/t Niobium
Mining Scenario: Open Pit 6,600 tpd 29.4 yrs, CapEx $393.0 million, SustCapEx $220.0 million, OpEx $37.30/t (USD)
LOM Payable: 374.0 million lb FeNb niobium
Economic Outcome (USD): Revenue Model at OV designated Metal Prices

Annual AverageLife of Mine (LOM)LOM Stats
Recoverable Revenue:$260,033,752$7,642,336,924$108/t ore Recoverable Value:
   Smelter/Transport Costs:$0$00.0% of Recoverable Revenue
Gross Payable Revenue:$260,033,752$7,642,336,924100.0% of Recoverable Revenue
   Royalties:($5,200,675)($152,846,738)2.0% of Gross Payable Revenue
Net Payable Revenue:$254,833,077$7,489,490,18598.0% of Recoverable Revenue
   Mining Cost:($23,001,132)($675,998,400)24% of OpEx - $9.55/t ore
   Processing Cost:($48,324,540)($1,420,248,000)50% of OpEx - $20.06/t ore
   Other Cost:($18,525,210)($544,452,000)19% of OpEx - $7.69/t ore
   Sustaining Cost:($7,337,500)($220,125,000)8% of OpEx - $3.11/t ore
Total Operating Cost:($97,188,382)($2,860,823,400)38% of Net Payable Revenue - OpEx - $40.41/t ore
Pre-Tax Cash Flow:$157,644,695$4,628,666,78562% of Net Payable Revenue - $65.38/t ore
   Taxes:($43,285,333)($1,270,803,536)27% of Pre-Tax Cash Flow - $17.95/t ore
After-Tax Cash Flow:$114,359,362$3,357,863,25045% of Net Payable Revenue - $47.43/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:30 yearsStartupNPV 5%NPV 10%NPV 15%
Annual Avg NSR:$2,548,331Now$36,965,993$21,757,982$14,529,393
LOM NSR:$74,894,9022025$35,205,708$19,779,984$12,634,255
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $1.1 billion - Good Speculative Value
Gross Rock Value (USD/t):$138Recoverable Rock Value:$108Payable Rock Value:$108
LOM Net Payable Revenue (USD):$7,489,490,185LOM PT Cash Flow (USD):$4,628,666,785LOM AT Cash Flow (USD):$3,357,863,250
USD Pre-Tax NPV:$1,270,435,280Pre-Tax IRR:40.1%Pre-Tax Payback:2.5
USD After-Tax NPV:$821,788,487After-Tax IRR:29.1%After-Tax Payback:3.4
CAD Fair Spec Value Low:$282,818,508CAD Fair Spec Value High:$565,637,016CAD Implied Project Value:$5,522,369
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $12.29
Fair Speculative Value Stock Price Range: CAD $3.07 - $6.15
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.
Fair Speculative Value Ladder
USD OV NPVCAD OV NPVExch RateDilutedNet Interest
$821,788,487$1,131,274,0311.376692,039,477100.00%
Project StageUncertainty RangeCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Grassroots 0.5% - 1.0% $5,656,370 - $11,312,740 $0.06 - $0.12 $0.12 - $0.31
Target Drilling 1.0% - 2.5% $11,312,740 - $28,281,851 $0.12 - $0.31 $0.31 - $0.61
Discovery Delineation 2.5% - 5.0% $28,281,851 - $56,563,702 $0.31 - $0.61 $0.61 - $9.22
Infill & Metallurgy 5% - 10% $56,563,702 - $113,127,403 $0.61 - $1.23 $6.15 - $12.29
PEA 10% - 25% $113,127,403 - $282,818,508 $1.23 - $3.07 $3.07 - $9.22
Prefeasibility 25% - 50% $282,818,508 - $565,637,016 $3.07 - $6.15 $3.07 - $6.15
Permitting & Feasibility 50% - 75% $565,637,016 - $848,455,524 $6.15 - $9.22 $3.07 - $6.15
Construction 75% - 100% $848,455,524 - $1,131,274,031 $9.22 - $12.29 $6.15 - $9.22
Production 100% $1,131,274,031 $12.29 $12.29 - $15.36
Market Speculative Value Stock Price Range: CAD $3.07 - $6.15
Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.
Alternative Metal Price Scenarios

Metal 1Metal 2Metal 3Metal 4

Niobium


Spot:$21.25 /lb FeNb


OV Assigned:$20.41 /lb FeNb


Pessimistic:$15.00 /lb FeNb


Optimistic:$22.00 /lb FeNb


Fantasy:$25.00 /lb FeNb


Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4
Economic Outcomes with Alternative Metal Price Scenarios

USD PT NPVUSD PT IRRUSD AT NPVUSD AT IRRAT Payback yrs
Spot:$1,379,171,82142.8%$897,904,06631.0%3.2
OV Assigned:$1,270,435,28040.1%$821,788,48729.1%3.4
Pessimistic:$570,120,17422.9%$331,567,91316.9%5.9
Optimistic:$1,476,258,01945.2%$965,864,40532.7%3.1
Fantasy:$1,864,602,80954.7%$1,237,705,75839.3%2.5
Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Prefeasibility - 25.0% - 50.0%

CAD AT NPVCAD Target PriceCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Spot:$1,236,054,737$13.43$309,013,684 - $618,027,369$3.36 - $6.71$3.36 - $6.71
OV Assigned:$1,131,274,031$12.29$282,818,508 - $565,637,016$3.07 - $6.15$3.07 - $6.15
Pessimistic:$456,436,389$4.96$114,109,097 - $228,218,195$1.24 - $2.48$1.24 - $2.48
Optimistic:$1,329,608,939$14.45$332,402,235 - $664,804,470$3.61 - $7.22$3.61 - $7.22
Fantasy:$1,703,825,746$18.51$425,956,437 - $851,912,873$4.63 - $9.26$4.63 - $9.26
Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.
.

Crevier Project
Featured in Share Collective
CrevierCanadaQCCentral Quebec4,645 ha
Net Interest: 72.5% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: April 14, 2009 agreement where MDN has the option to acquire up to a 75% interest in Les Mines Crevier (MCI). Upon completion of due diligence, MDN will purchase 25% of MCI shares for $750,000, and complete a $1.5 million financing in order for MCI to redeem an outstanding debenture. MDN will subsequently finance exploration and development expenses necessary to advancing the project to the construction stage. In June 2009 MDN agreed to pursue the transaction, acquiring 28.75 per cent of the shares of MCI as well as the entire $1.5-million in convertible debentures, for a total amount of $2,325,000. In addition, the transaction also calls for MDN to invest up to $7.5-million over three years to finance a feasibility study on developing the resource. Over the same period, MDN may raise its ownership in MCI up to 75 per cent, in return for a further $3.5-million investment. The other partners in the project are Iamgold (37.5 per cent), Dresden Mining Inc. (11.25 per cent) and MCI management (22.5 per cent). In June 2011 98 square kilometers of additional ground was staked to the southeast to cover a magnetic geophysical response similar to the one associated with the Niobec niobium mine. Niobec Inc (Magris Resources Inc) owns 27.5%.
Target Metals: Tantalum NiobiumModel: CarbonatiteStage: 7-Permitting & Feasibility
See Reliable Project Location Google Map in free Corporate Profile
Base Case Resource Estimates
Project Resource Estimate - Anita
Jun 14, 2010NI 43-101SGS GeostatCutoff: 0.1% Nb
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured Resource12,465,000$132/tNiobium1,990.00 g/t100.0%54,685,878 lb71%
Tantalum234.00 g/t100.0%6,430,400 lb29%
Indicated Resources12,904,000$130/tNiobium1,940.00 g/t100.0%55,189,430 lb70%
Tantalum234.00 g/t100.0%6,656,869 lb30%
Inferred Mineral Resources15,423,000$122/tNiobium1,700.00 g/t100.0%57,802,631 lb66%
Tantalum252.00 g/t100.0%8,568,390 lb34%
All Categories Spot40,792,000$127/tNiobium1,864.54 g/t
167,677,939 lb69%
Tantalum240.81 g/t
21,655,659 lb31%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$5,198,158,4610.1%Niobium $21.25/lb, Tantalum $75.50/lb

Foothills Project
Featured in Share Collective
FoothillsCanadaQCQuebec49,571 ha
Net Interest: 80% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: According to the terms of the deal, Iluka Resources Limited (ASX: ILU) may earn an initial 51% interest (the First Option) in the Foothills property by incurring exploration expenditures totalling $400,000 during the first year of the agreement. Vior will be project operator during this period. After earning an initial 51% interest, Iluka may elect to increase its interest to 90% (the Second Option) over another two-year period, by incurring an additional $2,200,000 in exploration expenditures. Iluka spent $3,380,963 before dropping the option on Sept 21, 2022. Agreement Feb 7, 2024 where by Vior options 80% to NioBay Metals for $400,000 and 5.5 million shares by Dec 31, 2027.
Target Metals: TitaniumModel: Magmatic IntrusiveStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile

Gouin Project
Featured in Share Collective
GouinCanadaQCSouthern Quebec11,650 ha
Net Interest: 100% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement May 10, 2021 to option 100% of Gouin East and Gouin West from Les Ressources Tectonic Inc for $190,000, $430,000 in cash or stock at NioBay's option, and $1,650,000 exploration over 6 years. Vendor gets 1% NSR upon NioBay vesting which NioBay can buy back for $1.5 million, though NioBay can buy it for $250,000 during the option period.
Target Metals: NiobiumModel: CarbonatiteStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile

Valentine Project
Featured in Share Collective
ValentineCanadaONJames Bay Lowlands0 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in Q1 of 2019.
Target Metals: NiobiumModel: CarbonatiteStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile
Company Related KRO Comments
Apr 21, 2023Kaiser Watch - 0:15:23
Apr 21, 2023KW Excerpt: Kaiser Watch April 21, 2023: NioBay Metals Inc (NBY-V)
Mar 24, 2023Kaiser Watch - 0:09:08
Mar 24, 2023KW Excerpt: Kaiser Watch March 24, 2023: NioBay Metals Inc (NBY-V)
Feb 23, 2023Kaiser Watch - 0:00:00
Feb 23, 2023KW Excerpt: Kaiser Watch February 23, 2023: NioBay Metals Inc (NBY-V)
Jan 6, 2023Kaiser Watch - 0:53:55
Jan 6, 2023KW Excerpt: Kaiser Watch January 6, 2023: NioBay Metals Inc (NBY-V)
Dec 19, 2022Tracker: Speculative Value Rating for NioBay Metals Inc
Nov 10, 2022KW Excerpt: Kaiser Watch November 10, 2022: NioBay Metals Inc (NBY-V)
Nov 10, 2022Kaiser Watch - 0:00:00
Oct 21, 2021Discovery Watch with HoweStreet.com - 0:16:02
May 12, 2021Discovery Watch with HoweStreet.com - 0:25:26
Apr 9, 2021Tracker: What's Next for NioBay Metals Inc?
Apr 9, 2021Tracker: Spec Value Rating for NioBay Metals Inc
Apr 8, 2021Discovery Watch with HoweStreet.com - 0:12:40
Feb 17, 2021Discovery Watch with HoweStreet.com - 0:15:51
Feb 15, 2021Tracker: The basis for a $3-$6 price target for NioBay Metals Inc
Feb 9, 2021Discovery Watch with HoweStreet.com - 0:18:02
Dec 17, 2020Discovery Watch with HoweStreet.com - 0:18:15
Nov 19, 2020Discovery Watch with HoweStreet.com - 0:21:51
Oct 20, 2020Tracker: Outcome Visualization: NioBay's James Bay Niobium Project: PEA 6,600 tpd Open Pit Scenario
Oct 20, 2020Tracker: Outcome Visualization: NioBay's James Bay Niobium Project: PEA 6,600 tpd Underground Scenario
Oct 15, 2020Discovery Watch with HoweStreet.com - 0:00:01
Aug 3, 2020Tracker: What's Next for NioBay Metals Inc?
Jul 17, 2020Tracker: Spec Value Rating Overview for NioBay Metals Inc
Jul 15, 2020Discovery Watch with HoweStreet.com - 0:00:01
Jul 10, 2020Tracker: Outcome Visualization for the James Bay Niobium project of NioBay Metals Inc
May 7, 2020Discovery Watch with HoweStreet.com - 0:22:35
Apr 9, 2020Tracker: Outcome Visualization for the James Bay Niobium project of NioBay Metals Inc
Apr 9, 2020Tracker: New Spec Value Rating for NioBay Metals Inc
Apr 8, 2020Discovery Watch with HoweStreet.com - 0:19:23
Mar 26, 2020Discovery Watch with HoweStreet.com - 0:09:36
Jan 9, 2020Discovery Watch with HoweStreet.com - 0:07:53
Nov 5, 2019Discovery Watch with HoweStreet.com - 0:00:01
Jul 4, 2019Tracker: New Moose Cree First Nation chief and council pave way for social license consultations
Jul 4, 2019Discovery Watch with HoweStreet.com - 0:13:14
Apr 9, 2019Discovery Watch with HoweStreet.com - 0:09:49
Mar 21, 2019Tracker: Moose Cree First Nation power struggle to be decided by General Election
Feb 5, 2019Discovery Watch with HoweStreet.com - 0:14:59
Jan 31, 2019Tracker: NioBay clears drill permitting hurdle but still needs social license for James Bay niobium project
Jan 15, 2019Tracker: Spec Value Rating for NioBay Metals Inc
Feb 19, 2009Bottom-Fish Comment: Recommendation Strategy for MDN Inc

Company News Releases - Members Only
Feb 29, 2024Property Asset or Share Purchase Agreement
Feb 29, 2024Intercepts Historical Grades on Its Crevier Project and Confirms the Extension of the Mineralized Zone
Feb 21, 2024Closes Option Agreement to Acquire Foothills Property
Feb 7, 2024NioBay Metals Signs Option Agreement to Acquire High Potential Titanium and Phosphate Properties
Jan 18, 2024Corporate Update on NioBay Activities
Jan 8, 2024Intercepts Niobium in the Extension of Its Main Zone at Crevier
Aug 29, 2023Commences 2023 Drilling Campaign at the Crevier Project
Jul 27, 2023Private Placement Non Brokered
Jul 20, 2023Closes Financing
Jun 9, 2023Election of Directors
Apr 20, 2023Presence of Mineralization West of the Known Zone on the Crevier Property
Feb 28, 2023Signing of a Cooperation Agreement with the Pekuakamiulnuatsh Nation for the Crevier Project
Feb 13, 2023Corporate Update on NioBay Activities
Feb 8, 2023Dawn Madahbee Leach Recipient of the 2023 Business Lifetime Achievement Award From CCAB
Jan 25, 2023Update on Metallurgical Progress at the Crevier Project
Dec 14, 2022Corporate Update of NioBay Activities
Oct 24, 2022Corporate Update
Oct 18, 2022Update on high volume of trading
Sep 13, 2022Begins Drilling Following Significant Prospecting Results On Crevier
Aug 23, 2022Begins Overburden and Bedrock Drilling Program On The East Gouin property in Quebec
Aug 11, 2022Confirms Mineralization to the North at Depth at the James Bay Niobium Project
Jun 23, 2022Election of Directors
Apr 28, 2022Provides Update on its Activities
Mar 17, 2022Suspends exploration at the James Bay Niobium Project
Feb 23, 2022Confirms commencement of drilling at James Bay Niobium
Jan 20, 2022Finalize the Sale of Properties to SOQUEM
Jan 10, 2022Agreement with Tribal Logistics/Expedition Helicopter and updated agreement with Moose Cree First Nation
Oct 20, 2021Comes to an agreement with SOQUEM for the sale of properties
Oct 14, 2021Improves Recovery and Concentrate for Production of Niobium Batteries from its James Bay Niobium Project
Sep 17, 2021Couloir Capital Ltd. Is Pleased to Announce the Initiation of Research Coverage on Niobay Metals Inc.
Sep 9, 2021Corporate Changes
Aug 27, 2021Update on the Drill Program at its James Bay Niobium Project
Jul 12, 2021Nominates Philip Sutherland as Indigenous Advisor and Provides Update on James Bay Niobium Project
May 26, 2021NioBay Director Appointed Chair of the National Indigenous Economic Development Board
May 11, 2021Property Asset or Share Purchase Agreement
May 10, 2021Option Agreement to Acquire Two Properties with Niobium Potential
Apr 13, 2021Appoints Mathieu Savard to its Board of Directors
Apr 6, 2021Initiates Test Works for the Production of Battery Grade Niobium
Feb 25, 2021Begins Trading on the OTCQB Venture Market in the U.S.
Feb 16, 2021Filing of an Application for OTCQB Listing and Provides Drill Program Update
Feb 1, 2021Moose Cree First Nation and NioBay Metals Announce Renewal of the Protection Agreement
Dec 22, 2020Private Placement Brokered
Dec 17, 2020Completion of Royalty Sale and Provides a Corporate Update
Dec 8, 2020Closing of $11.6 M Brokered Private Placement
Nov 27, 2020Files Positive James Bay Niobium PEA
Nov 25, 2020Closes Sale of Property and Provides Corporate Update
Nov 17, 202020% Increase to Previously Announced Private Placement
Nov 16, 2020$10 Million Private Placement
Nov 4, 2020Begins Magnetic Surveys on James Bay Niobium and Valentine Properties
Oct 14, 2020James Bay Niobium PEA Delivers an After Tax NPV(8%) of $1.0 Billion and IRR of 27.5%
Oct 13, 2020James Bay Niobium PEA Delivers an After Tax NPV(8%) of $1.0 Billion and IRR of 27.5%
Sep 29, 2020Sells Property and Provides James Bay Project Update
Aug 25, 2020Files Mineral Resource Estimate for James Bay Niobium
Aug 13, 2020A Significant Recovery Rate at James Bay Niobium
Jul 9, 2020A Significant Increase in Resources at James Bay Niobium
Jun 16, 2020Provides Corporate Update
Jun 11, 2020Engages Paradox to Provide Investor Relations Services
Jun 5, 2020Nomination of Derek Teevan and the Results of AGM
May 21, 2020Extends High Grade Mineralization at James Bay Niobium
Apr 8, 2020NIOBAY INTERSECTS 1.02% NbO5 OVER 62 METRES AT JAMES BAY NIOBIUM
Mar 25, 2020Completion of the Winter Drill Program at Niobay's James Bay Niobium Project
Feb 10, 2020Drilling Program is Underway at James Bay Niobium Project
Jan 23, 2020Update on the Drill Program and Closing of a Financing
Dec 24, 2019Moose Cree First Nation And NioBay Metals Announce The Signing Of A Protection Agreement
Dec 23, 2019Completion of $2.3 Million Private Placement
Dec 11, 2019Provides Corporate Update
Oct 18, 2019Withdrawal of Legal Challenge to the Exploration Permit
Jun 26, 2019Initiates Metallurgical Test Work at Its Crevier Project
Jun 6, 2019Results of Annual Shareholders Meeting
Mar 6, 2019Update on the Exploration Permit for the James Bay Niobium Project
Jan 30, 2019The Receipt of Its Exploration Permit for the James Bay Niobium Project
Nov 22, 2018The Appointment of a Vice President, Geology and Provides an Update on Projects
May 2, 2018The Appointment of a New Director and a Grant of Stock Options
Apr 27, 2018Provides A Corporate Update
Apr 6, 2018Midland and Niobay Identify Good Potential for Bousquet LaRonde Type Gold Occurrences on La Peltrie
Apr 2, 2018Early Warning News Release
Mar 28, 2018Closing of Private Placement with Osisko Gold Royalties
Mar 27, 2018Halted Security
Mar 27, 2018Private Placement with Osisko Gold Royalties
Dec 22, 2017Completion Of Financing And Provides A Corporate Update
Nov 16, 2017Reports Initial Resource Estimate For James Bay Niobium Project
Oct 10, 2017Niobay And Midland Commence Drilling Campaign On La Peltrie
Sep 6, 2017Option To Acquire Up To 65% In The La Peltrie Gold Project From Midland Exploration, Southeast Of Detour Gold's Zone 58n
Jun 12, 2017Provides An Update On The Exploration Permit Application At The James Bay Niobium Project
May 10, 2017Initial Metallurgical Test Results From Its James Bay Niobium Project And Upcoming Information Session At Moosonee
Apr 10, 2017Provides Further Results From Re assaying Program At James Bay Niobium Project
Mar 6, 2017Provides Initial Results From Re Assaying Program At James Bay Niobium Project
Jan 16, 2017Private Placement Non Brokered
Dec 22, 2016Adoption Of New Stock Option Plan
Dec 20, 2016Closing Of Flow Through Financing
Dec 12, 2016Flow through Financing Of Up To $1,000,000
Sep 20, 2016Name Change and Consolidation
Sep 20, 2016Name Change, New Stock Symbol And Share Consolidation
Sep 2, 2016Results From Special Shareholder Meeting
Aug 9, 2016Private Placement Non Brokered
Aug 4, 2016Closing Of Non brokered Private Placement Of $1,795,000
Jul 26, 2016Private Placement Of Up To $1,400,000
Jul 19, 2016Special Meeting Of Shareholders
Jun 28, 2016Closes Acquisition Of James Bay Niobium (argor) Property
Jun 17, 2016Appointment Of Jean Rainville As New Director
Jun 7, 2016MDN Signs Binding Agreement To Acquire The Argor Property
May 26, 2016Appointment Of CFO And AGM Results
May 4, 2016Terminates The HOA With XINYE
Mar 30, 2016New Listing Shares
Mar 22, 2016Bulletin 2016 0276: Changes In Stock List
Mar 16, 2016Lists On The Tsx Venture Exchange
Mar 4, 2016Signs A Loi For The Acquisition Of The Argor Niobium Deposit
Jan 11, 2016Xinye Intends To Proceed With Jv In Tanzania
Dec 11, 2015Update On The Company And Its Operations
Oct 22, 2015Discovers New Carbonatite With High Grade Niobium Values At Prairie Lake
Sep 8, 2015Signs An Agreement For A Joint Venture On The Ikungu Properties In Tanzania
Jun 25, 2015Confirmation Of High grade Niobium Showings And Discovery Of New Carbonatites
May 27, 2015The Annual Shareholders' Meeting Results
May 27, 2015Prospecting Work Begin On Prairie Lake
May 14, 2015Interpretation Of Exploration Results On Samaqua
Apr 24, 2015Prairie Lake Earns Discovery Of The Year In Northwestern Ontario
Apr 16, 2015Receives Cash From Dispute Settlement
Feb 26, 2015Bulletin 2015 0166; Change in Transfer Agent
Feb 24, 2015Acquires 20 Blocks Of High Grade Niobium Claims In Ontario
Jan 30, 2015Start Of Drilling Program On Samaqua
Dec 15, 2014Update On The Exploration Program On Samaqua
Oct 15, 2014Identifies Three Large Exploration Targets On Samaqua
Oct 6, 2014Welcomes Positively The Change Of Partner In The Crevier Project
Aug 19, 2014The Start Of The Exploration Program On Samaqua
Jul 15, 2014Closing Of Private Placement
Jun 18, 2014An Exploration Program On The Samaqua Property
Jun 12, 2014Jean Sebastien David And Claude Dufresne Are Joining The Board Of Directors Of MDN Inc.
May 14, 2014Ikungu East Exploration Results Update
May 12, 2014Claude Dufresne Appointed President And Chief Executive Officer
Mar 31, 2014Increasing Evidence Of A Large Gold bearing System At Its Nikonga Project
Dec 20, 2013Tanzania Minerals Corp. And MDN Inc. Agree To Not Further Advance Ikungu Letter Of Intent
Nov 15, 2013Sale And Transfer Of Tulawaka Mine To Stamico
Nov 8, 2013Crevier Project Update: New Focus For The Feasibility Study
Oct 15, 2013TZM Entered Into Letter of Intent with MDN For 50% Interest In the Ikungu Gold Project in Tanzania
Oct 15, 2013Ikungu Project: Mdn Signs A Letter Of Intent With Tanzania Minerals Corp.


 

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