Kaiser Research Online - KRO Profile - NioBay Metals Inc (NBY-V)

KRO Company Profile

NioBay Metals Inc (NBY-V)

Trade Date	Volume	High	Low	Close	Chg	Status
April 15, 2024	5,100	$0.060	$0.060	$0.060	$0.000	Trading

Basic Info
Listed On:	TSX Venture: NBY	1/6/1997	Sector:	Resource	Key People
Issued:	79,068,523	9/30/2023	Story Type:	Feasibility Demonstration	Jean-Sebastian David (CEO), Serge Savard (Chair), Anthony Glavac (CFO),
Diluted:	92,039,477		JK Owns:	Yes
Insider Stake:	19%	6/8/2023	Tel:	(514) 866-6500
Working Capital:	$3,577,751	9/30/2023	Email:		Address
Market Cap:	$4,744,111		Web Site:	niobaymetals.com	1111 St. Charles West, Suite 101, Longueuil, QC, J4K 5G4, Canada
Cash Breakup:	$0.04	per sh	Twitter:	@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.

		#Old for New	Last Price	Prior Name	Subsequent Name
Corporate Change History
Mar 31, 2016	New Exchange Listing	1:1	$0.05	MDN Inc (MDN-T)	MDN Inc (MDN-V)
Sep 21, 2016	Name Change	5:1	$0.22	MDN 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
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:	$517,244	Total Liabilities:	$447,785	Operating 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 Period		Cash Eq	Current Assets	Total Assets	Current Liabilities	Total Liabiltiies	Share Capital	GAIN	Cash Expenses	Diluted	Working 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	People Tree Available

Related Party	Occupation	Related Since	Insider	Director	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
		Net Interest	Stage	IPV $ MM	Fair Spec Value Required Target Outcome Range	Target Metals	Deposit Style
James Bay	Canada - Ontario - James Bay Lowlands	100% WI	6-Prefeasibility	$6	$11 - $22	Niobium	Carbonatite
Crevier	Canada - Quebec - Central Quebec	72.5% WI	7-Permitting & Feasibility	$8	$10 - $15	Tantalum Niobium	Carbonatite
Foothills	Canada - Quebec	80% WI	2-Target Drilling	$7	$276 - $690	Titanium	Magmatic Intrusive
Gouin	Canada - Quebec - Southern Quebec	100% WI	2-Target Drilling	$6	$221 - $552	Niobium	Carbonatite
Valentine	Canada - Ontario - James Bay Lowlands	100% WI	2-Target Drilling	$6	$221 - $552	Niobium	Carbonatite

Project Stage	Flagship	Secondary	Active
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 Bay Canada ON James Bay Lowlands 2,585 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: Niobium Model: Carbonatite Stage: 6-Prefeasibility

See Reliable Project Location Google Map in free Corporate Profile

Base Case Resource Estimates

Project Resource Estimate - James Bay

Jul 9, 2020 NI 43-101 Dorota El Rassi, P.Eng, Paul Chamois M.Sc, P.Geo, Roscoe Postle Associates Cutoff: 0.3% Nb2O5 UG CAD $70/t OpEx, 70% recovery, USD $40/kg Nb

Note: Based on 86 holes 16,320 m.

Resource Category Tonnage Total
Rock Value Metal Grade Recovery Contained Metal % of GMV

Indicated Resources 29,700,000 $248/t Niobium 5,300.00 g/t 100.0% 347,026,105 lb 100%

Inferred Mineral Resources 33,800,000 $244/t Niobium 5,200.00 g/t 100.0% 387,480,517 lb 100%

All Categories Spot 63,500,000 $246/t Niobium 5,246.77 g/t
734,506,622 lb 100%

Spot Gross Metal Value Market Cap as % of Net GMV Spot Prices Used

$15,608,265,707 0.0% Niobium $21.25/lb

Outcome Visualization Project as of Apr 15, 2024: James Bay Underground

Project: James Bay Location: Canada Stage: 6-Prefeasibility

Net Interest: 100% WI Uncapped NSR: 2.0% Target Metals: Niobium

OV Project ID: 1000020 OVP Posted: 4/10/2020 OVP Retired:

Current OV ID: 1000060 Current OV Confirmed: 10/20/2020 Visualizer: 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 Average Life of Mine (LOM) LOM Stats

Recoverable Revenue: $301,402,758 $6,706,180,090 $125/t ore Recoverable Value:

   Smelter/Transport Costs: $0 $0 0.0% of Recoverable Revenue

Gross Payable Revenue: $301,402,758 $6,706,180,090 100.0% of Recoverable Revenue

   Royalties: ($6,028,055) ($134,123,602) 2.0% of Gross Payable Revenue

Net Payable Revenue: $295,374,703 $6,572,056,488 98.0% 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 $3,491,595,488 53% 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 $2,577,660,941 39% 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 years Startup NPV 5% NPV 10% NPV 15%

Annual Avg NSR: $2,953,747 Now $37,257,613 $23,628,495 $16,357,857

LOM NSR: $65,720,565 2025 $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): $160 Recoverable Rock Value: $125 Payable Rock Value: $125

LOM Net Payable Revenue (USD): $6,572,056,488 LOM PT Cash Flow (USD): $3,491,595,488 LOM AT Cash Flow (USD): $2,577,660,941

USD Pre-Tax NPV: $1,079,004,971 Pre-Tax IRR: 35.3% Pre-Tax Payback: 2.8

USD After-Tax NPV: $688,577,849 After-Tax IRR: 25.9% After-Tax Payback: 3.8

CAD Fair Spec Value Low: $236,939,638 CAD Fair Spec Value High: $473,879,275 CAD 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 NPV CAD OV NPV Exch Rate Diluted Net Interest

$688,577,849 $947,758,551 1.3764 92,039,477 100.00%

Project Stage Uncertainty Range CAD FSV Range CAD FSV per Share Range CAD MSV per Share Range

Grassroots 0.5% - 1.0% $4,738,793 - $9,477,586 $0.05 - $0.10 $0.10 - $0.26

Target Drilling 1.0% - 2.5% $9,477,586 - $23,693,964 $0.10 - $0.26 $0.26 - $0.51

Discovery Delineation 2.5% - 5.0% $23,693,964 - $47,387,928 $0.26 - $0.51 $0.51 - $7.72

Infill & Metallurgy 5% - 10% $47,387,928 - $94,775,855 $0.51 - $1.03 $5.15 - $10.30

PEA 10% - 25% $94,775,855 - $236,939,638 $1.03 - $2.57 $2.57 - $7.72

Prefeasibility 25% - 50% $236,939,638 - $473,879,275 $2.57 - $5.15 $2.57 - $5.15

Permitting & Feasibility 50% - 75% $473,879,275 - $710,818,913 $5.15 - $7.72 $2.57 - $5.15

Construction 75% - 100% $710,818,913 - $947,758,551 $7.72 - $10.30 $5.15 - $7.72

Production 100% $947,758,551 $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 1 Metal 2 Metal 3 Metal 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 NPV USD PT IRR USD AT NPV USD AT IRR AT Payback yrs

Spot: $1,194,304,072 38.1% $769,287,219 27.9% 3.6

OV Assigned: $1,079,004,971 35.3% $688,577,849 25.9% 3.8

Pessimistic: $336,423,859 17.2% $168,975,892 12.8% 7.3

Optimistic: $1,297,249,698 40.5% $841,349,157 29.6% 3.4

Fantasy: $1,709,032,200 50.3% $1,129,596,909 36.5% 2.7

Fair Speculative Value for Alternative Metal Price Scenarios

Stage: Prefeasibility - 25.0% - 50.0%

CAD AT NPV CAD Target Price CAD FSV Range CAD FSV per Share Range CAD MSV per Share Range

Spot: $1,058,846,928 $11.50 $264,711,732 - $529,423,464 $2.88 - $5.75 $2.88 - $5.75

OV Assigned: $947,758,551 $10.30 $236,939,638 - $473,879,275 $2.57 - $5.15 $2.57 - $5.15

Pessimistic: $232,578,418 $2.53 $58,144,605 - $116,289,209 $0.63 - $1.26 $0.63 - $1.26

Optimistic: $1,158,032,980 $12.58 $289,508,245 - $579,016,490 $3.15 - $6.29 $3.15 - $6.29

Fantasy: $1,554,777,185 $16.89 $388,694,296 - $777,388,593 $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 15, 2024: James Bay Open Pit

Project: James Bay Location: Canada Stage: 6-Prefeasibility

Net Interest: 100% WI Uncapped NSR: 2.0% Target Metals: Niobium

OV Project ID: 1000028 OVP Posted: 10/20/2020 OVP Retired:

Current OV ID: 1000078 Current OV Confirmed: 10/20/2020 Visualizer: 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 Average Life of Mine (LOM) LOM Stats

Recoverable Revenue: $260,033,752 $7,642,336,924 $108/t ore Recoverable Value:

   Smelter/Transport Costs: $0 $0 0.0% of Recoverable Revenue

Gross Payable Revenue: $260,033,752 $7,642,336,924 100.0% of Recoverable Revenue

   Royalties: ($5,200,675) ($152,846,738) 2.0% of Gross Payable Revenue

Net Payable Revenue: $254,833,077 $7,489,490,185 98.0% 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 $4,628,666,785 62% 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 $3,357,863,250 45% 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 years Startup NPV 5% NPV 10% NPV 15%

Annual Avg NSR: $2,548,331 Now $36,965,993 $21,757,982 $14,529,393

LOM NSR: $74,894,902 2025 $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): $138 Recoverable Rock Value: $108 Payable Rock Value: $108

LOM Net Payable Revenue (USD): $7,489,490,185 LOM PT Cash Flow (USD): $4,628,666,785 LOM AT Cash Flow (USD): $3,357,863,250

USD Pre-Tax NPV: $1,270,435,280 Pre-Tax IRR: 40.1% Pre-Tax Payback: 2.5

USD After-Tax NPV: $821,788,487 After-Tax IRR: 29.1% After-Tax Payback: 3.4

CAD Fair Spec Value Low: $282,777,418 CAD Fair Spec Value High: $565,554,837 CAD 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 - $6.14

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 NPV CAD OV NPV Exch Rate Diluted Net Interest

$821,788,487 $1,131,109,674 1.3764 92,039,477 100.00%

Project Stage Uncertainty Range CAD FSV Range CAD FSV per Share Range CAD MSV per Share Range

Grassroots 0.5% - 1.0% $5,655,548 - $11,311,097 $0.06 - $0.12 $0.12 - $0.31

Target Drilling 1.0% - 2.5% $11,311,097 - $28,277,742 $0.12 - $0.31 $0.31 - $0.61

Discovery Delineation 2.5% - 5.0% $28,277,742 - $56,555,484 $0.31 - $0.61 $0.61 - $9.22

Infill & Metallurgy 5% - 10% $56,555,484 - $113,110,967 $0.61 - $1.23 $6.14 - $12.29

PEA 10% - 25% $113,110,967 - $282,777,418 $1.23 - $3.07 $3.07 - $9.22

Prefeasibility 25% - 50% $282,777,418 - $565,554,837 $3.07 - $6.14 $3.07 - $6.14

Permitting & Feasibility 50% - 75% $565,554,837 - $848,332,255 $6.14 - $9.22 $3.07 - $6.14

Construction 75% - 100% $848,332,255 - $1,131,109,674 $9.22 - $12.29 $6.14 - $9.22

Production 100% $1,131,109,674 $12.29 $12.29 - $15.36

Market Speculative Value Stock Price Range: CAD $3.07 - $6.14

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 1 Metal 2 Metal 3 Metal 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 NPV USD PT IRR USD AT NPV USD AT IRR AT Payback yrs

Spot: $1,379,171,821 42.8% $897,904,066 31.0% 3.2

OV Assigned: $1,270,435,280 40.1% $821,788,487 29.1% 3.4

Pessimistic: $570,120,174 22.9% $331,567,913 16.9% 5.9

Optimistic: $1,476,258,019 45.2% $965,864,405 32.7% 3.1

Fantasy: $1,864,602,809 54.7% $1,237,705,758 39.3% 2.5

Fair Speculative Value for Alternative Metal Price Scenarios

Stage: Prefeasibility - 25.0% - 50.0%

CAD AT NPV CAD Target Price CAD FSV Range CAD FSV per Share Range CAD MSV per Share Range

Spot: $1,235,875,157 $13.43 $308,968,789 - $617,937,578 $3.36 - $6.71 $3.36 - $6.71

OV Assigned: $1,131,109,674 $12.29 $282,777,418 - $565,554,837 $3.07 - $6.14 $3.07 - $6.14

Pessimistic: $456,370,076 $4.96 $114,092,519 - $228,185,038 $1.24 - $2.48 $1.24 - $2.48

Optimistic: $1,329,415,766 $14.44 $332,353,942 - $664,707,883 $3.61 - $7.22 $3.61 - $7.22

Fantasy: $1,703,578,205 $18.51 $425,894,551 - $851,789,103 $4.63 - $9.25 $4.63 - $9.25

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.

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Crevier Project

Featured in Share Collective

Crevier Canada QC Central Quebec 4,645 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 Niobium Model: Carbonatite Stage: 7-Permitting & Feasibility

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Base Case Resource Estimates

Project Resource Estimate - Anita

Jun 14, 2010 NI 43-101 SGS Geostat Cutoff: 0.1% Nb

Resource Category Tonnage Total
Rock Value Metal Grade Recovery Contained Metal % of GMV

Measured Resource 12,465,000 $132/t Niobium 1,990.00 g/t 100.0% 54,685,878 lb 71%

Tantalum 234.00 g/t 100.0% 6,430,400 lb 29%

Indicated Resources 12,904,000 $130/t Niobium 1,940.00 g/t 100.0% 55,189,430 lb 70%

Tantalum 234.00 g/t 100.0% 6,656,869 lb 30%

Inferred Mineral Resources 15,423,000 $122/t Niobium 1,700.00 g/t 100.0% 57,802,631 lb 66%

Tantalum 252.00 g/t 100.0% 8,568,390 lb 34%

All Categories Spot 40,792,000 $127/t Niobium 1,864.54 g/t
167,677,939 lb 69%

Tantalum 240.81 g/t
21,655,659 lb 31%

Spot Gross Metal Value Market Cap as % of Net GMV Spot Prices Used

$5,198,158,461 0.1% Niobium $21.25/lb, Tantalum $75.50/lb

Foothills Project

Featured in Share Collective

Foothills Canada QC Quebec 49,571 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: Titanium Model: Magmatic Intrusive Stage: 2-Target Drilling

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Gouin Project

Featured in Share Collective

Gouin Canada QC Southern Quebec 11,650 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: Niobium Model: Carbonatite Stage: 2-Target Drilling

See Reliable Project Location Google Map in free Corporate Profile