Following our decision to suspend drilling and exploration activities at our James Bay Niobium Project based on a letter
received from the council of the Moose Cree First Nation (“MCFN”), I would like to update you on the latest development.
Firstly, all of our effort have been and continue to be made in the best interest of shareholders and for the future of
? Following the letter, we were able to have a meeting with MCFN negotiation team. Following this meeting, we
tabled a letter asking them to support our return to the field to complete our drilling campaign.
? Originally, we had planned to stop for the goose-hunting break in April 2022. Therefore, the program was
suspended two weeks earlier then expected.
? It is now the hunting season and our camp has been put on care and maintenance.
? We have stated to the negotiation team, that our priority is to return and complete the drilling program as
originally agreed on. However, we are also evaluating all options available to NioBay (a modified drill program,
exploration on other existing NioBay properties, potential target properties, etc.)
? Over the last two weeks we have held discussions with the officials of several Ministries, including the Premiere’s
office. We all trying to find the best-negotiated solution with MCFN.
? We feel that there is a sincere interest from the Ontario Government in our project as it fits well with their recent
announcement on sritical minerals.
? Ontario’s Open for Business
? We will increase direct contact with MCFN members therefore going around the Council in order for the MCFN
members to have access to all information they require.
Keep in mind that NioBay has a mining lease and an exploration permit in good standing and an Environmental protection
agreement with MCFN in place.
The James Bay Niobium Project has demonstrated its strong potential based on the information we were able to obtain
so far (a PEA was completed in 2021). It is extremely rare to find this metal in the quantities discovered to date. There are
only 3 niobium mines in operation in the world. Niobium is used primarily in steel, of which Ontario is a major producer,
and recently in some batteries and electronic components.
We will keep you informed of developments.
Thank you for your support.
President and Chief Executive Officer
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