‘’diversified junior exploration/development company’

JAMES BAY NIOBIUM PROJECT

February 2019

Forward Looking Statements

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

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

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Company Profile

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DIRECTORS & MANAGEMENT

Serge Savard, ex NHLBusinessman, Real Estate

Chairman

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

President & CEO

Alain Krushnisky, CAHighland Copper, Reunion Gold

CFO

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

Director

Raymond LegaultRetired Financier Advisor

Director

Jacques Bonneau, GeoEx-CEO Mazarin/Niobec

Director

Dawn Madahbee LeachWaubetek Business Development Corporation / First Nations

Director

STOCK INFORMATION ($CAD)

Symbol NBY

Exchange TSX-V

Market Cap $12 M

Shares Outstanding 45.7 M

52-week high $0.82

52-week low $0.11

Cash (Sept 2018) $2.6 M

Updated February 2019

MAJORS HOLDERS

Osisko Gold Royalties 20%

Toronto based High Net Worth 16%

Caisse de Dépôt & Placement Inc 6%

Management 6%

Niobium an Undeniable Ally for Steel

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By adding it in steelmaking process Niobium improves steel propertiesProduction of High Strength Low Alloy Steel

Stronger

Flexible

Lighter

Toughness

Weldability Contribute to GHG Reduction

$10 of Niobium in a mid-size vehicule

5% liters / km economy

Niobium – Applications

5

90% goes in the manufacture of high value steels (HSLA Steels)

MRI

http://www.cbmm.com.br/en/Pages/automotive-steels.aspx(1)

300g Nb reduce overall vehicule weight by 200kg(1)

Fuel savingEmissions

Gas/Oil pipelines

TurbinesStructural Steels

High Strenght→ Weight reductionSuperconductor

Niobium – Innovation and Development

Toshiba – New EV battery with possible range of 320 km with a 6-minute charge.

→ Anode made of a niobium-titanium oxide (TNO), replacing graphite.

→ Estimated market entry : 2019

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Toshiba Battery

Source: CBMM Charles Hatchett Seminar, Toshiba, Niobium.tech

TNO Benefits :

• Ultra-rapid Charge– 6 min;

• Range of 320 km

• Increases the lithium ion density by approximately 30 à 50%.

• Niobium reduces the risk of short-circuits.

0

20

40

60

80

100

120

140

0 200,000 400,000 600,000 800,000 1,000,000

Demand is Growing

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The amount of Niobium used per ton of steel is risingNiobium demand will double when China catches-up.

g Fe

Nb

/ t

Stee

l

Crude Steel Output (Mt)

Crude Steel vs Niobium Intensity 2017

Source: Camet Metallurgy Inc

Note: Size is relative to Total consumption

China

Europe & CIS

South Korea

Americas

Japan

India

10,000

15,000

20,000

25,000

30,000

35,000

40,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Steel Output (Mt) FeNb (t)

Chinese Steel Output vs Niobium Consumption

Crude Steel Output (Mt)FeNb (t)

Global Supply

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Araxa

Niobec

Catalao

11%

Source: Camet Metallurgy Inc

Ownership

Resources(M tonnes)

~60 39 +800

Grade(%Nb2O5)

0.53 0.93 2.50

M&A($US million)

Sold 2015$500

Sold 2016$1,700

Sold 30% 2012

$3,900

14%

75%

Only 3 producers sharing global demand for over 40 yearsOther countries rely 100% on imports

High Value Mining Assets

100%

9

100%2015 :

2016 :

2011-2012 : 30%

Niobec mine

Catalao mine+ Phosphate mine

Source: Bloomberg

RECENT M&A TRANSACTIONS REFLECT THE APPETITE FROM ASIAN ENTITIES

Araxa mine

$US 1.7B

$US 500M

$US 3.9B

(10.3 x EBITDA)

(5.6 x EBITDA)

CEF Holdings

James Bay Niobium Project

Moose River, Moose Factory

Project Location

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James Bay Lowlands, Northeastern Ontario

James Bay Niobium

Detour Gold

Moosonee

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Moosonee

Renison station

James Bay Niobium Project

Rail

James Bay

40 km

Wetum road

PROJECT LOCATION 6

North French

River Watershed

James Bay Niobium’s History

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Discovered in 1966

14,000 meters of drilling at an average depth of 170 meters in 85 holes

Historical estimate of 56M t @ 0.52% Nb2O5

Open at depth (below 275m)

Exploration shaft (~40m ) & a 75m cross-cut

225 t extracted for metallurgical testing (pilot plant)

Lakefield Research carried out metallurgical tests

Overall recovery of 78%, very low impurities, and high grade concentrate

Feasibility study completed by Bechtel Canada in 1969

Access to all historical technical data and drill cores.

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

Shape of the deposit

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Higher GradeWhite bloc = <0.3%

Nb2O5

30m

275m

Underground Stopes Layout

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NO Drill Holes

275m

30m

Preliminary Mine Design (Ramp/ UG)

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Niobec vs James Bay Niobium Carbonatite

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Pillier?Pillier?

Open at depth

30m

-100m-

-200m-

-300m-

Niobec has been in operation for over 44 years

James Bay Niobium Resources (2018)

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

▪ Mineralization is open at depth (> 275m).

▪ A crown pillar is excluded from the resource (abt 6 Mt).

▪ 30m of overburden.

▪ Based on current price for niobium, the in-situ value of the deposit is over 7 billons USD.

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Classification(cut-off

0.3%Nb2O5)

Tonnes Grade Contained Nb2O5

(Mt) (%Nb2O5) (Mkg)

Indicated 26 0.53 137

Inferred 25 0.51 128

Total Ind. & Inf. 51 0.52 265

Araxa Catalao Niobec James Bay Niobium

Owner

Location Brazil Brazil Quebec, Canada Ontario, Canada

Valuation 14 B$US2

1.7 B$US3

0.5 B$US+12 M$CA

(Market Cap)Resource

(M tonnes)+800 38

460

551

1

Resource Grade(%Nb2O5)

2.50% 0.93% 0.53% 0.52%

Recovery 61% 42% 64% 78%

Prod. Capacity(Nb) (tonnes)

70,000 9,000 6,000~4,500

(target)

Recoverable Unit

(Nb2O5 kg/tonne)15 3.90 3.39 4.05

Benchmarking

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1. RPA 43-101 2018 Mineral Resources Estimate w/ 0.3% Nb2O5 cut-off2. Based 2012 transaction with Asian partners3. 2016 acquisition included a phosphate asset. Acquisition based on 10X EBITDA4. Anglo American Fact Book 20155. December 2010 Reserves & Resources 2,400’ without backfill on block 5. NBY estimates

Source: Company reports

+25%

Receipt of Exploration Permit

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▪ Drilling Program to test high grades extension laterally and at depth. Pursuit the metallurgical tests, and preliminary geotechnical evaluation.

▪ Small 3000m / 8 holes.▪ Company is fully financed to

support program.▪ Target Summer 2019

275m

Committed to Indigenous Participation

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Niobay is committed to engagement and participation of Indigenouscommunities.

▪ Early engagement efforts to try to meet with Moose Cree First Nation Chiefand Council

▪ Offered to fund independent study on the impact of a niobium mine to theenvironment.

▪ Opened of an Information Center in Moosonee to provide information onthe James Bay Niobium project to the local community.

▪ Community Open house held with MDNMF staff in Moosonee.

▪ Numerous meetings with Moose Cree business community.

▪ Seeking MCFN as partner in the development of the project.

CREVIER NIOBIUM & TANTALUM PROJECT

February 2019

Introduction Crevier

▪ The Crevier Tantalum and Niobium project is located 65km north of the municipality of Girardville, Québec.

▪ Two metals identified as green and critical by the United States and the EU.

▪ Demand rising strongly in technological applications.

▪ Crevier would become the only Niobium and Tantalum Oxide producer in North America.

▪ Great potential for the economic and social development of the Saguenay-Lac-St-Jean region

▪ Deposit discovered by SOQUEM in 1974 and taken over by Cambior (1986).

▪ Acquired an 50% from Iamgold in 2008.

▪ NioBay to continue the development of the project.

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Location

▪ Located in the mining friendly region of Lac St-Jean, province of Quebec, Canada.

▪ Supported by Quebec government’s Plan Nord and local first nation group.

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CREVIER Project

Quebec cityMontreal

Canada

Quebec

▪ Easy access:▪ 85 km north of

Dolbeau-Mistassini.

▪ Road access to site.

▪ Industrial region:▪ Rio Tinto Alcan

smelters.

▪ Deep water port.

▪ The project is welcomed all stakeholders.

Deposit

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Geology Section

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Pegmatite Nepheline

Syenite

Carbonate Biotite

Nepheline Syenite

Albite-Carbonate-HermatiteAlteration

0.248 % Nb2O5

0.032 % Ta2O5

/ 21.00 m

0.195 % Nb2O5

0.025 % Ta2O5

/ 25.50 m

Resources (NI 43-101 )

▪ World class Niobium and Tantalum resource:

▪ Comparable grades to actual producing mines and developing projects.

▪ 25+ years of mine life at 1 million tons per year throughput.

▪ Exploration works are to extend the resource southeast.

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Tonnage

(Million tons)

Grade

Nb2O5 (%) Ta2O5 (ppm)

Measured 12.5 0.20 234

Indicated 12.9 0.19 234

Total (M+I) 25.4 0.20 234

Inferred 15.4 0.17 252

NI 43-101 Resources update on Crevier property, July 2010.

Mineral resource within the geological deposit, 0.1% Nb2O5 cutoff grade.

Niobium: High grades cut to 0.5% Nb2O5.

Tantalum: High grades cut to 550 ppm Ta2O5.

Crevier Project: Planning

▪ Update PEA of 2010 (underway).

▪ Complete metallurgical works (underway).

▪ Complete Feasibility Study

▪ Improve metallurgy

▪ Permitting

▪ Environmental studies

▪ Engineering

▪ Financing and construction29

To do

Done▪ Preliminary Economic Assessment.

▪ Resources update (NI 43-101).

▪ Pilot plant SGS.

▪ Pilot Plant COREM.

2010

2010

2012

2013

▪ 1986: Transfer to Cambior

▪ 1975: Discovery by SOQUEM

▪ 2006: Iamgold buy Cambior

▪ 2008: Crevier Minerals Inc. (CMI) acquire the property from Iamgold in exchange of a 50% stake in CMI

▪ 2009: increase its equity in CMI to 72.5%

2023: Production

Feasibility Study: Mine Design

▪ No campsite accommodation is required.

▪ Pumping station near Lake Kapapapmeutanu.

▪ 9,8 km of access road option to be built.

▪ Pit optimization and pit stability.

▪ Waste water management.

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Tailing pond B2

Tailing pond B1

Pit

Processplant

Wasterock

Feasibility Study: Metallurgy

▪ SGS Pilot plant testing in 2012.▪ Using approximately 250 tonnes of

mineralization collected from a near-surface location grading 0.02% Ta2O5 and 0.21% Nb2O5, similar to the resource average

▪ SGS Hydromet testing in 2012.▪ Confirmed the amenability of the

Crevier pre-concentrate to HF/H2SO4-SX refining

▪ COREM Pilot plant testing in 2013.▪ Using 50 tons of material at an

average of 0.24% Nb2O5 & 0.03% Ta2O5 in the feed.

▪ The pilot plant achieved higher Ta & Nb recoveries than the associated laboratory tests, but lower grade (due to the higher CaO in the concentrate).

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▪ From the reviewed methods, H2SO4 based route seems to be the most promising. Combination with other concept(s) may also be needed to achieve the target performances .

▪ Assess the opportunity of HF regeneration.

Feasibility Study: Environment

▪ According to the Department of Natural Resources and Wildlife (MRNF) and the Ministry of Sustainable Development, Environment and Parks (MDDEP), ▪ No mention of plants threatened, vulnerable or

likely to be so designated is reported for the area covered by the Project.

▪ No exceptional forest ecosystem is listed in the study area.

▪ No wildlife habitats, mapped according to the regulations, is currently protected except for the fish habitat that consists of all the lakes, marshes, swamps, floodplains or streams where there are fish.

▪ Still need to identify any environments incompatible with development and the need for an impact statement for the BAPE.

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Crevier Minein Quebec

Strategy

▪ NBY intend to create a Niobium and Tantalum mine-to-smelter industry in North-America.

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Tantalum oxide / K-salt: Offtake. TBC

Niobium oxide: Alloys manufacture.

▪ Offtakes agreements with actual processors.▪ Focus toward Ta processors.

Ta

▪ Create a J.V. to build a new Alloys manufacturingfacility in Quebec.▪ Focus toward Nb alloys & metal (Ta not excluded).▪ Masteralloys end-users.▪ Speciality metals producers.▪ Price and supply stability.

Nb

▪ Aerospace:▪ Superalloys, NiNb,

VG/HP FeNb

▪ Superconductors:▪ Nb & Ta Metal

Local Financial Partners

▪ Discussion over construction of a Demonstration plant.

Conclusion

▪ The Crevier deposit hosts a world-class resource of Niobium & Tantalum.

▪ Only Niobium & Tantalum project in North America.

▪ Demand growth fundamentals are strong.

▪ Consolidation trend in the supply chains in order to secure supply.

▪ Well developed end-market in North America.

▪ Solid economic study results.

▪ NBY is looking for a strategic partner.

▪ Off-take agreements with actual processors (Ta).

▪ Co-develop an integrated ‘mine-to-smelter’ model in North-America.

▪ Upstream vertical integration by super alloys/aerospace and/or electronics industry players.

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Thank You !

Claude Dufresne, P.Eng.

President & CEO

cdufresne@niobaymetals.com