‘’diversified junior exploration company’

February 2018

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 NHL Chairman of the board

Claude Dufresne, P.Eng15 years in niobium biz

President & CEO

Alain Krushnisky, CAHighland Copper Cie

CFO

Jean-Sébastien David,Ariane Phosphate Inc, Osisko

Director

Raymond LegaultRetired Financial Advisor

Director

Jacques Bonneau, GeoEx Co-owner Niobec Mine

Director

STOCK INFORMATION ($CAD)

Symbol NBY

Exchange TSX-V

Market Cap $13 M

Shares outstanding 36.7 M

52-week high $1.25

52-week low $0.05

Cash (December, 2017) $1.3 M

Updated January 10, 2018

LARGEST SHAREHOLDERS

Caisse de Dépôt & Placement Inc 7%

Management 7%

Toronto based High Net Worth 20%

Niobium an Undeniable Ally for Steel

4

By adding it in steelmaking process Niobium improves steel properties

Stronger

Flexible

Lighter

Toughness

Weldability Contribute to GHG Reduction

Niobium Contribution to Environment

5

Niobium helps to make lighterand safer vehicules whichcontributes to reduce globalcarbon footprint

$10 of Niobium in a mid-size vehicule

5% liters / km economy

Niobium Contribution to Environment

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15,000

tons

0.02% of Niobium in the Oresund bridge

$300K of Nb & $25M in steel

savings

Niobium helps to make lighterand safer structures whichcontributes to reduce globalcarbon footprint

82,000 tons of steel

Niobium Contribution to Environment

7

Toshiba developed a new EV lithium battery capable of 320 kmsrange with 6-minutes charge.

▪ Anode made of a niobium-titanium oxide, replacing graphite.

▪ To early to measure the niobium demand but expected to besignificant.

▪ Should be on the market in 2019.

“We are very excited by the potential of the new titanium niobium oxide anode and the

next-generation SCiBTM. Rather than an incremental improvement, this is a game

changing advance that will make a significant difference to the range and performance

of EV. We will continue to improve the battery’s performance and aim to put the next-

generation SCiBTM into practical application in fiscal year 2019.”

Dr. Osamu Hori, Director of Corporate Research & Development Center at Toshiba Corporation

Demand is Growing

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

0

20

40

60

80

100

120

140

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

g Fe

Nb

/ t

Stee

l

Crude Steel Output (Mt)

Crude Steel vs Niobium Intensity 2016

Source: Camet Metallurgy Inc

Note: Size is relative to Total consumption

China

Europe & CIS

South Korea

Americas

Japan

India

0

5,000

10,000

15,000

20,000

25,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2000 2002 2004 2006 2008 2010 2012 2014 2016

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

8%

Source: Camet Metallurgy Inc

Resources(M tonnes)

75 39 +800

Grade(%Nb2O5)

0.53 0.93 2.50

Recoverable Unit(kg Nb2O5/t milled)

3.2 3.9 15

M&A($US million)

Sold 2015$500

Sold 2016$1,700

Sold 30% 2012

$3,900

11%

80%

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

James Bay Niobium Project

Moose River, Moose Factory

Project Location

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James Bay Lowlands, Northeast Ontario, Canada

40 km southeast of the town of Moosonee

110 km northwest of the Detour Gold mine

James Bay

Niobium

Detour Gold

Moosonee

Rail, Power and Road Access

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Moosonee

Renison station

Winter road

James BayNiobium

Crown Mining Lease

Rail (ONR)

James Bay

< 40 km

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 62Mt @ 0.52% Nb2O5

Open at depth

Major exploration work carried in 1968 & 1969

Exploration shaft (~130’ ) & a 250’ cross-cut

225Mt 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

Total of ~C$4M spent in the 1960’s, equivalent to C$30M in 2016

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.

Mineralized Zone View from NWW

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James Bay Niobium Resources (2017)

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

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Classification(cut-off 0.3%Nb2O5)

Tonnes Grade Contained Nb2O5

(Mt) (%Nb2O5) (Mkg)

Indicated 23.1 0.53 123

Inferred 23.0 0.51 118

Indicated Inferred

Cut-off Tonnes GradeContained

Nb2O5

Cut-off Tonnes GradeContained

Nb2O5

(%Nb2O5) (Mt) (%Nb2O5)(Mkg)

(%Nb2O5) (Mt) (%Nb2O5)(Mkg)

0.0 24.0 0.52 125 0.0 23.9 0.50 1200.1 24.0 0.52 125 0.1 23.9 0.50 1200.2 24.0 0.52 125 0.2 23.8 0.50 1200.3 23.1 0.53 123 0.3 23.0 0.51 1180.4 19.1 0.57 109 0.4 19.0 0.54 1040.5 12.2 0.64 78 0.5 11.3 0.61 690.6 6.2 0.72 45 0.6 4.9 0.68 340.7 2.8 0.82 23 0.7 1.5 0.77 120.8 1.3 0.91 11 0.8 0.4 0.86 3

▪ Mineral Resource Sensitivity to Cut-off Grade

James Bay Niobium Metallurgy

▪ A metallurgical program was run with SGS Lakefield to validate historical results.

▪ Samples came from a representative sampling of 12 historical holes.

▪ Initial results support the pilot plant results of 1969 i.e. 78% recovery, high niobium grade in concentrate and low impurities.▪ Gravity tests

▪ Open circuit flotation tests

▪ QEMSCAN indicates most minerals are liberated

▪ Very low Thorium and Uranium content (lowest levels among all niobium projects & mines)

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Araxa Catalao Niobec James Bay Niobium

Owner

Location Brazil Brazil Quebec, Canada Ontario, Canada

Market Cap 14 G$US2

1.7 G$US3

0.5 G$US 6 M$CA

Resource (M tonnes)

+800 384

755

241

Resource Grade(%Nb2O5)

2.50% 0.93% 0.53% 0.63%

Recovery 61% 42% 64% 78%

Prod. Capacity(Nb) (tonnes)

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

Opex(US$/kg Nb)

~10 ~ 20 22 SNC estimated < Niobec

Est. EBITDA(US$)

+1 G$ 135 M$ 90 M$ TBD

Recoverable Unit

(Nb2O5 kg/tonne)15 3.90 3.39 4.91

Benchmarking

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1. RPA 43-101 2017 Mineral Resources Estimate w/ 0.5% 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

Source: Company reports

+50%

Moose Cree First Nation

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▪ October 2016, NBY applied for an exploration permit to MNDM.

▪ MNDM/NBY tried to consult Moose Cree First Nation (MCFN) without success on the permit application.

▪ May 2017, Chief Faries announced her opposition against the drilling program and the project without consulting her community members.

▪ May 2017, NBY held a positive information session in Moosonee (town west of Moose Factory/MCFN). The session echoed to MCFN and community members couldn’t understand why NBY haven’t host a session in Moose Factory.

▪ Since, NBY have been actively informing MC community members to a point where the membership forced a Special Membership Meeting with Chief & Council. There is an increasing number of counsellors who showed interest to discuss with NBY.

▪ This meeting was held on November 1st, 2017. 111 community members assisted.

▪ Chief Faries is strongly criticized by community members on her ethics and a numbers of decisions affecting the membership. The community are reviewing the Election Regulations & Code of Conduct (rumour of a misconduct of the election code).

Recent Meetings of MCFN

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UpdateJanuary 18, 2018