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CORPORATE PRESENTATIONJANUARY 2017

Developing one of the most critical metal TSX-V: NBY

Forward Looking Statements

This presentation contains certain forward-looking statements under the provisions of Canadian securities laws,as well as historical information. Forward-looking statements include, but is not limited to, statements relatingto the Company's strategy, goals and objectives for its James Bay Project, targets and timetable for theexploration and development of the James Bay Niobium project, resource estimates, costs estimates, thepotential demand and supply of niobium, and the price of niobium. Forward looking statements express, as ofthe date of this presentation, the Company’s plans, estimates, forecasts, projections, expectations or beliefs asto future events and results. Forward-looking statements involve a number of risks, uncertainties and otherfactors beyond the Company’s ability to control or predict, and there can be no assurance that such statementswill prove to be accurate. Therefore, actual results and future events could differ materially from thoseanticipated in such statements. Risks, uncertainties and other factors that could cause results or future eventsto differ materially from current expectations expressed or implied by the forward-looking statements include,but are not limited to, factors associated with fluctuations in the market price of metals, changes or delays inmining development and exploration plans, the timing of receipt of necessary permits or regulatory approvalsfor the Company’s exploration projects and other operations, uncertainty related to historical estimate ofresources, uncertainty involved in interpreting geological data and future exploration results, environmentalrisks and hazards, uncertainty as to calculation of mineral resources, 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. The Company does not assume any obligation, toupdate these forward-looking statements and information, except as required by law.

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. Mr. Dufresne is the President and CEO ofthe Company.

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Company Profile

Listed on the TSX-V: NBY

Developing one of the most critical metal: Niobium

Owns 100% of the James Bay Niobium Project located in Ontario

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DIRECTORS & MANAGEMENT

Serge Savard Chairman of the board

Claude Dufresne President & CEO

Alain Krushnisky CFO

Jean-Sébastien David Director

Raymond Legault Director

Jacques Bonneau Director

Jean Rainville Director

Carole Plante Corporate Secretary

STOCK INFORMATION

Symbol NBY

Exchange TSX-V

Market Cap $29 M

Shares outstanding 32.7 M

52-week high $1.25

52-week low $0.05

Cash (Dec 31, 2016) $2.3 M

Updated January 25, 2017

Population is on the Rise

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For the first time in history, half of the world’s population is living in citiesPopulation to reach 9 billions by 2050

Bill

ion

s o

f p

eop

le 10

9

8

7

6

5

4

3

2

1

0

Urban

Rural

Source: UN World Urbanization Prospects

Urbanization is Changing the World

5

By 2050, two-thirds of the global population will live in urban areas

Source: UN World Urbanization Prospects

Steel is at the Core of Urbanization

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Steel is the material of choice for modern development

Strong

Ductile

Durable

100% Recyclable

Cost Effective

Safe

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Stronger

Tougher

Lighter

More flexible

Easier to weld

Reduces GHG emissions

By adding it in steelmaking process Niobium improves steel properties

Niobium an Undeniable Ally for Steel

Niobium is Everywhere

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Automotive (structure, body)

Bridges (beams, rods)

High-rise buildings

O&G Pipelines Aerospace (jet engine, rivets)

Tools Medical (MR, implants)

Electronics (semiconductors)

JewelryStainless steel (Exhaust)

Niobium a ‘green’ metal

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$10 of Niobium

5% liters/km economy

0.02% of Niobium

Mid-size vehicule

Øresun bridge

$25M & 15,000 tons

savings

15,000 tons

Niobium Demand by Region

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North America

South America

Europe & CIS

Africa & Middle East

India

ChinaSouth Korea

Japan

2021 projected world consumtion

100 000 t FeNb

Note: About 3,000 t are not included in the picture (other Asia & Australia)

Source: Camet Metallurgy Inc

Demand is Growing

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

0

20

40

60

80

100

120

140

0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000

g Fe

Nb

/ t

Stee

l

Crude Steel Output (Mt)

China

Europe & CIS

South Korea

Americas

Japan

Crude Steel Production vs Niobium Intensity of Use, 2016

Source: Camet Metallurgy Inc

Note: Size is relative to total Niobium consumption

India

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

11%

80%

Only 3 producers sharing global demand for over 40 yearsKey end-users rely 100% on imports

High Value Niobium Assets

100%

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100%2014 :

2016 :

2011-2012 : 30%

Niobec mine

Catalao + 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)

$10

$15

$20

$25

$30

$35

$40

$45

$50

Niobium Prices are Stable

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Between 2006 and 2008, the price of ferroniobiumincreased to address what appeared to be astructural under-valuing of niobium. Up to thatpoint, the strong growth in demand forferroniobium had not been reflected in its price.

USD

/kg

Nb

US dollar strength towards the Yen,Euro and Renminbi caused thereported price in USD to decline.Real prices in local currenciesremained stable.

Source: Camet Metallurgy Inc

Niobium is one of the only commodity which price remained fairly stable in recent years

World average FeNb price (converted in USD)

Niobium Prices are Stable

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¥0

¥500

¥1 000

¥1 500

¥2 000

¥2 500

¥3 000

¥3 500

¥4 000

0 €

5 €

10 €

15 €

20 €

25 €

30 €

35 €

40 €

45 €

50 €

EU/CIS Japan

FeNb prices remained stable in local currencies

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

Infrastructures

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Moosonee

Renison station

Wetum road

James BayNiobium

Crown Mining Lease

Rail (ONR)

James Bay

< 40 km

James Bay Niobium History

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Discovered in 1966

Historical estimate of 62Mt @ 0.52% Nb2O5 established by Bechtel Canada Ltd. in 19671

Open at depth

Major exploration work carried from 1967 to 1969

14,000 meters of drilling at an average depth of 170 meters in 85 holes, in sections of61 meters intervals along a strike of 730 meters1

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 concentrate1

Feasibility study completed by Bechtel Canada Ltd. in 1969

1: NioBay Metals has not yet undertaken the work necessary to verify or classify the historical estimates, the historical drilling and the metallurgical tests. Economic studies completedin the 1960s does not mean the James Bay Niobium deposit would be found to be economic today. NioBay Metals is not treating the historical results as a current mineral resource noras having been verified by a qualified person.

Surface Plan

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0.3-0.5% Nb2O5

0.5-0.9% Nb2O5

Inside red dash line: 62 M tonnes @ 0.52% Nb2O51

Unit 6 (red): High-grade zone 0.5 - 0.9% Nb2O51

Unit 5 (orange): Medium-grade zone 0.3 - 0.5% Nb2O51

*Historical resources estimate are not 43-101 compliant and are based on data obtained by previous operators in the 60's. MDN is not treating the historical

resources as NI 43-101 compliant nor as having been verified by a qualified person, and they should not be relied upon.

SEC

TIO

N 0

0

SEC

TIO

N 8

N

1: NioBay Metals has not yet undertaken the work necessary to verify or classify the historical estimates, the historical drilling and the metallurgical tests. Economic studies completedin the 1960s does not mean the James Bay Niobium deposit would be found to be economic today. NioBay Metals is not treating the historical results as a current mineral resource noras having been verified by a qualified person.

Section 00

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0.3-0.5% Nb2O5

0.5-0.9% Nb2O5

1: NioBay Metals has not yet undertaken the work necessary to verify or classify the historical estimates, the historical drilling and the metallurgical tests. Economic studies completedin the 1960s does not mean the James Bay Niobium deposit would be found to be economic today. NioBay Metals is not treating the historical results as a current mineral resource noras having been verified by a qualified person.

Strategy and Timeline

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Re-log and analyse

2016Acquisition

2017 2018 2019 2021Production

2020

PEA release

$8 million ~C$20 million

PFS release

DFS release

Start construction

Acquisition 43-101 Resource

NioBay’s objective is to penetrate the market with around 5% of themarket share

Drilling

Summary

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Niobium is an essential strategic and critical metal in modernurbanisation

Reduce emissions of greenhouse gases

Highly sought after assets

Growing demand and stable prices

Well located project near key infrastructures

Aims to become the second producer in North America and the fourthin the world

1693 St-Patrick Street,Suite 106,

Montreal (Quebec),Canada, H3K 3G9

Tel: (514) 866-6500www.niobaymetals.com

Claude Dufresne President & CEO

Developing one of the most critical metal