NioBay announces filing of application for OTCQB Listing
Niobay Metals Inc. has filed an application to be listed on the OTCQB Best Market, a U.S. market operated by OTC Markets Group Inc. in New York, under the symbol “NBYCF’’. NioBay will continue to trade on the TSX Venture Exchange under its symbol “NBY”. In addition, NioBay is already DTC eligible by The Depository Trust Company for electronic settlement and transfer of its common shares in the United States.
The OTC operates the world’s largest electronic interdealer quotation system for US broker dealers and offers multiple media channels to increase the visibility of OTC-listed companies. Trading on the OTCQB Market enables companies to efficiently build broader investor awareness and provide U.S. investors with a seamless trading facility to more easily trade through the broker of their choice.
“Listing NioBay on the OTCQB will be an important step to provide easier access and trading capability in our Company’s shares for both institutional and retail investors,” stated Claude Dufresne, President and CEO of NioBay. “This will contribute to one of our core strategies to enhance liquidity and building on the significant progress we have made over the past years.”
The listing on the OTCQB remains subject to the approval of the OTCQB and the satisfaction of applicable listing requirements. NioBay shares are expected to begin trading on the OTCQB within the next month. As more information becomes available, the Company will keep its shareholders up-to-date on the status of the application.
Update on the Exploration Program
Restrictions due to the COVID pandemic, difficult weather conditions, and contractor issues have contributed to delays in the construction of the 60 km winter trail to the exploration site, which is still not fully completed. In addition, during the construction of the winter trail, NioBay’s contractors accessed, despite the Company’s instruction not to, an unauthorized corridor of a parallel winter road (Wetum) to the exploration trail which has caused concerns with Moose Cree First Nation (“MCFN”). As a result of the above circumstances, the Company, in collaboration with the MCFN leadership, has elected to defer the winter exploration drill campaign and committed to supporting an enhanced community engagement process.
NioBay had previously released on February 1, 2021, that it had received an exploration permit valid for three years and had renewed the Protection Agreement with MCFN for the winter drill campaign.
“Moose Cree citizens were concerned by some of the activities associated with NioBay’s exploration activities, particularly with respect to the unauthorized use of the Wetum Rd corridor. My Council heard our community’s concerns and raised them with NioBay directly. I appreciate NioBay’s acknowledgement of our community’s concerns, and their willingness to pause their exploration program and to invest the time to ensure our relationship gets back on track before further exploration activities occur” said MCFN Chief Merv Cheechoo.
“Although the deferral of the exploration program is not ideal, we view our relationship with Moose Cree First Nation as a priority. We will now focus on engaging with the Moose Cree to set the terms and conditions of the rescheduled drill program. We share with the community the importance of protecting the environment and will continue to work alongside Moose Cree” said Claude Dufresne.
James Bay Niobium Preliminary Economic Assessment (‘’PEA’’)
The Company published on October 13, 2020, a PEA on its 100% James Bay Niobium project. The PEA review three mining scenarios with all scenarios demonstrated very robust economic (NPV8% varying from $733M to $1,008M, IRR of 22% to 28%). The mine life of all scenarios varies between 23 to 30 years and will create over 400 highly paid jobs and overall expenses will exceed $3.5 billion to suppliers, salaried employees, contractors. In addition provincial, federal and mining taxes paid over the life of mine will exceed $1 billion. The Company is committed to having MCFN as a partner in the development and operation of the mine.
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