NioBay Announces a New Resource Estimate on Its Crevier Project
Original announcement by tmx on
- Company
- NioBay Metals Inc.
- Ticker
- NBY
- Exchange
- TSX
- Region
- Québec
- Primary commodity
- Niobium
- Secondary commodities
- Tantalum
- Document categories
- Resource update
- Extracted
- 2026-09-12 15:09:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
NioBay Metals Inc. has announced a new 2026 Mineral Resource Estimate for its Crevier niobium and tantalum project in Québec. The update introduces Measured resources for the first time, totaling 16.26 Mt at 0.17% Nb₂O₅, and utilizes an optimized pit shell and updated production costs for a more robust economic model.
Reasoning: The 2026 MRE introduces Measured resources for the first time at the Crevier project, significantly de-risking the resource through an optimized pit shell and updated economic modeling.
Positive factors
- Category Upgrade
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Facts used in scoring: 6
Classification and evidence
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The 2026 MRE converts 16.26 Mt into measured resources, which were not defined in the 2010 estimate.
Evidence · text
“convert 16,257,000 tons at 0,17 Nb₂O₅ and 201 ppm Ta₂O₅ into measured resources, whereas no measured resources had been defined in the previous estimate”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource estimate was prepared in accordance with NI 43-101 regulations.
Evidence · text
“The work was carried out and completed in accordance with NI 43-101 regulations”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Jean-Michel Dubé, P.Geo., is named as the Qualified Person for the resource estimation.
Evidence · text
“Estimate performed by Jean-Michel Dubé, P.Geo., M.Sc. | P.Geo., M.Sc., Qualified Person”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade for the Mineral Resource reporting is explicitly stated as 0.1124% Nb2O5 equivalent.
Evidence · text
“COG is of 0.1124% Nb2O5 equivalent”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
measuredCrevier Project · niobiumTonnes: 16257000Grade: 0.17Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- niobium
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:32bce1e42de09c77a645
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- measured
- Tonnes
- 16257000
- Grade
- 0.17
- Grade Unit
- %
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: First time Measured resources have been defined for this project.
Positive factors
- New Measured category
Evidence · text
“convert 16,257,000 tons at 0,17 Nb₂O₅ and 201 ppm Ta₂O₅ into measured resources, whereas no measured resources had been defined in the previous estimate”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredCrevier Project · tantalumTonnes: 16257000Grade: 201Grade Unit: ppmHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- tantalum
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:32bce1e42de09c77a645
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- measured
- Tonnes
- 16257000
- Grade
- 201
- Grade Unit
- ppm
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: Secondary metal grade reported as part of the measured resource.
Evidence · text
“16,257,000 tons at 0,17 Nb₂O₅ and 201 ppm Ta₂O₅ into measured resources”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCrevier Project · niobiumTonnes: 4476000Grade: 0.17Grade Unit: %View all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- niobium
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:8acce8846176f11cf140
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- indicated
- Tonnes
- 4476000
- Grade
- 0.17
- Grade Unit
- %
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: Standard indicated resource component.
Evidence · table
“0.17”
Context: 4,476,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCrevier Project · tantalumTonnes: 4476000Grade: 208Grade Unit: ppmView all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- tantalum
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:8acce8846176f11cf140
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- indicated
- Tonnes
- 4476000
- Grade
- 208
- Grade Unit
- ppm
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: Secondary metal grade reported as part of the indicated resource.
Evidence · table
“208”
Context: 4,476,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCrevier Project · niobiumTonnes: 12766000Grade: 0.12Grade Unit: %View all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- niobium
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:82df4198e1752a93d0b5
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- inferred
- Tonnes
- 12766000
- Grade
- 0.12
- Grade Unit
- %
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: Inferred resources represent lower geological confidence.
Negative factors
- Inferred category
Evidence · table
“0.12”
Context: 12,766,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCrevier Project · tantalumTonnes: 12766000Grade: 131Grade Unit: ppmView all detailsHide details
Identity
- Project
- Crevier Project
- Commodity
- tantalum
- Region
- canada_qc
- Reported Region
- Québec
- Ticker
- NBY
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jean-Michel Dubé
- Resource group id
- resource:82df4198e1752a93d0b5
- Deposit or zone
- Crevier Project
- Mining method
- open_pit
- Ownership percent
- 72.5 %
Resource Data
- Category
- inferred
- Tonnes
- 12766000
- Grade
- 131
- Grade Unit
- ppm
- Cutoff Grade
- 0.1124
- Cutoff Unit
- % Nb2O5 equivalent
Prior Estimate
- Resource Date
- 2026-02-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-25T00:00:00.000Z
Reasoning: Secondary metal grade reported as part of the inferred resource.
Negative factors
- Inferred category
Evidence · table
“131”
Context: 12,766,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.