Niocan also confirms its intention to change its name for NIO Strategic Metals

(Montreal, Québec – TheNewswire - May 9, 2022) – Niocan Inc. (TSXV:NIO) (OTC:NIOCF) (“Niocan” or the “Company”) is pleased to announce the results of its annual general and special meeting of shareholders of the Corporation (the “Shareholders”) held Friday, May 6, 2022.

Each of the nominee directors listed in the Corporation’s management information circular dated

April 7, 2022 (available under Niocan’s profile on SEDAR), Julie Lemieux, Guy Arbour, Guy Charette, Hubert Marleau, Mark D. Wallace and Hubert Vallee was elected as director of the Corporation by the Shareholders.

The Shareholders approved a special resolution authorizing the Company to apply for a certificate of amendment under the Business Corporations Act (Quebec) the (“Act”) to amend its articles of incorporation to change its name from Niocan Inc. to Nio Strategic Metals Inc. It confirms the Company’s intention to expend its activities to source strategic metals and minerals essential to advancing modern life and national security in beneficially environmental, social and ethical manner.

Resolutions to appoint Guimond Lavallée Inc., as auditors of the Corporation for the current financial year 2022, and to ratify and confirm the Company’s stock option plan were also approved.

Subsequent to the annual general meeting of Shareholders, the Board of Directors appointed the

following chairman and officers of the Corporation: Hubert Marleau as chairman of the Board of

Directors, president and chief executive officer; Bruno Dumais as chief financial officer and Hubert Vallée as senior vice-president of operations.

Also, the Board of Directors appointed: Guy Charette, Guy Arbour and Hubert Vallee as members of the Corporation’s audit committee.

About Niocan

Niocan is an exploration and development company, with a focus on becoming a ferroniobium producer. The Company holds a niobium property in Oka, Québec and other exploration properties in the Province of Québec. Niocan’s Oka mining property consists of mining rights comprised of 49 claims covering 2,281 acres and its Great Whale property consists of surface and mining rights covering 24,944 acres on the Hudson Bay territory.

For more information on the Company, please refer to the Company’s public documents available on SEDAR (www.sedar.com) or on the Company’s website (www.niocan.com).

For more information, please contact:

Hubert Marleau

Chairman, President and Chief Executive Officer

niocan.investorinformation@gmail.com

514-560-7623

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (together, “forward looking statements”) within the meaning of applicable Canadian securities laws. Statements, other than statements of historical facts, may be forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”, the negative of these terms and similar terminology although not all forward-looking statement contains these terms and phrases. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors set out in Niocan’s annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR at www.sedar.com, as well as all assumptions regarding the foregoing. Although Niocan believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frame or at all. Except where required by applicable law, Niocan disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.