Niocan Inc. announced it has received confirmation from the Ministère de l'Energie et des Ressources naturelles ("MERN") of the approval of the conversion of its mining lease concerning its niobium property located in the Oka region in Quebec, Canada into claims. The mining lease has been in existence since 2000 and the Company has for many years been awaiting the receipt of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Fight against Climate Change ("MDDELCC") which would allow it to exploit its Oka mine project. The Company considers that it has produced all information required by the MDDELCC for the issuance of a Certificate of Authorization; however, in spite of the Company's repeated attempts to obtain an indication from the MDDELCC as to its intentions to the Certificate of Authorization, the Company has not yet received conclusive information to this effect. The mining lease for the property expired on July 20, 2020, at which time Niocan requested that the MERN issue mining claims over the lands covered by the lease. A decision was made by the MERN to issue the claims to Niocan.