James Bay Minerals (ASX: JBY) ('James Bay Minerals' or 'the Company') is pleased to advise that it has discovered widely distributed crystals with elevated lithium readings returned using a SciAps LIBS Z903 within an outcropping pegmatite dyke at the highly prospective Aqua Property, which forms part of the Company's La Grande Project, located in the prolific Eeyou Istchee-James Bay district in Quebec, Canada.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

The pegmatite dyke measures approximately 60 metres in length and is 15 metres wide at its outcropping portion and dips at an angle of about 20 degrees to the east. It runs in a north-east to south-west direction and continues further undercover in both the north-east and south-west directions. The exploration team has thoroughly documented and logged details about the crystals identified and the Company plans to conduct additional work, including stripping and channel sampling, to further evaluate its potential.

A SciAps LIBS Z-903 device has been utilised to test the exotic mineral identified in outcrop which returned elevated lithium readings from the LIBS analyser. Samples have been collected for petrography and/or XRD work to confirm if the primary lithium-bearing mineral is spodumene and if other lithium minerals are present. Assay results will be used to determine the lithium content, which has initially been identified using the hand-held LIBS analyse

Significant organic coverage across the pegmatite including moss and lichen makes it difficult to visually identify the green crystals at surface or to estimate the percentage of lithium mineralisation accurately. The identified mineral appears light green in colour on a weathered surface with elongated crystal habit and has been distinguished from other minerals like beryl by the field crew. All samples have been taken from breaking pegmatite rock at surface and sampling freshly exposed rock between 10mm - 200mm depth. Exploration personnel will continue to systematically select grab samples and rock saw channel samples where appropriate.

The LIBS device is calibrated to a lithium pegmatite analysis profile on initiation, with standards analysed at initiation and every 10 readings or between high-grade readings for consistency checks. Reading times are approximately 3-5 seconds. The LIBS has been used as an in-field preliminary check to establish if the mineral is lithium-bearing, but laboratory assays are required to provide accurate, quantitative analysis and may also be used to calibrate the machine to local mineralogy in the future for more accurate LIBS readings. For this reason, no reported lithium values have been included in this announcement while the Company awaits assay results. While the current field observations indicate that the mineral identified is a lithium-bearing mineral, the percentage of lithium produced from the LIBS analyser does not correlate to an accurate quantitative measurement of the lithium concentration of the mineral itself, or to the overall grade of the pegmatite. The LIBS is being used as a field tool for determining if minerals are lithium-bearing as preliminary observations and interpretations evolve

Background on James Bay Minerals

James Bay has acquired a 100% interest in one of the largest lithium exploration portfolios in the James Bay region, covering an area of 41,572Ha or 416km2 . The Joule, Aero, Aqua and La Grande East Properties are located in the La Grande sub-province along-trend from the Corvette deposit, where Patriot Battery Metals (ASX: PMT) recently reported a maiden Inferred Mineral Resource Estimate of 109.2Mt at 1.42% Li2O and 160ppm Ta2O5 (0.40% Li2O cut-off grade)2 . The Troilus Project is located further to the south sitting only 5km to the north of Sayona's Moblan Lithium Project and in close proximity to Winsome Resources' Sirmac-Clappier Project.

Contact:

James Bay

Tel: (08) 9388 1474

Email: info@jamesbayminerals.com.au

Forward-looking statement

This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as 'anticipate', 'estimate', 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any 'forward- looking statement' to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws.

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