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Osisko Metals Reports 11 Metres Grading 14.71% Zn + Pb From Final Results of the 2023 Pine Point Drill Program

MONTREAL, Jan. 16, 2024 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce the remaining results from the 2023 drilling program at the Pine Point Mining Limited (“PPML”) Joint Venture Project, located in the Northwest Territories, Canada. The reported results are from the C2 Zone, N1 Zone, NE1 Zone, and the NE2 Zone. Results are all from near-surface, tabular-style deposits, and these will be incorporated into a new Mineral Resource Estimate (“MRE”) that will be released in Q1 2024 and will be integrated into a Feasibility Study (“FS”) that is also planned to start in Q1 2024.

Highlights of Drill Hole Assay Composites:

Robert Wares, CEO and Chairman of the Board, commented: “Drill results over the last five years at Pine Point have met or exceeded expectations, and now that the definition drilling program is essentially completed, we will have an updated Mineral Resource Estimate this quarter. This MRE will comprise mostly indicated resources and will be updated to take into account higher estimated mining and energy costs. This winter, we will focus on drill-testing new prismatic-style exploration targets at Pine Point with a significant drill program. With an updated MRE in hand, our joint-venture with Appian Natural Resources Fund III LP is successfully advancing Pine Point as we enter the feasibility stage of the project.”

Recent advancement in the geological understanding of Pine Point has greatly enhanced the favorability of the underlying stratigraphy (Pine Point Formation) for hosting high-grade prismatic-style deposits in addition to the remaining potential in the Sulphur Point Formation. An exploration program is currently underway using modern induced polarization surveys (IP) to search for these high-value deposits. A significant number of exploration targets will be tested with a $3 million drill program slated to start this month.

Drilling was conducted as part of PPML’s Joint Venture’s larger 2023 definition drilling program designed to achieve an average drill spacing of approximately 30 metres within the currently modelled mineral resources reported in the 2022 PEA. This spacing is intended to upgrade the resources presently classified as Inferred to the Indicated category so that they can be included as the resource base for the upcoming FS.

Table 1: Drill Hole Assay Composites*.

Hole Name Zone Deposit From To Drill width True Width Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
K51-23-PP-004 C2 K51 34.00 45.00 11.00 10.98 12.48 2.23 14.71
K51-23-PP-005 C2 K51 16.30 19.00 2.70 2.69 11.25 1.11 12.36
K51-23-PP-005 C2 K51 36.00 37.00 1.00 1.00 3.33 0.02 3.35
K51-23-PP-005 C2 K51 40.00 45.00 5.00 4.98 8.47 1.02 9.49
K51-23-PP-009 C2 K51 39.00 41.00 2.00 2.00 2.60 0.30 2.90
K52-23-PP-003 C2 K52 37.00 38.00 1.00 1.00 2.73 0.38 3.11
K52-23-PP-004 C2 K52 35.00 36.00 1.00 1.00 3.23 0.26 3.49
K52-23-PP-004 C2 K52 39.00 40.00 1.00 1.00 8.99 1.11 10.10
K52-23-PP-004 C2 K52 42.00 43.00 1.00 1.00 3.34 0.23 3.57
K52-23-PP-005 C2 K52 41.00 44.00 3.00 3.00 2.31 0.49 2.80
K52-23-PP-009 C2 K52 37.00 38.50 1.50 1.50 3.03 0.63 3.66
K52-23-PP-009 C2 K52 43.00 44.50 1.50 1.50 6.77 0.94 7.71
K52-23-PP-010 C2 K52 35.00 37.00 2.00 1.99 4.64 0.34 4.99
K52-23-PP-010 C2 K52 44.00 46.00 2.00 1.99 1.61 0.93 2.53
K52-23-PP-014 C2 K52 43.00 44.00 1.00 1.00 3.54 1.48 5.02
K52-23-PP-016 C2 K52 38.00 39.00 1.00 1.00 4.66 0.01 4.67
K52-23-PP-017 C2 K52 41.00 42.00 1.00 1.00 1.89 4.95 6.84
K52-23-PP-020 C2 K52 41.05 46.00 4.95 4.94 11.36 1.07 12.43
M48-23-PP-001 C2 M48 36.00 37.50 1.50 1.50 4.55 0.17 4.72
M48-23-PP-003 C2 M48 33.00 35.00 2.00 2.00 5.07 0.49 5.56
M48-23-PP-003 C2 M48 37.00 43.00 6.00 5.99 10.94 1.95 12.89
T37-23-PP-001 NE1 T37 6.50 7.15 0.65 0.65 3.12 0.02 3.14
T37-23-PP-002 NE1 T37 8.00 11.00 3.00 3.00 5.25 1.58 6.83
T37-23-PP-003 NE1 T37 14.00 17.00 3.00 2.99 4.16 0.92 5.07
T37-23-PP-004 NE1 T37 18.00 22.00 4.00 3.99 8.08 1.21 9.29
T37-23-PP-005 NE1 T37 23.00 25.00 2.00 1.99 2.18 5.66 7.84
T37-23-PP-006 NE1 T37 29.00 32.00 3.00 2.99 1.09 0.85 1.95
T37-23-PP-007 NE1 T37 9.00 11.00 2.00 2.00 3.67 0.08 3.74
X18-23-PP-003 NE2 X18 35.00 38.00 3.00 2.99 5.15 1.11 6.26
X18-23-PP-003 NE2 X18 42.00 43.00 1.00 1.00 2.43 0.00 2.43
X18-23-PP-003 NE2 X18 47.00 48.00 1.00 1.00 2.43 0.01 2.44
X49-23-PP-003 N1 X49 22.00 23.00 1.00 1.00 2.63 0.38 3.00
X49-23-PP-005 N1 X49 15.00 20.00 5.00 4.99 2.43 1.60 4.03
X49-23-PP-013 N1 X49 17.90 18.95 1.05 1.05 17.15 2.67 19.82
X49-23-PP-013 N1 X49 21.00 22.00 1.00 1.00 5.95 5.13 11.08
X49-23-PP-014 N1 X49 19.70 23.80 4.10 4.10 9.72 1.67 11.39
X49-23-PP-014 N1 X49 26.00 27.00 1.00 1.00 0.22 1.79 2.01
X49-23-PP-017 N1 X49 17.00 24.00 7.00 6.99 2.80 0.48 3.28
X49-23-PP-020 N1 X49 18.00 21.00 3.00 3.00 5.11 0.88 5.99
X49-23-PP-025 N1 X49 21.00 24.00 3.00 3.00 3.11 0.40 3.52
X49-23-PP-026 N1 X49 20.00 24.00 4.00 3.99 3.36 0.50 3.86
X49-23-PP-027 N1 X49 20.00 25.00 5.00 5.00 5.85 1.30 7.14
X59-23-PP-002 N1 X59 36.25 37.00 0.75 0.75 4.14 2.11 6.25
X59-23-PP-004 N1 X59 49.00 50.00 1.00 1.00 8.43 0.02 8.45
X59-23-PP-004 N1 X59 52.00 59.00 7.00 6.99 3.09 0.18 3.27
X59-23-PP-005 N1 X59 49.50 50.50 1.00 1.00 1.74 2.15 3.89
X59-23-PP-006 N1 X59 34.00 35.00 1.00 1.00 2.06 0.00 2.06
X59-23-PP-007 N1 X59 30.00 32.00 2.00 2.00 4.38 1.40 5.77
X59-23-PP-011 N1 X59 35.00 36.00 1.00 1.00 2.78 1.11 3.89
X59-23-PP-014 N1 X59 28.00 33.50 5.50 5.49 12.80 1.38 14.18
X59-23-PP-017 N1 X59 31.85 33.35 1.50 1.50 7.99 1.13 9.12
X60-23-PP-003 N1 X60 23.00 25.00 2.00 2.00 2.08 0.14 2.22
X60-23-PP-003 N1 X60 30.00 36.00 6.00 5.99 16.47 1.42 17.89
X60-23-PP-003 N1 X60 44.00 45.00 1.00 1.00 3.19 1.04 4.23
X60-23-PP-004 N1 X60 32.00 36.00 4.00 4.00 8.12 1.52 9.64
X60-23-PP-005 N1 X60 42.00 43.00 1.00 1.00 9.86 1.34 11.20
X60-23-PP-007 N1 X60 31.00 35.00 4.00 4.00 2.87 0.82 3.69
X60-23-PP-007 N1 X60 49.00 50.00 1.00 1.00 6.75 2.96 9.71
X60-23-PP-009 N1 X60 35.00 36.00 1.00 1.00 3.15 0.04 3.19
X61-23-PP-001 N1 X61 45.00 46.00 1.00 1.00 3.54 0.89 4.43
X61-23-PP-002 N1 X61 39.00 40.00 1.00 1.00 1.73 0.39 2.11
X61-23-PP-002 N1 X61 42.00 46.00 4.00 3.99 6.07 1.92 7.99
X61-23-PP-002 N1 X61 52.00 53.00 1.00 1.00 2.83 0.38 3.21
X64-23-PP-005 N1 X64 38.00 41.22 3.22 3.21 12.86 2.61 15.46
X64-23-PP-007 N1 X65 38.00 42.00 4.00 3.99 4.21 0.28 4.49
X64-23-PP-008 N1 X66 60.00 61.00 1.00 1.00 2.66 0.00 2.66
X68-23-PP-006 N1 X68 40.00 41.00 1.00 1.00 2.05 0.46 2.51
X68-23-PP-007 N1 X68 31.00 35.37 4.37 4.36 2.47 0.65 3.12
X68-23-PP-009 N1 X68 34.00 35.00 1.00 1.00 4.94 0.11 5.05
X68-23-PP-013 N1 X68 40.00 41.00 1.00 1.00 2.31 0.30 2.61
X68-23-PP-014 N1 X68 33.00 41.00 8.00 7.98 7.86 1.13 8.99
X68-23-PP-015 N1 X68 34.00 36.00 2.00 2.00 7.21 2.09 9.30
X68-23-PP-015 N1 X68 38.00 39.00 1.00 1.00 2.01 0.03 2.04
X68-23-PP-016 N1 X68 36.00 42.50 6.50 6.49 6.38 0.93 7.30
Y55-23-PP-003 N1 Y55 20.00 21.00 1.00 1.00 2.29 0.22 2.51
Y55-23-PP-005 N1 Y55 23.00 25.00 2.00 2.00 2.90 0.41 3.31
Y55-23-PP-006 N1 Y55 22.00 23.00 1.00 1.00 2.13 0.41 2.54
Y55-23-PP-006 N1 Y55 25.00 26.00 1.00 1.00 4.14 0.66 4.80
Y55-23-PP-007 N1 Y55 19.00 21.00 2.00 2.00 21.43 0.28 21.71
Y55-23-PP-010 N1 Y55 17.00 18.00 1.00 1.00 2.33 0.00 2.33
Y55-23-PP-012 N1 Y55 17.00 18.40 1.40 1.40 19.90 13.65 33.55
Y55-23-PP-014 N1 Y55 22.00 23.00 1.00 1.00 6.33 1.58 7.91
Y57-23-PP-001 N1 Y57 9.60 13.00 3.40 3.39 2.59 1.04 3.63
Y57-23-PP-001 N1 Y57 15.00 16.00 1.00 1.00 3.97 0.02 3.99
Y57-23-PP-003 N1 Y57 15.00 19.00 4.00 3.99 2.92 0.07 3.00
Y57-23-PP-003 N1 Y57 24.00 26.00 2.00 2.00 2.48 0.11 2.59
Y57-23-PP-005 N1 Y57 13.00 17.00 4.00 4.00 3.75 0.11 3.86
Y58-23-PP-004 N1 Y58 25.00 26.00 1.00 1.00 1.34 0.72 2.05
Y58-23-PP-005 N1 Y58 21.00 22.00 1.00 1.00 5.70 0.01 5.71
Y58-23-PP-005 N1 Y58 24.00 26.00 2.00 2.00 5.28 0.11 5.38
Y58-23-PP-007 N1 Y58 22.00 23.00 1.00 1.00 3.04 0.01 3.05
Y62-23-PP-001 N1 Y62 34.00 40.00 6.00 5.97 4.49 1.19 5.68
Y62-23-PP-001 N1 Y62 45.00 46.00 1.00 0.99 1.65 0.52 2.17
Y62-23-PP-002 N1 Y62 38.00 41.00 3.00 2.99 7.22 0.83 8.05
Y62-23-PP-002B N1 Y62 36.90 42.00 5.10 5.09 4.35 0.56 4.90
Y62-23-PP-002B N1 Y62 44.00 46.00 2.00 2.00 5.67 0.87 6.54
Y62-23-PP-003 N1 Y62 42.00 50.00 8.00 8.00 6.81 0.63 7.44
Y68-23-PP-001 N1 Y68 18.00 19.00 1.00 1.00 2.03 0.06 2.09
Y68-23-PP-001 N1 Y68 44.00 45.00 1.00 1.00 1.48 0.52 2.00
Y68-23-PP-003 N1 Y68 38.00 39.10 1.10 1.10 2.65 0.06 2.71
Y68-23-PP-003 N1 Y68 45.00 46.00 1.00 1.00 3.66 0.40 4.06
Y68-23-PP-003 N1 Y68 48.00 49.00 1.00 1.00 1.70 0.32 2.01
Y68-23-PP-003 N1 Y68 51.00 52.00 1.00 1.00 2.10 0.15 2.25
Y68-23-PP-006 N1 Y68 47.00 49.00 2.00 2.00 2.17 1.13 3.29

*Drill holes not reported in this table with a collar location tabulated in Table 2 contained no significant assay results. Results are mostly from the K51, K52, M48, T37, X18, X49, X59, X60, X61, X64, X68, Y55, Y57, Y58, Y62, and Y68 deposits in the C2 Zone.

Qualified Person

Mr. Robin Adair is the Qualified Person and the Senior Technical Advisor for Pine Point Mining Limited. He is responsible for the technical data reported in this news release and is a Professional Geologist registered in the Northwest Territories.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation, and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on-site, where they are logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1% upper detection limit for base metals. Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade, four acid digestion, and ICP-AES analysis with an upper detection limit of 30% and 20%, respectively. Samples with Zn >30% and or Pb >20% are analyzed by traditional titration.

Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11).

Hole Name Zone Deposit Easting Northing Elevation Azimuth Dip Length
K51-23-PP-001 C2 K51 635037 6747936 213 0 -90 50
K51-23-PP-002 C2 K51 635056 6747910 213 0 -90 57
K51-23-PP-003 C2 K51 635082 6747918 213 0 -90 44
K51-23-PP-004 C2 K51 635062 6747859 213 0 -90 46
K51-23-PP-005 C2 K51 634833 6747777 213 0 -90 49
K51-23-PP-006 C2 K51 634839 6747741 213 0 -90 49
K51-23-PP-008 C2 K51 634985 6747868 213 0 -90 53
K51-23-PP-009 C2 K51 634963 6747791 213 0 -90 52
K52-23-PP-001 C2 K52 635249 6747538 215 0 -90 47
K52-23-PP-002 C2 K52 635203 6747528 214 0 -90 47
K52-23-PP-003 C2 K52 635186 6747502 215 0 -90 43
K52-23-PP-004 C2 K52 635170 6747528 214 0 -90 44
K52-23-PP-005 C2 K52 635119 6747501 214 0 -90 49
K52-23-PP-006 C2 K52 635104 6747526 214 0 -90 41
K52-23-PP-007 C2 K52 635089 6747498 215 0 -90 42
K52-23-PP-008 C2 K52 635070 6747474 215 0 -90 46
K52-23-PP-009 C2 K52 635047 6747444 215 0 -90 46
K52-23-PP-010 C2 K52 635058 6747504 215 0 -90 49
K52-23-PP-011 C2 K52 635026 6747501 214 0 -90 43
K52-23-PP-012 C2 K52 635011 6747528 214 0 -90 43
K52-23-PP-013 C2 K52 635226 6747596 214 0 -90 50
K52-23-PP-014 C2 K52 635178 6747578 214 0 -90 56
K52-23-PP-015 C2 K52 635043 6747528 214 0 -90 43
K52-23-PP-016 C2 K52 635074 6747532 214 0 -90 50
K52-23-PP-017 C2 K52 635170 6747480 215 0 -90 47
K52-23-PP-018 C2 K52 635152 6747512 214 0 -90 46
K52-23-PP-019 C2 K52 635206 6747576 214 0 -90 44
K52-23-PP-020 C2 K52 634893 6747512 213 0 -90 65
M48-23-PP-001 C2 M48 636391 6747718 218 0 -90 48
M48-23-PP-002 C2 M49 636440 6747754 218 0 -90 51
M48-23-PP-003 C2 M50 636480 6747835 218 0 -90 45
T37-23-PP-001 NE1 T37 640677 6757978 181 0 -90 25
T37-23-PP-002 NE1 T37 640713 6758003 181 0 -90 36
T37-23-PP-003 NE1 T37 640779 6758026 182 0 -90 30
T37-23-PP-004 NE1 T37 640821 6758039 182 0 -90 27
T37-23-PP-005 NE1 T37 640850 6758072 184 0 -90 30
T37-23-PP-006 NE1 T37 640882 6758104 183 0 -90 33
T37-23-PP-007 NE1 T37 640700 6757938 182 0 -90 33
X18-23-PP-003 NE2 X18 650113 6764586 181 0 -90 57
X18-23-PP-008 NE3 X19 650089 6764561 181 0 -90 21
X49-23-PP-001 N1 X49 636108 6754449 181 0 -90 38
X49-23-PP-002 N1 X49 636103 6754468 181 0 -90 29
X49-23-PP-003 N1 X49 636093 6754480 181 0 -90 38
X49-23-PP-004 N1 X49 636058 6754469 181 0 -90 26
X49-23-PP-005 N1 X49 636065 6754458 181 0 -90 41
X49-23-PP-006 N1 X49 636072 6754435 181 0 -90 26
X49-23-PP-007 N1 X49 636074 6754408 181 0 -90 38
X49-23-PP-008 N1 X49 636038 6754391 181 0 -90 41
X49-23-PP-009 N1 X49 636025 6754374 181 0 -90 23
X49-23-PP-010 N1 X49 636000 6754333 181 0 -90 41
X49-23-PP-011 N1 X49 635971 6754307 181 0 -90 41
X49-23-PP-012 N1 X49 635941 6754314 182 0 -90 41
X49-23-PP-013 N1 X49 635932 6754332 181 0 -90 29
X49-23-PP-014 N1 X49 635938 6754354 181 0 -90 41
X49-23-PP-015 N1 X49 635855 6754278 181 0 -90 29
X49-23-PP-016 N1 X49 635697 6754266 181 0 -90 29
X49-23-PP-017 N1 X49 635679 6754231 181 0 -90 32
X49-23-PP-018 N1 X49 635673 6754215 181 0 -90 41
X49-23-PP-019 N1 X49 635653 6754186 181 0 -90 32
X49-23-PP-020 N1 X49 635633 6754228 181 0 -90 26
X49-23-PP-021 N1 X49 635593 6754227 181 0 -90 32
X49-23-PP-022 N1 X49 635616 6754181 181 0 -90 32
X49-23-PP-023 N1 X49 635618 6754164 181 0 -90 41
X49-23-PP-024 N1 X49 635591 6754148 181 0 -90 32
X49-23-PP-025 N1 X49 635475 6754108 181 0 -90 26
X49-23-PP-026 N1 X49 635448 6754084 182 0 -90 29
X49-23-PP-027 N1 X49 635435 6754111 182 0 -90 29
X49-23-PP-028 N1 X49 635367 6754143 182 0 -90 38
X49-23-PP-029 N1 X49 635358 6754159 182 0 -90 38
X49-23-PP-030 N1 X49 635326 6754154 183 0 -90 38
X49-23-PP-031 N1 X49 635336 6754120 182 0 -90 20
X59-23-PP-001 N1 X59 631479 6752139 178 0 -90 58
X59-23-PP-002 N1 X59 631436 6752117 178 0 -90 58
X59-23-PP-003 N1 X59 631500 6752094 178 0 -90 58
X59-23-PP-004 N1 X59 631541 6752092 178 0 -90 62
X59-23-PP-005 N1 X59 631519 6752056 178 0 -90 61
X59-23-PP-006 N1 X59 631605 6752072 178 0 -90 46
X59-23-PP-007 N1 X59 631658 6752040 179 0 -90 40
X59-23-PP-008 N1 X59 631602 6752046 178 0 -90 40
X59-23-PP-009 N1 X59 631572 6752039 178 0 -90 58
X59-23-PP-010 N1 X59 631546 6752026 178 0 -90 55
X59-23-PP-011 N1 X59 631498 6752039 178 0 -90 61
X59-23-PP-012 N1 X59 631524 6751996 179 0 -90 55
X59-23-PP-013 N1 X59 631510 6751971 179 0 -90 58
X59-23-PP-014 N1 X59 631497 6751944 179 0 -90 37
X59-23-PP-015 N1 X59 631458 6751973 179 0 -90 58
X59-23-PP-016 N1 X59 631471 6751930 179 0 -90 52
X59-23-PP-017 N1 X59 631458 6751904 179 0 -90 58
X60-23-PP-001 N1 X60 631373 6751833 179 0 -90 50
X60-23-PP-002 N1 X60 631328 6751849 179 0 -90 41
X60-23-PP-003 N1 X60 631350 6751795 179 0 -90 50
X60-23-PP-004 N1 X60 631318 6751808 179 0 -90 56
X60-23-PP-005 N1 X60 631298 6751773 179 0 -90 50
X60-23-PP-006 N1 X60 631270 6751825 179 0 -90 51
X60-23-PP-007 N1 X60 631238 6751832 179 0 -90 50
X60-23-PP-008 N1 X60 631195 6751860 179 0 -90 38
X60-23-PP-009 N1 X60 631215 6751808 179 0 -90 39
X60-23-PP-010 N1 X60 631241 6751751 179 0 -90 50
X60-23-PP-011 N1 X60 631145 6751731 179 0 -90 35
X61-23-PP-001 N1 X61 630345 6751380 179 0 -90 55
X61-23-PP-002 N1 X61 630338 6751414 178 0 -90 53
X64-23-PP-001 N1 X64 628897 6750521 178 0 -90 61
X64-23-PP-002 N1 X64 628875 6750538 178 0 -90 61
X64-23-PP-003 N1 X64 628869 6750561 178 0 -90 61
X64-23-PP-004 N1 X64 628856 6750553 178 0 -90 60
X64-23-PP-005 N1 X64 628784 6750513 178 0 -90 61
X64-23-PP-006 N1 X64 628775 6750528 178 0 -90 60
X64-23-PP-007 N1 X64 628764 6750515 178 0 -90 61
X64-23-PP-008 N1 X64 628740 6750516 178 0 -90 61
X64-23-PP-009 N1 X64 628749 6750503 178 0 -90 61
X64-23-PP-010 N1 X64 628737 6750491 178 0 -90 60
X64-23-PP-011 N1 X64 628717 6750492 178 0 -90 60
X68-23-PP-003 N1 X68 627020 6749056 179 0 -90 35
X68-23-PP-005 N1 X68 627270 6749099 180 0 -90 46
X68-23-PP-006 N1 X68 627290 6749108 180 0 -90 44
X68-23-PP-007 N1 X68 627263 6749131 180 0 -90 47
X68-23-PP-008 N1 X68 627284 6749155 180 0 -90 45
X68-23-PP-009 N1 X68 627363 6749149 180 0 -90 41
X68-23-PP-010 N1 X68 627387 6749091 180 0 -90 41
X68-23-PP-011 N1 X68 627355 6749100 180 0 -90 42
X68-23-PP-012 N1 X68 627623 6749239 180 0 -90 74
X68-23-PP-013 N1 X68 627615 6749220 180 0 -90 72
X68-23-PP-014 N1 X68 627594 6749229 180 0 -90 72
X68-23-PP-015 N1 X68 627598 6749251 180 0 -90 72
X68-23-PP-016 N1 X68 627053 6749008 179 0 -90 74
Y55-23-PP-001 N1 Y55 632906 6752384 181 0 -90 36.6
Y55-23-PP-002 N1 Y55 633013 6752356 181 0 -90 30.8
Y55-23-PP-003 N1 Y55 633027 6752405 181 0 -90 32
Y55-23-PP-004 N1 Y55 632984 6752424 181 0 -90 24
Y55-23-PP-005 N1 Y55 633000 6752474 181 0 -90 32
Y55-23-PP-006 N1 Y55 633028 6752489 181 0 -90 32
Y55-23-PP-007 N1 Y55 633053 6752447 181 0 -90 32
Y55-23-PP-008 N1 Y55 633106 6752428 181 0 -90 27
Y55-23-PP-009 N1 Y55 633154 6752414 181 0 -90 32
Y55-23-PP-010 N1 Y55 633130 6752469 181 0 -90 32
Y55-23-PP-011 N1 Y55 633176 6752453 181 0 -90 23
Y55-23-PP-012 N1 Y55 633190 6752486 181 0 -90 50
Y55-23-PP-013 N1 Y55 633159 6752488 181 0 -90 26
Y55-23-PP-014 N1 Y55 633137 6752526 181 0 -90 32
Y57-23-PP-001 N1 Y57 634929 6752403 186 0 -90 23
Y57-23-PP-002 N1 Y57 634968 6752390 186 0 -90 20
Y57-23-PP-003 N1 Y57 634984 6752419 186 0 -90 30
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About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is a joint venture partner with Appian Capital Advisory LLP for the advancement of one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which the 2022 PEA (as defined herein) has indicated an after-tax NPV of C$602 million and an IRR of 25%, based on long-term zinc price of US$1.37/lb and the current mineral resource estimates that are amenable to open pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated August 26, 2022 (with an effective date of July 30, 2022), which was prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., HydroRessources Inc., PLR Resources Inc. and WSP Canada Inc. (the “2022 PEA“). Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR (www.sedar.com) under the Osisko Metals’ issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, as well as 100 kilometres of viable haulage roads.

In addition, the Company also acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that hosts an Inferred Mineral Resource (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) of 456Mt grading 0.31% Cu (see April 28, 2022 news release of Osisko Metals entitled “Osisko Metals Announces Maiden Resource at Gaspé Copper – Inferred Resource of 456Mt Grading 0.31% Copper”). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

About Appian

Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 6,700 employees. Appian has a global team of 81 experienced professionals with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth, Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of successfully bringing mines through development and into production, having completed 9 mine builds in the last 6 years.

For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram and Twitter.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chairman & CEO of Osisko Metals Incorporated

Email: info@osiskometals.com
www.osiskometals.com

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the closing of the Gaspe Copper Project Definitive Agreement or the Pine Point Project. For Pine Point, statements including, among other things, the results of the 2022 PEA and the IRR, NPV and estimated costs, production, production rate and mine life; the expectation that the Project will be a robust operation and profitable at a variety of prices and assumptions; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of tax revenue and contribution of jobs; the Pine Point Project having the potential for mineral resource expansion and new discoveries; the timing and ability for the Pine Point Project to reach construction decision (if at all(; the estimated costs to take the Pine Point Project to construction decision (if at all); the ability of the Company to realize the anticipated benefits of the Transaction; and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company. There can be no certainty on the timing, costs and ability for the joint venture parties to take the Pine Point Project to reach a construction decision or pursue planned exploration and development as presently contemplated.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of equipment; the economic viability of the Pine Point Project; and positive relations with local groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f868360-f2d5-4c4f-b2ec-f6fc2b3c626e

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