Osisko Metals Provides Corporate Update

MONTREAL, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) today announces a change to management and the grant of options as outlined below:

On April 6, 2023, the successful closing of the joint venture transaction between the Company and a subsidiary of Appian Natural Resources Fund III LP (“Appian”) resulted in the formation of a joint venture for the advancement of Osisko Metals’ Pine Point Project (the “Transaction”), called Pine Point Mining Limited (PPML). The Company confirms that as of September 30, 2023, Mr. Jeff Hussey will step down as President and Chief Operating Officer of Osisko Metals and transition full-time to PPML (holder of the Pine Point Project) as Chief Executive Officer. Mr. Hussey remains a member of Osisko Metals’ Board of Directors. The Company would like to thank Mr. Hussey for his contributions over the years and looks forward to continuing to benefit from his expertise in his new role at PPML, of which the Company currently retains a 67% interest.

“It has been a unique pleasure to be part of the Osisko Metals team from its inception and have had the opportunity to interact with the larger group of Osisko companies,” said Mr. Hussey. “The Company’s joint venture with Appian will enable us to advance the Pine Point Project to ‘shovel ready’ status.  The Pine Point JV Team and our collaborators are outlining options for the final conceptual design, working towards initiating the feasibility study.  Work has also begun on the regulatory process to obtain the permits necessary to construct and operate the mine.  We are engaging and working with local communities to realize benefits for them from the future mine, and we sincerely appreciate their support in helping us reach this development milestone for the project.  Going forward you can reach me through our Pine Point website, www.pinepointmining.com, or by email at: [e-mail].”

Grant of Options

Osisko Metals wishes to announce that the Company’s Board of Directors have approved the grant of incentive stock options to certain directors to purchase up to an aggregate of 400,000 common shares in the capital stock of the Company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.19 per share.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, specifically copper and zinc. The Company is a joint venture partner with Appian Natural Resources Fund III LP for the advancement of one of Canada’s premier past-producing zinc mining camps, the Pine Point project (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 has been prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., Hydro-Resources 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 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, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.