O3 Mining Sells Its Hemlo Properties to Canadian Orebodies; Files Early Warning Report - Seite 2

Pursuant to the Hemlo Transaction, O3 Mining transferred to Orebodies its entire interest in the Hemlo properties located in the Hemlo mining district of Ontario in exchange for the Consideration Shares, based on each Consideration Share having a deemed value of $0.09 per share based on the closing price of Orebodies Shares on the TSX Venture Exchange as of May 7, 2020 (being the date immediately preceding the closing of the Hemlo Transaction).

The Consideration Shares acquired pursuant to the Hemlo Transaction are held for investment purposes. O3 Mining has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Orebodies. However, depending on market conditions, general economic and industry conditions, the Orebodies' business and financial condition and/or other relevant factors, O3 Mining may increase or decrease its beneficial ownership of securities of Orebodies through market transactions, private agreements or otherwise, in the future.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated May 8, 2020. The early warning report respecting this transaction has been filed on SEDAR (www.sedar.com) under Orebodies' issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact José Vizquerra Benavides at [phone] or refer to SEDAR (www.sedar.com) under Orebodies' issuer profile.

About O3 Mining Inc.
O3 Mining, which forms part of the Osisko group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada - focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D'Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information on O3 Mining, please contact:
José Vizquerra Benavides
President, CEO and Director
Telephone: [phone]

The Corporation's address is 155 University Avenue, Toronto, Ontario, M5H 3B7.