Amendment to Option Agreement, Brunswick Belt Property

MONTREAL, April 21, 2021 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“Brunswick”) (TSX-V: BRW) and Osisko Metals Incorporated (“Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) announce that, following a TSX-V review, they have amended the terms of the option agreement (the “Option”) previously announced on August 17, 2020 whereby Brunswick can acquire a majority interest in Osisko Metals’ Brunswick Belt exploration property (the “Property”), located in the eastern portion of the Bathurst Mining Camp in the Bathurst area in New Brunswick (the “Transaction”). The Property covers 72 kilometres of the prolific Brunswick Belt and includes the Key Anacon and Gilmour South base metal deposits. The amended Option now allows Brunswick to earn up to 51% interest by spending an aggregate of $10,000,000 in two stages over a five-year period.

Amended Option Agreement Details

The Option is divided into two distinct earn-in requirements (all amounts in Canadian dollars):

• The First Option: by funding an aggregate of $2,000,000 on or before the second-year anniversary of the signing of the Option and completing a cash payment of $100,000, Brunswick can earn an initial 15% interest in the Property.
• The Second Option: by funding an aggregate of $10,000,000 (inclusive of First Option expenditures) according to the schedule below, Brunswick can earn an additional 36% interest in the Property for a total interest of 51%:
  
  
  • An aggregate of $2,000,000, on or before the 2nd year anniversary;
  • An aggregate of $4,000,000, on or before the 3rd year anniversary;
  • An aggregate of $6,500,000, on or before the 4th year anniversary; and
  • An aggregate of $10,000,000, on or before the 5th year anniversary.

Once any one of the two earn-in requirements are met (as per Brunswick’s discretion), a joint venture can be formed between Brunswick and Osisko Metals. An NI 43-101 independent geological report was completed by John Langton, P. Geo., of JPL GeoServices and was filed by Brunswick on SEDAR on November 5, 2020.

Robert Wares is Chairman of the Board and Chief Executive Officer of both Osisko Metals and of Brunswick, and hence abstained from the negotiation process between the two companies. The Transaction constitutes a “Related Party Transaction” within the meaning of the policies of the TSX Venture Exchange (“TSX-V”), as it involves “Non-Arm’s Length Parties”, as defined in such policies. The Transaction is an arm’s length transaction within the meaning of applicable securities laws.