Osisko Metals Closes C$15 Million “Bought-Deal” Flow-Through Share Financing

The Company will use an amount equal to the gross proceeds from the sale of the Flow-Through Shares under the Offering to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” (as both terms are defined in the Income Tax Act (Canada)), in respect of the Company’s projects in Canada. The Qualifying Expenditures will be incurred on or before December 31, 2027 and will be renounced by the Company to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2026.

The Offering was co-led by Canaccord Genuity Corp. and BMO Capital Markets.

The Company understands that Agnico Eagle Mines Limited and Hudbay Minerals Inc., two of its existing strategic investors, along with Toronto-based fund Rosseau Asset Management Ltd., have purchased, as part of a follow-on transaction to the issuance of the Flow-Through Shares, all of the Common Shares issued under the Offering at a price of C$0.85 per Common Share for an aggregate purchase price of approximately C$10 million.

The Flow-Through Shares issued under the Offering are subject to a hold period expiring four months and one day from the date hereof, pursuant to applicable Canadian securities laws. The Offering remains subject to final acceptance of the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in its flagship project, the past-producing Gaspé Copper mine, from Glencore Canada Corporation in July 2023. The Gaspé Copper project is located near Murdochville in Québec’s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). For more information, see Osisko Metals’ November 14, 2024 news release entitled “Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé 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.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP, through the Pine Point Mining Limited joint venture, to advance one of Canada’s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). For more information, see Osisko Metals’ June 25, 2024 news release entitled “Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq”. The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.