12 July 2022
On July 11, Osisko Metals Incorporated (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) announced that Glencore Canada Corporation and the Company have entered into definitive documentation reflecting the granting of an Option to the Company to acquire the Gaspé Copper project, located near Murdochville in the Gaspé peninsula of Québec. In addition, the Company has given notice today of its exercise of the Option. The closing of the acquisition pursuant to the Option remains subject to typical closing conditions, including among other things, approval of the TSX-Venture Exchange, and is anticipated to occur as soon as such conditions can be satisfied or waived.
The Company's option to purchase from Glencore Canada Corporation, a 100% interest in the Gaspé Copper property, is more particularly described in the management's discussion and analysis of the Company for the three-month period ended March 31, 2022, a copy of which is available on SEDAR (www.sedar.com) under Osisko Metals' issuer profile.
Osisko Metals Incorporated is a Canadian exploration and development company focused on creating value in the base metal space. The Company owns one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA (as defined herein) has indicated an after-tax NPV of $500 million and an IRR of 29.6%. The 2020 PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consists of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled "Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada" dated July 30, 2020 (with an effective date of June 11, 2020) (the "2020 PEA"), prepared by BBA Inc. and WSP Canada Inc., for Osisko Metals and Pine Point Mining Limited, a copy of which is available on SEDAR (www.sedar.com) under Osisko Metals' issuer profile. Pine Point 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.