6 April 2023
(Montreal, April 6, 2023) Osisko Metals Incorporated (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce the successful closing of its previously-announced joint venture transaction with a subsidiary of Appian Natural Resources Fund III LP ("Appian"), which resulted in the formation of a joint venture for the advancement of Osisko Metals' Pine Point Project (the "Transaction").
Robert Wares, Chairman & CEO of Osisko Metals, commented: "We are delighted to have successfully closed this transaction with Appian, and look forward to a mutually beneficial and collaborative partnership to rapidly advance the Pine Point Project for our stakeholders. On behalf of the Board of Directors of Osisko Metals, we thank our shareholders, management, advisors and partners for their hard work and long-standing support."
Michael Scherb, Founder & CEO of Appian Capital Advisory LLP, commented: "The Pine Point project is a highly prospective and strategically located project and Appian is delighted to partner with Osisko Metals on its development. The work of the Osisko Metals team to date is a credit to themselves. Appian looks forward to a collaborative partnership with Osisko Metals, the Pine Point team, surrounding communities and stakeholders to advance the development of the Pine Point Project".
As part of the closing of the Transaction:
After giving effect to the Transaction, Osisko Metals and Appian now hold approximately 74.7% and 25.3%, respectively, of the share capital of Pine Point Mining Limited (which holds a 100% interest in the Pine Point Project).