Mr. Robert Wares reports

OSISKO METALS ANNOUNCES THE START OF 2023 DRILLING AT GASPE COPPER

Osisko Metals Inc.'s 2023 drilling program at the Gaspe copper project is under way. The 8,000-to-10,000-metre program will focus on continued infill drilling of the inferred mineral resource of the Mount Copper open-pit deposit, and will also begin evaluation of remaining higher-grade (2 per cent to 4 per cent Cu) skarn mineralization of the underground E zone (details to be provided in September).

The company anticipates issuing an updated, National Instrument 43-101-compliant, pit-constrained mineral resource estimate for the Mount Copper deposit in the fourth quarter of 2023, which will be based on historical drilling data from Noranda (until 1998), and more recently from Xstrata and Glencore Canada (2011 to 2019), as well as Osisko Metals' 2022 and 2023 drill results.

The expansion of the Mount Copper open pit was evaluated by Noranda in the 1980s, but did not proceed due to the presence of the copper smelter located on the pit perimeter. Mining operations ceased in 1999, and the smelter closed in 2002. Since then, the entire mine, mill and smelter complex were dismantled and the site has been on care and maintenance. With the smelter gone, potential expansion of the Mount Copper pit is possible, and this will be the focus of the company's resource evaluation in the context of rising copper prices.

The company has also launched a metallurgical testing program for the Mount Copper deposit, which will include approximately 200 batch tests and 18 lock-cycle tests from 18 30-kilogram samples taken from drill core sample rejects from the 2022 drill program, in order to establish copper, silver and molybdenum recoveries. In addition, 16 grinding tests will be performed from corresponding NQ half core samples.

Finally, the company will start fieldwork this month for phase 1 environmental assessment of the Gaspe copper project. Fieldwork will focus on the evaluation of the drainage system at the eastern portion of the mine site in view of obtaining permits next year to begin dewatering of the Mount Copper open pit, to allow for in-pit geotechnical drilling as soon as possible.

Qualified person

Jeff Hussey, PGeo, is the qualified person on the Gaspe copper project for Osisko Metals. He is responsible for the technical data reported in this news release, and he is a professional geologist registered in Quebec.

About Osisko Metals Inc.

Osisko Metals is a Canadian exploration and development company creating value in the critical metals space, specifically copper and zinc. The company is a joint venture partner with Appian Natural Resources Fund III LP for the advancement of one of Canada's premier past-producing zinc-mining camps, the Pine Point project, located in the Northwest Territories, for which the 2022 preliminary economic assessment has indicated an after-tax net present value of $602-million and an internal rate of return of 25 per cent, based on a long-term zinc price of $1.37 (U.S.) per pound and the current mineral resource estimates that are amenable to open-pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7 million tonnes grading 5.55 per cent zinc equivalent of indicated mineral resources and 47.2 million tonnes grading 5.94 per cent ZnEq of inferred mineral resources. Please refer to the technical report titled "Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada," dated Aug. 26, 2022, a copy of which is available on SEDAR+ under Osisko Metals' issuer profile. The Pine Point project 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.

As confirmed on July 17, 2023, the company acquired, from Glencore Canada, a 100-per-cent interest in the past-producing Gaspe copper mine, located near Murdochville in the Gaspe peninsula of Quebec. The company is currently focused on resource evaluation of the Mount Copper deposit, which hosts an open-pit-constrained inferred mineral resource (in accordance with NI 43-101) of 456 million tonnes grading 0.31 per cent Cu (see April 28, 2022, news release). Current infill drilling at Gaspe aims to expand and convert the inferred resource to the measured and indicated categories. Gaspe hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

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