Mr. Robert Wares reports

OSISKO METALS PROVIDES CORPORATE UPDATE

Osisko Metals Inc. has made a change to management and has granted options as outlined below.

On April 6, 2023, the successful closing of the joint venture transaction between the company and a subsidiary of Appian Natural Resources Fund III LP resulted in the formation of a joint venture for the advancement of Osisko Metals' Pine Point project, called Pine Point Mining Ltd. (PPML). The company confirms that as of Sept. 30, 2023, Jeff Hussey will step down as president and chief operating officer of Osisko Metals and transition full-time to PPML (holder of the Pine Point project) as chief executive officer. Mr. Hussey remains a member of Osisko Metals' board of directors. The company would like to thank Mr. Hussey for his contributions over the years and looks forward to continuing to benefit from his expertise in his new role at PPML, of which the company currently retains a 67-per-cent interest.

"It has been a unique pleasure to be part of the Osisko Metals team from its inception and have had the opportunity to interact with the larger group of Osisko companies," said Mr. Hussey. "The company's joint venture with Appian will enable us to advance the Pine Point project to shovel-ready status. The Pine Point JV team and our collaborators are outlining options for the final conceptual design, working towards initiating the feasibility study. Work has also begun on the regulatory process to obtain the permits necessary to construct and operate the mine. We are engaging and working with local communities to realize benefits for them from the future mine, and we sincerely appreciate their support in helping us reach this development milestone for the project. Going forward, you can reach me through our Pine Point website or by e-mail at info@pinepointmining.com."

Grant of options

Osisko Metals wishes to announce that the company's board of directors has approved the grant of incentive stock options to certain directors to purchase up to an aggregate of 400,000 common shares in the capital stock of the company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of 19 cents per share.

About Osisko Metals Inc.

Osisko Metals is a Canadian exploration and development company creating value in the critical metal space, specifically copper and zinc. The company is a joint venture partner with Appian Natural Resources Fund III 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 (as defined herein) 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 Mt grading 5.94 per cent ZnEq of inferred mineral resources. Please refer to the technical report entitled "Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada," dated Aug. 26, 2022 (with an effective date of July 30, 2022), which has been prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., Hydro-Resources Inc., PLR Resources Inc. and WSP Canada Inc. Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR+ under Osisko Metals' issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, has paved highway access and has an electrical substation, as well as 100 kilometres of viable haulage roads already in place.

In addition, the company has acquired 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 expansion project that hosts an inferred mineral resource (in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects)) of 456 Mt grading 0.31 per cent copper (see April 28, 2022, news release of Osisko Metals entitled "Osisko Metals Announces Maiden Resource at Gaspe Copper -- Inferred Resource of 456 Mt Grading 0.31% Copper"). Gaspe Copper 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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