Mr. Robert Wares reports

OSISKO METALS REPORTS ADDITIONAL DRILL RESULTS FROM PINE POINT WITH UP TO 10 METRES GRADING 8.71% ZN + PB

Osisko Metals Inc. has released additional results from the 2023 drilling program at the Pine Point Mining Ltd. (PPML) joint venture project, located in the Northwest Territories, Canada. The reported results are from the J68 and K68 deposits in the C1 area of the central zone.

Results from the K68 deposit indicate a new extension of tabular-style mineralization toward the east of the known deposit boundaries, with localized increases in grade and thickness suggesting that there is exploration potential for new prismatic-style deposits in proximity to the C1 area. Drilling at J68 defined the limits of that prismatic deposit.

These results are positive as the company prepares for the first quarter 2024 exploration program. Currently, there are geophysical surveys under way evaluating target areas for prismatic-style mineralization that were outlined over the summer months by the joint venture exploration team.

Highlights of drill hole assay composites:

• K68-23-PP-001 -- 10 metres grading 7.20 per cent zinc and 0.73 per cent lead (7.93 Zn+Pb);
• K68-23-PP-009 -- six metres grading 11.37 per cent Zn and 0.54 per cent Pb (11.91 Zn+Pb);
• K68-23-PP-020 -- eight metres grading 9.44 per cent Zn and 1.20 per cent Pb (10.63 Zn+Pb);
• K68-23-PP-030 -- 10 metres grading 5.20 per cent Zn and 3.50 per cent Pb (8.71 Zn+Pb);
• K68-23-PP-064B -- seven metres grading 9.97 per cent Zn and 4.49 per cent Pb (14.45 Zn+Pb).

Drilling was conducted as part of the PPML joint venture's larger 2023 definition drilling program designed to achieve an average drill spacing of approximately 30 metres within the currently modelled mineral resources reported in the 2022 preliminary economic assessment. This spacing is intended to upgrade the resources presently classified as inferred to the indicated category.

As of September, Robin Adair has stepped down as vice-president of exploration of Osisko Metals and has transitioned to senior technical adviser for the PPML joint venture (holder of the Pine Point project). The company appreciates Mr. Adair's significant contribution over the years, and it will continue to collaborate and benefit from his knowledge in his new role with PPML.

Qualified person

Mr. Adair is the qualified person and the senior technical adviser for Pine Point Mining. He is responsible for the technical data reported in this news release and is a professional geologist registered in the Northwest Territories.

Quality assurance/quality control

Osisko Metals adheres to a strict quality assurance/quality control program for core handling, sampling, sample transportation and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on site, where they are logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.'s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada's facility in North Vancouver, B.C. All samples are analyzed by four-acid digestion followed by both ICP-AES and ICP-MS for a multielement suite with a 1-per-cent upper detection limit for base metals. Samples reporting over 1 per cent for Zn and 1 per cent for Pb are analyzed by assay grade, four-acid digestion and ICP-AES analysis with upper detection limits of 30 per cent and 20 per cent, respectively. Samples with Zn greater than 30 per cent and/or Pb greater than 20 per cent are analyzed by traditional titration.

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 Capital Advisory 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 and paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads.

The company has also 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 National Instrument 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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