An anonymous director reports

O3 MINING ANNOUNCES NORMAL COURSE ISSUER BID

The TSX Venture Exchange has accepted O3 Mining Inc.'s notice to implement a normal course issuer bid (NCIB) to purchase, for cancellation, up to 4,921,389 of its common shares, representing approximately 10 per cent of the corporation's public float.

The corporation has received approval from the exchange to commence the NCIB on Oct. 7, 2022, and continue to Oct. 6, 2023, or earlier in the event that the corporation has acquired the maximum number of shares that may be purchased under the NCIB. The corporation may also terminate the NCIB earlier if it feels it is appropriate to do so.

The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Shares will be made in accordance with the Exchange requirements at the market price of the Shares at the time of acquisition. All Shares purchased by the Corporation under the NCIB will be cancelled. The Corporation repurchased 619,100 Shares on the Exchange under its prior normal course issuer bid, which expired on September 30, 2022.

The Corporation has engaged CIBC World Markets Inc. to act as its agent to conduct the NCIB transactions.

Management believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the NCIB is in the best interests of the Corporation, a desirable use of its available cash, and will enhance shareholder value in general.

To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation currently intends to sell any shares under the NCIB.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Quebec, Canada. O3 Mining benefits from the support, previous mine-building success, and expertise of the Osisko team as it grows towards being a gold producer with several multi-million-ounce deposits in Quebec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (66,000 hectares) in Quebec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.

We seek Safe Harbor.