Osisko Critical Minerals Corporation Upsizes Previously Announced Private Placement of Special Warrants to C$250 Million
Osisko raised C$250 million through special warrants following overwhelming investor demand for its mining operations.
On September 21, 2026, Osisko Critical Minerals Corporation (OCMC), a newly incorporated wholly-owned subsidiary of Osisko Metals Incorporated, announced it has upsized its previously announced "best efforts" private placement of special warrants. The offering has been increased from up to C$100 million to up to C$250 million.
The raise is led by Canaccord Genuity Corp. as lead agent and sole bookrunner on behalf of a syndicate. All other terms remain as described in the September 16, 2026 prior news release.
Key terms carried over from the prior release include: * C$0.25 per special warrant * Each special warrant converts into one unit, consisting of one common share and one-half of one common share purchase warrant * Each whole warrant is exercisable at C$0.35 for 24 months after closing * Use of proceeds is designated for the exploration and development of approximately 645 km² of New Brunswick claims plus working capital * Expected closing is on or about November 17, 2026
The placement is subject to receipt of a final prospectus and TSX Venture Exchange conditional approval within 180 days. Completion is also subject to legal and tax structuring, financial analysis, definitive documentation, and regulatory approvals.
Incoming CEO John Burzynski attributed the upsize to "overwhelming demand from investors for OCMC," framing the move as evidence of confidence in the New Brunswick exploration portfolio and the broader critical minerals strategy. The release explicitly states there is no certainty the placement will close on these terms or at all, and there is "no assurance that any securities of the Corporation will be listed on any stock exchange."
Osisko Metals Incorporated (OM) announced the spin-out of OCMC to house its non-core New Brunswick assets, with the parent company retaining a minority interest. On September 15, 2026, the company disclosed the transaction, followed by a C$100 million OCMC special-warrant financing announcement on September 16. Two days later, on September 21, that financing was tripled to C$250 million.
Historically, Osisko Metals delivered a stream of long Gaspé drill intercepts through late 2025 and early 2026, culminating in the April 2026 MRE that showed a 119% increase in contained M&I copper (4.88 Mt Cu; 1,834.2 Mt @ 0.32% CuEq M&I). The company then attracted a C$32.48M strategic placement in Dec 2025 ($0.48; Hudbay, Agnico, Franco-Nevada, CDPQ), a C$15M flow-through in Feb 2026 ($1.27), and had Glencore convert its US$25M debenture to equity in July 2026 at $0.40/unit (Glencore to ~14.4%).
The C$250 million raise represents a significant increase from the initial C$100 million target announced on September 16. This capital is raised at the OCMC (subsidiary) level and flows to OCMC, not to Osisko Metals. The parent is contributing assets and retaining a minority stake; the larger raise dilutes Osisko Metals' percentage ownership of OCMC, though it simultaneously capitalizes OCMC with a large cash balance, which supports the value of the retained stake.
Osisko Metals Incorporated (TSX: OM; OTCQX: OMZNF; FRA: 0B51) is a Canadian copper-focused explorer and developer with a history of discovery and monetization, citing prior interests in Canadian Malartic and Windfall in its investor deck. The company’s flagship asset is the Gaspé Copper Project, also known as the Copper Mountain deposit, located on the Gaspé Peninsula in Québec. This brownfield site benefits from access to a highway, a deep-sea port, and a Hydro-Québec substation.
As of the April 2026 mineral resource estimate (MRE), effective January 17, 2026, the project reported measured and indicated resources of 1,834.2 million tonnes at 0.32% copper equivalent (CuEq) under a base case scenario, containing 10,766 million pounds of copper, 673.2 million pounds of molybdenum, and 92.8 million ounces of silver. Inferred resources totaled 238.8 million tonnes at 0.46% CuEq. The project remains in the exploration and development stage, with no reserves currently defined.
Osisko Metals also holds a secondary interest in the Pine Point zinc project in the Northwest Territories, operated in a joint venture with Appian Capital. A June 2026 release outlined 49.5 million tonnes at 5.52% ZnEq in the Indicated category and 8.3 million tonnes at 5.64% ZnEq in the Inferred category.
Additionally, the company is associated with a new vehicle, OCMC, which holds approximately 645 square kilometers (2,972 claim units) of northern New Brunswick claims. This includes the NB Copper Project, which was spun out from Osisko Metals in September 2026 and is the subject of the current release. Regarding permitting and environmental stewardship, an environmental and social impact assessment is targeted for 2028, with public hearings and permit issuance expected between 2027 and 2028. Pit dewatering is guided to begin in 2027.