Osisko Intersects 94 Metres Averaging 1.47% Cu at Gaspe

Osisko Metals Incorporated (OM) has released additional assay results from its ongoing 2026 drill program at the Gaspé Copper Project in Québec. The data covers 38 mineralized intercepts from 12 holes, numbered 30-1248 through 30-1259. The reported intervals use a cut-off of 0.12% CuEq over contiguous 20-meter intervals, with true widths stated at 80-90% of core length.

Key reported intervals include:

• DDH 30-1251 (infill): 94.4 m @ 1.47% Cu, 8.78 g/t Ag, 1.49% CuEq (429.0-523.4 m), including 5.3 m @ 8.31% Cu, 51.0 g/t Ag (487.5-492.8 m). The same hole also returned 185.5 m @ 0.41% Cu (104.0-289.5 m), 64.7 m @ 0.21% Cu (11.3-76.0 m) and 31.5 m @ 0.16% Cu, 0.032% Mo (324.0-355.5 m).
• DDH 30-1258 (infill): 121.0 m @ 0.71% Cu, 8.80 g/t Ag, 0.028% Mo, 0.81% CuEq (494.0-615.0 m), including 9.5 m @ 4.97% Cu, 56.3 g/t Ag, 0.084% Mo (596.5-606.0 m). The same hole also returned 135.0 m @ 0.32% Cu (54.0-189.0 m), 155.0 m @ 0.22% Cu (232.0-387.0 m) and 60.0 m @ 0.20% Cu (411.0-471.0 m).
• DDH 30-1250 (out-of-pit expansion): 106.5 m @ 0.60% Cu, 3.90 g/t Ag (216.0-322.5 m), including 15.9 m @ 1.92% Cu (237.6-253.5 m); plus 52.8 m @ 0.29% Cu (510.0-562.8 m).
• DDH 30-1256 (infill): 218.8 m @ 0.35% Cu, 3.03 g/t Ag (73.7-292.5 m).
• DDH 30-1259 (out-of-pit expansion): 66.0 m @ 0.45% Cu (422.5-488.5 m); plus four intervals from 6.7-345.5 m grading 0.12-0.28% Cu.
• DDH 30-1255 (infill): 56.4 m @ 0.61% Cu (260.1-316.5 m); plus 79.5 m @ 0.24% Cu, 31.0 m @ 0.30% Cu, 17.4 m @ 0.36% Cu.

The company described hole 30-1251 as containing "impressive high-grade mineralization in porcellanite above the historic E Zone underground workings." Hole 30-1258 intersected a previously unknown porphyry intrusion below the E Zone skarn at the south end of Copper Mountain. This represents "the first evidence of porphyry-hosted mineralization south of the main pit area" and may indicate "a potential third, previously unknown (and untested) mineralized porphyry centre."

Osisko Metals Incorporated (OM) is not a grassroots explorer. The company holds a completed 2026 Mineral Resource Estimate (MRE) of 1,834.2 Mt @ 0.32% CuEq Measured & Indicated, containing 4.88 Mt of copper, 305 kt of molybdenum, and 92.8 moz of silver, alongside 238.8 Mt @ 0.46% CuEq Inferred. The project features a 60,000 m drill programme, with a Preliminary Economic Assessment (PEA) due in the first half of 2027 and a feasibility study targeted for early 2028. The company has a market capitalization of roughly C$1.54 billion on 890.7 million shares. At this scale and stage, drill results must materially change tonnes, grade, or confidence to significantly impact the resource model.

The recent release focused on infill drilling within the existing model, which does not add tonnage but upgrades classification and may locally lift block grade. Out-of-pit expansion holes provided incremental lateral additions of modest grade. Notable intercepts include hole 30-1250 at 106.5 m @ 0.60% Cu and hole 30-1259 with 66.0 m @ 0.45% Cu, where mineralization extended to 420 m vertical, approximately 320 m south of the model.

Grade results were modestly positive at the block scale. Hole 30-1251 returned 1.47% Cu over 94.4 m, and hole 30-1258 returned 0.71% Cu over 121 m. Both intervals are well above the 0.32% CuEq M&I grade. If these grades survive into the next model, they will lift the local grade shell, though 94 m and 121 m intervals represent a small perturbation to the global 1.8 Bt resource.

The primary purpose of the release was to convert Inferred resources to Measured & Indicated ahead of the PEA, a objective the drilling program is delivering. Additionally, hole 30-1258 identified a porphyry intrusion that could represent a third mineralized porphyry centre, distinct from the main pit porphyries and Porphyry Mountain. While currently a one-hole interpretation, confirmation of this feature could alter the perceived size of the system.

Osisko Metals’ stock has risen from C$0.45 to C$1.73 over the past twelve months, and from approximately C$1.28 in early March to C$1.94 in mid-June. The stock oscillated between roughly C$1.46 and C$1.94 from July through October, closing at C$1.73 the day before this release. The market is now priced for continuation and confirmation.

Regarding the balance sheet, the H1 2026 net loss of C$158.8M was almost entirely a non-cash fair value loss on the Glencore convertible debenture (C$132.6M) and stock-based compensation (C$10.7M). Cash stood at C$102.7M at June 30, 2026, and the July 2026 conversion eliminated the C$232.1M carrying liability. Equity was thin at C$39.2M on June 30, resulting in a book value per share of C$0.05 against a C$1.73 share price, indicating the company trades on resource optionality rather than book value.

Osisko Metals Incorporated (TSX: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is a Canadian exploration and development company focused on copper and zinc. Its primary asset is the Gaspé Copper Project, a 100% interest acquired from Glencore Canada in July 2023. Located near Murdochville on the Gaspé Peninsula in Québec, the site sits on the brownfield of the past-producing Gaspé Copper mine and benefits from existing infrastructure, including paved highway access via Route 198, port access at Sainte-Anne-des-Monts 97 km away, and a Hydro-Québec substation.

The project’s current pit-constrained resource comprises 1,834.2 Mt @ 0.32% CuEq (0.27% Cu, 0.017% Mo, 1.57 g/t Ag) in the Measured & Indicated category, containing 4.88 Mt Cu, 305 kt Mo and 92.8 moz Ag. An additional 238.8 Mt @ 0.46% CuEq (0.41% Cu, 0.016% Mo, 1.88 g/t Ag) is classified as Inferred, containing 979 kt Cu. These figures are based on a base-case cut-off of 0.16% CuEq (US$11.71/t NSR), using metal prices of US$4.50/lb Cu, US$20.00/lb Mo, and US$45.00/oz Ag, with MRE recoveries of 91% Cu, 72% Mo, and 65% Ag. The modelled pit measures 2,300 × 3,200 m with a maximum depth of ~1,150 m and 48° slopes, designed for a throughput of 160,000-200,000 tpd and production of more than 140,000 t Cu per year. A technical report was filed on May 29, 2026, and became effective on January 17, 2026, with qualified persons Pierre-Luc Richard, François Le Moal, and Christian Laroche.

Within the Gaspé Copper project, the Porphyry Mountain / DPEX target represents a deeper Cu-Mo porphyry located approximately 1,100 m northeast of the Copper Mountain pit centre. The target’s upper limit sits at ~1,000-1,200 m depth, forming a roughly cylindrical shape ~500 m in diameter and at least 680 m vertically. A historic re-assay of DDH 30-0943 returned 852.0 m @ 0.70% Cu, 2.92 g/t Ag, 0.062% Mo (0.95% CuEq). Osisko targeted a maiden Inferred MRE for Porphyry Mountain for end-2026.

The company also holds the Pine Point Project in the Northwest Territories, advanced through Pine Point Mining Limited, a joint venture with Appian Capital Advisory LLP. The current resource stands at 49.5 Mt @ 5.52% ZnEq Indicated and 8.3 Mt @ 5.64% ZnEq Inferred. Appian funds all cash calls until it reaches 65% ownership.

Osisko Critical Minerals Corporation (OCMC), a wholly owned subsidiary, holds approximately 645 km² (2,972 claim units) of copper-silver-gold exploration claims in northern New Brunswick. These holdings include the NB Copper Project, featuring a minimum 5 km × 2 km near-surface porcellanite/skarn alteration zone and 21 unevaluated porphyry intrusions, as well as Bathurst Mining Camp assets. Key Anacon holds an NI 43-101 resource of 1.96 Mt Indicated @ 5.77% Zn, 2.38% Pb, 0.22% Cu, 68.9 g/t Ag, and 3.85 Mt Inferred @ 5.34% Zn, 1.49% Pb, 0.32% Cu, 47.7 g/t Ag. Mount Fronsac is listed as historical and non-compliant. OCMC is being spun out with John Burzynski as incoming CEO. A special warrant private placement, priced at C$0.25 with warrants at C$0.35, was upsized from C$100M to C$250M on September 21, 2026. Osisko Metals will retain a minority interest in the subsidiary.

Strategic shareholders include Glencore Canada (~14.4% after the July 2026 debenture conversion), Agnico Eagle, Hudbay Minerals, Franco-Nevada, and CDPQ. Glencore holds a 1% royalty on Copper Mountain and 3% on other mineral products, plus commercially reasonable off-take for 100% of concentrates. Leadership includes CEO Robert Wares, President Donald Njegovan, and Executive Chairman John Burzynski. The investor presentation cites the team's prior track record at Canadian Malartic (20 moz Au), Windfall (8 moz Au), and Marban (3 moz Au).