Osisko Intersects 314 Metres Averaging 0.44% Cu at Gaspe

Osisko Metals Incorporated (OM) reported 38 mineralized intercepts from 15 holes, ranging from DDH 30-1260 to 30-1274, as part of its ongoing 2026 drill program at the Gaspé Copper Project. The company separated the results into infill holes within the 2026 mineral resource estimate model and expansion holes located outside the model, either in-pit or out-of-pit.

Key reported intervals include:

• DDH 30-1272: 314.0 m from 43.0 m @ 0.44% Cu, 3.61 g/t Ag, 0.45% CuEq; includes 9.0 m @ 3.23% Cu, 16.7 g/t Ag. Infill.
• DDH 30-1270: 240.5 m from 58.0 m @ 0.44% Cu, 4.47 g/t Ag, 0.45% CuEq. Infill.
• DDH 30-1269: 552.5 m from 106.0 m @ 0.30% Cu, 2.33 g/t Ag, 0.35% CuEq; includes 10.3 m @ 1.35% Cu, 8.42 g/t Ag. Infill.
• DDH 30-1274: 142.6 m from 613.8 m @ 0.34% Cu, 2.00 g/t Ag, 0.42% CuEq; also 87.0 m @ 0.33% Cu, 177.0 m @ 0.18% Cu and 208.5 m @ 0.18% Cu. Infill.
• DDH 30-1260: 121.5 m from 301.5 m @ 0.42% Cu, 2.39 g/t Ag, 0.42% CuEq. Out-of-pit expansion; described as the most southerly hole drilled to date at Needle Mountain, about 400 m southwest of the 2026 pit boundary.
• DDH 30-1268: 87.5 m from 261.0 m @ 0.48% Cu, 2.71 g/t Ag, 0.49% CuEq; includes 10.7 m @ 1.98% Cu, 9.01 g/t Ag. Out-of-pit expansion.
• DDH 30-1265: 85.5 m from 199.5 m @ 0.42% Cu, 4.04 g/t Ag, 0.43% CuEq. Out-of-pit expansion.
• DDH 30-1273: lost hole in a stope; no significant mineralization.

The company reported an average 0.12% CuEq lower cutoff over contiguous 20 m intervals, with shorter intervals at limits. Intervals of 10 m or less were generally not reported unless material. True width was estimated at 80–90% of reported core length. The CuEq formula used was CuEq (%) = Cu (%) + 3.40327 × Mo (%) + 0.00008 × Ag (g/t), based on NSR assumptions using US$4.50/lb Cu, US$20.00/lb Mo and US$45.00/oz Ag.

Osisko Metals Incorporated (OM) did not release financial results, as this was not an earnings announcement. At June 30, 2026, the company reported C$102.7 million in cash, no revenue, and a significant first-half net loss primarily driven by non-cash fair-value losses on a Glencore convertible debenture, which was converted to equity in July 2026.

The Gaspé Copper project is already well-capitalized, supported by a 2026 Mineral Resource Estimate (MRE) containing 1.83 billion tonnes at 0.32% CuEq Measured and Indicated, and 239 million tonnes at 0.46% CuEq Inferred. Strategic shareholders include Glencore, Agnico Eagle, Hudbay, Franco-Nevada, and CDPQ. The company’s equity price rose from approximately C$0.45 in late 2025 to a high of C$1.94 in June 2026, before settling at C$1.37 recently. The market has already priced in the large, long-life copper resource, strategic backing, and eventual development potential. Consequently, the focus of this release is on resource grade and the credibility of conversion and extension, rather than absolute headline metres.

The drilling results provide incremental support for the resource model:

• Infill holes returned 0.42–0.45% CuEq, at or above the Measured and Indicated resource grade, supporting the conversion of Inferred material.
• A 552.5 m @ 0.35% CuEq hole supports continuity but does not represent a grade upgrade.
• Out-of-pit holes at 121.5 m @ 0.42% Cu and 87.5 m @ 0.48% Cu support southern extension, with hole 30-1260 being the most southerly at Needle Mountain.

The release does not provide a new resource estimate, new tonnage, new metallurgy, or new economics, nor does it quantify how many tonnes the southern step-out could add. At a market capitalization of roughly C$1.24 billion, the results do not change the scale or odds of the Gaspé system on their own. The data confirms that the southern part of the resource is mineralized and that infill grades are consistent with the model. A significant share-price move would require a much stronger grade-thickness result, a clearly new zone, or a resource or economic milestone. Because the stock’s prior run-up raises the bar for a positive surprise, an in-line result from these infill and resource-definition holes serves as a confirmation rather than a negative.

Osisko Metals Incorporated is a Canadian exploration and development company focused on copper and zinc. Its flagship asset is the 100%-owned Gaspé Copper Project in Québec’s Gaspé Peninsula, a past-producing brownfield site near Murdochville with road, port and power infrastructure. The 2026 MRE contains 1.83 Bt @ 0.32% CuEq M&I (4.88 Mt contained copper) and 239 Mt @ 0.46% CuEq Inferred. The company describes it as the largest undeveloped copper resource in eastern North America.

The company also holds a joint-venture interest in the Pine Point zinc project in the Northwest Territories with Appian Capital Advisory. Pine Point’s current estimate is 49.5 Mt @ 5.52% ZnEq Indicated and 8.3 Mt @ 5.64% ZnEq Inferred. Osisko is also spinning out New Brunswick assets into Osisko Critical Minerals Corporation, which is pursuing a separate C$250 million special warrant financing.

Management includes John Burzynski as Executive Chairman, Robert Wares as CEO and Donald Njegovan as President. The investor presentation cites prior involvement in Canadian Malartic and Windfall. At the recent C$1.37 close and approximately 904 million shares, market capitalization is about C$1.24 billion; the presentation’s C$1.605 billion figure appears to use a different share price or share count. Reported cash at June 30, 2026 was C$102.7 million; the presentation cites C$154.5 million on a fully diluted basis. The company has no revenue and relies on equity capital until development.