Osisko Intersects 320 Metres Averaging 0.38% Cu at Gaspe

Osisko Metals Incorporated (OM) released results on July 23, 2026, detailing 25 mineralized intercepts from 12 new drill holes at its Gaspé Copper project. The program targeted resource upgrades through infill drilling and expansion beyond the 2026 Mineral Resource Estimate (MRE) pit limits.

Key highlights included DDH 30-1198 returning 320.5m @ 0.38% Cu, DDH 30-1203 returning 337.0m @ 0.35% Cu, and DDH 30-1208 returning 207.5m @ 0.43% Cu. Additional expansion intercepts included 281.5m @ 0.28% Cu (DDH 30-1205), 154.5m @ 0.38% Cu (DDH 30-1201), and 77.0m @ 0.67% Cu (DDH 30-1206, including 18.0m @ 1.82% Cu).

All intercepts were composited at a 0.12% CuEq cutoff over a minimum length of 20m. The CuEq formula utilized metal prices of $4.50/lb Cu, $20/lb Mo, and $45/oz Ag with no explicit recovery factors, although earlier releases had used approximately 91% Cu, 72% Mo, and 65% Ag. No CuEq values were reported in the release for these specific highlights. The drilling program aims to convert Inferred resources to Measured and Indicated categories and extend pit limits south and southwest toward Needle East and Needle Mountain.

Osisko Metals Incorporated (OM) remains a pre-resource developer, possessing a Mineral Resource Estimate (MRE) but lacking reserves or an economic study. At this stage, infill and step-out drill holes are expected, which do not typically re-rate the stock unless they demonstrate a material grade increase or constitute a new discovery. The March 2026 MRE update already incorporated a large portion of the 2025 drill program. The current 2026 drill campaign is largely focused on converting Inferred resources to Measured and Indicated (M&I) categories and achieving modest pit expansion. This release confirms the program is on track, a development that was already anticipated.

The stock price had fallen from approximately $1.94 on June 15 to $1.63 on July 22, following a brief spike from the high-grade skarn hole reported on June 9. The market has shown it responds to higher-grade surprises rather than routine infill grades. There is no new information in this release that should move the share price more than a few percent. The announcement represents solid operational news.

Osisko Metals Incorporated (OM) is a Canadian junior advancing the Gaspé Copper Project in Quebec, a former producing open-pit mine known as Copper Mountain that is now being re-evaluated as a super-large porphyry/skarn Cu-Mo-Ag deposit. The company also holds the Pine Point zinc project, a joint venture with Appian, along with legacy gold assets.

The latest Mineral Resource Estimate (MRE), effective January 2026, reports 1.83 billion tonnes of Measured and Indicated resources averaging 0.32% CuEq, containing 10.8 billion pounds of copper, and 239 million tonnes of Inferred resources averaging 0.46% CuEq. This resource base positions the project as one of the largest undeveloped copper deposits in North America.

Strategic investors in the company include Agnico Eagle, Hudbay, Franco-Nevada, CDPQ, and Glencore, which holds an offtake agreement and a convertible debenture that was converted in July 2026. Osisko Metals currently has a market capitalization of approximately C$1.45 billion with roughly 890 million shares outstanding, though the fully diluted share count is higher. The company generates no revenue and funds its exploration activities through equity raises and flow-through shares.