Osisko Metals closes $15-million bought deal

The most recent news (February 4, 2026) confirms the closing of a C$15 million "bought deal" flow-through share financing. The shares were issued at C$1.27 per share, a significant premium to the trading price just months ago. Notable strategic participants include Agnico Eagle Mines Ltd., Hudbay Minerals Inc., and Rosseau Asset Management Ltd. The proceeds are strictly earmarked for "eligible Canadian exploration expenses" (flow-through) to be used by the end of 2027, primarily at the Gaspé Copper and Pine Point projects. This follows a massive C$32.5 million strategic placement closed in December 2025 at C$0.48 per share.

• Financial De-risking: This financing ensures that the massive 110,000-meter drilling program at Gaspé Copper is fully funded through the upcoming 2026 resource update. By raising flow-through capital at C$1.27, the company has minimized dilution relative to its historical share price.
• Institutional Validation: The continued and increased participation of Agnico Eagle and Hudbay Minerals is a high-conviction signal. These are major producers effectively vouching for the technical viability and scale of the Gaspé project.
• Execution Continuity: The capital allows the company to maintain the 10-rig pace necessary to convert the current 670Mt Inferred resource into the Indicated category, which is required for future Feasibility Studies.
• Cost of Capital: The jump from a C$0.48 raise in December to a C$1.27 raise in February represents a dramatic improvement in the company's cost of capital, reflecting the market's positive reception of the 2025 drill results.

Osisko Metals (TSX: OM) is focused on the exploration and development of critical metals in Canada. Its flagship Gaspé Copper Project in Murdochville, Quebec, was acquired from Glencore in 2023. It is a past-producing porphyry copper/skarn system. The company's goal is to restart the operation as a large-scale, low-grade open-pit and underground mine. Its secondary asset is the Pine Point zinc project in the NWT, currently in a joint venture with Appian Capital. - Flagship Project: Gaspé Copper. - Current Resource: 824Mt Indicated @ 0.34% CuEq and 670Mt Inferred @ 0.38% CuEq. - Infrastructure: Excellent. Paved road access, power on-site, and located in a mining-friendly jurisdiction (Quebec).