Osisko Metals Incorporated (TSX: OM) (OTCQX: OMZNF) (FRANKFURT: OB51) is pleased to announce that it has completed its previously announced non-brokered private placement with four strategic investors, pursuant to which the Company issued an aggregate of 67,666,666 common shares of the Company at an offering price of $0.48 per Common Share for aggregate gross proceeds to the Company of approximately $32,480,000.

The Private Placement included subscriptions from the following strategic investors:

• Hudbay Minerals Inc.: 29,166,666 Common Shares for gross proceeds of $14,000,000;
• Agnico Eagle Mines Limited: 26,000,000 Common Shares for gross proceeds of $12,480,000;
• Franco-Nevada Corporation: 4,166,667 Common Shares for gross proceeds of $2,000,000; and
• Caisse de dépôt et placement du Québec (La Caisse): 8,333,333 Common Shares for gross proceeds of $4,000,000.

After giving effect to the Private Placement: (i) Hudbay Minerals Inc. beneficially owns or controls 29,166,666 Common Shares, representing approximately 4.3% of the issued and outstanding Common Shares, calculated on a non-diluted basis; and (ii) Agnico Eagle Mines Limited beneficially owns or controls 67,210,000 Common Shares and 20,605,000 Common Share purchase warrants, representing an ownership interest in the Company equal to approximately 9.85% on a non-diluted basis and 12.49% on a partially-diluted basis.

Concurrently with the closing of the Private Placement, the Company and Hudbay entered into an investor rights agreement, pursuant to which Hudbay was granted certain rights, including top-up rights and the right to participate in future offerings of securities of the Company upon Hudbay’s ownership interest increasing to 9.9% and, subject to certain minimum ownership thresholds and other conditions, the right to board representation. In addition, the Company and Agnico also amended and restated the terms of their existing investor rights agreement dated December 11, 2024, to, among other things, permit Agnico to increase its ownership interest in the Company to approximately 12.49%.

The net proceeds of the Private Placement are expected to be used to advance the Company’s Gaspé Copper project (including drilling, permitting and technical studies) and for general corporate purposes.

The Private Placement remains subject to the final approval of the Toronto Stock Exchange (the “TSX“). All Common Shares issued under the Private Placement are subject to a statutory hold period expiring four months and one day from the date of issuance.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in its flagship project, the past-producing Gaspé Copper mine, from Glencore Canada Corporation in July 2023. The Gaspé Copper project is located near Murdochville in Québec’s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled “Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper“. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP, through the Pine Point Mining Limited joint venture, to advance one of Canada’s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals’ June 25, 2024 news release entitled “Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq”. The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.