Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce that it expects to close its previously-announced transaction with a subsidiary of Appian Natural Resources Fund III LP in late March or early April 2023, which will result in the formation of a joint venture for the advancement of Osisko Metals’ Pine Point Project. To that end, the Company is pleased to announce that it has received the requisite shareholder and stock exchange approvals to close the Transaction.

Pursuant to the policies of the TSX Venture Exchange, the Company is permitted to obtain shareholder approval of the Transaction by way of a written consent of the shareholders holding at least 50% of the outstanding common shares of the Company. As at March 17, 2023, the Company received written consents in respect of the Transaction from shareholders holding an aggregate of 122,018,186 Common Shares, representing approximately 54.1% of the outstanding common shares of the Company.

In addition, on March 16, 2023, the Company received the conditional approval of the Exchange to complete the Transaction. The Transaction remains subject to final acceptance of the Exchange.

Robert Wares, Chairman & CEO, commented: “We are very grateful for the support of our shareholders regarding the joint venture transaction with Appian on the Pine Point Project. Having expeditiously obtained the required shareholder and stock exchange approvals, we expect to be able to close the joint venture transaction in late March or early April 2023. On behalf of the Board of Directors of Osisko Metals, we thank our shareholders, management, and our advisors and partners for their hard work and long-standing support, and we look forward to rapidly advancing the Pine Point project with Appian.”

Completion of the Transaction remains subject to, among other things, satisfaction of all conditions precedent to the closing of the Transaction pursuant to the investment agreement dated February 21, 2023 between the Company and Appian in respect of the Transaction. Assuming that all conditions precedent to the completion of the Transaction are satisfied or waived, the Company anticipates the closing of the Transaction will occur in late March or early April 2023.

For more details on the Transaction, please refer to the Company’s news release on February 22, 2023, the material change report dated February 27, 2023 and the Investment Agreement, copies of

which are available on SEDAR (www.sedar.com) under the Company’s issuer profile.

Advisors

Maxit Capital LP is acting as financial advisor to Osisko Metals and Bennett Jones LLP is acting as the Company’s legal counsel.

McCarthy Tétrault LLP is acting as Appian’s legal counsel.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, specifically copper and zinc. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which the 2022 PEA has indicated an after-tax NPV of $602M and an IRR of 25%, based on long-term zinc price of US$1.37/lb and the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining. The latest MRE consist of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The Company is also in the process of acquiring, from Glencore Canada, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Quebec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that hosts a NI 43-101 Inferred Resource of 456Mt grading 0.31% Cu (see April 28, 2022 news release). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

About Appian

Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 5,000 employees. Appian has a global team of 60 experienced professionals with presences in London, Toronto, Montreal, Vancouver, Lima, Belo Horizonte and Perth. The Appian team, through its private equity funds, has a long history of successfully bringing mines through development and into production, having completed 8 mine builds in the last 5 years.