Osisko Metals Incorporated (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce further results from the ongoing in-fill drill program at its Pine Point Project, located in the NWT, Canada.

Reported results are from the N39 deposit in the East Mill Zone (Tables 1 & 2), which is located within 2 kilometers from the proposed concentrator location. Mineralization is located at shallow depths above the water table between 20 and 35 metres vertical depth, where there will be minimal dewatering required, if any. Results are in-line with resource model expectations and was successful in delineating the high-grade zone within the N39 deposit. These results also provide infill spacing that is required to upgrade the mineral resource classification to the NI43-101 Indicated Category threshold as defined in the 2020 PEA. Further assay results are pending.

Highlights:

• Drill hole N39-21-PP-002 intersected 4.80 metres grading 18.79% Zn and 0.82% Pb (19.60% Zn+Pb) in Tabular style mineralization.

• Drill hole N39-21-PP-007 intersected 2.00 metres grading 16.89% Zn and 4.56% Pb (21.45% Zn+Pb) in tabular style mineralization.
• Drill hole N39-21-PP-010 intersected two horizons of mineralization 2.00 metres grading 10.27% Zn and 1.55% Pb (11.81% Zn+Pb) as well as 2.00 metres grading 15.97% Zn and 4.62% Pb (20.58% Zn+Pb) in tabular style mineralization.
• The N39 deposit is part of the East Mill Zone as defined in the 2020 PEA (6.0 MT @ 4.00% Zn and 1.39% Pb – Open Pit, Indicated Mineral Resource and 3.8 MT @ 4.03% Zn and 1.02% Pb Open Pit, Inferred Mineral Resource).

Table 1: Drill Hole Composites

(*hydrogeological holes)

Qualified Person

Mr. Robin Adair is the Qualified Person and the Vice President Exploration for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Northwest Territories.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on site, where they were logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1% upper detection limit for base metals. Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade, four acid digestion and ICPAES analysis with an upper detection limit of 30% and 20% respectively. Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration. Current drill program is following strict COVID19 protocols, in force since January 15^th 2021.

Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)

(*hydrogeological hole)

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. 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 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% 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 current Mineral Resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).