Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRA: 0B51) is pleased to announce further results from the definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This program is designed to achieve an average drill spacing of approximately 30 metres and is required to upgrade deposits currently classified as Inferred Mineral Resources to the Indicated Mineral Resource category so that they can be included in a feasibility study.

Currently, the Company is nearing completion of the 2022 PEA Update that will include updated commodity prices and reduced dewatering costs.

The results reported today are from the late 2021 drill program and are located in the Central Zone and the East Mill Zone (see Map 1 and Tables 1 & 2). All intercepts were in Tabular-style mineralization and are within modelled open pit boundaries and underground stope areas.

Assays met expectations and confirmed continuity of mineralization within the current Mineral Resource areas. Further assay results are pending from the 2021 program, as well as all of the results from the 2022 Winter drill program that began in late January.

Mineralization was intersected between 82 and 50 metres vertical depth in the Central Zone and between 41 and 13 metres vertical depth in the East Mill Zone.

Highlights Include:

• Drill hole K60-21-PP-004 intersected 8.95 metres grading 11.92% Zn and 25.49% Pb (37.41% Zn+Pb).

• Drill hole M6263-21-PP-005 intersected 6.00 metres grading 14.96% Zn and 5.02% Pb (19.97% Zn+Pb).
• Drill hole N39-21-PP-022 intersected 8.00 metres grading 8.20% Zn and 0.37% Pb (8.57% Zn+Pb).
• Drill hole N39-21-PP-038 intersected 3.65 metres grading 14.04% Zn and 3.63% Pb (17.67% Zn+Pb).

Jeff Hussey, President & COO, commented: “We have now completed approximately 60% of the required infill drilling to convert all of the Inferred Mineral Resources at Pine Point to the Indicated Mineral Resource category. We are still impressed with the continuity of mineralization as the definition drilling confirms extent and grade distribution. Results to date also indicate significant potential to expand mineralization beyond current Mineral Resources through additional drilling. We look forward to the completion of the program by mid 2023 and the update to the Mineral Resource Estimate that will be concurrent to the Feasibility Study. In the short term we will be issuing the 2022 PEA update and we look forward to positive results.”

Hydrogeological Program Update

A total of thirty-eight drill holes will have been surveyed for hydrogeological purposes by the end of the 2022 winter drill program. Profile tracer tests measure water flow and that dataset will be added to the hydrogeological modelling process as we move toward the feasibility study.

Table 1: Drill Hole Composites.

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, enforced as of 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).