Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRA: 0B51) and the Northwest Territories Power Corporation are pleased to announce that they have signed a Memorandum of Understanding that outlines the process of negotiating power connection to the Taltson hydroelectric grid and power purchase agreements.

The MOU will allow both parties to explore, discuss and establish mutually agreeable arrangements through which NTPC can supply and sell hydroelectric power and how Osisko Metals can purchase this electricity and any related services for use at the Pine Point Project site. The sale of excess electricity generated at the Taltson Hydroelectric Facility will be a significant part of the discussions. Depending on the time of year, available capacity from Taltson facility ranges from approximately 3.5 megawatts to 8 megawatts.

The MOU does not commit either party to a power connection agreement but does provide a framework to continue the informal discussion between NTPC and Osisko Metals that has been underway over the past several years.

Jeff Hussey, President and COO of Osisko Metals Incorporated also commented, “The Pine Point Project would require additional power when production begins, currently projected to be in 2028. The potential to access clean hydropower is an attractive opportunity that we want to explore further with NTPC. Our preference is to find ways to maximize the consumption of hydroelectric power, thereby reducing the Project’s carbon footprint and reducing operating costs.”

Diane Archie, Minister Responsible for NTPC, commented, “The Government of the Northwest Territories is optimistic about the potential to welcome a new industrial customer in the South Slave to utilize excess capacity from the Taltson Hydroelectric Facility. The Memorandum of Understanding between NTPC and Osisko Metals is a positive sign of future economic growth, benefiting all residents.”

Cory Strang, President and CEO of NTPC mentioned, “NTPC is committed to being the power provider of choice in the NWT and we look forward to advancing discussions with Osisko Metals on how we can support their efforts to bring the Pine Point Project back into operation. A potentially new industrial customer in the South Slave using the Taltson system’s excess hydroelectricity capacity will help to moderate electricity rates for all customers.”

NTPC is a wholly owned subsidiary of NT Hydro, which in turn is 100 percent owned by the Government of the Northwest Territories.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals 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 2022 PEA has indicated an after-tax NPV of $603M and an IRR of 25% is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and 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, and paved highway access, and also 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 NI43-101 Inferred Resource of 456Mt grading 0.31% Cu (see April 28, 2022 press 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.