Michael Fox and Robert Wares, Chairman and CEO of Osisko Metals (TSX-V: OM), discussed the progress of the Gaspé Copper Project, one of Canada’s largest copper development projects. Robert highlighted the project’s updated mineral resource estimate of approximately 824 million tonnes indicated and 670 million tonnes inferred, with a copper equivalent grade around 0.34-0.38%, representing a significant increase in resource size.

They detailed a current drill program targeting 110,000 meters aimed at converting inferred resources to indicated by early 2026, with a budget of $35 million and eight drills operating on site. The drill results from 16 holes show higher-grade mineralization at depth, with a weighted average copper grade of 3.2%, well above the current resource average of 0.28%. Significant intersections include 150 meters at 0.6% copper, 320 meters at 0.4%, and 30 meters at 1.9% copper with silver, indicating potential for resource expansion, including a southern extension of about 600 meters.

Robert also explained that the ongoing drilling will continue through the year to support a Preliminary Economic Assessment (PEA), which, while not a full pre-feasibility study due to limited geotechnical data, will lead to a feasibility study expected by early 2028. Other activities include dewatering tests, environmental impact studies, metallurgical testing, and condemnation drilling for tailings areas. The site’s previous mining history facilitates permitting due to existing infrastructure and environmental records, though it does not shorten the overall timeline.

Financially, Osisko Metals raised about $101-107 million in late 2024 to fully fund the Gaspé project for the next five years. The company aims for a construction decision by 2029 and targets production commencement around 2032. The project is positioned as a major copper-molybdenum development in a safe mining jurisdiction, contributing to Quebec’s critical mineral strategy and global decarbonization efforts.

In summary, Osisko Metals is advancing the Gaspé Copper Project with a large-scale drilling program, significant resource growth, strong financial backing, and a clear timeline toward feasibility, construction decision, and eventual production within the next decade

Osisko Metals