Osisko Metals Announces Conversion of Glencore Canada'S US$25 Million Convertible Debenture
OSISKO METALS ANNOUNCES CONVERSION OF GLENCORE
CANADA'S US$25 MILLION CONVERTIBLE DEBENTURE
(Toronto, July 13, 2026) Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX:
OM; OTCQX: OMZNF; FRANKFURT: OB51) announces that Glencore Canada Corporation
("Glencore Canada"), the holder of the Company 's US$25,000,000 senior secured convertible
debenture dated July 14, 2023 (the "Convertible Debenture"), has exercised its right to convert
the Convertible Debenture into securities of the Company in accordance with its terms, as more
particularly described below. Conversion of the Convertible Debenture remains subject to the final
approval of the Toronto Stock Exchange (the "TSX").
Pursuant to a conversion notice delivered by Glencore Canada on June 25, 2026 (the
"Conversion Notice"), the initial principal amount of US$25,000,000 under the Convertible
Debenture, together with all capitalized and uncapitalized, unpaid and accrued interest
thereunder (the "Interest"), have been converted into units of the Company (the "Units"). Each
Unit consists of one common share of the Company (a "Common Share") and one-half of one
common share purchase warrant of the Company (each whole warrant, a "Warrant").
• Conversion of Initial Principal: The conversion of the initial principal amount of the
Convertible Debenture (US$25,000,000) resulted in the issuance of 88,962,500 Units ,
consisting of 88,962,500 Common Shares and 44,481,250 Warrants, at a conversion price
of C$0.40 per Unit. Each Warrant issued in respect of the conversion of the initial principal
had an exercise price of C$0.46 per Common Share.
• Conversion of Interest: The conversion of the Interest (US$7,617,438.72 ) resulted in the
issuance of 6,862,444 Units , consisting of 6,862,444 Common Shares and 3,431,222
Warrants, at a conversion price of C$1.58 per Unit, being the closing price of the Common
Shares on the TSX on June 24 , 2026 (the date preceding the date of the Conversion
Notice) in accordance with the terms of the Convertible Debenture. Each Warrant issued
in respect of the conversion of Interest has an exercise price of C$1.68 per Common
Share.
Glencore Canada has elected to exercise, on a cashless basis, all 44,481,250 Warrants issued
pursuant to the conversion of the initial principal amount of the Convertible Debenture, at an
exercise price of C$0.46 per Common Share, resulting in the issuance of an aggregate of
32,301,860 Common Shares to Glencore Canada (the "Warrant Exercise").
Glencore Canada continues to hold the 3,431,222 Warrants issued pursuant to the conversion of
the Interest. These Warrants expire on August 7, 2026.
After giving effect to the transactions described above, Glencore Canad a beneficially owns or
controls, directly or indirectly, 128,126,804 Common Shares and 3,431,222 Warrants,
representing approximately (i) 14.4% of the issued and outstanding Common Shares on a non -
diluted basis, and (ii) 14.7% of the Common Shares on a partially-diluted basis (assuming for this
purpose only the exercise of the 3,431,222 Warrants held by Glencore Canada).
Early Warning Disclosure
Immediately prior to the conversion of the Convertible Debenture, Glencore Canada did not
beneficially own or control, directly or indirectly, any securities of the Company other than the
Convertible Debenture. If the Convertible Debenture had been converted in full (including the
principal and unpaid Interest thereon) immediately prior to the conversion, Glencore Canada
would have beneficially owned an aggregate of 95,824,944 Common Shares and 47,912,472
Warrants, representing (i) approximately 11.2% of th e Common Shares that would then have
been issued and outstanding on a non-diluted basis, and (ii) approximately 15.9% of the Common
Shares on a partially-diluted basis (assuming, for this purpose, only the exercise of the 47,912,472
Warrants held by Glencore Canada).
After giving effect to the conversion of the Convertible Debenture and the Warrant Exercise,
Glencore Canada beneficially own s or controls, directly or indirectly, 128,126,804 Common
Shares and 3,431,222 Warrants, representing (i) approximately 14.4% of the issued and
outstanding Common Shares on a non-diluted basis, and (ii) approximately 14.7% of the Common
Shares on a partially-diluted basis (assuming, for this purpose, only the exercise of the 3,431,222
Warrants held by Glencore Canada).
Glencore Canada acquired the Common Shares and Warrants for investment purposes and will
continue to monitor the business, prospects, financial condition and potential capital requirements
of the Company. Depending on its evaluation of these and other factors, Glencore Canada may
from time to time in the future decrease or increase its direct or indirect ownership, control or
direction over securities of the Company through market transactions, private agreements,
subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating
to any of the other actions listed in (a) through (k) of Form 62-103F1 – Required Disclosure Under
the Early Warning Requirements . Glencore Canada may also in the future exercise its rights
under the investor rights agreement between Glencore Canada and the Company dated July 14,
2023.
For the purposes of this news release and the early warning disclosure herein, the number and
percentages of Common Shares beneficially owned or controlled by Glencore Canada are
calculated based on the Company having issued and outstanding : (i) 762,559,657 Common
Shares immediately prior to the conversion of the Convertible Debenture ; and (ii) 890,686,461
Common Shares immediately following completion of the conversion of the Convertible
Debenture and the Warrant Exercise.
This portion of this news release is being issued pursuant to National Instrument 62- 103 – The
Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning
report will be filed on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. Persons
who wish to obtain a copy of the early warning report to be filed by Glencore Canada may obtain
a copy of such report (i) from SEDAR+ (www.sedarplus.ca) under the Company's issuer profile,
or (ii) by contacting Peter Fuchs by telephone (a t +1 416-305-9273) or by email (at
Glencore Canada's address is 100 King Street West, Suite 6900, P.O. Box 403, Toronto, Ontario,
Canada, M5X 1E3. Glencore Canada is incorporated under the laws of Ontario and is a wholly
owned indirect subsidiary of Glencore plc.
The Company's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario,
Canada, M5H 3B7.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value
in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100%
interest in the past -producing Gaspé Copper mine from Glencore Canada Corporation in July
2023. The Gaspé Copper mine site is located near Murdochville in Québec 's Gaspé Peninsula.
The Company is currently focused on resource expansion of the Gaspé Copper deposits, with
current pit -constrained Measured and Indicated Mineral Resources of 1.83 Bt averaging
0.32% CuEq and Inferred Mineral Resources of 239 Mt averaging 0.46% CuEq (in compliance
with NI 43-101). For more information, see Osisko Metals ' April 14, 2026 news release entitled
"Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé
Copper hosts the largest undeveloped copper resource in eastern North America, strategically
located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory
LLP through the Pine Point Mining Limited joint venture to advance one of Canada's largest past-
producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The
current mineral resource estimate for the Pine Point project consists of Indicated Mineral
Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt
averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals'
June 25, 2024 news release entitled " Osisko Metals releases Pine Point mineral resource
estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq ". The Pine Point project is
located on the south shore of Great Slave Lake, NWT, close to infrastructure, with paved road
access, an electrical substation and 100 kilometres of viable haul roads.
For Further Information
For further information on this news release, visit www.osiskometals.com or contact:
Don Njegovan, President
Email: [email protected]
Phone: (416) 500-4129
Cautionary Note Regarding Forward-Looking Information
This news release contains " forward-looking information" within the meaning of applicable
Canadian securities legislation based on expectations, estimates and projections as at the date
of this news release. Any statement that involves predictions, expectations, interpretations,
beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not
always, using phrases such as "expects", or "does not expect ", "is expected" , "interpreted",
"management's view ", "anticipates" or "does not anticipate ", "plans", "budget", "scheduled",
"forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or
"will" be taken, occur or be achieved) are not statements of historical fact and may be forward -
looking information and are intended to identify forward- looking information. This news release
contains forward- looking information pertaining to, among other things: receipt of the final
approval of the TSX.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management, in light of management 's experience and
perception of trends, current conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the circumstances, including, without
limitation, assumptions about: the ability of expl oration results, including drilling, to accurately
predict mineralization; errors in geologic al modelling; insufficient data; equity and debt capital
markets; future spot prices of copper, molybdenum and silver; the timing and results of exploration
and drilling programs; the accuracy of mineral resource estimates; production costs; political and
regulatory stability; the receipt of governmental and third party approvals; licenses and permits
being received on favourable terms; sustained labour stability; stability in financial and capital
markets; availability of mining equipment and positive relations with local communities and
groups. Forward -looking information involves risks, uncertainties and other factors that could
cause actual events, results, performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information. Factors that could cause actual
results to differ materially from such forward -looking information are set out in the Company 's
public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile.
Although the Company believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames or at all. The Company disclaims
any intention or obligation to update or revise any forward-looking information, whether as a result
of new information, future events or otherwise, other than as required by law.