Osisko Metals Announces Increase IN Bought Deal Private Placement to $11 Million

1

OSISKO METALS ANNOUNCES INCREASE IN BOUGHT DEAL

PRIVATE PLACEMENT TO $11 MILLION

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(Montréal, Québec – May 19, 2022) Os isko Metals Incorporated (the " Corporation" or " Osisko Metals")

(TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce that it has entered into an

amending agreement with Eight Capital on behalf of a syndicate of underwriters (collectively, the

"Underwriters") who, as lead underwriter, has now agreed to purchase, on a "bought deal" private

placement basis (the "Offering"):

• No less than 16,296,500 flow-through units of the Corporation (" FT Units") at a price of $0.54

per FT Unit (the "FT Unit Issue Price"), for gross proceeds of no less than $8.8 million, with each

FT Unit comprised of (i) one common share of the Corporation that will qualify as "flow-through

shares" (within the meaning of subsection 66 (15) of the Income Tax Act (Canada)) (" FT

Shares"), and (ii) one-half-of-one common share purchase warrant of the Corporation (each

whole warrant, a "FT Warrant"); and

• up to 4,400,000 FT Shares at a price of $0.50 per FT Share (the "FT Share Issue Price"), for gross

proceeds of approximately $2.2 million.

Each whole FT Warrant will entitle the holder ther eof to purchase one common share of the Corporation

at a price of $0.57 per share until the close of business on the date which is 60 months from the closing

date of the Offering.

The Corporation has also granted to the Underwriters an option, exercisable, in whole or in part, up to 48

hours prior to the closing of the Offering, to purchase up to an additional 2,440,000 FT Units at the FT Unit

Issue Price and 660,000 FT shares at the FT Share I ssue Price for additional gross proceeds of up to

approximately $1.65 million.

The gross proceeds from the Offering will be used by the Corporation to, directly or indirectly, incur eligible

"Canadian exploration expenses" that will qualify as "flow-through mining expe nditures" (as such terms

are defined in the Income Tax Act (Canada)) (the " Qualifying Expenditures"). All Qualifying Expenditures

will be renounced in favour of the subscribers of the FT Shares effective December 31, 2022.

The Qualifying Expenditures may be incurred on projects held, directly or indirectly, by the Corporation and

also in respect of the past-produ cing Gaspé copper mine located ne ar Murdochville, Québec owned by

Glencore Canada Corporation, which property is subject to an option agreement between the Corporation

and Glencore Canada Corporation.

The Offering is expected to close on or about June 16, 2022 and is s ubject to certain closing conditions

including, but not limited to, the receipt of all necessary approvals including the conditional listing approval

of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may

not be offered or sold in the Un ited States absent registration or an applicable exemption from the

2

registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer

to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would

be unlawful.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company focused on creating value

in the critical metal space. The Corporation owns one of Canada's premier past-producing zinc mining

camps, the Pine Point Project, located in the Northw est Territories for which the Pine Point Project PEA

(2020) (as defined herein) has indica ted an after-tax NPV of $500 million and an IRR of 29.6%. The Pine

Point Project PEA (2020) 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, 2020 (with an effective date of June 11, 2020) (the "Pine Point Project PEA (2020)"), prepared by BBA

Inc. and WSP Canada Inc., for Osisko Metals and Pine Point Mining Limited, a copy of which is available on

SEDAR (www.sedar.com) under Osisko Metals' issuer profile. 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.

Furthermore, the Corporation has an option to purch ase, from Glencore Canada, a 100% interest in the

past-producing Gaspé Copper property located near Mu rdochville in the Gaspé peninsula of Quebec (see

news release of Osisko Metals dated March 28, 2022 for additional details).

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, CEO

Osisko Metals Incorporated

Email: [email protected]

www.osiskometals.com

Cautionary Statement on Forward-Looking Information

This news release contains "forward ‐looking information" within the meaning of the applicable Canadian

securities legislation that is based on expectations, estimates, projections and interpretations as at the date

of this news release. The information in this news release about the Offering; the use of the proceeds from

the Offering; the timing and ability of the Corporation to obtain final approval of the Offering from the TSX

Venture Exchange, if at all; the tax treatment of the FT Shares and FT Units the timing of the renouncement

of the Qualifying Expenditures in favor of the subscribers, if at all; the prospects of the Pine Point Mining

Camp; and any other information herein that is not a historical fact may be "forward‐looking information".

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs,

plans, projections, objectives, assumptions, future events or performance (often but not always using

phrases such as "expects", or "d oes not expect", "is expected", "i nterpreted", "management's view",

"anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "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 to 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

forward‐looking information is based on reasonable assumptions and estimates of management of the

Corporation, at the time such assumptions and estimates were made, and involves known and unknown

risks, uncertainties or other factors which may cause the actual results, performance or achievements of

the Corporation to be materially different from any future results, performance or achievements expressed

or implied by such forward ‐looking information. Such factors include, among others, risks relating to the

Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of

the Corporation to obtain required approvals; ability of Osisko Metals to complete further exploration

3

activities; property interests; the results of exploration activities; risks relating to mining activities; the

global economic climate; metal prices; dilution; environmental risks changes in the tax and regulatory

regime; community and non ‐governmental actions; and those risks set out in the Corporation's public

documents filed on SEDAR ( www.sedar.com) under Osisko Metals' issuer profile. Although the forward ‐

looking information contained in this news release is based upon what management believes, or believed

at the time, to be reasonable assumptions, the Corporation cannot guarantee shareholders and purchasers

of securities of the Corporation that actual results will be consistent with such forward‐looking information,

as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither

Corporation nor any other person assumes responsibilit y for the accuracy and co mpleteness of any such

forward looking information. The Corporation does not undertake, and assumes no obligation, to update or

revise any such forward looking statements or forward‐looking information contained herein to reflect new

events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Se rvices Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news

release.