Osisko Metals: Corporate Update
Osisko Metals: Corporate Update
MONTREAL, May 26, 2023 -- Osisko Metals Incorporated (the " Company" or " Osisko Metals") ( TSX-V: OM ; OTCQX:
OMZNF; FRANKFURT: 0B51) wishes to announce, as per regulatory compliance, the following updates:
Shares for Services Agreement
Subject to the approval of the TSX Venture Exchange, the Company has agreed to issue an aggregate of 2,000,000 common
shares at a deemed issue price of $0.3125 per common share in satisfaction of an aggregate of $625,000 in obligations due to
Maxit Capital LP, who acted as the financial advisor to the Company in connection with the recently-completed joint venture
transaction with Appian Canada Pine B.V. The common shares issued pursuant to this shares-for-services transaction will be
subject to a four-month hold period under applicable securities laws.
Grant of Stock Options
The Company’s Board of Directors have approved the grant of 2023 incentive stock options to certain directors, officers, key
employees and key consultants to purchase up to an aggregate of 1,705,000 common shares in the capital stock of the
Company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.25 per share.
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 $602M 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, 2022 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 Company is also in the process of acquiring, from Glencore Canada Corporation, 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 456 Mt 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.
For further information on this press release, visit www.osiskometals.com or contact:
Robert Wares, CEO of 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 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
are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking
information pertaining to the Pine Point Project, including, among other things, the results of the PEA and the IRR, NPV and
estimated costs, production, production rate and mine life; the expectation that the Pine Point Project will be a robust
operation and profitable at a variety of prices and assumptions; the expected high quality of the Pine Point concentrates; the
potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of
tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new
discoveries. 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: favourable equity and debt capital markets; the ability to
raise additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future
prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource
estimates; production costs; operating conditions being favourable; 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 equipment; and positive relations with local 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 documents
filed at www.sedar.com. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accept responsibility for the adequacy or accuracy of this news release.