Osisko Metals Provides Update ON the Pine Point Project and Feasibility Study (Montreal, November Xx, 2024)
OSISKO METALS PROVIDES UPDATE ON THE PINE POINT PROJECT
AND FEASIBILITY STUDY
(Montreal, November XX, 2024) Osisko Metals Incorporated (the "Company" or "Osisko
Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that
the Pine Point Mining Limited (“PPML”) Feasibility Study (“FS”) is now fully underway, with an
expected completion date in Q2 2025.
Since early 2023, PPML has engaged with its key technical and strategic advisors to optimize
the 2022 Preliminary Economic Assessment Update (‘’PEA’’). The objective was to complete
Definition Studies to compare key concepts, otherwise known as trade-off studies, typically
performed during the Pre-Feasibility study stage.
Since November of 2023, PPML and the team have conducted and thoroughly analyzed various
technical trade-off studies to better define the FS final design concept. In Q3 2024, PPML’s Board
of Directors approved the company’s final design concept to be developed in the FS. The FS will
use the Mineral Resource Estimate announced on June 25th, 2024, that reported 49.5MT of
Indicated Mineral Resources Grading 5.52% ZnEq and 8.3Mt of Inferred Mineral Resources
Grading 5.64% ZnEq (see note below under “About Osisko Metals”).
These more detailed design concepts will bridge the Project from a PEA level into the FS stage
and support concurrent Environmental Assessment and Permitting activities. A significant
change is that the preconcentration methods proposed in the 2020 & 2022 PEA studies (i.e. XRF
Ore Sorting, Dense Media Separation) will not be incorporated in the concentrator design in
favour of conventional “Full Milling”. This will have an overall better recovery of zinc and lead and
will reduce operational risk with the simpler flow sheet. Other concepts that were analyzed in
detail were the use of former Cominco Era open pits to dispose of waste rock and tailings
as much as possible. All key concepts will be presented to communities for feedback in
upcoming community meetings planned for November 2024.
The PPML team relies on the experience of Qualified Persons working for established
engineering firms, including Synectiq, BBA, GMining, Newfields, Terrane Geoscience, and
WSP, to develop the Feasibility Study and advance permitting. WSP has local offices in the
Northwest Territories and the experience needed for permitting in the North.
This summer, PPML had two weeks of site visits where the Project was presented to
Government representatives, community leaders and members and environmental regulators
and we thank them for their participation.
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Qualified Person
Mr. Robin Adair is the Qualified Person and the Senior Technical Advisor for Pine Point Mining
Limited. He is responsible for the technical data reported in this news release and is a Professional
Geologist registered in the Northwest Territories.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value
in the critical metals space, more specifically copper and zinc. The Company is in a joint venture
with Appian Capital Advisory LLP for the advancement of one of Canada's premier past-producing
zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which current
mineral resources have been calculated for the 2024 MRE (as defined herein). The Project is held
under the joint venture company Pine Point Mining Limited. The current mineral resource estimate
consists of 49.5Mt grading 5.52% ZnEq of Indicated Mineral Resources and 8.3Mt grading
5.64% ZnEq of Inferred Mineral Resources (in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects). The report’s title is Pine Point Zinc-Lead Project
Mineral Resource Estimate Update, Hay River, Northwest Territories, Canada . Prepared for
Osisko Metals Incorporated and Pine Point Mining Limited, it is effective May 31, 2024. The
report’s authors are Pierre-Luc Richard, P. Geo. (PLR Resources Inc.), Colin Hardie, P. Eng.
(BBA Inc.), as well as Carl Michaud, P. Eng., and Alexandre Dorval, P. Eng., both of G Mining
Services Inc. The Pine Point Project is located on the south shore of Great Slave Lake in the
Northwest Territories, near infrastructure, with paved highway access, an electrical substation,
and 100 kilometres of viable haulage roads.
In addition, and outside of the Pine Point JV, the Company acquired in July 2023, from Glencore
Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near
Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource
evaluation of the Copper Mountain Expansion Project that hosts a current mineral resource
consisting of an Indicated Mineral Resource of 495Mt grading 0.37% CuEq and an Inferred
Mineral Resource of 6.3Mt grading 0.37% CuEq (in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects); see May 6, 2024 news release of Osisko
Metals entitled “Osisko Metals announces updated mineral resource estimate at Gaspé Copper
– indicated resource of 495 mt grading 0.37% copper equivalent"). Gaspé Copper hosts the
largest undeveloped copper resource in Eastern North America, strategically located near existing
infrastructure in the mining-friendly province of Québec.
About Appian
Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-
focused private capital funds that invest solely in mining and mining-related companies.
Appian is a leading investment advisor in the metals and mining industry, with global experience
across South America, North America, Europe, Australia and Africa and a successful track record
of supporting companies to achieve their development targets, with a global operating portfolio
overseeing nearly 6,300 employees. Appian has a global team of 65 experienced professionals
with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth,
Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of
successfully bringing mines through development and into production, having completed 9 mine
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builds in the last 6 years.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn,
Instagram and Twitter.
For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chairman and Chief Executive Officer, Osisko Metals Incorporated
Email: [email protected]
Phone: 514-861-4441
Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals,
on LinkedIn at https://www.linkedin.com/company/osiskometals, and on X at
https://twitter.com/osiskometals.
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, expecta tions, 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 and Gaspé Copper Projects,
including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and
estimated costs, production, production rate and mine life; the ability to identify additional
resources and reserves (if any) and exploit such resources and reserves on an economic basis;
the expected high quality of the metal concentrates; the potential economic impact of the projects
on local communities, including but not limited to the potential generation of tax revenues and
contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the
estimated costs to take the Projects to construction decision (if at all) and the impact to the
Company of the disposition of ownership interest and control in the Pine Point Project, which is a
material property of the Company; Gaspé Copper hosting the largest undeveloped copper
resource in Eastern North America and Glencore becoming a Control Person of the Company.
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 and timing
for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine
Point Project and pursue planned exploration and development; future spot prices of copper, zinc,
lead and molybdenum; 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.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the
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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 Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or disapproved the information contained
herein.