Osisko Announces Royalty Transaction with Marimaca Copper
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OSISKO ANNOUNCES ROYALTY TRANSACTION WITH MARIMACA COPPER
Montréal, September 8, 2022 – Osisko Gold Royalties Ltd (“ Osisko”) (OR: TSX & NYSE) is pleased to
announce that it has acquired a 1 .0% net smelter return (“NSR”) royalty covering the currently known
mineralization and prospective exploration areas that constitute the Marimaca copper project located in
Antofagasta, Chile (Figure 1).
HIGHLIGHTS
• Osisko has acquired a 1.0% NSR royalty from Marimaca Copper Corp. (MARI:TSX) and certain of
its wholly-owned subsidiaries (“Marimaca”) for total consideration of US$15.5 million;
• Newly-created royalty on the Marimaca copper project covering approximately 1,310 hectares
including the existing resource and prospective, near-resource targets;
• As part of the transaction Osisko has been granted certain rights including a right of first refusal
with respect to any royalty, stream, or similar interest in connection with financi ng the Marimaca
project;
• The Marimaca project is within a well- established mining jurisdiction , located 35 kilometers from
the operating Mantos Blancos copper mine, owned by Capstone Copper Corp. where Osisko owns
a silver stream;
• Osisko believes that the Marimaca project is one of the top undeveloped copper projects currently
owned by a single-asset developer;
o A 2020 preliminary economic assessment highlighted annual copper cathode production
of 36 thousand tonnes over a 12 year period;
o 41,572m of drilling in 2022 is expected to expand mineral resources to support a definitive
feasibility study which is expected to commence later this year;
o In particular, Marimaca defined an exploration target of 30- 50Mt of 0.4- 0.5% Cu for the
MAMIX zone which is located at depth and along strike of the known deposit that should
add to increased mineral inventory in upcoming studies;
• Simple low-strip open-pit oxide copper project with low capital intensity;
• Proven mining jurisdiction with access to key infrastructure including power, water and ports;
• Experienced management team and board of directors.
MARIMACA COPPER PROJECT
The Marimaca copper project is an oxide, open-pit, heap-leach copper project located in Antofagasta, Chile.
The asset is 100%-owned by Marimaca and hosts a NI 43-101 compliant resource of 70.4Mt grading 0.60%
CuT (total copper), 0.39% CuS (soluble copper) for 420kt CuT (276kt CuS) in the Measured and Indicated
resource categories plus 43Mt grading 0.52% CuT (0.31% CuS) for 225kt CuT (132kt CuS) in the Inferred
resource category. These resources date from December 2019 and were more recently reported in a PEA
published by Marimaca in August, 2020 which is available on SEDAR. The description and supporting
evidence for the various exploration targets, including MAMIX, are found in the January 20, 2 022 press
release. Marimaca remains on track for a resource update on the project in late September or early October
and the company anticipates the start of a definitive feasibility study on the project later this year.
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Figure 1: Osisko NSR Area of Interest
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy
Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a
“qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”).
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About Osisko Gold Royalties Ltd
Osisko is an intermediate precious metal royalty company focused on the Americas that commenced
activities in June 2014. Osisko holds a North American focused portfolio of over 165 royalties, streams
and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter
return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.
Osisko’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec,
H3B 2S2.
For further information, please contact Osisko Gold Royalties Ltd:
Heather Taylor
Vice President, Investor Relations
Tel: (514) 940-0670 #105
Email: [email protected]
Forward-looking Statements
Certain statements contained in this press release may be deemed “forward ‐looking statements” within the meaning of applicable
Canadian and U.S. securities laws. These forward ‐looking statements, by their nature, require Osisko to make certain assumptions
and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those
expressed or implied in these forward ‐looking statements. Forward‐looking statements are not guarantees of performance. These
forward‐looking statements, may involve, but are not limited to, statements with respect to future events or future performance, the
realization of the anticipated benefits deriving from Osisko’s investments, including from its investment in Marimaca copper project
the general performance of the assets of Osisko and the results of exploration, development exploration and production activities as
well as expansions projects relating to the properties in which Osisko holds a royalty, stream or other interest and more particularly
that all conditions will be met in order to allow the operator to bring Marimaca copper project into production in a timely manner. Words
such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or
comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward ‐looking
statements. Information contained in forward ‐looking statements is based upon certain material assumptions that were applied in
drawing a conclusion or making a forecast or projection, including, without limitation, management’s perceptions of historical trends;
current conditions; expected future developments; the ongoing operation of the properties in which Osisko holds a royalty, stream or
other interest by the operators of such properties in a manner consistent with past practice; the accuracy of public statements and
disclosures made by the operators of such underlying properties; no material adverse change in the market price of the commodities
that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream
or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in
production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated
or intended. Osisko considers its assumptions to be reasonable based on information currently available, but cautions the reader that
their assumptions regarding future events, many of which are beyond the control of Osisko, may ultimately prove to be incorrect since
they are subject to risks and uncertainties that affect Osisko and its business. Such risks and uncertainties include, among others,
that the financial information presented in this press release is preliminary and could be subject to adjustments, the succes sful
continuation of mining activities in Québec and more particularly of the operations underlying the Corporation’s assets, the
performance of the assets of Osisko, the growth and the benefits deriving from its portfolio of investments, risks related to the operators
of the properties in which Osisko holds a royalty, stream or other interest, including changes in the ownership and control of such
operators; risks related to development, permitting, infrastructure, operating or technical difficulties on any of the properties in which
Osisko holds a royalty, stream or other interest, the influence of macroeconomic developments as well as the impact of and the
responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses. In this press release, Osisko
relies on information publicly disclosed by another other issuer pertaining to its asset and, therefore, assumes no liability for such third
party public disclosure.
For additional information with respect to these and other factors and assumptions underlying the for ward‐looking statements made
in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which is filed with
the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with
the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer profile on EDGAR at www.sec.gov.
The forward‐ looking statements set forth herein reflect Osisko’s expectations as at the date of this press release and are subject to
change after such date. Osisko disclaims any intention or obligation to update or revise any forward ‐looking statements, whether as
a result of new information, future events or otherwise, other than as required by law.