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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 Canada’s Leading Copper Development Company May 2025
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 2 Forward-looking statements and cautionary notes regarding technical information This presentation (the "Presentation") contains "forward -looking information" within the meaning of applicable Canadian securiti es legislation. These “forward-looking information” are based on the expectations, estimates and projections of Osisko Metals In corporated (“Osisko Metals” or the “Company”) as at the date of this Presentation and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward -looking information. Any statement that involves predictions, expectat ions, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not e xpect”, “is expected”, “interpreted”, management’s view”, “anticipates” or “does not anticipate”, “expects”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or res ults “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 Presentation contains forward -looking information pertaining to, among other things: the cost of and ability to finance the Gaspé Copper Project to a construction decision (if at all); the ability to realize upon any mineralization in a manner that is eco nomic; the capital resources available to Osisko Metals; the ability of the Company to execute its planned activities, including as a result of its abilit y to seek additional funding or to reduce planned expenditures; the ability of the Company to obtain future financing and the te rms of such financing; the impact of Osisko Metals' leadership team; management's perceptions of historical trends, current conditions and expected future developments; the utility and sig nificance of historic data, including the significance of the district hosting past producing mines; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; net zero emission goals; the demand and supply of copper; t he ability of the Pine Point Project to produce one of the cleanest and highly sought after zinc concentrates in the world; the Gaspé Copper Project being one of the largest undeveloped copper deposits in North America; the results and assumptions underlying the mineral resource estimates on the Pine Point Pro ject and the Gaspé Copper Project; the results (if any) of further exploration work to define and expand mineral resources; the ability of explo ration work (including drilling) to accurately predict mineralization; the ability to generate additional drill targets; the ability of management to understand the geology and potential of the Company's properties; the ability of the Company to expand mineral resources beyond current mineral resour ce estimates; category conversion; the timing and status of permitting; the expectation that the Company's projects will be a robust operation and profitable at a variety of prices and assumptions; the expected excellent quality of the Gaspé Copper concentrates; the potential impact of the Company's projects in local communities and the social acceptability of the projects; sustainability and environmental impacts of operations at the Company's properties; the ability of the Company to c omplete its exploration and development objectives for its projects in the timing contemplated and within expected costs (if at all), including the timing and ability of the Company, if at all, to complete its anticipated 2025 drill program, preliminary economic program and feasibility program and permitting at the Gaspé Copper Project; future mining activities; and any other information herein that is not a historical fact may be "forward look ing information". 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 we ll 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 any necessary additional capital on reasonable terms to advance the dev elopment of its projects and pursue planned exploration; favourable future prices of copper, zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resourc e estimates; the accuracy of production costs estimates; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals in a timely manner; licences and permits being received on favourable terms and in a timely manner; sustained labour stability; stability in financial and capital markets; availability of equipment; and positive relations with local stakehold ers. 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 include, but are not limitead to, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; e rrors in management’s geological modelling; capital and operating costs varying significantly from estimates; the preliminary n ature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project a pprovals; Osisko Metals’ history of losses and negative cash flow; uncertainties relating to the availability and costs of finan cing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of Osisko Metals to complete further exploration activ ities, including drilling; delays in the development of projects; environmental risks; community and non -governmental actions; other risks involved in the mineral exploration and development industry; the ability of Osisko Metals to retain its key management employees and skilled and experienced personn el; and those risks set out in the Company’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this Presentation are reasonable, undue reliance should not be placed on such information, wh ich only applies as of the date of this Presentation, and no assurance can be given that such events will occur in the disclo sed 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 even ts or otherwise, other than as required by law. The information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to b uy any securities in the United States of America or to or for the benefit of any US Person as such term is defined under the Un ited States Securities Act of 1933, as amended. Reference to historical production in the vicinity of Osisko Metals properties in this Presentation does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made. CAUTION REGARDING MINERAL RESOURCE ESTIMATES This Presentation uses terms such as “measured mineral resources”, “indicated mineral resources”, and “inferred mineral resou rces” as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources ar e not economic mineral reserves and that the economic viability of mineral resources that are not mineral reserves has not been demonstrated. Mineral resource estimates may be mat erially affected by geology, environmental, permitting, legal, title, socio -political, marketing or other relevant issues. However, other than as disclosed in this Presentation, Osisko Metals is not aware of any known environmental, permitting, legal, title, socio -political, marketing or other relevant issues that coul d materially affect the estimates of mineral resources disclosed herein. It cannot be assumed that all or any part of an infe rred mineral resource will ever be upgraded to the category of indicated mineral resource or measured mineral resource. The mineral resource estimate is classified in accordance with the C anadian Institute of Mining, Metallurgy and Petroleum's CIM Definition Standards on Mineral Resources and Mineral Reserves adopt ed in 2019 and incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”). Under Canadian rules, estimates of infe rred mineral resources may not form the basis of feasibility or pre -feasibility studies or economic studies except for a prelimi nary economic assessment as defined under NI 43 -101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. SCIENTIFIC AND TECHNICAL INFORMATION Scientific and technical information in this Presentation relating to the Gaspe Project is supported by the technical report entitled “NI 43-101 Technical Report on the Gaspe Copper Project with an Updated Mineral Resource Estimate for the Copper Mountain Deposit, Quebec, Canada” dated December 27, 2024 (effective date November 4, 2024) prepared by Pierre -Luc Richard, P. Geo., Francois Le Moal, P. Eng., and Christian Laroche, P. Eng. (the “Gaspe Technical Report”). Each author of the Gaspe Technical Report is a “qualified person” within the meaning of NI 43 -101 and considered to be “independent” of Osisko Metals for the purposes of Section 1.5 of NI 43 -101. Please see the full text of the Gaspe Technical Report for assumptions, qua lifications and limitations relating to the disclosure about the mineral resource estimate on the Gaspe Project. An electroni c copy of the Gaspé Copper Project Technical Report is available on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. QUALIFIED PERSON The qualified person for the technical and scientific information included in this presentation is Jeff Hussey, P. Geo., dire ctor of Osisko Metals.
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 3 Gaspé Copper: one of North America’s largest undeveloped copper projects with infrastructure in place Strategic off-take partner GASPÉ COPPER PROJECT Current in-pit resource* • Indicated: 824 Mt @ 0.34% CuEq • Inferred: 670 Mt @ 0.38% CuEq TSXV: OM | OTCQX: OMZNF | FRA: 0B51 3 *see NI43-101 compliant table in Appendix
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 4 Experienced Canadian mining team with track record of delivering shareholder returns JOHN BURZYNSKI EXECUTIVE CHAIRMAN ROBERT WARES CHIEF EXECUTIVE OFFICER DONALD NJEGOVAN PRESIDENT CANADIAN MALARTIC: 20M oz Au Canada’s largest gold mine WINDFALL: 8M oz Au Quebec’s highest grade gold discovery MARBAN: 3M oz Au Canadian Malartic satellite Acquired: 2014 C$4.3B Acquired: 2025 C$200M Acquired: 2025 C$2.2B
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 5 Institutions and strategic investors own approximately 80% of the shares outstanding TSXV: OM | OTCQX: OMZNF | FRA: 0B51 Shares outstanding 609.6M Market capitalization C$232M Cash C$100M Glencore convertible debenture C$40M RESEARCH COVERAGE Canaccord Genuity Peter Bell, Steve Searles Hannam & Partners Roger Bell, Jonathan Guy National Bank Financial Rabi Nizami Scotiabank Eric Winmill, Ovais Habib Velocity Trade Capital Paul O’Brien Consensus target price: C$1.10 Institutions 50% Strategic investors 30% • Appian • Franco-Nevada • Gold Fields • Glencore • OR Royalties • Large Canadian Mining Co. • CDPQ Management 10% Retail 10% SHARE OWNERSHIP
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 6 Gaspé Copper 2025: minimum 110,000 metre drill program Fully-funded 110,000-metre drill program with 7 rigs turning aimed at: • converting existing resources into the indicated and measured resource categories • testing potential expansion of the resources: o to 250 metres below the current resource volume o further south toward Needle East Mountain • further characterizing higher grade skarn zones (0.5%-3.0% Cu) • validating new geological models
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 7 Water Treatment Plant Oxide Stockpiles Copper Mtn. Pit Copper Mtn. Garages and Administration Buildings Porphyry Mtn. Former Smelter Location Gaspé Copper today is a reclaimed site after C$150M in closure reclamation costs
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 8 0.00 1.00 2.00 3.00 4.00 5.00 6.00 May 1990 May 1995 May 2000 May 2005 May 2010 May 2015 May 2020 May 2025 copper price Mine closed at $0.65/lb copper Gaspé Copper produced more than 141 Mt at 0.9% copper over 44 years from underground galleries and open pit Copper futures currently trading at $4.67/lb
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 9 Gaspé Copper Geology Geological Cross Section (Looking NW) FALL 2024 MRE INDICATED 824 Mt @ 0.34% CuEq INFERRED 670 Mt @ 0.38% CuEq 2025 Drill program to confirm and expand the resource Porphyry Mtn deposit: Underground bulk- tonnage potential from 1994 discovery SPRING 2024 MRE C Zone E Zone 9
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 10 Gaspé Copper Geology: 3D view of 2024 resource model and current drilling (looking west) 2024 Resource Wireframe (824 Mt Indicated and 670 Mt Inferred at approx. 0.36% Cu Eq (see appendix) Mineralized Intersections (red)DDH trace (white)
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 11 Metal recoveries de-risked thanks to 44-year production history and superior results on 2024 metallurgical tests Initial metallurgical tests point to potential production of clean copper and molybdenum concentrates with excellent metal grades: • 92%—94% copper recoveries with concentrate grades of 24%-28% copper • 65%-70% molybdenum recoveries with concentrate grades of 59% molybdenum • 70% silver recoveries; payable silver credit added to the copper concentrates • Offtake copper agreement with Glencore; pending agreement for molybdenum (see appendix)
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 12 A responsible mining project focused on sustainable development and respect for host communities Key strategies include: • Implementing comprehensive engagement strategies for local communities, First Nations, and other stakeholders • Government of Québec leading a pilot project designed to maximize economic benefits for the region • Characterization of physical, biological, and human environments • Collaborating with stakeholders to develop mine impact mitigation measures • Establishing a technical advisory committee with local stakeholders for pit dewatering
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 13 A seven-year timeline to potential mine start-up 2022-2024 ✓ July 2023: closing of Gaspé Copper acquisition ✓ 42,000 metre definition drilling ✓ MRE 2025-2028 • Environmental and socio-economic impact studies • 110,000-metre drill program in 2025 • MRE/PEA (‘26) and FS (’27) 2029 • Public hearings • Permit issuance • Final investment decision 2030-2031 • Project financing and construction 2032 •Potential start •of production
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 14 World-class copper assets: Gaspé Copper compares favourably and has room to grow NAME STAGE LOCATION OPERATOR MARKET CAP (C$M)1 Copper Resources (Cu Blbs) & Grade (M&I % Cu) Source: Canaccord Genuity, Company Disclosures, CapIQ 1 Market data as of May 5, 2025
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 15 Osisko Metals: Canada’s next leading copper development company Led by a senior multi-disciplinary team with a proven track record of discovery, development, finance, building and operating, and high shareholder returns Strong balance sheet with closing of $107M bought-deal financing – fully financed to advance Gaspé Copper to final investment decision Gaspé Copper is one of the largest undeveloped copper deposits in North America Located on a brownfield site near essential infrastructure in Québec – a Tier One mining jurisdiction, according to Fraser Institute Project fast-tracking in 2025 with 110,000-metre drill program launched in early February; PEA expected to be released in 2026
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 16 Appendices
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 17 Gaspé Copper Acquisition with Glencore Canada Option Terms Price to Pay upon Exercise of Option US$25,000,000 through issuance of a convertible note. Convertible Note The note will be convertible by Glencore into units of Osisko Metals at a price of $0.40 per unit. Each unit will consist of one share and a half-warrant. Each whole warrant will entitle Glencore to acquire one common share of Osisko Metals at a price of $0.46 per share for a period of 3 years. Milestone Payment US$20,000,000 upon commercial production Work Commitment C$55,000,000 in exploration and development expenditures, including permitting expenditures, over a period of four years to get project to FID. Royalty 1% on Copper Mtn.; 3% on all other mineral products extracted from the property Other Glencore will retain a commercially reasonable offtake for 100% of all concentrates produced
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 18 New in-pit Indicated Resource outlines largest undeveloped Cu-Mo deposit in Eastern North America Class Tonnes Mt Copper equivalent % Copper % Copper M lbs Copper kt Molybdenum % Molybdenum M lbs Molybdenum Kt Silver g/t Silver Koz Indicated 824 0.34 0.27 4,907 2,225 0.015 274 124 1.74 46,027 Inferred 670 0.39 0.30 4,389 1,990 0.020 294 133 1.37 29,493 NI 43-101 Mineral Resource Estimate (base case at 0.12% copper cut-off) Notes: • The independent qualified persons for the MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Pierre-Luc Richard, P.Geo., of PLR Resources Inc. with contributions from François Le Moal, P.Eng., of G-Mining for cut-off grade and Pit shell optimization, and Christian Laroche, P.Eng., from Synectic, for metallurgical parameters. The effective date of the MRE is November 4, 2024. • These Mineral Resources are not mineral reserves as they have no demonstrated economic viability. No economic evaluation of these Mineral Resources has been produced. The quantity and grade of reported Inferred Resources above are uncertain in nature and there has been insufficient drilling to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated with continued exploration. . Class Cu Cut-off (%) Tonnage (Mt) Strip Ratio Grade Copper Metal Resource Cu % Mo % M lbs kt Indicated 0.12 824 1.53 0.27 0.015 4,907 2,225 Inferred 0.12 670 1.53 0.30 0.020 4,389 1,990 Indicated 0.15 696 1.93 0.29 0.016 4,528 2,053 Inferred 0.15 593 1.93 0.32 0.021 4,159 1,886 Indicated 0.20 510 2.84 0.34 0.019 3,811 1,728 Inferred 0.20 474 2.84 0.35 0.022 3,699 1,678 Indicated 0.30 245 6.26 0.44 0.022 2,376 1,078 Inferred 0.30 275 6.26 0.43 0.025 2,617 1,187 Indicated 0.40 120 14.31 0.54 0.025 1,428 648 Inferred 0.40 127 14.31 0.53 0.025 1,488 675 Mineral Resource Estimates at Variable Cut-Off Grades Higher grade sub-resource: 520 Mt @ 0.54% CuEq
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 19 Several large-scale, multi-decade deposits are trading at discounted valuations and poised for a re-rating IE NGEX FDY ASCU OCO WRN CUU LA HCH NDM ALDE SOLG SLS REG ATX ETG HI GCU NWST SURG XIXX VCUATCU PML ($0.010) $0.000 $0.010 $0.020 $0.030 $0.040 $0.050 $0.060 $0.070 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% In-Situ Value (US$EV/lb) CuEq Grade (%) OM SFR MARI KC TMQ 3.00% $0.150 Trading Avg: $0.031 Source: Canaccord Genuity, Company Disclosures, CapIQ Average takeout for copper developer transactions in North and South America from 2015 to present: $0.076 Copper developers with large-scale, multi-decade deposits are trading at a steep discount relative to smaller-scale projects as well as historical takeout multiples Copper EV/lb vs. grade and total resource | Bubble size = M&I + Inferred Resource
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 20 0 2,000 4,000 6,000 8,000 10,000 12,000 P&P M&I Inferred Highland Valley (Teck) Gaspé Copper (Osisko) Copper Mountain (Hudbay) Cu (M lbs) ? 2025-2026 Drill program Canadian copper assets: Reserves and Resources Highland Valley (Teck) Gaspé Copper (Osisko Metals) Copper Mountain (Hudbay) Grade Cu % Contained Cu (M lbs) Grade Cu % Contained Cu (M lbs) Grade Cu % Contained Cu (M lbs) P&P 0.30 2,033 – – 0.25 2,022 M&I 0.28 6,950 0,.27 4,807 0.21 639 Inferred 0.22 562 0.30 4,389 0.25 2,044
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 21 Less than 100 kilometres by paved highway to deep sea port in Gaspé: lower average shipping costs than peers
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 22 Less than 100 kilometres from Murdochville to Gaspé, a deep sea port
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 23 Closing thought Gaspé Copper has the potential to become a long-lived, major open pit mine that could rival Teck’s Highland Valley operation in BC and be considerably larger than the Canadian Malartic mine, discovered and developed by the Osisko team between 2005-2014. Canadian Malartic pit 2024
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TSXV: OM | OTCQX: OMZNF | FRA: 0B51 24 www.osiskometals.com