Osisko Metals Incorporated announced the 2024 Mineral Resource Estimate Update (?2024 MRE?) for the Pine Point Project (?Pine Point? or ?the Project?), located near Hay River, in the Northwest Territories of Canada. The 2024 MRE was prepared by BBA Inc. (?BBA?) and PLR Resources Inc. and will form the resource base for a Feasibility Study (?FS?) that is planned to officially start in Third Quarter 2024.

Cut-off grades are based on estimated long-term metal prices, mining costs, metal recoveries, concentrate transport, and smelter costs. The definition drill program supporting the 2024 MRE was executed between 2018 and 2024. Highlights: Indicated Mineral Resources of 49.5Mt grading 4.22% zinc and 1.49% lead (5.52% Zinc Equivalent (?ZnEq?)) containing approximately 4.6 billion pounds of zinc and 1.6 billion pounds of lead in situ (undiluted).

Inferred Mineral Resources of 8.3Mt grading 4.18% zinc and 1.69% lead (5.64% Zinc Equivalent (?ZnEq?)) containing approximately 0.7 billion pounds of zinc and 0.3 billion pounds of lead in situ (undiluted). Compared to the previous MRE, the conversion of Inferred Mineral Resources increased the tonnage of the current Indicated Mineral Resources by 214% with an associated decrease in the quantity of Inferred Mineral Resources. Mineral Resources reported for the 2024 MRE used variable cut-off grades between 1.41% and 1.51% ZnEq for open pit resources and between 4.10% and 4.40% ZnEq for underground resources.

The project's East Mill, Central, and North Zones now contain approximately 36.2Mt of Indicated Mineral Resources grading 5.22% ZnEq, or 3.2 billion pounds of zinc and 1.1 billion pounds of lead in situ. New metallurgical test work is in progress. Previous metallurgical test work described in the 2022 PEA highlighted Pine Point as a potential producer of among the cleanest, high-grade zinc and lead concentrates globally.

This adds value to the project as any and probably most smelter clients would want some Pine Point concentrate for blending purposes. A Technical Report supporting this 2024 MRE will be filed within 45 days. The project has significant supporting infrastructure, including access by paved roads, a railhead in Hay River, and an on-site hydroelectric substation.

Additionally, the project benefits from one hundred kilometres of pre-existing mine haul roads from the original mining operations. These provide access to most of the deposits in the 2024 MRE. The future concentrator and camp location will be adjacent to the original concentrator area.

Compared to the 2022 Mineral Resource Estimate, there is a decrease in overall tonnage, however grades remain similar. The key factors include: Tighter parameters guiding reasonable prospects for eventual economic extraction driven by increased knowledge on project OPEX and mining parameters. Open Pit: Whittle optimization parameters as well as the increased cutoff grade (+13%) and an increase in tonnage [+0.4%], due to the conversion of the Underground Central zone that is now being declared as Open Pit resources.

Underground (West): Tighter stope optimization parameters; decrease in tonnage [-29%]. Underground (Central): Tighter stope optimization parameters and most of the 2022 underground material that is now tonnage declared inside pit shells [-93%]. Open Pit and Underground Mineralization: Prismatic-style deposits are defined by greater than 10 metres of greater than 10% zinc + lead, with a distinct vertical aspect of the deposit outline that crosscuts stratigraphy.

Vertical thicknesses of mineralization can exceed 70 metres, and they have horizontal cross-sections of less than 200 by 200 metres. Tabular-style deposits comprise sub-horizontal, stratabound mineralization extending over a significant strike length at varying lateral widths from 50 to 200 metres wide. The strike extent can be in the order of kilometres.

Mineralization thickness averages about 3 metres and can range from 1 metre to, very locally, greater than 10 metres. The open pit portion of the 2024 MRE includes mostly shallow tabular-style deposits, with the remainder being shallow prismatic-style deposits. The underground portion of the 2024 MRE includes deeper prismatic-style mineralization and easily accessible tabular-style mineralization found adjacent to the pit wall boundaries of certain deposits.

Metallurgy: Metallurgical test work is in progress and will provide data to support the flow-sheet design for the process plant, including comminution tests, pre-concentration tests (Ore Sorting and Dense Media Separation (DMS)), flotation tests and dewatering tests. The Company is also investigating concentrations of the critical metals Indium (In), Germanium (Ge), and Gallium (Ga) in the Zinc concentrate produced from flotation tests and in sphalerite mineralization within the various Zones. 2024 Drill Program: A brownfield exploration campaign is underway.

The program is focused on discovering high-grade prismatic-style deposits. One drill was active in March and tested three high-potential target areas. Results are pending.

Additional targets are ready for drilling, and new targets are continually being developed. The plan is to diligently test these exploration targets this summer. Induced polarization and magnetic surveys are best suited for geophysical targeting of these types of deposits.

Surveys over in situ prismatic-style deposits were used for calibration purposes for these geophysical methods. Targets are generated by using a combination of airborne gravity gradiometry data, LiDAR, AeroTEM survey, structural lineament interpretation, and trend analysis. The search has been expanded to adjacent carbonate formations that the Company believes are fertile for discovery.