Osisko Metals Incorporated · TSX:OM
Osisko Metals — Investor Presentation (July 2025)
27 slides from Osisko Metals's investor presentation, July 2025
Slide 1: Canada’s Leading Copper Development Company
Canada’s Leading Copper Development Company JULY 2025 TSXV: OM | OTCQX: OMZNF | FRA: 0B51
Slide 2: Forward-looking statements and cautionary notes regarding technical information
Forward-looking statements and cautionary notes regarding technical information This presentation (the "Presentation") contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These “forward-looking information” are based on the expectations, estimates
Slide 3: Generating world-class wealth in Quebec
Generating world-class wealth in Quebec > $11 billion in market capitalization value created since 2003 > $100 billion of new wealth creation since 2003 from gold alone…. CANADIAN MALARTIC, QUEBEC WINDFALL, QUEBEC GASPÉ COPPER, QUEBEC 1st Drill Hole Pours 1st Gold Bar Sale for C$4.3Bn Drilling begin
Slide 4: Experienced Canadian mining team with track record of delivering shareholder returns
Experienced Canadian mining team with track record of delivering shareholder returns JOHN BURZYNSKI ROBERT WARES DONALD NJEGOVAN EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER PRESIDENT CANADIAN MALARTIC: 20M oz Au MARBAN: 3M oz Au WINDFALL: 8M oz Au Canada’s largest Canadian Malartic Quebec’s highest g
Slide 5: Gaspé Copper: one of North America’s largest undeveloped copper projects
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* 824 Mt Indicated 670 Mt Inferred • 0.27 Cu % • 0.30 Cu % • 0.015 Mo % • 0.020 Mo % • 1.74 g/t Ag • 1.37 g/t Ag • 0.34 Cu Eq •
Slide 6: Institutions and strategic investors own approximately 80% of the shares outstanding
Institutions and strategic investors own approximately 80% of the shares outstanding TSXV: OM | OTCQX: OMZNF | FRA: 0B51 RESEARCH COVERAGE Shares outstanding 609.6M Canaccord Genuity Market capitalization C$286M Peter Bell, Steve Searles Cash C$100M Glencore convertible debenture C$40M Hannam & Part
Slide 7: Gaspé Copper produced more than 141 Mt at 0.9% copper over 44 years
Gaspé Copper produced more than 141 Mt at 0.9% copper over 44 years from underground and open pit mining Copper futures currently trading at $5.59/lb 6.00 5.00 4.00 3.00 Mine closed at $0.65/lb copper 2.00 1.00 0.00 July 1990 July 1995 July 2000 July 2005 July 2010 July 2015 July 2020 July 2025 copp
Slide 8: Gaspé Copper today
Gaspé Copper today Porphyry Mtn. Oxide Stockpiles Copper Mtn. Pit Copper Mtn. Former Smelter Location Water Treatment Plant Garages and Administration Buildings Needle Mtn. Pit TSXV: OM | OTCQX: OMZNF | FRA: 0B51 8
Slide 9: Gaspé Copper 2025: minimum 110,000 metre drill program
Gaspé Copper 2025: minimum 110,000 metre drill program N Fully-funded 110,000-metre drill program with 9 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 resour
Slide 10: Gaspé Copper geological cross section
Gaspé Copper geological cross section View looking NE FALL 2024 MRE INDICATED 824 Mt @ 0.34% CuEq SPRING 2024 MRE INFERRED 670 Mt @ 0.39% CuEq C Zone E Zone 2025 Drill program to Porphyry Mtn target: confirm and expand Underground bulk- tonnage potential from the resource 1994 discovery TSXV: OM | O
Slide 11: New Gaspé Copper Drill Intercepts July 22, 2025
New Gaspé Copper Drill Intercepts July 22, 2025 30-1082 30-1088 30-1094 30-1093 147.5 m 0.19% Cu and 122.7 m 0.24% Cu and 227.5 m 0.26% Cu and 112 m 0.25% Cu and 1.86 g/t Ag 2.63 g/t Ag 2.11 g/t Ag 2.73 g/t Ag 30-1087 334.5 m 0.23% Cu and 30-0974 1.93 g/t Ag 295.5 m 0.29% Cu and 1.88 g/t Ag 30-1091
Slide 12: Large-scale potential of mineralization at Gaspé Copper
Large-scale potential of mineralization at Gaspé Copper Needle Mountain Copper Historical Pit Mountain Historical Pit Open Resource Block Model Effective Date November 4, 2024 0.12% copper cut-off Porphyry Intrusion 824 Mt Indicated • 0.27 Cu % • 0.015 Mo % • 1.74 g/t Ag • 0.34 Cu Eq 670 Mt Inferred
Slide 13: Large, long mine life – Low strip ratio; Positive 2024 metallurgical test
Large, long mine life – Low strip ratio Positive 2024 metallurgical test Large, long mine life • Modelled base case pit shell measures 700 X 2,000 metres and reaches a maximum depth of approximately 800 metres (2024 MRE) • Low open pit strip ratio of 1.5 (2024 MRE) • Envisioning 160,000 – 200,000 to
Slide 14: A responsible development project focused on sustainable development and respect for host communities
A responsible development 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 max
Slide 15: A seven-year timeline to potential mine start-up
A seven-year timeline to potential mine start-up 2022-2024 2025-2028 2029 2030-2031 2032 ✓ July 2023: closing of • Environmental and socio- •Potential start of • Public hearings Gaspé Copper acquisition economic impact studies production • Permit issuance • Project financing ✓ 42,000 metre definitio
Slide 16: World class copper assets: Gaspé compares favourably and has room to grow
World class copper assets: Gaspé compares favourably and has room to grow Copper Resources (Cu Blbs) & Grade (M&I % Cu) M&I Resources (Cu) Inferred Resources (Cu) M&I Cu Grade (%) 15.0 1.35% 1.24% 1.19% 1.20% 12.5 1.05% 10.0 0.90% 4.4 Contained Cu (Blbs) M&I Cu Grade (%) 0.75% 7.5 0.61% 0.60% 0.45%
Slide 17: Osisko Metals: Canada’s next leading copper development company
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 finance
Slide 18: Appendices
Appendices TSXV: OM | OTCQX: OMZNF | FRA: 0B51 18
Slide 19: Gaspé Copper Acquisition with Glencore Canada
Gaspé Copper Acquisition with Glencore Canada Option Terms Price to Pay upon US$25,000,000 through issuance of a convertible note. Exercise of Option 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-warr
Slide 20: New in-pit Indicated Resource outlines largest undeveloped Cu-Mo deposit in Eastern North America
New in-pit Indicated Resource outlines largest undeveloped Cu-Mo deposit in Eastern North America NI 43-101 Mineral Resource Estimate (base case at 0.12% copper cut-off) Copper Tonnes equivalent Copper Copper Copper Molybdenum Molybdenum Molybdenum Silver Silver Class Mt % % M lbs kt % M lbs Kt g/t
Slide 21: Several large-scale, multi-decade deposits are trading at discounted valuations and poised for a re-rating
Several large-scale, multi-decade deposits are trading at discounted valuations and poised for a re-rating Copper EV/lb vs. grade and total resource | Bubble size = M&I + Inferred Resource $0.150 MARI Average takeout for copper developer transactions in North and South America from 2015 to present:
Slide 22: Canadian copper assets: Reserves and Resources
Canadian copper assets: Reserves and Resources Highland Valley Gaspé Copper Copper Mountain (Teck) (Osisko Metals) (Hudbay) Grade Contained Cu Grade Contained Cu Grade Contained Cu Cu % (M lbs) Cu % (M lbs) 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
Slide 23: Historical Assay Results from Porphyry mountain
Historical Assay Results from Porphyry mountain Large-scale potential of mineralization at Gaspé Copper • 14 historical drill holes assay results; below 2024 MRE resource and pitshell • Remains open at depth • Future underground bulk-tonnage potential Historical assay results Vertical Drill Hole Fro
Slide 24: <100 kilometres by paved highway to deep sea port in Gaspé: Low shipping costs
< 100 kilometres by paved highway to deep sea port in Gaspé: Low shipping costs Lundin Mining OSISKO METALS Ivanhoe Electric TSXV: OM | OTCQX: OMZNF | FRA: 0B51 24
Slide 25: <100 kilometres from Murdochville to Gaspé, a deep sea port
<100 kilometres from Murdochville to Gaspé, a deep sea port Murdochville Gaspé TSXV: OM | OTCQX: OMZNF | FRA: 0B51 25
Slide 26: Closing thought
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 TSX
Slide 27: www.osiskometals.com
www.osiskometals.com TSXV: OM | OTCQX: OMZNF | FRA: 0B51 27