Osisko Intersects 314 Metres Averaging 0.44% Cu at Gaspé

Osisko Metals reports strong copper drill results, expanding resource potential at Gaspé Copper.

What the company is saying

Osisko Metals Incorporated, trading as TSX:OM, OTCQX:OMZNF, and FRANKFURT:0B51, presents detailed analytical results from its 2026 drill program at the Gaspé Copper Project in Québec. The company highlights 38 mineralized intercepts from 15 drill holes, emphasizing both infill (resource upgrade) and expansion (resource growth) targets. Management, led by CEO Robert Wares, frames the narrative around robust copper grades and significant intercept lengths, particularly at the southern end of the 2026 Mineral Resource Estimate (MRE) model and at Needle Mountain. The release underscores the potential to convert in-pit waste to resources and to define new resources outside the current pit shell, but is careful to state these as future possibilities rather than completed outcomes. Technical rigor is emphasized through detailed assay tables, explicit copper equivalent (CuEq) calculation methodology using US$4.50/lb copper, US$20.00/lb molybdenum, and US$45.00/oz silver, and adherence to NI 43-101 standards. The company also recaps its 100% ownership of Gaspé Copper and the Pine Point joint venture with Appian Capital Advisory LLP, providing current resource figures for both projects.

What the data suggests

The drill program at Gaspé Copper yielded multiple long intercepts with copper grades ranging from 0.12% to 3.23% Cu, with headline results such as 314.0 metres at 0.44% Cu (DDH 30-1272) and 121.5 metres at 0.42% Cu (DDH 30-1260, out-of-pit expansion). Notably, a 9.0-metre interval within DDH 30-1272 returned 3.23% Cu and 16.7 g/t Ag, while DDH 30-1268 intersected 87.5 metres at 0.48% Cu, including 10.7 metres at 1.98% Cu and 9.0 g/t Ag. The program targets both upgrading Inferred resources to Measured or Indicated and expanding the known mineralized envelope, with true widths estimated at 80–90% of reported intervals. Current pit-constrained Measured and Indicated Mineral Resources at Gaspé Copper stand at 1.83 billion tonnes averaging 0.32% CuEq, and Inferred resources at 239 million tonnes averaging 0.46% CuEq. For Pine Point, Indicated resources are 49.5 Mt at 5.52% ZnEq and Inferred resources are 8.3 Mt at 5.64% ZnEq. The technical disclosures are comprehensive, with specific grades, widths, and hole locations, but the resource category upgrades and new resource additions remain prospective. No financial performance or cost data is disclosed, as is typical for a drill-focused update.

Analysis

The announcement provides detailed and specific technical results from the ongoing 2026 drill program at the Gaspé Copper Project, including numerous mineralized intercepts with grades, intervals, and drill hole IDs. The majority of claims are realised and supported by disclosed assay data and current resource estimates. Forward-looking statements are present but clearly separated as potential outcomes (e.g., possible conversion of waste to resources, future resource upgrades) rather than as realised achievements. There is no exaggerated language or narrative inflation; the tone is proportionate to the technical progress reported. No large capital outlay or immediate financial impact is discussed, and the update is consistent with standard exploration-stage disclosures. The benefits of these results are inherently long-term, as resource conversion and project development will take years, but this is normal for the sector and not presented in a promotional manner.

Risk flags

• ●Resource conversion risk is material: while infill and expansion drilling show promising grades and widths, actual upgrading of Inferred to Measured or Indicated resources, or conversion of waste to resources, is not yet realized and depends on future technical studies.
• ●Project development is at an early stage: no economic studies, permitting milestones, or construction timelines are disclosed, so the transition from exploration to development remains unproven and subject to typical exploration-stage uncertainties.
• ●Commodity price assumptions introduce sensitivity: copper equivalent grades are calculated using US$4.50/lb copper, US$20.00/lb molybdenum, and US$45.00/oz silver, which may not reflect future market prices, affecting the economic attractiveness of the resource.
• ●Operational execution risk persists: the ability to continue drilling, maintain technical quality, and secure future funding is critical, especially given the scale of the Gaspé Copper and Pine Point projects.

Bottom line

Osisko Metals delivers a technically robust exploration update, with multiple long and well-mineralized copper intercepts at Gaspé Copper and clear evidence of system scale and potential for resource growth. The company provides full assay details, resource figures, and transparent methodology, supporting credibility at this stage. However, actual resource upgrades and new resource delineation are prospective, not yet realized, and the timeline to value is long, with no immediate production or economic study milestones disclosed. Investors should see this as a positive technical step, but the key catalyst will be a future resource update showing material conversion of Inferred to Measured or Indicated resources and/or a move toward economic assessment. The most important takeaway is that Osisko Metals is systematically advancing a large copper resource in a mining-friendly jurisdiction, but the investment case remains early-stage and high-risk until resource upgrades and economic studies are completed.

Announcement summary

(TSX:OM, OTCQX:OMZNF, FRANKFURT:0B51) Osisko Metals Incorporated announced new analytical results from its ongoing 2026 drill program at the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. The results include 38 mineralized intercepts from 15 drill holes, with both infill and expansion intercepts reported. Infill intercepts are within the 2026 Mineral Resource Estimate (MRE) model and aim to upgrade Inferred Mineral Resources to Measured or Indicated categories. Expansion intercepts are outside the 2026 MRE model and include both in-pit and out-of-pit expansion, potentially converting waste to resources or defining new resources. Highlights include 314.0 metres averaging 0.44% Cu (infill) in DDH 30-1272, including 9.0 metres averaging 3.23% Cu and 16.7 g/t Ag; 240.5 metres averaging 0.44% Cu (infill) in DDH 30-1270; 552.5 metres averaging 0.30% Cu (infill) in DDH 30-1269; 142.6 metres averaging 0.34% Cu (infill) in DDH 30-1274; 121.5 metres averaging 0.42% Cu (out-of-pit expansion) in DDH 30-1260; 87.5 metres averaging 0.48% Cu (out-of-pit expansion) in DDH 30-1268, including 10.7 metres averaging 1.98% Cu and 9.0 g/t Ag; and 85.5 metres averaging 0.42% Cu (out-of-pit expansion) in DDH 30-1265. Drill hole 30-1260, the most southerly hole drilled to date at Needle Mountain, returned 121.5 metres averaging 0.42% Cu at the B and C Zones. Drill hole 30-1268 intersected 87.5 metres averaging 0.48% Cu at the B and C Zone skarns. Drill hole 30-1266 intersected 33.0 metres averaging 0.41% Cu and 2.63 g/t Ag. Drill hole 30-1265 intersected four intervals of mineralization, 12.4 to 85.5 metres long, averaging 0.27 to 0.83% Cu and 2.43 to 7.30 g/t Ag. Drill holes 30-1262, 30-1270, and 30-1272 are infill holes near the southern margin of the 2026 MRE model, with 240.5 and 314.0 metre intervals averaging 0.44% Cu in 30-1270 and 30-1272, respectively. Drill holes 30-1261, 30-1263, 30-1264, 30-1267, 30-1269, 30-1271, and 30-1274 are infill holes on the south flank of Copper Mountain, returning intervals grading 0.12% to 0.40% Cu. Copper Equivalent (CuEq) grades are calculated using long-term metal prices of US$4.50/lb copper, US$20.00/lb molybdenum, and US$45.00/oz silver. The company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The current pit-constrained Measured and Indicated Mineral Resources at Gaspé Copper are 1.83 Bt averaging 0.32% CuEq, and Inferred Mineral Resources are 239 Mt averaging 0.46% CuEq. The Pine Point project, a joint venture with Appian Capital Advisory LLP, has Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq. The Pine Point project is located in the Northwest Territories. The current drill program is designed to convert the bulk of the remaining 2026 MRE Inferred resources to Measured and Indicated categories and to test expansion laterally to the west and south/southwest.

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