Osisko Intersects 94 Metres Averaging 1.47% Cu at Gaspé

Osisko Metals reports strong copper intercepts and hints at new porphyry potential at Gaspé.

What the company is saying

Osisko Metals is highlighting 38 new mineralized intercepts from 12 drill holes at its Gaspé Copper Project, with a focus on upgrading Inferred resources to Measured and Indicated categories. The company emphasizes standout results from holes 30-1251 (94.4 metres at 1.47% Cu, including 5.3 metres at 8.31% Cu and 51.0 g/t Ag) and 30-1258 (121 metres at 0.71% Cu, including 9.5 metres at 4.97% Cu and 56.3 g/t Ag), the latter in a newly identified porphyry intrusion. CEO Robert Wares frames these as both confirmation of high-grade zones and the possible discovery of a third, previously unknown porphyry centre, which could materially expand the system. The announcement details both infill and expansion drilling, with explicit intervals, grades, and locations, and provides technical context on geology and mineralization style. The company reiterates its 100% ownership of Gaspé Copper, acquired from Glencore in July 2023, and its parallel advancement of the Pine Point zinc project in the Northwest Territories. The tone is confident and data-driven, with forward-looking statements about resource conversion and further exploration but no overstatement of immediate economic impact.

What the data suggests

The disclosed results include multiple long, high-grade copper intercepts, notably 94.4 metres at 1.47% Cu (including 5.3 metres at 8.31% Cu) and 121 metres at 0.71% Cu (including 9.5 metres at 4.97% Cu), both with significant silver credits. Out-of-pit expansion holes returned up to 106.5 metres at 0.60% Cu and 66 metres at 0.45% Cu, with additional intervals ranging from 0.12% to 0.50% Cu in other expansion holes. High molybdenum grades up to 0.5% Mo were locally obtained. The current Measured and Indicated resource at Gaspé Copper stands at 1.83 billion tonnes averaging 0.32% CuEq, with an additional 239 million tonnes at 0.46% CuEq in the Inferred category. Pine Point's Indicated resource is 49.5 million tonnes at 5.52% ZnEq, with 8.3 million tonnes at 5.64% ZnEq Inferred. Copper equivalent grades are calculated using US$4.50/lb copper, US$20.00/lb molybdenum, and US$45.00/oz silver. True widths are estimated at 80–90% of core length. The technical disclosure is detailed, with explicit cut-offs and QA/QC procedures, but no new resource estimate is presented in this release. The evidence supports the company's claim of encountering robust mineralization and potential for further resource growth, but the economic significance will depend on future resource updates and studies.

Analysis

The announcement provides detailed, specific drill results from the ongoing 2026 program at the Gaspé Copper Project, including intercepts, grades, and resource estimates. The language is generally proportionate to the evidence, with most claims supported by disclosed assay intervals and resource figures. Forward-looking statements are present but clearly separated from realised results, focusing on the potential for resource upgrades and lateral expansion. As an exploration-stage update, the absence of revenue or profit metrics is normal and not a deficiency. However, the benefits of these results (resource conversion, eventual production) are long-term, and the project remains capital intensive, as evidenced by the prior acquisition of the Gaspé Copper mine. There is no exaggeration or narrative inflation; the tone is positive but factual, and technical disclosures are credible.

Risk flags

• ●Resource conversion risk is significant: while the company reports strong intercepts, actual upgrading of Inferred to Measured or Indicated resources depends on future modeling and regulatory acceptance. There is no guarantee all mineralized intervals will meet criteria for higher confidence categories.
• ●Exploration risk remains high: the announcement references a potential third porphyry centre, but this is based on a single intercept and remains untested. Further drilling could confirm or refute its significance.
• ●Project development is capital intensive and long-dated: with 1.83 billion tonnes of Measured and Indicated resources, the scale is large, but advancing to production will require substantial investment, permitting, and technical studies, all of which introduce execution risk.
• ●Commodity price risk is embedded in the copper equivalent calculation, which uses US$4.50/lb copper, US$20.00/lb molybdenum, and US$45.00/oz silver. If actual long-term prices are lower, project economics could be adversely affected.
• ●There is no new economic study or resource update in this release, so the market impact is limited to technical upside rather than near-term value realization.

Bottom line

Osisko Metals delivers a technically robust exploration update, with standout copper intercepts and the intriguing possibility of a new porphyry discovery at Gaspé. The data supports the narrative of a large, open mineralized system, but the value realization is long-term and contingent on future resource upgrades and economic studies. No new resource estimate or economic assessment is provided in this release, so the immediate impact is limited to technical de-risking and potential upside. Investors should focus on upcoming resource model revisions and any move toward a preliminary economic assessment or feasibility study. The most important takeaway is that the project continues to yield strong results, but the path to production remains multi-year and capital intensive.

Announcement summary

(TSX:OM, OTCQX:OMZNF, FRANKFURT:0B51) Osisko Metals Incorporated announced additional analytical results from its ongoing 2026 drill program at the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. The release presents 38 mineralized intercepts from 12 drill holes, with infill intercepts focused on upgrading Inferred Mineral Resources to Measured or Indicated categories within the 2026 MRE model, and expansion intercepts located outside the 2026 MRE model, including both in-pit and out-of-pit expansion. CEO Robert Wares highlighted excellent infill results from holes 30-1251 and 30-1258, with hole 30-1251 intersecting 94.4 metres averaging 1.47% Cu, including 5.3 metres averaging 8.31% Cu and 51.0 g/t Ag, and a shallower interval of 185.5 metres averaging 0.41% Cu. Hole 30-1258 intersected 121.0 metres averaging 0.71% Cu, including 9.5 metres averaging 4.97% Cu and 56.3 g/t Ag, hosted in a previously unknown porphyry intrusion. Other notable results include 106.5 metres averaging 0.60% Cu (out-of-pit expansion) in DDH 30-1250, including 15.9 metres averaging 1.92% Cu and 11.0 g/t Ag; 218.8 metres averaging 0.35% Cu (infill) in DDH 30-1256; 66.0 metres averaging 0.45% Cu (out-of-pit expansion) in DDH 30-1259; and 56.4 metres averaging 0.61% Cu (infill) in DDH 30-1255. Table 1 details all intercepts, including grades, widths, and silver/molybdenum content. Drill holes 30-1248, 30-1249, 30-1253, and 30-1254, located south and southwest of the Needle Mountain pit, yielded multiple mineralized intersections with grades from 0.19% Cu to 0.50% Cu. Drill hole 30-1250, on the north slope of Needle Mountain, intersected higher grades around the C Zone skarn horizon. Drill hole 30-1259, on Needle Mountain East, intersected five mineralized intervals with grades from 0.12% Cu to 0.45% Cu, extending mineralization to a vertical depth of 420 metres. Infill holes near Copper Brook (30-1251, 30-1252, 30-1255, 30-1256, 30-1257, 30-1258) intersected mineralization consistent with the 2026 MRE block model, except for higher-than-expected grades in 30-1251 and 30-1258. High molybdenum grades up to 0.5% Mo were locally obtained in both the C Zone and E Zone skarns. The 2022 to 2024 drill programs focused on defining open-pit resources within Copper Mountain stockwork mineralization, with subsequent drilling increasing resources, mostly in the Inferred category, and further drilling in 2025 increasing Measured and Indicated resources. The current program aims to convert remaining Inferred resources to Measured and Indicated categories and test lateral expansion. 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. Osisko Metals acquired a 100% interest in the Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper project has current pit-constrained Measured and Indicated Mineral Resources of 1.83 Bt averaging 0.32% CuEq and Inferred Mineral Resources of 239 Mt averaging 0.46% CuEq. The company is also advancing the Pine Point project in the Northwest Territories through a joint venture with Appian Capital Advisory LLP, with 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 on the south shore of Great Slave Lake, NWT, with access to infrastructure.

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