Osisko Metals Sells an Additional 5% Interest in Pine Point to Appian

MONTREAL, Feb. 22, 2024 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that it has sold an additional 5% ownership interest in Pine Point Mining Limited (“PPML“) to a subsidiary of Appian Natural Resources Fund III LP (“Appian“), a fund advised by Appian Capital Advisory LLP, a London-based private equity group specializing in the acquisition and development of mining assets, for an expected payment of approximately C$8.33 million (based on certain assumptions and estimates outlined below) of which (i) approximately C$6.66 million in cash was paid to Osisko Metals in connection with closing of the transaction, and (ii) the remaining amount (if any), estimated to be approximately C$1.67 million based on certain budget assumptions and estimates of management required to advance the Pine Point Project to a positive FID (as defined below), to be paid as a milestone payment to Osisko Metals upon a positive FID (if at all) (the “Additional Interest Disposition“). PPML is a joint venture entity jointly owned by the Company and Appian, which holds the Pine Point Project. The Additional Interest Disposition is a non-arm’s length transaction within the policies of the TSX Venture Exchange (the “Exchange“) as Appian is a non-arm’s length party of PPML, an affiliate of the Company.

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