Robert Wares, Chairman & CEO, commented: “Pine Point is expected to produce one of the cleanest zinc and lead concentrates globally. The project also benefits from the proposed incorporation of ore sorting technologies as well as the use of natural gas for complementary power generation reducing the GHG footprint, and further strengthening the value of the project in a decarbonizing economy. We are confident that the new hydrogeological model will significantly lower the Pine Point power requirements by reducing pumping costs over life-of-mine. Combining this with the potential to reduce natural gas power generation with renewable energy and Zinc Hybrid Flow Battery grid storage technology, we are very optimistic in the potential to further reduce the Project’s GHG footprint in a significant way.”

Local Grid Storage Through Zinc Hybrid Flow Batteries

Power availability and fluctuation from renewable energy sources such as wind or solar presents a major impediment to mass adoption. Advancement in zinc-based energy storage solution technology could resolve the intermittent and unpredictable nature of natural renewable energy sources.

Zinc Hybrid Flow Battery technology is expected to be a very cost-effective alternative compared to Lithium Ion or Vanadium Redox energy storage systems, allowing for optimization of renewable energy systems. Osisko Metals will evaluate the potential to store power for specific uses directly on-site through a Zinc Hybrid Flow Battery storage system coupled to the local hydro-electric grid or to alternative energy sources, maximizing the use of renewable energy sources.

Scope 1 GHG Review of Pine Point

Osisko Metals has mandated BBA Inc. to perform a Scope 1 GHG measurement and analysis study of the operational concept included in the 2020 PEA Pine Point. Crucially, this review will also incorporate emissions from the transportation of concentrate to the smelter (usually part of Scope 3) and provide a clear picture of the environmental footprint of the Pine Point Project for its customers. During the initial design concept of the project included in the 2020 PEA, the Company incorporated certain infrastructure advantages that are expected to have significant benefits towards reducing the GHG footprint relative to comparable projects. These advantages include:

• Ore Sorting: pre-concentration is expected to reduce the necessary concentrator size by approximately 40% by rejecting waste before it enters the grinding/flotation circuit. By processing less tonnes in the energy intensive portions of the metallurgical flow sheet, GHG would be reduced.
• Local Hydroelectric Power Generation: Renewable power would be provided by the Northwest Territories Power Corporation Taltson hydroelectric dam with a substation already located adjacent to the proposed concentrator location. This clean energy source would greatly reduce Pine Point’s GHG relative to other operations.
• Rail Access: The presence of rail within 70km of the Pine Point Project would allow for metal concentrates to reach smelters in North America and abroad in an environmentally efficient fashion without having to rely on more carbon-intensive transportation such as trucking.

Alternative Power Generation Trade-Off Studies

Concurrent to the GHG Scope 1 analysis, Osisko Metals has initiated a number of trade-off studies to identify economically feasible alternative energy sources to complement the hydroelectric power that is available on site from the local grid. The objective of these studies is to maximize the use of energy from sources with low GHG emissions at Pine Point. More specifically, Osisko Metals will evaluate:

• Natural Gas: the 2020 PEA evaluated the use of Natural Gas to produce any additional energy needed for the project rather than using conventional diesel generators.
• Wind Power: using local elevation highs from rock piles that were produced during the Cominco Ltd. era could provide a better vantage point for capturing wind energy from northern winds crossing Great Slave Lake.
• Geothermal Energy: documentation prepared for the NWT government highlights the area on the south western shore of Great Slave Lake as having high geothermal energy potential.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The current Mineral Resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).

For further information on this press release, visit www.osiskometals.com or contact:

Robert Wares, CEO

Osisko Metals Incorporated

Email: info@osiskometals.com

www.osiskometals.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point Project, including, among other things,  the results of the PEA and the IRR, NPV and estimated costs, production, production rate and mine life; the expectation that the Pine Point Project will be an robust operation and profitable at a variety of prices and assumptions; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new discoveries. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals; licences and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of equipment; and positive relations with local groups.  Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public documents filed at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.