Corporate PresentationApril 2020

TSXV: OM

Forward-Looking Statements& CautionaryNotes Regarding TechnicalInformation

2

This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than

statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this Presentation. Any statement that involves discussions with respect to predictions, expectations, beliefs,

plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts",

"estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may

be forward-looking statements.

In this Presentation, forward-looking statements relate, among other things, to the market capitalization of Osisko Metals Incorporated ("Osisko Metals"); the strong balance sheet of Osisko Metals; the potential of the Bathurst Mining Camp and

related projects and Quebec GenEx projects, if any; the proposed exploration activities at both of the project sites; the timing and ability, if at all, of Osisko Metals to follow-up on the previous historical drill results within the Bathurst Mining Camp

and the Quebec GenEx projects; the ability of Osisko Metals to create shareholder value; the major shareholders and research coverage of Osisko Metals going forward; in the Bathurst Mining Camp, the development of the multi-deposit strategy

using a central concentrator, including the use of the existing power grid, access to the existing water supplies, access to existing rail and road networks; district-scaled exploration opportunities; comparisons of global resources to enterprise

valuation; the timing and success of exploration, development and metallurgical testing activities; the timing, extent and success of mining operations (if any), project development and related permitting; the results of exploration programs; the

results of economic analyses (if any); the ability to expand mineral resources beyond current historical mineral resource estimates; opportunities for growth of mineral projects; estimates of zinc prices; the ability to adapt to changes in zinc prices;

estimates of costs, estimates of planned exploration and development expenditures and estimates of mine development and construction. All forward-looking information entails various risks and uncertainties that are based on current

expectations and actual results may differ materially from those contained in such information.

These uncertainties and risks include, but are not limited to, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Osisko Metals to

complete further exploration activities, including drilling; property interests in the Bathurst Mining Camp; the ability of Osisko Metals to obtain required approvals and complete transactions on terms announced; the results of exploration activities;

risks relating to mining activities; fluctuations in spot and forward prices of zinc and other base metals; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in international, national and

local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial

accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations;

relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of

obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Risks and uncertainties about Osisko Metals' business are more fully discussed in the disclosure materials filed with the securities

regulatory authorities in Canada, which are available on SEDAR under the issuer profile of Osisko Metals at www.sedar.com. Readers are urged to read these materials and should not place undue reliance on any forward‐looking statement and

information contained in this Presentation. Except as required by law, Osisko Metals assume no obligation to update the forward‐looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

The information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America or to or for the benefit of any US Person as such term is defined under the

United States Securities Act of 1933, as amended.

MINERAL RESOURCES

The independent qualified person for the 2019 Pine Point Inferred MRE, as defined by NI43 101 guidelines, is Pierre-Luc Richard, P. Geo, of BBA Inc. The effective date of the estimate is November 10, 2019. These mineral resources are not

mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred resources as

Indicated or Measured. Resources are presented as undiluted and in situ for an pit constrained scenario and underground scenario. The cut-off grade used for the Mineral Resource Estimate ranges from 1.70% to 2.00% equivalent zinc for the pit

constrained portion and 5% zinc equivalent for the underground portion. The reason for the cut-off grade variation is due to the fact that different haulage costs are applied depending on the distance of the deposit to the assumed mill site. It

should be noted that no mill is currently present on the Property, and that mill distance were estimated based on the most likely location where a mill could potentially be built if the project moves forward. Additionally, different mine dewatering

costs were used for several of the deposits and lower mill recoveries were used for the N-204 deposit. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter

payable metals and charges.

The Eastern Bathurst Mining Camp (“EBMC”) MRE covers the Gilmour South Deposit, and the Key Anacon deposit’s Main Zone and Titan Zone. The independent qualified person for the 2019 EBMC MRE, as defined by NI 43-101 guidelines, is

Pierre Desautels, P. Geo, of AGP Mining Consultants Inc. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources in this

estimation are conceptual in nature and are estimated based on limited geological evidence and sampling. Resources are presented as undiluted and in situ for a medium underground operation with three separate deposits feeding a single

processing facility and are considered to have reasonable prospects for economic extraction. The estimate is reported using a Zn Equivalent (ZnEq) cut-off grade of 5.5%. Zinc equivalency percentages are calculated using metal prices,

forecasted metal recoveries, and smelter payables.

Reference to historical production in the vicinity of Osisko Metals properties in this presentation does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made.

QUALIFIED PERSON

The scientific and technical information contained in this Presentation has been reviewed and approved by Robin Adair, P.Geo. VP Exploration of Osisko Metals, a “Qualified Person" within the meaning of National Instrument 43-101 – Standards

for Disclosure of Mineral Projects.

• Metal markets (excluding gold) are at 100 year lows.

• Decade-long divestment from resource sector is leading to

global base metal reserve depletion.

• Unsustainable situation that will lead to supply deficits.

• Zinc is particularly vulnerable.

• Osisko Metals is positioned to develop one of Canada’s

largest zinc-lead projects.

• Pine Point Inferred MRE (near surface, 90% pit-constrained):

• 52.4Mt @ 4.64% Zn and 1.83% Pb (6.47% ZnEq)1

5.3 B lbs Zinc and 2.1 B lbs Lead in situ

Key Take-aways

31. Please refer to Page 2, Forward Looking Statement, for Pine Point Inferred Mineral Resource Estimate Disclosures

Metal Mining Valuations At All-Time Lows

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Mining sector remains out of favor and primed to deliver

sizeable gains as it returns to the average

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Constructio

n And

Source: Wood Mackenzie

Construction And Infrastructure Driving

The Demand For Zinc

6

Constructio

n And

Zinc Is One Of The Largest Metal

Commodity Market By Value

Source: USGS, Wood Mackenzie and Osisko Metals

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A World Without Galvanization

Productiontest pickup without galvanization –3 yrsold

Zinc Inventories Continue To Languish

8Source: Factset and Wood Mackenzie

No Easy Solution For Zinc Supply

9

Many zinc mines globally, but reserves, average grade and

concentrate quality is DROPPING with very few development

projects in the pipeline

Source: Wood Mackenzie

Current Prices Simply Unsustainable

10• Over ~15% of the cost curve is unprofitable in this price environment

• Zinc prices below $1.15/lb prevent reserve growth

75% 90%50%25%

125

100

75

50To

tal C

as

h C

os

t (U

S c

/lb

)

Source: SNL

0

200

400

600

800

1000

1200

1400

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Zn

in

Co

ncen

trate

(kT

)

Red Dog Pend Oreille Middle Tennessee Greens Creek Empire State (Balmat)

East Tennessee Doe Run Bracemac McLeod Caribou Kidd Creek

Secondary Hudbay Manitoba Langlois

• Supply gap to re-appear within the next 2 years

• North American mine production: 35% drop expected in 5 years.

This is similar to the global trend.

North American Zinc Supply Deficit Is Coming

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35% Drop in

NA Zinc

Production

Source: CRU, Wood Mackenzie and Osisko Metals

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The Pine Point Mining Camp

Cominco 1964-1988

64 Mt @ 10% Zn+Pb

OPEN PIT

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Support Infrastructure Already In Place

• Paved Highway Access.

• Low-Cost Hydro-Electric Power Available

On Site From Taltson Dam.

• Within 42 km of Hay River,

• Known as the “Hub of the North”.

• CN Rail Head From Edmonton & Airport.

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On-site Infrastructure Already

Benefitting Exploration Campaign

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Access To International Concentrate Markets

• Concentrates can be shipped to ports in Vancouver or Prince Rupert to

access Asian markets or across Canada for European markets.

• Rail Distances:

• Edmonton to Hay River 970km

• Edmonton to Prince Rupert 1,300km

• Edmonton to Vancouver 1,245km

Pine Point : Large Tonnage Zinc Exploration &

Development Project

16Please refer to page 2, Forward Looking Statements, for Pine Point Inferred Mineral Resource Estimate disclosures

• Inferred Mineral Resource Estimate

• 52.4Mt @ 4.64% Zn and 1.83% Pb (6.47% ZnEq)

• Pit Constrained: 47.9Mt @ 6.31% ZnEq; 90% of MRE

• Underground: 4.5Mt @ 8.19% ZnEq

• Infrastructure In Place:

• Hydroelectric Power Substation Located on Site

• Rail Access Within 60km

• Paved Roads to Site and ~100km of 25m Wide Haul Roads on Site

• Premium High Grade Concentrate: Among the Cleanest and Highest Quality Globally

• District Scale Exploration Upside:

• Airborne Gravity Gradiometry Targets to be Drilled in H1 2020

• Up to 500km2 to Explore Both at Depth and Along Strike

• Prismatic Style Deposits are Priority Targets

Large Near Surface

Resource Base

Exploration Upside

Project De-Risking in

Parallel

52.4Mt Grading 6.47% ZnEq

17Please refer to page 2, Forward Looking Statements, for Pine Point Inferred Mineral Resource Estimate disclosures

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Largest Pit-Constrained Zinc Resource

Held By A Junior

Potential Tier 1 Zinc resource base at Pine Point (52.4Mt at 6.47% ZnEq) will

underpin future economic studies

ZnEq grade of 6.47% equates (on an NSR basis) to an open pit scenario

grading1:

• ~2.45% Cu

• ~3.10 g/t Au

Zinc Mining is Unique Within Metals Sector:

• Over 90% of gold and copper production is mined from open pits

• 90% of zinc production is mined underground.

• Of the top 10 zinc mines globally, 6 are open pit operations.

Pine Point: Only Large Tonnage Pit Constrained Zinc Project

Among Development Peers2.

1. 95% Cu recovery, 96.75% Cu smelter payable, 90% Zn recovery, 85% smelter payable, 95% Au recovery, 99% smelter payable, 55% Zn concentrate grade,

30% Cu concentrate grade, US$150/t transport cost, US$1.15/lb Zn, US$3.00/lb Cu, US$1,250/oz Au.

2. Based on review of Wood Mackenzie and SNL Mining databases as well as company filings

0

20

40

60

80

100

120

140

160

0-25 26-50 51-75 76-100 101-125 126-150 151-175 176-200 201-225 226-250 251-275 276-300 301-325

MIN

E C

OU

NT

NSR (USD/Tonne)

n=416

Pine Point

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Pine Point Is Now Well Positioned

to Enter An Exclusive Group

Higher Grade

NSR Value per Tonne

(Calculated at the Average MRE Grade):

Range: $100 - $125 USD/t1

Higher Value than 90% of the NSR of Zinc,

Copper or Gold Open Pit Operations Globally2

1. Pine Point grade of 4.58% Zn+1.85% Pb. US$1.15/lb Zn – 85% payable; US$3.00/lb Cu – 96.75% payable; US$1.00/lb Pb – 95% payable; US$1,250/oz Au

– 99% payable; US$18.0/oz Ag – 85% payable.

2. Data for other operations compiled from SNL & company filings. Assumes value per tonne of reserve with recoveries are based on available data, otherwise

estimated.

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Among The Cleanest Concentrates

In The World

Lead & Zinc Concentrates: Premium, High Grade and Clean

• High recoveries for both lead and zinc using conventional flotation processes

• High concentrate grades: Zinc (59%) & Lead (64%)

• Low deleterious elemental content

• No smelter penalties expected

Assumptions: Major Element Penalties is Fe+Cu+Pb+SiO2; Minor Element Penalties is As+Cd+Mn+Hg

Source: Wood Mackenzie & NR dated August 7th 2019

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

Maj

or

Elem

ent

Pen

alti

es

SiO2

Fe

Pb

Cu

0

1,000

2,000

3,000

4,000

5,000

6,000

Min

or

Elem

ent

Pen

alti

es (

pp

m)

Mn

Hg

Cd

As

P

P

P

P

P

P

P

P P

P P

P

P

P: Above Penalty Level P: Above Penalty Level

Dolspar

alteration

Watt Mountain Shale

Sulfur Point

(Dolomitized)

Pine Point carbonates

Pine point poorly

investigated

Deposit Styles at Pine Point (MVT)

“B Spongy” unit

(base of Pine Point)

Linear Large-Scale Mineralized System –

60 Kilometres Long

22Please refer to page 2, Forward Looking Statements, for Pine Point Inferred Mineral Resource Estimate disclosures

High Grade Zinc & Lead Mineralization

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Gravity Gradiometry Anomalies (63) for

H1 2020

5 km

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High Grade Historical Drilling Not

Included In Current Resource

Hole Name TrendWidth Metres Lead Zinc

Lead +

Zinc Grade *

Metres(m) % % %

1362 Main 4.88 2.49 10.75 13.24 64.6

1883 North 5.27 5.03 16.24 21.27 112.1

2952 North 7.62 2.28 4.42 6.7 51.1

3053 Main 17.07 3.73 6.88 10.62 181.3

3280 North 4.27 2.23 5.75 7.98 34.1

5322 Main 4.57 7.83 5.63 13.47 61.6

6818 North 11.28 1.61 5.13 6.74 76.0

YR81-48-4 South 3.05 0.70 10.30 11.00 33.6

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The Bathurst Mining Camp

27

Bathurst Mining Camp Longer Term Exploration And Development Pipeline

Please refer to page 2, Forward Looking Statements regarding mineral resources

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Several New

Targets

Bathurst Mining Camp: Focus On Key Anacon

• Pine Point Mining Camp:

• Drilling Priority to High Grade Prismatic Targets Underway; Results in

H1 2020

• Drilling Resource Boundary Expansion Targets Ongoing

• PEA Planned for H1 2020

• Permitting Process Initiated

• Bathurst Mining Camp:

• Key Anacon: Drilling to Expand Titan and Copper Zones

Next Milestones And Catalysts

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As of February 3, 2020

Closing price . . . . . . . . . . . . . . $0.51

52 week high . . . . . . . . . . . . ..$0.72

Market Cap . . . . . . . . . . . . . $85.2M

Analyst Coverage

Paradigm Capital – David Davidson

Canaccord Genuity – Kevin MacKenzie

Haywood Capital Markets – Pierre Vaillancourt

Share Capital Structure

Shares Outstanding

167,100,411

Options

12,097,366

Warrants

3,500,000

Fully Diluted

182,697,777

Significant Shareholders

Osisko Group. . . . . . . . . . . . . . . . . . . . .. . . . . . .

Renvest Mercantile Bancorp . . . . . . . . . . . . . . . .

Zebra Holdings and Investments S.a.r.l. . . . . . . . .

Caisse de depot et placement du Quebec . . . . . .

Management & Insiders . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24.2%

5.1%

2.7%

1.8%

18.1%

51.9%

Solid Balance Sheet

No Debt

$5M in Treasury

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Appendices

Executive Team & BOD

Have A Proven Track Record

Management

Robert Wares, P.Geo, Chairman & CEO

Jeff Hussey P.Geo, President & COO

Paul A. Dumas, Executive VP Finance

Anthony Glavac CPA CA, CFO

Killian Charles, VP Corporate Development

Robin Adair P. Geo, VP Exploration

Board of Directors

Independent:

John Burzynski, P. Geo, Director

Luc Lessard, P. Eng, Director*

Amy Satov, LLB, Director*

Cathy Singer, LLB, Director*

Don Siemens, CA, Director*

Non-independent:

Robert Wares, P.Geo, Chairman

Jeff Hussey, P.Geo

Paul A. Dumas

* Committee chairperson

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Over the last 2 years, China

introduced new stringent

environmental regulations for zinc

miners and smelters:

• Chinese zinc miners have been

forced to close or consolidate,

resulting in a decrease in mine

capacity.

• Proposed zinc concentrate

import restrictions may result in

~30% of global zinc concentrate

being too “dirty” for Chinese

smelters.

China Import Supply Is At Risk

33

Dwindling amount of high quality zinc concentrates available globally

with development projects unable to reverse the trend

Gap In Global Supply To Reappear

34

Pine Point Collaboration Agreements

Show Community Support

• September 30th: Osisko Metals announced two separate Collaboration

Agreements with:

• Deninu Kue First Nation

• Northwest Territory Metis Nation

• Both Indigenous communities are located near the Pine Point Project.

• Collaboration Agreements promote a cooperative relationship related to

exploration and development activities at Pine Point.

• The Agreements support education, training, employment, business

and contracting opportunities.

• Information sharing, site visits and broad outlines of topics for future

agreements are also included.

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Pine Point: Focus On Dewatering

• De-watering requirements are correlated to the Sulfur Point Formation.

Deposits that do not intersect the horizon will have reduced pumping

costs.

Osisko Metals does not believe that Pine Point’s

dewatering requirements are material

Cominco Ltd. successfully mined Pine Point for over 20 years in the

same areas that Osisko Metals expects to mine

• Water pumping costs of $0.88 per tonne mined were used for the MRE

cut-off calculation for all zones except N204.

• N204 does not encounter the Sulfur Point Formation

• Water pumping cost estimates and requirements are based on an

analysis of previous studies and is comparable to the 15+ year

operational dataset from the Pine Point Cominco Ltd. production

era.36

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Maiden MRE In BMC; Room To Grow

• MRE is based on an underground mining scenario using: US$1.10/lb Zinc,

US$0.90/lb Lead, US$2.72/lb Copper and US$15.9/oz Silver.

• Does not include Copper Zone nor deep drill intersection in the Titan Zone due

to sparse drilling.

• Key Anacon Main and Titan Zones are located 1,500 metres apart.

• Area between these two deposits is poorly explored with limited drilling

and both remain open at depth and along strike.

• Gilmour South is located 27 kilometres away along major forestry roads.

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Titan Copper Zone Significant Exploration Upside

0m

-200

-400

-600

-800

-1000

0 250m

From To Width Zn Pb Cu Ag ZnEq

(m) (m) (m) % % % g/t %

KA9333 596.5 627 30.6 0.29 0.12 0.76 7.6 1.84

KA9337 737 743 6 0.5 0.1 2.71 31.4 5.89

KA9338 680 683.3 3.3 0.72 0.12 1.29 16.8 3.37

KA9361 920 926.1 6.1 0.28 0.13 3.6 23 7.09

KA-01-11 969.73 972.42 2.69 0.13 0.08 2.33 11.6 4.47

KA-01-12 857.84 871.5 13.66 5.49 1.84 0.31 53.4 8.24

KA-01-15B 1274 1287 13 6.87 2.38 0.38 49.8 10.03

Copper Mineralization

Zinc-Lead mineralization

Hole Name

Copper Zone

Zinc + Lead Titan Zone @

Depth

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Titan Zone Brownfield Potential

Significant Lead-Zinc Mineralization

Located 500m Below Titan Zone Boundary

KA-01-15B: 75 metres of semi-massive to

massive sulphides at vertical depth of

1,100 metres with higher grade core

0 200m

0m

-200

-400

-600

-800

-1200

From To Width Zn Pb Cu Ag ZnEq

(m) (m) (m) % % % g/t %

KA-01-12 857.84 871.5 13.66 5.49 1.84 0.31 53.4 8.24

KA-01-15B 1274 1287 13 6.87 2.38 0.38 49.8 10.03

Zinc-Lead mineralization

Hole Name

Contacts

1100, av. des Canadiens-de-Montréal

Suite 300

Montreal, Qc, H3B 2S2

Tel: 514-940-0670 Fax: 514-861-1333

Investors and General Inquiries:

info@osiskometals.com

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