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
4
Mining sector remains out of favor and primed to deliver
sizeable gains as it returns to the average
5
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
7
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
11
35% Drop in
NA Zinc
Production
Source: CRU, Wood Mackenzie and Osisko Metals
12
The Pine Point Mining Camp
Cominco 1964-1988
64 Mt @ 10% Zn+Pb
OPEN PIT
13
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.
14
On-site Infrastructure Already
Benefitting Exploration Campaign
15
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
18
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
19
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.
20
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
23
Gravity Gradiometry Anomalies (63) for
H1 2020
5 km
25
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
26
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
28
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
29
30
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
31
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
32
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.
35
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
37
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.
38
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
39
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:
40
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