OSISKO WINDFALL 2023 DRILLING UPDATE REGIONAL EXPLORATION TO RESUME

Posted on October 26, 2023November 8, 2023 by lboivin

New Results Include 413 g/t Au Over 8.0 Metres

and 623 g/t Au Over 3.0 Metres

(Toronto, October 26, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide an update from the ongoing drill program at its 50% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The 2023 drilling campaign primarily targeted infill areas. Since the start of the year, over 95,000 metres have been drilled by 8 underground rigs focused on the Lynx segment of the deposit.

Highlights from the 2023 drill program are presented below and include 320 intercepts from 248 drill holes and 1 wedge. These highlights are intercepts with a metal factor (grams*meters) greater than 20. The intercepts are all located within the defined mineral resource estimate (“MRE”) blocks as described in Osisko’s feasibility study on Windfall (see FS Technical Report (as defined herein), a copy of which is available on SEDAR+ under Osisko’s issuer profile), and have targeted upgrading inferred mineral resources to measured or indicated mineral resources or indicated minerals resources to measured mineral resources as applicable.

Osisko Chief Executive Officer John Burzynski commented: “Infill drilling at the Windfall deposit is progressing well and confirming our models. High-grade gold continues to be intercepted in the Lynx areas including Triple Lynx, once again highlighting the world-class nature of the deposit. Of note, we have more than ten intervals in this set of numbers that returned values over one kilogram per tonne of gold. Infill drilling will continue into next year. We and our joint venture partner are very much looking forward to resuming exploration on our greater than 2,300 square kilometer land package around Windfall in the coming months”.

Regional exploration in the Urban Barry area will recommence on near-deposit and regional grassroots targets. Exploration will include ground geophysics and diamond drilling of various targets.

Maps showing Windfall hole locations are available at www.osiskomining.com. Maps: Top_Intersect_2023, PR_Longsections_ 20231026_EN.

2023 Drilling

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	Au (g/t) cut to 100 g/t	Zone
OSK-W-23-2671	112.8	115.0	2.2	210	33	LXM
including	113.2	113.9	0.7	658	100	LXM
WST-22-1082	425.3	427.6	2.3	57.9	56.1	LX4
including	425.7	426.0	0.3	104	100
including	426.0	426.6	0.6	105	100
WST-22-1154	113.5	115.8	2.3	35.2	31.3	TLX
WST-22-1171	76.0	78.0	2.0	35.0	30.1	LXM
	81.4	84.0	2.6	39.3	21.4
including	81.4	81.7	0.3	255	100
	128.0	130.0	2.0	15.4
WST-22-1182A	526.8	528.8	2.0	99.3	54.9	TLX
including	527.6	528.4	0.8	211	100
	553.0	556.0	3.0	15.4
WST-22-1182A-W1	553.8	562.2	8.4	29.6	29.2	TLX
including	557.4	558.1	0.7	105	100
and	558.6	559.3	0.7	92.5
WST-22-1218	101.0	104.4	3.4	74.0	48	TLX
including	102.0	102.5	0.5	274	100
	235.3	238.0	2.7	223	15
including	235.8	236.1	0.3	1970	100
WST-22-1219	230.0	233.0	3.0	15.9		TLX
WST-22-1237	119.5	121.7	2.2	376	41.4	LXM
including	119.5	120.4	0.9	919	100	LXM
WST-22-1240	144.5	146.6	2.1	24.1		LXM
WST-22-1241	139.5	141.5	2.0	27.9		TLX
WST-22-1246	154.0	156.4	2.4	12.5		LXM
WST-22-1249A	296.1	298.1	2.0	204	22.3	TLX
including	296.6	297.0	0.4	1010	100	TLX
WST-22-1250	91.0	93.1	2.1	11.3		TLX
WST-22-1252	95.8	99.3	3.5	192	75	TLX
including	95.8	96.4	0.6	525	100	TLX
WST-22-1253	96.0	99.0	3.0	90.8	50.8	TLX
including	96.7	97.1	0.4	216	100
and	97.6	98.4	0.8	192	100
	216.5	218.5	2.0	12.0
WST-22-1254	95.3	98.3	3.0	154	50.5	TLX
including	97.0	98.0	1.0	410	100
	216.1	218.3	2.2	20.6		TLX
WST-22-1255	98.0	100.4	2.4	9.49		TLX
WST-22-1256	479.5	483.4	3.9	24.0	16.5	TLX
including	482.4	482.7	0.3	197	100	TLX
WST-22-1261	112.4	114.6	2.2	39.8	14.2	LXM
	178.9	181.0	2.1	19.6		LXM
WST-22-1262	138.9	141.1	2.2	22.7		TLX
WST-22-1264	126.1	128.5	2.4	23.8		TLX
WST-22-1265	135.5	137.9	2.4	13.2		TLX
WST-22-1266	133.3	136.5	3.2	135	57.2	TLX
including	133.3	134.5	1.2	308	100	TLX
WST-22-1270A	305.8	308.0	2.2	12.3		TLX
WST-22-1273	356.9	358.9	2.0	21.7		TLX
	487.8	490.2	2.4	16.0
	511.0	513.4	2.4	16.5
WST-22-1275	168.6	174.6	6.0	9.38		LXM
WST-22-1276	117.4	119.4	2.0	12.6		LXM
WST-22-1279	80.0	82.0	2.0	57.8	25.3	LXM
including	80.5	81.0	0.5	230	100
	125.9	128.7	2.8	9.82
WST-22-1280	84.2	86.5	2.3	14.5		LXM
WST-22-1285	116.1	120.0	3.9	25.0		TLX
WST-22-1286	101.7	105.5	3.8	101	37.9	TLX
including	102.5	103.0	0.5	577	100
	163.5	166.9	3.4	34.8
including	165.6	166.0	0.4	75.5
WST-22-1287	132.0	134.0	2.0	171	56.2	LXM
including	132.6	133.2	0.6	483	100	LXM
WST-22-1288	214.0	216.0	2.0	77.8	41.3	TLX
including	214.9	215.4	0.5	241	100
	215.7	216.0	0.3	108
WST-22-1290	103.0	105.1	2.1	10.7		LXM
WST-22-1292	199.1	201.3	2.2	18.2		TLX
WST-22-1293	100.3	102.3	2.0	127	35.9	TLX
including	101.0	101.6	0.6	405	100	TLX
WST-22-1294	59.0	61.1	2.1	20.5		LXM
WST-22-1296	65.0	71.6	6.6	12.4		LXM
WST-22-1297	84.0	86.4	2.4	112	51.3	LXM
including	84.0	84.4	0.4	462	100	LXM
WST-22-1298A	75.0	78.3	3.3	304	41.6	LXM
including	75.6	76.3	0.7	1335	100
WST-23-1304	46.5	49.4	2.9	10.9		LXM
	115.0	117.3	2.3	19.0		LXM
WST-22-1305	103.0	105.4	2.4	17.8		TLX
WST-22-1306	114.9	123.0	8.1	24.8		TLX
including	115.3	116.0	0.7	76.1
and	120.9	121.5	0.6	69.4
WST-22-1307	119.0	121.0	2.0	30.7		TLX
	114.0	116.4	2.4	12.2		LXM
WST-22-1308	57.0	59.0	2.0	13.6		LXM
WST-23-1309	60.9	63.0	2.1	18.1		LXM
	143.0	145.0	2.0	16.0		LXM
WST-23-1310	65.7	69.0	3.3	78.2	60.9	LXM
including	68.0	69.0	1.0	157	100	LXM
WST-23-1316	114.7	117.0	2.3	18.6		LXM
WST-23-1317	70.6	72.6	2.0	305	40.7	LXM
including	71.0	71.5	0.5	1135	100
	72.6	74.7	2.1	16.9
WST-23-1319	72.2	74.8	2.6	16.1		LXM
WST-23-1320	75.2	78.5	3.3	11.1		LXM
WST-23-1322	71.4	74.3	2.9	138	43.9	TLX
including	72.0	73.0	1.0	372	100
	127.8	131.0	3.2	49.6	27.4
including	128.9	129.5	0.6	218	100
	126.5	133.0	6.5	25.7	14.8
including	128.9	129.5	0.6	218	100
	156.6	158.9	2.3	13.7
WST-23-1323	113.4	116.0	2.6	56.9	40.8	TLX
including	114.2	114.7	0.5	153	100
and	115.2	115.5	0.3	152	100
WST-23-1326	63.7	66.0	2.3	89.4	31.6	LXM
including	64.7	65.4	0.7	290	100	LXM
WST-23-1329	113.0	117.5	4.5	25.6		TLX
including	114.0	114.3	0.3	53.0
and	116.6	117.2	0.6	53.8
	120.9	125.0	4.1	17.8
	145.6	146.0	2.1	10.8
WST-23-1332	99.0	102.6	3.6	39.1	36.8	LXM
including	101.0	101.4	0.4	121	100
WST-23-1343	127.1	129.5	2.4	129	29.6	LXM
including	127.1	127.8	0.7	442	100
	62.0	64.0	2.0	20.0		LXM
WST-23-1345	56.1	59.0	2.9	16.7		LXM
WST-23-1347	119.5	121.8	2.3	25.8		LXM
WST-23-1348	65.0	67.3	2.3	11.4		LXM
	102.3	104.9	2.6	9.66		LXM
WST-23-1350	114.0	116.0	2.0	23.0		LXM
WST-23-1353	91.6	93.9	2.3	37.1	32.3	LXM
WST-23-1354	93.3	95.8	2.5	11.1		LXM
WST-23-1357	89.6	91.6	2.0	14.3		TLX
WST-23-1358	92.6	94.8	2.2	12.8		TLX
WST-23-1360	46.1	50.3	4.2	18.0		LXM
WST-23-1364	46.9	49.0	2.1	12.0		LXM
WST-23-1365	56.0	60.6	4.6	4.61		LXM
WST-23-1366	57.6	61.7	4.1	7.90		LXM
WST-23-1371	87.6	89.7	2.1	9.58		TLX
WST-23-1373	184.5	186.6	2.1	69.7	47.2	TLX
including	185.4	186.2	0.8	159	100	TLX
	161.5	163.5	2.0	28.0		TLX
WST-23-1374	77.2	80.0	2.8	19.9		LXM
	81.5	83.6	2.1	43.7	14.5	LXM
WST-23-1375	102.0	104.0	2.0	10.4		LXM
WST-23-1381	86.0	88.0	2.0	12.8		LXM
WST-23-1384	54.5	56.7	2.2	228	31.8	LXM
including	56.0	56.7	0.7	717	100	LXM
WST-23-1387	59.0	61.0	2.0	34.7		LXM
WST-23-1388	84.5	86.6	2.1	29.4		LXM
WST-23-1389	84.5	87.0	2.5	10.2		TLX
WST-23-1390	84.7	87.0	2.3	13.6		TLX
WST-23-1391A	89.0	91.0	2.0	23.5	22.1	TLX
WST-23-1395	125.2	127.5	2.3	177	71.6	TLX
including	126.2	126.8	0.6	460	100
	134.8	137.0	2.2	54.9	23.5
including	135.3	135.7	0.4	273	100
	146.0	150.9	4.9	4.91
WST-23-1396	182.8	184.9	2.1	20.3		TLX
WST-23-1398	95.3	98.7	3.4	35.1	28.9	LXM
including	95.3	96.2	0.9	124	100
WST-23-1406	73.5	75.6	2.1	27.0		LXM
WST-23-1410	95.0	97.2	2.2	10.9		TLX
WST-23-1414	121.0	123.0	2.0	17.4		LXM
WST-23-1416	83.0	85.2	2.2	9.88		LXM
WST-23-1419	89.9	92.0	2.1	110	39.8	LXM
including	90.3	90.6	0.3	499	100	LXM
WST-23-1422	137.3	141.3	4.0	68.0	49.1	TLX
including	138.8	139.6	0.8	195	100	TLX
WST-23-1424	135.5	137.7	2.2	29.3		TLX
	130.0	132.7	2.7	14.5		TLX
WST-23-1425	132.2	135.2	3.0	283	61.3	TLX
including	134.6	135.2	0.6	1165	100
	107.0	109.8	2.8	10.0
WST-23-1426	121.0	123.6	2.6	24.3		TLX
	175.0	177.0	2.0	12.2		TLX
WST-23-1427	61.0	63.0	2.0	25.4		LXM
WST-23-1429	63.3	65.5	2.2	24.2		LXM
	47.0	49.0	2.0	10.7		LXM
WST-23-1430	69.0	71.5	2.5	13.6		LXM
WST-23-1432	88.0	90.5	2.5	9.85		TLX
WST-23-1441	203.3	205.8	2.5	22.5		TLX
WST-23-1442	338.5	340.6	2.1	17.4		TLX
WST-23-1443	166.0	168.3	2.3	71.9	25.4	LHW
including	166.0	166.5	0.5	314	100	LHW
	60.0	62.0	2.0	25.2		LXM
	68.0	70.0	2.0	13.9		LXM
WST-23-1444	61.2	63.3	2.1	57.3	40.7	LXM
including	61.7	62.3	0.6	158	100	LXM
WST-23-1445	61.9	64.0	2.1	44.7	28.9	LXM
	64.0	66.4	2.4	26.8		LXM
WST-23-1448	100.0	102.2	2.2	18.3		TLX
WST-23-1450	93.0	95.0	2.0	38.4	25.2	TLX
WST-23-1451	92.7	94.7	2.0	46.1	26.5	TLX
WST-23-1453	68.5	73.1	4.6	48.4	28.7	LXM
including	72.4	73.1	0.7	229	100	LXM
	75.2	85.0	9.8	18.7	17.8	LXM
including	76.6	77.1	0.5	119	100
and	81.4	82.8	1.4	47.2
WST-23-1455	92.3	94.9	2.6	46.2	40.8	LXM
including	92.3	93.3	1.0	114	100	LXM
WST-23-1456	39.5	41.5	2.0	59.5	30.0	LXM
including	40.0	40.6	0.6	198	100
	64.5	68.9	4.4	18.2		LXM
WST-23-1457	39.0	41.2	2.2	27.2		LXM
WST-23-1458	39.6	41.6	2.0	52.6	30.4	LXM
including	39.6	40.2	0.6	174	100
WST-23-1465	121.0	123.0	2.0	10.3		TLX
WST-23-1466	103.8	106.0	2.2	15.4		TLX
	92.5	95.4	2.9	16.7		TLX
WST-23-1467	91.7	94.0	2.3	24.3		TLX
WST-23-1468	91.5	93.7	2.2	9.59		TLX
WST-23-1470	85.4	87.5	2.1	17.5		LXM
WST-23-1471	67.0	69.0	2.0	11.9		LXM
WST-23-1472	71.9	74.1	2.2	9.51		LXM
WST-23-1473	72.5	74.6	2.1	26.9		LXM
WST-23-1474	74.4	77.0	2.6	109	37.5	LXM
including	74.4	75.2	0.8	332	100	LXM
WST-23-1475	175.4	180.0	4.6	45.6	25.8	LXM
including	176.0	176.7	0.7	230	100	LXM
WST-23-1476	177.2	180.0	2.8	18.2		LXM
WST-23-1478	102.0	104.1	2.1	30.7	29.8	TLX
WST-23-1480	100.0	102.0	2.0	20.5		TLX
WST-23-1482	171.0	173.0	2.0	51.4	40.8	LXM
including	172.2	173.0	0.8	127	100	LXM
WST-23-1484	89.6	92.0	2.4	15.3		TLX
WST-23-1485	89.9	92.0	2.1	31.0		TLX
	110.0	112.2	2.2	12.8		TLX
WST-23-1486	88.8	91.0	2.2	38.1		TLX
	156.0	158.0	2.0	24.5		TLX
WST-23-1487	152.9	155.0	2.1	118	58.2	LXM
including	152.9	153.3	0.4	354	100
WST-23-1490	150.0	152.0	2.0	10.2		LXM
WST-23-1491	59.3	61.5	2.2	80.4	23.2	LXM
including	59.3	59.6	0.3	520	100	LXM
WST-23-1492	56.3	59.7	3.4	35.2	32.3	LXM
including	56.3	56.9	0.6	117	100	LXM
WST-23-1494	46.0	48.1	2.1	22.8		LXM
WST-23-1495	131.8	134.1	2.3	14.1	13.1	LXM
WST-23-1496	134.2	137.1	2.9	66.1	17.5	LXM
including	134.6	135.1	0.5	382	100
	49.4	51.7	2.3	17.3
WST-23-1497	47.7	50.6	2.9	39.8	39.3	LXM
including	48.1	48.5	0.4	104	100	LXM
WST-23-1500	115.2	117.4	2.2	14.1		LXM
WST-23-1501	107.5	109.6	2.1	12.9		LXM
WST-23-1503	140.0	142.0	2.0	14.2		TLX
WST-23-1514	59.9	62.0	2.1	44.4	19.2	LXM
WST-23-1515	64.0	66.1	2.1	17.4		LXM
WST-23-1516	65.5	68.6	3.1	110	56.0	LXM
including	67.9	68.6	0.7	229	100
	133.0	135.0	2.0	14.8
WST-23-1519	135.0	137.0	2.0	24.4		TLX
WST-23-1520	121.0	123.8	2.8	85.2	75.3	TLX
WST-23-1522	122.0	124.0	2.0	10.2		TLX
WST-23-1523	120.5	124.0	3.5	444	59.0	TLX
including	121.4	121.7	0.3	3910	100	TLX
WST-23-1524	119.1	121.6	2.5	121	50.4	TLX
including	120.7	121.6	0.9	296	100	TLX
WST-23-1525	148.3	150.4	2.1	19.6		TLX
	123.0	125.1	2.1	17.7
	159.0	161.2	2.2	9.22
	127.0	129.0	2.0	16.0
WST-23-1530	89.0	91.1	2.1	15.1		LXM
	75.2	77.4	2.2	11.5		LXM
WST-23-1532	77.0	79.5	2.5	22.7		LXM
	85.4	88.5	3.1	67.9	38.5
including	86.5	86.8	0.3	404	100
	91.0	93.1	2.1	66.0	49.3
including	91.3	92.2	0.9	139	100
WST-23-1533	72.0	74.3	2.3	15.7		LXM
WST-23-1534	40.0	42.0	2.0	19.9		LXM
WST-23-1535	64.8	68.0	3.2	23.9		LXM
WST-23-1538	124.6	126.5	1.9	32.2	30.9	LXM
WST-23-1541	104.0	106.0	2.0	23.5	20.3	LXM
WST-23-1542	55.5	57.5	2.0	43.7	30.5	LXM
WST-23-1543	59.5	64.8	5.3	27.8	25.9	LXM
including	59.5	60.4	0.9	89.3	78.4
and	63.4	63.9	0.5	80.3
WST-23-1549	135.0	137.6	2.6	31.8		LXM
WST-23-1550	132.0	134.5	2.5	18.4		LXM
WST-23-1555	111.2	113.3	2.1	35.0	34.9	TLX
WST-23-1557	83.8	86.1	2.3	78.0	24.5	LXM
including	84.1	84.6	0.5	346	100	LXM
WST-23-1560	94.0	96.0	2.0	11.5		LXM
WST-23-1575	44.1	46.5	2.4	8.38		LXM
WST-23-1577	63.3	66.3	3.0	64.9	36.9	LXM
including	64.0	64.6	0.6	240	100	LXM
WST-23-1578	41.8	44.2	2.4	18.1		LXM
WST-23-1579	47.3	50.8	3.5	26.9	26.2	LXM
WST-23-1580	48.2	52.2	4.0	36.1		LXM
including	51.6	52.2	0.6	97.3
WST-23-1581	50.5	52.7	2.2	224	58.5	LXM
including	51.7	52.1	0.4	501	100
	136.4	139.6	3.2	24.7		LXM
WST-23-1583	41.9	44.0	2.1	16.6		LXM
WST-23-1585	102.9	105.4	2.5	39.4		LXM
WST-23-1591	60.0	62.0	2.0	19.4		LXM
WST-23-1592	59.6	62.0	2.4	31.4	29.4	LXM
WST-23-1593	42.0	44.0	2.0	10.9		LXM
WST-23-1596	58.0	60.0	2.0	117	25.1	LXM
including	58.0	58.5	0.5	466	100	LXM
WST-23-1602	129.0	131.1	2.1	71.5	52.0	TLX
including	129.8	130.5	0.7	159	100	TLX
WST-23-1603	123.3	126.1	2.8	322	59.1	TLX
including	123.9	124.8	0.9	918	100	TLX
WST-23-1604	122.2	125.0	2.8	21.3	15.4	TLX
WST-23-1605	123.0	125.7	2.7	692	57.8	TLX
including	124.2	125.0	0.8	2240	100	TLX
WST-23-1606	121.7	124.6	2.9	183	42.6	TLX
including	122.0	122.5	0.5	916	100	TLX
WST-23-1607	119.3	122.4	3.1	171	34.1	TLX
including	121.6	122.1	0.5	947	100	TLX
	157.0	159.0	2.0	11.9		TLX
WST-23-1608	104.9	107.5	2.6	43.0	12.0	LXM
including	106.2	106.5	0.3	369	100	LXM
WST-23-1614	98.0	100.2	2.2	20.0		TLX
WST-23-1615	84.0	87.2	3.2	33.9	32.7	TLX
including	85.2	85.6	0.4	68.0
and	85.9	86.2	0.3	113	100
and	86.6	86.9	0.3	83.0
WST-23-1616	83.0	85.3	2.3	85.3	50.9	TLX
including	84.4	85.0	0.6	232	100	TLX
WST-23-1618	72.0	74.0	2.0	16.7		LXM
WST-23-1619	89.4	92.0	2.6	28.4		TLX
WST-23-1620	89.5	91.6	2.1	23.4		TLX
WST-23-1631	86.6	88.6	2.0	21.5		TLX
WST-23-1640	95.0	97.1	2.1	18.0		LXM
	123.0	125.0	2.0	68.5	25.0
including	123.8	124.3	0.5	274	100
WST-23-1642	100.5	102.8	2.3	71.3	45.7	LXM
including	100.9	101.9	1.0	159	100	LXM
WST-23-1650	54.8	57.4	2.6	63.3		LXM
WST-23-1652	27.0	29.1	2.1	41.6		LXM
	68.4	75.4	7.0	124	37.1	LXM
including	74.0	75.0	1.0	711	100	LXM
WST-23-1661	129.1	132.0	2.9	9.21		LXM
WST-23-1662	115.3	117.6	2.3	18.4		LXM
WST-23-1664	118.8	121.0	2.2	30.6	18.3	LXM
WST-23-1665	124.3	126.3	2.0	16.1		LXM
	143.2	145.2	2.0	12.2		LXM
WST-23-1673	56.0	58.8	2.8	77.1	18.0	LXM
including	58.4	58.8	0.4	514	100	LXM
WST-23-1674	60.0	62.0	2.0	108	37.4	LXM
including	60.5	61.2	0.7	302	100	LXM
WST-23-1675	60.8	63.0	2.2	91.0	39.4	LXM
including	61.3	62.1	0.8	242	100	LXM
WST-23-1676	62.6	64.6	2.0	48.5	30.3	LXM
WST-23-1677	45.3	48.0	2.7	62.3	57.4	LXM
including	47.5	48.0	0.5	127	100
	64.0	66.0	2.0	12.8
WST-23-1678	120.6	123.0	2.4	270	79.0	TLX
including	121.0	121.3	0.3	1435	100	TLX
WST-23-1679	122.8	124.9	2.1	97.7	53.5	TLX
including	123.2	124.0	0.8	216	100	TLX
WST-23-1680	127.6	129.6	2.0	32.5		TLX
WST-23-1681	133.0	135.0	2.0	50.9	16.4	TLX
including	134.2	134.5	0.3	330	100	TLX
	258.7	261.1	2.4	13.3		TLX
WST-23-1683	129.2	137.0	7.8	13.0		LXM
including	129.2	129.6	0.4	62.0
and	136.0	137.0	1.0	52.2
WST-23-1687	107.9	110.3	2.4	10.4		TLX
WST-23-1688	113.2	115.3	2.1	20.2		TLX
WST-23-1690	124.0	126.0	2.0	10.4		TLX
WST-23-1692	373.5	375.5	2.0	10.0		LX4
WST-23-1693	374.2	376.5	2.3	23.7		TLX
WST-23-1695	115.0	117.0	2.0	41.7	35.0	LXM
WST-23-1700	109.3	111.4	2.1	31.9		LXM
WST-23-1701	141.7	143.9	2.2	18.4		LHW
WST-23-1704	77.9	79.9	2.0	21.5		LXM
	44.1	46.1	2.0	13.7		LXM
WST-23-1705	82.7	91.2	8.5	55.3	13.4	LXM
including	82.7	83.3	0.6	694	100
	96.7	98.7	2.0	33.0	20.1
WST-23-1706	74.6	77.0	2.4	498	84.6	LXM
including	74.6	75.4	0.8	1045	100	LXM
WST-23-1707*	83.0	91.0	8.0	413		LXM
including	84.4	85.4	1.0	1580	100
and	87.6	88.0	0.4	962	100
WST-23-1714	105.1	109.6	4.5	65.0	58.7	TLX
including	105.5	106.4	0.9	132	100	TLX
WST-23-1715	93.4	95.4	2.0	171	81.9	TLX
including	95.0	95.4	0.4	543	100	TLX
WST-23-1719	121.5	123.5	2.0	77.3	42.3	TLX
including	121.8	122.6	0.8	188	100	TLX
	97.0	99.0	2.0	11.0		TLX
WST-23-1720	78.6	80.7	2.1	44.9	33.6	TLX
	124.3	126.3	2.0	232	45.3
including	124.6	125.3	0.7	632	100
WST-23-1721	132.1	135.0	2.9	54.0	40.8	TLX
including	133.3	134.2	0.9	143	100	TLX
WST-23-1723A	104.0	106.1	2.1	17.3		LXM
	118.0	120.2	2.2	11.6		LXM
WST-23-1736	100.3	103.0	2.7	16.5		TLX
	320.4	322.5	2.1	39.4		LX4
WST-23-1737	143.5	145.7	2.2	13.8		TLX
WST-23-1741	65.0	67.0	2.0	12.7		LXM
WST-23-1742	62.0	64.2	2.2	37.3		LXM
WST-23-1743	59.8	62.0	2.2	160	72.9	LXM
including	59.8	60.4	0.6	420	100	LXM
	134.5	139.0	4.5	12.4		LXM
	51.7	54.4	2.7	12.5
	129.0	131.0	2.0	14.7
WST-23-1745	57.0	59.4	2.4	50.7
WST-23-1746	185.9	188.0	2.1	22.0		TLX
	363.8	366.0	2.2	25.8	19.1	TLX
	369.9	372.1	2.2	282	15.1
including	370.3	370.6	0.3	2060	100
WST-23-1748	108.8	111.8	3.0	35.3		LXM
including	110.5	111.0	0.5	72.7
and	111.4	111.8	0.4	92.8
WST-23-1753	127.7	130.1	2.4	12.2		TLX
WST-23-1756	126.0	128.0	2.0	17.5		LXM
	131.4	133.6	2.2	46.5	27.1	LXM
including	133.1	133.6	0.5	186	100
WST-23-1760	56.6	58.6	2.0	120	50.1	LXM
including	56.6	57.6	1.0	240	100
	192.0	194.0	2.0	266	54.8
including	192.6	192.9	0.3	1050	100
WST-23-1768	115.9	120.0	4.1	10.2		TLX
WST-23-1769	101.8	105.3	3.5	36.7		TLX
including	104.5	105.3	0.8	84.9		TLX
WST-23-1775	131.0	133.0	2.0	16.9		LXM
	137.1	139.5	2.4	100	38.3
including	139.2	139.5	0.3	593	100
	144.6	147.0	2.4	24.4
WST-23-1781	136.1	138.2	2.1	38.9	24.3	TLX
WST-23-1782	129.0	131.2	2.2	48.4	31.9	TLX
including	130.0	130.6	0.6	161	100	TLX
WST-23-1783	124.0	126.3	2.3	50.3	45.1	TLX
including	125.1	125.7	0.6	120	100	TLX
WST-23-1786	99.8	103.0	3.2	37.0	33.5	TLX
including	101.8	102.6	0.8	107	92.5	TLX
WST-23-1788	95.8	100.6	4.8	39.3	30.4	TLX
including	95.8	96.7	0.9	148	100	TLX
	111.4	115.5	4.1	8.68		TLX
WST-23-1789	131.7	134.0	2.3	36.1	16.5	LXM
WST-23-1793	150.0	152.0	2.0	10.3		LXM
WST-23-1794	149.7	151.7	2.0	32.2		LXM
WST-23-1796	117.8	120.0	2.2	12.2		TLX
WST-23-1810	131.5	133.6	2.1	167	43.2	LXM
including	132.3	133.2	0.9	388	100
	148.6	150.6	2.0	11.4
WST-23-1812	124.8	126.8	2.0	15.6		LXM
WST-23-1829	116.0	118.0	2.0	11.7		LXM

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. LXM = Lynx Main, LHW = Lynx Hanging Wall, and TLX = Triple Lynx. *0.5 meters of core not recovered in this interval.

Drill hole location

Hole Number	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N	Elevation	Section
OSK-W-23-2671	337	-66	126	453338	5435040	398	3525E
WST-22-1082	166	-23	516.6	453444	5435276	-99	3725E
WST-22-1154	163	2	123.6	453342	5435282	-187	3650E
WST-22-1171	139	-13	242.7	453180	5435128	174	3425E
WST-22-1182A	112	-76	761.1	453647	5435347	-189	3950E
WST-22-1182A-W1	112	-76	810.6	453647	5435347	-189	3950E
WST-22-1218	162	-49	279.3	453542	5435311	-173	3825E
WST-22-1219	163	-42	243.5	453542	5435311	-173	3825E
WST-22-1237	143	-9	183.4	453701	5435376	-197	4000E
WST-22-1240	141	9	177.5	453701	5435376	-196	4000E
WST-22-1241	152	12	153.5	453343	5435283	-186	3650E
WST-22-1246	159	7	183.5	453600	5435324	-179	3900E
WST-22-1249A	186	-3	384.6	453442	5435275	-98	3725E
WST-22-1250	182	0	381.7	453442	5435275	-98	3725E
WST-22-1252	169	-41	252.4	453542	5435311	-173	3825E
WST-22-1253	165	-38	252.3	453542	5435311	-172	3825E
WST-22-1254	169	-36	252.5	453541	5435311	-172	3825E
WST-22-1255	162	-32	240.5	453542	5435311	-172	3825E
WST-22-1256	165	-70	585.5	453757	5435406	-208	4075E
WST-22-1261	163	2	204.6	453258	5435210	97	3525E
WST-22-1262	147	9	165.5	453344	5435283	-186	3650E
WST-22-1264	147	1	171.5	453344	5435283	-187	3650E
WST-22-1265	143	4	168.5	453344	5435283	-187	3650E
WST-22-1266	140	1	168.4	453344	5435283	-187	3650E
WST-22-1270A	162	-18	417.5	453278	5435248	-145	3575E
WST-22-1273	138	-68	559.1	453758	5435406	-208	4075E
WST-22-1275	161	-10	192.3	453258	5435210	97	3525E
WST-22-1276	161	-11	192.4	453258	5435210	97	3525E
WST-22-1279	141	-9	198.7	453180	5435128	174	3425E
WST-22-1280	137	-3	99.5	453180	5435128	174	3425E
WST-22-1285	145	-7	195.6	453344	5435283	-187	3650E
WST-22-1286	152	-55	183.6	453646	5435347	-188	3950E
WST-22-1287	134	-52	253.1	453758	5435406	-207	4075E
WST-22-1288	158	-42	255	453543	5435312	-173	3825E
WST-22-1290	148	42	264.1	453646	5435347	-184	3950E
WST-22-1292	170	2	360.5	453279	5435248	-144	3575E
WST-22-1293	172	-47	390.5	453543	5435311	-173	3825E
WST-22-1294	173	-22	159.5	453756	5435405	-207	4075E
WST-22-1296	136	-18	196	453758	5435406	-207	4075E
WST-22-1297	136	-17	150.6	453180	5435128	174	3425E
WST-22-1298A	141	-18	156.5	453179	5435127	174	3425E
WST-22-1305	151	-8	174.6	453344	5435283	-187	3650E
WST-22-1306	149	-4	174.1	453343	5435283	-187	3650E
WST-22-1307	152	-1	177.5	453343	5435282	-187	3650E
WST-22-1308	151	-2	168.3	453601	5435324	-179	3900E
WST-23-1304	149	-19	174.6	453700	5435376	-197	4000E
WST-23-1309	157	5	174.6	453600	5435324	-179	3900E
WST-23-1310	152	10	177.3	453600	5435324	-179	3900E
WST-23-1316	159	-2	204.5	453259	5435210	97	3525E
WST-23-1317	152	-18	93.6	453179	5435127	174	3425E
WST-23-1319	160	-7	126.5	453179	5435127	174	3425E
WST-23-1320	164	0	129.5	453179	5435127	174	3425E
WST-23-1322	217	-43	165.5	453540	5435311	-173	3825E
WST-23-1323	209	-37	177.5	453541	5435311	-173	3825E
WST-23-1326	152	21	219.7	453646	5435347	-186	3950E
WST-23-1329	143	-7	180.3	453344	5435283	-187	3650E
WST-23-1332	119	-10	120.2	453180	5435128	174	3425E
WST-23-1343	156	6	162.5	453646	5435346	-187	3950E
WST-23-1345	148	-21	150.5	453646	5435347	-187	3950E
WST-23-1347	159	8	144.4	453258	5435210	97	3525E
WST-23-1348	156	-30	120.6	453757	5435406	-207	4075E
WST-23-1350	173	-6	135.5	453258	5435210	97	3525E
WST-23-1353	183	13	111.5	453442	5435275	-98	3725E
WST-23-1354	180	19	114.7	453443	5435276	-97	3725E
WST-23-1357	150	-20	102.6	453542	5435311	-172	3825E
WST-23-1358	145	-24	114.7	453542	5435311	-172	3825E
WST-23-1360	154	-17	150.6	453701	5435376	-197	4000E
WST-23-1364	156	-2	156.6	453700	5435375	-197	4000E
WST-23-1365	153	1	159.6	453700	5435375	-197	4000E
WST-23-1366	155	5	165.6	453701	5435376	-196	4000E
WST-23-1371	153	-14	114.6	453279	5435248	-145	3575E
WST-23-1373	138	-59	249.6	453646	5435347	-188	3950E
WST-23-1374	147	-8	141.5	453179	5435127	174	3425E
WST-23-1375	172	-2	126.5	453179	5435127	174	3425E
WST-23-1381	164	21	102.4	453443	5435276	-97	3725E
WST-23-1384	170	-14	84.5	453645	5435346	-187	3950E
WST-23-1387	180	-5	81.5	453645	5435346	-187	3950E
WST-23-1388	136	-7	96.5	453543	5435311	-172	3825E
WST-23-1389	154	-13	201.5	453543	5435311	-172	3825E
WST-23-1390	150	-15	201.5	453543	5435311	-172	3825E
WST-23-1391A	153	-16	204.4	453542	5435311	-172	3825E
WST-23-1395	183	-9	159.5	453442	5435339	-204	3750E
WST-23-1396	149	-53	231.6	453757	5435406	-207	4075E
WST-23-1398	185	20	123.5	453442	5435275	-97	3725E
WST-23-1406	168	-26	102.6	453179	5435127	174	3425E
WST-23-1410	143	-10	111.3	453279	5435248	-145	3575E
WST-23-1414	161	-18	201.6	453259	5435210	97	3525E
WST-23-1416	173	24	117.3	453442	5435276	-97	3725E
WST-23-1419	123	4	108.4	453446	5435277	-98	3725E
WST-23-1422	179	-8	210.4	453443	5435339	-204	3750E
WST-23-1424	176	-7	210.3	453443	5435339	-204	3750E
WST-23-1425	172	-3	210.2	453443	5435339	-204	3750E
WST-23-1426	168	-12	201.4	453443	5435339	-205	3750E
WST-23-1427	164	6	84.6	453645	5435346	-187	3950E
WST-23-1429	153	15	126.4	453646	5435346	-186	3950E
WST-23-1430	152	29	129.4	453646	5435347	-186	3950E
WST-23-1432	165	1	102.5	453278	5435248	-144	3575E
WST-23-1441	112	-50	219.9	453759	5435409	-207	4075E
WST-23-1442	103	-53	480.3	453759	5435409	-207	4075E
WST-23-1443	162	3	186.6	453600	5435324	-179	3900E
WST-23-1444	145	5	168.5	453601	5435324	-179	3900E
WST-23-1445	129	-3	87.4	453602	5435325	-180	3900E
WST-23-1448	175	-17	114.5	453541	5435311	-172	3825E
WST-23-1450	181	-20	114.6	453541	5435311	-172	3825E
WST-23-1451	183	-29	111.7	453540	5435311	-172	3825E
WST-23-1453	140	29	120.4	453646	5435347	-185	3950E
WST-23-1455	140	14	105.6	453646	5435347	-186	3950E
WST-23-1456	129	12	111.6	453646	5435347	-186	3950E
WST-23-1457	129	24	117.6	453646	5435347	-186	3950E
WST-23-1458	130	29	123.2	453646	5435347	-185	3950E
WST-23-1465	180	26	150.4	453278	5435248	-143	3575E
WST-23-1466	183	22	141.4	453278	5435248	-143	3575E
WST-23-1467	182	17	144.6	453278	5435248	-144	3575E
WST-23-1468	180	12	114.2	453278	5435248	-144	3575E
WST-23-1470	172	19	114.5	453443	5435276	-97	3725E
WST-23-1471	126	3	174.4	453602	5435325	-179	3900E
WST-23-1472	129	11	90.4	453602	5435325	-179	3900E
WST-23-1473	130	18	93.4	453601	5435325	-179	3900E
WST-23-1474	135	24	90.4	453601	5435324	-178	3900E
WST-23-1475	107	-22	232.2	453760	5435409	-207	4075E
WST-23-1476	105	-27	232.1	453760	5435409	-207	4075E
WST-23-1478	180	-14	117.6	453541	5435311	-172	3825E
WST-23-1480	195	-9	120.6	453540	5435311	-172	3825E
WST-23-1482	193	-19	204.6	453541	5435311	-172	3825E
WST-23-1484	176	-7	138.2	453278	5435248	-145	3575E
WST-23-1485	173	-20	171.1	453278	5435248	-145	3575E
WST-23-1486	176	-14	177.2	453278	5435248	-145	3575E
WST-23-1487	115	-9	222.3	453506	5435326	-89	3800E
WST-23-1490	123	-3	162.4	453506	5435326	-88	3800E
WST-23-1491	160	8	165.6	453701	5435376	-196	4000E
WST-23-1492	160	4	159.5	453701	5435376	-196	4000E
WST-23-1494	160	-10	159.5	453700	5435375	-197	4000E
WST-23-1495	158	-14	160	453700	5435376	-197	4000E
WST-23-1496	159	-18	171.5	453700	5435376	-197	4000E
WST-23-1497	154	-21	189.6	453700	5435376	-197	4000E
WST-23-1500	168	-32	126.5	453259	5435210	96	3525E
WST-23-1501	167	-28	123.5	453259	5435210	96	3525E
WST-23-1503	183	-14	153.1	453278	5435248	-145	3575E
WST-23-1514	135	3	93	453601	5435325	-179	3900E
WST-23-1515	137	10	83	453601	5435324	-179	3900E
WST-23-1516	146	12	168.3	453601	5435324	-179	3900E
WST-23-1519	174	-11	201.2	453443	5435339	-205	3750E
WST-23-1520	170	-7	330.4	453443	5435339	-204	3750E
WST-23-1522	163	-1	150.4	453443	5435339	-204	3750E
WST-23-1523	164	-6	147.4	453443	5435339	-204	3750E
WST-23-1524	166	-10	195.4	453443	5435339	-205	3750E
WST-23-1525	162	-20	189.4	453443	5435339	-205	3750E
WST-23-1530	134	34	117.1	453646	5435346	-185	3950E
WST-23-1532	122	25	126.4	453647	5435347	-185	3950E
WST-23-1533	121	18	117.4	453647	5435347	-186	3950E
WST-23-1534	122	10	117.5	453647	5435347	-186	3950E
WST-23-1535	118	-2	83.9	453647	5435347	-187	3950E
WST-23-1538	171	-36	141.5	453259	5435210	96	3525E
WST-23-1541	177	-20	126.6	453258	5435210	97	3525E
WST-23-1542	140	-4	81.3	453601	5435324	-180	3900E
WST-23-1543	129	-12	75.4	453602	5435325	-180	3900E
WST-23-1549	126	-15	159.5	453506	5435326	-89	3800E
WST-23-1550	129	-15	156.5	453505	5435326	-89	3800E
WST-23-1555	189	21	144.2	453277	5435248	-143	3575E
WST-23-1557	182	12	99.4	453179	5435127	175	3425E
WST-23-1560	182	24	114.2	453179	5435127	176	3425E
WST-23-1575	132	-3	184.5	453646	5435347	-187	3950E
WST-23-1577	129	4	156.3	453647	5435347	-187	3950E
WST-23-1578	142	6	153.1	453646	5435347	-187	3950E
WST-23-1579	161	0	162	453700	5435375	-197	4000E
WST-23-1580	165	-2	177.6	453700	5435375	-197	4000E
WST-23-1581	169	-5	177.6	453700	5435375	-197	4000E
WST-23-1583	164	-13	150.5	453700	5435375	-197	4000E
WST-23-1585	156	-42	120.7	453179	5435127	173	3425E
WST-23-1591	143	1	180.5	453646	5435346	-187	3950E
WST-23-1592	143	-4	180.5	453646	5435347	-187	3950E
WST-23-1593	147	-7	168.5	453646	5435346	-187	3950E
WST-23-1596	141	-20	153.5	453646	5435347	-187	3950E
WST-23-1602	155	2	147.5	453444	5435339	-204	3750E
WST-23-1603	159	-1	147.6	453444	5435339	-204	3750E
WST-23-1604	162	-4	312.5	453444	5435339	-204	3750E
WST-23-1605	157	-5	144.6	453444	5435339	-204	3750E
WST-23-1606	159	-10	231.4	453444	5435339	-205	3750E
WST-23-1607	161	-10	288.5	453442	5435339	-205	3750E
WST-23-1608	142	-6	168.6	453321	5435227	104	3600E
WST-23-1614	170	-35	111.6	453600	5435324	-180	3900E
WST-23-1615	158	-39	108.6	453600	5435324	-181	3900E
WST-23-1616	148	-40	105.3	453601	5435324	-181	3900E
WST-23-1618	133	-32	105.5	453601	5435325	-180	3900E
WST-23-1619	133	-39	105.5	453601	5435325	-181	3900E
WST-23-1620	134	-44	117.2	453601	5435325	-181	3900E
WST-23-1631	165	-11	114.4	453542	5435311	-172	3825E
WST-23-1640	160	-23	156.6	453321	5435227	104	3600E
WST-23-1642	166	-19	132.6	453320	5435227	104	3600E
WST-23-1650	176	-15	75.3	453699	5435375	-197	4000E
WST-23-1652	170	-35	78.4	453700	5435375	-198	4000E
WST-23-1661	133	0	144.5	453322	5435228	105	3600E
WST-23-1662	137	4	165.6	453322	5435228	105	3600E
WST-23-1664	138	-4	165.4	453322	5435227	104	3600E
WST-23-1665	146	1	171.6	453321	5435227	105	3600E
WST-23-1673	151	-7	162.6	453646	5435346	-187	3950E
WST-23-1674	148	-2	156.5	453646	5435347	-187	3950E
WST-23-1675	149	3	177.4	453646	5435346	-187	3950E
WST-23-1676	150	7	159.5	453646	5435346	-186	3950E
WST-23-1677	148	11	159.5	453646	5435346	-186	3950E
WST-23-1678	155	-13	192.5	453443	5435339	-205	3750E
WST-23-1679	150	-13	177.2	453443	5435339	-205	3750E
WST-23-1680	150	-2	147.3	453444	5435339	-204	3750E
WST-23-1681	149	2	282.3	453444	5435339	-204	3750E
WST-23-1683	128	-2	174.5	453322	5435228	105	3600E
WST-23-1687	194	11	123.3	453277	5435248	-144	3575E
WST-23-1688	199	13	375.3	453277	5435248	-144	3575E
WST-23-1690	199	22	141.4	453277	5435248	-143	3575E
WST-23-1692	153	-35	422.8	453700	5435375	-198	4000E
WST-23-1693	159	-34	393.5	453257	5435209	96	3525E
WST-23-1695	144	-17	144.6	453504	5435325	-89	3800E
WST-23-1700	148	5	144.6	453504	5435325	-88	3800E
WST-23-1701	151	11	153.5	453504	5435325	-88	3800E
WST-23-1704	151	35	102.2	453646	5435347	-185	3950E
WST-23-1705	159	39	105.1	453645	5435346	-185	3950E
WST-23-1706	163	33	96.4	453645	5435346	-185	3950E
WST-23-1707	169	38	108.1	453645	5435346	-185	3950E
WST-23-1714	130	-53	198.1	453600	5435326	-181	3900E
WST-23-1715	132	-49	126.4	453601	5435326	-181	3900E
WST-23-1719	156	-18	291.3	453443	5435339	-205	3750E
WST-23-1720	153	-8	138.4	453443	5435339	-204	3750E
WST-23-1721	156	5	171.3	453443	5435339	-204	3750E
WST-23-1723A	139	-3	170.8	453322	5435228	104	3600E
WST-23-1736	154	-46	342.3	453543	5435312	-173	3825E
WST-23-1737	184	-3	210.5	453442	5435339	-204	3750E
WST-23-1741	157	13	165.6	453646	5435346	-186	3950E
WST-23-1742	160	9	171.4	453646	5435346	-186	3950E
WST-23-1743	159	4	165.4	453645	5435346	-187	3950E
WST-23-1745	153	-4	162.6	453646	5435346	-187	3950E
WST-23-1746	204	15	387.3	453277	5435248	-143	3575E
WST-23-1748	164	7	195.6	453503	5435325	-88	3800E
WST-23-1753	201	26	141.4	453277	5435248	-143	3575E
WST-23-1756	146	-2	171.5	453322	5435227	104	3600E
WST-23-1760	148	-15	348.6	453646	5435346	-187	3950E
WST-23-1768	152	-40	198.4	453279	5435248	-145	3575E
WST-23-1769	149	-45	351.3	453543	5435312	-173	3825E
WST-23-1775	152	1	174.5	453321	5435227	105	3600E
WST-23-1781	140	-7	153.3	453444	5435339	-205	3750E
WST-23-1782	145	-9	144.5	453444	5435339	-204	3750E
WST-23-1783	150	-11	141.2	453444	5435339	-205	3750E
WST-23-1786	161	-40	189.4	453279	5435248	-145	3575E
WST-23-1788	165	-32	153.7	453278	5435248	-145	3575E
WST-23-1789	126	-3	177.1	453323	5435236	55	3600E
WST-23-1793	131	-10	165.5	453323	5435236	55	3600E
WST-23-1794	127	-13	168.5	453323	5435236	55	3600E
WST-23-1796	171	-32	156.6	453278	5435248	-145	3575E
WST-23-1810	134	-19	168.5	453323	5435236	55	3600E
WST-23-1812	135	-8	165.6	453323	5435236	55	3600E
WST-23-1829	140	-23	165.5	453323	5435236	54	3600E

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. Vein-type mineralization is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Ms. Isabelle Roy, P.Geo. (OGQ 535), Director of Technical Services for Osisko’s Windfall gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June 7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of November 25, 2022) (the “Windfall Reserve Estimate”) are described in the technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” (the “FS Technical Report”) and dated January 10, 2023 (with an effective date of November 25, 2022). The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Mineral Reserve, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the feasibility study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, are described in the FS Technical Report, which was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The FS Technical Report is available on SEDAR+ (www.sedarplus.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 50% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 50% interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,300 square kilometers).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the expected timing (if at all) to hook-up the power line; the expected allocation of power under the power allocation agreement being realized (if any); the expected power demand for Windfall; the assumptions limitations and qualifications in the FS Technical Report, including relating to the Windfall Resource Estimate and Windfall Reserve Estimate; reliance on third-parties for infrastructure, including power lines, with reference to the agreement with Miyuukaa for the transmission of hydroelectric power to the Windfall site; the results of the FS Technical Report, including NPV, IRR, production, tax-free cash flows, capex, AISC, milling operations, average recovery, job creation; the Lynx zone remaining open to expansion down plunge. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities, including for infrastructure; the timing and ability, if at all, to obtain permits; the reliance on third-parties for infrastructure critical to build and operate the Windfall project, including power lines; our ability to obtain power for the Windfall project, if at all or on terms economic to the Corporation; the status of third-party approvals or consents; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the Canadian/United States dollar exchange rate; the global economic climate; metal (including gold) prices; dilution; environmental risks; and community and non-governmental actions. For additional information with respect to these and other factors and assumptions underlying the forward-looking information in this news release, please see the section entitled “Risk Factors” in the most recent annual information form of Osisko for the year ended December 31, 2022, a copy of which is available on SEDAR+ (www.sedarplus.com) under Osisko’s issuer profile. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO ANNOUNCES HYDROELECTRIC POWER ALLOCATION FOR WINDFALL

Posted on October 12, 2023November 8, 2023 by Jade Vezina

Hook-up Expected Early 2024

(Toronto, October 12, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce that “Windfall Mining Group”(its 50% jointly owned partnership with a Gold Fields Limited subsidiary), has concluded the hydro-electricity power allocation agreement with Hydro-Québec, a wholly-owned Crown corporation of the Québec Government.

The forecasted power demand and allocation for the electrical Installation is 27,400 kW for Windfall. Power will be delivered at the MICO substation located in nearby Waswanipi, Quebec, then be transported using a dedicated power line (currently under construction) from the MICO substation to Windfall by Miyuukaa Corporation (please see news release of Osisko dated March 16, 2023 entitled “Osisko Announces Definitive Agreement with Miyuukaa to transport Hydroelectric Power to Windfall Project”).

John Burzynski, Chairman and Chief executive officer commented: “Receipt of the Windfall power allocation is a major milestone, as it will significantly reduce greenhouse gas emissions and project power costs. It is well aligned with our joint-venture ESG goals.”

Power line construction work is progressing on schedule with the hook-up date anticipated in early 2024.

About the Windfall Gold Deposit

Qualified Person

The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” (within the meaning of NI 43-101).

About Osisko Mining Inc.

Cautionary Note Regarding Forward-Looking Information

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

AUDIO RECORDING AND TRANSCRIPT FROM OSISKO GOLD FIELDS JOINT VENTURE CALL, MAY 2, 2023

Posted on May 11, 2023November 8, 2023 by Jade Vezina

Click here to access the audio file of this transcript.

Operator

Good day, ladies and gentlemen, and welcome to the Gold Fields and Osisko Mining joint venture to develop the Windfall project. At this time all participants are in listen only mode, and a brief question and answer session will follow the presentation. If you should require any assistance during the conference, please press * and then 0 on your telephone keypad. As a reminder, this conference is being recorded. It’s now my pleasure to introduce your host, Martin Preece. Please go ahead, sir.

Martin Preece

Thank you, Chris. Good afternoon, ladies and gentlemen. Good morning to those on the other side of the world, and welcome to this call. I think a special welcome to John and his team from Osisko, who are joining us from Toronto. In terms of the rationale for the call today it’s just to update you all on the recently announced partnership we are going into with Osisko Mining related to the Windfall project in Quebec, Canada. I’m going to finish off these introductory remarks and ask John if he’s got any further remarks to add. And then I will go through some of the basics around the deal. And then John is going to take us through the project itself. And at the end, we will take some questions. The presentation is loaded on our website for those of you who’d like to watch it. John, if I could maybe hand over to you, I’m sure you have some introductory remarks.

John Burzynski

Yes. Thank you, Martin, and welcome everybody to today’s call. I’ll keep my points brief. We’re very excited, very happy to make today’s announcement with Gold Fields. Windfall is an absolute world class deposit. I believe we’ve worked on this one for about seven and a half years, with some very stunning results in terms of the drilling, the grade, the scale of this deposit. It’s an exciting deposit and an exciting day for us. Really this kicks off the first day of marching towards mining, which we expect in about two and a half, three years’ time from now. Martin will walk you through the deal. And I will try and give you that same sense of excitement that we feel jointly both as Osisko and Gold Fields for how we see this deposit developing in the future. So back with you, Martin.

Martin Preece

Thanks, John. So, as John said, a very exciting day for all of us. We’re really pleased to be partnering with Osisko. They’ve put a lot of effort over many years into this. Our teams have been working on this jointly for the past year and a little bit. And I think what really excites us is working with Osisko. They’re an experienced partner with vast experience in that in that jurisdiction. It’s a world class asset with all in sustaining costs of just below $800 an ounce. We’ve got a 10 year reserve life on the project. I think really importantly for us is the upside we see and the analogue with our operations in Australia, where we see significant expansion and exploration potential.

And then John and his team, have got a really strong ESG track record, which dovetails with what we’re doing, the power line that they’re doing with local communities, and completely renewable power to come to the site. We are going to share in the project development exploration, each contributing skills to create a unique partnership. We’re really excited about going into a really strong jurisdiction with a great track record with Osisko with exploration permitting, construction and operating in Quebec. We know it’s a tough environment. I think the really important thing around the upside is the 50/50 joint venture over the Windfall project, but importantly, Urban Barry and Quévillon camps. That’s over 2,400 square kilometres of land package, which we believe it’s got significant upside potential.

In terms of the acquisition cost, we’re going to be buying in at $600 million Canadian, paid in two tranches, one tranche today, and the second tranche once permitting comes through. And we’ve also committed to $75 million Canadian Dollars for the exploration spend to unlock that long term upside potential. In terms of funding, we’re going to fund this through cash reserves and debt facilities. And we in no way see this affecting the payment of dividends and remain committed to paying 30% to 45% of our normalised earnings, as we had announced during the last year.

Growing the quality and value of our portfolio and strengthening our pipeline, this is really important for us, an asset coming in at under $800 all in sustaining cost with a nice long life. And I’ve touched on the ESG. In terms of commercial terms and operating structure, it’s an immediate formation of the 50/50 partnership, which will be jointly run by both parties in equal representation at both board and committee level. The partnership covers the feasibility stage Windfall Project, as well as the highly prospective Urban Barry and Quévillon camps.

In terms of the consideration, which I touched on, basically the two tranches of $300 million, the first of which is transferring to today, which is approximately $220 million US Dollars. In terms of development, we have a 50/50 share in the interim programmes and the construction costs going forward, which is Canadian Dollars $1.1 billion on 100% basis. And then as I’ve touched on the exploration part, we will for the first seven years fund an amount of $75 million Canadian Dollars to drive the exploration. I think the headline for us is that this is a measured entry into tier one jurisdiction on an exceptional asset, which John referenced in his introduction, and something that we really excited about.

I think just touching very briefly on our strategy, this transaction supports both pillar three and pillar two, around growing the value and quality of our portfolio of assets and then building on our leading commitment to ESG. So, fully aligned to our strategy and where we’re going as a business. I think just in summary, I think in terms of our strategic criteria for improving the value and quality of our portfolio, I think asset quality, the first one, at $800 all in sustaining cost and below, a life of mine of 10 years just on reserves, not including resources.

So, we’ve got asset quality, we’ve got jurisdictional quality, being in Quebec in Canada. The strengthening the pipeline, as we’ve touched on. The exploration assets and growth potential at camp scale. Long life. And the project is at the construction stage already. Osisko has invested a lot of money in getting the site to where it is. And then we touched lastly on the ESG practices. Osisko is ranked very highly and their MSCI rating was an A in 2021. So, for us it’s an accretive incremental portfolio improvement that follows the same principles as the AngloGold Ashanti JV in Ghana that we announced some weeks ago. John, if I could maybe hand it to you to talk more competently about the project.

John Burzynski

Thank you, Martin. As I mentioned, Windfall is truly an exceptional deposit. As it stands right now with our 7.4 million ounce total all combined resource, it is the largest high grade underground deposit ever found in Quebec in the last 100 years of exploration. It’s located in a similar Archaean Greenstone belt to the well-known or at least better known Val D’Or camps and Timmins camps, both of which have produced over 100 million ounces in the last 100 years. There’s really no difference between the potential for the Windfall belt. It’s just been less explored, literally a fraction of the exploration of the last 100 years as those other belts.

On slide seven, you can see on the top left corner, there’s a comparison of Windfall to other Canadian gold discoveries. It ranks within the top 10% of Superior Province discoveries that were over 5 million ounces. So, it’s already a highly ranked deposit as it stands. We expect it will grow over time and continue to move to the top of that list. Where we stand today, if we were in production at the current reserve grade that we used in the feasibility of 11.4 grams per ton, it would be in the top 10 high grade producers globally. We have good reason to believe that that head grade as we go into mining may increase and increase substantially. That’ll be the big question as we get into the first 12 to 18 months of mining.

We’ve employed a very strict triple capping on this deposit because of the preponderance of coarse gold. We’ve taken three bulk samples today of about 15,000 tonnes total and recovered 15,000 ounces of gold. We’ve had recoveries and positive reconciliation with between plus 26% up to plus 89%. So, it is an exceptional deposit as it stands capped. We fully expect to commence at what we stated in our feasibility of 306,000 plus or minus ounces per year. We have good reason to believe that once we get mining, we may actually see additional grade come in. And just as a note, every 1 gram of additional grade that we do capture, and we have been capping out about 25% of the gold metal from our resource, every additional 1 gram of grade that we capture would add about another 35,000 ounces per year. So, there’s good reason to believe that as we move forward with additional work on the deposit, we see this thing to creep up and surpass things like 400,000 ounces a year plus.

Where this deposit sits, compared to other very well-known Canadian gold camps and gold mines like Red Lake, Macassa, LaRonde. We’ve drilled the deposit over the past seven years with 2 million metres of drilling. It’s very well drilled. Some of you on the call may not be familiar or as familiar with Osisko Mining. But our group, Bob Wares, Sean Rosen and myself started Osisko back in 2003. In the space of six years and a month, we defined the Canadian Malartic deposit, Canada’s current largest single gold producer, about 700,000 ounces a year, put that into production. A very big mine. So, we know this is a little different in terms of it’s a high grade mine. But where Windfall sits right now, with 2 million metres of drilling we have it defined from surface down to 1,200 metres.

We’ve done extensive drilling on the deposit with some deeper holes as well below that. We have good reasonably we can double that resource as we go forward. We literally have to pick a place to stop. The target over the last two or three years was to come up with something just over 4 million ounces, so that by the time we added mine dilution, we were starting with a 3 million ounce reserves that we could then project a 10 year mine life on. But the deposit certainly doesn’t stop at 1,500 metres. We’ve drilled the deepest hole in Canada. It’s about 3.4 kilometres long. We wanted to take a look at the roots of the system. And we have economic intercepts as deep as 2.8 kilometres vertical. So, there’s a lot of room for this deposit to grow. We could probably spend the next five years plus just expanding the deposit internally even above that 1,200 metre level. But certainly, as we go down plunge, we are seeing higher grades and wider widths of this deposit. So, it is very truly a very exceptional deposit. And I think it stands alone in its class globally today is as one of the very highest grade near term development assets.

On the next slide on slide eight, the feasibility highlights. Again, we chose a 10 year life of mine based on that 4.1 million ounce reserve that we diluted down to 3.2 million. But we didn’t include 3.5 million of the other ounces. They are still there. Our conversion success has been well over 90% in terms of bringing those ounces from inferred into measured and Indicated. And there’s at least another half the deposit in our minds as we go down plunge and laterally to add on as we move forward with the mining. We’re looking at first production in 2025. Permitting was commenced in March. It’s typically about an 18 month plus process. We have some hopes that it might be shorter. But once we come out of permitting, we’re looking at a few months to get the actual construction release from the Quebec government, and then about a 12 month construction cycle. So, that would put us into late 2024, early 2025 if everything works perfectly, which we all know happens every single time in the business, with exceptions.

The feasibility was predicted 306,000 ounces per year, based on a diluted grade of 8.1g from that initial 11.4g per ton grade in the reserve. We added some inferred material in there that we’re obliged to mine through as part of the development. We counted it as zero. We know it’s not zero. It’s actually about the same resource reserve grade, subject to more drilling before we can add it to the M&I categories. If we were to include that as drilled out material, we’re probably looking at something more like 326,000 ounces per year on that basis. And this is before we start thinking about adding additional grammes that we may see come into the mine as we move forward.

Construction costs in the feasibility were estimated at $789 million Canadian. We are seeing some cost reduction. We have seen some cost reduction in the past three to four months as we move through detailed engineering. We’re currently about 30% to 40% through the detailed engineering. We’re looking for like $720 million Canadian as capex costs. That includes about $50 million Canadian of contingency. The AISC at $758 US per ounce is certainly very good AISC. But again, adding those other ounces that we excluded and counted as zero, we do expect that number to come down. And certainly, if we see additional grade, we’re getting one for free and just dividing by a bigger number. So, we should see the AISC, if we are correct about that additional grade coming in, drop below $700.

As Martin mentioned, we are in partnership with the First Nations in a very big way. The Waswanipi Economic Development Corporation is currently building a hydro line to site from their substation in their town. This is about maybe a five kilometre long hydro line. They are currently about 20% complete. It’s spring break up there right now. So, there’s a couple of weeks from when big trucks are allowed to move around. We are expecting that hydro line to be complete by the end of this year or early in 2024, all on schedule.

The new mine will be creating over 1,000 direct and indirect jobs during construction, and about 670 direct jobs during operations. We currently employ about 30% as First Nations employees from the region. Our workforce is very diverse. We have very good balance from the board of directors through management, to our technical and operations staff at site of all genders, and certainly a big First Nations component and many, if not most of the employees are Quebec based.

Onto slide number nine, the ramp up and expansion potential. This is my favourite slide of all the slides that we typically put in our deck. When we started the Windfall back in 2015, it’s a longer story, but I’ll try and make shorter. The original Osisko Mining, which we were forced to sell back in 2014, Bob Wares developed a list of targets. This camp was on that list. We drove on target and then walked away because we didn’t see the size potential there. And then we spent the next 10 years with Canadian Malartic drilling it out, putting it into production, building it, building a team. We produced the first 1.2 million ounces of gold from that mine before we were forced to sell it in 2014 because of a hostile takeover attempt from Goldcorp.

So, we do have production experience in Quebec basically all the way from concept to acquisition to drilling to construction to operations. Windfall will be no different. That’s one of the attractions I think of this partnership for Gold Fields. We have a fully functional fighting team, not only on the exploration and discovery front, but also in the development and operations side. In terms of the discovery potential, the members of our team have an exceptional record in Quebec. We’ve discovered the last three world class deposits discovered in Quebec, and that is Canadian Malartic, Windfall and Éléonore with members of our team over the past 17 to 18 years. And hats off to members of the group.

Back to the slide, you can see on the left hand side of the cross section it shows the 1,000 metre level. Just a little bit below that, from 1,200 metres to surface is where we have our entire resource, the 7.4 million ounces in all categories. That includes the 4.1 million ounce reserve that we used in the feasibility. You can see the deep hole in the middle, which we call the Discovery 1. If this was a larger diagram, you would see it project down quite a lot deeper. But there’s wide open potential to expand the deposit following these areas down plunge. We know they’re there. We didn’t stop drilling because we didn’t believe in the potential. It’s just we had to physically stop at some point. Having the access underground – we’ve got approximately 12 to 13 kilometres of underground ramp from surface down to 630 metres vertical right now – has allowed us to put in underground drilling stations and drill it even more efficiently.

Our discovery cost at Windfall has been approximately $45 US per ounce, including all of those 2 million metres of drilling. These are world leading cost of discovery. And we expect that to continue for a long time at Windfall. It’s a growing deposit. Again, honestly my personal belief is that if we were to do nothing to drill for a while, this would easily go over 10 million or 15 plus million ounces in time. It’s not the immediate objective. The immediate objective is to complete the work, permitting, and build the mine and getting the production. But certainly, in terms of the overall exploration potential around Windfall and the belt, you don’t have to go far to find a lot of additional ounces by just looking where we are laterally within the deposit, staying above the 1,200 metre level. And then as we desire, move down plunge and replace these reserves as we mine them.

The next slide, with respect to our ESG credentials, and back to our prior experience as an operator. Again, I’ll say that we’ve produced the first 1.2 million ounces at Canadian Malartic. We were a mining company just about eight years ago. And before they called it ESG, it was called Sustainable Development. And before that, it was having a social licence. And before that, it was just playing with operating practices. We’ve always done this. We report to a standard of an operating mining company already, so it’s a very good fit with Gold Fields in terms of how we treat our ESG responsibilities. We are genuinely sincere about it. And this will be one of the newest and most ESG friendly and responsible mines to open in the country in the coming couple of years.

We mentioned the power line. It’s well in progress. This is the first time in Quebec that Hydro Quebec has not built a power line to a site. This is truly a ground-breaking agreement that we have with the First Nations of Waswanipi and the Economic Development Corp to build this line, and I truly believe that this is going to become a model for other companies operating in places like Quebec and across Canada in dealing with First Nations to share the benefits of mining in the northern areas.

At that point, we just want to touch briefly on the regional exploration. Outside of Windfall, backed with 2 million metres of drilling that we’ve done in the last seven, seven and a half years, almost all of that has been conducted within about a five square kilometre area. We have a property that is district scale. It’s 2,400 square kilometres of coverage. We control about 65% of the geology. Early on when we started back in 2015, we age-dated all of the intrusives in the belt related to gold mineralisation. They are all 2.69 to 2.72 billion years old, spread across the belt. So, it has told us the Windfall deposit is not a singularity. This was a true mineralising event, very much identical to the Val D’Or camp or the Timmins camp, where again, they have over 100 million ounces of production over the last 100 years. We expect the same thing fully through exploration that we will find additional Windfalls and Windfall type deposits as we move forward and get on to that big regional exploration programme that is part of today’s announcement.

Just one last slide to zoom in around the deposit. Again, we don’t have to go far from Windfall to have additional targets. We’ve had five or six surface showings and discoveries through minimal exploration drilling. The problem that we had over the last three to four years as we drilled out the deposit and put those 2 million metres in is underground deposits are very different from open pit mines. We have to drill a long way through sterile before you get your economic intercept that goes into your resource. So, we had to heavily focus on drilling up the resources of the deposit. We had up to 35 drills, one of the largest drill programmes that I’ve ever been associated with. We’ve calmed that down a lot. We only have 15 rigs right now. They have got seven on surface right now doing regional exploration.

But we can occupy ourselves very handily, again, just doing near deposit exploration on some of the highest potential areas. We do have surface showings on the property for the 45 kilometres to the east. They have been returning results of multiple ounces at surface that we’re hoping to get to and start drilling soon. But I think you can expect that there will be a future discovery success on this property as we get more rigs out and start doing exploration property wide. At that point, I’m going to hand it over to Chris. And I think we’re going to go to questions.

Operator

Thank you very much, sir. Ladies and gentlemen, at this time, if you do wish to ask a question, please press * and then 1 on your touchtone phone or on the keypad on your screen. You will get a confirmation tone that you have joined the queue. If you if you wish to withdraw your question, please press * and then 2 to remove yourself from the list. Again, if you wish to ask a question, please press * and then 1. Our first question is from Adrian Hammond of SBG Securities. Please go ahead.

Adrian Hammond

Good day, Martin and John, and thanks for the detailed presentation. I’d like to start with some questions firstly for Martin. Three for you. Firstly, could you just clarify who will be the operator of this new JV? And also, how do you see… typically JVs In the past haven’t been too successful. We’ve seen it time and time again. How do you expect to manage that with a new partner? And then secondly, you’ve also got another project coming online soon. You’ll be managing two now. So, just some colour on how management will stretch themselves and how you’ve tested the balance sheet for the funding of this project. And then thirdly, on the feasibility study, the numbers that you’ve given us yet today. What is the dates of these numbers? And did you use any considerations for capex, given the inflationary environment we’re in today? John did mention that the capex numbers could actually fall. And then I just want to clarify that number from John. Is that number that you quoted for first construction versus the total capex bill of $1.1 billion including the sustaining capex? I think that’s it from me. Thanks.

Martin Preece

Thanks, Adrian. I’ll have a go, and then I’m sure John will add to it. So, neither of us are going to be operator. It’s a true 50/50 JV operated in a very similar mechanism [break in audio] Canadian Malartic was operated. We will each allocate 50% of the board members. And this will be run as a separate company, where we will have three people from each organisation on the board. They will employ management, and the entity will be run separately. There will be three subcommittees and underneath that, that will support the board and the management in the executing of the duties. I think you’re very right about JVs are always typical. But I think it’s around having the right personalities, the right leadership. And we’ve run a very successful JV in Australia, where we are the operator. It’s about mutual respect, and about how we look at the interests of all parties, not just one party. So, I’m very comfortable with the arrangement. I think John and his team have run this model before. They’ve run it very successfully. And we’ve got a great deal of comfort with the model. Paul, do you want to just touch on the funding quickly?

Paul Schmidt

Adrian, I think you need to bear in mind that Salares Norte comes online next year, and we we’ve guided circa 500,000 ounces, all in cost of $650. So, you can imagine how much money Salares is going to make. So, as we said, initially, it will be provided from debt facilities, but then the funding will come from basically operational cash flows going forward.

Adrian Hammond

Thanks. That’s clear. Then John, I had a question for him, but perhaps I can just change that one. What I haven’t seen here today is how will Osisko fund their portion.

Martin Preece

John, do you want to answer that?

John Burzynski

Yeah, certainly. Pro forma this deal and fully diluted will be somewhere north of $900 million of cash. We currently have $200 million in our bank account. Subsequent to the payment we have other instruments in the company and investments and things to take us well over $900 million Canadian. So, our half of the capex is fully funded. Plus, we have a very comfortable cushion.

Adrian Hammond

Thanks.

John Burzynski

I think you had a question as well about the partnership with the capex. We do believe the capex will come down. When we put out the feasibility really it was peak inflation in terms of where numbers were going, but half of that was probably supply chain related in terms of what we were being quoted things. Ships were stacking up in ports. We saw the same thing happen in 2009 post the financial crisis. We were building Canadian Malartic at the time and tyres that were $20,000 each were shooting up to $80,000 or $90,000 per tyre. But that pressure came off. We don’t expect it to go back down to pre-inflation level, but we do see some cost reductions, certainly just in terms of pricing. But we’re also finding economies in terms of how we are designing the mine. And so, we do expect a significant reduction in terms of what the overall capex will be from the stated number in our feasibility.

The partnership question. We’ve been doing project evaluation with Gold Fields for some time now. The teams get along extremely well. Gold Fields has a very highly skilled technical team, and we have a very highly skilled technical team. You know, we’ve got great discoverers in our group and great engineers and a very keen group of members of our staff who are very exceptional in what they do. They are cutting edge. And I think these two teams are going to get together very well. And there will be good efficiencies, but also some very good trading of ideas that are going to make what I believe is already a spectacular deposit be an even more spectacular mine.

Adrian Hammond

That’s clear.

Paul Schmidt

The document was published in December last year, 28^th of November last year.

Adrian Hammond

Thank you very much, guys. That’s clear.

Operator

Thank you. The next question is from Josh Wolfson of RBC. Please go ahead.

Josh Wolfson

Yeah, thanks very much. I guess a question first for Gold Fields. Could you comment on whether there is a standstill associated with this or any ROFRs for the 50% stake that’s not owned? And then also, why hasn’t the company looked at acquiring the 100% stake? Was that an option? Given the company’s financial resources and I guess the appeal of the asset, that seemed to be the reasonable…

John Burzynski

Sure. Yeah, I can answer that one for you, Josh. We weren’t looking to sell the deposit 100%. We have very publicly been looking at joint venture partnerships for over a year now. And so that’s my simple answer.

Josh Wolfson

Okay, and then the standstill or ROFR associated with the other 50% then, are there any details that can be disclosed there?

Martin Preece

I think we have got agreements, and in the fullness of time, we’ll be quite happy to release that. But there is an element of a standstill.

Josh Wolfson

Okay.

Martin Preece

And I think we intend to respect that, Josh.

Josh Wolfson

Okay. And then just another question for the Gold Fields team. The size of this transaction looks to offset some of the declines, at least that we forecast for Salares. The team it sounds like has been reasonably active on M&A. What is the Gold Fields perspective on further pursuit of M&A after this deal has been announced?

Martin Preece

I think, Josh, we’re going to take some breathing space now. I think we’ve got enough to keep ourselves busy now. As Adrian said, we’ve got the deal in Ghana. We’re commissioning Salares at the moment. So, I think we’ve got more than enough to keep us busy for a while now and we want to make this work.

Josh Wolfson

Okay. Thank you very much.

Operator

Thank you. The next question is from Ovais Habib of Scotiabank. Please go ahead.

Ovais Habib

Hi, John and Martin. Congratulations. Just a couple of questions from me, and primarily for John. Now that you’ve got a JV partner to build Windfall, does this provide you and your team the chance to look at other projects to build on Osisko’s project portfolio? Or are you going to focus on Windfall? Is that the focus for the near term?

John Burzynski

Yeah, we’re absolutely going to focus on Windfall near-term, Ovais. That’s a good question. But our 100% focus is still on the deposit itself. As I mentioned earlier, we could spend a long time just continuing exploring internally and laterally from where we have to find mineralisation. I’m certain we’re not going to run out of targets for a long time. The down plunge potential of this deposit is exceptional as we’ve shown from deeper drilling. The near deposit potential is very high. Every time we tried to put drills out there over the last three or four years, we had to pull them back because of shortage of drillers, and then do a lot of infill holes to get that resource that everybody was baying for. So no, we’re certainly not going to go out and look for other things in other parts of either Quebec or the country. We’ve got our hands full here for the foreseeable future and certainly for the balance of my career, just finding the deposits around Windfall.

Martin Preece

I think, John, and we have 100 years. I think there’s enough to keep us all busy there. I think it’s going to go past my and John’s retirement.

John Burzynski

Yeah. Again, the nature of the main deposit itself is exceptional. But we are certain that there are more to be found.

Ovais Habib

And I guess that’s the reason why you wanted to keep that 50% on the JV side and not give it away 100%?

John Burzynski

Absolutely. Absolutely. I mean, if you can go back to what happened with Canadian Malartic, that would have been the only thing that Sean, Bob and I ever did if we did manage to keep it. When we sold the company, it had 13 million ounces. We put the discovery holes into Odyssey, which is really just part of the old East Malartic system. But we didn’t have enough time during the hostile takeover to drill it out. We were eventually going to get to it. And if anybody doubts, the guys who drill a million metres a year almost, we think we certainly would have defined it. So, there’s enough meat on the bone here to find a lot of things in the future. And really, this is going to keep us fully occupied as we go forward. And certainly, the value for Osisko shareholders, even though we are taking a partner for 50% of this deposit, the market hasn’t been paying us for 50% of the deposit. They haven’t been paying us for a fraction of this deposit. We honestly believe that this is much larger just as a standalone Windfall. But certainly, everything else has been discounted. And certainly, with a partner like Gold Fields, we’re going to knock over some tables and throw a few chairs around and find some more deposits in the near term. I’m quite certain.

Ovais Habib

Perfect, thanks for that colour. And the second question, can you just provide us what we should expect over the next 12 months, just in terms of any sort of updates, as well as can you just touch a little bit on the permitting side as well, John?

John Burzynski

Yeah, sure. Completion of power line, completion of IBA coming out the other side of permitting, next year. Construction release from the Quebec government and then starting construction. Really, the project is de-risked to that point. And I remember from the mine build we did at Canadian Malartic, this is all just time driven. We do have an exploration programme and progress that we started back in January. We will accelerate that now with emphasis with our new partner, Gold Fields. So, we stand by any given week, where depending on how the drill is doing, we may turn up some other interesting things. But really, it’s the marked progress of the deposit moving forward and coming to that production date. The project’s gone very smoothly over the last seven years. It has been a lot of drilling, but it’s a very big deposit. And certainly, I think we will be newsy as a as a joint venture going forward. Certainly, we expect to hit those milestones relatively within the schedule that we presented previously as a standalone company. We don’t see any obstacles in front of us. Perfect.

Ovais Habib

Sounds good, guys. And that’s it from me, and thanks for taking my questions.

John Burzynski

Thank you, Ovais.

Operator

Thank you. The next question is from Kerry Smith of Haywood Securities. Please go ahead.

Kerry Smith

Thanks, operator. Martin, just on the feasibility study, was Gold Fields comfortable with the capital operating cost estimates that were developed by the feasibility? Or how did you view that study?

Martin Preece

So, we’ve obviously, as I said earlier, been talking to Osisko for over a year now. Our team, obviously as part of the due diligence has looked through that. I think John referenced a short while ago, that our technical team from our technical office in Australia has been actually doing some detailed work on some parts of the feasibility with John, more specifically around the process plant where a lot of the capital sits. And I think John can talk for himself, but I’m sure we’ve added value to each other there. So, we’ve looked at the capital. I think we believe the capital is reasonable. I like John’s comment that it obviously was when inflation was running wild, and he sees some upside potential in that capital. So, I think we’ve spent 12 months doing due diligence, and we’re comfortable. We recognise now, while we go through the permitting, we’re going to do more work with John and his team. I think you want to get that engineering up from that 30% to 40%, to closer to 85% to 90%. That’s going to give us all a lot more confidence. But I think we’re going to complement each other and come out with a great technical solution, but I think more importantly, a great techno economic solution. John, you might want to add to what I’ve said.

John Burzynski

Yeah, sure. Maybe I’ll let Don Njegovan, our Chief Operating Officer, say a few words about what we’re seeing in capital reduction, and some opportunities we have in terms of maximising the efforts of the two teams now being together.

Don Njegovan

Yeah. Thanks, John. I mean, really what we see at Windfall is we have a lot of infrastructure in place already. So, how do we use what we’ve got? As John mentioned on the call, we have 12.5 kilometres of underground development already finished. How can we work within the ore body off that infrastructure, so we can use what we’ve got? And also, if we have to expand the ramp, then we can expand the throughput, multiple faces, open up different zones within the ore body itself, that’ll give us a lot of flexibility. That also gives us lots of optionality to reduce cost throughput. There won’t be any bottlenecks on the ramp at all, because all the infrastructure will be in place before we start production.

With respect to the mill, the footprints is going to be fairly small and compact. Everything will be under one roof, the warehousing and everything. So, you won’t be driving all over the place to find things. It will be right at your fingertips. So, we’re really trying to set ourselves up for success here. We visited a lot of different operations over the last few years. How do we do things right? Taking the good from what everybody has to offer, so we can avoid the bad. Those are really the things that we’re focusing on to make Windfall a world class operation.

Kerry Smith

Okay, thanks. Thank you, Don. And, John, can you talk a little bit about the process that you went through to get to this JV? Were there other parties interested? Can you talk at all about that?

John Burzynski

Hi Kerry. The markets obviously, where we were examining a JV proposal about a year ago. So, it shouldn’t have come as much of a surprise as I think it did to the market that today we’re here with Gold Fields talking about our joint venture partnership. You know, certainly Windfall as a deposit is a very attractive one. I think you can assume that there’s been a lot of interest from many parties about different aspects of what we might do together, not just even recently, but over the years. But certainly, once we started talking with Gold Fields, there was very quick synergy in terms of how we looked at the deposit. And I think that they certainly recognise within Windfall many things that we’ve seen in some of their active mines.

And it’s one thing that we strangely had a bit of trouble with convincing the market about in terms of the robustness of this deposit. It’s been a long time since people in Canada had seen a truly high grade mine developed that was brand new. And I think some people have forgotten some of the metrics on these things, and how profitable they can be, and what the grade means in terms of cash flow. So, ideally, as part of today’s transaction, having the validation and support of Gold Fields in terms of recognising what we’ve done and believing in that model is I think very strong point that that was made for them becoming eventually our joint venture partner, Kerry. Maybe we had some choice in the matter. But we sit here today with our partner, Gold Fields, and we’re looking forward to going forward to develop Windfall.

Kerry Smith

Right. And maybe just one last question for both groups. Is it the intention or do you think that those 3,400 tonnes a day is the right size for the plant on a long term basis? Or do you think that as a JV now, it’s likely that this mill could be larger over the course of time? I know you’re planning to push through with the current permit application and not upset the permitting process, obviously. But I’m just thinking about the longer term.

John Burzynski

Yeah, certainly, in terms of the permitting process – and this is where a lot of people get confused about permitting time. I’ve heard lots of wild estimates about things taking years and years – there have been projects that have suffered from unusually long permitting processes. But that’s because they introduced design changes after submitting their proposal. Every time you make a major design change in how you intend to process, you basically reset the clock to zero. So no, I don’t believe we’re planning any process design changes in the feasibility. We were talking about 3,400 tonnes a day. Certainly, in the future as the deposit starts to show its quality and as the deposit starts to open up, it may be considered by the joint venture partnership. But it will be a joint venture partnership decision.

Martin Preece

I think I fully concur with John. We need to get this up and running, prove its potential and let it tell its story. And I think it’s got a good story to tell.

Kerry Smith

Right. And, John, just remind me, I know a 5,000 ton a day is the threshold for a small mine in Quebec. Is it much easier to permit from 3,400 up to 5,000 tonnes a day once you’re up and running, or does it even require a permit amendment? I’m just curious. Just remind me how that works.

John Burzynski

Yes, you need permits. But below 5,000 tonnes – and this was recently amended – you’re not subject to the federal EA process if it is below 5,000 tonnes per day.

Kerry Smith

Okay, got you. So, okay, I understand. Okay, great. Thank you.

Operator

Thank you very much. The next question is from Don DeMarco of National Bank Financial. Please go ahead.

Don DeMarco

Thank you, operator, and congratulations, Martin and John. A first question for Martin. So, Martin, you mentioned that this is a measured entry into a tier one jurisdiction. So, does this imply potential for outright acquisition at Windfall at some point? And if so, what would be needed to get there?

Martin Preece

No, I think when we say measured, maybe referencing last year the Yamana transaction. Certainly, we are not looking at outright acquisition. We very much see this as a marriage. And we want to forge ahead with this partnership and build a strong partnership. Both parties have got very unique skills and capabilities. And I think collectively, we’ll be able to do something very special, and that one on one is going to equal a lot more than two.

Don DeMarco

Okay, and that actually segues into my next question, because Martin, your team lands for some of the technical de-risking during mine construction. So, you’re going to be deploying your team up there. Can you tell us what this looks like? How many people on site in Quebec? Where will they be coming from and so on?

Martin Preece

So, we won’t be deploying teams here. As I touched on earlier, and Don is much better position than I am, the joint venture will appoint a management company. It won’t be run by either the partners. It will be a separate company that runs it. What we will do at arm’s length basis is as the JV needs technical support, it will be through agreements that we might have a better metallurgist or a better geologist – I doubt it – than Osisko, and that we might need those services. And those will be called in on an arm’s length basis. So, we won’t be deploying teams.

Don DeMarco

I see. [Overtalking]

John Burzynski

Going back to what I was saying earlier, we have a full fighting team. And we’ve been developing one over the past couple of years. And again, oftentimes, people forget that we do have operating experience and many of the members of Osisko Mining have worked in lots of mines with a deep network, both internally within the company and the group. But we’ve been building a team for the past couple of years. And certainly, I think this is one of the attractions for Gold Fields. There’s no start-up period, where you have to kind of think about what’s going to happen for the next six months. We’re continuing operations today and tomorrow as we were yesterday, with the same people, as we evolve closer towards a production decision, and having permits and getting a construction release. Yeah, there may be some additions to staff and maybe some changes. But that’s normal for any company. That would have been our course of action as a standalone company to go and build Windfall. So, we’re proceeding at all possible speed as we were yesterday.

Don DeMarco

Okay, so just to be clear then, will the development be performed by the Osisko team that’s in place right now? Or will it be a third party, other company that comes in, just supervised by Osisko and at an arm’s length by Gold Fields?

Martin Preece

I’ll start, John. The employees that were working on the mine this morning work for Osisko. And my understanding is they now work for a new company. That is the management company. That’s what’s happened. Maybe, John, do you want to elaborate on that?

John Burzynski

Don, I’ll simplify it for you. New hats. That’s it.

Don DeMarco

Okay. And then when it comes to operating, again, it’s the JV operating. The JV management company develop the mine and operate the mine.

John Burzynski

Look, it will look very similar to the Malartic partnership deal where you had… with the exception of you have true equal partnership and management. We look forward to any advice and input and guidance that Gold Fields can give us. I mean, they are a senior producing, global, long standing gold producer. We have an excellent team, but we’re not naive enough to think that we know everything. And certainly, there may have been some things that we’ve developed in terms of concepts and how to approach deposit mining because we’ve done extensive work on it. But this is exactly what makes a good joint venture partnership work is that we share these ideas and pick the best ones. We economise on costs and maximise on production profits, which is the whole rationale and reasoning behind having a partnership.

Don DeMarco

Excellent. Okay. Well, congratulations again. And good luck on the next steps. That’s all for me. Thanks.

Operator

Thank you. The next question is from Jason Fairclough of Bank of America. Please go ahead.

Jason Fairclough

Thanks for the call, guys. Super interesting deal. I had just a couple of simple questions. I wanted to make sure that the JV really just takes into account Windfall. So, it doesn’t include any of the other Osisko properties. So, if you were to try to roll those in, would there be additional payments to be made? And then the second question is just…

John Burzynski

The full exploration package is part of the deal.

Jason Fairclough

Yeah, so it includes Golden Bear, it includes Urban Barry, it includes Quévillon?

Martin Preece

That’s right.

John Burzynski

We have approximately 2,400 square kilometres of claims, in which the Windfall deposit is situated. They’re all part of today’s transaction.

Jason Fairclough

Okay, so basically everything. The other the other question was, could you just remind us of what are the royalties that have been written on these properties please?

John Burzynski

Yeah, there were historical royalties from previous operators that date back into the 1990s or 1980s even. On the foundation deal of the company in 2015, Osisko Mining Inc was formed from bits and pieces of the resultant Osisko gold royalties, what we were left over with after the hostile takeover, starting as a new royalty company. And crazily, we were insane enough to try and merge seven companies together as a starting transaction. We ended up getting four of them in the transaction, mostly for the cash balances. The Urban Barry Windfall project came from what was previously Eagle Hill. Ned Goodman and other major shareholders ran most of it.

So, as a part of that formation deal, we granted Osisko Gold Royalties for funding $20 million into the new company the right to buy a 1% royalty for $5 million, which they eventually exercised in the subsequent year. They also had the rights to buy backs existing royalties that existed on the claims prior to our getting involved. So, we’ve never actually sold a royalty outside of the formational deal royalty before we stepped foot on Windfall. And there’s no intention to issue any others. So, their 2% to 3% NSR royalty is a result of basically just amalgamating what were historical buybacks from prior previous operators, and the 1% that we granted in 2015. It’s probably the best royalty deal they’ve ever done. If my understanding is correct, they’re currently sitting somewhere at about $50 million to $75 million profit for having taken the 2% to 3% royalties.

Jason Fairclough

Okay. All right. Appreciate the colour. Thanks.

Operator

Thank you very much. Ladies and gentlemen, just a final reminder, if you wish to ask a question, please press * then 1. And we’ll pause a moment to see if we have any further questions. You have a question from Arnold van Graan of Nedbank CIB. Please go ahead.

Arnold van Graan

Yes. Good afternoon. Thank you very much, Martin. Just a quick one from my side. And it’s been asked. I just want to clarify. So, you are sticking to your dividend policy, which implies you could obviously use your balance sheet to fund the acquisition and the construction and the capex around this. So, can you just give us a sense of how this will impact your gearing levels over the next two to three years? Thank you.

Martin Preece

Paul will give you an answer.

Paul Schmidt

Arnold, I said on the first question that Adrian asked, remember, next year is a very big year for us. So obviously we take the $300 million Canadian Dollar knock, but I mean, obviously, this year gold prices have been a lot higher than what we anticipated. And next year with Salares coming online, you won’t have a material movement on gearing, because remember next year as well, not only are we getting the cash from Salares. We’re getting substantial EBITDA. So, in terms of net debt to EBITDA, we’re not going to move much. Probably not above 0.5x. And we I think we were at 0.39x at the end of last year. So, that’s the way we see it.

Arnold van Graan

Perfect, thank you very much. Cheers.

Operator

Thank you. Ladies and gentlemen, we have no further questions in the queue, and I’d like to hand back to the management team for some closing comments.

Martin Preece

So, John, if I can start, I think firstly and most importantly, John touched about the value that partners bring. And one of the things we are looking forward to with working with Osisko is I think the word that comes to my mind is agility. You know, they’ve demonstrated agility, and certainly we are looking forward to that. But I think they’ve demonstrated great exploration, construction, permitting and operating capability in a tier one jurisdiction. So, we’re really excited to be there. I want to thank John and the Osisko team for agreeing to marry us. It’s a very important day for us in Gold Fields. We’re very excited about it. And we were looking for a long and happy marriage with many children in new mines as we explore the full extent of this deposit.

I think lastly from my side is I would just like to thank the many women and men from both teams, from John’s team, from our team that have worked tirelessly for the last year, and I would argue most probably in the last week they’ve done a year’s work trying to get the agreements finalised, all the terms finalised. And I’m sure they’re all looking forward to going home and trying to get a night or two’s good sleep. From my side, and I’m sure I can talk on behalf of John, is just to thank the many, many people that have worked tirelessly to make sure that our partnership is consummated properly, and in a way that it will be sustained. So, thank you very much. Thank you, John. And over to you.

John Burzynski

Yeah, I’ll second what you say, Martin. Tremendous work done by your team and our team to get the work done and close up the deal. We’re looking forward as a corporation, as a group, as explorers and mine builders to moving Windfall to the next step. Really, I see today as the first day towards a new mine at Windfall. And hopefully this will be one of many to come in the future, as Martin rightly referred to. We’re excited about the partnership. There is certainly some work ahead of us, but we’re very optimistic that the work we’ve done at Windfall to date has put this deposit in a position to overperform. And I think we are certainly going to see that come through as we get through the work and get this mine built and get on with exploration to find additional new deposits. Thank you.

Martin Preece

Thank you, Chris. Thanks, John.

Operator

Thank you very much, sir. Ladies and gentlemen, that then concludes today’s event, and you may now disconnect your lines.

OSISKO MINING AND GOLD FIELDS ANNOUNCE 50/50 JOINT VENTURE ON WINDFALL GOLD PROJECT

Posted on May 2, 2023September 3, 2024 by lboivin

Osisko Fully-Funded to Mine Production
Project to Benefit From Mine Building and Operating Experience of a Senior Gold Producer
Significant Investment by Gold Fields Validates Quality and Robustness of Windfall

(Toronto, May 2, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation“) is pleased to announce it has concluded a 50/50 joint venture agreement with a subsidiary of Gold Fields Limited (“Gold Fields“) for the joint ownership and development of Osisko’s Windfall gold project, located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec (the “Transaction“).

Transaction Highlights

Gold Fields initial cash payment to Osisko of C$300 million on signing.
Gold Fields additional (“Deferred”) cash payment to Osisko of C$300 million on issuance of the applicable permits authorizing the construction, operation and mining of the Windfall Project.
Gold Fields to sole fund expenditures for regional exploration up to a maximum of C$75 million, after which regional exploration programs would be proportionately funded by each of Osisko and Gold Fields.
In addition to the initial cash payment and the Deferred cash payment, Gold Fields to make two additional separate C$17 million cash payments to Osisko (C$34 million in total, the first on July 31, 2023 and the second on December 31, 2023). These represent reimbursement of items already incurred by Osisko as part of pre-construction spend.
Gold Fields and Osisko share all pre-construction costs (provisional budget estimated at C$250 million) and construction costs (feasibility capital expenditure estimated at C$789 million) on a 50/50 basis going forward.
Governance arrangements with equal representation in the Partnership from Osisko and Gold Fields, to leverage each party’s skillsets.

Osisko’s Chairman and Chief Executive Officer, John Burzynski, stated: “We are very pleased to partner with Gold Fields on the Windfall project and our exploration property portfolio. Today is the start of what we believe will prove to be a long and fruitful partnership with Gold Fields at Windfall, and in what we both believe is a significant emerging gold district in Québec. This partnership further strengthens our strong balance sheet, allows us to significantly de-risk Windfall and brings us a very important step closer to realizing our objective of becoming a leading Canadian gold producer. With the proceeds from this Transaction, Osisko is fully-funded for our share of development capital to bring Windfall into production. Osisko shareholders retain considerable upside in the project while also benefiting from the mine building, operating and technical expertise of Gold Fields. Assuming the project is ultimately permitted and approved by the partners consistent with the Windfall Feasibility Study, Gold Fields’ acquisition cost, exploration commitment, and contribution to pre-construction and project capital would ultimately represent an investment of C$1.2 billion to acquire its interest, bring Windfall into production and further unlock the regional exploration upside. This Transaction is highly compelling on many fronts and represents the best path forward to maximize value for all stakeholders.”

Mr. Burzynski continued: “Osisko Mining would like to acknowledge and thank Sean Roosen in particular and the directors of Osisko Gold Royalties Ltd. (“OGR”) for their forward-looking vision in supporting the 2015 re-creation of Osisko Mining – one of the key first investment decisions in OGR’s very innovative and successful “accelerator model” concept to create new high-value negative-cost royalties tied to equity investment in new exploration companies. OGR holds a 2% – 3% NSR royalty on the Windfall area claims and 13% of the undiluted equity in the Corporation.”

Transaction Details

The Transaction closed on May 2, 2023, with Gold Fields acquiring a 50% partnership interest in the “Windfall Mining Group”, a partnership formed under the laws of the Province of Ontario (the “Partnership“), which will develop the Windfall project and the surrounding Urban Barry and Quévillon exploration properties (collectively, the “Property“). The Transaction was implemented in accordance with, among other things, a framework agreement dated May 2, 2023 (the “Framework Agreement“) among Osisko, Gold Fields, Gold Fields Holdings Company Limited, Windfall Mining Group and 1000516419 Ontario Inc., the manager of the Partnership (the “Manager“). Pursuant to the terms of the Framework Agreement, Gold Fields acquired 50% interest in the Partnership for an aggregate consideration of C$600 million in cash to Osisko. The Partnership Agreement also requires Gold Fields to sole fund up to C$75 million in contributions to the Partnership for regional exploration. Prior to the acquisition of the 50% Partnership interest by Gold Fields, Osisko had contributed to the Partnership the Property together with any claims, permits, leases, all other real property, personal property, contractual rights and other assets currently held or acquired for the benefit of the Property.

The Framework Agreement contains customary representations and warranties, covenants and indemnification provisions for a transaction of this nature. The obligations of Gold Fields are guaranteed by Gold Fields Holdings Company Ltd, a significant intermediate holding company with material indirect interests in a number of Gold Fields operations.

About Windfall Mining Group

The business and affairs of the Partnership are managed by the Manager, which has the exclusive right to act on behalf of the Partnership. Each of Osisko and Gold Fields holds 50% of the common shares in the Manager, as well as a 50% partnership interest in the Partnership (apart from a nominal interest in the Partnership held by the Manager).

The relationship among the parties is governed by a second amended and restated partnership agreement (the “Partnership Agreement“) and a shareholders’ agreement (together with the Partnership Agreement, the “Governing Documents“). The Governing Documents contain customary transfer rights restrictions, governance and decision-making mechanisms which are typical in a transaction of this nature. The Partnership Agreement contains provisions relating to programs and budgets in respect of the Property, funding obligations and remedies for breaches of funding obligations, cost overruns as well as a mutual standstill.

Advisors

Maxit Capital LP acted as financial advisor to Osisko and Bennett Jones LLP acted as Osisko’s legal counsel.

Conf Call

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June 7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of November 25, 2022) (the “Windfall Reserve Estimate”) are described in the technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated January 10, 2023 (with an effective date of November 25, 2022) (the “FS Technical Report”). The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Reserve Estimate, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the feasibility study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, are described in the FS Technical Report, which was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The FS Technical Report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Subsequent to this announcement, Osisko holds a 50% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and a 50% interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,300 square kilometres).

About Gold Fields

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, South Africa, Ghana (including the Asanko JV) and Peru and one construction project in Chile. It has total attributable annual gold-equivalent production of 2.40Moz, proved and probable gold Mineral Reserves of 46.1Moz, measured and indicated gold Mineral Resources of 31.1Moz (excluding Mineral Reserves) and inferred Gold Mineral Resources of 11.2Moz (excluding Mineral Reserves). Gold Fields shares are listed on the Johannesburg Stock Exchange (JSE) and its American depositary shares trade on the New York Exchange (NYSE).

Qualified Person

Cautionary Note Regarding Forward-Looking Information

This news release contains the forward-looking information pertaining to, among other things: the timing and ability of the Partnership to obtain all other authorizations needed to begin the construction and operations at Windfall; the timing (if at all) of the payment of the Deferred Payment Amount; the timing and ability for the Property to reach a construction decision; the ability of Osisko to realize on the benefit of the Transaction; the impact on Osisko of the disposition of ownership interest and control in the Property and Contributed Assets; the estimated costs required to reach a construction decision in respect of the Property; receipt of a positive recommendation for the Windfall environmental impact assessment; the ability and timing for the parties to fund cash calls to advance the development of the Property and pursue planned exploration and development; the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters, limitations and methods used in the FS Technical Report, including the related Windfall Resource Estimate and Windfall Reserve Estimate; the prospects, if any, of the Windfall gold deposit; the ability to realize upon any mineralization in a manner that is economic; the amount and type of drilling to be completed and the timing to complete such drilling; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling and advancement at the Property.

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 include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of the Partnership to complete further exploration activities, including (infill) drilling, or further development of the Property; the ability to continue current operations and exploration; property and royalty interests in the Windfall gold deposit; the ability and timing to obtain required approvals for the advancement of the Property; regulatory framework; the results of exploration activities; risks relating to exploration, development and mining activities; reliance on third-parties for infrastructure, including power lines; the global economic climate; capital market conditions; Osisko’s, Gold Field’s and the Partnership’s ability to access capital and obtain project financing; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chairman and Chief Executive Officer
Telephone (416) 363-8653

OSISKO WINDFALL INFILL AND EXPANSION DRILLING CONTINUES TO INTERSECT HIGH-GRADE IN LYNX

Posted on April 5, 2023November 8, 2023 by Jade Vezina

New Results Include 286 g/t Au Over 2.1 Metres and 204 g/t Au Over 2.0 Metres

(Toronto, April 5, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The targeted feasibility study surface drilling campaign was completed at the end of September 2022. In the past 6 months, over 55,000 metres additional have been drilled by 9 underground rigs focused on expansion and infill work in the Lynx segment of the deposit.

Significant new analytical results are presented below and include 81 intercepts from 45 drill holes and 3 wedges. The infill intercepts are all located inside the defined mineral resource estimate (“MRE”) blocks as described in Osisko’s feasibility study on Windfall (see FS Technical Report (as defined herein), a copy of which is available on SEDAR under Osisko’s issuer profile), and have targeted upgrading inferred mineral resources to measured or inferred mineral resources, as applicable. The expansion intercepts are all located outside the MRE blocks, and either expand resource wireframes or are located in a defined zone or corridor not yet correlated to a specific wireframe.

Select expansion intercepts extending wireframes include: 12.4 g/t Au over 6.6 metres in WST-22-1296, a 100-metre down plunge extension of Lynx Main wireframe 3388 and 20.5 g/t Au over 2.1 metres in WST-22-1294, a 60-metre down plunge extension of the same wireframe; 286 g/t Au over 2.1 metres in WST-22-1218, a 30-metre extension below Triple Lynx wireframe 3188; 120 g/t Au over 2.1 metres in WST-22-1218, a 40-metre extension above Triple Lynx wireframe 3162; 29.6 g/t Au over 8.4 metres from hole WST-22-1182A-W1, a 20-metre extension below Triple Lynx wireframe 3172; 69.7 g/t Au over 2.1 metres, a 60-meter extension east of Triple Lynx wireframe 3121.

Osisko Chief Executive Officer John Burzynski commented: “While Windfall has commenced the permitting process with the recent submission of our Environmental Impact Assessment (see Osisko news release dated March 29, 2023 and entitled “Osisko submits Windfall environmental impact assessment”), we have continued our work to improve our understanding of the continuity and extent of the MRE with drills on infill and expansion holes in the deposit. Today’s expansion results add good potential to increase the scale of defined areas of mineralization, and have also served well to identify additional areas to target new extensions of Windfall. The infill holes’ grade and lengths remain consistent with respect to the currently defined resources and continue to confirm our high-grade models.”

Select infill high-grade intercepts include: 204 g/t Au over 2.0 metres in WST-22-1249A, 101 g/t Au over 3.8 metres in WST-22-1286; 42.9 g/t Au over 7.9 metres in WST-22-1232; 106 g/t Au over 2.1 metres in WST-22-1116; 99.3 g/t Au over 2.0 metres in WST-22-1182A and 34.0 g/t Au over 5.0 metres in WST-22-1107. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Maps: Long-Section_Expan-20230405_EN, Long-Sections_lens3388-20230405_EN, PR_EN_20230405_Surface, PR_EN_20230405_UG, Long-Section-_Infill-20230405_EN

Expansion Drilling

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	Au (g/t) cut to 100 g/t	Zone	Corridor
OSK-W-22-2420-W1	1314.0	1316.0	2.0	4.59		LX4_3466	Lynx 4
	1324.5	1326.6	2.1	39.8	25.6	LX4_3466	Lynx 4
including	1325.0	1325.5	0.5	160	100	LX4_3466	Lynx 4
OSK-W-22-2605-W7	1208.5	1211.0	2.5	6.90		LX4_3453	Lynx 4
OSK-W-22-2653	484.0	486.0	2.0	38.7		LSW	Lynx SW
including	484.0	485.0	1.0	77.0		LSW	Lynx SW
	526.4	535.3	8.9	7.74		LSW	Lynx SW
including	526.4	527.0	0.6	81.1		LSW	Lynx SW
OSK-W-22-2654	106.7	108.9	2.2	4.53		BCT	Bobcat
including	106.7	107.0	0.3	20.5		BCT	Bobcat
	142.8	145.3	2.5	60.2	32.6	BCT_2360	Bobcat
including	144.5	145.3	0.8	187	100	BCT_2360	Bobcat
OSK-W-22-2655	252.8	255.0	2.2	28.0	15.0	BCT	Bobcat
including	254.3	254.6	0.3	196	100	BCT	Bobcat
OSK-W-22-2657	638.1	640.1	2.0	3.70		LSW_3508	Lynx SW
OSK-W-22-2663	104.0	106.0	2.0	12.7		BCT	Bobcat
including	104.0	105.0	1.0	24.7		BCT	Bobcat
WST-22-1072B	593.4	597.5	4.1	6.13		TLX	Triple Lynx
	601.0	603.4	2.4	21.2		TLX	Triple Lynx
including	602.0	602.8	0.8	61.5		TLX	Triple Lynx
WST-22-1073	224.3	226.5	2.2	8.93		LHW_3216	Lynx HW
including	224.8	225.2	0.4	47.7		LHW_3216	Lynx HW
WST-22-1074	223.1	225.1	2.0	4.97		LHW_3216	Lynx HW
including	223.5	224.1	0.6	16.3		LHW_3216	Lynx HW
WST-22-1082	256.3	261.4	5.1	4.39		TLX_3167	Triple Lynx
including	260.8	261.4	0.6	18.9		TLX_3167	Triple Lynx
	293.0	297.2	4.2	6.37		TLX	Triple Lynx
including	293.0	293.6	0.6	20.4		TLX	Triple Lynx
	384.0	386.4	2.4	4.42		LX4_3450	Lynx 4
including	385.1	385.6	0.5	20.2		LX4_3450	Lynx 4
WST-22-1092	318.0	320.3	2.3	4.63		LX4	Lynx 4
including	320.0	320.3	0.3	28.8		LX4	Lynx 4
WST-22-1093A	562.5	567.2	4.7	6.29		TLX_3172	Triple Lynx
including	562.5	563.0	0.5	30.4		TLX_3172	Triple Lynx
WST-22-1107	609.5	614.7	5.2	71.1	53.9	TLX	Triple Lynx
including	609.5	610.1	0.6	195	100	TLX	Triple Lynx
WST-22-1116	263.8	268.0	4.2	12.4		TLX	Triple Lynx
including	263.8	265.0	1.2	37.7		TLX	Triple Lynx
	272.6	276.8	4.2	5.55		TLX_3180	Triple Lynx
including	272.6	272.9	0.3	35.2		TLX_3180	Triple Lynx
WST-22-1127	192.3	199.1	6.8	6.19		TLX_3168	Triple Lynx
including	198.0	199.1	1.1	15.4		TLX_3168	Triple Lynx
WST-22-1128A	151.5	153.8	2.3	48.3	34.3	LXM_3339	Lynx
including	152.7	153.4	0.7	146	100	LXM_3339	Lynx
WST-22-1146	211.6	214.0	2.4	10.0		LHW_3216	Lynx HW
including	212.6	213.0	0.4	59.7		LHW_3216	Lynx HW
WST-22-1156	145.1	147.8	2.7	31.9		LXM_3339	Lynx
including	145.7	146.5	0.8	72.8		LXM_3339	Lynx
WST-22-1182A	480.1	482.1	2.0	23.5		TLX	Triple Lynx
	597.2	600.0	2.8	3.58		TLX	Triple Lynx
including	597.2	597.6	0.4	16.7		TLX	Triple Lynx
	672.4	674.8	2.4	4.30		TLX	Triple Lynx
WST-22-1182A-W1	490.7	493.0	2.3	7.50		TLX	Triple Lynx
including	491.8	492.5	0.7	23.4		TLX	Triple Lynx
	553.8	562.2	8.4	29.6	29.2	TLX_3172	Triple Lynx
including	557.4	558.1	0.7	105	100	TLX_3172	Triple Lynx
WST-22-1218	234.0	236.1	2.1	286	19.1	TLX_3188	Triple Lynx
including	235.8	236.1	0.3	1970	100	TLX_3188	Triple Lynx
	248.0	250.1	2.1	120	14.7	TLX_3162	Triple Lynx
including	249.5	249.8	0.3	835	100	TLX_3162	Triple Lynx
WST-22-1220	195.8	200.0	4.2	12.3		TLX	Triple Lynx
WST-22-1221	281.0	283.0	2.0	12.9		TLX_3158	Triple Lynx
including	281.8	282.4	0.6	34.0		TLX_3158	Triple Lynx
	306.9	308.9	2.0	3.58		TLX	Triple Lynx
WST-22-1232	334.1	337.5	3.4	8.01		TLX	Triple Lynx
including	334.1	334.6	0.5	37.3		TLX	Triple Lynx
	419.4	422.3	2.9	13.1		TLX_3162	Triple Lynx
including	419.9	420.2	0.3	91.9		TLX_3162	Triple Lynx
	427.1	429.3	2.2	3.76		TLX_3140	Triple Lynx
including	427.9	428.3	0.4	10.2		TLX_3140	Triple Lynx
WST-22-1255	200.6	202.7	2.1	3.75		TLX_3131	Triple Lynx
WST-22-1270A	305.8	308.0	2.2	12.3		TLX	Triple Lynx
including	305.8	306.1	0.3	72.6		TLX	Triple Lynx
WST-22-1273	354.0	358.6	4.6	10.6		TLX_3158	Triple Lynx
including	357.6	358.6	1.0	43.3		TLX_3158	Triple Lynx
	487.8	490.2	2.4	16.0		TLX	Triple Lynx
	511.0	513.4	2.4	16.5		TLX_3172	Triple Lynx
including	512.3	512.7	0.4	88.2		TLX_3172	Triple Lynx
	522.3	524.4	2.1	5.45		TLX_3172	Triple Lynx
including	523.5	523.9	0.4	13.2		TLX_3172	Triple Lynx
WST-22-1286	147.6	149.6	2.0	7.55		TLX_3121	Triple Lynx
	163.5	166.9	3.4	34.8		TLX_3121	Triple Lynx
including	165.6	166.0	0.4	75.5		TLX_3121	Triple Lynx
WST-22-1287	128.3	130.5	2.2	7.92		LXM	Lynx
including	128.8	129.5	0.7	24.8		LXM	Lynx
	131.2	133.2	2.0	171	56.1	LXM	Lynx
including	132.6	133.2	0.6	483	100	LXM	Lynx
WST-22-1294	59.0	61.1	2.1	20.5		LXM_3388	Lynx
including	60.1	60.7	0.6	65.9		LXM_3388	Lynx
WST-22-1296	65.0	71.6	6.6	12.4		LXM_3388	Lynx
including	67.5	67.9	0.4	99.9		LXM_3388	Lynx
WST-23-1373	161.5	163.5	2.0	28.0		TLX	Triple Lynx
including	162.8	163.5	0.7	67.1		TLX	Triple Lynx
	184.5	186.6	2.1	69.7	47.2	TLX_3121	Triple Lynx
including	185.4	186.2	0.8	159	100	TLX_3121	Triple Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below., BCT = Bob Cat, LHW = Lynx Hangingwall, LSW = Lynx South West, LXM = Lynx Main, LX4 = Lynx 4 and TLX = Triple Lynx.

Infill Drilling

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	Au (g/t) cut to 100 g/t	Zone	Corridor
OSK-W-22-2670	181.8	183.8	2.0	12.2		F11_6001	F-11
including	181.8	182.3	0.5	28.5		F11_6001	F-11
WST-22-1107	513.1	518.1	5.0	34.0	28.2	TLX_3172	Triple Lynx
including	515.5	516.2	0.7	115	100
and	517.7	518.1	0.4	147	100
WST-22-1116	402.3	404.4	2.1	106	37.2	TLX_3162	Triple Lynx
including	402.3	402.9	0.6	339	100	TLX_3162	Triple Lynx
	447.3	452.4	5.1	5.04		TLX_3172	Triple Lynx
WST-22-1123	172.8	175.2	2.4	28.9		TLX_3153	Triple Lynx
including	174.1	174.5	0.4	94.5		TLX_3153	Triple Lynx
WST-22-1125	287.2	289.6	2.4	10.5		TLX_3166	Triple Lynx
WST-22-1163A	194.8	196.9	2.1	7.27		TLX_3131	Triple Lynx
including	194.8	195.2	0.4	30.4		TLX_3131	Triple Lynx
	349.0	351.0	2.0	8.32		TLX_3191	Triple Lynx
including	350.3	350.7	0.4	40.9		TLX_3191	Triple Lynx
WST-22-1178	141.2	145.2	4.0	17.3	15.2	LXM_3392	Lynx
including	141.9	142.3	0.4	121	100	LXM_3392	Lynx
WST-22-1182A	526.8	528.8	2.0	99.3	54.9	TLX_3172	Triple Lynx
including	527.6	528.4	0.8	211	100	TLX_3172	Triple Lynx
WST-22-1183	269.0	275.6	6.6	3.94		TLX_3166	Triple Lynx
including	275.3	275.6	0.3	14.2		TLX_3166	Triple Lynx
	386.0	388.0	2.0	4.84		LX4_3450	Lynx 4
including	386.8	387.1	0.3	15.0		LX4_3450	Lynx 4
	401.2	404.6	3.4	4.39		LX4_3450	Lynx 4
including	401.2	401.6	0.4	9.61		LX4_3450	Lynx 4
WST-22-1191	272.0	274.0	2.0	15.4		TLX_3166	Triple Lynx
including	272.4	272.8	0.4	67.2		TLX_3166	Triple Lynx
WST-22-1193A	155.0	157.0	2.0	41.1	35.3	TLX_3169	Triple Lynx
including	155.3	155.9	0.6	120	100	TLX_3169	Triple Lynx
WST-22-1203	396.4	398.6	2.2	3.99		LX4_3450	Lynx 4
including	397.2	397.8	0.6	14.4		LX4_3450	Lynx 4
WST-22-1232	290.7	298.6	7.9	42.9	30.8	TLX_3158	Triple Lynx
including	296.5	298	1.5	150	100	TLX_3158	Triple Lynx
	388.0	392.0	4.0	12.7		TLX_3119	Triple Lynx
WST-22-1249A	292.0	294.0	2.0	7.95		TLX_3166	Triple Lynx
including	292.7	293.2	0.5	31.4		TLX_3166	Triple Lynx
	296.1	298.1	2.0	204	22.3	TLX_3166	Triple Lynx
including	296.6	297.0	0.4	1010	100	TLX_3166	Triple Lynx
WST-22-1253	216.5	218.5	2.0	12.0		TLX_3188	Triple Lynx
including	217.1	217.5	0.4	57.7		TLX_3188	Triple Lynx
WST-22-1254	216.4	218.6	2.2	20.6		TLX_3188	Triple Lynx
WST-22-1255	216.0	218.6	2.6	6.08		TLX_3188	Triple Lynx
WST-22-1256	479.0	483.4	4.4	21.6	15.0	TLX_3172	Triple Lynx
including	482.4	482.7	0.3	197	100	TLX_3172	Triple Lynx
WST-22-1286	101.7	105.5	3.8	101	37.9	TLX_3161	Triple Lynx
including	102.5	103.0	0.5	577	100	TLX_3161	Triple Lynx
WST-22-1288	214.0	216.0	2.0	77.8	41.3	TLX_3188	Triple Lynx
including	214.9	215.4	0.5	241	100	TLX_3188	Triple Lynx
	222.5	224.6	2.1	10.6		TLX_3188	Triple Lynx
including	223.4	223.8	0.4	21.5		TLX_3188	Triple Lynx
WST-22-1293	205.0	207.0	2.0	19.8		TLX_3131	Triple Lynx
including	205.0	205.6	0.6	65.5		TLX_3131	Triple Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below., F11 = F-11 Zone, LXM = Lynx Main, LX4 = Lynx 4 and TLX = Triple Lynx.

Drill hole location

Hole Number	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N	Elevation	Section
OSK-W-22-2420-W1	124	-59	1494	453398	5435556	413	3825
OSK-W-22-2605-W7	112	-55	1401	453551	5435669	408	4025
OSK-W-22-2653	146	-56	585	452958	5435198	415	3275
OSK-W-22-2654	141	-54	600	453009	5435274	416	3350
OSK-W-22-2655	146	-60	675	452976	5435277	411	3325
OSK-W-22-2657	144	-54	741	452986	5435343	411	3350
OSK-W-22-2663	325	-53	327	453109	5435182	407	3400
OSK-W-22-2670	148	-46	207	452572	5436049	405	3350
WST-22-1072B	152	-75	700	453646	5435347	-189	3950
WST-22-1073	155	19	255	453701	5435376	-195	4000
WST-22-1074	142	28	258	453702	5435376	-195	4000
WST-22-1082	166	-23	517	453444	5435276	-99	3725
WST-22-1092	147	-7	349	453510	5435330	-126	3825
WST-22-1093A	102	-68	632	453647	5435348	-189	3950
WST-22-1107	124	-74	741	453647	5435348	-189	3950
WST-22-1116	169	-72	532	453645	5435347	-189	3950
WST-22-1123	185	-24	202	453541	5435311	-172	3825
WST-22-1125	187	1	370	453443	5435276	-98	3725
WST-22-1127	200	-76	223	453179	5435128	173	3425
WST-22-1128A	182	-72	222	453179	5435128	173	3425
WST-22-1146	153	25	268	453701	5435376	-195	4000
WST-22-1156	182	-69	183	453179	5435127	172	3425
WST-22-1163A	178	-49	382	453541	5435311	-173	3825
WST-22-1178	125	35	159	453703	5435377	-194	4000
WST-22-1182A	112	-76	761	453647	5435347	-189	3950
WST-22-1182A-W1	112	-76	811	453647	5435347	-189	3950
WST-22-1183	161	-7	420	453279	5435248	-145	3575
WST-22-1191	165	-6	418	453279	5435248	-145	3575
WST-22-1193A	170	-15	190	453342	5435282	-187	3650
WST-22-1203	170	-10	423	453278	5435248	-145	3575
WST-22-1218	162	-49	279	453542	5435311	-173	3825
WST-22-1220	106	-57	346	453759	5435407	-208	4075
WST-22-1221	114	-56	343	453759	5435407	-208	4075
WST-22-1232	169	-67	589	453757	5435406	-208	4075
WST-22-1249A	186	-3	385	453442	5435275	-98	3725
WST-22-1253	165	-38	252	453542	5435311	-172	3825
WST-22-1254	169	-36	253	453541	5435311	-172	3825
WST-22-1255	162	-32	241	453542	5435311	-172	3825
WST-22-1256	165	-70	586	453757	5435406	-208	4075
WST-22-1270A	162	-18	418	453278	5435248	-145	3575
WST-22-1273	138	-68	559	453758	5435406	-208	4075
WST-22-1286	152	-55	184	453646	5435347	-188	3950
WST-22-1287	134	-52	253	453758	5435406	-207	4075
WST-22-1288	158	-42	255	453543	5435312	-173	3825
WST-22-1293	172	-47	391	453543	5435311	-173	3825
WST-22-1294	173	-22	160	453756	5435405	-207	4075
WST-22-1296	136	-18	196	453758	5435406	-207	4075
WST-23-1373	138	-59	250	453646	5435347	-188	3950

Bobcat

Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

Lynx Zone

F-Zones

Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or as replacement type in shear zones and is characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

Qualified Person

Quality Control and Reporting Protocols

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June 7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of November 25, 2022) (the “Windfall Reserve Estimate”) are described in the technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” (the “FS Technical Report”) and dated January 10, 2023 (with an effective date of November 25, 2022). The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Reserve Estimate, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the Feasibility Study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, are described in a technical report (the “FS Technical Report”), which was prepared in accordance with NI 43-101. The FS Technical Report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the significance of the infill and expansion drilling results reported in this news release; the significance of the new analytical results reported in this news release; the timing and ability, if at all, for Osisko to obtain permits; the results of the Environmental Impact Assessment; our ability, if at all, to upgrade an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future exploration activities, including drilling, at the Windfall gold deposit; the deposit remaining open along strike and at depth; the plunge potential of the Lynx and Underdog zones; expected grade and resource growth; cut-off grade and sensitivity analysis; and the significance of historic exploration activities and results. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Such factors include, among others, 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 to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO SUBMITS WINDFALL ENVIRONMENTAL IMPACT ASSESMENT

Posted on March 29, 2023November 8, 2023 by lboivin

(Toronto, March 29, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce that it has submitted the Environmental Impact Assessment Report for its Windfall project (“Windfall EIA”) to the Environmental and Social Impact Review Committee (“COMEX”). The Windfall project is located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec entirely on the traditional land of the Cree First Nation of Waswanipi.

The Windfall EIA was prepared by WSP Canada Inc. with contributions from Arkéos Inc., GCM Consultants, BBA Inc., Entech and Aviseo, each of which is an independent firm and realized in accordance with the Directive issued by the Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (“MELCCFP”). These contributors provided technical inputs for the study, collected survey data and compilations in all fields required to evaluate the project impacts. Windfall EIA and all supporting documents are available on the Corporation’s website at www.osiskomining.com. The Windfall EIA was coordinated by Vanessa Milette, Osisko’s Director of Environment, under the supervision of Andréanne Boisvert, Osisko’s Vice-President of Environment and Community Relations.

The Windfall project is located south of the 55th parallel in the territory governed by the James Bay and Northern Québec Agreement (JBNQA), which is subject to the COMEX. The COMEX is an independent body composed of members appointed by the governments of Québec and the Cree Nation, which is responsible for the assessment and review of the social and environmental impacts of the Windfall project. Upon completion of the project review, the COMEX will issue a recommendation to the Deputy Minister of Québec’s MELCCFP. Should a positive recommendation be granted by the COMEX, the Deputy Minister would then issue a Certificate of Authorization pursuant to section 164 of Québec’s Environment Quality Act for the Windfall project. The issuance of such Certificate of Authorization is a pre-condition to Osisko applying for the other authorizations required to begin the construction of, and operations at, the Windfall site.

The Windfall EIA covers 18 fields of study from impacts on water, air and vegetation to impacts on regional and provincial economies. The following represents some of the highlights¹ of the study as related to benefits to local communities and governments:

The creation of 17,120 full-time equivalent jobs in Québec by 2035 (direct and indirect jobs), of which 10,256 would be directly in Abitibi-Temiscamingue and Nord-du-Québec regions.
Robust water management planning using a state-of-the-art water treatment plant integrated into the proposed future development plan
A tailings management facility designed to the highest modern industry standards
$3.5 billion of investment² for construction, sustaining costs and operations by 2035, with an additional $83 million reserved for future closure costs
$2.3 billion of contribution to Québec’s GDP by 2035
Gross provincial tax revenues for Québec estimated at $712 million (including mining duties), and $333 million gross federal tax revenues by 2035³
An estimated $68 million in local property taxes and school tax revenues by 2035

Notes on the Windfall EIA highlights

1)-Economic and fiscal impacts including contribution to Québec’s GDP were determined by Aviseo Conseil by applying EcoTec’s cross-sector (input-output) model. Estimation of corporate income tax, mining duties, local property and school tax were estimated based on the FS Technical Report (as defined herein), a copy of which is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. All monetary amounts are reported in Canadian dollars. Details about methodology or main hypothesis are described in Windfall EIA and are based on FS Technical Report. 2)-The cumulative $3.5 billion of investments includes Initial Capex of $788 million, Sustaining Capex of $588 million and cumulative operation costs over LOM of $2,134 million based on FS Technical Report.3) -Gross provincial tax estimated contributions includes workers personal income taxes, health services funds and sales taxes while gross federal tax contributions includes workers personal income taxes.

Osisko’s Chairman and Chief Executive Officer, John Burzynski, stated: “Today’s Windfall Project EIA submission constitutes a significant milestone in realizing our goal of creating a new producing gold mine in Eeyou Istchee James Bay. This submission begins the permitting and authorization process for the Windfall gold project. Osisko enters this process fully aware of the importance of the promoter’s role and responsibilities during the COMEX review process. The Corporation is committed to transparently delivering an environmentally sound, robust project for all stakeholders, and to provide all project information requested in a timely matter. We would like to thank our host communities the Cree First Nation of Waswanipi and Lebel-sur-Quévillon for their continuous support, and we thank our employees and consultants for their diligent work in delivering this extensive Windfall EIA.”

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June 7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of November 25, 2022) (the “Windfall Reserve Estimate”) are described in the technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated January 10, 2023 (with an effective date of November 25, 2022) (the “FS Technical Report”). The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Reserve Estimate, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the feasibility study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, are described in the FS Technical Report, which was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The FS Technical Report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

Qualified Person

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,300 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: receipt of a positive recommendation for the Windfall EIA; the ability of the Corporation to obtain all other authorizations needed to begin the construction and operations at Windfall; the benefits to local communities and governments contained in the Windfall EIA; the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters, limitations and methods used in the FS Technical Report, including the related Windfall Resource Estimate and Windfall Reserve Estimate; the prospects, if any, of the Windfall gold deposit; the ability to realize upon any mineralization in a manner that is economic; the amount and type of drilling to be completed and the timing to complete such drilling; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling and advancement at the Windfall gold deposit. Such factors include, among others, 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 to complete further exploration activities, including (infill) drilling, or further development of the Windfall Project; the ability to continue current operations and exploration; property and royalty interests in the Windfall gold deposit; the ability and timing of the Corporation to obtain required approvals; regulatory framework; the results of exploration activities; risks relating to exploration, development and mining activities; reliance on third-parties for infrastructure, including power lines; the global economic climate; capital market conditions and the Corporation’s ability to access capital on terms acceptable to the Corporation; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO ANNOUNCES DEFINITIVE AGREEMENT WITH MIYUUKAA TO TRANSPORT HYDROELECTRIC POWER TO WINDFALL PROJECT

Posted on March 16, 2023November 8, 2023 by lboivin

Hook-up expected Q1-2024

(Toronto, March 16, 2023) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce that it has concluded the previously announced binding term sheet agreement and signed a definitive agreement with Miyuukaa Corp. (“Miyuukaa”), a wholly-owned corporation of the Cree First Nation of Waswanipi (“CFNW”), with respect to the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall Project, located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Québec. The power line from the Waswanipi substation to Windfall is located 100% on CFNW traditional lands covered by the James Bay Northern Québec Agreement.

Miyuukaa will finance, build, own and operate a 69 kV dedicated transmission line that will transport hydroelectricity to the Windfall project. As an end user, Osisko will pay service fees to Miyuukaa. The agreement outlines the general and financial terms of the agreement between Osisko and Miyuukaa, which is for the purpose of ensuring delivery of hydroelectricity over the life of the planned Windfall mill as required.
Construction work commenced during the first quarter of 2023 and is projected to take 12 months to complete, with the hook-up date anticipated in Q1 2024.

This agreement solidifies the collaborative approach between Osisko and the CFNW to sustainably develop energy infrastructure, which will create robust employment opportunities for members of the CFNW. Using hydroelectric power through the final stages of exploration and throughout the planned construction and operations phases will reduce greenhouse gas emissions and the Windfall Project’s dependency on fossil fuels.

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June 7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of November 25, 2022) (the “Windfall Reserve Estimate”) are described in the technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” (the “FS Technical Report”) and dated January 10, 2023 (with an effective date of November 25, 2022). The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Reserve Estimate, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the Feasibility Study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, are described in a technical report (the “FS Technical Report”), which was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The FS Technical Report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims surrounding the Urban Barry area and nearby Quévillon area (over 2,300 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the timing and ability to construct transmission facilities, and transport hydroelectric power, to Windfall (if at all or for the life of planned Windfall mill); the ability of Miyuuka to provide the service as contemplated under and in accordance with the terms of the definitive agreement; the ability of Osisko to pay service fees in accordance with the terms of the definitive agreement; the anticipated environmental benefits, including a reduction in greenhouse gas emissions, by reducing dependency on fossil fuels; the timing and ability to complete the construction a transmission line by Q1 2024 (if at all); the ability and timing of Osisko to construct the planned Windfall mill (if at all); the availability of power being significantly advantageous to Osisko from cost and environmental perspectives; the creation of robust jobs for the region or for member of the CNFW; the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters, limitations and methods used in the FS Technical Report, including the related Windfall Resource Estimate and Windfall Reserve Estimate; the prospects, if any, of the Windfall gold deposit; the ability to realize upon any mineralization in a manner that is economic; the amount and type of drilling to be completed and the timing to complete such drilling; the trend of grade increase; the Lynx, Main and Underdog zones remaining open to expansion down plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling and advancement at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, 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 to complete further exploration activities, including (infill) drilling, or further development of the Windfall Project; the ability to continue current operations and exploration; property and royalty interests in the Windfall gold deposit; the ability and timing of the Corporation to obtain required approvals; regulatory framework; the results of exploration activities; risks relating to exploration, development and mining activities; reliance on third-parties for infrastructure, including power lines; the global economic climate; capital market conditions and the Corporation’s ability to access capital on terms acceptable to the Corporation; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO MINING FILES FEASIBILITY STUDY FOR WINDFALL

Posted on January 10, 2023November 8, 2023 by lboivin

(Toronto, January 10, 2023) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has filed the technical feasibility study report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) on its 100% owned Windfall gold deposit. The technical report entitled “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated January 10, 2023 (with an effective date of November 28, 2022) has been prepared for Osisko by BBA Inc. The technical report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.

Table 1 below (included in the Technical Report) replaces Table 4 from the November 28, 2022, news release. The technical report contains non-material changes from the November 28, 2022 news release. These changes do not impact the November 28, 2022, news release reference results; the modifications affect only numbers presented for reference purposes. Table 4 (sensitivity analysis) has been corrected, resulting in higher pre- and after tax NPV, higher pre- and after-tax IRR, and shorter pre- and after-tax payback at higher and lower gold prices.

Table 1: Gold Price⁽¹⁾and Exchange Rate⁽²⁾ Sensitivity

	Gold Price (US$/oz)
	1,300	1,400	1,500	1,600⁽¹⁾	1,700	1,800	1,900	2,000
Pre-Tax NPV 5% (C$Million)	836.2	1,119.2	1,402.1	1,685.1	1,968.0	2,251.0	2,534.0	2,816.9
After-Tax NPV 5% (C$Million)	640.4	821.1	996.1	1,168.4	1,338.7	1,504.8	1,670.2	1,835.4
Pre-Tax IRR	24.7%	30.1%	35.2%	40.1%	44.8%	49.3%	53.7%	58.0%
After-Tax IRR	21.5%	25.9%	30.0%	33.8%	37.5%	41.0%	44.4%	47.6%
Pre-Tax Payback after start of production (Years)	2.88	2.47	2.16	1.95	1.79	1.65	1.53	1.43
After-Tax Payback after start of production (Years)	3.03	2.59	2.26	2.03	1.86	1.72	1.61	1.52

	Foreign Exchange Sensitivity
	0.90	0.85	0.80	0.77⁽²⁾	0.70	0.65	0.60	0.55
Pre-Tax NPV 5% (C$Million)	1,025.4	1,952.2	1,268.0	1,685.1	2,134.1	2,034.3	2,549.9	2,478.8
After-Tax NPV 5% (C$Million)	762.5	904.5	1,062.4	1,168.4	1,436.4	1,660.9	1,921.0	2,224.1
Pre-Tax IRR	28.3%	32.6%	37.1%	40.1%	47.5%	53.5%	60.3%	68.0%
After-Tax IRR	24.5%	27.9%	31.5%	33.8%	39.6%	44.2%	49.3%	55.1%

Notes:

(1) The base case uses a gold price of US$1,600/oz. (2) The base case uses an exchange rate of US$1.00=C$1.30 (or US$0.77 = C$1.00)

Osisko’s news release dated November 28, 2022 (entitled “Osisko Mining Delivers Positive Feasibility for Windfall”) summarized certain key results, assumptions and estimates contained in the Windfall feasibility study.

Qualified Person

The technical report entitled, “Feasibility Study for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated January 10, 2023 with an effective date of November 28, 2022, was prepared for Osisko by BBA Inc. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” (within the meaning of NI 43-101).

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the feasibility study (or the “FS”) providing a robust base case assessment for developing Windfall as an underground dual ramp-access mine with a central processing mill at the mine site; the results of the engineering work being undertaken on the project; reliance on third-parties for infrastructure, including power lines; the timing and progress of the EIA study; the timing and progress of the mine permitting process; the results of the FS, including NPV, IRR, production, tax-free cash flows, capex, AISC, milling operations, average recovery, job creation; the key assumptions, parameters and methods used to estimate the mineral resource estimate relating to the FS; the prospects of Windfall being a highly-profitable gold mine; the ability of the Corporation to obtain project financing in H1 2023 (if at all); the basis for the Corporation making a production decision early in 2024 (if at all); the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the FS disclosed in this news release; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; the timing and ability, if at all, to finalize the EIA study; the timing and ability, if at all, to obtain permits; the FS’ reliance on third-parties for infrastructure critical to build and operate the project, including power lines; our ability to obtain power for the project, if at all or on terms economic to the Corporation; the status of third-party approvals or consents; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the Canadian/United States dollar exchange rate; the global economic climate; metal (including gold) prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO ANNOUNCES BINDING TERM SHEET WITH MIYUUKAA TO TRANSPORT HYDROELECTRIC POWER TO WINDFALL PROJECT

Posted on December 8, 2022November 8, 2023 by lboivin

Initial Work Expected to Commence in January 2023

(Toronto, December 8, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce that it has signed a binding term sheet with Miyuukaa Corp. (“Miyuukaa”), a wholly-owned corporation of the Cree First Nation of Waswanipi (“CFNW”), with respect to the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall Project, located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Québec.

Miyuukaa will finance, build, own and operate a 69 kV dedicated transmission line that will transport hydroelectricity to the Windfall project. The power line from the Waswanipi substation to Windfall minimizes the environmental footprint and is located 100% on CFNW traditional lands covered by the James Bay Northern Québec Agreement. Map: WIN_Planned_Electric_Line_2022-12-08pdf

As an end user, Osisko will pay service fees to Miyuukaa. The binding term sheet outlines the general and financial terms of the agreement between Osisko and Miyuukaa, which is for the purpose of ensuring delivery of hydroelectricity over the life of the planned Windfall mill as required. Terms will be further outlined in a definitive agreement to be entered into between Osisko and Miyuukaa, which is expected to be completed in the coming month.

Work is expected to commence in January on existing access roads, in preparation for brush clearing and construction of the transmission line, while awaiting permitting. The work is projected to take 12 months to complete, with the hook-up date anticipated in H1 2024.

Osisko’s Chief Executive Officer and Chairman John Burzynski stated: “We are proud to announce today’s landmark agreement with Miyuukaa, and to begin preparations for work on the line which will deliver hydroelectricity to Windfall. The advent of power at Windfall will allow us to move away from diesel generated electricity for our exploration activities. Hydroelectric power availability for the anticipated construction of the Windfall Mine will make a significant difference in both the cost and environmental impact of our future planned activities. Today’s agreement with Miyuukaa is aligned with both Osisko’s and CFNW’s vision towards the development of infrastructure and natural resource in a sustainable fashion within their traditional territory.”

Irene Neeposh, Chief of the Cree First Nation of Waswanipi commented: “The Cree First Nation of Waswanipi will always prioritize the protection of its territory and of the traditional way of life of its members but this does not prevent us from also participating in the economic development of our land. Cree ownership of this transmission line is a great example of what can be achieved when resource development companies engage honourably and meaningfully with Indigenous nations and the concerns of all parties are addressed upstream and conciliated. By owning and operating this key infrastructure for the region, with Osisko as a partner, the Cree First Nation of Waswanipi continues on its path to controlling the development of its traditional territory.”

John Kitchen, President and Chief Executive Officer of Miyuukaa commented: “Today’s agreement with Osisko highlights the benefits of what can be achieved when First Nations are involved in the decision making. The electrification of the Windfall project in collaboration with the Cree First Nation of Waswanipi is part of the vision behind the Grande Alliance agreement signed in February 2020 between the Grand Council of the Crees, the Cree Nation Government and the Government of Québec. A vision that calls for a collaborative, long-term, balanced socio-economic development in a spirit of respect for Cree values in the Eeyou Istchee James Bay Territory. The Kuikuhaacheu Transmission Line, to be built by Miyuukaa, is a generational asset that will provide for training, employment and business opportunities for decades while respecting our Cree way of life. Emotions are hard to contain when thinking about the positive impact this will have on the CFNW youth, the core of our members.”

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource estimate on Windfall (with an effective date of June7, 2022 ) (the “Windfall Resource Estimate”) and the mineral reserve estimate on Windfall (with an effective date of September 1, 2022) (the “Windfall Reserve Estimate”) are described in the news release of Osisko dated November 28, 2022 and entitled “Osisko Mining Delivers Positive Feasability Study for Windfall”. The Windfall Resource Estimate, assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The Windfall Mineral Reserve, assuming 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade, comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in the probable mineral reserves category. The key assumptions, parameters, limitations and methods used in the Feasibility Study for Windfall, including the related Windfall Resource Estimate and Windfall Reserve Estimate, will be further described in a technical report (the “FS Technical Report”), which is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The FS Technical Report will be filed on SEDAR (www.sedar.com) under Osisko’s issuer profile within 45-days from November 28, 2022, in accordance with NI 43-101. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The reserves are defined from surface to a depth of 1,100 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims surrounding the Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the timing and ability to construct transmission facilities, and transport hydroelectric power, to Windfall (if at all or for the mine life of Windfall); the timing and ability of Osisko and Miyuukaa to enter into a definitive agreement in respect of the subject matter of the binding term sheet; the binding nature of the term sheet; the service fees payable under the definitive agreement; the environmental benefits, including a reduction in greenhouse gas emissions, by reducing dependency on fossil fuels; the timing and ability to complete the construction by the end of 2023 (if at all); the availability of power being significantly advantageous to Osisko from cost and environmental perspectives; the creation of robust jobs for the region; the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters, limitations and methods used in the FS Technical Report, including the related Windfall Resource Estimate and Windfall Reserve Estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish the FS Technical Report; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, 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 to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; reliance on third-parties for infrastructure, including power lines; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

OSISKO MINING DELIVERS POSITIVE FEASIBILITY STUDY FOR WINDFALL

Posted on November 28, 2022November 8, 2023 by lboivin

306,000 oz Au Average Annual Full Year Production

C$1.2B After-Tax NPV and 34% After-Tax IRR (Unlevered) at US$1,600/oz Au

C$257M Average Annual After-Tax Free Cash Flow per Full Year of Production

(Toronto, November 28, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide the results of its independent feasibility study (“FS”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-10”) on its 100% owned Windfall gold project (“Windfall”, or the “project”) located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. Windfall is situated on the traditional lands of the Cree First Nation of Waswanipi (“CFNW”).

The FS provides a robust base case assessment for developing Windfall as an underground dual ramp-access mine with a central processing mill on site, and reflects drill results available as of June 7, 2022, as included in the Windfall MRE (2022) (as defined herein). Osisko has begun detailed engineering work on the project, and is progressing towards delivering the Environmental Impact Assessment (the “EIA”) study in Q1 2023 and initiating the mine permitting process.

Highlights^(1-6)

Full year average production of 306,000 oz Au, 8.1 g/t Au average grade fully diluted
Peak production of 374,000 oz Au in year two
Average after-tax free cash flow of C$257 Million per full year of production (C$2.3 Billion cumulative free cash flow)
Capex of US$607 Million (includes US$38 Million as contingency in direct and indirect costs), NPV/Capex ratio of 1.5
All-in sustaining cost (“AISC”) of US$758/oz; Cash cost of US$587/oz
3,400 tonne per day milling operation
Average recovery of 93%; all in mining cost of US$136/tonne
C$6.2 Billion of gross revenue
Creation of over 1,000 direct and indirect jobs during construction and over 670 direct permanent jobs during operation

Notes:

(1) Cautionary Statement: Readers are advised that the FS summarized in this news release is intended to provide only an initial, high-level overview of the project potential and design options. The FS mine plan and economic model include numerous assumptions. There is no guarantee the project economics described herein will be achieved.

(2) Full years of production refer to Years 1 to 9.

(3) AISC is presented within the meaning defined by the World Gold Council (“WGC”), less corporate G&A.

(4) The FS relating to the disclosure in this news release will be filed on SEDAR (www.sedar.com) under Osisko’s issuer profile within 45-days.

(5) Total cash costs and cash costs per ounce, and AISC and AISC per ounce are non-IFRS financial measures. See “Non-IFRS Financial Measures” for a discussion of non-IFRS financial measures.

(6) References to C$ and US$ are to Canadian and United States dollars, respectively.

Osisko Chief Executive Officer John Burzynski commented: “We are very pleased to deliver the Windfall feasibility study, outlining the supporting economics indicating Windfall can become a significant and highly profitable new gold mine in Québec. Using the grades defined in our most recent mineral resource estimate (being the Windfall MRE (2022) reflecting drill results available as of June 7, 2022), the numbers are robust, with a C$1.2 Billion after-tax net present value (“NPV”) and 34% after-tax unlevered internal rate of return (“IRR”), using US$1,600 oz gold. As we move to complete the EIA study in Q1 2023 and begin the permitting process, we expect to advance our underground exploration and continue to grow the scale and quality of the deposit. The Corporation anticipates the announcement of project financing plans in H1 2023 and a production decision in early 2024.

Osisko would like to thank our employees and contractors for their tremendous work over the past seven years to arrive at this important point in our project, and express our gratitude to our hosts the Cree First Nation of Waswanipi, as well as the community of Lebel-sur-Quévillon, and the many Québec government agencies for their continuous support.”

Feasibility Study Details

The FS was integrated by BBA Inc. under the supervision of Ms. Kim-Quyên Nguyên, P. Eng., MBA, Project Director for Osisko Mining, and the Osisko technical team. This independent FS was prepared in collaboration with the following firms: A2GC − Andrieux & Associates Geomechanics Consulting L.P. (Montréal, QC), BBA Inc. (Montréal, QC), GCM Consultants (Montréal, QC), Entech Mining Ltd. (Toronto, ON), PLR Resources Inc. (Montréal, QC) and WSP Canada Inc. (Montréal, QC). These firms provided mineral resource estimates, reserve estimates, design parameters and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Contributors and their area of responsibility are summarized in Table 5.

Project economics were evaluated based on a forecast date to receive the construction permit in Q1 2024. Unless stated otherwise, all costs are in Canadian dollars.

Table 1: FS Summary

Total mineralized material mined (t)	12,183,405
Average mill feed diluted gold grade (Au g/t)	8.06
Total gold contained (oz)	3,158,713
Total gold produced (oz)	2,942 339
Total gold payable (oz)	2,940,868
Gold payable recovery (%)	93.1%
Average annual gold produced (Au oz per year)	294,234
Average mill feed diluted silver grade (Ag g/t)	4.18
Silver payable recovery (%)	83.3%
Total silver payable (oz)	1,366,537
Total initial CAPEX (C$Million)	788.6
Sustaining capital (C$Million)	587.6
Operating cost (per tonne milled)
Mining (C$)	82.21
Processing (C$)	40.76
Waste & water management (C$)	6.30
General & administration (C$)	32.81
Electrical transmission line lease (C$)	14.59
Total unit operating costs (per tonne milled) (C$)	176.67

Table 2: Summary Economics at US$1,600 Au

LOM net smelter return (“NSR”) revenue (C$Million)	6,134
Total LOM pre-tax cash flow (C$Million)	2,432
Average annual pre-tax cash flow (C$Million)	243
LOM income taxes (C$Million)	721.8
Total LOM after-tax free cash (C$Million)	1,710.2
Average annual after-tax free cash flow (C$Million)	171
Discount rate (%)	5.0%
Pre-tax NPV (C$Million)	1,685
Pre-tax IRR	40.1%
Pre-tax payback after start of production (years)	2.0
After-tax NPV (C$Million)	1,168.4
After-tax IRR	33.8%
After-tax payback after start of production (years)	2.0

Table 3: All-In Sustaining Cost

Adjusted operating costs
Mining cost⁽¹⁾	993.0
Processing cost⁽¹⁾	492.3
Tailing & water management cost⁽¹⁾	76.1
General & administrative cost⁽¹⁾	396.3
Electrical transmission line lease cost⁽¹⁾	176.2
Royalties⁽¹⁾	127.4
Transport and refining costs⁽¹⁾	20.0
Ag by-product credit⁽¹⁾	(37.3)
Adjusted operating costs⁽¹⁾	2,244.1
Sustaining costs
LOM sustaining costs⁽¹⁾	587.6
Salvage value credit⁽¹⁾	(18.7)
Reclamation and closure costs⁽¹⁾	83.3
Total⁽¹⁾	2,896.4
All-in sustaining costs (US$/oz)	757.6
All-in sustaining costs (C$/oz)	984.9

Notes:

(1) All-in sustaining costs are presented as defines by the WGC less corporate G&A

(2) Millions of Canadian dollars

Table 4: Gold Price⁽¹⁾ and Exchange Rate⁽²⁾ Sensitivity

	Gold Price (US$/oz)
	1,300	1,400	1,500	1,600⁽¹⁾	1,700	1,800	1,900	2,000
Pre-tax NPV 5% (C$Million)	836.2	988.6	1,350.7	1,685.1	1,968.0	2,217.7	2,444.6	2,654.3
After-tax NPV 5% (C$Million)	640.4	739.2	964.6	1,168.4	1,338.7	1,485.3	1,618.1	1,740.5
Pre-tax IRR	24.7%	27.6%	34.3%	40.1%	44.8%	48.8%	52.4%	55.6%
After-tax IRR	21.5%	24.0%	29.3%	33.8%	37.5%	40.6%	43.3%	45.8%
Pre-tax payback after start of production (years)	2.88	2.64	2.21	1.95	1.79	1.66	1.56	1.49
After-tax payback after start of production (years)	3.03	2.78	2.32	2.03	1.86	1.74	1.64	1.57

	Foreign Exchange Sensitivity
	0.90	0.85	0.80	0.77⁽²⁾	0.70	0.65	0.60	0.55
Pre-tax NPV 5% (C$M)	1,025.4	1,952.2	1,268.0	1,685.1	2,134.1	2,034.3	2,549.9	2,478.8
After-tax NPV 5% (C$M)	762.5	1,329.2	913.4	1,168.4	1,436.4	1,377.9	1,679.4	1,638.1
Pre-tax IRR	28.3%	44.5%	32.8%	40.1%	47.5%	45.9%	54.0%	52.9%
After-tax IRR	24.5%	37.3%	28.1%	33.8%	39.6%	38.3%	44.6%	43.8%

Notes:

(1) The base case uses a gold price of US$1,600/oz.

(2) The base case uses an exchange rate of US$1.00 = C$1.30 (or US$0.77 = C$1.00).

Table 5: Consulting Firms and Area of Responsibility

Consulting Firm	Area of Responsibility
A2GC − Andrieux & Associates Geomechanics Consulting L.P.	– Rock mass characterization and rock engineering in support of the underground mine design
BBA Inc.	– Metallurgical test work management and analysis – Crusher and process plant mass and water balance – Electrical distribution infrastructure design and costs (on-site) – Electrical Transmission Line Leasing Costs – Integrated Operations Centre (IOC) design and costs – General and administration (G&A) operating costs – Project execution plan and schedule – IT and communications infrastructure design and costs (supply and on-site) – Financial Analysis – NI 43-101 integration
Entech Mining Ltd.	– Underground mine design, underground infrastructure, ventilation, paste backfill distribution; Production scheduling – Underground capital costs and operating costs – Mineral Reserve Estimate
PLR Resources Inc.	– Historical data review – Current and historical geology, exploration, drilling – Sample preparation, QA/QC, and data verification – Geological modelling and mineral resource estimate
WSP Canada Inc.	– Site utilities & services, design and costs – Off-site access road to Windfall, inspection and costs – On-site roads and pads, design and costs – Site utilities & services electrical, design and costs – Surface mineralized material, waste rock, overburden and topsoil management facility, design and costs – Surface water management infrastructure, design and costs – Regulatory context, social considerations, and anticipated environmental issues – Geotechnical input for infrastructure design – Geotechnical input for TSF design – Geochemical characterization of waste rock, tailings, and ore – Surface tailings management facility, design and costs – Site wide water balance – Hydrogeology and groundwater quality input for environmental studies – Hydrogeology input to underground mine design – Tailings filtration plant and dry tailings storage / handling, design and costs – Environmental studies, permitting and closure costs
GCM Consultant	– Water treatment plant design, capital and operating costs

Mineral Resource Estimate

The FS mineral reserve estimate is based on the Windfall MRE (2022), which is summarized below in Table 6. This mineral resource estimate uses a base cut-off of 3.5 g/t Au in the measured mineral resource, indicated mineral resource and inferred mineral resource categories.

Table 6: Windfall Deposit Mineral Resource Estimate ⁽¹⁾

Area	Measured					Indicated					Inferred
Area	Tonnes⁽¹⁾ (000)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au⁽¹⁾ (000)	Ounces Ag⁽¹⁾ (000)	Tonnes⁽¹⁾ (000)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au⁽¹⁾ (000)	Ounces Ag⁽¹⁾ (000)	Tonnes⁽¹⁾ (000)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au⁽¹⁾ (000)	Ounces Ag⁽¹⁾ (000)
Lynx⁽²⁾	671	11.4	7.2	247	154	6,638	13.2	6.7	2,814	1,426	4,774	10.8	6.9	1,663	1,063
Underdog	–	–	–	–	–	928	9.5	3.4	284	101	4,072	7.7	3.0	1 011	397
Main⁽³⁾	109	9.4	4.4	33	16	2,685	7.6	4.8	655	412	2,799	5.8	3.3	518	296
Triple 8	–	–	–	–	–	–	–	–	–	–	642	7.0	6.6	145	136
Total in situ	780	11.1	6.8	279	170	10,250	11.4	5.9	3,754	1,939	12,287	8.4	4.8	3,337	1,892
Stockpiles	32	16.9	4.3	17	4	–	–	–	–	–	–	–	–	–	–
Total	811	11.4	6.7	297	174	10,250	11.4	5.9	3,754	1,939	12,287	8.4	4.8	3,337	1,892

Notes:

(1) Values are rounded to nearest thousand which may result in apparent discrepancies.

(2) Lynx area includes: Lynx Main, Lynx HW, Lynx SW, Lynx 4, and Triple Lynx.

(3) Main area includes: Zone 27, Caribou 1, Caribou 2, Caribou Extension, Bobcat, Mallard, Windfall North, and F-Zones

Mineral Reserve Estimate

The mineral reserve estimate on which the FS is based was completed by Patrick Langlais (P.Eng.) of Entech Mining Ltd. (summarized below in Table 7) and consists of probable reserves using a 3.5 g/t operating, 2.5 g/t incremental, and 1.7 g/t development cut-off grade.

Table 7: Windfall Mineral Reserve

			Tonnes (000s)	Grade (g/t)	Contained Oz Au (000s)
Probable mineral reserves^{(1)(2)(3)(4)(5)}			12,183	8.06	3,159
Notes:
	(1)	Patrick Langlais, P.Eng. (Entech Mining Ltd.) is the “qualified person” (within the meaning of NI 43-101) for the mineral reserve estimate and is considered to be “independent” of Osisko under Section 1.5 of NI 43-101.
	(2)	Mineral reserve estimate has an effective date of September 1, 2022 and is based on the mineral resource block model dated June 7, 2022.
	(3)	Estimated at US$1,600/oz Au using an exchange rate of US$1.00 = C$1.30
	(4)	Mineral reserve tonnage and mined metal have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
	(5)	Mineral reserves presented include both internal and external dilution along with mining recovery. The external dilution is estimated to be 20%. Assumed mining recoveries are 98% for development and an average of 91% for production.

Capital and Operating Costs Estimate

The overall capital cost estimate developed in the FS generally meets the AACE Class3 requirements and has an accuracy range of between -10% and +15%. Contingency was calculated based on Monte Carlo simulation, using a P₅₀ value.

Table 8: Capital Cost Summary⁽¹⁾⁽²⁾

Capital Costs (Millions of Canadian dollars)	Pre-Production	Sustaining	Total
Mining	80.2	556.7	636.9
Mineral processing and filtration plant	273.8	0.0	273.8
Mine surface facilities	0.0	3.7	3.7
Electrical and communication	14.7	0.0	14.7
Plant surface facilities	63.9	0.0	63.9
Tailings and water management	69.5	26.0	95.5
Indirect and owner’s costs	237.0	1.3	238.3
Site reclamation and closure restoration	0.0	83.3	83.3
Salvage value	0.0	(18.7)	(18.7)
Subtotal	739.1	652.3	1,391.3
Contingency (P₅₀)	49.5	0.0	49.5
Total capital costs⁽²⁾	788.6	652.3	1,440.8
Production revenue NSR		6,134.3	6,134.3

Notes:

(1) Totals may differ due to rounding.

(2) Total capital costs exclude: (i) sunk costs for pre-ordered grinding mills (C$5.6 million) and EIA (C$1.1 million); (ii) long-lead items, including engineering studies (C$34.6 million), logistics and warehousing (C$2.1 million), mechanical and electrical packages (C$57.0 million), camp (C$32.2 million), material opportunity purchase (C$8 million), mining fixed equipment (C$2.9 million) and contingency (C$3.0 million).

Table 9: Operating Cost Summary

Operating costs (Millions of Canadian dollars)
Mining	993.0
Processing	492.3
Waste and water management	76.1
General & administration	396.3
Electrical transmission line lease	176.2
Total operating costs	2,134.0

Mining

The mineral resources used in the mine plan are contained in three different zones over a strike length of 2,300 metres and span from surface to a depth of approximately 1,100 metres. Each zone is characterized by multiple tabular panels, which mainly trend ENE and dip vertically to sub-vertically.

The planned underground mine will have a targeted production rate of 3,400 tonnes per day (“tpd”). The selected mining method is longitudinal longhole open stoping. Stope dimensions are 20 metres in height, median of 25 metres in strike length, and have a median thickness of 4.4 metres with a minimum thickness of 3.0 metres. Mineralized material will be extracted using a fleet of 14 and 18 tonne load-haul-dumps (“LHDs”) and 54 tonne haul trucks using a ramp to surface.

Processing

A total of 3,400 tpd run-of-mine will be processed at the Windfall site. The process plant consists of primary crushing, followed by a grinding circuit consisting of a SAG mill (24’ x 11’, in closed circuit with a pebble crusher) and ball mill (17’ x 31’, in closed circuit with cyclones – SABC circuit). A gravity circuit followed by leaching recovers coarse gold from the cyclone underflow, while the cyclone overflow, at a P₈₀= 37 microns, is treated in a carbon-in–pulp (“CIP”) circuit, followed by SO2/air cyanide destruction. Gold and silver are recovered in an adsorption-desorption-recovery (“ADR”) circuit and electrowinning (‘’EW’’) cells, with gold room recovery and production of doré bars.

The process plant is followed by a tailings filtration plant with filter press to produce paste backfill to send underground and/or dry material for filtered tailings stack storage.

The process plant is estimated to average 93.1% payable gold recovery and 83.3% for silver over the LOM.

The process plant building also includes mine and mill offices, a dry, warehouse, and first aid office.

Surface Infrastructure and Indirects

The mine envisions using existing exploration camp surface infrastructure: site access road; underground exploration ramp portal; underground ventilation and services; waste rock stockpile; ponds; water treatment plant; power line and substation; telecommunication tower; storage domes; and diesel generators. The project will include the construction of the following infrastructure: camp complex; First Nations cultural centre; potable water and sewage systems; gatehouse; truck shop; core shack; process plant complex including crushing line, offices, dry and warehouse; waste rock stockpile extension; overburden and ore stockpiles; tailings filtration and paste backfill plant; fire protection system; water treatment plant upgrade; surface water management facility including ditches, ponds and pumping stations; overhead power lines; service and hauling roads; Lynx portal and services; exhaust ventilation systems; fuel storage and distribution; and tailings storage facility.

Indirect costs such as owner’s costs, and construction management, temporary facilities for construction and other related items are estimated at C$237 million. An additional C$49.5 million has been budgeted as contingency for specific direct and indirect costs.

Environment and Closure

The Windfall mining project is located north of the 49^th parallel in the administrative region of Nord-du-Québec, on Category III lands of the Eeyou Istchee Baie-James territory. The mine site is located approximately 270 kilometres from the city of Val-d’Or and 115 kilometres east of the town of Lebel-sur-Quévillon.

The project is subject to the provincial EIA and review procedure under Section 153 of chapter II of the Environment Quality Act (Québec) (LQE; L.R.Q., c. Q 2 ), which documents the provisions applicable to the James Bay and Northern Québec region, in connection with the agreement of the same name.

Inventories have been carried out since 2010. Additional data is being collected and the results will be integrated into the ongoing EIA study.

In addition to provincial EIA approval, the project will require permits and authorizations prior to construction and operation of the proposed mine. Requests for these approvals will be submitted following the EIA.

A closure plan for the Windfall project has been developed, the closure costs are estimated at C$83.3 million (excluding salvage value). The objective of site closure is to return the site to a fully satisfactory state that includes eliminating all unacceptable health hazards and ensuring public safety, eliminating the production and spread of contaminants that could damage the receiving environment and, in the long term (aiming to cease the necessity of maintenance and monitoring) returning the site to an environmentally sound condition. This cost estimate includes site restoration as well as post-closure monitoring, 10% of direct costs for engineering and a contingency of 18%. In accordance with Québec mining legislation, the Corporation will post a bond as a guarantee for 100% of the anticipated site closure costs.

Stakeholder Engagement

The Windfall project is located on the traditional lands of the CFNW. Osisko has taken a proactive approach toward stakeholder consultation, holding more than 250 communication activities since 2015, primarily with in CFNW and Lebel-sur-Quévillon. Consultation on the project with First Nation and non-First Nation communities was initiated in 2015 and has continued with frequent updates on project activities, meetings, open house presentations, committees and employment and contracting opportunities.

Concerns raised by communities include land disturbance, water quality, impacts to wildlife and the cumulative effects of all projects in the area. Osisko is committed to continuing the dialogue with potentially affected communities through the environmental assessment process.

The CFNW and non-First Nation communities have expressed strong support for the project. Osisko’s understanding of their main interest in the project is the maximization of local economic benefits – specifically with a focus on employment and entrepreneurial opportunities throughout the various phases of the project. In 2022 more than 95 First Nations community members worked at the Windfall site. Since 2016, Osisko has invested over C$256 million dollars in the purchase of goods and services from First Nations-owned companies or joint ventures.

Royalties

A 2.1% NSR royalty on all metals produced from the Windfall project has been applied in the FS based on existing royalty agreements and reflecting the mine plan.

Opportunities

The FS mining plan includes 1.3 million tonnes of inferred mineral resources located within mineral reserve blocks, for which a zero-grade value has been assigned. Through a limited amount of underground drilling, the Corporation believes that it could potentially convert most of the 1.3 million tonnes, grading between 4.0-6.0 g/t Au and representing between 160,000 – 250,000 ounces Au of inferred resource material.

Based on bulk sample results from Windfall, the Corporation believes additional recovery could be achieved by optimizing gravity circuit.

Ongoing studies and continuous improvement in waste and water management approaches may result in the reduction of the surface footprint and impacts.

The Corporation will continue to investigate opportunities that may arise to allow electrification of the mining fleet as a way of further reduction of the project carbon footprint.

Conference Call

Osisko will host a conference call on Tuesday, November 29, 2022, at 8:00am ET.

Toll-free dial-in number (Canada/US): 1 855-343-6177

Local dial-in number: 416-933-3854

Conference ID: 1418200

Notes for Mineral Resource Estimate (being the Windfall MRE (2022)) on Windfall Deposit

(1)	The effective date of the Windfall MRE (2022) is June 7, 2022. The Windfall MRE (2022) was prepared by Pierre-Luc Richard, P. Geo. (OGQ#1119) and Mathieu Bélisle, P. Eng. of BBA Inc., each of whom is a “qualified person” within the meaning of NI 43-101 and considered to be “independent” of Osisko under Section 1.5 of NI 43-101.
(2)	The Windfall MRE (2022) has been prepared in accordance with the “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”, adopted by the CIM Council on November 29, 2019.
(3)	The mineral resources referred to in the Windfall MRE (2022) are not mineral reserves and they do not have demonstrated economic viability. The quantity and grade of reported inferred mineral resources are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as indicated mineral resources or measured mineral resources; however, it is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grade are excluded from the mineral resource estimate. Must-take material (i.e., isolated blocks below cut-off grade located within a potentially mineable volume) was included in the mineral resource estimate.
(4)	Mineral resources are reported inclusive of those mineral resources converted to mineral reserves.
(5)	As of June 7, 2022, being the effective date of the Windfall MRE (2022), the drill database comprises a total of 4,834 drill holes for 1,852,861 metres of drilling in the area extent of the mineral resource estimate, of which 4,152 drill holes (1,665,282 metres) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 metres x 12.5 metres for definition drilling, 25 metres x 25 metres for infill drilling and larger for extension drilling.
(6)	All core assays reported by Osisko were obtained by analytical methods described below under “Technical Information and Quality Control & Quality Assurance – Quality Control and Reporting Protocols”.
(7)	Geological interpretation of the deposit is based on lithologies, mineralization style, alteration, and structural features. Most mineralization envelopes are subvertical, striking NE-SW and plunging approximately 40 degrees towards the North-East. The 3D wireframing was generated in Leapfrog Geo, a modelling software, from hand selections of mineralization intervals. The mineral resource estimate includes a total of 579 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
(8)	Assays were composited within the mineralization domains into 2.0 metre length composites. A value of 0.00125 g/t Au and 0.0025 g/t Ag (¼ of the detection limit) was applied to unassayed core intervals.
(9)	High-grade composites were capped. Capping was determined in each zone from statistical studies on groups of lenses sharing similar mineralization characteristics. Capping varies from 6 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A three-pass capping strategy defined by capping values decreasing as interpolation search distances increase was used in the grade estimations.
(10)	Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 metres EW, 2 metres NS and 5 metres height, and sub-blocked to minimum sub-cell sizes of 1.25 metres EW, 0.5 metres NS and 1.25 metres height.
(11)	Ordinary Kriging (OK) based interpolations were produced for gold estimations in each zone of the Windfall deposit, while silver grade estimations were produced using Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
(12)	Density values between 2.74 and 2.93 were applied to the mineralized lenses.
(13)	The mineral resource estimate included in the Windfall MRE (2022) uses the measured mineral resource, indicated mineral resource and inferred mineral resource categories, as follows:
	(a)	The measured mineral resource category is manually defined and encloses areas where:
		(i)	drill spacing is less than 12.5 metres;
		(ii)	blocks are informed by mostly four drill holes;
		(iii)	geological evidence is sufficient to confirm geological and grade continuity; and
		(iv)	lenses have generally been accessed by underground workings.
	(b)	The indicated mineral resource category is manually defined and encloses areas where:
		(i)	drill spacing is generally less than 25 metres;
		(ii)	blocks are informed by mostly three drill holes; and
		(iii)	geological evidence is sufficient to assume geological and grade continuity.
	(c)	The inferred mineral resource category is manually defined and encloses areas where:
		(i)	drill spacing is less than 100 metres;
		(ii)	blocks are informed by a minimum of two drill holes;
		(iii)	geological evidence is sufficient to imply, but not verify geological and grade continuity.
(14)	Tonnage and gold grade of the stockpiles were estimated using the grade control model. Densities by lithologies, ranging from 2.76 to 2.84, were used in the estimation of the tonnages. Gold grades were estimated with an average of muck samples results for every round tonnage, based on muck samples with an average sample weight of 3.4 kilograms taken every 8-yard scoop bucket. The sampling capping varying between 60 g/t Au to 80 g/t Au was applied on the muck gold grade results. An average per silver grade estimates in the stockpiles was reported from the resource block model as silver was not analyzed in the muck samples.
(15)	The mineral resource is reported at 3.5 g/t Au cut-off. The cut-off grade is based on the following economic parameters: gold price at US$1,600/oz, exchange rate at US$1.28 = C$1.00, 93% mill recovery; payability of 99.95%; selling cost at US$5/oz, 2% NSR royalties, mining cost at C$125/t milled, G&A cost at C$39/t milled, processing cost at C$42/t, and environment cost at C$4/t.
(16)	Estimates use metric units (metres (m), tonnes (t), and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.103475).
(17)	The independent qualified person is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue that could materially affect the mineral resource estimate.

Technical Information and Quality Control & Quality Assurance

Independent Qualified Persons

This FS was prepared for Osisko by BBA Inc. and other industry consultants, each of whom is a “qualified person” within the meaning of NI 43-101 and considered to be “independent” of Osisko under Section 1.5 of NI 43-101, including the following:

Patrick Andrieux, P.Eng. (A2GC − Andrieux & Associates Geomechanics Consulting L.P.)
Colin Hardie, P.Eng., Mathieu Bélisle, P.Eng. (BBA Inc.)
Patrick Langlais, P.Eng. (Entech Mining Ltd.)
Pierre-Luc Richard, P. Geo. (PLR Resources Inc.)
Andréanne Hamel, P. Eng., Aytaç Göksu, P. Eng., Eric Poirier, P. Eng., PMP, Frédéric Choquet, P.Eng., Isabelle Larouche, P.Eng., Ken DeVos, P. Geo., Yves Boulianne, P. Eng. (WSP Canada Inc.)
Mélissa Tremblay, P. Eng. (GCM Consultants)

Each “qualified person” noted above has reviewed and approved the scientific and technical content in this news release relating to the FS.

Qualified Person

Quality Control and Reporting Protocols

NQ core assays were obtained by either 1 kilogram screen fire assay or standard 50 gram fire assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/ Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

About Windfall

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The MRE for Windfall is supported by the technical report titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Windfall Project”, dated September 14, 2022 (with an effective date of June 7, 2022), prepared for the Corporation by BBA Inc. and PLR Resources Inc. (the “Windfall MRE (2022)”), and assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the MRE for Windfall are further described in the Windfall MRE (2022), being the full technical report for this updated MRE prepared in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

The FS relating to the disclosure of this news release will be filed on SEDAR (www.sedar.com) under Osisko’s issuer profile within 45-days. Reference should be made to the full text of the FS for the assumptions, qualifications and limitations relating thereto.

Non-IFRS Financial Measures

The Corporation has included certain non-IFRS financial measures in this news release, such as capital cost, sustaining capital cost, total capital cost and AISC, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Costs and Total Cash Costs per Ounce

Total cash costs are reflective of the cost of production. Total cash costs reported in the FS include mining costs, processing, general and administrative costs of the mine, silver by-product credit, refining costs, transportation costs and royalties. Total cash costs per ounce is calculated as total cash costs divided by payable gold ounces.

AISC and AISC per Ounce

AISC (all-in sustaining cost) is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the FS includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs, waste and water management costs, electrical transmission line lease costs. AISC per ounce is calculated as AISC divided by payable gold ounces.

About Osisko Mining Inc.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the FS providing a robust base case assessment for developing Windfall as an underground dual ramp-access mine with a central processing mill at the mine site; the results of the engineering work being undertaken on the project; reliance on third-parties for infrastructure, including power lines; the timing and progress of the EIA study; the timing and progress of the mine permitting process; the results of the FS, including NPV, IRR, production, tax-free cash flows, capex, AISC, milling operations, average recovery, job creation; the key assumptions, parameters and methods used to estimate the mineral resource estimate relating to the FS; the prospects of Windfall being a highly-profitable gold mine; the ability of the Corporation to obtain project financing in H1 2023 (if at all); the basis for the Corporation making a production decision early in 2024 (if at all); the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the FS disclosed in this news release; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; the timing and ability, if at all, to finalize the EIA study; the timing and ability, if at all, to obtain permits; the FS’ reliance on third-parties for infrastructure critical to build and operate the project, including power lines; our ability to obtain power for the project, if at all or on terms economic to the Corporation; the status of third-party approvals or consents; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the Canadian/United States dollar exchange rate; the global economic climate; metal (including gold) prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

John Burzynski
Chief Executive Officer
Telephone (416) 363-8653

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Category: Windfall

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