Osisko Metals Signs MOU to Explore Power Connection with Northwest Territories Power Corporation, The Canadian Business Journal

MONTREAL, October 13, 2022 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (“Company Also “Osico metal“) (TSX-V: OM; OTCQX: OMZNF; Frankfurt: 0B51) and Northwest Territories Power Corporation (NTPC) are pleased to announce that they have signed a memorandum of understanding (MOU) outlining the process of negotiating a power connection and power purchase agreement to the Tartesson Hydroelectric Grid.

Under this MOU, the parties will explore, discuss and enter into a mutual agreement to enable NTPC to supply and sell hydroelectric power and Ocisco Metals to purchase this power and related services for use at the Pine Point project site. You can establish an arrangement that you can agree to. The sale of surplus electricity generated at the Tartesong Hydroelectric Plant will be an important part of the discussion. Depending on the time of year, the available capacity at the Tartson facility ranges from approximately 3.5 MW to 8 MW.

While this MOU does not commit either party to a power connection agreement, it does provide a framework for continuing the informal discussions that have taken place over the past several years between NTPC and Osisko Metals. To do.

Jeff Hussey, President and COO of Osisko Metals Incorporated also commented: NTPC. Our priority is to find ways to maximize hydropower consumption, thereby reducing the project’s carbon footprint and operating costs. “

NTPC Minister Diane Archie commented: The Memorandum of Understanding between NTPC and Osisko Metals is a positive sign of future economic growth, benefiting all residents. “

Corey Strang, President and CEO of NTPC, said: South Slave’s potential new industrial customers using the Tartesson system’s excess hydropower capacity will help keep electricity bills down for all customers. “

NTPC is a wholly owned subsidiary of NT Hydro, which is 100% owned by the Northwest Territories Government.

Media Contact:

Jeff Hussey
Representative Director and President
Pine Point Mines Co., Ltd.
Email: [email protected]

Doug Prendergast
manager, communication
Northwest Territories Power Corporation
Email: [email protected]

About Osico Metals

Osisko Metals Incorporated is a Canadian exploration and development company that creates value in the critical metals sector. Company shows 2022 PEA showing after-tax NPV of $603 million, IRR of 25% current Mineral Resource estimate suitable for open pit and shallow underground mining, 15.7 million tonnes grading 5.55% It consists of an Indicated Mineral Resource of ZnEq and an Inferred Mineral Resource of 47.2 million tonnes grading 5.94% ZnEq. See his July 30th technical report submitted to SEDAR, “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada.” The Pine Point project is located on the south shore of Great Slave Lake in the Northwest Territories, close to infrastructure and paved highway access, with a substation and 100 kilometers of viable haul road already installed.

The Company is also in the process of acquiring from Glencore Canada a 100% interest in the historic Gaspe copper mine near Murdochville on the Gaspe Peninsula, Quebec. The company is currently focused on resource assessment of the Mount Copper Expansion Project, which hosts his NI43-101 inferred resource of 456Mt of 0.31% Cu (see press release dated April 28, 2022). Gaspé Copper has the largest untapped copper resource in eastern North America and is strategically located near Quebec’s existing mining-friendly infrastructure.

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

Robert Wares, CEO of Osisko Metals Incorporated, said:

Email: [email protected] www.osiskometals.com

Cautionary Note Regarding Forward-Looking Statements

this news release include “Positive information” internal of meaning of Applicable Canadian Securities laws are based on expectations, estimates and projections as of the date of this news release. prediction, expectation, interpretation, belief, plan, forecast, purpose, assumption, future event Also performance that is No statement of historic fact When Configure forward-looking information. This news release may contain forward-looking information relating to the Pine Point Project. This includes PEA and IRR results, NPV and estimated costs, production volumes, production rates, mine life, and more.Expectations for Pinepoint Project to Drive Steady Operations and Profitability and a variety of price When assumption; of Be expected high quality of of Pine point Concentrate. possibility impact of of Pine point plan of of northwest territory, include However No exclusive To of latent generation of tax Earnings When contribution of work; When of Pine point plan have of Potential for Expansion and new discoveries of mineral resources. Forward-looking information is not a guarantee of future performance and is subject to management’s expectations in light of management’s experience and perception of trends, current conditions and expected developments and other factors in management’s opinion. Based on many estimates and assumptions.Relevant and reasonable in context with or without limit, Assumption about: preferable equity When debt capital market; of ability To enhance additional capital upon Appropriate Clause To advance of development of this is project When To pursue schedule exploration; future prices of zinc and lead; timing and results of exploration and drilling programs;Accuracy of Mineral Resources estimate; manufacturing cost; operating conditions to be preferable; Political When regulation Stable; Receipt of Government and Third Party Approvals. Licenses and permits are obtained on favorable terms.sustained labor stability; financial and capital market stability; equipment availability; and positivity relationship When local group. Positive information include risk, uncertainty When 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 may cause actual results to differ materially from like that Positive information that is setting out of of Company’s public document submitted and www.sedar.com. We assume that the assumptions and factors used in preparing our forward-looking statements are: information of this news release that is Appropriate, Excessive reliance should do it No Become placed upon Such information applies only as of the date of this news release, and there is no guarantee that such events will occur within the hours disclosed or that they will not occur at all. We disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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