1100 Ave Des Canadiens de Montreal
Suite 300
Montreal, Quebec
H3B 2S2

Pine Point Mining Ltd. (PPML) is a joint venture (JV) between Osisko Metals Incorporated and a subsidiary of Appian Natural Resources Fund III LP (“Appian“). After giving effect to the Transaction, Osisko Metals and Appian now hold approximately 74.7% and 25.3%, respectively, of the share capital of Pine Point Mining Limited (which holds a 100% interest in the Pine Point Project).

Subsequent to the closing of the Transaction and until Appian has acquired an ownership interest of 60% in PPML (the “Target Ownership Percentage“) or until a Final Investment Decision (“FID“) has been reached, all funding in respect of the Pine Point Project will be made by way of cash calls issued by the board of PPML to Appian, the quantum and speed of which are determined at the sole discretion of the board of directors of PPML. Osisko Metals will not be required to make any cash contributions to PPML until Appian has reached the Target Ownership Percentage, following which additional cash calls, if required, will be satisfied by each of Appian and Osisko Metals on a pro-rata basis pursuant to approved annual programs and budgets as determined by the board of PPML.

As part of closing of the Transaction, Osisko Metals and Appian entered into a Joint Venture Company Agreement and an Investor Rights Agreement, in substantially the forms attached to the investment agreement dated February 21, 2023 between the Osisko Metals and Appian in respect of the Transaction, a copy of which is available on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile.