Mr. Don Njegovan reports

OSISKO METALS ANNOUNCES CONVERSION OF GLENCORE CANADA'S US$25 MILLION CONVERTIBLE DEBENTURE

Glencore Canada Corp., the holder of Osisko Metals Inc.'s $25-million (U.S.) senior secured convertible debenture dated July 14, 2023, has exercised its right to convert the convertible debenture into securities of the company in accordance with its terms, as more particularly described below. Conversion of the convertible debenture remains subject to the final approval of the Toronto Stock Exchange.

Pursuant to a conversion notice delivered by Glencore Canada on June 25, 2026, the initial principal amount of $25-million (U.S.) under the convertible debenture, together with all capitalized and uncapitalized, unpaid and accrued interest thereunder, has been converted into units of the company. Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company.

Conversion of initial principal: The conversion of the initial principal amount of the convertible debenture ($25-million (U.S.)) resulted in the issuance of 88,962,500 units, consisting of 88,962,500 common shares and 44,481,250 warrants, at a conversion price of 40 cents per unit. Each warrant issued in respect of the conversion of the initial principal had an exercise price of 46 cents per common share.

Conversion of interest: The conversion of the interest ($7,617,438.72 (U.S.)) resulted in the issuance of 6,862,444 units, consisting of 6,862,444 common shares and 3,431,222 warrants, at a conversion price of $1.58 (Canadian) per unit, being the closing price of the common shares on the Toronto Stock Exchange on June 24, 2026 (the date preceding the date of the conversion notice), in accordance with the terms of the convertible debenture. Each warrant issued in respect of the conversion of interest has an exercise price of $1.68 (Canadian) per common share.

Glencore Canada has elected to exercise, on a cashless basis, all 44,481,250 warrants issued pursuant to the conversion of the initial principal amount of the convertible debenture, at an exercise price of 46 Canadian cents per common share, resulting in the issuance of an aggregate of 32,301,860 common shares to Glencore Canada.

Glencore Canada continues to hold the 3,431,222 warrants issued pursuant to the conversion of the interest. These warrants expire on Aug. 7, 2026.

After giving effect to the transactions described above, Glencore Canada beneficially owns or controls, directly or indirectly, 128,126,804 common shares and 3,431,222 warrants, representing approximately: (i) 14.4 per cent of the issued and outstanding common shares on a non-diluted basis; and (ii) 14.7 per cent of the common shares on a partially diluted basis (assuming for this purpose only the exercise of the 3,431,222 warrants held by Glencore Canada).

Early warning disclosure

Immediately prior to the conversion of the convertible debenture, Glencore Canada did not beneficially own or control, directly or indirectly, any securities of the company other than the convertible debenture. If the convertible debenture had been converted in full (including the principal and unpaid interest thereon) immediately prior to the conversion, Glencore Canada would have beneficially owned an aggregate of 95,824,944 common shares and 47,912,472 warrants, representing: (i) approximately 11.2 per cent of the common shares that would then have been issued and outstanding on a non-diluted basis; and (ii) approximately 15.9 per cent of the common shares on a partially diluted basis (assuming, for this purpose, only the exercise of the 47,912,472 warrants held by Glencore Canada).

After giving effect to the conversion of the convertible debenture and the warrant exercise, Glencore Canada beneficially owns or controls, directly or indirectly, 128,126,804 common shares and 3,431,222 warrants, representing: (i) approximately 14.4 per cent of the issued and outstanding common shares on a non-diluted basis; and (ii) approximately 14.7 per cent of the common shares on a partially diluted basis (assuming, for this purpose, only the exercise of the 3,431,222 warrants held by Glencore Canada).

Glencore Canada acquired the common shares and warrants for investment purposes, and will continue to monitor the business, prospects, financial condition and potential capital requirements of the company. Depending on its evaluation of these and other factors, Glencore Canada may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of the company through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to any of the other actions listed in (a) through (k) of Form 62-103F1 (Required Disclosure Under the Early Warning Requirements). Glencore Canada may also in the future exercise its rights under the investor rights agreement between Glencore Canada and the company dated July 14, 2023.

For the purposes of this news release and the early warning disclosure herein, the number and percentages of common shares beneficially owned or controlled by Glencore Canada are calculated based on the company having issued and outstanding: (i) 762,559,657 common shares immediately prior to the conversion of the convertible debenture; and (ii) 890,686,461 common shares immediately following completion of the conversion of the convertible debenture and the warrant exercise.

This portion of this news release is being issued pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). An early warning report will be filed on SEDAR+ under the company's issuer profile. Persons who wish to obtain a copy of the early warning report to be filed by Glencore Canada may obtain a copy of such report: (i) from SEDAR+ under the company's issuer profile; or (ii) by contacting Peter Fuchs by telephone (at 1-416-305-9273) or by e-mail (at peter.fuchs@glencore.ca).

Glencore Canada is incorporated under the laws of Ontario and is a wholly owned indirect subsidiary of Glencore PLC.

About Osisko Metals Inc.

Osisko Metals is a Canadian exploration and development company creating value in the critical metal sector, with a focus on copper and zinc. The company acquired a 100-per-cent interest in the past-producing Gaspe copper mine from Glencore Canada Corp. in July, 2023. The Gaspe copper mine site is located near Murdochville in Quebec's Gaspe Peninsula. The company is currently focused on resource expansion of the Gaspe copper deposits, with current pit-constrained measured and indicated mineral resources of 1.83 billion tonnes averaging 0.32 per cent copper equivalent and inferred mineral resources of 239 million tonnes averaging 0.46 per cent CuEq (in compliance with National Instrument 43-101). For more information, see Osisko Metals' April 14, 2026, news release entitled "Osisko Metals Announces Significant Increase in Mineral Resource at Gaspe Copper." Gaspe copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

In addition to the Gaspe copper project, the company is working with Appian Capital Advisory LLP through the Pine Point Mining Ltd. joint venture to advance one of Canada's largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of indicated mineral resources of 49.5 Mt averaging 5.52 per cent zinc equivalent and inferred mineral resources of 8.3 Mt averaging 5.64 per cent ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals' June 25, 2024, news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52 per cent ZnEq." The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometres of viable haul roads.

We seek Safe Harbor.