Osisko Metals Announces C$3 Million Non-Brokered Private Placement of Units

MONTREAL, July 09, 2020 - Osisko Metals Inc. (the "Company" or "Osisko Metals") (TSXV: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce a non-brokered private placement of up to 7.5 million units of the Company (each, a "Unit") at a price of $0.40 per Unit for gross proceeds of up to $3 million (the "Offering"). Each Unit will consist of one common share of the Company (each, a "Common Share") and one-half-of-one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.52 per share for a 24-month period following the closing date of the Offering.

The net proceeds from the Offering will be used for the development of Osisko Metals' Pine Point Project, specifically for continued historical core relogging program and drilling, environmental baseline field work, as well as general corporate purposes.

The Offering is expected to close on or about July 31, 2020 or such other date as the Company may determine. The Offering is conditional upon receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.

The following "insiders" of the Company intend to subscribe for the following Units:

Osisko Mining Inc. is also intends to subscribe for 1,250,000 Units as part of the Offering, representing a subscription amount of $500,000.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Osisko Metals

Osisko Metals Inc. is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls two of Canada's past-producing premier zinc mining camps: 1) the Pine Point Mining Camp ("PPMC"), located in the Northwest Territories, for which the recently-released PEA results have indicated an after-tax NPV of $500M and IRR of 29.6%. The PPMC hosts 12.9Mt of Indicated Mineral Resources grading 6.29% ZnEq and 37.6Mt of Inferred Mineral Resources grading 6.80% ZnEq. The PPMC is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access and with 100 kilometres of viable haulage roads already in place. For additional information on the recently-released PEA results on PPMC, please see the news release of Osisko Metals dated June 15, 2020 and entitled "Osisko Metals Releases Positive Pine Point PEA; After-Tax NPV of C$500M and IRR of 29.6%". 2) The Bathurst Mining Camp ("BMC"), located in northern New Brunswick, has Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9g/t silver (9.00% ZnEq) and Inferred Mineral Resources of 3.85 Mt grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 g/t silver (7.96% ZnEq) in the Key Anacon and Gilmour South deposits. For additional information on BMC mineral resource estimate, please see the technical report entitled "NI 43-101 Maiden Resource Estimate for the Bathurst Mining Camp, New Brunswick, Canada" dated April 4, 2019 (with an effective date of February 20, 2019) which has been prepared by AGP Mining Consultants Inc. for Osisko Metals, and is available on SEDAR (www.sedar.com) under Osisko Metals' issuer profile.

The scientific and technical information in this news release has been disclosed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects 43-101 ("NI 43-101") and was prepared by independent qualified persons (each as defined in NI 43-101). The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see supporting technical report for additional details).

Mr. Robin Adair, P.Geo and Vice President Exploration of Osisko Metals, is the "qualified person" (as defined in NI 43-101) who has reviewed and approved of the scientific and technical information in this news release.

For further information on this news release, visit www.osiskometals.com or contact:

Killian Charles
VP Corporate Development
(514) 861-4441
Email: info@osiskometals.com
www.osiskometals.com

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. The information in this news release about the closing of the Offering (if at all); the demand for Units (if any); the use of proceeds of the Offering; the approval of the TSX Venture Exchange relating to the Offering; and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to 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", "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 forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR (www.sedar.com) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.