Osisko Metals Unlocks High-Grade Deep Copper at Historic Gaspé Mine

MONTREAL, QC – February 05, 2026 – Osisko Metals has ignited fresh excitement in Quebec's historic Gaspé mining district, announcing the launch of an ambitious deep exploration project that has already confirmed a massive, high-grade copper and molybdenum intercept. The discovery breathes new life into the Porphyry Mountain deposit, a deep-seated mineralized body within the company's sprawling Gaspé Copper Project.

In a significant announcement, the company revealed that re-analysis of a single historical drill core returned a staggering 852-metre-long section averaging 0.95% copper equivalent (CuEq). This result not only validates historical data but also provides a powerful launchpad for the newly minted Deep Porphyry Exploration Project, or "DPEX." This initiative aims to define the true scale of a deposit that has remained largely untested for three decades, potentially adding a significant, higher-grade resource to what is already the largest undeveloped copper asset in Eastern North America.

Beyond the Pit: A Deeper Look at Porphyry Mountain

The Porphyry Mountain deposit, first discovered by Noranda Inc. in 1994, lies approximately 1100 metres northeast of the main Copper Mountain open pit. Its top sits at a formidable depth of 1000 to 1200 metres, far below the resources currently being evaluated for the open-pit mine plan. The DPEX program, planned throughout 2026, will involve a new deep drilling campaign and extensive re-assaying of historical core with the goal of delivering a maiden Mineral Resource Estimate for Porphyry Mountain by the end of the year.

Analysis of historical records from previous operators shows that many drill holes were stopped while still in significant mineralization, suggesting the deposit remains open for expansion at depth. The re-assayed hole, DDH 30-0943, confirmed an intercept of 852.0 metres grading 0.70% copper, 2.92 g/t silver, and 0.062% molybdenum, confirming the zone's rich polymetallic nature. Notably, the copper and molybdenum grades at Porphyry Mountain are historically higher than those in the main Copper Mountain deposit.

"These very promising results launch our 2026 DPEX resource evaluation program at Porphyry Mountain," stated Osisko Metals CEO Robert Wares in the company's press release. He outlined a long-term vision where a future deep open pit at Copper Mountain could provide ramp access to the deeper, richer Porphyry Mountain ore. "This should establish its true depth and reveal the full potential of the deposit... We anticipate that the updated GCP Copper Mountain open pit will reach significant depths near the end of its mine life, and this would potentially allow for future ramp access to the deeper, higher-grade DPEX Porphyry Mountain deposit."

Fueling the Future: Copper's Critical Role

The timing of this deep exploration push is critical. Copper is a cornerstone of the global energy transition, essential for electric vehicles, renewable energy infrastructure, and grid modernization. With global demand projected to surge, analysts forecast a significant copper supply deficit emerging after 2025. This makes the discovery and development of large-scale, high-grade copper resources in stable, mining-friendly jurisdictions like Quebec a matter of strategic importance.

The Gaspé Copper Project aligns directly with both Quebec's and Canada's critical minerals strategies, which aim to secure domestic supply chains for metals vital to the green economy. The project's location is a major advantage, benefiting from a skilled local workforce and access to renewable hydroelectric power from Hydro-Quebec, which is crucial for producing low-carbon-footprint copper.

Revitalizing a Legacy: Gaspé's Second Act

Osisko Metals acquired the past-producing Gaspé Copper mine from Glencore in July 2023, taking control of a site with a storied history in the nearby town of Murdochville. The company's current resource estimate for the main project, updated in late 2024, already outlines an immense deposit with 824 million tonnes of Indicated Resources and 670 million tonnes of Inferred Resources. The DPEX program at Porphyry Mountain represents a separate, high-grade upside to this already massive project.

Osisko's development strategy appears to be a new paradigm for modern mining. The company is working closely with a regional economic maximization committee led by the Quebec government, ensuring that local businesses and the Mi'gmaq First Nation of Gespe'gewa'gi are positioned to share in the project's economic benefits. This collaborative approach is designed to mitigate social and regulatory risks while fostering a sustainable revival for a region historically dependent on mining. With a Preliminary Economic Assessment (PEA) now slated for mid-2026 and a potential mine restart targeted for 2031, the project represents a long-term vision for regional prosperity.

The Financial Foundation for Deep Exploration

Ambitious exploration at such depths requires significant capital, and Osisko Metals has been actively shoring up its treasury to fund its multi-pronged strategy. The company recently closed a C$15 million "bought-deal" flow-through share financing, with proceeds earmarked for exploration expenses at Gaspé Copper. This followed a $32.5 million private placement with strategic investors in late 2025.

This robust financial footing provides the necessary runway to execute the 2026 DPEX program at Porphyry Mountain while simultaneously advancing the broader Gaspé Copper Project toward a development decision. The combination of a massive existing resource, a new high-grade deep discovery, strong market fundamentals for copper, and a clear path of community and government collaboration positions the Gaspé Copper Project as a globally significant asset in the making.