NI 43-101 Technical Report ............................................................................................... MINERAL RESOURCE ESTIMATE FOR THE PINE POINT LEAD-ZINC PROJECT Hay River, Northwest Territories, Canada ............................................................................................... Prepared for: By qualified persons: Osisko Metals Inc. Jeffrey Cassoff, P. Eng. ................ BBA Inc. Colin Hardie, P. Eng. ...................... BBA Inc. Pierre-Luc Richard, P. Geo. ........... BBA Inc. Effective Date: December 20, 2018 Signature Date: January 18, 2019; amended and restated January 25, 2019 IMPORTANT NOTICE This report was prepared as a National Instrument 43-101 Standards of Disclosure for Mineral Projects Technical Report for Osisko Metals Incorporated (“Osisko Metals”) by BBA Inc. (BBA), known as the “Report Authors”. The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Report Authors’ services, based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Osisko Metals subject to the terms and conditions of its contract with the report authors and relevant securities legislation. The contract permits Osisko Metals to file this report as a Technical Report with Canadian securities regulatory authorities pursuant to National Instrument 43-101. Except for the purposes legislated under provincial securities law, any other uses of this report by any third party is at that party’s sole risk. The responsibility for this disclosure remains with Osisko Metals. The user of this document should ensure that this is the most recent Technical Report for the property as it is not valid if a new Technical Report has been issued. Pine Point Mining Limited NI 43-101 – Technical Report Pine Point Lead-Zinc Project – Mineral Resource Estimate DATE AND SIGNATURE PAGE This amended and restated technical report is effective as of the 20th day of December 2018. “Original signed and sealed on file” January 25, 2019 Jeffrey Cassoff, P. Eng. Date BBA Inc. “Original signed and sealed on file” January 25, 2019 Colin Hardie, P. Eng. Date BBA Inc. “Original signed and sealed on file” January 25, 2019 Pierre-Luc Richard, P. Geo. Date BBA Inc. JANUARY 2019 BBA Document No.: 6022003-000000-40-ERA-0001-R02 Pine Point Mining Limited NI 43-101 – Technical Report Pine Point Lead-Zinc Project – Mineral Resource Estimate TABLE OF CONTENTS 1. SUMMARY ....................................................................................................................................... 1-1 1.1 Introduction ............................................................................................................................ 1-1 1.2 Property Description, Location and Ownership ...................................................................... 1-2 1.3 Geology, Mineralization and Exploration Model ..................................................................... 1-3 1.4 Status of Exploration and Drilling ........................................................................................... 1-4 1.5 Data Verification ..................................................................................................................... 1-4 1.6 Mineral Processing and Metallurgical Testing ........................................................................ 1-6 1.7 Mineral Resource Estimate .................................................................................................... 1-6 1.8 Interpretation and Conclusions ............................................................................................... 1-8 1.8.1 Mineral Resource Estimate ................................................................................................... 1-8 1.8.2 Exploration Potential ............................................................................................................. 1-8 1.9 Recommendations ................................................................................................................. 1-8 2. INTRODUCTION .............................................................................................................................. 2-1 2.1 Scope of Study ....................................................................................................................... 2-1 2.2 Report Responsibility and Qualified Persons ......................................................................... 2-1 2.3 Effective Dates and Declaration ............................................................................................. 2-3 2.4 Sources of Information ........................................................................................................... 2-4 2.5 Site Visit ................................................................................................................................. 2-5 2.6 Currency, Units of Measure, and Calculations ....................................................................... 2-5 2.7 Acknowledgment .................................................................................................................... 2-5 3. RELIANCE ON OTHER EXPERTS ................................................................................................. 3-1 3.1 Introduction ............................................................................................................................ 3-1 3.2 Mineral Tenure and Surface Rights ........................................................................................ 3-1 3.3 Environmental Studies, Permitting, and Social or Community Impact .................................... 3-1 4. PROPERTY DESCRIPTION AND LOCATION ................................................................................ 4-1 4.1 Mineral Tenure ....................................................................................................................... 4-1 4.2 Royalties and Encumbrances ................................................................................................. 4-2 4.3 Surface Leases ...................................................................................................................... 4-2 4.4 Permitting ............................................................................................................................... 4-3 4.5 Environmental Liabilities ......................................................................................................... 4-3 4.6 Environmental Studies, Permitting, and Social or Community Impact .................................... 4-3 4.6.1 Introduction ........................................................................................................................... 4-3 4.6.2 Environmental Studies .......................................................................................................... 4-4 4.6.3 Permitting ............................................................................................................................. 4-4 4.6.4 Social and Community Impact ............................................................................................... 4-5 JANUARY 2019 i Pine Point Mining Limited NI 43-101 – Technical Report Pine Point Lead-Zinc Project – Mineral Resource Estimate 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES AND INFRASTRUCTURE, PHYSIOGRAPHY ......................................................................................................................................................... 5-1 5.1 Accessibility ............................................................................................................................ 5-1 5.1.1 Road Access......................................................................................................................... 5-1 5.1.2 Climate ................................................................................................................................. 5-2 5.2 Local Resources and Infrastructure........................................................................................ 5-2 5.2.1 Airports, Rail Terminals and Ports ......................................................................................... 5-2 5.2.2 Local Work Force .................................................................................................................. 5-3 5.2.3 Additional Support Services .................................................................................................. 5-3 5.3 Physiography ......................................................................................................................... 5-4 6. HISTORY ......................................................................................................................................... 6-1 6.1 Prior to 1920 ........................................................................................................................... 6-1 6.2 1920 to 1960 .......................................................................................................................... 6-2 6.3 1960 to 2000 .......................................................................................................................... 6-3 6.4 2000 to Today ........................................................................................................................ 6-7 7. GEOLOGICAL