Osisko Metals Incorporated plans to create a new exploration spin-out company named Osisko Critical Minerals Corporation to hold and develop a portfolio of non-core mineral properties in New Brunswick.

The proposed transaction will transfer an aggregate of 2,972 claim units covering approximately 645 square kilometres into the standalone vehicle, alongside three assigned option agreements. Osisko Metals intends to explore financing alternatives for the new entity while retaining a minority interest upon completion. The spin-out is designed to allow the capital markets to value the New Brunswick properties independently while enabling Osisko Metals to concentrate on advancing its flagship Gaspé Copper mine located near Murdochville in Québec’s Gaspé Peninsula. In addition to Gaspé Copper, Osisko Metals is advancing the Pine Point zinc-lead project in the Northwest Territories through a joint venture with Appian Capital Advisory LLP.

The assets being transferred to Osisko Critical Minerals Corporation include the NB Copper Project and holdings within the Bathurst Mining Camp, such as the Key Anacon deposit. Finalisation of the arrangement remains subject to several conditions, including the completion of legal, tax and financial structuring analyses, determination of funding terms, and required regulatory approvals. John Burzynski will lead the new entity as Chief Executive Officer.

“We are excited by the prospect of this new copper and critical minerals exploration company and the assets it brings forward. New Brunswick has been home to major metal deposits in the past, and we believe there is excellent potential for defining a significant mineralized bulk-tonnage porphyry-skarn deposit on OCMC’s assets. Historically there has been no exploration for these systems in northern New Brunswick, despite a near-identical geological setting and the relatively close proximity to the Gaspé Copper Project. Much as the Osisko companies redefined gold exploration in Québec with our past work at Canadian Malartic and at Windfall, we believe there is significant untested potential on the assets that will be transferred to OCMC, which could lead to the discovery of new copper deposits in New Brunswick. Plans for OCMC will include an aggressive exploration program and drilling, planned to start following the conclusion and financing of the transaction .”

— John Burzynski, Chief Executive Officer

The company is focused on advancing its flagship project, the past-producing Gaspé Copper mine located near Murdochville in Québec's Gaspé Peninsula, while Osisko Critical Minerals Corporation prepares to commence exploration following the completion and financing of the transaction.

Read the full announcement: Osisko Metals to Create New Critical Minerals Company