CIBC report on OSK new gold zoneOSISKO MINING INC. New Gold Zone Discovery Proximal To Lynx 4 Our Take: Positive Osisko Mining reported that expansion drilling in the Lynx 4 area at its Windfall project has defined a new sub-vertical zone. The new mineralization is defined by 18 intercepts over an area measuring 200m by 300m, and remains open for further expansion. This new zone is located outside the January 2022 mineral resource estimate. We view this update positively, as it highlights the continued potential for resource growth. Recall, in the prior year, the Golden Bear discovery was made about 1km from Windfall, with highlight intercepts including 67.1g/t over 2.0m, 62.2g/t over 2.0m and 38.7g/t over 2.2m. That being said, we do not believe that either Golden Bear or the new zone proximal to Lynx 4 will be delineated sufficiently to be included in the feasibility study expected in H2/22, a key milestone, in our view. We expect that the January 2022 resource update (3.2Moz of M&I resource at 10.5g/t Au and 3.6Moz of Inferred resource at 8.6g/t Au) will be refreshed with the feasibility update and that M&I category should host between 3.8Moz and 4.0Moz. In our view, this supports our discounted cash flow (DCF) model and $6.25 price target, which factors in 3.5Moz at 8.0g/t into a mineable resource. At spot prices, OSK trades at 0.7x NAVPS, slightly ahead of peers at 0.6x. We view Osisko as a large-scale, high-grade project in a premier jurisdiction, and expect that it should trade at a premium to peers. New Zone Highlight Intercepts: High-grade mineralization typical of the Lynx area defines the new zone, with disseminated pyrite associated with strong pervasive silica alteration hosted in a sericitized rhyolite. Highlight drill results are detailed below; true widths are estimated at 55%-80% of the reported core length interval: 60.7g/t Au over 5.0m 76.4g/t Au over 3.6m 30.5g/t Au over 2.0m Potential Catalysts: Below we highlight expected catalysts leading up to the feasibility study later in 2022. Windfall assay results, infill and expansionary (ongoing). Triple Lynx bulk sample (~5,000t) reconciliation (Q2/22E); we understand mining of the sample will be done in Q1/22 and processing in Q2/22; recall, prior bulk samples reconciled +89%, and +26% to the block model. Windfall feasibility study (H2/22E). Outperformer OSK-TSX, Sector: Materials Current Price (3/22/22): C$4.03 Price Target (12-18 mos.): C$6.25 Bryce Adams Banu Nadarajah, CPA, CA All figures in Canadian dollars unless otherwise stated. New Gold Zone Discovery Proximal To Lynx 4 - March 23, 2022 2 Exhibit 1: Osisko Mining – New Gold Zone Discovery Highlight Intercepts, March 2022 Source: Company reports. Price Target Calculation Our 12- to 18-month price target of $6.25 is calculated at 1.2x P/NPV5% ($5.14) using our deck prices. Key Risks To Price Target Our price target is based on mine operations continuing without interruptions. Mining is an inherently risky business, where technical, political and human issues can influence operations. We consider the following as risks to our derived price target: commodity prices, development risk, development delays, operational and technical risk, environmental risk, financing, and foreign exchange risk.