Glencore Canada Converts US$25M Convertible Debenture of Osisko Metals

On July 13, 2026, Glencore Canada Corporation ("Glencore Canada") completed the conversion of its US$25 million senior secured convertible debenture of Osisko Metals Incorporated ("Osisko Metals") dated July 14, 2023 into units of Osisko Metals, with each unit consisting of one common share of Osisko Metals and one-half of one common share purchase warrant of Osisko Metals. The conversion of the initial principal amount of US$25 million, together with approximately US$7.6 million of capitalized and uncapitalized, unpaid and accrued interest thereunder, resulted in the issuance of common shares and warrants of Osisko Metals to Glencore Canada. Glencore Canada has also elected to exercise, on a cashless basis, all warrants issued pursuant to the conversion of the initial principal amount of the debenture. Following the completion of the conversion and the warrant exercise, Glencore Canada beneficially owned or controlled approximately 128.1 million common shares and 3.4 million warrants, then representing approximately 14.4% of Osisko Metals' issued and outstanding common shares on a non-diluted basis and approximately 14.7% of Osisko Metals' issued and outstanding common shares on a partially-diluted basis.

Glencore Canada is a wholly-owned indirect subsidiary of Glencore plc, one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities.

Osisko Metals is a Canadian exploration and development company engaged in the critical metals sector, with a focus on copper and zinc.

McCarthy Tétrault LLP advised Glencore with a team led by Adam Taylor, Charles-Antoine Soulière and Konstantin A. Sobolevski that included Annie Poirier-Simard (Business).