Osisko Metals
Canadian mining company developing historical zinc, lead, and copper mining properties.
Last updated August 24, 2026
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Overview
Osisko Metals is a Canadian mining corporation focused on the exploration, evaluation, and redevelopment of base-metal properties. Its principal assets are the historical Pine Point zinc-lead mine in the Northwest Territories and the historical Gaspé Copper mine in Quebec. Rather than operating a large portfolio of producing mines, the company’s strategy has centered on advancing previously productive or developed sites toward potential restart, supported by exploration, resource-definition drilling, engineering studies, permitting work, and project financing or partnership arrangements. The company was founded on May 10, 2000, under the name Bowmore Exploration Ltd. It adopted the Osisko Metals name in 2017 following a reverse stock split. The rebranding placed the company within the broader Osisko mining identity while preserving its focus on base metals rather than precious metals. The company is publicly listed under the ticker OM. Pine Point is the company’s principal development project. The property is located near the south shore of Great Slave Lake in the Northwest Territories and comprises the site of a former zinc-lead mining operation. Osisko Metals announced in December 2017 that it would acquire the project through the purchase of Pine Point Mining Ltd.; the transaction closed in February 2018. A 2019 mineral-resource estimate cited potential contained quantities of approximately 5.3 billion pounds of zinc and 2.1 billion pounds of lead. These figures represent an estimate of mineral resources rather than proven production or guaranteed recoverable reserves. The company originally considered an earlier construction schedule, but project work was affected by the COVID-19 pandemic and other development requirements. In 2023, Osisko Metals entered into a $100 million arrangement with Appian Capital Advisory to establish a joint venture for Pine Point. Appian initially received a 60% interest. In February 2024, Osisko Metals agreed to sell an additional 5% interest to Appian for $8.33 million, increasing Appian’s interest to 65%. The joint venture’s stated development objective was to target construction in 2028 and production in 2030, subject to technical, financial, regulatory, infrastructure, market, and other conditions. These dates are development targets, not confirmed operating milestones. The second major property is Gaspé Copper, a past-producing open-pit copper mine in Quebec. In March 2022, Osisko Metals obtained exploration and drilling rights from Glencore and received an option to determine whether to acquire the property after evaluation. The decision deadline was subsequently extended from June 30 to July 8, 2022, and Osisko Metals elected to acquire the property on July 8. The acquisition was completed in July 2023. In February 2024, the company formed a committee to develop a plan for dewatering the former open pit, an important step in assessing the site’s future redevelopment potential. Osisko Metals therefore occupies a development-stage position in the mining sector. Its business is exposed to zinc, lead, and copper prices; exploration and engineering results; permitting and environmental requirements; infrastructure availability; capital requirements; construction execution; community and Indigenous engagement; and broader geopolitical and macroeconomic conditions. The company’s assets are in Canada, but its projects are intended to serve international base-metal markets if they reach production. As of the supplied reference material, Pine Point and Gaspé Copper remain development or evaluation projects rather than operating mines.
History
Osisko Metals was established on May 10, 2000, as Bowmore Exploration Ltd. The company initially operated under that name as an exploration-focused public mining entity. In 2017, it changed its name to Osisko Metals and completed a one-for-three reverse stock split. The change marked the company’s evolution toward a more defined base-metals development identity. A major strategic turning point came in December 2017, when the company announced an agreement to acquire Pine Point Mining Ltd. for $34 million. Through that transaction, Osisko Metals obtained the Pine Point project in Canada’s Northwest Territories. The acquisition closed on February 23, 2018. Pine Point is a historical zinc-lead mining district near Great Slave Lake, and the company’s objective has been to evaluate whether modern exploration, mine planning, processing, and infrastructure could support a new operation. A 2019 mineral-resource estimate indicated potential contained quantities of approximately 5.3 billion pounds of zinc and 2.1 billion pounds of lead. These estimates helped establish Pine Point as the company’s principal development asset, but they did not constitute production or a guarantee that the metals could be economically extracted. At one stage, then-chief executive Jeff Hussey discussed the possibility of building a mine by 2023, subject to market and other conditions. Development was delayed, including as a result of the COVID-19 pandemic. Osisko Metals later pursued a partnership model for Pine Point. In 2023, it announced a $100 million agreement with Appian Capital Advisory, a British private-equity investment firm, to create a joint venture for the project. Appian received a 60% interest. In February 2024, Osisko Metals agreed to transfer a further 5% interest to Appian for $8.33 million, increasing Appian’s position to 65%. The joint venture targeted construction in 2028 and initial production in 2030, subject to the completion of development work and the receipt of required approvals and financing. The company expanded its asset base in Quebec through Gaspé Copper. In March 2022, it secured exploration and drilling rights for the former mine from Glencore, together with an option to decide whether to acquire the property after an evaluation period. The option deadline was moved from June 30 to July 8, 2022. On July 8, Osisko Metals elected to acquire the property, and the transaction was completed in July 2023. Gaspé Copper is a past-producing open-pit copper mine, and its future value depends on exploration, technical evaluation, environmental and water-management work, permitting, and the economics of any potential redevelopment. In February 2024, Osisko Metals formed a committee to prepare a plan for dewatering Gaspé Copper’s former open pit. This work illustrates the company’s development-stage approach: its properties require substantial engineering, environmental, infrastructure, and capital work before any restart could occur. The company’s current identity is consequently that of a Canadian base-metals developer rather than a current producer. Pine Point represents its zinc-lead development platform, while Gaspé Copper provides exposure to a historical copper asset in Quebec.
- 2024
Appian interest in Pine Point rises to 65%
[1]Appian acquired an additional 5% interest for $8.33 million, increasing its joint-venture interest to 65%.
- 2024
Gaspé Copper dewatering committee formed
[1]The company formed a committee to develop a dewatering plan for the former Gaspé Copper open pit.
- 2023
Pine Point joint venture announced
[1]The company entered a $100 million arrangement with Appian Capital Advisory and established a Pine Point joint venture in which Appian held 60%.
- 2023
Gaspé Copper acquisition completed
[1]Osisko Metals completed its acquisition of the former Gaspé Copper mine from Glencore in July.
- 2022
Gaspé Copper exploration rights obtained
[1]Osisko Metals obtained exploration and drilling rights at the historical Gaspé Copper mine from Glencore and received an acquisition option.
- 2019
Pine Point mineral-resource estimate published
[1]A resource estimate reported potential contained zinc and lead quantities of approximately 5.3 billion and 2.1 billion pounds, respectively.
- 2018
Pine Point acquisition completed
[1]The company completed the purchase of Pine Point Mining Ltd. on February 23.
- 2017
Name changed to Osisko Metals
[1]Bowmore Exploration adopted the Osisko Metals name following a one-for-three reverse stock split.
- 2017
Pine Point acquisition announced
[1]Osisko Metals announced a $34 million takeover of Pine Point Mining Ltd. to acquire the Pine Point project.
- 2000
Company founded as Bowmore Exploration Ltd.
[1]The company was founded on May 10, 2000, under the name Bowmore Exploration Ltd.
Products and positioning
A Canadian base-metals developer focused on the potential redevelopment of historical zinc-lead and copper mines.
Base-metal mining project
Pine Point zinc-lead project
Pine Point is a historical zinc-lead mining property in the Northwest Territories. Osisko Metals acquired the project in 2018 and has pursued its redevelopment through resource definition, technical work, and partnership arrangements. A 2019 estimate reported approximately 5.3 billion pounds of potential contained zinc and 2.1 billion pounds of potential contained lead. The project is being advanced through a joint venture with Appian Capital Advisory, which held a 65% interest after a further interest transfer in February 2024. Construction and production dates remain targets subject to development conditions.
Copper mining project
Gaspé Copper project
Gaspé Copper is a historical open-pit copper mine in Quebec. Osisko Metals first obtained exploration and drilling rights from Glencore in 2022 and elected to acquire the property in July of that year; the acquisition closed in July 2023. The company has been evaluating the property’s redevelopment potential. In February 2024, it established a committee to prepare a plan for dewatering the former open pit, an engineering and site-management step relevant to further assessment.
Brand decisions
2024
Additional Pine Point interest sold to AppianM&ABackground
Appian was already the 60% partner in the Pine Point joint venture.
Action taken
Osisko Metals sold Appian a further 5% interest for $8.33 million.
Aftermath
Appian’s interest increased to 65%, further concentrating project ownership at the joint-venture level.
Interest-transfer consideration. Appian held 60% → Appian held 65%; consideration was $8.33 million (February 2024)
2024
Gaspé Copper dewatering planningStrategyBackground
The former Gaspé Copper open pit required water-management planning as part of the property’s redevelopment evaluation.
Action taken
Osisko Metals formed a committee to develop a plan for dewatering the open pit.
Aftermath
The action supported further technical and redevelopment assessment but did not establish that the mine would restart.
2023
Pine Point joint venture with AppianM&ABackground
Pine Point required substantial capital and development work, creating a rationale for a project-level investment partnership.
Action taken
Osisko Metals entered a $100 million arrangement with Appian Capital Advisory and formed a joint venture in which Appian initially held 60%.
Aftermath
The partnership became the principal development structure for Pine Point and set target dates of 2028 for construction and 2030 for production.
Joint-venture arrangement. $100 million (2023)
2022
Election to acquire Gaspé CopperM&ABackground
After obtaining exploration and drilling rights from Glencore, Osisko Metals evaluated whether to exercise its option over the historical Gaspé Copper property.
Action taken
The company elected to acquire the property on July 8, 2022; completion followed in July 2023.
Aftermath
Gaspé Copper became Osisko Metals’ second major historical mine redevelopment asset.
2017
Rebrand and reverse stock splitStrategyBackground
The company formerly known as Bowmore Exploration was repositioning itself around a more defined base-metals development identity.
Action taken
It changed its name to Osisko Metals and carried out a one-for-three reverse stock split.
Aftermath
The transaction established the Osisko Metals corporate identity used for its subsequent Pine Point and Gaspé Copper activities.
2017
Agreement to acquire Pine Point MiningM&ABackground
Osisko Metals sought to obtain a historical zinc-lead mining property with potential for redevelopment.
Action taken
It announced a $34 million takeover of Pine Point Mining Ltd.
Aftermath
The acquisition closed in February 2018, making Pine Point the company’s principal development project.
Transaction value. $34 million (Announced December 2017; completed February 2018)
Recent events
- 2024
Appian increases its Pine Point joint-venture interest[1]
M&A
Osisko Metals agreed to sell Appian an additional 5% interest in the Pine Point joint venture for $8.33 million, raising Appian’s interest from 60% to 65%.
- 2024
Gaspé Copper dewatering planning committee established[1]
Other
Osisko Metals formed a committee to develop a plan for dewatering the open pit at the former Gaspé Copper mine.
- 2023
Osisko Metals and Appian form Pine Point joint venture[1]
M&A
Osisko Metals announced a $100 million arrangement with Appian Capital Advisory for a Pine Point joint venture, in which Appian received a 60% interest.
- 2023
Osisko Metals acquires Gaspé Copper[1]
M&A
Following an exploration and evaluation option, Osisko Metals completed its acquisition of the historical Gaspé Copper mine from Glencore in July 2023.
- 2019
Pine Point resource estimate reports zinc and lead potential[1]
Other
A mineral-resource estimate reported potential contained quantities of approximately 5.3 billion pounds of zinc and 2.1 billion pounds of lead at Pine Point.
- 2018
Pine Point acquisition completed[1]
M&A
Osisko Metals completed its acquisition of Pine Point Mining Ltd. and obtained control of the historical Pine Point zinc-lead project.
- 2017
Osisko Metals announces acquisition of the Pine Point project[1]
M&A
The company announced an agreement to acquire the Pine Point Mine project through a $34 million takeover of Pine Point Mining Ltd.
Sources2 sources
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