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    Does New Gaspé Drill Data Shift the Resource Upside Narrative For Osisko Metals (TSX:OM)?

    Simply Wall St·08/24/2026 15:23:50
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    • Osisko Metals Incorporated recently reported new drilling results from its 2026 program at the Gaspé Copper Project in Québec, including 35 mineralized intercepts from 15 holes that feature both infill and expansion mineralization.
    • An interesting aspect is the dual focus on upgrading Inferred resources to Measured and Indicated categories while also testing lateral expansion beyond the current Whittle pit shell.
    • With copper equivalent grades reported across infill and expansion holes, we will now examine how this drilling progress shapes Osisko Metals’ investment narrative.

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    What Is Osisko Metals' Investment Narrative?

    To own Osisko Metals today, you have to believe that the Gaspé Copper Project can be converted from a very large, technical resource into a financeable mine despite zero revenue and material losses. The latest drill results, with a mix of infill and expansion intercepts, feed directly into the near term catalysts: further upgrades from Inferred to Measured and Indicated, refinements to the mine plan and any eventual development decision. On their own, these results do not transform the story overnight, but they do add incremental support to the existing resource model and the idea of lateral growth beyond the current Whittle pit shell. Against that, the big risks remain unchanged: ongoing cash burn, an expensive valuation versus peers and a relatively new management and board that still need to prove they can execute.

    However, one particular risk around valuation and ongoing dilution is something investors should really understand. Our expertly prepared valuation report on Osisko Metals implies its share price may be too high.

    Exploring Other Perspectives

    TSX:OM 1-Year Stock Price Chart
    TSX:OM 1-Year Stock Price Chart
    Many in the Simply Wall St Community currently converge on a single fair value of CA$2.82, yet the drilling led re rating potential and the company’s lack of profitability suggest that personal assumptions can diverge sharply, so it pays to compare several viewpoints before deciding how this speculative copper story fits into your portfolio.

    Explore another fair value estimate on Osisko Metals - why the stock might be worth as much as 57% more than the current price!

    Form Your Own Verdict

    Disagree with this assessment? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.