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    Osisko Metals (TSX:OM) Drill Update Keeps Valuation Questions Front And Center

    Simply Wall St·09/13/2026 22:17:11
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    Osisko Metals (TSX:OM) is back in focus after fresh analytical results from its 2026 drill program at the Gaspé Copper Project, outlining both infill hits and new out of pit mineralization extensions.

    At a latest share price of CA$1.75, Osisko Metals has seen a 6.71% 1-day share price return and is up 121.52% year to date. The 1-year total shareholder return of 332.10% and the very large 3-year and 5-year total shareholder returns suggest momentum that recent Gaspé drill results and the early September trading spike may be reinforcing rather than creating from scratch.

    Scan the copper story beyond Osisko Metals by reviewing a curated 30 top copper producer stocks that are already attracting attention from investors watching drill results and emerging resource upgrades.

    Osisko Metals has already delivered a huge run for anyone on board early. After this move and the fresh Gaspé results, does the balance of risk and potential reward still lean toward new buyers, once valuation enters the frame?

    Price to Book Of 40x For Osisko Metals: Is It Justified?

    On a simple yardstick, Osisko Metals now trades on a P/B of 40x, which is rich compared to both its direct peers and the broader Canadian metals and mining group.

    P/B compares a company's market value to its net assets on the balance sheet. For a pre revenue explorer like Osisko Metals, that ratio often reflects expectations for the resource base and future project economics rather than current earnings.

    Against that backdrop, the current 40x P/B is high against the peer average of 5.3x and even further above the Canadian metals and mining industry average of 2.7x. That gap indicates the market is paying a premium for Gaspé Copper and the wider portfolio, with little margin for disappointment if project timelines, funding or resource conversion do not match current enthusiasm.

    Result: Price to book ratio of 40x (OVERVALUED).

    See what the numbers say about this price in our valuation breakdown See what the numbers say about this price — find out in our valuation breakdown.

    Still, the story can change quickly if future Gaspé drilling underwhelms, or if funding needs dilute existing holders at current valuation levels.

    Find out about the key risks to this Osisko Metals narrative.

    Next Steps

    Momentum like this around Osisko Metals can feel exciting, but the mix of concerns and potential upside is exactly why your own judgment matters. Take a closer look at the detailed breakdown of 2 key rewards and 4 important warning signs

    Want more investment ideas beyond Osisko Metals?

    If Osisko Metals has your attention, use that momentum. Direct it into a broader watchlist so you are not relying on a single copper story.

    This can be a useful moment to expand your research using the Simply Wall St Screener, before the next wave of setups attracts even more competition.

    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.