Osisko Metals Incorporated : Management Discussion & Analysis for the three-month and six-month periods ended June 30, 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED

JUNE 30, 2022

OSISKO METALS INCORPORATED

Management's Discussion & Analysis

For the three-month and six-month periods ended June 30, 2022

The following management discussion and analysis (the "MD&A") of the operations and financial position of Osisko Metals Incorporated ("Osisko Metals" or the "Company") for the three-month and six-month periods ended June 30, 2022, should be read in conjunction with Osisko Metals' audited consolidated financial statements as at and for the year ended December 31, 2021 (the "Annual Financial Statements"). The MD&A is intended to supplement and complement the Company's unaudited condensed consolidated interim financial statements and related notes as of June 30, 2022, and for the three-month and six-month periods ended June 30, 2022 and 2021 (the "Financial Statements").

The Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Consequently, all comparative financial information presented in the MD&A reflects the consistent application of IFRS.

Osisko Metals' management ("Management") is responsible for the preparation of the financial statements and other financial information relating to the Company included in this MD&A. The Board of Directors (the "Board") is responsible for ensuring that Management fulfills its responsibilities for financial reporting. In furtherance of the foregoing, the Board has appointed an Audit Committee composed entirely of independent directors. The Audit Committee meets with Management in order to discuss results of operations and the financial condition of the Company prior to making recommendations and submitting the financial statements to the Board for its consideration and approval for issuance to shareholders. The information included in the MD&A is as of August 11, 2022, the date when the Board approved the Financial Statements, following the recommendation of the Audit Committee. All monetary amounts included in this report are expressed in Canadian dollars ("$CDN"), the Company's reporting and functional currency, unless otherwise noted. The MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Cautionary Statement Regarding Forward-Looking Statements" section.

Table of Contents
Business Description	3
Highlights	3
Exploration and Development Assets	4
Independent Qualified Persons	17
Results of Operations	23
Liquidity and Capital Resources	23
Quarterly Information	24
Description of Financing Transactions, not already discussed	24
Outlook	25
Related Party Transactions	26
Commitments and Obligations	26
Off-balance Sheet Items	26
Outstanding Share Data	26
Risk Factors	26
Financial Risks	29
Internal Control Disclosure	29
Basis of Presentation of Financial Statements	30
Critical Accounting Estimates and Judgments	30
Financial Instruments	30
Additional Information	30
Cautionary Statement Regarding Forward-Looking Statements	30
Corporate Information	31

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OSISKO METALS INCORPORATED

Management's Discussion & Analysis

For the three-month and six-month periods ended June 30, 2022

Business Description

The Company was incorporated under the provisions of the Business Corporations Act (Alberta) on May 10, 2000 and obtained a listing pursuant to the policies of the TSX Venture Exchange ("TSXV") on August 22, 2001. Since May 2017, the Company is registered under the Business Corporations Act (British Columbia). The Company's shares are listed under the symbol "OM" on the TSXV, under the symbol "OB5" on the Frankfurt Stock Exchange and under the symbol "OMZNF" on the OTCQX Best Market (the "OTCQX").

Osisko Metals is an exploration and development company focused on base metal projects located in Canada. The Company's objective is to position itself in proven mineral jurisdictions with rich mineral endowment, proven metallurgy, infrastructure, friendly regulatory structure and political stability. The Company's vision is to become a leading base metals development company in Canada.

The Company controls one of Canada's premier past-producing zinc mining camps, the Pine Point Project (the "Pine Point Project"), located near Hay River in the Northwest Territories ("Hay River"). On July 30, 2020, Osisko Metals filed on SEDAR, a National Instrument 43-101,Standards of Disclosure for Mineral Projects ("NI 43-101") independent Preliminary Economic Assessment (the "2020 PEA" or "Pine Point PEA"), entitled "Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada" at the Pine Point Project.

Highlights

• On February 25, 2022, the Company finalized an agreement with Osisko Gold Royalties Ltd ("OGR"), pursuant to which OGR was granted a further 1.0% net smelter returns ("NSR") royalty on the Pine Point Project in exchange for cash consideration of $6.5 million.
• On March 25, 2022, the Company signed a binding term sheet with Glencore Canada Corporation, a subsidiary of Glencore plc ("Glencore"), providing Osisko Metals with an option (the "Gaspé Option") to acquire a 100% interest in the past-producing Gaspé Copper Mine (the "Gaspé Copper Project"), located near Murdochville, Quebec, for US$25 million, to be paid by Osisko Metals by way of a convertible note issued to Glencore upon the successful closing of the transaction and a cash payment of US$20 million, payable upon start of commercial production.
• On April 12, 2022, the Company announced the commencement of a drill program at the Gaspé Copper Project.
• On June 13, 2022, Osisko Metals filed a technical report in accordance with NI-43-101 in connection with the initial Inferred Mineral Resource Estimate ("MRE") at Mount Copper as part of the Gaspé Copper Project.
• On June 16, 2022, the Company completed a $12.7 million bought deal private placement of flow-through shares and flow-through units (the "Offering").

Highlights - Subsequent to June 30, 2022

• On July 11, 2022, Osisko Metals announced it entered into definitive documentation with Glencore for the Gaspé Option granted to the Company to acquire the Gaspé Copper Project. In addition, the Company provided notice of its exercise of the Gaspé Option to Glencore.
• On July 13, 2022, the Company released the results of the Pine Point Project's updated Preliminary Economic Assessment (the "2022 PEA").
• On August 4, 2022, Osisko Metals announced initial drilling results from the Gaspé Copper Project.

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OSISKO METALS INCORPORATED

Management's Discussion & Analysis

For the three-month and six-month periods ended June 30, 2022

Exploration and Development Assets

The Company has interest in mining claims located in the Northwest Territories, the Province of New Brunswick and the Province of Quebec. The Company has incurred the following expenditures on advancing its exploration and evaluation ("E&E") assets for the six-month period ended June 30, 2022 ("YTD-2022"):

	Balance -		Analysis/	Environ./		Income tax	Balance -
		Tech.	Community		June 30,
Property	Jan. 1, 2022	Geology	studies	relations	Drilling	credits/Other	2022
	$	$	$	$	$	$	$
Gilmour South	4,446,414	-	-	-	-	7,195	4,453,609
Key Anacon	4,939,937	-	-	-	-	-	4,939,937
Mount
Fronsac	1,564,291	-	-	-	-	-	1,564,291
Gaspe Copper	-	221,641	479,662	29,595	4,274,357	(918,299)	4,086,956
Pine Point	45,414,851	342,534	777,553	488,130	5,024,295	4,705	52,052,068
Total	56,365,493	564,175	1,257,215	517,725	9,298,652	(906,399)	67,096,861

Gaspé Option with Glencore

On March 25, 2022, Osisko Metals signed a binding term sheet with Glencore (together, with the Company, the "Parties"), with respect to a purchase agreement (the "Purchase Agreement"), which, if entered into, would provide Osisko Metals with the Gaspé Option to acquire a 100% interest in the Gaspé Copper Project for consideration comprising: (i) a US$25 million convertible note (the "Note") issued to Glencore at successful closing of this transaction, (ii) a cash payment of US$20 million payable to Glencore upon the start of commercial production at the Gaspé Copper Project, and (iii) certain offtake right and royalties in favour of Glencore as outlined below.

The Note will bear interest at a rate equal to the Secured Overnight Financing Rate (SOFR) + 4%, payable annually, subject to a right by Osisko Metals to defer the payment of interest until the maturity date, and unless converted before then and subject to events of default and certain acceleration rights, the principal shall be repaid in totality at a date that is 36 months from the closing of the transaction.

The Note will be convertible by Glencore into units of Osisko Metals (each, a "Unit") at a price of $0.40 per Unit. Each Unit will consist of one common share and a one-half common share purchase warrant of Osisko Metals. Each whole warrant will entitle Glencore to acquire one common share at a price of $0.46 per common share for a period of three years following the closing of the Gaspé Option transaction. In addition, Glencore will retain a 1% NSR on the historical Mount Copper open pit ("Mount Copper") and a 3% NSR on all other mineral products extracted from this property.

Transaction Overview

The Gaspé Option grants Osisko Metals the exclusive right to acquire a 100% interest in the Gaspé Copper Project, subject to the following terms:

• Incurring drilling costs of $5 million to test oxidation levels within the mineralization that surrounds Mount Copper and providing a letter indicating its intent to exercise the Gaspé Option by June 30, 2022 (the "Acquisition Election Notice"); and
• Completion by the Parties of all necessary due diligence inquiries and negotiating any outstanding matters by the Parties.

Effective June 30, 2022, the Parties agreed to extend to July 8, 2022, the time for exercise of the Gaspé Option. On July 11, 2022, Osisko Metals announced it entered into definitive documentation with Glencore for the Gaspé Option granted to the Company to acquire the Gaspé Copper Project. In addition, the Company provided to Glencore the Acquisition Election Notice to Glencore. The Parties would have three months from the date of this notice to close the transaction (which is expected to occur on or before September 30, 2022).

As part of the transaction terms, Osisko Metals will also be required to incur a total of $55 million in exploration and development expenditures, including permitting expenditures, over a period of four years from March 25, 2022, with a minimum of $20 million to be incurred within the first two years from March 25, 2022. Glencore will retain a commercially reasonable offtake for 100% of concentrates produced during the renewed life of mine at the Gaspé Copper Project.

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OSISKO METALS INCORPORATED

Management's Discussion & Analysis

For the three-month and six-month periods ended June 30, 2022

The Gaspé Option and acquisition by Osisko Metals of a 100% interest in the Gaspé Copper Project remain subject to, among other things, the satisfaction or waiver of certain closing conditions, including approval of the TSXV.

Gaspé Copper Project Inferred Mineral Resource Estimate

On June 13, 2022, the Company filed an initial Inferred MRE at Mount Copper as part of the Gaspé Copper Project (see press release dated April 28, 2022, entitled, "Osisko Metals Announces Maiden Resource at Gaspé Copper - Inferred Resource of 456Mt Grading 0.31% Copper"). This resource is pit-constrained to mineralization surrounding the past-producing Mount Copper open pit mine ("Mount Copper Expansion Project") and uses a base case of US$3.80/lb copper and a lower cut-off grade of 0.16% sulfide copper. It was estimated using data from historical drilling completed between the 1960's and 2019 and the MRE base case is as follow:

		Grade Copper	Strip	Contained Copper Metal
Classification	Tonnage	Ratio
		Total (%)*	Sulphide (%)		Pounds	Metric Tonnes
Inferred	456 Mt	0.351	0.310	1.98 3,113,000,000	1,412,000

1. The independent Qualified Person ("QP") in accordance with NI 43-101 standards.for this MRE statement is Yann Camus, Eng., SGS Canada Inc. ("SGS").
2. The effective date is April 12, 2022.
3. CIM (2014) definitions were followed for MRE.
4. No economic evaluation of the MRE has been produced.
5. SGS is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the MRE.
6. *Total copper includes acid-soluble oxidized copper plus sulfide copper. Contained copper includes sulfide copper only.

Highlights:

• At 1.41 million tonnes (3.1 billion pounds) of contained copper, the Mount Copper Expansion Project hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
• The mineralization geometry surrounds the former open pit mine with a strip ratio that is currently estimated at 1.98.
• The Whittle pit-constrained MRE is limited to the sulfide copper mineralization only that surrounds the Mount Copper historical open pit. All oxide mineralization is being treated as zero value waste at the present time.
• A planned 30,000 metre drill program may reduce strip ratio, reduce the oxide/sulfide ratio in the resource model and hence improve the sulfide grade. Additionally, potential for by-product silver and molybdenum exists and will be defined with this current drill program.

Drill Results at Gaspé Copper Project

On August 4, 2022, Osisko Metals announced initial drilling results from the Gaspé Copper Project. Infill drilling at the Mount Copper deposit has thus far demonstrated a limited extent of oxidation and significant mineralization beyond the currently modeled (pit-constrained) Inferred MRE.

Highlights include:

• Of the sixteen drill holes reported below, fourteen extended disseminated/stockwork copper-silver mineralization outside the current pit-constrained resource model, including up to 170 metres in drill hole 30- 0991 below the currently designed pit floor. All fourteen holes ended in mineralization above or within the C Zone skarn horizon.
• Drill hole 30-0977, located 142.0 metres south of the modelled pit, intersected 375.3 metres grading 0.20% Cu and 1.31g/t Ag. This hole stopped in mineralization and can be extended if warranted.
• Drill hole 30-0985 intersected 528.0 metres grading 0.26% Cu and 1.72g/t Ag, including 46.5 metres grading 1.1% Cu and 6.19g/t Ag in skarn-style disseminated mineralization in the C Zone. This hole extends 122.0 metres below the currently designed pit floor and stopped in mineralization.

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