Osisko Metals Incorporated provided positive results from the ongoing hydrogeological modelling and its application to dewatering costs at the Pine Point Project, located in the NWT, Canada. A new 3D hydrogeological model was created and has yielded significant reductions in the estimated water inflow rates into the proposed open pit and shallow underground mines, relative to the estimates in the July 2020 PEA study. Reduction in dewatering costs was estimated for a portion of the project, specifically in a sub-zone of the Main Zone known as the C1 Cluster, which includes, potentially, three open pit and two underground production areas. The cost reductions are achieved by the aggregate effect of dewatering across all six production areas in the C1 Cluster; since dewatering in the deepest area will reduce the amount of ground water to be extracted from adjacent production areas. The ultimate objective is to focus on a given cluster to maximize mining efficiency and thereby reduce the volumes of water to manage. The integrated mining and hydrogeological modelling will be an iterative process. As the 2021 field data is being integrated into the model, the same analysis will then be applied to all ten pit clusters on the project. The results will be included in the PEA Update scheduled for release in first quarter 2022. A total of 25 of 31 water wells were surveyed with Profile Tracer Testing (?PTT?), consisting of mixing a tracer in the borehole without inducing any stress, followed by monitoring the tracer dilution within the same hole. This allows for accurate identification of water-bearing sources, including structural discontinuities, and their flow characterization.