Osisko Metals' Gaspé Copper Project: A Strategic Bet on North America's Copper Future

The discovery of a 323-meter intersection averaging 0.43% copper at Osisko Metals' Gaspé Project in Eastern Quebec marks a pivotal moment for the company’s ambition to become a cornerstone of North America’s critical minerals supply chain. This intersection, part of a broader drilling campaign targeting over 110,000 meters in 2025, underscores the project’s potential to redefine the region’s mining landscape. With global copper demand surging due to the energy transition, the Gaspé Project’s scale, infrastructure, and strategic positioning could make it a critical asset for investors seeking exposure to the copper boom.

The Geological and Operational Context

The 0.43% Cu over 323 meters intercept, reported in Q1 2025, is part of a larger mineralized zone extending southward toward Needle Mountain. This discovery expands the project’s footprint, demonstrating the deposit’s open-pit potential. While the grade may seem modest compared to high-grade porphyry deposits, the sheer tonnage and continuity of mineralization are critical for bulk-tonnage mining. The Gaspé system already hosts 824 million tonnes of Indicated Resources grading 0.34% CuEq, with 670 million tonnes of Inferred Resources at 0.38% CuEq—a 100-fold increase in Inferred resources since 2023. These numbers, combined with the 2025 drilling program’s goal of converting Inferred resources to higher-confidence categories, suggest a path toward a robust Mineral Resource Estimate (MRE) by Q2 2026.

The project’s infrastructure advantages cannot be overstated. Located near paved roads, hydroelectric power, and port access via the Saint Lawrence River, Gaspé avoids the costly logistical hurdles faced by remote mining projects. This proximity to existing infrastructure lowers capital and operating costs, a key factor in its feasibility. Osisko’s recent acquisition of 199 new claims further expands the exploration footprint, reducing the risk of resource delineation surprises.

Market Dynamics and Copper’s Strategic Role

Copper’s role as a linchpin of the energy transition is well documented. With demand for electric vehicles, solar panels, and grid infrastructure set to grow at a 10.7% CAGR through 2034, the metal’s price outlook remains bullish. Analysts project $10,265/tonne for Q4 2024, with long-term prices supported by a projected supply deficit post-2025.

The Gaspé Project’s timing aligns with this demand surge. With a goal to restart the historic Murdochville mine by 2031, Osisko aims to capitalize on the critical minerals boom. However, the project faces near-term risks, including TC/RC benchmark negotiations, which have collapsed to negative values in late 2024, squeezing margins for miners. Yet, Gaspé’s bulk-tonnage model and low-cost profile could mitigate these pressures.

Governance and Community Engagement: A Model for Modern Mining

Osisko’s collaboration with Quebec’s government and Indigenous communities exemplifies the new paradigm of mining development. The regional economic maximization committee, led by Quebec’s Ministry of Natural Resources, ensures that local businesses and the Mi’gmaq First Nation of Gespe’gewa’gi share in the project’s benefits. Such partnerships reduce regulatory and social risks, critical for projects in environmentally sensitive regions.

Quebec’s 2024–2025 mining roadmap emphasizes sustainable development, aligning with Gaspé’s goals. This regulatory tailwind contrasts with the permitting headaches plaguing projects in other jurisdictions, making Gaspé a safer bet for investors wary of stalled developments.

Valuation and Risks

Osisko’s valuation hinges on the Q2 2026 MRE update, which could boost the project’s economic viability. At current copper prices (~$8,000/tonne), the 824 million tonnes of Indicated Resources alone imply a resource value of $22.3 billion. Even if only a portion of this is mined, the project’s scale justifies optimism.

Risks remain, however. Copper prices could weaken if global growth slows, and the TC/RC benchmark’s instability could eat into margins. Permitting delays, though mitigated by Quebec’s support, are also a concern. Yet, the project’s advanced stage—feasibility studies set for completion by 2027—reduces execution uncertainty.

Conclusion: A Copper Anchor in a Volatile Market

The Gaspé Project’s 323m intercept at 0.43% Cu is more than a geological curiosity—it is a signal of a world-class copper system with the potential to deliver decades of production. Backed by Quebec’s infrastructure, regulatory support, and rising demand for critical minerals, Gaspé could become North America’s answer to the global copper shortage.

For investors, Osisko Metals offers exposure to a high-potential asset at a pivotal moment. With a TSX-listed equity trading at a fraction of its resource value and a clear path to feasibility, the stock could outperform as copper prices rise and the MRE results materialize. The risks are real, but the rewards—$22.3 billion in resources, low logistics costs, and strong community ties—suggest this is a bet worth taking in a copper-starved world.

In a sector where execution is everything, Gaspé’s aggressive drilling, government partnerships, and strategic positioning make it a standout opportunity. As the energy transition accelerates, Osisko is building the infrastructure to supply its raw material of choice: copper.