OBNNF - Osisko Mining: Trading At A Deep Discount To Fair Value

• Osisko Mining has had another incredible year for exploration success, adding meaningful ounces at Windfall, and making a new regional discovery north of its focus area.
• The company has a busy 9 months ahead, with an updated resource due soon, a bulk sample at Triple Lynx, and a Feasibility Study which will kick-off the permitting phase.
• Based on my estimated fair value of ~$1.70 billion for Windfall when factoring in exploration upside and a conservative valuation of 0.80x P/NAV, I see significant upside from current levels.
• Given Osisko's scarcity value as a high-grade project with ~300,000-ounce per annum potential at sub $750/oz costs in a Tier-1 jurisdiction, I would view sharp pullbacks as buying opportunities.

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