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O3 MINING ANNOUNCES NORMAL COURSE ISSUER BID

Published: Oct. 4, 2022 at 4:00 PM EDT

TSXV:OIII | OTCQX:OIIIF - O3 Mining

TORONTO, Oct. 4, 2022 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX:
OIIIF) ("O3 Mining" or the "Corporation") is pleased to announce that the TSX
Venture Exchange (the "Exchange") has accepted the Corporation's notice to
implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up
to 4,921,389 of its common shares (the "Shares"), representing approximately 10%
of the Corporation's "public float".


Download Press Release (CNW Group/O3 Mining Inc.)

The Corporation has received approval from the Exchange to commence the NCIB on
October 7, 2022 and continue to October 6, 2023, or earlier in the event that
the Corporation has acquired the maximum number of Shares that may be purchased
under the NCIB. The Corporation may also terminate the NCIB earlier if it feels
it is appropriate to do so.

The NCIB will be made through the facilities of the Exchange and the purchase
and payment for the Shares will be made in accordance with the Exchange
requirements at the market price of the Shares at the time of acquisition. All
Shares purchased by the Corporation under the NCIB will be cancelled. The
Corporation repurchased 619,100 Shares on the Exchange under its prior normal
course issuer bid, which expired on September 30, 2022.

The Corporation has engaged CIBC World Markets Inc. to act as its agent to
conduct the NCIB transactions.

Management believes that the Shares have been trading in a price range which
does not adequately reflect their value and that the purchase of the Shares
under the NCIB is in the best interests of the Corporation, a desirable use of
its available cash, and will enhance shareholder value in general.

To the knowledge of the Corporation, no director, senior officer or other
insider of the Corporation currently intends to sell any shares under the NCIB.

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer
on the road to produce from its highly prospective gold camps in Québec, Canada.
O3 Mining benefits from the support, previous mine-building success, and
expertise of the Osisko team as it grows towards being a gold producer with
several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties
(66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV:
OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering
superior returns to its shareholders and long-term benefits to its stakeholders.
Further information can be found on our website at https://o3mining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of
the applicable Canadian securities legislation that is based on expectations,
estimates and projections as at the date of this news release. The information
in this news release about the NCIB; the intentions of the Company to purchase
Shares under the NCIB; the beliefs of management regarding the trading and value
of the Shares; and any other information herein that is not a historical fact
may be "forward-looking information". Any statement that involves discussions
with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "budget", "scheduled",
"forecasts", "estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are not statements
of historical fact and may be forward-looking information and are intended to
identify forward-looking information. This forward-looking information is based
on reasonable assumptions, including the assumptions listed below, and estimates
of management of the Company, at the time it was made, involves known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among others, risks
relating to the volatility in the trading price of the Shares of the Company;
the ability of the Company to implement the NCIB; the ability of the Company to
complete further exploration activities, including drilling; property interests;
the results of exploration activities; risks relating to mining activities; the
global economic climate; metal prices; dilution; environmental risks; and
community and non-governmental actions. The key assumptions that have been made
in connection with the forward-looking statements include the following: the
price of the Shares not adequately reflecting the value of the Company; the
number of Shares to be repurchased for cancellation under the NCIB; and
generating value for the shareholders of the Company.  Although the
forward-looking information contained in this news release is based upon what
management believes, or believed at the time, to be reasonable assumptions, the
Company cannot assure shareholders and prospective purchasers that actual
results will be consistent with such forward-looking information, as there may
be other factors that cause results not to be as anticipated, estimated or
intended, and neither the Company nor any other person assumes responsibility
for the accuracy and completeness of any such forward-looking information. The
Company does not undertake, and assumes no obligation, to update or revise any
such forward-looking statements or forward-looking information contained herein
to reflect new events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.


O3 Mining Inc. logo (CNW Group/O3 Mining Inc.)(PRNewswire)

View original content to download multimedia:

HTTPS://WWW.PRNEWSWIRE.COM/NEWS-RELEASES/O3-MINING-ANNOUNCES-NORMAL-COURSE-ISSUER-BID-301640858.HTML

SOURCE O3 Mining Inc.

The above press release was provided courtesy of PRNewswire. The views, opinions
and statements in the press release are not endorsed by Gray Media Group nor do
they necessarily state or reflect those of Gray Media Group, Inc.



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