Toronto, August 6, 2020 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) “)”) is pleased to announce it has engaged Mira Geoscience Ltd. (“Mira”) to conduct modelling and exploration targeting over its Alpha property in Val D’Or, Québec, using artificial intelligence (“AI”). O3 Mining seeks to actively minimize exploration risks and mitigate costs by using proven cutting-edge technology.

Mira used drilling and mapping databases, geochemical samples, Induced Polarization (IP), Electromagnetic (EM), magnetic and gravity datasets and other public data, to provide a regional scale targeting model of the Alpha Property to assist with resource expansion and regional exploration. A total of 661,760 metres in 2,400 drill holes, over 2,000 surface assays, 160,000 assays for gold and base metals plus 25,000 multi element assays, 400 line kilometres of IP, 5,500 line kilometres of Mag and over 700 line kilometres of EM were used.

“The Alpha property is an 80 square kilometre property located in the heart of the Val D’Or district hosting approximately 40 historical gold and copper-gold zones in numerous geological environments. Therefore, prioritization of drilling targets is key to maximize probabilities to rapidly discover significant mineral deposits on the property” says Jose Vizquerra, President and CEO of O3 Mining. “The application of the Mira innovative AI methodology is part of an integrated strategy to accomplish this task and come up with the best targets, which in turn will produce the best results and bring the most value to our shareholders.”

The deliverables produced for O3 Mining include the following:

1. Regional scale interpretation including surfaces from structural and stratigraphic modelling from the SKUA platform in the Gocad Mining Suite© software (“GMS”);

2. Intrusion surfaces from unconstrained and geometry inversion of magnetic data;

3. Leapfrog dynamic model; and

4. Targeting voxet with constrained inversion results, geochemistry interpolation, feature engineered variables and prospectivity score results

Using the data populated into a 3D voxet comprising cells of 25m x 25m x 25m, Mira conducted different targeting exercises combining knowledge-driven and data-driven (supervised machine learning) methods. The knowledge-driven exercise combined the experience of O3 Mining’s geologists using an index overlay approach to generate mineralization probabilities throughout the model. The drilling information was used to construct predictive models using a random forest classification approach. Once the predictive model was deemed strong enough in making an accurate prediction on known mineralization, it was applied to the voxet to estimate the likelihood of each cells to be mineralized. By combining the different prospectivity scores produced by the targeting exercises, Mira produced a set of mineral prospectivity indices (MPI) for the different types of mineralization observed on the Alpha Property (Figure 1).

In parallel with the collaborative work with Mira, O3 Mining is currently executing a stripping campaign on selected mineralized areas to improve understanding of the geology and mineralization controls within the four sectors on the property.  The results are fed back into the Mira modelling to ensure that the AI process is supported with verified field observations.

This work started in June 2020 and will extend into September 2020.  The results will be made public once the program is completed and full assay results are processed.  O3 Mining believes that the combined Mira modelling, the in-depth knowledge of the property geology and the results of the stripping campaign will provide a strong base to the upcoming aggressive 150,000 metre drilling campaign slated to be executed between September 2020 and April 2021.

About the Alpha Property

The Alpha property is located 5 kilometres (km) southeast of Val D’Or, Quebec, in the prolific,    gold endowed  Abitibi Subprovince of Canada. The property has been explored by various operators since the 1930’s with more than 2,400 drill holes completed since that time. The property is comprised of 8,325 hectares of contiguous of claims owned 100% by O3 Mining and 91 hectares   in 6 claims under option from Golden Valley Mines Ltd., of which O3 has the option to acquire 80% interest.

 Geologically, the Alpha property encompasses four major mineralized structures. The dominant feature underlying the property is the Cadillac Larder-Lake Break; a regional fault zone that separates metasedimentary rocks of the Pontiac Group on the south side from predominantly volcanic rocks on the north. Within the volcanic rocks, the property hosts atypical skarn mineralization related to brecciated structures surrounding the East Sullivan pluton and the

Callahan intrusion. It also contains the southeastern end of the Sigma-Lamaque corridor where gold mineralization is related to quartz tourmaline veins in small intrusion bodies. The fourth structure is the Anamaque gabbroic sill, which hosts the former Simkar mine. This large property package hosts a variety of geological environments favourable for gold mineralization, including those, which are known elsewhere to host large gold deposits.

About Mira Geoscience Ltd.

Mira Geoscience stands for technology and solutions for the best geoscience-based business decisions. Since 1999, Mira has pioneered the application of advanced geological modelling, 3D-GIS technology, and 4D multi-disciplinary data management in the mining industry through the integrated “Common Earth Model”. Mira supplies the mining industry with practical and cost-effective multi-disciplinary 3D and 4D modelling and data management solutions for mineral exploration and geotechnical hazard assessment. Mira believes in the power of knowledge, data, and technology integration to address clients’ geoscience-based challenges. An approach based on the strength of committed commercial, technology, and R&D partnerships. Mira’s team deploys best-in-class technology for the integrated interpretation of geological, geophysical, geochemical, and geotechnical data.Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved byMr. Sébastien Vigneau. (OGQ #993), Exploration Manager, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About O3 Mining Inc.

O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.

 O3 Mining is well-capitalized and holds a 100% interest in properties in Québec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining controls 61,000 hectares in Val D’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Faut. O3 Mining also has a portfolio of assets in the James Bay and Chibougamau regions of Québec.

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, projections, and interpretations as at the date of this news release. The information in this news release about the transaction; 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, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “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 and estimates of management of the Corporation, 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 companies 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 restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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 parties cannot assure shareholders and prospective purchasers of securities 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 Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation 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.

For further information on O3 Mining, please contact:

José Vizquerra Benavides

President, CEO and Director

Telephone: (416) 363-8653