Name of the Project
Cariboo gold project.

Location
Wells-Barkerville mining camp, in the District of Wells, British Columbia, Canada.

Project Owner/s
Gold developer Osisko Development.

Project Description
The Cariboo gold project is an extremely scarce asset, with measured and indicated resources totalling 14.6-million ounces grading 3.33 g/t gold, and 15.47-million ounces in the inferred resource category grading 3.44 g/t gold. Probable reserves are estimated at 16.7-million tonnes grading 3.78 g/t gold.

A feasibility study, released in early 2023, envisions a robust and scalable underground operation expected to produce about 1.87-million ounces of gold over a 12-year mine life. Peak production is expected to reach up to 223 000 oz/y and an average of 194 000 oz/y during Phase 2 at a processing rate of 4 900 t/d.

Potential Job Creation
The project will create significant employment opportunities, with 634 workers expected to be employed during the construction period and up to 488 employees during peak steady-state operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of C$502-million and an internal rate of return of 20.7%.

Capital Expenditure
Preproduction capital expenditure is estimated at C$137.3-million. Expansion capital is estimated at C$451.1-million.

Planned Start/End Date
Full-scale construction is expected to start in the second half of 2025, with a targeted project completion by the end of 2027.

Latest Developments
In December 2024, Osisko received Environmental Management Act (EMA) permits, marking the completion of the permitting process. The permits, issued following a thorough review by the British Columbia Major Mines Office, include permissions for mining, reclamation and environmental management activities for the mine site complex, QR mill and Bonanza ledge.

“. . . together with the Mines Act permits . . . the Cariboo Gold project [is] in the enviable position of being construction and operation ready,” Osisko founder, chairperson and CEO Sean Roosen said in a statement.

Ongoing bulk sample and underground development work is set for completion in the first quarter of 2025, with an optimised feasibility study expected in the second quarter. Full-scale construction could start in the second half of 2025, with project completion targeted by the end of 2027.

However, the Cariboo project still faces opposition from the Xatśūll First Nation, who have previously expressed concerns about potential environmental and cultural impacts, including effects on the Southern Mountain subspecies of the Barkerville Woodland caribou herd. The First Nation has stated that negotiations with Osisko have resulted in “very minimal progress” and is urging the company to reach an agreement before further steps are taken.

Key Contracts, Suppliers and Consultants
Allnorth Consultants; BBA; InnovExplo; Golder Associates; Mining Plus Canada Consulting; SRK Consulting; and WSP Canada (preliminary economic assessment).

Contact Details for Project Information
Osisko Development, tel +1 888 974 1402 or email info@osiskodev.com.