Name of the Project
Cariboo gold project.

Location
British Columbia, Canada.

Project Owner/s
North American gold development company Osisko Development Corp.

Project Description
The project is envisioned as a traditional underground operation using mechanised longhole open stoping to extract ore from gold-bearing vein corridors – a complicated network of mineralised quartz veins predominantly hosted within unmineralised sandstone.

Underground mining will target five mineralised zones along 4 400 m of strike, accessed by two ramps – the currently operational Cow portal and the new Valley portal. 

Each zone includes several vein systems extending to a vertical depth of about 650 m. 

The April 2025 optimised feasibility study estimates average production of about 190 000 oz/y of gold over a ten-year mine life, and 202 000 oz over the first five years. Peak throughput is put at 4 900 t/d. 

The feasibility study proposes ore beneficiation to be exclusively completed at the mine site complex. This would produce saleable gold doré from a gravity concentrate and about 66 t/d of high-grade flotation concentrate averaging about 133 g/t gold.

Significant opportunities exist to potentially enhance project economics and extend the life-of-mine through conversion of mineral resources adjacent to mineral reserves through infill drilling.

Potential Job Creation
The optimised feasibility study shows strong support for local employment, with up to 613 direct jobs expected to be created during peak construction and 525 permanent jobs during operations.

Net Present Value/Internal Rate of Return
Using a base case gold price of $2 400/oz, the feasibility study estimates a net present value, at a 5% discount rate, of $943-million and an internal rate of return of 22.1%, with payback from commercial production estimated at 2.8 years.

Capital Expenditure
Initial capital costs are estimated at $881-million.

Planned Start/End Date
The feasibility study envisages first gold in the second half of 2027, assuming construction starts in the third quarter of 2025, and subject to progress on ongoing project financing discussions.

Latest Developments
Osisko has agreed to a bought deal financing to sell 35 311 000 common shares at $3.54, aiming to raise about $125-million in gross proceeds. The underwriters – led by National Bank Capital Markets, RBC Capital Markets and Cantor – also have an option to sell up to 5 296 650 additional shares for about $18.75-million more.

The net proceeds of the offering will be used to fund infill conversion drilling and at-depth exploration at the Cariboo gold project and for general working capital purposes. The offering is being issued through a prospectus supplement to existing shelf registration documents, in Canada and the US, and may be offered privately in certain other jurisdictions under applicable laws.

The base deal was expected to close on or about January 30, 2026, subject to required regulatory approvals, including conditional acceptance from the TSX Venture Exchange and listing approval from the New York Stock Exchange.

Key Contracts, Suppliers and Consultants
BBA Engineering (optimised feasibility study).

Contact Details for Project Information
Osisko Development Corp, tel + 1 514 940 0685 or email info@osiskodev.com/ir@osiskodev.com.