(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)
HIGHLIGHTS
Q4 2025 (at December 31, 2025)
- Financial: ~$422.3 million in cash and cash equivalents; sold 3,970 ounces of gold from small-scale mining activities at the Tintic Project
- Financing: Completed a private placement financing for ~$82.5 million in gross proceeds
- Cariboo Gold Project: Released new infill drill results from the ongoing program in the Lowhee Zone and commenced a multi-faceted surface exploration program targeting new discoveries; pre-construction activities continued to advance, including the water treatment plant, underground development waste rock storage facility, sediment control pond, site camp upgrade and other critical infrastructure
- Corporate: Announced sale of the San Antonio Gold Project; Appointed Scott Smith as VP, Exploration
Subsequent to Q4 2025
- Financial: Received ~$24.9 million in proceeds from a warrants exercise
- Financing: Completed prospectus offering of common shares for ~US$143.8 million in gross proceeds
- Cariboo Gold Project: Resumed planned site activities in accordance with a phased reopening plan following a temporary suspension due to a fatal incident that occurred on January 22, 2026; entered into a project and construction management services agreement with JDS Energy & Mining; released new infill drill results from the ongoing Lowhee Zone (aggregate total 11,025 metres, or ~80% of planned program)
- Corporate: Completed sale of the San Antonio Gold Project; appointed Sarah Harrison as VP, Permitting & Compliance; announced the Company’s inclusion in the VanEck Junior Gold Miners ETF (GDXJ)
MONTREAL, March 27, 2026 (GLOBE NEWSWIRE) — Osisko Development Corp. (NYSE:ODV, TSXV:ODV) (“Osisko Development” or the “Company“) reports its financial and operating results for the three and twelve months ended December 31, 2025 (“Q4 2025” and “2025“, respectively).
Q4 2025 HIGHLIGHTS
Operating, Financial and Corporate Updates:
- As of December 31, 2025, the Company had approximately $422.3 million in cash and cash equivalents. Approximately $145.8 million (US$106.4 million), inclusive of accrued interest, is outstanding under the initial draw of the US$450 million senior secured project loan credit facility (the “2025 Financing Facility“) with funds advised by Appian Capital Advisory Limited (“Appian“) for the development and construction of the Cariboo Gold Project.
- $24.2 million in revenues (nil in Q4 2024) and $6.8 million in cost of sales (nil in Q4 2024) generated from the sale of 3,970 gold ounces from small-scale activities including heap leaching of certain tailings and stockpile material and selective mining at the Tintic Project, generating operating income of $8.7 million ($19.8 million loss in Q4 2024).
- During the quarter, the Company released new infill drilling results from its ongoing 13,000-metre underground infill drilling program in the Lowhee Zone of its Cariboo Gold Project. An aggregate total of 5,983 metres of drilling results was released, representing approximately 44% of the total planned program.
- On October 29, 2025, the Company completed a private placement offering of 15,409,798 common shares of the Company for aggregate gross proceeds of approximately $82.5 million comprised of:
- LIFE Offering ($50 million): (i) 2,990,000 common shares that qualified as “flow-through shares” (“FT Shares“) within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) at a price of $6.69 per FT Share for gross proceeds of approximately $20.0 million; (ii) 1,444,000 common shares to certain eligible British Columbia resident subscribers (the “BC FT Shares“) that qualified as “flow-through shares” within the meaning of subsection 66(15) of the Tax Act at a price of $6.93 per BC FT Share for gross proceeds of approximately $10.0 million; and (iii) 4,182,000 common shares at a price of $4.78 per common share for gross proceeds of approximately $20.0 million.
- Private Placement ($32.5 million): 6,793,798 common shares at a price of $4.78 per common share for gross proceeds of approximately $32.5 million pursuant to exemptions available under NI 45-106.
- On November 3, 2025, the Company announced the appointment of Mr. Scott Smith as Vice President, Exploration effective November 1, 2025.
- On November 24, 2025, the Company announced that it entered into a securities purchase agreement with Axo Copper Corp. (“Axo“) to sell its 100% interest in the San Antonio Gold Project located in Sonora State, Mexico. The transaction closed on January 27, 2026 (refer to section entitled Discontinued Operations – San Antonio Gold Project).
- On December 8, 2025, the Company announced the launch of a fully-funded 70,000-metre exploration drilling campaign aimed at targeting new discoveries at the Cariboo Gold Project.
Cariboo Gold Project – British Columbia, Canada (100%-owned)
- Infill Drilling Program. The ongoing 13,000-metre infill drill program within the Lowhee Zone is being undertaken as part of the Appian 2025 Financing Facility obligations, from existing underground development infrastructure.
- The infill program is expected to provide a comprehensive data set that will inform resource modeling, mine planning and production stope design procedures and parameters. It will also support the development of a systematic approach to infill drilling for the underground mining operation.
- In 2025, a total of 5,983 metres of drilling was released, representing ~44% of the planned program. To date, 11,025 metres of drilling have been released, representing ~80% of the planned program, with 96% of the total planned drilling completed. Assay results and associated quality assurance and quality control reviews are pending for unreleased holes. The Company anticipates completing the 13,000-metre infill drill program in the second quarter of 2026.
- Pre-Construction Activities. The Company continues to advance pre-construction activities, including certain surface infrastructure and underground development.
- Water treatment plant: Upgrades to the Bonanza Ledge water treatment plant are in the final stages of commissioning and the facility is anticipated to be fully operational in the second quarter of 2026.
- Underground development: To date, approximately 2.1 kilometres of underground development has been completed from the existing Cow Portal into the Lowhee Zone, and along the main access ramp, through the Lowhee fault, towards the Cow Mountain Zone. Development progress has been below plan while encountering challenging ground conditions in and around the Lowhee fault, requiring enhanced ground support. Development rates are expected to improve as the ramp advances beyond this zone.
- Surface infrastructure: Construction of the waste rock storage facility, the sediment control pond, early works in the mine site complex (“MSC“) area and other critical infrastructure continues.
- Camp upgrade: The upgrade and expansion of the site camp to 266 rooms is complete and is expected to provide accommodation capacity aligned with peak construction manpower requirements for the project.
- Exploration & Conversion Drilling Programs. In the quarter, the Company commenced a multi-faceted exploration drilling campaign across the Cariboo Gold Project and regional targets. Together with planned infill conversion drilling, up to 20 drill rigs are expected to be active at times throughout 2026, as the various programs overlap and advance, for a combined total of approximately 160,000 metres of planned drilling across all targets.
- A total of six drill rigs are currently operating on two surface exploration programs, including three surface drill rigs targeting exploration below the current extent of the Cariboo Gold deposit to depths of up to 1,000 metres.
- To date, approximately 6,000 metres of drilling have been completed, with assays pending. A second surface exploration program on the adjacent Proserpine regional target has also commenced and ramped up to three drill rigs, with approximately 1,500 metres completed to date.
- Infill and conversion drilling is planned for 2026 to upgrade inferred resources to higher level confidence resource categories with potential to be converted into mineral reserves. The initial targets are within and below the current Cariboo Gold deposit.
Figure 1: Waste rock storage facility (WRSF) aerial overview.
Figure 2: Sediment control pond (SCP) spillway pipe encasement.
Figure 3: BL water treatment plant commissioning in progress.
Figure 4: Lowhee Zone ventilation raise foundation drilling.
Figure 5: Active surface exploration drill rig on Cow Mountain targeting areas below the Cariboo Gold deposit.
Tintic Project – Utah, U.S.A. (100%-owned)
- Small-Scale Heap Leach Project and Selective Mining. In the quarter, the Company continued small-scale heap leaching of certain tailings and stockpiled material, generating sales of 1,992 ounces of gold. In addition, small-scale selective mining activities in the quarter resulted in the sale of 1,978 ounces of gold.
- In total, these activities resulted in the sale of 6,240 gold ounces in 2025 from the cumulative processing of 22,668 metric tonnes at an average grade of 11.17 grams per tonne gold and average recoveries of approximately 80%, generating revenue of $35.5 million ($4.6 million in 2024) and cost of sales of $13.9 million ($4.8 million in 2024).
- While management continues to evaluate options for the next steps at the Tintic Project, it is expected that limited activities beyond care and maintenance may occur on the Tintic Project from time to time.
Figure 6: Gold bar (~276 troy ounces) poured from small-scale activities at the Tintic Project (March 2026).
2026 OBJECTIVES
| Activity | Expected Timing of Completion2 |
Anticipated 2026 Cost1 |
||
| Cariboo Gold Project | ||||
| Underground Development (including production drilling) | Q4 2026 | $40.2 million | ||
| Underground infill drilling (13,000 metres)3 | Q2 2026 | $0.6 million | ||
| Regional surface exploration drilling | Q4 2026 | $6.8 million | ||
| Mine design, processing, water management, … |