Osisko Development Reports Second Quarter 2025 Results

by | August 13, 2025 7:11 am | US Markets

(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)

MONTREAL, Aug. 12, 2025 (GLOBE NEWSWIRE) — Osisko Development Corp. (NYSE:ODV, TSXV:ODV) (“Osisko Development” or the “Company“) reports its financial and operating results for the three months ended June 30, 2025 (“Q2 2025“).

Q2 2025 HIGHLIGHTS

Operating, Financial and Corporate Updates:

  • As of June 30, 2025, the Company had approximately $46.3 million in cash and cash equivalents. Approximately $34.2 million (US$25.0 million) was outstanding as of the end of Q2 2025 under the delayed draw term loan with National Bank of Canada, which was fully repaid subsequent to quarter end in connection with the Appian 2025 Financing Facility (as defined herein) (refer to “Subsequent to Q2 2025”).
  • $6.9 million in revenues ($2.6 million in Q2 2024) and $4.1 million in cost of sales ($2.7 million in Q2 2024) generated from the sale of 1,393 gold ounces from the small-scale heap leach project re-treating certain tailings and stockpile material at the Tintic Project.
  • Effective at the opening of markets on April 17, 2025, the Company’s common share purchase warrants issued pursuant to private placements completed between October and November 2024 were listed for trading on the TSX Venture Exchange under the symbol “ODV.WT.V.”.
  • On May 13, 2025, the Company announced, as part of its regular annual remuneration program, the granting of an aggregate of 1,273,900 stock options and 1,177,200 restricted share units of the Company to certain senior officers and non-executive employees of the Company, and 229,573 deferred share units of the Company to its independent directors in accordance with the terms of the Company’s omnibus equity incentive plan.
  • On May 29, 2025, the Company announced that, in connection with the terms of the Company’s previously completed acquisition in May 2022 of a 100% ownership interest in the Tintic Project, it had satisfied the third of five deferred payments to the sellers. The deferred consideration of US$2,500,000 was settled by the issuance of 1,368,610 common shares.
  • On June 16, 2025, Ms. Susan Craig was appointed as independent director to the Company’s board of directors.

Cariboo Gold Project – British Columbia, Canada (100%-owned)

  • 2025 Feasibility Study. On April 28, 2025, the Company released the results of its optimized feasibility study for the Cariboo Gold Project (“2025 FS“) and filed a technical report in respect thereof on June 11, 2025. The 2025 FS was prepared in accordance with NI 43-101 (as defined herein) by BBA Engineering Ltd. as lead independent consultant, supported by other independent engineering firms.
    • The 2025 FS outlines strong base case economics with after-tax NPV5% of $943 million, and unlevered after-tax IRR of 22.1% at a US$2,400/oz gold price assumption. It outlines average annual gold production of 190,000 ounces of gold over a 10-year mine life (202,000 ounces per year in the first five years), producing a total of 1.89 million ounces (payable) over the life-of-mine with average AISC2 of US$1,157 per ounce. Key summary results and assumptions are outlined below in Table 1:
Table 1: Cariboo Gold 2025 FS – Key Results and Assumptions (after-tax)
Metric units Base Case Spot Case3
Gold price US$/oz $2,400 $3,300
Exchange rate USDCAD 1.35 1.40
Net Present Value at 5% discount $ mm 943 2,066
Internal Rate of Return (IRR) % 22.1% 38.0%
Payback, from commercial production1 years 2.8 1.6
Average annual free cash flow2 $ mm 158 314
Average AISC2, life-of-mine US$/oz 1,157 1,167
  1. Payback is calculated from commercial production, which is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 4,900 tpd.
  2. All-in sustaining costs per ounce (“AISC“) and free cash flow are non-IFRS measures or ratios. Refer to “Non-IFRS Financial Measures” at the end of this news release for more information.
  3. Spot case is based on the LBMA gold price as of the close of business on April 23, 2025, rounded to nearest $100/oz and the USDCAD exchange rate is based on the Bank of Canada daily exchange rate, rounded to nearest five cents.

    • For additional details on the results, assumptions, qualifications and limitations of the 2025 FS refer to “Technical Reports”.
  • Project Financing. The Company was actively engaged in advancing various financing options to provide sufficient funding to construct the Cariboo Gold Project.
    • The Company believes that the net proceeds of the brokered and non-brokered private placements, together with the net proceeds of the US$450 million project loan credit facility with Appian, both announced subsequent to quarter end, plus indications of interest from commodity traders seeking high quality concentrate off-take, and other potential financing arrangements, will provide sufficient funding to construct the Cariboo Gold Project (refer to “Subsequent to Q2 2025”).
  • Bulk Sample & Infill Drilling Program. During the first quarter of 2024, under an existing provincial permit, the Company commenced an underground development drift from the existing Cow Portal into the Cariboo Gold Project’s Lowhee Zone to extract a bulk sample of up to 10,000 tonnes of mineralized material.
    • 100% of the underground development has been successfully completed, totalling approximately 1,172 meters, to access the target area.
    • The Company extracted approximately 7,400 tonnes of mineralized material from a single trial stope within the target zone as part of the 10,000-tonne bulk sample program. The successful trial stope extraction demonstrated the technical …

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