OGG.V · 2022-02-28 12:00:00

Osisko Development Intersects 2.19 G/T GOLD over 78.9 Meters at Sapuchi and 1.55 G/T GOLD over 42.5 Meters at Golfo de Oro; Provides Update ON the Non-Brokered Private Placement

Financings Drill Results

OSISKO DEVELOPMENT INTERSECTS 2.19 G/T GOLD OVER 78.9 METERS AT

SAPUCHI AND 1.55 G/T GOLD OVER 42.5 METERS AT GOLFO DE ORO;

PROVIDES UPDATE ON THE NON-BROKERED PRIVATE PLACEMENT

MONTREAL, February 28, 202 2 – Osisko Development Corp. ("Osisko Development" or the

"Company") (TSX.V-ODV) is pleased to announce the final drilling results from the 2021 exploration

and category conversion drill program campaign at its San Antonio Project in Sonora State, Mexico.

The Company is also pleased to report, further to its previously -announced non-brokered private

placement (the "Non-Brokered Placement") of up to US$110 million of subscription receipts of the

Corporation ("Subscription Receipts"), that the Corporation expects to close a first tranche of the

Non-Brokered Placement on March 4, 2022 for gross proceeds of approximately US$67.3 million of

Subscription Receipts.

The Corporation has also received subscription proceeds or expressions of interest for the remaining

Subscription Receipts allotted under the up to US$110 million Non -Brokered Placement, which

Osisko Development expects to close , as a second tranche closing, in late March 2022. The Non-

Brokered Placement is being completed on a "non-brokered" basis and no commission or finder's

fee will be paid by Osisko Development in connection therewith.

San Antonio Drill Results Summary

 A total of 27,900 meters were drilled in 177 holes in 2021. The objective of the drill program

was to conduct exploration and resource drilling at a spacing of 25 meters and historic drilling

validation for the three main target areas (Figure 1).

 This news releases encompasses all 6,550 meters in 33 holes from the Golfo de Oro Target:

GO-DD-21-015 to GO-DD-21-174 inclusive (Figure 2) and the remaining assays from 8,050

meters in 76 holes at Sapuchi: SP-DD-21-060A to SP-DD-21-173 inclusive (Figure 4).

 Assay highlights from Golfo de Oro include 1.55 g/t Au and 2.32 g/t Ag over 42.50 meters in

hole GO-DD-21-111 and 2.47 g/t Au and 18.67 g/t Ag over 21.20 meters in hole GO-DD-21-

057 including a sample of 18.00 g/t Au and 43.90 g/t Ag over 1.50 meters within the

prospective hydrothermal breccia (Figure 2).

 Assay highlights from Sapuchi include 2.19 g/t Au and 4.12 g/t Ag over 78.90 meters in hole

SP-DD-21-102 including a high-grade sample of 21.30 g/t Au and 11.75 g/t Ag over 3.20

meters (Figure 4).

 A total of 18 intervals below assayed greater than 1.00 g/t Au over at least 10.0 meters.

 Gold mineralization is hosted within altered hydrothermal breccia and sediments, as stockwork

quartz veins and veinlets and adjacent to intrusions and fault structures.

 Detailed drilling results are presented in Table 1, drillhole locations are presented in Table 2,

and drillhole cross sections are presented in Figures 3 and 5.

Assay Highlights

 0.81 g/t Au and 0.79 g/t Ag over 19.50 meters in hole GO-DD-21-033

 9.59 g/t Au and 7.78 g/t Ag over 1.50 meters in hole GO-DD-21-049

 2.47 g/t Au and 18.67 g/t Ag over 21.20 meters in hole GO-DD-21-057 including

 18.00 g/t Au and 43.90 g/t Ag over 1.50 meters

 0.86 g/t Au and 0.62 g/t Ag over 35.65 meters in hole GO-DD-21-094

 1.45 g/t Au and 2.05 g/t Ag over 31.25 meters in hole GO-DD-21-110

 1.55 g/t Au and 2.32 g/t Ag over 42.50 meters in hole GO-DD-21-111

 0.87 g/t Au and 1.62 g/t Ag over 21.00 meters in hole GO-DD-21-161

 3.58 g/t Au and 2.71 g/t Ag over 5.30 meters in hole SP-DD-21-060A

 1.37 g/t Au and 1.84 g/t Ag over 14.80 meters in hole SP-DD-21-065

 0.93 g/t Au and 6.76 g/t Ag over 26.65 meters in hole SP-DD-21-081

 2.35 g/t Au and 3.99 g/t Ag over 8.50 meters in hole SP-DD-21-081

 2.49 g/t Au and 8.32 g/t Ag over 8.80 meters in hole SP-DD-21-082

 1.00 g/t Au and 14.32 g/t Ag over 40.80 meters in hole SP-DD-21-087

 0.94 g/t Au and 7.37 g/t Ag over 17.55 meters in hole SP-DD-21-088

 1.06 g/t Au and 3.88 g/t Ag over 60.45 meters in hole SP-DD-21-089

 1.39 g/t Au and 1.79 g/t Ag over 10.20 meters in hole SP-DD-21-093

 0.96 g/t Au and 1.08 g/t Ag over 13.50 meters in hole SP-DD-21-096

 1.07 g/t Au and 2.31 g/t Ag over 22.95 meters in hole SP-DD-21-096

 1.60 g/t Au and 1.92 g/t Ag over 25.45 meters in hole SP-DD-21-098

 2.39 g/t Au and 3.36 g/t Ag over 10.50 meters in hole SP-DD-21-099 including

 10.20 g/t Au and 5.91 g/t Ag over 1.30 meters

 2.19 g/t Au and 4.12 g/t Ag over 78.90 meters in hole SP-DD-21-102 including

 21.30 g/t Au and 11.75 g/t Ag over 3.20 meters

 8.28 g/t Au and 1.92 g/t Ag over 2.35 meters in hole SP-DD-21-104

 1.41 g/t Au and 1.09 g/t Ag over 18.30 meters in hole SP-DD-21-108

 1.82 g/t Au and 2.18 g/t Ag over 7.50 meters in hole SP-DD-21-112

 8.56 g/t Au and 4.42 g/t Ag over 1.70 meters in hole SP-DD-21-124 including

 16.60 g/t Au and 5.34 g/t Ag over 0.70 meter

 0.96 g/t Au and 2.51 g/t Ag over 12.65 meters in hole SP-DD-21-128

 1.03 g/t Au and 2.47 g/t Ag over 12.00 meters in hole SP-DD-21-130

 1.19 g/t Au and 2.14 g/t Ag over 20.25 meters in hole SP-DD-21-134

 1.75 g/t Au and 3.33 g/t Ag over 17.90 meters in hole SP-DD-21-135

 1.22 g/t Au and 1.88 g/t Ag over 16.95 meters in hole SP-DD-21-138

 1.31 g/t Au and 1.26 g/t Ag over 13.80 meters in hole SP-DD-21-146

 1.46 g/t Au and 2.65 g/t Ag over 15.95 meters in hole SP-DD-21-148

 7.04 g/t Au and 121.00 g/t Ag over 1.90 meters in hole SP-DD-21-153

 1.18 g/t Au and 3.85 g/t Ag over 18.60 meters in hole SP-DD-21-173

Sean Roosen, CEO of Osisko Development commented, "The 2021 diamond drill campaign at our

San Antonio Project was successful in defining and expanding the known zones as shown by these

recent results. The Sapuchi, Golfo de Oro, and California Zones trend for approximately three

kilometers and there are at least a dozen other targets at surface that remain un explored or

underexplored along a ten kilometer strike. These results will be incorporated into the mineral resource

estimate and used to further determine our next steps for expansion on the project."

The San Antonio Project gold mineralization is characterized by hydrothermal breccia that forms an

approximately 3,000 m long east -northeast trending mineralization corridor with the Luz del Cobre

copper deposit at the east. The gold mineralization is associated with intense chlorite and carbonate

alteration and is intrusion relate d with host sedimentary rocks. The breccia has been defined to a

vertical depth of 500 meters and at an average depth of 250 meters. Drilling has occurred within the

three major zones at Sapuchi, Golfo de Oro and California, over a combined strike length of 1 kilometer

of the 3 kilometer breccia trend.

True widths are estimated to be 80% to 100% of reported core length intervals. Intervals not recovered

by drilling were assigned zero grade. Top cuts have not been applied to high grade assays. Complete

assay highlights are presented in Table 1, drill hole locations are listed in Table 2.

Figure 1: San Antonio Mineral Zones overview map

Figure 2: Golfo de Oro plan map with select drilling highlights

Figure 3: Golfo de Oro section select drilling highlights

Figure 4: Sapuchi plan map with select drilling highlights

Figure 5: Sapuchi section select drilling highlights

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