Osisko Development Reports First Quarter 2026 Results
ODV NYSE TSXV News Release
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OSISKO DEVELOPMENT REPORTS FIRST QUARTER 2026 RESULTS
(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)
Montreal, Québec, May 11, 2026 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko
Development" or the "Company") reports its financial and operating results for the three months
ended March 31, 2026 ("Q1 2026").
Q1 2026 HIGHLIGHTS
Operating, Financial and Corporate Updates:
• As of March 31, 2026, the Company had approximately $ 594.3 million in cash and cash
equivalents. Approximately $153.2 million (US$109.9 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.
• $2.2 million in revenues ( nil in Q1 2025) and $ 0.7 million in cost of sales ( nil in Q1 2025)
generated from the sale of 270 gold ounces from small-scale activities including heap leaching
of certain tailings and stockpile material and direct shipping of mineralized material at the Tintic
Project, generating an operating loss of $9.7 million ($40.8 million loss in Q1 2025).
• On January 22, 2026, a contractor working on surface activities suffered a fatal injury following
an isolated incident at the Cariboo Gold Project. The Company promptly notified appropriate
authorities, and an investigation of the incident was initiated. Activities at the project site were
temporarily suspended to allo w for completion of an investigation. On March 2, 2026,
resumption of planned site activities was announced, following the successful implementation of
a phased gradual reopening plan of surfa ce and underground activities over several preceding
weeks, in coordination with and approval from the relevant regulatory authorities , and with a
focus on ensuring the health and safety of all employees and contractors.
• On January 27, 2026, the Company completed the previously announced sale of its 100%
interest in the San Antonio Gold Project located in Sonora State, Mexico, to Axo Copper Corp.
through the sale of Sapuchi Minera.
• On February 2, 2026, the Company appointed Ms. Sarah Harrison as Vice President, Permitting
HIGHLIGHTS
Q1 2026 (at March 31, 2026)
Financial: ~$594.3 million in cash and cash equivalents; sold 270 ounces of gold from small-scale mining
activities at the Tintic Project; received ~$36.5 million in proceeds from warrant exercises
Financing: Completed a prospectus offering of common shares for ~US$143.8 million in gross proceeds
Cariboo Gold Project: Resumed planned site activities under 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 Lowhee Zone (100% of planned drilling now complete, while final assays and reconciliation results
remain pending); 11 drill rigs operating at site across various infill and exploration programs
Corporate: Completed the 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)
Subsequent to Q1 2026
Corporate: Granted incentive awards; appointed Sarah MacDonald as VP, Construction Contracting and
Commercial
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and Compliance.
• On February 3, 2026, the Company completed its previously announced (on January 26, 2026)
prospectus offering of common shares of the Company , issuing an aggregate of 40,607,650
common shares at a price of US$3.54 per common share for aggregate gross proceeds of
US$143.8 million ($196.3 million).
• On February 9, 2026, the Company entered into a definitive Project and Construction
Management Services Agreement with JDS Energy & Mining Inc. for the development of the
Cariboo Gold Project.
• On March 9, 2026, the Company announced receipt of approximately $24.9 million from the
exercise of 5,625,031 common share purchase warrants of the Company, held by certain funds
advised by Appian Capital Advisory Limited. Together with other warrant exercises during Q1
2026, the Company received aggregate proceeds of $36.5 million from warrant exercises.
• On March 16, 2026, the Company announced inclusion in the VanEck Junior Gold Miners ETF
("GDXJ") announced on March 13, 2026, which became effective at the close of markets on
March 20, 2026.
• On March 27, 2026, Osisko Development's Board of Directors approved certain minor
administrative amendments to the Company's omnibus equity incentive plan to facilitate plan
administration. The omnibus incentive plan was last approved by shareholders on May 7, 2025.
In accordance with the terms of the omnibus equity incentive plan and applicable TSX Venture
Exchange policies, shareholder approval is not required for these amendments. The amended
omnibus equity incentive plan remains subject to final acceptance by the TSX Venture Exchange.
Cariboo Gold Project – British Columbia, Canada (100%-owned)
• Infill Drilling Program . The 13,000-metre infill drill program within the Lowhee Zone was
undertaken as part of the Appian 2025 Financing Facility obligations.
o A total of 13,684 metres of drilling has been completed, representing 100% of the
planned program, of which 11,025 metres have been released with assays. Assay results
and associated quality assurance and quality control reviews are pending for unreleased
holes. The Company anticipates finalizing the results for the 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.
o Water treatment plant: Upgrades to the Bonanza Ledge water treatment plant are in
the final commissioning stages, with full operation expected in the second quarter of
2026.
o Underground development: To date, approximately 2.1 km 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.
The raisebore pad for the first underground ventilation raise started in Q1 2026.
o Surface infrastructure: Construction of the waste rock storage facility, the sediment
control pond, and other critical infrastructure continues. Early works, including tree
clearing and geotechnical drilling, commenced in Q1 2026 at the mine site complex,
where the primary processing facility will be located.
o Camp upgrade: The site camp upgrade and expansion to 266 rooms is complete and,
together with other Company -controlled accommodation s, is expected to provide
capacity aligned with peak construction manpower requirements.
• Exploration & Conversion Drilling Programs. A multi-faceted exploration drilling campaign
across the Cariboo Gold Project and regional targets is underway. Together with planned infill
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drilling that has the objective of upgrading inferred mineral resources to higher confidence
categories, up to 20 drill rigs are expected to be active at times throughout 2026, as the various
programs overlap and advance , representing up to approximately 160,000 metres of planned
drilling across all targets. Eleven drill rigs are currently operating across all programs.
o Eight drill rigs are currently operating on two surface exploration programs, including
four surface drill rigs targeting potential mineralization below the current extent of the
Cariboo Gold Project deposit to depths of up to 1,000 metr es. To date, approximately
10,600 metres of drilling have been completed, with assays pending.
o A second surface exploration program on the adjacent Proserpine regional target has
ramped up to four drill rigs, with approximately 5,750 metres completed to date.
o Infill and conversion drilling is planned in 2026 with the objective of upgrading inferred
mineral resources to higher confidence resource categories and potentially into mineral
reserves, after considering applicable modifying factors . The initial targets are within
and below the current Cariboo Gold deposit.
Figure 1: Waste rock storage facility (WRSF) aerial overview of ongoing works.
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Figure 2: Sediment control pond (SCP) installed liner and placement of aggregates.
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Figure 3: BL water treatment plant commissioning (legacy and expansion).
Figure 4: Mine site complex processing facility site preparation works.
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Figure 5: Lowhee Zone ventilation raise bore.
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 and direct shipping of mineralized material which generated
sales of 270 ounces of gold. Test mining continued in Q1 2026, with approximately 2,000 tonnes
of higher-grade mineralized material stockpiled for direct shipping to a purchaser. Test mining
is anticipated to continue in Q2 2026.
• 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, including any additional direct shipping of mineralized material from the Trixie
test mine.
2026 OBJECTIVES
Activity
Expected Timing
of Completion(2)
Anticipated
2026 Cost(1)
Cariboo Gold Project
Underground Development (including production drilling) Q4 2026 $39.5 million
Regional surface exploration drilling Q4 2026 $3.7 million
Mine design, processing, water management, infrastructure and other Q4 2026 $14.7 million
Underground Infill Drilling to Convert Mineral Resources to Mineral Reserves Q4 2026 $4.4 million
Surface (Directional) Drilling to expand Mineral Resource Estimate at depth (up to
300 metres below current Mineral Resource Estimate) Q4 2026 $1.7 million
Surface Drilling to expand geology and mineralization at depth (+700 metres
below surface) Q4 2026 $3.9 million
Note:
(1) The expenditures disclosed in this table include amounts approved by the Board of Directors as at March 31, 2026, net of
amounts already incurred during the first quarter of 2026. Additional expenditures will be required to complete certain of th e
objectives and are subject to approval by the Board of Directors.
(2) For the portion of activities to be incurred in 2026.
SUBSEQUENT TO Q1 2026
• On April 1, 2026, the Company granted an aggregate of (i ) 1,104,400 stock options of the
Company (the "Options"), and (ii) 1,426,600 restricted share units of the Company (" RSUs")
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to certain senior officers and non-executive employees (collectively, the "Incentive Awards"),
pursuant to the Company's omnibus equity incentive plan.
• On May 4, 2026, the Company appointed Ms. Sarah MacDonald as Vice President, Construction
Contracting and Commercial.
Consolidated Financial Statements
The Company's unaudited condensed interim consolidated financial statements (the " Financial
Statements") and related management's discussion and analysis (" MD&A") for the three months
ended March 31, 2026 have been filed with Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission. These filings are available on the Company's website at
www.osiskodev.com, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisk o
Development's issuer profile.
Qualified Persons
The scientific, geological and technical information in this news release has been reviewed and approved
by Scott Smith, P. Geo., Vice President, Exploration of Osisko Development , who is considered a
"qualified person" within the meaning of National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects ("NI 43-101").
Technical Reports
Scientific and technical information relating to the Cariboo Gold Project and the 2025 Feasibility Study
on the Cariboo Gold Project is supported by the technical report titled " NI 43-101 Technical Report,
Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada " and dated
June 11, 2025 (with an effective date of April 25, 2025) (the "Cariboo Technical Report").
Scientific and technical i nformation relating to the Tintic Project and the current mineral resource
estimate for the Trixie deposit (the "2024 Trixie MRE") is supported by the technical report titled "NI
43-101 Technical Report, Mineral Resource Estimate for the Trixie Deposit, Tintic Project, Utah, United
States of America " and dated April 25, 2024 (with an effective date of March 14, 2024) (the "Tintic
Technical Report" and, together with the Cariboo Technical Report, the "Technical Reports").
For readers to fully understand the information in the Technical Reports, reference should be made to
the full text of the Technical Reports in their entirety, including all assumptions, parameters,
qualifications, limitations and methods therein. The Technical Reports are intended to be read as a
whole, and sections should not be read or relied upon out of context. The Technical Reports were
prepared in accordance with NI 43-101 and are available electronically on SEDAR+ (www.sedarplus.ca)
and on EDGAR (www.sec.gov) under Osisko Development's issuer profile and on the Company's website
at www.osiskodev.com.
ABOUT OSISKO DEVELOPMENT CORP.
Osisko Development Corp. is a continental North American gold development company focused on past
producing mining camps with district -scale potential. The Company's objective is to become an
intermediate gold producer through the development of its flagship, fully permitted, 100% -owned
Cariboo Gold Project, located in central British Columbia, Canada. Its project pipeline is complemented
by the Tintic Project located in the historic East Tintic mining district in Utah, U.S.A., a brownfield
property with si gnificant exploration potential, extensive historical mining data, and access to
established infrastructure. Osisko Development is focused on developing long -life mining assets in
mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation, development
risk management, and mineral inventory growth.
For further information, visit our website at www.osiskodev.com or contact:
Sean Roosen Philip Rabenok
Chairman and CEO Vice President, Investor Relations
Email: [email protected] Email: [email protected]
Tel: +1 (514) 940-0685 Tel: +1 (437) 423-3644
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CAUTIONARY STATEMENTS
Cautionary Statement Regarding Financing Risks
The Company's development and exploration activities are subject to financing risks. A s of the date hereof , the Company has
exploration and development assets which may generate periodic revenues through test mining but has no mines in the commercial
production stage that generate positive cash flows. The Company cautions that test mining at its operations could be suspende d at
any time. The Company's ability to explore for and discover potential economic projects, and t hen to bring them into production, is
highly dependent upon its ability to raise equity and debt capital in the financial markets. Any projects that the Company de velops
will require significant capital expenditures. To obtain such funds, the Company may sell additional securities including, but not limited
to, the Company's shares or some form of convertible security, the effect of which may result in a substantial dilution of th e equity
interests of the Company's shareholders. Alternatively, the Company may also sell a part of its interest in an asset in order to raise
capital. There is no assurance that the Company will be able to raise the funds required to continue its exploration programs and
finance the development of any potentially economic deposit that is identified on acceptable terms or at all. The failure to obtain the
necessary financing(s) could have a material adverse effect on the Company's growth strategy, results of operations, financia l
condition and project scheduling.
Cautionary Statement Regarding Test Mining Not Supported by a Feasibility Study
Certain operations of the Company including prior test mining activities at the Tintic Project's Trixie test mine, have operated without
the benefit of a feasibility study including mineral reserves, demonstrating economic and technical viability, and, as a result, there
may be increased uncertainty of achieving any particular level of recovery of material or the cost of such recovery. The Comp any
cautions that historically, such projects have a much higher risk of economic and technical failure. There is n o guarantee that
commercial production will commence, continue as anticipated or at all or that anticipated production costs will be achieved. The
failure to commence or continue production could have a material adverse impact on the Company's ability to generate revenue and
cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the
Company's cash flow and potential profitability.
Cautionary Statement to U.S. Investors
As a foreign private issuer under U.S. securities laws that files reports under the Canada -U.S. multijurisdictional disclosure system,
the Company is permitted to prepare and report information regarding mineral properties, mineralization and estimates of mineral
reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, in accordance with
Canadian reporting requirements, which are governed by NI 43 -101. As such, such information concerning mineral pro perties,
mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, f inancial
statements and MD&A, is not comparable to similar information made public by most companies subject to U.S. miner al property
disclosure requirements of the U.S. Securities and Exchange Commission (" SEC").
Further to recent amendments, U.S. mineral property disclosure requirements (the "SEC Rules") are now governed by subpart 1300
of Regulation S -K under the U.S. Securities Act. Under the SEC Rules, the SEC now recognizes estimates of "measured mineral
resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven
mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding standards adopted by the
Canadian Institute of Mining, Metallurgy and Petroleum, adopted by the CIM Council (" CIM S tandards"), which is the required
definition standard adopted by NI 43 -101. While the SEC will now recognize "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources", U.S. investors should not assume that any part or all of the mineralization in these
categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization descri bed using
these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as
reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources,
or inferred mineral resources that the Company reports are or will be economic ally or legally mineable. Further, "inferred mineral
resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economic ally.
Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. Under NI 43-
101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except
for preliminary economic assessments. While the above te rms are "substantially similar" to CIM Standards, there are differences in
the definitions under the SEC Rules and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral
resources that the Company may report as "proven minera l reserves", "probable mineral reserves", "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources" under NI 43 -101 would be the same had the Company prepared the
reserve or resource estimates under the SEC Rules.
Risks related to the development of the Cariboo Gold Project
The development of a new mining operation, including the construction of processing facilities, tailings storage infrastructu re, access
roads, power supply and other supporting infrastructure, is a complex and costly undertaking. The Cariboo Gold Project r emains in
the development stage and there is no certainty that it will be brought into commercial production within anticipated timelin es, at
anticipated costs, or at all. The results of the Cariboo Technical Report are based on a number of assumptions, in cluding, among
others, geological interpretations, estimated mineral resources and mineral reserves, metallurgical recoveries, construction schedules,
capital and operating costs, labour and equipment availability, transportation and energy costs, regulato ry requirements, and
projected commodity prices. These assumptions are inherently uncertain and may prove to be inaccurate.
Actual results, costs and development timelines may differ materially from those currently anticipated due to factors such as :
unforeseen geological conditions; changes to mine plan optimization; equipment failures; shortages of skilled labour and contractors;
increases in the cost of materials, equipment or energy; design modifications; delays related to permitting or receipt of gov ernment
approvals; adverse weather or climate conditions; and community and/or Indigenous opposition. In addition, the develop ment of
mining projects often requires substantial capital expenditures, and delays or cost overruns may require the Company to seek
additional financing, which may not be available on favorable terms or at all. If the Company is unable to complete constru ction and
development of the Cariboo Gold Project on a timely and cost-effective basis, or if operating performance following commissioning is
materially lower than expected, the project may fail to achieve anticipated economic results. Any such events cou ld have a material
adverse effect on the Company's business, financial condition and results of operations.