Osisko Development Reports Fourth Quarter and Year-End 2024 Results
ODV NYSE TSXV News Release
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OSISKO DEVELOPMENT REPORTS FOURTH QUARTER AND YEAR-END 2024
RESULTS
(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)
Montreal, Québec, March 28, 202 5 – 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, 2024 ("Q4 2024").
Q4 2024 HIGHLIGHTS
Operating, Financial and Corporate Updates:
• As of December 31, 2024, the Company had approximately $ 106.7 million in cash and cash
equivalents. Approximately $36.0 million (US$25.0 million) was outstanding as of the end of Q4
2024 under the delayed draw term loan with National Bank of Canada, which matures on October
31, 2025.
• The Company completed a non-brokered private placement of units pursuant to which it issued
an aggregate of 19,163,410 units at a price of US$1.80 per unit for gross proceeds of
approximately US$34.5 million (the "2024 Non-Brokered Private Placement"). The 2024
Non-Brokered Private Placement was completed in two tranches comprised of the issuance of
(i) 13,426,589 units at a price of US$1.80 per unit for gross proceeds of approximately US$24.2
million, which tranche closed on October 1, 2024, and (ii) 5,736,821 units at a price of US$1.80
per unit for gross proceeds of approximately US$10.3 million, which tranche closed on October
11, 2024. Each unit was comprised of one Common Share and one Common Share purchase
warrant of the Company entitling the holder thereof to purchase one Common Share at a price
of US$3.00 on or prior to October 1, 2029.
• On November 12, 2024, the Company completed a brokered private placement pursuant to
which it issued an aggregate of 31,946,366 units at a price of US$1.80 per unit for aggregate
gross proceeds of approximately US$57.5 million, including the exercise in full of the option
granted to the agents (the "2024 Brokered Private Placement"). Each unit was comprised
of one Common Share and one Common Share purchase warrant of the Company entitling the
holder thereof to purchase one Common Share at a price of US$3.00 on or prior to October 1,
2029. In connection with the 2024 Brokered Private Placement, the agents were paid a cash
commission equal to 4.5% of the aggregate gross proceeds.
• On December 5, 2024, Mr. Stephen Quin was appointed as independent director to the
Company's board of directors and , in connection thereof , was subsequently granted 80,000
deferred share units of the Company on December 19, 2024.
• On December 12, 2024, Ms. Marina Katusa resigned from the Company's board of directors.
Cariboo Gold Project – British Columbia, Canada (100%-owned)
• Fully Permitted Status. On November 20, 2024, the Company was granted permits pursuant
to the Mines Act (British Columbia) for its Cariboo Gold Project. Subsequently, on December 12,
2024, the Company was granted permits pursuant to the Environmental Management Act
(British Columbia) for the Cariboo Gold Project. Together with the Mines Act (British Columbia)
permits, these approvals mark the successful completion of the permitting process for key
approvals, solidifying the Cariboo Gold Project's shovel-ready status.
o The Mines Act (British Columbia) permits grant the Company the ability to proceed with
the construction, operation and reclamation activities on each of the sites outlined within
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the scope of the Project. The Environmental Management Act (British Columbia) permits
pertain to any project-related discharges to the environment, including water and air,
and the framework and limitations thereof, within the areas outside of the immediate
mine site boundaries.
o Work is ongoing with the Ministry of Water, Land and Resource Stewardship and the
Ministry of Forests on obtaining all necessary approvals for the construction of the
transmission line.
o On November 7, 2024, the Company announced that , while it had yet to reach an
agreement with the Xatśūll First Nation, it remained committed to ongoing engagement
and consultation.
• Project Financing. The Company is actively engaged in ongoing discussions on various funding
options, including a comprehensive project construction financing package, for the development
of the Cariboo Gold Project.
• Pre-Construction Activities. During Q1 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.
o 100% of the underground development has been s uccessfully completed , totalling
approximately 1,172 m, to access the target area.
o The extraction, sampling, assaying, and analysis of mineralized material from the target
zone is currently ongoing. Approximately 7,400 tonnes of material has been extracted
to date. Lengthy timeframes for receipt of assay s and analysis of the results have
extended completion of the bulk sampling program into Q2 2025. Once all information
is available, a reconciliation process to compare the bulk sample results with the
predicted tonnes and grade will be undertaken.
• Optimized Feasibility Study. The Company is in advanced stages of completing an optimized
feasibility study ("OFS") for the Cariboo Gold Project. The OFS will incorporate opportunities to
enhance and streamline mine development and the process flowsheet, supporting an accelerated
development timeline to reach 4,900 tonnes per day throughput earlier than previously
contemplated. It will also reflect updated metal price and foreign exchange assumptions .
Additionally, t he OFS will integrate updated operating a nd capital cost estimates , while
considering ways to reduce and mitigate any potential capital and operating cost pressures. The
OFS base case will remain aligned with the existing permitting framework.
Figure 1: Cariboo Gold Project – Permitting Timeline Summary
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Tintic Project – Utah, U.S.A. (100%-owned)
• Phase I Regional Drilling. In 2024, the Company completed t wo surface diamond drill holes
totalling approximately 2,920 m (9,581 ft) at the Big Hill target area testing for copper -gold-
molybdenum porphyry mineralization potential. Based on the geological information from these
drill holes, the Company identified several high-priority targets for a next phase of the porphyry
exploration program.
• Phase II Regional Drilling. As part of the ongoing Phase II regional drilling program initiated
in December 2024, the Company is advancing the completion of two drill holes on the Big Hill
West and Zuma porphyry targets, expected to be completed in the coming months.
San Antonio Gold Project – Sonora State, Mexico (100%-owned)
• The San Antonio Gold Project remains in care and maintenance.
• The Company is awaiting further guidance from the Mexican government regarding the
permitting process and the status of open-pit mining in the country.
• The Company continues to conduct a strategic review of the project and engaged a financial
advisor in connection thereof. The strategic review includes, among others, exploring the
potential for a financial or strategic partner in the asset or a full or partial sale of the asset.
KEY UPCOMING MILESTONES
Key Project
Milestones
Expected Timing
of Completion
Anticipated
Remaining Costs*
Cariboo Gold Project(1)
Permitting Completed – Q4 2024 $nil
Electrical and Communication Q1 2025 $0.7 million
Bulk Sample Q2 2025 $6.4 million
CGP Underground Development Q2 2025 $8.7 million
Updated CGP Feasibility Q2 2025 $2.5 million
Environmental, other pre-construction work & roadheader Q2 2025 $7.2 million
Water and Waste Management Q4 2025 $7.5 million
Tintic Project
Regional Drilling – Phase I Completed – Q2 2024 $nil
Regional Drilling – Phase II Q2 2025 $5.0 million
*as at December 31, 2024
Notes:
(1) The expenditures disclosed in this table include amounts approved by the Board of Directors up until the end of June 2025.
Additional expenditures will be required to complete certain of the milestones and are subject to approval by the Board of
Directors.
SUBSEQUENT TO Q4 2024
• On January 9, 2025, the Company announced that Mr. David Rouleau was appointed as Vice
President, Project Development, and Mr. Éric Tremblay resigned from his position as Chief
Operating Officer of the Company.
• On February 3, 2025, the Company released drilling results from its 2024 initial exploration and
historic data validation infill drill campaign at its Quesnel River Mine Prospect located within the
Company's wider Cariboo Gold Project.
• On March 26, 2025, the Company appointed Philip Rabenok as Vice President, Investor
Relations. Mr. Rabenok joined Osisko Development in November 2022 as Director, Investor
Relations.
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2024 Year-End Disclosure Documents
The Company's annual information form (" AIF") for the year ended December 31, 2024 , audited
consolidated financial statements (the "Financial Statements") and related management's discussion
and analysis ("MD&A") for the three and twelve months ended December 31, 2024 have been filed with
Canadian securities regulatory authorities. Osisko Development has also filed its Annual Report Form
40-F consisting of its AIF, Financial Statements and MD&A for the year ended December 31, 2024 with
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 Osisko Development's issuer profile. Hard
copies of these documents will be provided to shareholders of the Company upon written request to the
Company's Investor Relations department, 1100, Av. des Canadiens-de-Montreal, Suite 300, Montreal,
Quebec, Canada H3B 2S2 or to [email protected].
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved
by Daniel Downton, P.Geo., Chief Resource Geologist of Osisko Development, a "qualified person" within
the meaning of National Instrument 43 -101 – Standards of Disclosure for Mineral Projects ("NI 43-
101").
Technical Reports
Information relating to the Cariboo Gold Project and the current feasibility on the Cariboo Gold Project
is supported by the technical report titled "Feasibility Study for the Cariboo Gold Project, District of Well,
British Columbia, Canada", dated January 10, 2023 (amended January 12, 2023) with an effective date
of December 30, 2022 (the "Cariboo Technical Report").
Information 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" dated April 25,
2024 (with an effective date of March 14, 2024) (the "Tintic Technical Report").
Information relating to San Antonio Gold Project is supported by the technical report titled " NI 43-101
Technical Report for the 2022 Mineral Resource Estimate on the San Antonio Project, Sonora, Mexico ",
dated July 12, 2022 (with an effective date of June 24, 2022) (the " San Antonio Technical Report",
collectively, with the T intic Technical Report and 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, qualifications and
limitations thereof. 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.
End Notes (excluding tables)
1. In this news release the Company uses certain abbreviations, including: meters ("m"); feet ("ft").
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ABOUT OSISKO DEVELOPMENT CORP.
Osisko Development Corp. is a North American gold development company focused on past -producing
mining camps located in mining friendly jurisdictions with district scale potential. The Company's
objective is to become an intermediate gold producer by advancing its flagship fully permitted 10 0%-
owned Cariboo Gold Project, located in central B.C., Canada. Its project pipeline is complemented by
the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold
Project in Sonora, Mexico —brownfield properties with significant exploration potential, extensive
historical mining data, access to existing infrastructure and skilled labour. The Company's strategy is to
develop attractive, long-life, socially and environmentally responsible mining assets, while minim izing
exposure to development risk and growing mineral resources.
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
CAUTIONARY STATEMENTS
Cautionary Statement Regarding Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence
in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viabi lity of
resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news relea se
may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The
mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition
Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. 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. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves
that can be mined economically.
Cautionary Statement Regarding Financing Risks
The Company's development and exploration activities are subject to financing risks. At the present time, 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 suspended at
any time. The Company's ability to explore for and discover potential economic projects, and then 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 the 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, financial
condition and project scheduling.
Cautionary Statement Regarding Test Mining Without Feasibility Study
The Company cautions that its prior decision to commence small -scale underground mining activities and batch vat leaching at the
Trixie test mine was made without the benefit of a feasibility study, or reported mineral resources or mineral reserves, demonstrating
economic and technical viability, and, as a result there may be increased uncertainty of achieving any particular level o f recovery of
material or the cost of such recovery. The Company cautions that historically, such projects have a much higher risk of economic and
technical failure. Small scale test -mining at Trixie was suspended in December 2022 , resumed in the second qu arter of 2023, and
suspended once again in December 2023 . If and when small-scale test-mining recommences at Trixie, there is no guarantee that
production will continue as anticipated or at all or that anticipated production costs will be achieved. The failure to continue production
may have a material adverse impact on the Company's ability to generate revenu e and cash flow to fund operations. Failure to
achieve the anticipated production costs may have a material adverse impact on the Company's cash flow and potential profitability.
In continuing operations at Trixie after closing, the Company has not based its decision to continue such operations on a feasibility
study, or reported mineral resources or mineral reserves demonstrating economic and technical viability.
Cautionary Statement to U.S. Investors
The Company is subject to the reporting requirements of the applicable Canadian securities laws and as a result reports infor mation
regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its
technical reports, financial statements, MD&A and this news release, in accordance with Canadian reporting requirements, whic h are
governed by NI 43-101. As such, such information concerning mineral properties, mineralization and estimates of mi neral reserves
and mineral resources, including the information in its technical reports, financial statements, MD&A and this news release, is not
comparable to similar information made public by U.S. companies subject to the reporting and disclosure requi rements of the U.S.
Securities and Exchange Commission ("SEC").
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CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this news release may be deemed "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian
securities legislation (together, "forward -looking statements"). These forward -looking statements, by their nature, require Osisko
Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements
are not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend",
"estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional,
are intended to identify forward -looking statements. Information contained in forward -looking statements is based upon certain
material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions,
qualifications and limitations relating to the Cariboo Gold Project being fully permitted and shovel ready; the ability of the Company
to obtain project finance for the development of the Cariboo Gold Project; proposed pre -construction activities; the results of the
OFS, including assumptions relating to updated metal prices and foreign exchange assumptions; Phase I and II regional drilling at
Tintic and related priority targets; th e long-term prospects of San Antonio, including the permitting process, status on care and
maintenance and status of the strategic review; the significance of target drilling; the ability of the Company to complete a follow -
up targeted geophysical survey and the exploration success thereof (if any); the potential impact of tariffs and other trade restrictions
(if any); the Company being construction and operation ready; unlocking Cariboo's potential for shareholders, Indigenous nations
and other stakeholders; the ability of the Company to complete the optimized feasibility study and the scope, results and timing of
thereof; progress and timing in respect of pre-construction activities at Cariboo including bulk sample and underground development
work; category conversion; the timing and status of permitting; the future development and operations at the Cariboo Gold Project;
the results of ongoing stakeholder engagement; the capital resources available to the Company; the ability of the Company to
execute its planned activities, including as a result of its ability to seek additional funding or to reduce planned expenditures; the
ability of the Company to obtain future financing and the terms of such financing including a fully -funded solution for the Cariboo
Gold Project; management's perceptions of historical trends, current conditions and expected future developments; the utility a nd
significance of historic data, including the significance of the district hosting past producing mines; future mining activit ies; the
potential of high grade gold mineralization on Trixie and Cariboo; the ability and timing for Cariboo to reach commercial pro duction
(if at all); sustainability and environmental impacts of operations at the Company's properties; the results (if any) of further
exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately p redict
mineralization; the ability to generate additional drill targets; the ability of management to understand the geology and potential of
the Company's properties; the ability of the Company to expand mineral resources beyond current mineral resource estimates; t he
ability of the Company to complete its exploration and development objectives for its projects in the timing contemplated and within
expected costs (if at all); the ongoing advancement of the deposits on the Company's properties; the impact of permitting del ays
at San Antonio Gold Project; the outcome of the strategic review of the San Antonio Gold Project; sustainability and environmental
impacts of operations at the Company's properties; the ability and timing for Cariboo to reach commercial production (if at all); the
ability to adapt to changes in gold prices, estimates of costs, estimates of planned explo ration and development expenditures; the
ability of the Company to obtain further capital on reasonable terms; the profitability (if at all) of the Company's operations; as well
as other considerations that are believed to be appropriate in the circumstanc es, and any other information herein that is not a
historical fact may be "forward looking information". Material assumptions also include, management's perceptions of historic al
trends, management's understanding of the permitting process and status there of, the ability of exploration (including drilling and
chip sampling assays, and face sampling) to accurately predict mineralization, budget constraints and access to capital on te rms
acceptable to the Company, current conditions and expected future develo pments, regulatory framework remaining defined and
understood, results of further exploration work to define or expand any mineral resources, as well as other considerations th at are
believed to be appropriate in the circumstances. Osisko Development consi ders its assumptions to be reasonable based on
information currently available, but cautions the reader that their assumptions regarding future events, many of which are be yond
the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect
Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to third -party approvals,
including the issuance of permits by the government, capital market conditions and the Company's ability to access capital on terms
acceptable to the Company for the contemplated exploration and development at the Company's properties; the ability to contin ue
current operations and exploration; regulatory framework and presen ce of laws and regulations that may impose restrictions on
mining; the ability of exploration activities (including drill results and chip sampling, and face sampling results) to accurately predict
mineralization; errors in management's geological modellin g; the ability to expand operations or complete further exploration
activities; the timing and ability of the Company to obtain required approvals and permits; the results of exploration activities; risks
relating to exploration, development and mining act ivities; the global economic climate; metal and commodity prices; fluctuations
in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact
of stakeholder actions. Osisko Development is con fident a robust consultation process was followed in relation to its received BC
Mines Act and Environmental Management Act permits for the Cariboo Gold Project and continues to actively consult and engage
with Indigenous nations and stakeholders. While an y party may seek to have the decision related to the BC Mines Act and/or
Environmental Management Act permits reviewed by the courts, the Company does not expect that such a review will impact its
ability to proceed with the construction and operation of the Cariboo Gold Project in accordance with the approved BC Mines Act and
Environmental Management Act permits. Readers are urged to consult the disclosure provided under the heading "Risk Factors" i n
the Company's annual information form for the year ended December 31, 2024 as well as the financial statements and MD&A for
the year ended December 31, 2024, which have been filed on SEDAR+ ( www.sedarplus.ca) under Osisko Development's issuer
profile and on the SEC's EDGAR website ( www.sec.gov), for further information regarding the risks and other factors facing the
Company, its business and operations. Although the Company's believes the expectations conveyed by the forward -looking
statements are reasonable based on information available as o f the date hereof, no assurances can be given as to future results,
levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a
result of new information, future events or results or othe rwise, except as required by law. Forward -looking statements are not
guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from t hose anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or disapproved the information contained herein.