Osisko Development Reports Second Quarter 2022 Results
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OSISKO DEVELOPMENT REPORTS SECOND QUARTER 2022 RESULTS
MONTREAL, August 9, 2022 – Osisko Development Corp. ("Osisko Development" or the "Company") is
pleased to report its financial and operating results for the three months ended June 30, 2022. Unless stated
otherwise, all dollar references are to Canadian dollars.
Second Quarter 2022 Highlights:
• The acquisition of Tintic Consolidated Metals was completed on May 27, 2022, creating a strong
foothold in the prospective East Tintic Mining District in Central Utah.
• At the producing Trixie test mine ( "Trixie"), the Company is currently expanding underground
development and utilizing one underground diamond drill and one surface reverse circulation rig. The
construction of an underground ramp is underway at Trixie, which is expected to support an increase
in productivity and operational mining rates and, is anticipated to be completed in Q2 2023. See
"Cautionary Statement".
• The Company announced the results of the Preliminary Economic Assessment ("PEA") for its Cariboo
Gold Project and filed a technical report in relation thereto in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The PEA illustrates the potential for
a low cost, large scale, underground gold mine, with average annual gold production of approximately
236,000 ounces over an initial 12 year mine life. See "Technical Reports".
• The Company announced an initial m ineral resource estimate for the San Antonio Project with
indicated mineral resources of 14.9 Mt grading 1.2 g/t gold for 576,000 oz Au and inferred mineral
resources (exclusive of indicated mineral resources) of 16.6 Mt grading 1.02 g/t gold for 544,000 oz
Au. The resources are limit ed to a 2.8 kilometre long segment of the prospective 10 kilometre long
trend.
• The Company closed on its two previously announced private placement financings for aggregate
proceeds of approximately $212 million. Total gross proceeds from the financings in 2022 were
approximately $255.5 million,
• The Company's common shares commenced trading on the New York Stock Exchange under the
symbol "ODV".
• The Company entered into a binding term sheet with Osisko Bermuda Limited, a wholly -owned
subsidiary of Osisko Gold Royalties Ltd, for a stream on the metals produced from Tintic for total cash
consideration of US$20 million.
• The Company's common shares were consolidated on a 3 for 1 basis effective May 4, 2022.
• For the three months ended June 30, 2022, the Com pany earned $9 million in revenues from its
Bonanza Ledge II and Trixie test mine operations. The quarterly revenues for the Trixie test mine are
reflected from the date of the acquisition of Tintic on May 27, 2022. See "Cautionary Statement".
• The cash position of the Company as at June 30, 2022 was approximately $136.3 million.
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Sean Roosen, Chair and Chief Executive Officer of Osisko Development said, “The Tintic acquisition added
another cornerstone asset to the portfolio and enhances our operating platform in a world-class mining
jurisdiction. We are excited about the quality of exploration targets at Trixie, and the areas beyond Trixie
within the large wholly owned district. At Cariboo, we are pleased with the progress to date. The ongoing
work at the project has advanced our permitting process and bringing us closer to further major milestones.”
Consolidated Financial Statements
Osisko Development's unaudited interim consolidated financial statements and management 's discussion
and analysis for the three months ended June 30, 2022 are available on the Company 's website at
www.osiskodev.com, and on SEDAR (www.sedar.com) under Osisko Development's issuer profile.
Qualified Persons
The scientific and technical information in this news release has been reviewed and approved by Maggie
Layman, P.Geo. Vice President Exploration of Osisko Development Corp. , a qualified person within the
meaning of NI 43-101.
Technical Reports
Information relating to the Tintic Project is supported by the technical report titled "Technical Report on the
Tintic Project, East Tintic Mining District, Utah County, Utah, USA" , dated June 10, 2022 ( with an effective
date of June 7, 2022) prepared for the Company by Dr. Thomas A. Henricksen, QP, C.P.G. (the " Tintic
Technical Report"). Reference should be made to the full text of the Tintic Technical Report, which was
prepared in accordance with NI 43- 101 and is available electronically on SEDAR ( www.sedar.com) under
Osisko Development's issuer profile.
Information relating to the Cariboo Gold Project is supported by the technical report titled "NI 43 -101
Technical Report, Preliminary Economic Assessment for the Cariboo Gold Project, District of Wells, British
Columbia, Canada", dated June 22, 2022 (with an effective date of May 24, 2022) prepared for the Company
by representatives of BBA Engineering Ltd., InnovExplo Inc., SRK Consulting (Canada) Inc., WSP Canada
Inc. (WSP Golder), WSP USA Inc. (WSP Golder), Klohn Crippen Berger and Falkirk Environmental
Consultants Ltd. (the "Cariboo Technical Report"). Reference should be made to the full text of the Cariboo
Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR
(www.sedar.com) under Osisko Development's issuer profile.
Information relating to the San Antonio 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) prepared for the Company by Micon International Limited (the
"San Antonio Technical Report"). Reference should be made to the full text of the San Antonio Technical
Report, which was prepared in accordance with NI 43- 101 and is avail able electronically on SEDAR
(www.sedar.com) under Osisko Development's issuer profile.
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Cautionary Statement
The Company cautions that the decision to commence production at Trixie in the form of small scale
underground mining and batch vat leaching 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 of 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. 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 revenue 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 current operations at Trixie, the Company will not be basing its decision to continue
such operations on a feasibility study, or reported mineral resources or mineral reserves demonstrating
economic and technical viability. The Company cautions that mining at Trixie could be suspended at any
time.
The Company is subject to the reporting requirements of the applicable Canadian securities laws, and as a
result reports information regarding mineral properties, mineralization and estimates of mineral reserves and
mineral resources, including the information in the Tintic Technical Report and this news release, in
accordance with Canadian reporting requ irements, which are governed by NI 43- 101. As such, such
information concerning mineral properties, mineralization and estimates of mineral reserves and mineral
resources, including the information in the Tintic Technical Report and this news release, is not comparable
to similar information made public by U.S. companies subject to the repor ting and disclosure requirements
of the SEC.
About Osisko Development Corp.
Osisko Development Corp. is uniquely positioned as a premier gold development company in North America
to advance the Cariboo Gold Project and other Canadian, U.S.A. and Mexican properties, with the objective
of becoming the next mid -tier gold producer. The Cariboo Gold Project, located in central British Columbia,
Canada, is Osisko Development's flagship asset. The considerable exploration potential at depth and along
strike distinguishes the Cariboo Gold Project relative to other development assets. Osisko Development 's
project pipeline is complemented by its interest in the San Antonio gold project, located in Sonora, Mexico and
the Trixie gold test mine, located in Utah, U.S.A.
For further information about Osisko Development (NYSE: ODV; TSX -V:ODV), please visit
www.osiskodevelopment.com or follow us on Twitter @OsiskoDev
For further information, please contact Osisko Development Corp.:
Jean Francois Lemonde
VP Investor Relations
Tel: 514-299-4926
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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. 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 management's
perceptions of historical trends, current conditions and expected future developments, results of further exploration
work to define and expand mineral resources, and that the deposit remains open for expansion at depth and down
plunge, as well as other considerations that are believed to be appropriate in the circumstances, and any other
information herein that is not a hi storical fact may be " forward looking information ". Material assumptions also
include, management 's perceptions of historical trends, current conditions and expected future developments,
results of further exploration work to define or expand any mineral r esources, the ability to continue production at
its Trixie mine, as well as other considerations that are believed to be appropriate in the circumstances. Osisko
Development considers its assumptions to be reasonable based on information currently available, but cautions the
reader that their assumptions regarding future events, many of which are beyond 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 capital market
conditions, the ability to continue current production, regulatory framework, the ability of exploration activities
(including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability
of to complete further exploration activities, including drilling; property and stream interests in the Project; the ability
of the Company to obtain required approvals; the r esults of exploration activities; risks relating to exploration,
development and mining activities; the global economic climate; metal prices; dilution; environmental risks; and
community and non-governmental actions and the responses of relevant governments to the COVID -19 outbreak
and the effectiveness of such responses. Readers are urged to consult the disclosure provided (i) under the heading
"Risk Factors" in the annual information form of the Company for the year ended December 31, 2021, as amended,
and (ii) under the heading "Risks and Uncertainties" in the management's discussion and analysis of the Company
for the year ended December 31, 2021, as amended, each of which has been filed on SEDAR (www.sedar.com)
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 applicable to the exploration results. Although the Company 's believes the
expectations conveyed by the forward- looking statements are reasonable based on information available at the
date of preparation, 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 otherwise, except as required by law. 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
those anticipated in such s tatements. 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 responsibilit y 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.