Osisko Development Reports Third Quarter 2025 Results
ODV NYSE TSXV News Release
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OSISKO DEVELOPMENT REPORTS THIRD QUARTER 2025 RESULTS
(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)
Montreal, Québec, November 10, 2025 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("Osisko Development" or the "Company") reports its financial and operating results for the three
months ended September 30, 2025 ("Q3 2025").
Q3 2025 HIGHLIGHTS
Operating, Financial and Corporate Updates:
• As of September 30, 2025, the Company had approximately $ 401.4 million in cash and cash
equivalents. Approximately $137.2 million (US$100.0 million) was outstanding as of the end of
Q3 2025 under the Appian 2025 Financing Facility (as defined herein) following the initial draw.
• $4.4 million in revenues ($0.2 million in Q3 2024) and $3.0 million in cost of sales ($0.1 million
in Q3 2024) generated from the sale of 877 gold ounces from the small-scale heap leach project
at the Tintic Project by re-treating certain tailings and stockpile material.
• On July 7, 2025, the Company announced results from an ore sorting testing program conducted
on a bulk tonnage sample of mineralized material extracted from the Cariboo Gold Project.
• On July 21, 2025, the Company entered into a credit agreement (the "Credit Agreement")
with funds advised by Appian Capital Advisory Limited (" Appian") with respect to a senior
secured project loan credit facility (the "2025 Financing Facility") totaling US$450 million for
the development and construction of the Cariboo Gold Project. The 2025 Financing Facility
provides strategic capital and enhanced financial flexibility as the Company advances the
Cariboo Gold Project through the next phase o f pre-construction and early works milestones
toward construction readiness. It is structured in two tranches aligned with the Cariboo Gold
Project’s planned development timeline. An initial draw of US$100 million was completed to: (i)
undertake a 13,000 -meter infill drill campaign to further de -risk project mine planning
assumptions; (ii) fund pre -construction and construction activities for the development of the
Cariboo Gold Project; (iii) repay the Company's outstanding US$25 m illion term loan with
National Bank of Canada ; and (iv) support the Cariboo Gold Project's general working capital
requirements. Subsequent draws of US$350 million to be drawn in up to fou r subsequent
tranches will be available for a period up to 36 months subject to the satisfaction of certain
HIGHLIGHTS
Q3 2025 (at September 30, 2025)
~$401.4 million in cash and cash equivalents
Drawn ~$137.2 million (US$100.0 million) under the US$450 million Appian financing facility executed
during the quarter
Completed private placements for ~$280.4 million (US$203.1 million) in gross proceeds
Advanced pre-construction activities and underground mine development activities, and announced results
of ore sorting and drilling programs at the permitted Cariboo Gold Project
Sold 877 ounces of gold from the Tintic small-scale heap leach project
Subsequent to Q3 2025
Completed an additional private placement for ~$82.5 million in gross proceeds
Released infill drill results from the ongoing program at Cariboo; appointed Scott Smith as VP, Exploration
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project milestones and other customary conditions. A copy of the Credit Agreement is available
on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.
• On August 15, 2025, the Company completed private placements for aggregate gross proceeds
of US$203.1 million. This consisted of a "bought deal" brokered private placement of 58,560,000
units of the Company at a price of US$2.05 per unit for aggregate gross proceeds of US$120.0
million, which was announced on July 31, 2025 , and a non -brokered private placement of
40,505,330 units at a price of US$2.05 for aggregate gross proceeds of approximately US$83.0
million. The non -brokered offering include d an approx imate US$75 million subscription by
Double Zero Capital LP, a Delaware investment firm, representing approximately 15.4% of the
issued and outstanding common shares of the Company immediately following the closing of
the offering, on a non-diluted basis. Each unit consisted of one common share and one -half of
one common share purchase warrant of the Company. Each whole warrant entitles the holder
to acquire one Common Share at an exercise price of US$2.56 for a period of 24 months
following the closing date. At any time following the 15-month anniversary of the closing date,
if the closing price of the common shares exceeds the exercise price for 20 or more consecutive
trading days, the Company may, within 10 days following such occurrence, deliver a notice to
the holders thereof accelerating the expiry date of the warrants to a date that is 30 days after
the date of such notice.
• On August 20, 2025, the Company granted 58,824 deferred share units of the Company to Ms.
Susan Craig, an independent director, in connection with her appointment to the Company's
board of directors announced on June 16, 2025.
• On September 8, 2025, the Company announced results from its infill and exploration diamond
drilling and development sampling campaigns conducted from November 2024 through early
August 2025 in the Lowhee Zone within the Cariboo Gold Project. The program consisted of
approximately 6,471 meters of underground infill drilling and approximately 398 meters of chip
and rock saw channel sampling.
Cariboo Gold Project – British Columbia, Canada (100%-owned)
• Infill Drilling Program. During August 2025, the Company commenced a 13,000-metre infill
drill program within the Lowhee Zone, being undertaken as part of the Appian 2025 Financing
Facility obligations, from existing underground development infrastructure completed to date.
o The infill program is expected to provide a comprehensive data set that will inform
resource modeling, mine planning and production stope design procedures and
parameters. It will also support the development of a systematic approach to infill
drilling for the underground mining operation.
o Subsequent to Q3 2025, the Company released 2,279 meters of underground infill
drilling results (refer to Subsequent to Q3 2025) from this program.
o To date, an aggregate total of approximately 6,900 meters of drilling has been
completed, representing approximately 51% of the total planned drill meters . Full
assays are pending along with completion of associated quality assurance and quality
control reviews. The Company expects to complete the infill drilling program in the first
quarter of 2026.
• Pre-Construction Activities. The Company continues to advance pre-construction activities,
including certain surface infrastructure and underground development.
o These include, among others, the upgrade of the Bonanza Ledge water treatment plant,
construction of the waste rock storage facility and the sediment control pond, expansion
of the Ballarat camp, ongoing underground development, the underground infill drilling
program and related detailed engineering work.
o To date, approximately 1.9 kilometers of underground development has been completed
from the existing Cow Portal into the Cariboo Gold Project's Lowhee Zone and along the
main access ramp towards the Cow Mountain Zone up to the Lowhee fault (see Figure
1).
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Figure 1: Cariboo Gold Project long section and underground development progress.
Figure 2: Waste rock storage facility (WRSF) excavation and BL water treatment plant under construction.
Figure 3: Sediment control pond (SCP) stripping in progress.
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Figure 4: Existing Ballarat camp.
Figure 5: Lowhee Zone underground infill drill rig stations currently in use.
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Figure 6: Main decline ramp from Cow portal (5.4 meters wide x 5.8 meters high).
UPCOMING MILESTONES – CARIBOO GOLD PROJECT
Key Project
Milestones(1)
Expected Timing
of Completion
Anticipated
Remaining Costs*
CGP Underground Development Q4 2025 $7.9 million
Bonanza Ledge – Construction Q4 2025 $0.7 million
Bonanza Ledge Water Treatment Upgrade Q4 2025 $4.3 million
Underground Infill Drilling Q1 2026 $2.6 million
Ballarat Camp Expansion Q1 2026 $7.0 million
Waste Rock Storage Facility Construction Q2 2026 $9.0 million
Detailed Engineering Q4 2026 $6.6 million
*As of September 30, 2025
Note:
(1) The expenditures disclosed in this table include amounts approved by the Board of Directors up until the end of December 2025.
Additional expenditures will be required to complete certain of the milestones and are subject to approval by the Board of
Directors.
Tintic Project – Utah, U.S.A. (100%-owned)
• Small-Scale Heap Leach Project. In the first quarter of 2025, a small-scale heap leach project
was undertaken to re-treat certain tailings and stockpile material. As a result, a total of 877 gold
ounces were sold in Q3 2025, with small-scale operations anticipated to continue into the fourth
quarter of 2025. While management continues to evaluate options for the next steps at the
Tintic Project, it is expected that limited activities will occur beyond care and maintenance.
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San Antonio Gold Project – Sonora State, Mexico (100%-owned)
• The San Antonio Gold Project remains in care and maintenance and the Board of Directors of
the Company has authorized a strategic review . The approval process for mining permits
appears to be gaining traction, specifically for open-pit mining in the country, and the Company
intends to re-submit its two permit applications in the foreseeable future.
SUBSEQUENT TO Q3 2025
• On October 6, 2025, the Company announced new infill drilling results from its ongoing 13,000-
meter program on 10-meter drill spacing that commenced in August 2025 in the Lowhee Zone
of the Cariboo Gold Project. The first three fans of this program consist ed of approximately
2,279 meters of underground infill drilling, representing approximately 17.5% of the total
planned drill meters.
• On October 27, 2025, the Company announced the filing of an early warning report regarding
Falco Resources Ltd. (" Falco") wherein the Company acquired, indirectly through its wholly -
owned subsidiary, Barkerville Gold Mines Ltd., 6,250,000 units of Falco at a price of $0.32 per
unit for an aggregate purchase price of $2.0 million in connection with a "bought deal" private
placement of 41,005,000 units completed by Falco. Each unit consisted of one common share
of Falco and one -half of one common share purcha se warrant of Falco. As a result of and
immediately following completion of the private placement, the Company owned or controlled,
indirectly through its wholly-owned subsidiary, an aggregate of 54,925,240 common shares and
4,915,000 warrants, representing approximately 15.9% of the issued and outstanding common
shares on a basic non-diluted basis.
• On October 29, 2025, the Company completed a private placement offering of 15,409,798
common shares of the Company for aggregate gross proceeds of approximately $82.5 million
comprised of the following issuances:
o 2,990,000 common shares that will qualify as "flow -through shares" (" FT Shares ")
within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the " Tax
Act") at a price of $6.69 per FT Share for gross proceeds of approximately $20.0 million;
o 1,444,000 common shares to certain eligible British Columbia resident subscribers (the
"BC FT Shares", and together with the FT Shares, the "Flow-Through Shares") that
will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Tax
Act at a price of $6.93 per BC FT Share for gross proceeds of approximately $10.0
million; and
o 10,975,798 common shares at a price of $4.78 per common share for gross proceeds
of approximately $52.5 million.
• On November 3, 2025, the Company announced the appointment of Mr. Scott Smith as Vice
President, Exploration.
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 September 30, 2025 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 Osisko
Development's issuer profile.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved
by Victor Gauthier, ing., P.Eng., Manager – Technical Services of Osisko Development, and Eryn Doyle,
P.Geo., Senior Exploration Manager of Osisko Development , each of whom is considered to be a
"qualified person" within the meaning of National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects ("NI 43-101").
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Technical Reports
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").
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" and 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 "
and dated July 12, 2022 (with an effective date of June 24, 2022) (the " San Antonio Technical
Report" and 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, 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 located in mining friendly jurisdictions with district scale potential. The
Company's objective is to become an intermediate gold produ cer by advancing its flagship permitted
100%-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 environmenta lly responsible mining assets, while minimizing
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 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 develops
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 res ult 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 fun ds 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.
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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 (Tintic Project) 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 particul ar level
of recovery of material or the cost of such recovery. The Company cautions that historically, such projects hav e a much higher risk
of economic and technical failure. Small scale test-mining at Trixie was suspended in December 2022, resumed in the second quarter
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 f ailure to
continue production may have a material adverse impact on the Company's ability to generate revenu e an d 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 via bility.
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 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 properties, mineralization and estimates of mineral reserves and mineral
resources, including the information in its technical reports, financial statements and MD&A, is not comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission
("SEC").
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, indigenous or community opposition. In addition, the development
of mining projects often requires substantial capital expenditures, and delays or cost overruns may require the Company to se ek
additional financing, which may not be available on favorable terms or at all. If the Company is unable to complete construction 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 eve nts could have a material
adverse effect on the Company's business, financial condition and results of operations.
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", "objective", "strategy", variants of these words 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 statements pertaining to the results and significance of the ore sorter testwork as an indicator of quality ; the
availability and use of proceeds of the 2025 Financing Facility (including the ability and timing to satisfy conditions prece dents to
subsequent draws under the 2025 Financing Facility (if at all)); other financing arrangements that the Company may negotiate
(including, the indications of interest, the type of financing arrangements, the size and quantum of such financing arrangeme nts
and the ability and timing to reach a definitive agreement in res pect of such potential financings (if at all)); expectations regarding
having access to sufficient funding to construct the Cariboo Gold Project; expectations regarding the Company's capital requirements
to advance the Cariboo Gold Project to production; the ability of the Company to raise or arrangement for the remaining fundi ng
required to complete the construction of the Cariboo Project; the timi ng and ability of the Company to make a final investment
decision in respect of the Cariboo Project; the Compa ny's strategy and objectives relating to the Cariboo Gold Project as well as its
other projects; the impact of the 2025 Financing Facility on the Company and its financial position and allocation; the abili ty of the
Company to service and repay principal related to the 2025 Financing Facility whether from the operation of Cariboo or other sources
of funds; the assumptions, qualifications and limitations relating to the Cariboo Gold Project being permitted and the commencement
of construction activities; ass umptions, qualifications and parameters underlying the Cariboo Technical Report (including, but not
limited to, the mineral resources, mineral reserves, production profile, mine design and project economics); the results of t he
Cariboo Technical Report as an indicator of quality and robustness of the Cariboo Gold Project, as well as other considerations that
are believed to be appropriate in the circumstances; the ability of the Company to achieve the estimates outlined in the Cariboo
Technical Report in the timing contemplated (if at all); the ability to achieve the capital and operating costs outlined in the Cariboo
Technical Report (if at all); the ability, progress and timing in respect of pre-construction activities at Cariboo including the 13,000-
meter infill drill program, and other surface infrastructure works; the utility and significance of the infill drill program and its ability
to inform resource modeling, mine planning and stope design procedures and parameters (if at all); the timing and status of
permitting of the transmission line for the Cariboo Gold Project; the contemplated work plan and activities at the Cariboo Gold
Project and the timing, scope and results thereof and associated costs thereto; the ability of the Company to sustain ongoing small-
scale heap leach activities at Tintic (if at all); the continuation of limited activities beyond care and maintenance continuing at the
Tintic Project; the long-term prospects of San Antonio, including the permitting process (and impact of delays), status on care and