Osisko Gold Reports Second Quarter 2026 Results
1 of 13
OGG NYSE TSXV
NEWS RELEASE
osiskogold.ca
Osisko Gold Reports Second Quarter 2026 Results
(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)
HIGHLIGHTS
Q2 2026 (at June 30, 2026)
• Financial: ~$837.3 million in cash and cash equivalents; sold 5,547 ounces of gold from small -scale
mining activities at the Tintic Project
• Financing: Completed convertible senior notes offering for US$300.0 million in gross proceeds
• Cariboo Gold Project: Continued pre -construction activities including at the Mine Site Complex,
excavation of the Valley Portal, and underground development; completed approx. 13,684 metres of
infill drilling in connection with the Appian project financing requirements; released results from an
additional 2,995 m of infill and near mine exploration drilling; 13 drill rigs operating across various
surface and underground infill and exploration programs at site
• Corporate: Approved incentive awards; appointed Sarah MacDonald as VP, Construction Contracting
and Commercial and Greg Perrins as VP, Sustainable Development; announced AGM results and
nominated Keith McKay to the Board
Subsequent to Q2 2026
• Corporate: Completed name change to Osisko Gold Group Inc.
• Cariboo Gold Project: Released new drill results from an ongoing surface deeps and infill exploration
program; entered Support and Benefits Agreement with the District of Wells; released final results and
preliminary internal reconciliation analysis of its completed infill program in the Lowhee Zone;
announced first set of new drilling from fourteen holes at the Proserpine greenfield target
Toronto, Ontario, August 13, 2026 – Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) (" Osisko Gold" or the
"Company") reports its financial and operating results for the three months ended June 30, 2026 (" Q2 2026").
Q2 2026 HIGHLIGHTS
Operating, Financial and Corporate Updates:
• As of June 30, 2026, the Company had approximately $ 837.3 million in cash and cash equivalents.
Approximately $161.4 million (US$ 113.6 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") and $414.3 million (US$300.0 million)
was outstanding under the convertible senior notes for the development and construction of the Cariboo
Gold Project.
• The Company generated $32.7 million in revenues ( $6.9 million in Q2 2025) and $ 12.0 million in cost of
sales ($4.1 million in Q2 2025) from the sale of 5,547 gold ounces from small-scale activities including heap
osiskogold.ca
2 of 13
OGG NYSE TSXV
leaching of certain tailings and stockpile material and direct shipping of mineralized material at the Tintic
Project, generating an operating income of $8.1 million ($16.3 million loss in Q2 2025).
• 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") 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, and on May 19, 2026, the Company appointed Mr. Greg Perrins as Vice President,
Sustainable Development.
• On May 26, 2026 and May 28, 2026, the Company closed its previously announced offering of US$225.0
million aggregate principal amount of 4.125% convertible senior notes due 2031 and an additional US$75.0
million aggregate principal amount of 4.125% convertible senior notes due 2031, respectively (collectively,
the "Convertible Offering"). The Company announced the Convertible Offering on May 20, 2026, and its
pricing on May 21, 2026 (refer to Convertible Senior Notes Offering in the MD&A for more detail).
• On May 28, 2026, the Company announced its intention to satisfy the fourth of five deferred payments to
certain sellers of the Tintic Project in Common Shares of the Company. This payment was completed
through the issuance of 871,683 Common Shares on June 10, 2026.
• On June 2, 2026, the Company announced that Mr. Duncan Middlemiss would not stand for re -election at
its annual and special meeting of shareholders held on June 23, 2026 (the " 2026 AGM") and nominated
Keith McKay, alongside other incumbent directors, for election to the Board of Directors at the 2026 AGM.
The Company also announced its proposed name change to "Osisko Gold Group Inc.", which was
subsequently approved by shareholders at the 2026 AGM.
• On June 9, 2026, the Company announced the completion of its planned 13,000-meter underground infill
drilling program at the Cariboo Gold Project, totaling 13,684 m across 142 drillholes completed on 10 -
meter spacing in the Lowhee Zone. The Company also reported results from an additional 2,995 meters of
infill and near-mine exploration drilling in the Lowhee Zone.
• On June 24, 2026, the Company announced the results of the 2026 AGM, where all director nominees were
elected, PricewaterhouseCoopers LLP was re -appointed as auditor, and shareholders approved both the
change of the Company's registered office from Québec to Ontario and the Company’s name change to
"Osisko Gold Group Inc.". The Company also granted 247,129 deferred share units to its independent
directors as part of its annual Board of Directors compensation review.
Cariboo Gold Project – British Columbia, Canada (100%-owned)
Pre-Construction Activities
The Company continues to advance pre -construction activities, including certain surface infrastructure and
underground development.
• Water treatment plant: Upgrades to the Bonanza Ledge water treatment plant are complete. Final
commissioning continues, with full operation expected in Q3 2026.
• Underground development: Approximately 2.7 km of underground development has been completed to
date. Underground development continues from the existing Cow Portal into the Lowhee Zone and along
the main access ramp into the Cow Mountain Zone. Development reached the first access point into the
Cow Mountain Zone where a dedicated drill gallery is being advanced to enable infill drilling to support
resource conversion, which is expected to commence in Q3 2026 (see Figure 1). Development rates continue
to improve as headings advance beyond the Lowhee fault into more favourable ground conditions. Progress
osiskogold.ca
3 of 13
OGG NYSE TSXV
through the Lowhee fault zone was below target due to enhanced ground support requirements. At the
mine site complex, earthworks have commenced on the second underground access at the Valley Portal.
Once established, the Valley Portal will provide a second development front and support critical path
primary development access to the Valley and Shaft Zones , which host the majority of the Cariboo Gold
deposit's mineral reserves and mineral resources.
• Surface infrastructure: Construction of the waste rock storage facility, the sediment control pond, and
other critical infrastructure is progressing. Early works at the mine site complex, which will host the primary
processing facility, commenced in Q2 2026 and include tree clea ring and geotechnical drilling. Once
excavation of the Valley Portal is sufficiently advanced, earthworks and foundation construction for the main
water treatment plant are expected to commence in Q3 2026. Installation of the Willow River Bridge, which
will provide the Project's primary access once completed, is also expected to begin in Q3 2026.
• Camp upgrade: The site camp upgrade and expansion to 358 rooms is complete and, together with other
Company-controlled accommodations, is expected to provide sufficient capacity aligned with peak
construction and exploration manpower requirements.
• Project Readiness: Detailed engineering and procurement activities continue across key work streams
supporting project readiness. Key areas of focus include process plant design work, site infrastructure and
layout optimization, procurement of certain long-lead and major equipment packages, vendor engagement
and technical bid evaluations, among others. In parallel, third -party reviews of key engineering, execution
and cost inputs are also underway to further de -risk the Project and support a disciplined app roach to
construction readiness planning.
osiskogold.ca
4 of 13
OGG NYSE TSXV
FIGURE 1: Cariboo Gold Project underground development; completed (gray) and planned (blue) .
Infill Drilling Program
An infill drill program was completed as part of the Appian project financing obligations totaling approximately
13,684 metres. An additional 2,995 m of infill and near mine exploration drilling was released as part of ongoing
Lowhee Zone underground drilling.
• The Company completed a preliminary internal reconciliation analysis of two localized areas (Zones 1 and
2), comprising an aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes, which
illustrated deposit variability broadly consistent with expectations.
• Relative to the existing short-term resource model, Zone 1 indicated approximately 30% more tonnes and
6% more gold ounces, at approximately 18% lower gold grade, while Zone 2 indicated approximately 8%
fewer tonnes and 8% more gold ounces, at approximately 16% higher gold grade.1 (pg. 10)
Exploration and Conversion Drilling Programs
A multi-faceted exploration drilling campaign across the Cariboo Gold Project and regional targets is underway.
The current and planned infill drilling has the objective of (a) supporting greater definition of the existing measured
and indicated mineral resources and (b) upgrading inferred mineral resources to higher confidence categories and,
where appropriate, potentially converting such resources into mineral reserves after considering applicable
modifying factors. Up to 20 drill rigs are expected to be active at times throughout 2026 and beyond, as the various
programs overlap and advance, representing up to approximately 160,000 metres of planned drilling across all
targets. Thirteen drill rigs are currently operating across all programs, including three drills active underground.
osiskogold.ca
5 of 13
OGG NYSE TSXV
• A total of ten drill rigs are currently operating on four surface exploration programs, including three surface
drill rigs targeting potential mineralization within and below the current extent of the Cariboo Gold deposit
to depths of up to 1,000 metres. To date, approximately 19,215 metres of drilling have been completed,
with assay results for 8,971 metres released. Assay results for the remaining drill holes are pending.
Underground development of a dedicated drill gallery is progressing in the Cow Zone and is anticipated to
support commencement of drilling from the first drill bay in Q3 2026.
• A second surface exploration program on the adjacent Proserpine regional greenfield exploration target
was ramped up to five drill rigs, with approximately 6,46 3 metres completed and released, when drilling
was paused for caribou calving season. Drilling has recommenced in Q3 2026 with three drill rigs.
• A third surface exploration program on the Yanks Peak target, which is helicopter supported , has also
started with two drills in August 2026. The fourth surface exploration program started in Q3 2026 with two
drills at the QR Mine.
FIGURE 2: Mine Site Complex processing facility site preparation works.
osiskogold.ca
6 of 13
OGG NYSE TSXV
FIGURE 3: Ongoing Valley portal excavation with bedrock exposed at the Mine Site Complex.
FIGURE 4: Waste rock storage facility and sediment control pond.
osiskogold.ca
7 of 13
OGG NYSE TSXV
FIGURE 5: Site camp upgrade and expansion to 358 rooms.
osiskogold.ca
8 of 13
OGG NYSE TSXV
Tintic Project – Utah, U.S.A. (100%-owned)
• Small-Scale Processing and Test Mining Activities: In the second quarter, the Company continued small-
scale heap leaching and direct shipping of mineralized material which generated sales of 5,547 ounces of
gold including direct shipping of 4,879 tonnes at an average grade of 38.71 grams per tonne of gold with
an average payability factor of 89.5%. An additional 2,954 tonnes of higher-grade mineralized material was
stockpiled for direct shipping as of the end of Q2 2026 and was subsequently shipped for processing in July
2026. Test mining is anticipated to continue in Q3 and Q4 2026, and into 2027.
• 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(1)
Anticipated
2026 Cost(2)
Cariboo Gold Project
Underground Development Q4 2026 $19.7 million
Regional surface exploration drilling Q4 2026 $17.5 million
Mine design, processing, water management, infrastructure and other Q4 2026 $11.4 million
Underground Infill Drilling for Resource conversion to improve confidence Q4 2026 $4.9 million
Surface (Directional) Infill Drilling for Resource conversion to improve
confidence Q4 2026 $4.1 million
Surface (Directional) Drilling to expand Mineral Resource Estimate at
depth (up to 300 metres below current Mineral Resource Estimate) Q4 2026 $1.8 million
Surface Drilling to expand geology and mineralization at depth (+700
metres below surface) Q4 2026 $4.2 million
Note:
1. For the portion of activities to be incurred in 2026.
2. The expenditures disclosed in this table include amounts approved by the Board of Directors as at June 30, 2026, net of amounts already
incurred during the six months ended June 30, 2026. Additional expenditures will be required to complete certain of the objectives and are
subject to approval by the Board of Directors.
SUBSEQUENT TO Q2 2026
• On July 8, 2026, the Company announced new drill results from eleven (11) surface diamond drill holes
totaling 8,971 metres completed between December 2025 and April 2026 as part of an ongoing Cariboo
Gold Deeps and near mine gap infill exploration program at the Cariboo Gold Project. Approximately 65%
of drilling transected areas outside the current footprint of the Cariboo Gold deposit, and results confirmed
the presence of high-grade mineralization to a maximum vertical depth below surface of 718 metres in IM-
26-001.
• On July 14, 2026, the Company changed its name from "Osisko Development Corp." to "Osisko Gold Group
Inc." and changed the province of its registered office from Québec to Ontario. In connection with the name
change, the Common Shares traded under its new trading symbol, "OGG", at the start of trading on July 20,
2026 on each of the TSXV and the NYSE. In addition, the trading symbols for the Company's common share
purchase warrants also changed effective at market open on July 20, 2026: (i) warrants trading under
"ODVWZ" on the Nasdaq Stock Market (" Nasdaq") and "ODV.WT.U" on the TSXV changed to "OGGWZ"
and "OGG.WT.U", respectively; and (ii) warrants trading on the TSXV under "ODV.WT.A" and "ODV.WT.V"
changed to "OGG.WT.A", and "OGG.WT.V", respectively.