Osisko Development (ODV) Mining Forum Europe 2026 summary

Key project updates and strategy

• Focus is on the Cariboo Gold Project in British Columbia, with phase one targeting 200,000 oz/year and a 2 million oz reserve, plus significant measured, indicated, and inferred resources.

• Fully permitted and financed, with $885 million raised and construction underway; production expected to begin in early 2028.

• Project aims to scale from 200,000 oz/year to 400,000 oz/year by converting additional resources to reserves and expanding mining capacity.

• Feasibility study projects a 10-year mine life, 24-month build, AISC of CAD 1,157/oz, and NPV of CAD 3.25 billion at CAD 4,500 gold.

• Expansion plans include increasing permitted throughput from 4,900 to up to 15,000 tons/day as more resources are documented.

Exploration and resource potential

• Ongoing infill and conversion drilling aims to double reserves to 4 million oz within 24 months, with significant upside at depth.

• The deposit has 4.4 km of strike length, with potential to extend to 1,000–2,000 m depth, possibly reaching 15 million oz.

• 11 drills currently active, with plans to increase to 20+ in Q3 to accelerate resource definition and expansion.

• All mineralization within the 4.4 km strike is fully permitted, supporting rapid development and expansion.

• The broader district covers 83 km of known mineralization and 1,500 sq km of mineral licenses, comparable to major Canadian gold camps.

Comparative analysis and market positioning

• Project grade (3.62 g/t) and strike length compare favorably to major Canadian underground mines, offering higher grades and larger scale.

• Market cap and production comparisons suggest significant re-rating potential as production ramps up and resources are converted.

• Targeting a market cap cluster of 400,000 oz/year producers, with aspirations to reach top 10 global gold project status.

• Project leverages existing infrastructure and brownfield advantages, reducing initial CapEx and accelerating timelines.

• Strong support from local government and First Nations partners has enabled expedited permitting.