Osisko Development (ODV) Q1 2026 earnings summary

Executive summary

• Ended Q1 2026 with $594.3 million in cash and cash equivalents, supported by a $143.8 million US share offering and $36.5 million from warrant exercises.

• Sold 270 ounces of gold from small-scale mining at the Tintic Project, generating $2.2 million in revenue and $0.7 million in cost of sales, resulting in a $9.7 million operating loss, a significant improvement from a $40.8 million loss in Q1 2025.

• Resumed phased reopening of Cariboo Gold Project after a temporary suspension due to a fatal incident; site activities, drilling programs, and a project management agreement with JDS Energy & Mining are ongoing.

• Completed the sale of the San Antonio Gold Project and announced inclusion in the VanEck Junior Gold Miners ETF (GDXJ).

• Appointed new VPs for Permitting & Compliance and Construction Contracting & Commercial.

Financial highlights

• $594.3 million in cash and cash equivalents as of March 31, 2026.

• $2.2 million in revenue and $0.7 million in cost of sales from Tintic Project activities.

• Operating loss of $9.7 million in Q1 2026, compared to a $40.8 million loss in Q1 2025.

• $153.2 million outstanding under the US$450 million senior secured project loan facility.

• $143.8 million US raised via common share offering; $36.5 million from warrant exercises.

Outlook and guidance

• Up to 20 drill rigs expected to be active throughout 2026, with approximately 160,000 metres of planned drilling at Cariboo and regional targets.

• Underground development, regional exploration, and infrastructure projects at Cariboo Gold Project targeted for completion by Q4 2026, with total anticipated 2026 costs exceeding $60 million.

• Full commissioning of the Bonanza Ledge water treatment plant expected in Q2 2026.

• Test mining at Tintic Project to continue in Q2 2026, with limited activities expected beyond care and maintenance.