Osisko Development (ODV) Q3 2025 earnings summary

Executive summary

• Ended Q3 2025 with $401.4 million in cash and cash equivalents and drew $137.2 million under a new US$450 million financing facility.

• Completed private placements totaling $280.4 million in Q3 and an additional $82.5 million after quarter-end.

• Advanced pre-construction and underground development at Cariboo Gold Project, with significant progress in infill drilling and infrastructure.

• Sold 877 ounces of gold from Tintic Project's small-scale heap leach operation.

Financial highlights

• Generated $4.4 million in revenue and $3.0 million in cost of sales from gold sales at Tintic, compared to $0.2 million and $0.1 million respectively in Q3 2024.

Outlook and guidance

• Infill drilling at Cariboo Gold Project expected to complete in Q1 2026, with ongoing pre-construction and infrastructure milestones scheduled through 2026.

• Tintic Project's small-scale operations to continue into Q4 2025, with limited activity expected beyond care and maintenance.

• San Antonio Gold Project remains in care and maintenance, with plans to re-submit permit applications.