Osisko Development (ODV) Registration Filing summary

Company overview and business model

• Focuses on acquisition, exploration, and development of precious metals properties in Canada, the US, and Mexico, with the Cariboo Gold Project in British Columbia as its flagship asset.

• Cariboo Gold Project is an advanced-stage underground gold mine with a 10-year life, targeting 4,900 tpd production.

• Recent financing and project milestones include a US$450M facility from Appian and multiple equity offerings to fund development.

Financial performance and metrics

• As of December 31, 2024, reported negative operating cash flow of $52.3M and a net loss of $88.3M; outstanding debt was $43.8M.

• After-tax NPV (5%) is $943.5M, IRR is 22.1%, and payback period is 2.8 years at a base case gold price of US$2,400/oz.

• Average operating cost over mine life is $110.7/t; AISC including royalties is US$1,157/oz.

Use of proceeds and capital allocation

• Net proceeds will fund Cariboo Gold Project development, exploration, and working capital; $301M in expenditures planned over the next 12 months.

• Additional funds may be used to cover negative operating cash flow until commercial production is achieved.

• Management has discretion to reallocate funds as needed based on project results and business conditions.