Osisko Development (ODV) Registration Filing summary

Company overview and business model

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

• Holds additional interests in the Tintic Project (Utah, USA) and previously the San Antonio Project (Mexico), but Cariboo is now the only material property.

• Operates as a reporting issuer in all Canadian provinces and is listed on the TSXV and NYSE.

Financial performance and metrics

• Reported negative operating cash flow of $52.3M for FY 2024 and $20.5M for the first half of 2025, with net losses of $88.3M and $47.4M, respectively.

• Outstanding debt as of mid-2025 was $46.6M, including leasing, equipment financing, and a credit facility for Cariboo development.

• Working capital as of the prospectus date was approximately $419M, with a cash position of $471M.

• After-tax NPV (5%) is $943.5M, IRR is 22.1%, and payback period after start of operations is 2.8 years; AISC over LOM is USD $1,157/oz.

Use of proceeds and capital allocation

• Net proceeds will fund Cariboo Gold Project development, including drilling, mine design, metallurgy, water management, infrastructure, and permitting.

• Estimated expenditures to advance Cariboo to the next phase are $301.4M over the next 12 months.

• Additional draws of up to US$350M available under the Appian Facility for project funding.

• Management retains broad discretion in allocation of proceeds, which may also fund negative operating cash flow.