Osisko Development (ODV) Registration Filing summary

Company overview and business model

• Focuses on developing high-quality, past-producing gold properties in North America, with the Cariboo Gold Project in British Columbia as its flagship asset and the Tintic Project in Utah as a secondary project.

• Aims to become an intermediate precious metals producer by advancing a portfolio of development projects and investments.

• Operates as an exploration and development stage company, relying on equity and debt financing to fund operations and project advancement.

Financial performance and metrics

• As of June 30, 2025, pro forma capitalization includes C$1.35 billion in equity and C$129.4 million in long-term debt, reflecting the impact of the private placement and initial draw from the credit facility.

• Warrant liability increased to C$155.6 million pro forma, with significant outstanding warrants at various exercise prices and maturities.

• The company does not generate sufficient cash flows from operations and has historically relied on external financing.

Use of proceeds and capital allocation

• Net proceeds from the private placement and credit facility are intended to fund the construction and development of the Cariboo Gold Project and for general corporate purposes.

• Proceeds from the exercise of private placement warrants, if any, will also be allocated to the Cariboo Gold Project.

• The company will not receive proceeds from the resale of shares by selling shareholders; only warrant exercises may provide additional funds.