ODV News & Events

Osisko Development announces the resumption of planned site activities at its Cariboo Gold Project in British Columbia, following a temporary suspension related to an isolated tragic incident that occurred at surface on January 22. A phased gradual reopening plan of surface and underground activities was successfully implemented over the last several weeks, while ensuring the health and safety of all employees and contractors, in coordination with and approval from the relevant regulatory authorities. There are currently over 250 personnel onsite, reflecting normal operating levels for the current phase of work, supporting the advancement of pre-construction, early works and exploration drilling activities, including: Water treatment plant: Upgrades to the Bonanza Ledge water treatment plant are in the final stages of commissioning and the facility is anticipated to be fully operational in the coming weeks. Underground development: To date, approximately 2.1 kilometres of underground development has been completed from the existing Cow Portal into the Lowhee Zone, and along the main access ramp, through the Lowhee fault, towards the Cow Mountain Zone. Development progress has been below plan while encountering challenging ground conditions in and around the Lowhee fault, requiring enhanced ground support. Development rates are expected to improve as the ramp advances beyond this zone. Lowhee infill program: Infill drilling has resumed and is underway, with approximately 1.6 km remaining in the final drill fan under the ongoing 13-km underground program on the 1260 level. Additional exploration and infill drilling is also ongoing on the 1290 level. A total of three drill rigs are currently operating underground. Surface exploration: A total of six drill rigs are currently operating on two exploration programs. Three drill rigs are targeting exploration below the current extent of the Cariboo Gold deposit down to a depth of 1,000 meters. Approximately 5,000 meters of drilling have been completed to date, with assays pending. A second surface exploration program on the adjacent Proserpine regional target has also commenced with three drill rigs, and approximately 500 meters completed to date. Surface infrastructure: Construction of the waste rock storage facility, the sediment control pond, early works in the mine site complex area and other critical infrastructure continues. Camp upgrade: The upgrade and expansion of the site camp to 266 rooms is complete and is expected to provide accommodation capacity aligned with peak construction manpower requirements for the Project.

Osisko Development announced that its wholly-owned subsidiary, Barkerville Gold Mines, has entered into a definitive Project and Construction Management Services Agreement with JDS Energy & Mining for the development of the Cariboo Gold Project, located in British Columbia.

Osisko Development Corp. announced that it has entered into an agreement with National Bank Capital Markets, RBC Capital Markets and Cantor, as co-lead underwriters and co-bookrunners, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a "bought deal" basis, 35.31M common shares of the company, at a price of $3.54 per share, for gross proceeds of $125M. The company intends to use the net proceeds of the offering to fund infill conversion drilling and at depth exploration at the Cariboo Gold Project and for general working capital purposes.