Core Insights - Osisko Development Corp. is advancing one of Canada's newly permitted underground gold mines located in British Columbia, specifically the Cariboo Gold project, which is supported by a significant gold resource in a tier 1 jurisdiction [1] Group 1: Company Overview - Osisko Development Corp. is focused on reviving historic mining camps in North America [1] - The Cariboo Gold project is positioned to deliver attractive growth through high-efficiency bulk tonnage production [1] Group 2: Industry Context - The project emphasizes the future of responsible mining that benefits all stakeholders involved [1]

Core Insights - Osisko Development Corp. announced promising drilling results from its 2024 exploration campaign at the Quesnel River Mine Prospect, part of the Cariboo Gold Project in British Columbia, Canada [1][2] Exploration Results - The 2024 drill campaign included thirteen surface infill diamond drill holes totaling approximately 1,732 meters [3] - Significant assay highlights include: - 13.61 grams per tonne (g/t) gold over 4.15 meters in hole QRM-24-006, with a peak of 31.90 g/t Au over 1.50 meters - 5.98 g/t Au over 11.40 meters in hole QRM-24-010 - 4.27 g/t Au over 12.00 meters in hole QRM-24-013 - 14.10 g/t Au over 3.55 meters in hole QRM-24-009, including 18.55 g/t Au over 0.95 meters [5][13][15] Historical Data Validation - The company is reviewing a historical drill database comprising over 130,000 meters of drilling from more than 1,300 drill holes conducted by previous owners between the late 1970s and 2000s [5][7] - The 2024 drill campaign aimed to validate and confirm the accuracy of historical exploration data, with results indicating consistency with historical mineralization [5][6] Future Exploration Strategy - A proposed follow-up geophysical survey will guide the next phase of exploration and target generation on the property [2][5] - Geophysical techniques, including induced polarization (IP) surveys, are expected to help narrow the search area for potential gold-rich zones [5][6] Project Background - The QR Mine Prospect is located approximately 58 kilometers southeast of Quesnel and was previously operated by Kinross Gold Corp. from 1994 to 1998, producing a total of 118,004 ounces of gold [7][8] - The mineralization at the QR deposit is associated with a diorite-monzonite intrusive body known as the QR stock, with historical mining operations focused on localized zones of gold skarn mineralization [8][22]

Core Insights - Osisko Development Corp. has appointed David Rouleau as Vice President of Project Development to enhance its operations-driven team for the Cariboo Gold Project [1][2] - The previous COO, Éric Tremblay, has left the company to pursue other opportunities, and Rouleau will support the transition until a new COO is appointed [1][2] - The company is focused on advancing its flagship Cariboo Gold Project and has initiated an executive search for a new COO [1][2] Company Overview - Osisko Development Corp. is a North American gold development company targeting past-producing mining camps in favorable jurisdictions with significant potential [4] - The company's goal is to become an intermediate gold producer by advancing the Cariboo Gold Project, along with other projects in Utah and Mexico [4] - The company emphasizes developing long-life, sustainable mining assets while minimizing development risks and enhancing mineral resources [4] Leadership Experience - David Rouleau brings over 35 years of operational and management experience in the mining industry, having held various roles in project development and optimization [2][3] - His previous positions include Vice President of Mine Optimization at Victoria Gold and Vice President of Operations at Barkerville Gold Mines [2][3] - Rouleau has a strong background in managing projects at different growth stages, including feasibility studies and construction [2][3]

Company Overview - Osisko Development Corp. is a North American gold development company focused on past-producing mining camps in mining-friendly jurisdictions with district-scale potential [2] - The company's objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project in central B.C., Canada, the Tintic Project in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico [2] - The company benefits from considerable brownfield exploration potential, significant historical mining data, existing infrastructure, and access to skilled labor [2] - The strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets while minimizing exposure to development risk and growing mineral resources [2] Recent Developments - Osisko Development has granted 80,000 deferred share units (DSUs) to Mr. Stephen Quin, an independent director, as part of his recent appointment to the board of directors [1] - This grant was made in accordance with the company's DSU plan [1]

Core Viewpoint - Osisko Development Corp. has made significant progress in its Cariboo Gold Project, completing underground development and preparing for a bulk sample extraction, which is expected to support an optimized feasibility study in 2025 [1][3][4]. Group 1: Project Development - The company has completed 100% of the underground development, totaling approximately 1,172 meters, to access the target area for the bulk sample in the Lowhee Zone [2]. - Preparations are in the final stages to extract 10,000 metric tonnes of mineralized material, with blasting and extraction expected to be completed in the coming weeks [3]. - The bulk sample results are anticipated in Q1 2025, which will support ongoing work on the optimized feasibility study expected to be completed in Q2 2025 [3]. Group 2: Technical Insights - The team has reached the heart of the orebody in the Lowhee Zone and is receiving preliminary visual confirmation of the geology [4]. - The extracted bulk sample will undergo ore sorter testing at Tomra's facility in Saskatoon, Saskatchewan, which will provide valuable grade reconciliation data relative to the resource model [4]. - These efforts are expected to significantly derisk the project from a technical standpoint as the company progresses towards securing a fully funded financing solution [4]. Group 3: Company Overview - Osisko Development Corp. is focused on becoming an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project and other projects in mining-friendly jurisdictions [9]. - The company's strategy includes developing long-life, socially and environmentally sustainable mining assets while minimizing exposure to development risk [9].

Company Overview - CEO.CA Technologies Ltd. is a leading investor social network focused on junior resource and venture stocks, founded in 2012 and is a wholly owned subsidiary of EarthLabs, Inc. [2][5] - The platform is one of the most popular free financial websites and apps in Canada, attracting millions of visitors annually from over 164 countries [2][5]. Industry Engagement - CEO.CA serves as a media partner at investor events globally, providing coverage of companies that are shaping the future of mining and engaging with industry leaders to understand their vision and strategy [3]. Executive Highlights - The article features key executives from various mining companies, including Sean Roosen (Osisko Development), Andrew Chubb (Awalé Resources), Jim Hesketh (Viva Gold Corp), and Edouard Gosselin (Kobo Resources), showcasing their roles in the mining landscape [4].

Core Viewpoint - Osisko Development Corp. announces the resignation of Ms. Marina Katusa from its board of directors effective immediately [1][2]. Company Overview - Osisko Development Corp. is a North American gold development company focused on past-producing mining camps in mining-friendly jurisdictions with district-scale potential [3]. - The company's objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project in central British Columbia, the Tintic Project in Utah, and the San Antonio Gold Project in Sonora, Mexico [3]. - The company benefits from considerable brownfield exploration potential, significant historical mining data, existing infrastructure, and access to skilled labor [3]. - Osisko Development aims to develop attractive, long-life, socially and environmentally sustainable mining assets while minimizing exposure to development risk and growing mineral resources [3].

Core Points - Osisko Development Corp. has received approval for BC Mines Act permits for its 100%-owned Cariboo Gold Project, marking a significant milestone for the company and its stakeholders [1][2][9] - The project aims to set a standard for responsible mining and environmental stewardship through extensive consultation with Indigenous nations and local communities [2][11] - The Cariboo Gold Project is expected to create approximately 634 jobs during construction and 488 jobs during peak operations, contributing significantly to local economic development [6][12] Permits and Regulatory Framework - The company has secured key permits for construction and operation, including Mines Act permits for the Mine Site Complex and QR Mill, while some Environmental Management Act permits are still under review [8][9] - The project is the first to be fully assessed under British Columbia's new 2018 Environmental Assessment Act, highlighting the province's commitment to sustainable mining practices [3][5] Project Development Timeline - A formal positive final investment decision is anticipated in the coming months, allowing full-scale construction to begin in the second half of 2025, with completion targeted for the end of 2027 [5][6] - Ongoing bulk sampling and underground development are progressing, with results expected in Q1 2025 [4][15] Economic Impact and Sustainability - The Cariboo Gold Project is projected to produce up to 223,000 ounces of gold annually at peak operations, with an average of 194,000 ounces during Phase 2 [6] - The project plans to invest C$588.4 million in initial and expansion capital costs and C$466.6 million in sustaining capital costs, primarily within British Columbia [6][12] - The use of green hydroelectric power and low-impact mining technologies aims to minimize the project's carbon footprint [6][12] Indigenous Relations - The company has established collaborative partnerships with Indigenous nations, including the Lhtako Dené Nation and Williams Lake First Nation, and is working towards agreements with other local Indigenous groups [11][12] - Ongoing engagement and consultation with Indigenous nations are emphasized to ensure mutual benefits from the project's development [12]

Financial Performance - For the three months ended September 30, 2024, Osisko Development Corp. reported revenues of CAD 161,000, a significant increase from CAD 10,421,000 in the same period of 2023[7]. - The net loss for the three months ended September 30, 2024, was CAD 33,864,000, compared to a net loss of CAD 7,123,000 for the same period in 2023, reflecting a year-over-year increase of 376%[7]. - The company reported a comprehensive loss of CAD 26,382,000 for the three months ended September 30, 2024, compared to a comprehensive loss of CAD 4,025,000 in the same period of 2023[11]. - For the nine months ended September 30, 2024, the net loss was CAD 70.53 million, up from CAD 43.78 million in the same period of 2023, indicating a 61% increase in losses[14]. - The company reported a comprehensive loss of CAD 61.67 million for the nine months ended September 30, 2024, compared to CAD 60.17 million for the same period in 2023[19]. - The operating loss for the nine months ended September 30, 2024, was CAD 49,518,000, compared to an operating loss of CAD 53,581,000 for the same period in 2023, indicating an improvement of approximately 7.8%[91]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to CAD 767,032,000, a slight increase from CAD 763,880,000 at the end of 2023[4]. - Current liabilities increased to CAD 122,627,000 as of September 30, 2024, compared to CAD 57,333,000 at the end of 2023, indicating a significant rise in short-term obligations[4]. - The company’s cash and cash equivalents decreased to CAD 40,813,000 from CAD 43,455,000 at the end of 2023, representing a decline of approximately 6%[4]. - As of September 30, 2024, the company has a negative working capital of $64.7 million, with cash and cash equivalents totaling $40.8 million[24]. - The total long-term debt and credit facility balance rose significantly to $78,062 as of September 30, 2024, compared to $16,923 at December 31, 2023, indicating a substantial increase in financing[50]. - The company’s current portion of long-term debt increased to $71,716 as of September 30, 2024, compared to $11,821 at December 31, 2023, indicating a significant rise in short-term obligations[50]. Investments and Financing - The company is dependent on securing additional financing to continue operations and fund planned activities, with potential strategies including selling investments and project debt financing[26]. - The company completed a non-brokered private placement, issuing 19,163,410 units at a price of US$1.80 per unit, resulting in gross proceeds of approximately US$34.5 million[94]. - The company completed a brokered private placement on November 12, 2024, issuing 31,946,366 units at a price of US$1.80 per unit, resulting in gross proceeds of approximately US$57.5 million[96]. - The agents received a cash commission of 4.5% on the aggregate gross proceeds from the private placement[96]. Exploration and Development - Osisko Development is focused on the exploration and development of its mining assets, including the Cariboo Gold Project in British Columbia and the San Antonio Gold Project in Mexico[22]. - The company added CAD 6.47 million to mining interests in Q3 2024, compared to CAD 6.22 million in Q3 2023, reflecting a 4% increase in investment[14]. - The company’s mining interests increased from CAD 456.5 million as of December 31, 2023, to CAD 484.5 million as of September 30, 2024, with additions of $26.2 million during the period[44]. Share Capital and Equity - Share capital increased to CAD 1,084,623,000 as of September 30, 2024, from CAD 1,080,049,000 at the end of 2023, reflecting a growth of approximately 0.4%[4]. - The number of common shares outstanding increased to 85,448,911 by September 30, 2024, up from 84,102,240 at the beginning of the year[16]. - The balance of share options increased from 2,700,077 to 5,270,523, with a weighted average exercise price decreasing from $9.64 to $5.54 from December 31, 2023, to September 30, 2024[67]. Cash Flow and Expenses - Cash flows used in operating activities for the nine months ended September 30, 2024, totaled CAD 34.57 million, slightly higher than CAD 33.65 million for the same period in 2023[14]. - The company experienced a decrease in accounts payable and accrued liabilities by $1,327 thousand for the nine months ended September 30, 2024, compared to a decrease of $4,973 thousand in the same period of 2023[75]. - The total share-based compensation related to share options for the three months ended September 30, 2024, was $1.0 million, compared to $1.1 million for the same period in 2023[70]. - The total share-based compensation expense related to DSU and RSU plans for the three months ended September 30, 2024, was $0.5 million, down from $0.9 million in the same period of 2023[71]. Other Financial Metrics - The company experienced a significant unrealized foreign exchange loss of CAD 10.57 million in Q3 2024, compared to a gain of CAD 0.45 million in Q3 2023[14]. - The company incurred a net loss of $70.5 million for the nine months ended September 30, 2024, and has an accumulated deficit of $581.8 million[24]. - The company’s investments in associates decreased from $13.0 million as of December 31, 2023, to $12.8 million as of September 30, 2024, reflecting a share of loss of $429,000[42].

MONTREAL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko Development" or the "Company") is pleased to announce the successful closing of its previously announced private placement of 31,946,366 units of the Company ("Units") at a price of US$1.80 per Unit, including the exercise in full of the Agents' option, for aggregate gross proceeds of approximately US$57.5 million (the "Offering"). The Offering included a lead order from Condire Investors, LLC ("Condire"), a ...