Osisko Development (ODV) - 2024 Q3 - Quarterly Report

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$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].