Osisko Development Receives BC Mines Act Permits for Cariboo Gold Project; Environmental Management Act Permits Referred

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]