Osisko Development Reports Fourth Quarter and Year-End 2024 Results

Core Insights - Osisko Development Corp. reported its financial and operational results for Q4 2024, highlighting significant progress in its Cariboo Gold Project and other initiatives [1][2]. Financial Highlights - As of December 31, 2024, the company had approximately CAD 106.7 million in cash and cash equivalents [4]. - The company completed a non-brokered private placement, issuing 19,163,410 units at USD 1.80 per unit, raising approximately USD 34.5 million [4]. - A brokered private placement was also completed, raising approximately USD 57.5 million by issuing 31,946,366 units at the same price [4]. Project Updates - The Cariboo Gold Project is now fully permitted, with approvals granted under the Mines Act and Environmental Management Act, marking its shovel-ready status [4]. - The company is engaged in ongoing discussions for project financing options for the Cariboo Gold Project [4]. - Pre-construction activities have commenced, including underground development to extract a bulk sample of up to 10,000 tonnes of mineralized material [8]. Upcoming Milestones - Key milestones for the Cariboo Gold Project include: - Completion of electrical and communication work in Q1 2025 with remaining costs of CAD 0.7 million [10]. - Bulk sample extraction expected in Q2 2025 with remaining costs of CAD 6.4 million [10]. - Updated feasibility study anticipated in Q2 2025 with remaining costs of CAD 2.5 million [10]. Strategic Developments - The company is conducting a strategic review of the San Antonio Gold Project, exploring potential partnerships or sales [9]. - The Tintic Project has completed Phase I regional drilling, with Phase II drilling expected to be completed in Q2 2025 [9]. Management Changes - New appointments include Mr. David Rouleau as Vice President, Project Development, and Mr. Philip Rabenok as Vice President, Investor Relations [16].