Osisko Development Secures US$450 Million Financing Facility to Develop the Cariboo Gold Project

Core Viewpoint - Osisko Development Corp. has secured a US$450 million senior secured project loan credit facility from Appian Capital Advisory Limited to advance the Cariboo Gold Project in British Columbia, Canada [2][4]. Financing Details - The credit facility consists of two tranches, with an initial draw of US$100 million completed to support pre-construction activities, including a 13,000-meter infill drill campaign and repayment of an existing US$25 million term loan [3][6]. - Subsequent draws totaling US$350 million will be available based on the achievement of certain project milestones and conditions [6][7]. - The facility enhances financial flexibility and is structured to support the project's development timeline [3][4]. Project Overview - The Cariboo Gold Project is a 100%-owned asset by Osisko Development, located in a stable jurisdiction with significant mineral potential [4][10]. - The project aims to advance towards a formal investment decision and construction readiness, with a focus on becoming a major Canadian gold producer [4][13]. Strategic Partnership - Appian Capital's involvement as a cornerstone investor is seen as a strong endorsement of the Cariboo Gold Project, reflecting confidence in the management team and the project's potential [4][10]. - Appian's investment strategy aligns with the project's characteristics, including its robust mineral base and experienced management [4][10]. Credit Facility Terms - The credit facility matures on July 21, 2033, with interest rates tied to the 3-month Secured Overnight Financing Rate (SOFR) plus a margin [12]. - The facility includes provisions for repayment of existing debt and funding for ongoing project activities [12][6]. - Osisko Development will grant Appian 5,625,031 non-transferable common share purchase warrants as part of the agreement [12].