Production Guidance - The company provided split-year guidance indicating that the first half will include approximately 17,500 ounces of gold equivalent from existing oxide material stockpiles, requiring no additional mining [1] - Initial production guidance for the year was set at 34,000–36,000 ounces of gold equivalent, which was later raised to 36,000–38,000 ounces, ultimately exceeding expectations with a total of 39,000 ounces produced [3][5] Cost Management - The company achieved an 18% reduction in C1 costs, which encompass the operating costs to run the mine and produce an ounce of gold, positioning the operation in the first quartile of the gold cost curve at $1,244 per ounce [2] - Although all other operating costs decreased, the All-In Sustaining Costs (AISC) saw a slight increase due to rising royalties linked to higher gold and silver prices [2] Transition to Copper Production - The company is transitioning from gold and silver production to predominantly copper production, with a total production guidance of 20,000–22,000 tons of copper equivalent for the current year [4][5] - The second half of the year is expected to include a ramp-up period of approximately three months until commercial production is achieved, contributing an estimated 15,000–17,000 tons of copper equivalent [7] Project Development - The sulfide expansion project is reported to be 63% complete, on schedule, and on budget, with key equipment already on site [9] - The construction of the tailings storage facility is progressing well, with significant portions of required materials already stockpiled [10] Financial Position - The company has a financing position involving a $200 million bond, with net debt currently at $56 million and expected to be fully drawn by mid-year [13] - Ongoing cash flows from oxide production are supporting liquidity, alongside additional liquidity backstops [13] Revenue Mix Expectations - In a standard year, the company anticipates approximately 50% of revenue from copper, 25% from zinc, and 25% from gold and silver, with the current transition year expected to have a higher contribution from gold and silver due to first-half oxide production [15] Environmental and Regulatory Considerations - The company is expecting permitting for the Enriched Ore Project by year-end, which relates to processing waste stored on site [16] - Discussions are ongoing with several parties to utilize the heap leach facility for processing third-party ore after completing the processing of remaining oxide material [16] Strategic Objectives - The key objective for the year is to deliver the sulfide project on time and on budget, with potential bond refinancing opportunities anticipated in January 2027 [17] - The company is also evaluating M&A opportunities to consolidate the copper industry [18]

Core Viewpoint - Osisko Development Corp. announced positive results from the optimized Feasibility Study for the Cariboo Gold Project, confirming strong economics for a low-impact underground operation with favorable operating costs and capital requirements [2][3]. Project Overview - The Cariboo Gold Project is a 100%-owned, permitted gold project located in central British Columbia, Canada, designed as a traditional underground operation using mechanized bulk mining methods [2][5]. - The 2025 Feasibility Study (FS) was completed by BBA Engineering Ltd. and adheres to National Instrument 43-101 standards [2]. Economic Metrics - The base case gold price is set at $2,400/oz, with a net present value (NPV) of $943 million and an internal rate of return (IRR) of 22.1% [5][6]. - Under a spot case scenario with a gold price of $3,300/oz, the NPV increases to $2,066 million, and the IRR rises to 38.0% [5][6]. - Average annual free cash flow is projected at $158 million, with $296 million in the first five years [6][9]. Production and Costs - The project anticipates an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with first gold expected in the second half of 2027 [6][34]. - The average all-in sustaining costs (AISC) are estimated at $1,157/oz, placing the project in the lower half of the global cost curve for gold mines [6][9]. Improvements from Previous Studies - The 2025 FS incorporates significant improvements over the 2023 FS, including a streamlined processing facility and enhanced metallurgical recovery, resulting in an overall gold recovery of 92.6% [6][7][50]. - The average stope size has increased by approximately 60%, reducing the total number of stopes required [11][38]. Capital Expenditures - Initial capital costs are estimated at $881 million, with sustaining capital costs over the life of the mine projected at $525 million [6][69]. - Total cumulative capital costs, including reclamation and closure costs, are estimated at $1,307 million [69]. Permitting and Community Engagement - The project has received necessary permits, including the Environmental Assessment Certificate and Mines Act permits, solidifying its shovel-ready status [72][73]. - The company is committed to engaging with Indigenous nations and local communities to ensure mutual benefits from the project [73][76]. Future Opportunities - There are significant opportunities for further optimization and enhancement of the project's economics, which will be detailed in the forthcoming Technical Report [77][78].