Osisko Development Reports Fourth Quarter and Year-End 2025 Results

Executive Summary

• Osisko Development reported $422.3 M cash on hand, $24.2 M revenue from 3,970 oz gold sold at the Tintic Project, and operating income of $8.7 M for Q4 2025.
• Completed a private‑placement financing raising ~$82.5 M (including flow‑through shares) and a U.S. prospectus offering of common stock generating US$143.8 M gross proceeds; also received $24.9 M from warrant exercises.
• Advanced the Cariboo Gold Project: released 5,983 m of infill drill results (44% of program), continued pre‑construction (water‑treatment plant, waste‑rock storage, camp upgrade) and resumed site work after a fatal incident; entered a construction‑management agreement with JDS Energy & Mining.

Key Details

• Cash Position: ~$422.3 M cash & cash equivalents as of 31 Dec 2025.
• Debt Facility: $145.8 M (US$106.4 M) outstanding under the US$450 M senior secured “2025 Financing Facility”.
• Tintic Project Revenue: $24.2 M revenue, $6.8 M cost of sales; 3,970 oz gold sold generating $8.7 M operating income.
• Private Placement (Oct 29 2025):
• Total gross proceeds ≈ $82.5 M.
• LIFE Offering: 2,990,000 FT shares @ C$6.69; 1,444,000 BC‑FT shares @ C$6.93; 4,182,000 common shares @ C$4.78.
• Private Placement: 6,793,798 common shares @ C$4.78.
• Prospectus Offering (Feb 3 2026): 40,607,650 common shares at US$3.54 each → US$143.8 M gross proceeds (≈ C$196.2 M).
• Warrant Exercise (Mar 9 2026): Received ~$24.9 M from exercise of 5,625,031 warrants.
• San Antonio Gold Project Sale: Agreement announced Nov 24 2025; closed Jan 27 2026. Received 15,325,841 Axo shares (9.99% of Axo) plus contingent cash payments (70 % of Mexican VAT refund, US$2 M on feasibility study, US$2 M on first gold pour). Additional 2,363,516 Axo shares issued under anti‑dilution provision.
• Cariboo Gold Project – Infill Drilling:
• Q4 2025 released 5,983 m (44% of 13,000 m program).
• To date 11,025 m released (~80% of program); 96 % of total planned drilling completed.
• Expected completion of full 13,000 m program in Q2 2026.
• Pre‑Construction Progress:
• Water‑treatment plant commissioning nearing full operation (target Q2 2026).
• ~2.1 km underground development completed; work slowed by ground conditions near Lowhee fault.
• Waste‑rock storage facility, sediment control pond, and site camp (266 rooms) construction ongoing.
• Exploration Activities: Up to 20 drill rigs planned for 2026; ~6,000 m surface drilling completed (assays pending); additional 1,500 m on Proserpine regional target.
• Fatal Incident & Site Resumption: Contractor fatality on Jan 22 2026 led to temporary suspension; phased reopening announced Mar 2 2026 with regulatory approval.
• Corporate Appointments:
• Scott Smith – VP Exploration (effective Nov 1 2025).
• Sarah Harrison – VP Permitting & Compliance (appointed Feb 2 2026).
• Inclusion in ETF: Added to VanEck Junior Gold Miners ETF (GDXJ) effective Mar 20 2026.
• Omnibus Equity Incentive Plan: Minor administrative amendments approved Mar 27 2026 (no shareholder vote required).

Notable Quotes

(Quotes not extracted as none were provided in the release.)