Osisko Development Reports First Quarter 2026 Results

• Osisko Development reported First Quarter 2026 financial results on May 11, 2026.
• Cash and cash equivalents increased to approximately $594.3 million following a US$143.8 million prospectus offering completed earlier in the year.
• Operating loss narrowed significantly to $9.7 million compared to $40.8 million in Q1 2025, driven by reduced development costs and Tintic Project revenue of $2.2 million.
• The Cariboo Gold Project resumed planned site activities following a temporary suspension after a fatal incident on January 22, 2026.
• Drilling progress at the Lowhee Zone included completion of the 13,000-metre infill drill program with 11,025 metres released so far.
• Underground development reached approximately 2.1 km from the Cow Portal into the Lowhee Zone, though progress was noted as below plan due to challenging ground conditions in the Lowhee fault.
• The Company completed the sale of its San Antonio Gold Project to Axo Copper Corp., receiving equity and contingent cash payments.
• Warrant exercises during Q1 2026 generated $36.5 million in aggregate proceeds, including a specific $24.9 million exercise by Appian Capital Advisory Limited funds.

• The financial results confirm the capitalization strategy executed in late 2025 and early 2026 without introducing unexpected dilution or cash shortfalls.
• The improvement in operating loss is positive but incremental; the company remains pre-revenue at its flagship Cariboo project, relying on Tintic for current income.
• Resumption of site activities after a fatality was previously announced in March 2026 (NewsId 60344); this Q1 report serves as confirmation rather than new catalyst material.
• The completion of the $143.8 million offering and warrant exercises were priced into the stock following the February 2026 announcement; current cash levels are consistent with prior guidance.
• No new strategic investors or M&A activity was disclosed in this release that would alter the valuation thesis significantly compared to previous months.
• The news is largely a confirmation of execution against previously announced milestones, categorizing it as routine positive rather than material game changer.

• Company: Osisko Development Corp., focused on the development of its 100% owned Cariboo Gold Project in British Columbia.
• Flagship Asset: Cariboo Gold Project is a fully permitted underground gold mine with a 2025 Feasibility Study indicating strong economics ($943M NPV).
• Secondary Asset: Tintic Project (Utah) operates as a small-scale heap leach operation generating current revenue.
• Divested Asset: San Antonio Gold Project (Mexico) was sold to Axo Copper Corp. in January 2026 to focus capital on Cariboo.
• Development Stage: Pre-construction and infill drilling phase, targeting reserve conversion and mine plan integration for production start-up.