Osisko Gold Reports Third Quarter 2026 Results

Osisko Development Corp. (ODV) reported third-quarter 2026 financial results, highlighting a significant milestone in the development of its Cariboo Gold Project and continued operational activity at its Tintic Project. The company generated $19.3 million in revenue from small-scale test mining at the Tintic Project, a substantial increase from the $4.4 million recorded in the same period of 2025. This revenue growth contributed to an operating income of $3.8 million for the quarter, contrasting with a $33.2 million loss in Q3 2025. Cost of sales for the period stood at $9.9 million, compared to $3.0 million in the prior year period.

The company’s financial position as of September 30, 2026, remained robust, with total cash, restricted cash, and marketable securities totaling approximately $1,501.9 million. This balance included $733.7 million in cash and cash equivalents, $691.2 million in restricted cash held in segregated accounts under Senior Secured Notes and for Trafigura subscription proceeds, and $77.0 million in investments and marketable securities.

A central focus of the quarter was the final investment decision (FID) for the Cariboo Gold Project, approved on September 14, 2026. Construction is now underway, with an updated go-forward capital obligation estimate (COE) of $990 million (US$717 million). The company targets its first gold pour in the first quarter of 2029, with commercial production expected in the second half of 2029. As of September 30, 2026, estimated project completion was approximately 28%, with detailed engineering at 42% and over 50% of procurement packages awarded, resulting in approximately $360 million in commitments project-to-date. Costs incurred to date were approximately $355 million, leaving a remaining go-forward COE of approximately $907 million. The company identified total available or proposed capital sources of up to $1,637 million to support the project. Anticipated spending for the fourth quarter of 2026 is $183 million.

Osisko Gold Group Inc. also finalized significant financing and strategic partnerships. On September 30, 2026, the company closed a US$600 million Senior Secured Notes offering at 9.250% due in 2031, generating net proceeds of approximately US$577.0 million. These proceeds were utilized to repay the Appian 2025 Financing Facility, fund interest reserves, and advance Cariboo construction. The company also repaid and terminated the US$450 million 2025 Financing Facility using proceeds from the Senior Secured Notes. Additionally, on October 9, 2026, the company closed a US$30 million equity private placement with Trafigura, issuing 9,554,141 Common Shares to Urion, a Trafigura affiliate, at US$3.14 per share.

Strategic agreements with Trafigura include offtake agreements for 100% of gold concentrate (up to 80,000 dry metric tons) and gold doré for the first four years of Cariboo production. The company also entered into non-binding terms for a potential subordinated gold prepayment facility of up to US$120 million, which would include six additional years of offtake.

At the Tintic Project in Utah, the company sold 3,162 ounces of gold in the third quarter. For the first nine months of 2026, approximately 8,980 ounces were sold, including 7,923 tonnes at an average grade of 39.15 g/t Au with 89.5% payability. Operational updates included the commencement of the Eureka Standard underground ramp project, which has a budget of approximately US$14.0 million. A drilling services agreement was executed for a total of 16,400 feet (4,999m), comprising 10,400 feet of underground infill drilling at Trixie and 6,000 feet of surface drilling at Eureka Standard. As of September 30, 2026, 738 feet had been drilled at Trixie, with the surface program anticipated in the fourth quarter of 2026.

The company announced new drilling results from its Cariboo Deeps, Proserpine greenfield target, and Lowhee Zone infill programs. At Cariboo Deeps, 11 holes totaling 8,971 metres were drilled between December 2025 and April 2026. High-grade mineralization was confirmed to a maximum vertical depth of 718 metres in hole IM-26-001, with approximately 65% of drilling transecting areas outside the current deposit footprint. At the Proserpine target, 14 holes totaling 6,463 metres were drilled between February and May 2026, confirming an emerging gold mineralized system characterized by high-grade structures and broader low-grade zones. Preliminary internal reconciliation analysis of 17,072 metres in 185 holes at the Lowhee Zone showed deposit variability consistent with expectations.

As of September 30, 2026, the company had drilled 65,666 metres over nine months, with full results released for approximately 25,000 metres and remaining results pending. Sixteen rigs were active, including seven for infill and near-mine drilling and nine for regional exploration. Subsequent drilling activity on October 5, 2026, included 36 holes totaling 3,933 metres from the 1290m level in the Lowhee Zone.

In corporate news, Osisko Gold Group Inc. changed its name effective July 14, 2026, and its ticker symbol to OGG. Elijah Tyshynski assumed the role of Chief Financial Officer on October 1, 2026, succeeding Alexander Dann. Cameron Carter was appointed Vice President, Construction Operations at Barkerville Gold Mines on October 2, 2026, while Sarah Harrison departed as Vice President of Permitting, with Greenwood Environmental Inc. assuming responsibility for that function. The company also entered into a Support Agreement with the District of Wells, BC, committing up to $3.0 million over three years for social and economic initiatives.