Osisko Development completes $143.8M (U.S.) bought deal

Executive Summary

• Osisko Development Corp. completed a US$143.8 million "bought deal" public offering of common shares, including the full exercise of the underwriters' 15% over-allotment option.
• The company issued 40,607,650 common shares at a price of $3.54 (U.S.) per share, raising aggregate gross proceeds of $143,751,081 (U.S.).
• Net proceeds will be used to finance infill conversion drilling and at-depth exploration at the Cariboo gold project, as well as for general working capital.

Key Details

• Transaction Structure: Bought deal public offering of common shares.
• Underwriters: National Bank Capital Markets, RBC Capital Markets, and Cantor (co-lead underwriters/co-bookrunners); BMO Capital Markets.
• Shares Issued: 40,607,650 common shares.
• Price Per Share: $3.54 (U.S.).
• Gross Proceeds: $143,751,081 (U.S.).
• Over-Allotment: The underwriters exercised their overallotment option in full.
• Underwriting Commission: 4.5% of aggregate gross proceeds paid to underwriters.
• Use of Proceeds: Financing infill conversion drilling and at-depth exploration at the Cariboo gold project; general working capital.
• Insider Participation: Double Zero Capital LP, an insider, purchased 8,080,000 common shares at $3.54 (U.S.) for gross proceeds of $28,603,200 (U.S.) via pre-emptive rights.
• Regulatory Context: The insider purchase is a related party transaction under MI 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements as the transaction value involving interested parties was not more than 25% of the company's market capitalization.
• Regulatory Approval: Subject to final approval of the TSX Venture Exchange.
• Filing Details: Completed via prospectus supplement dated Jan. 27, 2026, to the short-form base shelf prospectus dated Dec. 23, 2025.

Notable Quotes

• "We see 2026 as a key inflection point for Osisko Development and our flagship, fully permitted Cariboo gold project. Proceeds from this offering unlock our ability to accelerate infill conversion drilling aimed at upgrading existing mineral resources to mineral reserves, potentially setting the stage for a more meaningful annual gold production profile... This is a unique opportunity to potentially enhance project value by converting additional reserve ounces into the mine plan located near or within planned infrastructure, potentially delivering near-term benefits for shareholders." — Sean Roosen, Chairman and CEO