Osisko Gold Reports Second Quarter 2026 Results
Osisko Development funds its Cariboo project via a convertible note while Tintic test mining generates a small operating profit.
Osisko Gold Group Inc. released its second-quarter 2026 earnings and operating update on August 13, 2026. The company reported cash and cash equivalents of approximately $837.3 million, an increase from $594.3 million in the first quarter of 2026 and $422.3 million at the end of fiscal year 2025. In May 2026, the company closed a US$300.0 million offering of 4.125% convertible senior notes due in 2031.
At the Tintic Project, small-scale mining operations sold 5,547 gold ounces, generating $32.7 million in revenue and $8.1 million in operating income. This compares to second-quarter 2025 results, which showed $6.9 million in revenue and a $16.3 million operating loss.
Pre-construction activities at the Cariboo Gold Project continued, with approximately 2.7 km of underground development completed. Excavation is underway at the Valley Portal, and upgrades to the water treatment plant are complete, with full operation expected in the third quarter of 2026. The Lowhee Zone infill program was completed at approximately 13,684 metres, exceeding the originally planned 13,000 metres.
Preliminary reconciliation results indicated that Zone 1 contained about 30% more tonnes and 6% more ounces at 18% lower grade, while Zone 2 had about 8% fewer tonnes and 8% more ounces at 16% higher grade. Subsequent events included the formal name change to Osisko Gold Group Inc., new drilling results at depth and at Proserpine, and a Support and Benefits Agreement with the District of Wells. The release does not provide second-quarter consolidated net income, earnings per share, operating cash flow, or full management’s discussion and analysis language, leaving the second-quarter financial picture partial.
The convertible notes financing, already announced and priced in May 2026, is set to close in Q2, serving as a confirmatory step.
While Tintic reported improvements in revenue and operating income, the company explicitly characterizes the site as small-scale test mining rather than commercial production. No updated feasibility study, reserve estimate, final investment decision, or production guidance was released. Cariboo remains a development project, with the primary milestones consisting of schedule updates on pre-construction work. The impact of these developments is positive but expected and incremental.
Osisko Development Corp. is a continental North American gold development company. Its flagship asset is the 100%-owned, fully permitted, feasibility-stage Cariboo Gold Project in central British Columbia, Canada. The company also holds the 100%-owned Tintic Project in the East Tintic district of Utah, U.S.A., where it is conducting small-scale heap leaching and direct shipping.
Previously, the company completed the sale of the San Antonio Gold Project to Axo Copper Corp. and holds a 9.99% non-diluted stake in Axo. Osisko also holds smaller strategic investments, including positions in Falco Resources and Niobay Metals. The business model is development-stage, as the company has no commercial-stage mine generating sustainable positive cash flow.