Osisko Gold Announces Amendment to US$450 Million Appian Credit Facility and Satisfaction of Key Technical Conditions Precedent Following Successful Completion of the Lowhee Infill Drill Program at the Cariboo Gold Project

Osisko Development Corp. has amended and restated its US$450 million senior secured project loan facility with Appian Capital Advisory. Appian confirmed that key technical conditions precedent for the undrawn US$350 million second draw have been satisfied, specifically regarding Lowhee Zone infill drilling and ore sorting results. These technical conditions have been removed from the credit facility.

The second draw remains subject to remaining conditions precedent tied to construction readiness, including detailed engineering, procurement, updated project costs and timing, and the project schedule. The initial draw margin has been reduced from SOFR + 9.50% plus a 0.10% SOFR adjustment to SOFR + 9.00%, with the SOFR adjustment eliminated. The second draw margin has been reduced from SOFR + 7.50% to SOFR + 7.25%.

The company’s option to settle accrued interest in kind has been extended by an additional 12 months. Covenants were described as improved, though no specific covenant changes were quantified. Osisko Gold, referred to as Barkerville in the release, paid an amendment fee to Appian, the amount of which was undisclosed. The release does not announce an actual drawdown of the US$350 million second tranche.

Osisko Development Corp. (ODV) secured a financing adjustment that reduces interest rates by approximately 60 basis points on the initial draw and 25 basis points on the second draw. The agreement also includes a payment-in-kind (PIK) extension, which enhances near-term cash flexibility but increases the future interest burden if utilized.

The company did not provide new project economics, reserve updates, or production guidance. The key technical milestone remains expected in Q3 2026. The primary unresolved issue persists: the US$350 million second draw remains unavailable until remaining construction readiness conditions are met.

Osisko Development Corp. (ODV) changed its name to Osisko Gold Group Inc. effective July 2026. The company’s flagship asset is the 100%-owned, fully permitted Cariboo Gold Project in central British Columbia, Canada. The Cariboo project is at the feasibility stage and holds probable reserves of 2.071 moz gold at 3.62 g/t Au.

The company also holds the Tintic Project in Utah, U.S.A., a brownfield past-producing property with small-scale gold sales. Osisko previously sold the San Antonio Gold Project in Mexico to Axo Copper Corp. Additionally, the company holds minority investments in Axo, Falco Resources, and Niobay.