Osisko Development Corp.

https://osiskodev.com/

Osisko Development Corp. is a North American gold development company focused on advancing past-producing mining camps with district-scale potential. The company's primary mission is to transition into an intermediate gold producer by developing its portfolio of precious metals resource properties. Headquartered in Montreal, Quebec, Canada, Osisko Development aims to leverage historical mining data, existing infrastructure, and access to skilled labor in mining-friendly jurisdictions.

The company's key assets include the fully permitted, 100%-owned Cariboo Gold Project in central British Columbia, Canada, and the Tintic Project in the historic East Tintic mining district in Utah, U.S.A. While the San Antonio Gold Project in Mexico was previously part of its portfolio, it was divested in late 2025. Osisko Development focuses on brownfield exploration potential and developing attractive, long-life, socially and environmentally sustainable mining assets.

Led by Founder, Executive Chairman, and CEO Sean Roosen, who has a proven track record in the mining industry including the development of the Canadian Malartic mine, Osisko Development is actively progressing its projects. The Cariboo Gold Project received its key permits in Q4 2024 and is targeting first gold production in Q3 2026 or H2 2027. The company secured significant financing, including a US$125 million bought deal in January 2026, and reported approximately $422.3 million in cash at the end of Q4 2025, positioning it to transition from a developer to a gold producer.

Latest updates

Osisko Development Joins GDXJ, Boosting Liquidity and Visibility

Event summary

  • Osisko Development has been added to the VanEck Junior Gold Miners ETF (GDXJ).
  • The inclusion is effective March 20, 2026, following a review announced March 13, 2026.
  • GDXJ tracks small- and mid-capitalization gold and silver mining companies.
  • Osisko Development is focused on the Cariboo Gold Project in British Columbia and the Tintic Project in Utah.

The big picture

Osisko Development's inclusion in the GDXJ, a fund with substantial assets under management, represents a significant boost to its market profile and liquidity. This move underscores the growing investor interest in junior gold miners and signals confidence in Osisko's development pipeline, particularly the Cariboo Gold Project. However, the company must now demonstrate sustained operational progress to retain its position within the index and avoid potential outflows.

What we're watching

Index Impact
The influx of capital from GDXJ could significantly impact Osisko Development's share price and trading volume, potentially creating both opportunities and volatility.
Cariboo Progress
Continued advancement and de-risking of the Cariboo Gold Project will be crucial to justifying the inclusion and maintaining investor confidence.
Rebalancing Risk
Osisko Development's continued inclusion in GDXJ is contingent on maintaining its market capitalization and performance relative to other index constituents, making future rebalancing a potential risk.

Osisko Development Receives $24.9 Million from Warrant Exercise

Event summary

  • Osisko Development received C$24.9 million (approximately $18.5 million USD at current rates) from the exercise of warrants.
  • 5,625,031 warrants were exercised at a price of C$4.43 per share.
  • The warrants were issued to Appian Capital Advisory Limited in July 2025 as part of a $450 million project loan facility.
  • The loan facility is intended to fund the development of the Cariboo Gold Project in British Columbia.

The big picture

This warrant exercise represents a significant injection of capital for Osisko Development as it advances the Cariboo Gold Project, a key element of its strategy to become an intermediate gold producer. The fact that Appian, a substantial investor, chose to exercise the warrants suggests a continued belief in the project’s potential, but also highlights the reliance on external financing for development. The exercise price of C$4.43 indicates a valuation that may be sensitive to project execution risks and broader gold market conditions.

What we're watching

Capital Structure
The warrant exercise provides a near-term liquidity boost, but the full impact on Osisko’s capital structure and future financing needs should be monitored as the Cariboo project progresses.
Project Execution
The successful deployment of the $450 million loan facility and the subsequent progress on the Cariboo Gold Project will be critical to justifying the warrant exercise price and maintaining investor confidence.
Appian Relationship
The ongoing relationship between Osisko and Appian, particularly regarding potential future financing or strategic alignment, warrants observation given Appian’s significant stake and influence.

Osisko Development Resumes Cariboo Gold Project Work After Safety Halt

Event summary

  • Osisko Development resumed site activities at the Cariboo Gold Project following a temporary suspension on January 22, 2026, due to a tragic incident.
  • Approximately 250 personnel are currently onsite, operating at normal levels for the current phase of work.
  • Underground development has progressed 2.1 km from the Cow Portal into the Lowhee Zone, but has been slower than planned due to challenging ground conditions.
  • The Bonanza Ledge water treatment plant is nearing full operational status, with commissioning in the final stages.
  • Six drill rigs are operating on surface exploration programs, with 5,000 meters of drilling completed and assays pending.

The big picture

Osisko Development's resumption of operations at the Cariboo Gold Project highlights the ongoing challenges faced by mining companies in balancing production with stringent safety protocols. The project's progress, particularly the underground development, underscores the geological risks inherent in resource extraction, which can significantly impact timelines and costs. The company's focus on infrastructure upgrades and exploration drilling signals a commitment to advancing the project towards production, but the success of this effort will depend on overcoming these operational and geological hurdles.

What we're watching

Geological Risk
The pace of underground development will be heavily influenced by the persistence of challenging ground conditions around the Lowhee fault, potentially impacting the project timeline and budget.
Operational Efficiency
The ability to improve development rates beyond the Lowhee fault zone will be critical for meeting overall project milestones and demonstrating efficient resource extraction.
Assay Results
The pending assay results from the 5,000 meters of drilling completed will provide crucial insights into the potential of the Cariboo Gold deposit and the Proserpine regional target.

Osisko Development Contracts JDS for Cariboo Gold Project Development

Event summary

  • Osisko Development’s subsidiary, Barkerville Gold Mines Ltd., has awarded a project and construction management services contract to JDS Energy & Mining Inc.
  • The agreement covers the development of the Cariboo Gold Project in British Columbia.
  • JDS, founded in 2004, has previously worked on projects including the Minto Mine, Gahcho Kue Mine, and Silvertip Mine.
  • Osisko Development is focused on developing its 100%-owned Cariboo Gold Project, a fully permitted asset.

The big picture

This contract signals a commitment by Osisko Development to advance the Cariboo Gold Project, a significant undertaking given its fully permitted status and 100% ownership. Outsourcing project management to JDS suggests a desire to leverage specialized expertise and capacity, common among resource developers seeking to accelerate timelines and mitigate risk. The choice of JDS, with its experience across multiple Canadian mining operations, indicates a focus on proven execution capabilities within a familiar operating environment.

What we're watching

Execution Risk
The success of the Cariboo Gold Project hinges on JDS’s ability to deliver on its commitments, given the project’s scale and the inherent complexities of mine development.
Cost Management
With inflationary pressures impacting the mining sector, the ability of Osisko and JDS to adhere to the project budget will be a key indicator of overall project viability.
Regulatory Scrutiny
Continued adherence to environmental regulations and permitting requirements will be crucial for maintaining project momentum and avoiding costly delays.

Osisko Development Raises $144 Million to Accelerate Cariboo Gold Project

Event summary

  • Osisko Development completed a US$143.8 million public offering of common shares, including a full exercise of the over-allotment option.
  • The offering was structured as a 'bought deal' with National Bank Capital Markets, RBC Capital Markets, Cantor, and BMO Capital Markets acting as underwriters.
  • Proceeds will primarily fund infill conversion drilling at the Cariboo Gold Project and general working capital.
  • Double Zero Capital LP, an insider, participated in the offering, acquiring US$28.6 million worth of shares.
  • The offering is subject to final approval from the TSX Venture Exchange.

The big picture

Osisko Development's capital raise underscores the continued appetite for gold development assets, particularly those with existing permits and infrastructure. The 'bought deal' structure suggests strong investor demand, but also implies a premium was paid for the shares. The infusion of capital allows Osisko to accelerate development of the Cariboo Gold Project, a key asset in its portfolio, but the company's ability to convert resources to reserves will be critical to justifying the valuation.

What we're watching

Project Execution
The success of the Cariboo Gold Project hinges on the effectiveness of the infill conversion drilling program; delays or unexpected geological findings could significantly impact the project's timeline and economics.
Shareholder Dilution
While the capital raise provides runway for development, the significant share issuance will dilute existing shareholders, and the market will scrutinize whether the value created by the drilling justifies the increased share count.
Insider Alignment
Double Zero Capital's participation signals confidence in the project, but the company should manage perceptions around insider influence and ensure transparency in decision-making to maintain broader investor trust.

Osisko Development Bolsters Permitting Expertise Amid Cariboo Project Development

Event summary

  • Sarah Harrison joins Osisko Development as Vice President, Permitting and Compliance, effective February 2, 2026.
  • Harrison brings over 13 years of experience in mining permitting and regulatory compliance, including roles with JDS Energy & Mining, Artemis Gold, and Arctic Canadian Diamond Company.
  • Her prior experience includes advising mining clients on British Columbia's permitting landscape and a role with the British Columbia Environmental Assessment Office.
  • Harrison’s expertise spans the full mine development lifecycle, from exploration to operations.

The big picture

The hire underscores the growing importance of permitting and compliance expertise in the mining sector, particularly in jurisdictions like British Columbia where environmental scrutiny is intensifying. Osisko Development's focus on developing projects in mining-friendly jurisdictions necessitates proactive management of regulatory risk to ensure timely project advancement and maintain investor confidence. This appointment suggests the company anticipates significant permitting challenges ahead as it moves towards becoming an intermediate gold producer.

What we're watching

Regulatory Headwinds
The Cariboo Gold Project's progress will be heavily influenced by Harrison's ability to navigate increasingly complex and stringent environmental regulations in British Columbia, potentially impacting timelines and costs.
Execution Risk
Harrison's experience in managing permit amendments for large-scale projects will be critical, as Osisko Development scales up operations at the Cariboo and Tintic sites.
Governance Dynamics
The appointment signals a heightened focus on environmental, social, and governance (ESG) factors, which will likely shape Osisko Development's capital allocation decisions and stakeholder engagement strategies.

Osisko Development Secures $125 Million to Advance Cariboo Gold Project

Event summary

  • Osisko Development has secured a US$125 million bought deal public offering of common shares.
  • The offering is led by National Bank Capital Markets, RBC Capital Markets, and Cantor, with an over-allotment option potentially increasing proceeds to US$144.75 million.
  • Proceeds will primarily fund infill conversion drilling and exploration at the Cariboo Gold Project, alongside general working capital.
  • The offering is expected to close on or about January 30, 2026, pending regulatory approvals.
  • The company’s prospectus supplements will be accessible on SEDAR+ and EDGAR.

The big picture

This significant capital raise underscores the continued investor interest in gold development projects, particularly those with existing infrastructure and permitting. The US$125 million offering positions Osisko Development to aggressively advance the Cariboo Gold Project, but also increases the company's public profile and scrutiny. The bought-deal structure suggests strong demand, but also implies a potentially discounted offering price relative to market expectations.

What we're watching

Execution Risk
The successful conversion of mineral resources to reserves is critical for justifying the Cariboo project's economics, and the drilling program's results will be closely scrutinized.
Market Sentiment
Given the size of the offering, investor appetite for gold development companies will influence the share price and the likelihood of a successful closing.
Regulatory Scrutiny
The TSX Venture Exchange and NYSE approvals, along with ongoing SEC oversight, could introduce delays or require adjustments to the project's development plan.

Osisko Development Halts Cariboo Project Work After Contractor Fatality

Event summary

  • A contractor died on January 22, 2026, at Osisko Development's Cariboo Gold Project.
  • The incident occurred at a surface location within the project.
  • Work at the Cariboo Gold Project has been temporarily suspended pending an investigation.
  • Sean Roosen, Chairman and CEO, expressed condolences and emphasized safety as a priority.

The big picture

This incident highlights the inherent operational risks associated with resource development, particularly in remote locations. While Osisko Development emphasizes safety, a fatal accident can trigger increased regulatory scrutiny, project delays, and reputational damage, all of which can significantly impact a company's valuation. The incident also underscores the importance of robust contractor management and safety protocols within the broader mining industry, where reliance on external labor is common.

What we're watching

Regulatory Response
The outcome of the investigation and any subsequent regulatory actions will likely influence permitting timelines and operational protocols across the Cariboo project and potentially other Osisko Development sites.
Financial Impact
The suspension of work will almost certainly lead to delays in the project's development schedule and increased costs, potentially impacting investor confidence and future funding rounds.
Contractor Relations
Osisko's handling of the incident and support for the contractor's family will be closely scrutinized, potentially impacting future contractor relationships and workforce morale.

Osisko Development Boosts Niobay Stake, Triggers Early Warning

Event summary

  • Osisko Development, through its subsidiary Barkerville Gold Mines Ltd. (BGM), acquired 8,571,429 units of Niobay Metals Inc. for $1.2 million on December 18, 2025.
  • Prior to the acquisition, Osisko Development and Electric Elements Mining Corp. collectively held 10.8% of Niobay's outstanding shares.
  • Post-acquisition, Osisko Development’s ownership has increased to 12.3% on a basic basis and 16.2% on a diluted basis.
  • An early warning report has been filed with Canadian securities regulators, disclosing the increased ownership stake.

The big picture

Osisko Development's significant stake in Niobay, coupled with the early warning report, highlights a pattern of strategic investment in the base metals sector. This move could signal a broader trend of larger players consolidating positions in smaller, potentially undervalued companies. The acquisition, while relatively small in terms of Osisko’s overall assets, demonstrates a willingness to take a more active role in the governance and strategic direction of its portfolio companies.

What we're watching

Governance Dynamics
The filing of the early warning report signals a potential shift in Niobay's governance structure and may attract scrutiny from other stakeholders.
Strategic Intent
Osisko Development's stated intention to potentially acquire more Niobay shares and warrants suggests a longer-term investment strategy, which could influence Niobay's future direction.
Warrant Exercise
The exercise of the warrants acquired by Osisko Development will dilute existing shareholders and provide Niobay with additional capital, impacting its financial flexibility.
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