Osisko Development Provides Update for Cariboo Gold Project

Press Release

Montreal, Québec, November 7, 2024 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company”) is pleased to announce that the Mines Act permit for its 100%-owned Cariboo Gold Project (“Cariboo” or the “Project”) located in central British Columbia (“BC”), Canada has been referred for decision to the statutory decision maker in the BC Ministry of Energy, Mines and Low Carbon Innovation. The review of the Environmental Management Act permits has been completed, as well, and the Company is awaiting referral thereof to the statutory decision maker in the immediate future. The Company anticipates receiving final decisions in Q4 2024.

The Company is committed to advancing collaborative partnerships with Indigenous nations related to the Project as evidenced by years of extensive consultation and the signing and ongoing implementation of the participation agreements with each of the Lhtako Dené Nation in 2020 and the Williams Lake First Nation in 2022.

The Company has yet to reach an agreement with the Xatśūll First Nation, but it will continue to engage and consult with Xatśūll First Nation, including after any decision on the Mines Act and other permits.

“We have made good faith and reasonable efforts in the past two years to reach agreement with Xatśūll First Nation, including reasonable offers for financial and other benefits along substantially similar frameworks as those offered to, and agreed by, other Indigenous communities,” commented Sean Roosen, Chairman and CEO. “Our efforts have focused on providing meaningful benefits to all Indigenous nations, whilst ensuring the project remains viable.”

The Company is dedicated to developing a modern, safe and sustainable operation at the Cariboo Gold Project, and remains committed to engaging in constructive dialogue to ensure all stakeholders benefit from the development of the Project.

“We must ensure the integrity of the permitting process is respected, because we believe the consultation on this Project has been robust. We stand by our record to date in meeting our obligations and expect the provincial government will act within its authority,” continued Sean Roosen. “Our commitment to engaging with Xatśūll First Nation will continue including after the permit decision is made. We genuinely want to find a meaningful, sustainable and realistic way to share the socio-economic benefits from this Project”.

Over the last four years, the Company has engaged in constructive and extensive discussions with all provincial regulators, Indigenous nation partners and host communities. This culminated in the receipt of the Environmental Assessment Certificate (“EA Certificate”) on October 10, 2023.

Through its EA review process the Company received and successfully addressed over 1,700 comments, which underpinned receipt of the positive EA Certificate. More recently, as part of the permit application process, through four rounds of review from the Mine Review Committee, which included Lhtako Dené Nation, Williams Lake First Nation, and Xatśūll First Nation, the Company responded to, addressed, and closed over 1,800 comments. The Company has commitments through permitting, management plans and positive relationships to continue engaging with all Indigenous nations and stakeholders.

ABOUT OSISKO DEVELOPMENT CORP.

Osisko Development Corp. is a North American gold development company focused on past-producing mining camps located in mining friendly jurisdictions with district scale potential. The Company’s objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project, located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration potential of these properties, that benefit from significant historical mining data, existing infrastructure and access to skilled labour, the Company’s project pipeline is complemented by other prospective exploration properties. The Company’s strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.

For further information, visit our website at www.osiskodev.com or contact:

Sean Roosen
Chairman and CEO
Email: sroosen@osiskodev.com
Tel: +1 (514) 940-0685

Philip Rabenok
Director, Investor Relations
Email: prabenok@osiskodev.com
Tel: +1 (437) 423-3644

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