Osisko Development reports Second Quarter 2023 Results

Press Release

Montreal, Québec, August 8, 2023 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company”) is pleased to report its financial and operating results for the three months ended June 30, 2023 (“Q2 2023”).

Q2 2023 HIGHLIGHTS

Operating, Financial and Corporate Updates:
• 3,830 ounces of gold sold by the Company from operating activities, comprising of:
o 1,576 ounces of gold sold from the Trixie test mine (“Trixie”) located within the Company’s wider Tintic Project;
o 1,244 ounces of gold sold from the San Antonio Gold Project (“San Antonio”) by processing stockpiles via heap leaching; and
o 1,010 ounces of gold sold from the Cariboo Gold Project (“Cariboo”) by processing stockpiles at a third-party processing facility.

• $10.8 million in revenues and $11.4 million in cost of sales generated from operating activities.

• On May 5, 2023, the Company announced the supplemental listing of certain previously-issued common share purchase warrants of the Company (“Warrants”) on the TSX Venture Exchange (the “Exchange”) effective as of the opening of markets on May 8, 2023. These Warrants include: (i) an aggregate 7,752,916 Warrants expiring on March 2, 2027, and (ii) an aggregate 11,363,933 Warrants expiring on May 27, 2027 (see news release dated May 5, 2023). These Warrants have been subsequently listed for trading on the Exchange under the symbols “ODV.WT.A” and “ODV.WT.U”, respectively.

• The Company announced the results of its annual meeting of shareholders held on May 11, 2023, and on June 30, 2023, granted deferred share units of the Company (“DSUs”) to its independent directors as part of its regular annual remuneration program, in accordance with the DSU Plan of the Company.

• As at June 30, 2023, the Company had approximately $86.9 million in cash.

• Based on current projections, the Company believes that the capital resources available to Osisko Development as at June 30, 2023 are insufficient to fund its planned development, exploration and corporate activities for the next 12 months. To execute on its planned activities, the Company will need to seek additional funding and/or make adjustments to the timing thereof or reduce planned expenditures. The Company is exploring options to secure additional financing; however, there is no assurance that future financing(s) will be available or be available on favorable terms (refer to Note 1 in the financial statements relating to going concern).

Tintic Project – Utah, U.S.A. (100%-owned)

• Approximately 85% of the 1,390 meter (“m”) (or 4,550 feet (“ft.”)) of the Trixie portal and underground decline ramp has been completed as at June 30, 2023. The Company anticipates completion of the decline ramp to the main 625 feet underground level by Q3 2023.

Target to ramp up processing capacity to 500 short tons per day is subject to completion of required mine and mill infrastructure upgrades, updated mineral resources estimate (“MRE”) and ongoing technical work. Small-batch VAT leaching recommenced during the quarter as the Company advanced ongoing technical work in connection with the required mine and mill infrastructure upgrades.

• During the quarter, the Company continued underground exploration and delineation activities on the existing Trixie deposit with two diamond drill rigs operating as part of its 2023 underground infill and exploration program targeting a total of 5,000 m (16,404 ft.).

• As of June 30, 2023, a total of 4,415 m (14,485 ft.) were drilled in 56 holes, with assay results for 19 holes released on May 17, 2023. Assay results for an additional 14 holes was released on July 18, 2023 (see Subsequent to Q2 2023). Assay results for the remaining drill holes are pending.

• On April 3, 2023, and on May 4, 2023, the Company disclosed assay results from an aggregate of 50 diamond drilling holes from the 2022 underground exploration program at Trixie. On June 27, 2023, the Company also released underground sampling results from its ongoing 2023 exploration program at Trixie.

• The Company is currently working on an updated MRE for the Trixie deposit to incorporate the new 2023 drilling results and the remaining 2022 drilling that was not included in the Tintic Technical Report (as defined herein) published on January 27, 2023 (with an effective date of January 10, 2023), due to assay lab delays. This new MRE is expected to be completed once the 2023 drilling program has concluded and all assay results have been received.

• An initial regional surface diamond drilling campaign to test for copper-gold-molybdenum porphyry mineralization potential, namely in the Big Hill area, is anticipated to commence in the following months. Subsequent to quarter end, a diamond drill rig from Major Drilling America of Salt Lake City, Utah, arrived at site in preparation of the contemplated surface drill campaign (see Figure 1).

• Data compilation from historic mines in the area is ongoing and anticipated to generate additional exploration drill targets on the greater Tintic Project property.

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