Osisko Development Reports Third Quarter 2024 Results

Press Release

Montreal, Québec, November 13, 2024 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company”) reports its financial and operating results for the three months ended September 30, 2024 (“Q3 2024”).

Q3 2024 HIGHLIGHTS

Operating, Financial and Corporate Updates:

As at September 30, 2024, the Company had approximately $40.8 million in cash and cash equivalents. An amount of approximately $67.7 million (US$50.0 million) was fully drawn as at September 30, 2024 under the delayed draw term loan with National Bank of Canada maturing October 31, 2025.
Following the completion of the non-brokered private placement on October 14, 2024 (see Subsequent to Q3 2024) and pursuant to the credit facility agreement, the Company completed a mandatory prepayment of US$4.6 million on October 29, 2024.
47 ounces of gold sold by the Company from operating activities in the third quarter from the Cariboo Gold Project (“Cariboo Gold Project”) by processing stockpiles at a third-party facility.
$0.2 million in revenues ($10.4 million in Q3 2023) and $0.1 million in cost of sales ($10.1 million in Q3 2023) generated from operating activities.
Effective July 4, 2024, as part of its annual compensation review, the Board of Directors approved the grant of an aggregate of 2,797,400 incentive stock options and an aggregate of 371,800 restricted share units to certain senior officers of the Company in accordance with the terms of the Company’s Option and RSU plans.

Cariboo Gold Project – British Columbia, Canada (100%-owned)

Permitting Progress. Receipt of the EA Certificate in October 2023 successfully concluded the EA process for the Cariboo Gold Project (see Figure 1).
The BC Mines Act permit 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.
On November 7, 2024, the Company announced that while it had yet to reach an agreement with the Xatśūll First Nation, it would continue to engage and consult with

Xatśūll First Nation, including after any decision on the permits.

The Company continues to explore project funding options, including fully-funded solutions for the Cariboo Gold Project.
Pre-Construction Activities. During Q1 2024, under an existing provincial permit, the Company commenced an underground development drift from the existing Cow Portal into the Cariboo Gold Project’s mineral deposit at the Lowhee Zone. The objective of the bulk sample work program is to reach the ore body and extract a 10,000 tonne bulk sample of mineralized material for ore sorter, heavy equipment and mining testing.
To date, approximately 1,050 meters of development has been completed or approximately 90%, with another 122 meters remaining to reach the target area.
The Company anticipates completing the bulk sample program and the results thereof in Q1 2025.
Optimized Feasibility Study. The Company is advancing work on an optimized feasibility study (“OFS”) for the Cariboo Gold Project, which is anticipated to be completed in Q2 2025. The scope of the OFS will take into account and include, among other things, certain mining and processing flowsheet optimizations including an accelerated development timeline to 4,900 tonnes per day throughput, updated metal price and foreign exchange assumptions, and updated operating and capital cost estimates to reflect the current environment. The OFS will follow the framework set out in the existing ongoing permitting process.

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