OSISKO DEVELOPMENT : PROVIDES CORPORATE UPDATE

Osisko Development Corp. ('Osisko Development' or the 'Corporation') (ODV: TSX-V) is pleased to provide the following update on its 100% owned Cariboo Gold Project in Wells, British Columbia and San Antonio Gold Project in Sonora, Mexico.

Equipment Acquisitions Osisko Development is pleased to announce the purchase of a comminution equipment package for the Cariboo Gold project. The equipment package consists of a jaw crusher, semi-autogenous grinding (SAG) and ball mill as well as all auxiliary components and spare parts. The equipment, currently stored in Winnipeg, Manitoba, is in excellent condition and will be transported closer to the project in due course. This investment will add flexibility to the project's throughput and will allow the Corporation to proceed with the detailed engineering. In addition, a new Sandvik MT720 continuous miner ('roadheader') has been delivered to site, and has been assembled and commissioned. This equipment has been leased by the Corporation, with an option to purchase the equipment. The Corporation is projecting to use this new technology for drift development at the Bonanza Ledge Phase II and Cariboo projects. This equipment is engineered to mechanically cut the hard and abrasive rock mass and is expected to improve the development performance by 25%, and to reduce costs by 50% compared to traditional 'drill and blast' development. Related to the bulk sample on Cow Mountain, the Corporation has entered into an agreement to purchase an ore sorter to test the ROM material on site at its Bonanza Ledge Mine Facility. The Cariboo Gold ore response to ore sorting technology has demonstrated excellent gold recoveries at very low cost. The metallurgical testing for the ROM material of Cow Mountain bulk sample is expected to be completed in early 2022. Exploration Activities A total of 59,500 meters were drilled in over 216 holes in the exploration and category conversion program on the Cariboo Gold Project, which includes up to eight diamond drill rigs. The drilling confirmed down dip extensions of mineralized veins and high grade intercepts within the current resource and expanded the new discoveries on Lowhee and Proserpine. Recent results included 18.18 g/t Au over 10.2 meters including 91.4 g/t Au over 0.50 meter in BM-20-020 on Lowhee Zone and 9.33 g/t Au over 12.1 meters including 62.9 g/t Au over 0.60 meters in CM-20-046 on Valley Zone. Please refer to the Corporation's January 13, 2021 news release for additional details on hole CM-20- 046 and the October 5, 2020 press release from Osisko Gold Royalties Ltd for hole BM-20-020. - 3 - Drilling in 2021 commenced in January with the objective to continue the category conversion program on the known deposit areas to support the feasibility study while expanding at depth and along strike. Significant exploration will occur adjacent to known deposits, at KL, Lowhee and Proserpine. A proposed total of ten drill rigs turning by January 15, 2021 and up to 14 drill rigs by the end of the second quarter of 2021 is planned. The Cariboo mineral resource update includes 3.2 million ounces of gold (21.4 million tonnes grading 4.6 g/t Au) in the measured and indicated category, and 2.7 million ounces of gold (21.6 million tonnes grading 3.9 g/t Au) in the inferred category. The mineral resource estimate incorporates eight deposit areas; the Shaft and Mosquito Creek deposits on Island Mountain, Cow and Valley deposits on Cow Mountain, and Lowhee, KL, BC Vein and Bonanza Ledge deposits on Barkerville Mountain at a cutoff grade of 2.1 g/t Au. Regional exploration continued to deliver new discoveries and identify new drill targets that should provide the long term growth and expansion for the Cariboo Gold Project. In 2021 regional exploration drilling will begin on the newly defined targets at Burns Mountain and Yanks Peak.

About Osisko Development Corp.

Osisko Development Corp. is well-capitalized and uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold Project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo Gold Project, located in central British Columbia, Canada, is Osisko Development's flagship asset with measured and indicated resource of 21.44 million tonnes at 4.6 g/t Au for a total of 3.2 million ounces of gold and inferred resource of 21.69 million tonnes at 3.9 g/t Au for a total of 2.7 million ounces of gold. The considerable exploration potential at depth and along strike distinguishes the Cariboo Gold Project relative to other development assets as does the historically low, all-in discovery costs of US $19 per ounce. The Cariboo Gold Project is advancing through permitting as a 4,750 tonnes per day underground operation with a feasibility study on track for completion in the second half of 2021. Osisko Development's project pipeline is complemented by potential near-term production targeted from the San Antonio Gold Project, located in Sonora, Mexico and early exploration stage properties including the Coulon Project and James Bay Properties located in Quebec, Canada as well as the Guerrero Properties located in Guerrero, Mexico.

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