APRIL 2025
CARIBOO GOLD PROJECT 2025 OPTIMIZED FEASIBILITY STUDYODV NYSE TSXV | osiskodev.com
GENERATIONAL ASSET POSITIONED FOR GROWTH
CARIBOO GOLD PROJECT - 2025 OPTIMIZED FEASIBILITY STUDY
SHOVEL READY PROJECT IN A TIER 11 MINING JURISDICTION
Limited universe of permitted development stage gold assets of scale in safe jurisdictions
SCALABLE ASSET WITH MEANINGFUL UPSIDE
Multi-million-ounce deposit at an average depth ~350 meters & open at depth; processing facilities
designed to accommodate expansion options assuming future resource conversions
DEVELOPING A DISTRICT MINING CAMP
Untapped exploration potential along two ~83 km mineralized trends on a ~1,900 km2 property-
larger than the entire Val d'Or camp-with numerous prospective targets
RESPONSIBLE STAKEHOLDER ENGAGEMENT
Focused on fostering and developing long-term partnerships and positive stakeholder relations
including with principal First Nations partners
1. Based on the Investment Attractive Index as outlined in the Fraser Institute Annual Survey of Mining Companies (2023).
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2025 OPTIMIZED FEASIBILITY STUDY HIGHLIGHTS
CARIBOO GOLD PROJECT - 2025 OPTIMIZED FEASIBILITY STUDY
All $ figures in CAD, unless otherwise noted (USDCAD 1.35 base case)
190 KOZ / YEAR LOM AVG202 koz/yr in the first 5 years
10 YEAR MINE LIFEBased on current reserves only
H2 2027 FIRST GOLD2028 first full year of production
US$1,157/OZ AISC*
US$947/oz total cash cost*
$881M INITIAL CAPEX~US$652M initial capex1
1.89 MOZ RECOVERED92.6% total recovery rate LOM
BASE $2,400/oz | SPOT $3,300/oz
$0.94B | $2.07BAfter-tax NPV5%2
BASE $2,400/oz | SPOT $3,300/oz
22.1% | 38.0%After-tax IRR2
M&I Resources | Inferred3
1.61 MOZ | 1.86 MOZSignificant conversion potential
Source: Refer to the 2025 FS for the assumptions, qualifications and limitations relating to disclosure about the 2025 Feasibility Study on the Cariboo Gold Project.
1. Based on base case USDCAD 1.35 exchange rate. 2. Based on USDCAD exchange rate of 1.35 under base case and 1.40 under spot case. 3. Mineral reserves include probable reserves 2.071 Moz Au (17.815 Mt grading 3.62 g/t Au). Mineral resources include in the measured category, 8 koz Au (47 kt grading 5.06 g/t Au); in Indicated, 1.604 Moz Au (17.332 Mt grading 2.88 g/t Au); in Inferred, 1.864 Moz Au (18.774 Mt grading 3.09 g/t Au). M&I resources are exclusive of mineral reserves.
*Non-IFRS Measure. See Cautionary Statements - Non-IFRS Measures.
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Accelerated Development Sequence
$296 million Free Cash Flow* in the first 5 years vs. -$63 million under the 2023 FS
Single-phase construction and ramp up directly to 4,900 tpd
+16% increase in annual gold production to 190 koz (LOM avg.); 202 koz in the first 5 years
Streamlined
Processing Operations consolidated into a single location at the mine site
Removes the need to transport flotation concentrate 116 km to the QR Mill (as previously contemplated)
Improved Flowsheet Design
Added gravity circuit expected to recover ~46% of gold in doré at site
Higher grade concentrate averaging 133 g/t Au (vs. 28 g/t previously) 80% reduction in transport trucks
Overall project recovery 92.6% over the LOM
Underground Mine Design
+60% increase in average stope size to ~5,600 t (~3,500 t previously) significantly reduces total number of stopes required to achieve average daily throughput
Allows for more operational flexibility of underground operations
Mineral
Reserves Probable Mineral Reserves largely unchanged - 2,071 koz (17.82 Mt at 3.62 g/t)
− Previously 2,031 koz (16.70 Mt at 3.78 g/t) in 2023 FS
Fully
Permitted
Mines Act and Environmental Management Act (British Columbia) permits secured in Q4 2024
2025 FS design and sequencing aligned with obtained permits
− Transmission line permit work ongoing, expected in H2 2025
Source: Refer to the 2025 FS for the assumptions, qualifications and limitations relating to disclosure about the 2025 Feasibility Study on the Cariboo Gold Project. The 2023 Feasibility Study is based on the technical report titled "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia" (as amended) dated January 12, 2023 (with an effective date of December 30, 2022), a copy of which is available on SEDAR (https://www.sedarplus.ca) under the Company's issuer profile ("2023 FS").
*Non-IFRS Measure. See Cautionary Statements - Non-IFRS Measures.
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CARIBOO GOLD PROJECT - 2025 OPTIMIZED FEASIBILITY STUDY
KEY AREAS OF OPTIMIZATION vs. 2023 FEASIBILITY STUDY| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
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Osisko Development Corp. published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2025 at 12:49 UTC.
