Osisko Development : Q4 2024 MDA

Published: 2025-03-28 21:01:04 ET ODV.V

OSISKO DEVELOPMENT CORP.

Management's Discussion and Analysis

For the three and twelve months ended December 31, 2024

The following management discussion and analysis ("MD&A") of the operations and financial position of Osisko Development Corp. and its subsidiaries ("Osisko Development" or the "Company") for the three and twelve months ended December 31, 2024 ("Q4 2024") should be read in conjunction with the Company's audited consolidated financial statements and related notes for the years ended December 31, 2024 and 2023, which have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Management is responsible for the preparation of the audited consolidated financial statements and other financial information relating to the Company included in this MD&A. Unless otherwise noted, all monetary amounts included in this MD&A are expressed in Canadian dollars, the Company's reporting and functional currency. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Cautionary Note Regarding Forward-Looking Statements" section. This MD&A is dated as of March 28, 2025, the date the Board of Directors approved the Company's audited consolidated financial statements for the year ended December 31, 2024 following the recommendation of the Company's Audit and Risk Committee.

Osisko Development is primarily a North American gold development company. The Company exists under the Canada Business Corporations Act and is focused on developing its principal mining assets, including the Cariboo Gold Project located in British Columbia, Canada (the "Cariboo Gold Project") and the Tintic project, located in Utah, U.S.A. (the "Tintic Project"). Osisko Development's common shares (the "Common Shares") are listed on the New York Stock Exchange ("NYSE") and the TSX Venture Exchange ("TSX-V") under the symbol ODV.

Table of Contents

Our Business

Financial and Operating Highlights

Highlights - Q4 2024

Highlights - Subsequent to Q4 2024

Management and Board Composition

Exploration and Evaluation / Mining Development Activities

Sustainability Activities

Financial Performance

Cash Flows

10.

Financial Position

11.

Selected Quarterly Information

12.

Transactions Between Related Parties

13.

Commitments

14.

Segmented Disclosure

15.

Off-balance Sheet Items

16.

Risks and Uncertainties

17.

Disclosure Controls, Procedures and Internal Controls over Financial Reporting (ICFR)

18.

Basis of Presentation of the Consolidated Financial Statements

19.

Critical Accounting Estimates and Judgements

20.

Financial Instruments

21.

Technical Information

22.

Share Capital Structure

23.

Approval

Non-IFRS Financial Measures

This MD&A contains certain non-IFRS (as defined herein) measures including, "all-in sustaining cost" (or "AISC") and "cash cost". All-in sustaining cost per gold ounce is defined as production costs less silver sales plus general and administrative, exploration, other expenses and sustaining capital expenditures divided by gold ounces. Cash costs are a non-IFRS measure reported by the Company on an ounces of gold sold basis. Cash costs include mining, processing, refining, general and administration costs and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. Management believes that such measures provide investors with an improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, such as Cost of sales.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this MD&A constitutes "forward-looking information" within the meaning of applicable Canadian Securities Laws concerning the business, operations, plans and financial performance and condition of the Company (collectively, the "Forward-Looking Information"). Often, but not always, Forward-Looking Information can be identified by words such as "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof, of such words and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual plans, results, performance or achievements of the Company to differ materially from any future plans, results, performance or achievements expressed or implied by the Forward-Looking Information. Such factors include, among others: risks relating to capital markets and the availability of future financing on the term acceptable to the Company (or at all); the ability of the Company to meet its financial obligations as they become due; actual operating cash flows, operating costs, free cash flows, mineral resources and reserves and other costs differing materially from those anticipated; changes in project parameters; project infrastructure requirements and anticipated processing methods, exploration expenditures differing materially from those anticipated; actual results of current exploration activities; variations in mineral resources, mineral reserves, mineral production, grades or recovery rates or optimization efforts and sales; failure to obtain, or delays in obtaining, governmental approvals or financing or in the completion of development or construction activities; uninsured risks, including, but not limited to, pollution, cave-ins or hazards for which insurance cannot be obtained; regulatory changes, defects in title; availability or integration of personnel, materials and equipment; risks relating to foreign operations; inability to recruit or retain management and key personnel; performance of facilities, equipment and processes relative to specifications and expectations; unanticipated environmental impacts on operations; community, non-governmental and governmental actions and the impact of stakeholder actions; market prices; production, construction and technological risks or capital requirements and operating risks associated with the operations or an expansion of the operations, dilution due to future equity financings, fluctuations in gold, silver and other metal prices and currency exchange rates; the potential impact of tariffs and other trade restrictions; uncertainty relating to future production and cash resources; inability to successfully complete new development projects, planned expansions or other projects within the timelines anticipated; inability to achieve the business and project milestones as anticipated; adverse changes to market, political and general economic conditions or laws, rules and regulations applicable to the Company; outbreak of diseases and public health crises; the possibility of project cost overruns or unanticipated costs and expenses; accidents, labour disputes, community and stakeholder protests and other risks of the mining industry; failure of plant, equipment or processes to operate as anticipated; risk of an undiscovered defect in title or other adverse claim; factors discussed under the heading "Risk and Uncertainties" in this MD&A and "Risk Factors" in the Company's annual information form for the year ended December 31, 2024; and other risks, including those risks set out in the continuous disclosure documents of the Company, which are available on SEDAR+(www.sedarplus.ca)and on EDGAR(www.sec.gov)under the issuer profiles of the Company.

In addition, Forward-Looking Information herein is based on certain assumptions and involves risks related to the business of the Company. Forward-Looking Information contained herein is based on certain assumptions, including, but are not limited to, interest and exchange rates; the price of gold, silver and other metals; competitive conditions in the mining industry; title to mineral properties; financing and funding requirements; general economic, political and market conditions; and changes in laws, rules and regulations applicable to the Company.

Although the Company has attempted to identify important factors that could cause plans, actions, events or results to differ materially from those described in Forward-Looking Information in this MD&A, there may be other factors that cause plans, actions, events or results not to be as anticipated, estimated or intended. There is no assurance that such statements will prove to be accurate as actual plans, results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on Forward-Looking Information in this MD&A. All of the Forward-Looking Information in this MD&A is qualified by these cautionary statements.

Certain Forward-Looking Information and other information contained herein concerning the mining industry and the expectations of the Company concerning the mining industry and the Company are based on estimates prepared by the Company using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry data presented herein, the mining industry involves risks and uncertainties that are subject to change based on various factors.

Readers are cautioned not to place undue reliance on Forward-Looking Information. The Company does not undertake any obligation to update any of the Forward-Looking Information in this MD&A, except as required by law.

Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates

The Company is subject to the reporting requirements of the applicable Canadian Securities Laws, and as a result reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements, which are governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). As such, the information contained in this MD&A concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources is not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission.

1. OUR BUSINESS

Osisko Development is a Canadian-based exploration and development company focused on past-producing properties located in mining friendly jurisdictions with district scale potential. The Company's objective is to become a continental North American intermediate producer of precious metals, through curating and advancing a portfolio of development projects and investments with potential for value creation. The principal mining assets wholly owned through subsidiaries of the Company as of December 31, 2024, are as follows:

• Cariboo Gold Project (Permitted - British Columbia, Canada), owned and operated by Barkerville Gold Mines Ltd. ("Barkerville").

• Tintic Project (including, the Trixie test mine located within the Company's wider Tintic Project) (Test mining and exploration - Utah, United States), owned and operated by Tintic Consolidated Metals LLC ("Tintic").

The Board of Directors of the Company authorized a strategic review of the San Antonio Project (as defined herein), which includes exploring the potential for a financial or strategic partner in the asset or a full or partial sale of the asset. The Company engaged a financial advisor in connection with the strategic review.

As an exploration and development stage corporation, the Company does not generate sufficient cash flows to advance the evaluation and development of its various projects and properties and has historically relied on equity and debt funding to maintain financial liquidity. Continued adequate financial liquidity is dependent on management's ability to secure additional future financings; however, there can be no assurance that the Company will be able to obtain adequate financings in the future, or to complete such financings on terms favourable to the Company (refer to "Liquidity and Capital Resources").

The accompanied audited consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due. In assessing whether the going concern assumption is appropriate, Management takes into account all available information about the future, which is at least, but not limited to twelve months from the end of the reporting period. The working capital position as at December 31, 2024, will not be sufficient to meet the Company's obligations, commitments and forecasted expenditures up to the period ending December 31, 2025. Management is aware, in making its assessment, of material uncertainties related to events and conditions that may cast a substantial doubt upon the Company's ability to continue as a going concern and accordingly, the appropriateness of the use of accounting principles applicable to a going concern.

2. FINANCIAL AND OPERATING HIGHLIGHTS

The table below provides selected financial information relating to Osisko Development's performance for the three and twelve months ended December 31, 2024 and relevant comparable periods in 2023:

Three months ended

December 31, Year ended December 31,

(In thousands of dollars)

2023

2024

2023

Revenues

6,906

4,560

31,625

Operating loss

(23,788)

(155,856)

(73,306)

(209,437)

Net loss

(15,812)

(138,095)

(86,343)

(181,873)

Basic and diluted EPS

(0.13)

(1.64)

(0.92)

(2.21)

Cash Flows used in operating activities

(17,735)

(10,136)

(52,304)

(43,785)

Statistics

Meters drilled - Exploration

3,268

887

5,593

6,936

Gold sold (ounces)

2,090

1,471

11,312

2024

SELECTED ANNUAL INFORMATION

The table below summarizes selected annual financial information for the financial years ended December 31, 2024, 2023 and 2022 (all information provided below are in thousands of dollars, except for per share amounts):

Operating loss

(73,306)

(209,437)

(234,304)

Loss per share (basic & diluted)

(0.92)

(2.21)

(3.02)

Cash and cash equivalent

106,653

43,455

105,944

As at and for the year then ended,

Revenues

4,560

31,625

64,046

Net loss

(86,343)

(181,873)

(192,460)

Total assets

856,902

763,880

968,199

Total liabilities

286,273

178,692

237,765

December 31, 2024

December 31, 2023

December 31, 2022

Total non-current financial liabilities(1)

5,503

5,102

12,256

(1) As described in Note 4 to the Company's audited consolidated financial statements and related notes for the years ended December 31, 2024 and 2023, the adoption of the Amendments to IAS 1 on January 1, 2024 resulted in a change in the Company's accounting policy for classification of liabilities that can be settled in the Company's own shares (e.g. the Warrant liability) from non-current to current liabilities. The Amendments to IAS 1 had a retrospective impact on the comparative consolidated statement of financial position as the Company had outstanding Warrant liability as at December 31, 2023 and 2022.

3. HIGHLIGHTS - Q4 2024

The following summarizes Osisko Development's financial and operational highlights in Q4 2024:

Sustainability and Permitting

• On November 20, 2024, the Company was granted permits pursuant to the Mines Act (British Columbia) with respect to its Cariboo Gold Project (the "BC Mines Permits"). These permits grant the Company the ability to proceed with the construction, operation and reclamation activities on each of the site boundaries outlined within the scope of the Cariboo Gold Project.

• On December 12, 2024, the Company was granted permits pursuant to the Environmental Management Act (British Columbia) with respect to its Cariboo Gold Project (the "EMA Permits"). Together with the BC Mines Permits secured on November 20, 2024, these approvals mark the successful completion of the permitting process for key approvals for the Cariboo Gold Project.

Operations and financial

Three months ended December 31, 2024 and 2023

• In Q4 2024, the Company generated no revenue and incurred an operating loss of $23.8 million, compared to $6.9 million in revenue and an operating loss of $155.9 million in Q4 2023. The decrease in revenue in Q4 2024 compared to Q4 2023 is primarily attributable to all projects being in care and maintenance during Q4 2024. The lower operating loss in Q4 2024 compared to Q4 2023 is mainly due to reduced activities across all projects and the impairment of $138.4 million recorded in 2023 related to the Tintic Project.

• In Q4 2024, the Company incurred a net loss of $15.8 million, compared to a net loss of $138.1 million in Q4 2023. The decrease in net loss is primarily due to the decrease in operating loss discussed above, as well as a $12.6 million positive change in the fair value of the warrant liability in Q4 2024, compared to a $2.4 million negative change in Q4 2023. This positive change is mainly attributed to the change in fair value of the warrants issued in connection with the non-brokered and brokered private placements completed in Q4 2024.

• The net cash flows used in operating activities in Q4 2024 amounted to $17.7 million, compared to $10.1 million in Q4 2023. The increase in cash outflows is primarily due to the decline in revenue and its impact on each project's working capital, partially offset by the reduction in general operating activities at the Tintic Project and the San Antonio Project.

• Additions to mining interests, property, plant and equipment, as well as exploration and evaluation expenses, totaled $13.1 million in Q4 2024, compared to $14.8 million in Q4 2023. The decrease is mainly due to a reduction in mining development activities, particularly a decline in exploration spending at the Tintic Project.

• Net cash inflows in financing activities amounted to $86.0 million in Q4 2024, compared to cash outflows of $1.0 million in Q4 2023. The increase in net cash flows provided by financing activities in Q4 2024 is due to the completion of the 2024 Non-Brokered Private Placement and 2024 Brokered Private Placement (each as defined herein). On November 12, 2024, the Company completed the 2024 Brokered Private Placement for aggregate gross proceeds of approximately US$57.5 million ($80.0 million) and on October 14, 2024, the Company closed the second and final tranche of the 2024 Non-Brokered Private Placement for aggregate gross proceeds of approximately US$34.5 million ($46.8 million). Following the closing of these private placements, the Company made mandatory prepayments under its Credit Facility (as defined below) totaling US$25.0 million ($35.0 million) in October and November 2024.

Years ended December 31, 2024 and 2023

• During the year ended December 31, 2024, the Company generated revenue of $4.6 million and incurred an operating loss of $73.3 million, compared to revenue of $31.6 million and an operating loss of $209.4 million for the year ended December 31, 2023. The decrease in revenue is mainly attributable to the decline of revenue from all projects, as they were in care and maintenance throughout 2024. The lower operating loss is primarily due to the decrease in the overall level of activities for all projects, as well as the $138.4 million impairment recorded in 2023 and related to the Trixie test mine.

• During the year ended December 31, 2024, the Company incurred a net loss of $86.3 million, compared to a net loss of $181.9 million in 2023. The decrease in operating loss in 2024 is attributed to the factors noted above, as well as an increase in the positive change in the fair value of the warrant liability compared to 2023. This was partially offset by higher finance costs related to Credit Facility entered in 2024 (as described below), a foreign exchange loss recorded in 2024 compared to a gain in 2023, and the absence of a deferred tax recovery in 2024, which was recorded in 2023 in connection with the impairment of the Trixie test mine (nil in 2024).

• The net cash flows used in operating activities for the year ended December 31, 2024, amounted to $52.3 million, compared to $43.8 million for the year ended December 31, 2023. The increase in cash used in operating activities is primarily due to lower revenue and its impact on each project's working capital, partially offset by a reduction general operating activities at the Tintic Project and the San Antonio Project.

• Additions to mining interests, property, plant and equipment, as well as exploration and evaluation expenses, totaled $46.0 million for the year ended December 31, 2024, compared to $72.3 million in 2023. The decrease is primarily due to a reduction in mining development activities, including lower exploration spending at the Cariboo Gold Project and at the Tintic Project.

• Net cash inflows from financing activities amounted to $145.5 million for the year ended December 31, 2024, compared to $47.8 million in 2023. In 2024, the Company completed the 2024 Brokered Private Placement for aggregate gross proceeds of approximately US$57.5 million ($80.0 million), and the 2024 Non-Brokered Private Placement for aggregate gross proceeds of approximately US$34.5 million ($46.8 million). Additionally, during the year ended December 31, 2024, the Company drew an aggregate US$50 million ($67.7 million) as a Term Benchmark Loan under the Credit Facility, net of US$1.4 million ($2.0 million) in fees. Following the completion of the 2024 Non-Brokered Private Placement and the 2024 Brokered Private Placement in Q4 2024, and pursuant to the Credit Facility agreement described below, the Company made mandatory prepayments under its Credit Facility totaling US$25.0 million ($35.0 million) in October and November 2024.

During the year ended December 31, 2023, the Company completed a bought deal financing of $51.8 million.

• Cash and cash equivalents position was $106.7 million as at December 31, 2024 compared to $43.5 million as at December 31, 2023.

• Based on current projections, the Company believes that its working capital position as at December 31, 2024, will not be sufficient to meet its obligations, commitments and forecasted expenditures through the year ending December 31, 2025. Management is aware, in making its assessment, of material uncertainties related to events and conditions that may cast substantial doubt on the Company's ability to continue as a going concern, as described in Note 1 to the audited consolidated financial statements for the year ended December 31, 2024.

• The Company's ability to continue future operations and fund its planned activities depends on Management's ability to secure additional financing. Potential funding sources include, but are not limited to, a combination of asset sales, divesting additional investments from its portfolio, project debt finance, offtake or royalty financing and other capital market alternatives.

• Failure to secure future financing may impact and/or curtail the Company's planned activities, which could include the suspension of certain development activities and the disposal of specific investments to generate liquidity. The Company is actively exploring options to secure additional financing. While Management has successfully obtained financing in the past, there is no assurance that it will be able to do so in the future or that these funding sources will be available on terms acceptable to the Company.

Exploration Activities

• There were no exploration updates reported in Q4 2024.

Corporate Updates

• On December 5, 2024, Mr. Stephen Quin was appointed as independent director to the Company's board of directors and, in connection thereof, was subsequently granted 80,000 deferred share units of the Company on December 19, 2024.

• On December 12, 2024, Ms. Marina Katusa resigned from the Company's board of directors.

US$50 Million Credit Facility

• On March 1, 2024, the Company, as guarantor, and Barkerville, its wholly owned subsidiary, as borrower, entered into a credit agreement with National Bank of Canada, as lender and administrative agent, and National Bank Financial Markets, as mandated lead arranger and sole bookrunner, in connection with a US$50 million delayed draw term loan that can be exclusively used to fund ongoing detailed engineering and pre-construction activities at the Cariboo Gold Project (the "Credit Facility"). In June 2024, the Company entered into an amending agreement to the credit agreement that provides for, among other things:

- an 8-month extension to the maturity date of the Credit Facility to October 31, 2025 (from March 1, 2025). This extension was conditional upon the Company completing a capital raise for gross proceeds of at least US$20 million by October 31, 2024, which condition was satisfied upon the closing of the 2024 Non-Brokered Private Placement for total gross proceeds of US$34.5 million; and

- a reduction in the mandatory prepayment amount to 50% of each incremental dollar raised in excess of US$25 million in respect of certain financings, allowing the Company to preserve 50% of such proceeds. There are no mandatory prepayment requirements for amounts up to US$25 million.

• On March 1, 2024, an amount of US$25.0 million ($33.9 million) was drawn as a Term Benchmark Loan under the Credit Facility, net of US$0.7 million ($0.9 million) of fees.

• On September 4, 2024, an additional amount of US$25.0 million ($33.8 million) was drawn as a Term Benchmark Loan under the Credit Facility, net of US$0.7 million ($1.0 million) of fees.

• Following the completion of the 2024 Non-Brokered Private Placement and 2024 Brokered Private Placement in Q4 2024, the Company completed mandatory prepayments under its Credit Facility totaling US$25.0 million ($35.0 million) in October and November 2024.

Non-Brokered and Brokered Private Placements

• On November 12, 2024, the Company completed a brokered private placement of units pursuant to which the Company issued an aggregate of 31,946,366 units of the Company at a price of US$1.80 per unit for aggregate gross proceeds of approximately US$57.5 million ($80.0 million), including the exercise in full of the option granted to the agents (the "2024 Brokered Private Placement"). Each unit was comprised of one Common Share and one Common Share purchase warrant of the Company entitling the holder thereof to purchase one Common Share at a price of US$3.00 on or prior to October 1, 2029.

• The Company completed a non-brokered private placement of units pursuant to which the Company issued an aggregate of 19,163,410 units of the Company at a price of US$1.80 per unit for aggregate gross proceeds of approximately US$34.5 million ($46.8 million) (the "2024 Non-Brokered Private Placement"). The 2024 Non-Brokered Private Placement was completed in two tranches, comprised of the issuance of (i) 13,426,589 units at a price of US$1.80 per unit for gross proceeds of approximately US$24.2 million ($32.6 million), which tranche closed on October 1, 2024 and (ii) 5,736,821 units at a price of US$1.80 per unit for gross proceeds of approximately US$10.3 million ($14.2 million), which tranche closed on October 11, 2024. Each unit was comprised of one Common Share and one Common Share purchase warrant of the Company entitling the holder thereof to purchase one Common Share at a price of US$3.00 on or prior to October 1, 2029.

4. HIGHLIGHTS - SUBSEQUENT TO Q4 2024

• On January 9, 2025, the Company announced that Mr. David Rouleau was appointed as Vice President, Project Development, and Mr. Éric Tremblay resigned from his position as Chief Operating Officer of the Company.

• On February 3, 2025, the Company released drilling results from its 2024 initial exploration and historic data validation infill drill campaign at its Quesnel River Mine Prospect located within the Company's wider Cariboo Gold Project.

• On March 26, 2025, the Company appointed Philip Rabenok as Vice President, Investor Relations. Mr. Rabenok joined Osisko Development in November 2022 as Director, Investor Relations.

5. MANAGEMENT AND BOARD COMPOSITION

The Board of Directors of Osisko Development is composed of Sean Roosen (Chair), Charles E. Page (Lead Director), Michele McCarthy, Duncan Middlemiss, David Danziger and Stephen Quin. With the exception of Mr. Quin who was appointed on December 5, 2024, all members of the Board of Directors were elected at the Company's annual meeting of shareholders held on May 7, 2024.

Management of Osisko Development includes Sean Roosen (Chair of the Board of Directors and Chief Executive Officer), Chris Lodder (President), Alexander Dann (Chief Financial Officer and Vice President, Finance), David Rouleau (Vice President, Project Development), Laurence Farmer (General Counsel and Vice President, Strategic Development) and Philip Rabenok (Vice President, Investor Relations).

6. EXPLORATION AND EVALUATION / MINING DEVELOPMENT ACTIVITIES

As of the date of this MD&A, the Company's only material properties are the Cariboo Gold Project and the Tintic Project. The following sets out the key milestones, estimated timing and costs in respect of the Company's material mineral projects, based on the Company's reasonable expectations and intended courses of action and current assumptions and judgement, as at December 31, 2024.

Principal project's upcoming milestones

Key Milestones for Projects Cariboo Gold Project(1)

Expected Timing of Completion Anticipated Remaining Costs*

Permitting

Completed - Q4 2024

$nil

Electrical and Communication Bulk Sample

Q1 2025

$0.7 million

Q2 2025

$6.4 million

CGP Underground Development Updated CGP Feasibility

Q2 2025

$8.7 million

Q2 2025

$2.5 million

Environmental, other pre-construction work & roadheader payments

Q2 2025

$7.2 million

Water and Waste Management

Q4 2025

$7.5 million

Tintic Project(1)

Regional Drilling - Phase I

Completed - Q2 2024

$nil

Regional Drilling - Phase II

Q2 2025

$5.0 million

*As at December 31, 2024

Disclaimer

Osisko Development Corp. published this content on March 29, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 29, 2025 at 01:00 UTC.