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Highlights

  • Secured USUSD 450M credit facility and USUSD 195M private placement for Cariboo Gold Project.
  • Cariboo feasibility study shows NPV5% of USD 943M and IRR of 22.1%.
  • Q2 2025 revenue rose to USD 6.9M from USD 2.6M year-over-year.

Osisko Development Corp. (NYSE: ODV) has released its Q2 2025 results, reporting revenue of USD 6.9 million from the sale of 1,393 gold ounces produced at its Tintic Project. This compares with USD 2.6 million in revenue during the same quarter of 2024. The company ended the quarter with USD 46.3 million in cash and USD 34.2 million in outstanding debt.

A major milestone in the quarter was the release of the optimized feasibility study for the Cariboo Gold Project in British Columbia. The study projects an after-tax net present value at a 5% discount rate (NPV5%) of USD 943 million and an internal rate of return (IRR) of 22.1%, based on a gold price assumption of USD 2,400 per ounce. The project is expected to average annual production of 190,000 ounces over a 10-year mine life.

Subsequent to quarter-end, Osisko Development secured significant financing to advance Cariboo’s construction. This included a USD 450 million project loan facility from Appian Capital and a USD 195 million private placement. Proceeds from these financings are intended to fully fund Cariboo’s development.

Operationally, the Tintic Project produced gold during the quarter, but the company plans to scale the site down to care and maintenance following Q4 2025. The decision follows Phase II drilling results that did not yield significant mineral intercepts. The San Antonio Gold Project also remains in care and maintenance.

While the Cariboo Project remains the primary growth driver, Osisko Development’s short-term revenue will continue to be supported by Tintic’s operations until their planned suspension. The company has reaffirmed its focus on advancing Cariboo to production, leveraging the newly secured capital and positive feasibility study results.

Management has stated that the next steps for Cariboo will include early construction activities, procurement of long-lead items, and continued permitting work. Once operational, the project is expected to be a core asset, delivering long-term production and cash flow.