Osisko Development Stock Price, News & Analysis

Osisko Development Corp. (NYSE: ODV, TSXV: ODV) is a continental North American gold development company operating in the gold ore mining industry. According to the company, it focuses on past-producing mining camps in mining-friendly jurisdictions that offer district-scale potential. Osisko Development’s stated objective is to become an intermediate gold producer by advancing a pipeline of gold projects at various stages of evaluation and development.

The company identifies its flagship asset as the permitted, 100%-owned Cariboo Gold Project in central British Columbia, Canada. Cariboo is described as a feasibility-stage project located in the historic Wells–Barkerville mining camp. The land package spans approximately 186,740 hectares and includes hundreds of mineral titles covering a strike length of about 77 kilometres of highly prospective exploration targets. The project has received key provincial permits under the Mines Act and Environmental Management Act of British Columbia, which the company characterizes as completing the permitting process for major approvals and establishing a shovel-ready status.

At Cariboo, Osisko Development reports probable mineral reserves and measured, indicated, and inferred mineral resources, with mineral resources stated as exclusive of mineral reserves. These estimates and the 2025 feasibility study are documented in the NI 43‑101 technical report titled “NI 43‑101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada.” The company notes that this technical report, prepared in accordance with NI 43‑101, supports the scientific and technical information for Cariboo and is available on Canadian and U.S. regulatory platforms.

Project portfolio and geographic focus

Beyond Cariboo, Osisko Development describes a project pipeline that includes the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. These properties are characterized by the company as brownfield sites with significant exploration potential, extensive historical mining data, access to existing infrastructure, and availability of skilled labour.

Within the Tintic Project, the company has undertaken a small-scale heap leach project to re-treat certain tailings and stockpile material, resulting in gold sales from this activity. Osisko Development also reports that it evaluates options for next steps at Tintic and has indicated that activities may be limited to care and maintenance beyond a certain point, based on its disclosures.

For the San Antonio Gold Project, the company has stated that the asset has been in care and maintenance and has been subject to a strategic review. Osisko Development later announced an agreement to divest its 100% interest in San Antonio to Axo Copper Corp. by selling the entity that holds the project’s mineral concessions, subject to customary closing conditions. Under the purchase agreement, Osisko Development is to receive common shares of Axo Copper Corp. and potential contingent payments tied to tax refunds, technical milestones, and future financing events, as described in the transaction terms.

Cariboo Gold Project: development and exploration

Osisko Development presents Cariboo as the core of its growth strategy. The company reports that it is advancing pre‑construction activities and underground mine development at Cariboo, including surface infrastructure, underground development, water treatment upgrades, waste rock storage facilities, sediment control structures, camp expansion, and detailed engineering. Underground development has been driven from the Cow portal into the Lowhee Zone and toward other deposit areas, with the company disclosing the extent of ramp and level development completed to date.

The company emphasizes systematic infill drilling and exploration drilling as key components of de‑risking and potential resource growth at Cariboo. In the Lowhee Zone, Osisko Development has undertaken a 13,000‑meter underground infill drilling program on approximately 10‑meter drill spacing. The company has released multiple sets of assay results from this program, highlighting intercepts with gram‑per‑tonne gold grades over various meter intervals. According to the company, these results generally show good continuity with modelled vein corridors and planned reserve stopes, and in some cases indicate mineralization outside previously defined reserve outlines. The company states that this information will feed into updated local block models, resource modelling, and refinement of production stope designs.

In addition to infill work, Osisko Development has launched a fully funded 70,000‑meter exploration drilling campaign at Cariboo aimed at new discoveries and potential extensions of mineralization. The program includes targets such as Cariboo Deep (testing potential depth extensions beneath the existing deposit), Proserpine Mountain (a regional target along strike from the Cariboo deposit with open‑pit potential suggested by prior work), Barkerville Mountain (including the Lowhee–KL Gap Zone and Williams Creek), and other regional targets like Cunningham (Cariboo‑Hudson) and Yanks Peak. The company describes objectives for each target area, including testing for vein corridor extensions, delineating new zones adjacent to existing resources and reserves, and evaluating underexplored segments of the broader Cariboo Gold trend.

Exploration approach and technical reporting

Osisko Development’s disclosures describe a multi‑year exploration history at the Lowhee Zone, involving geological mapping, geochemical sampling, stratigraphic drilling, and successive campaigns of diamond drilling with progressively tighter spacing. Internal resource estimates and recommendations for further drilling and bulk sampling have been part of this process. The company notes that Lowhee access is via the Cow portal and that underground development has been advanced at specific elevation levels within the deposit. It also reports a probable mineral reserve estimate for the Lowhee Zone that represents a portion of the overall Cariboo Gold Project reserves.

Scientific and technical information in the company’s news releases is stated to be reviewed and approved by qualified persons as defined under NI 43‑101, including individuals with professional geology or engineering designations. Osisko Development repeatedly directs readers to its NI 43‑101 technical reports for Cariboo, Tintic (Trixie deposit mineral resource estimate), and San Antonio, emphasizing that these documents should be read in full, including assumptions, parameters, limitations, and methods.

Capital structure, financing, and regulatory status

Osisko Development is a foreign private issuer that files under Form 40‑F with the U.S. Securities and Exchange Commission and furnishes periodic Form 6‑K reports. These filings include press releases, financial statements, management’s discussion and analysis, certifications, and material change reports. The company’s principal executive office is located in Montréal, Quebec, Canada, as disclosed in its SEC filings.

To support the development and construction of the Cariboo Gold Project and related activities, Osisko Development has entered into a senior secured project loan credit facility with funds advised by Appian Capital Advisory Limited, with a total facility size of US$450 million. The company reports that this facility is structured in tranches aligned with Cariboo’s development timeline, with an initial draw used to fund infill drilling, pre‑construction and construction activities, repayment of an existing term loan, and working capital. Subsequent draws are subject to project milestones and other customary conditions.

In addition, Osisko Development has completed several equity financings, including brokered and non‑brokered private placements and offerings under the listed issuer financing exemption (LIFE). These transactions have involved the issuance of common shares, units with common share purchase warrants, and flow‑through shares under Canadian tax legislation, with proceeds allocated in part to Cariboo capital requirements and qualifying exploration expenditures in British Columbia.

The company also reports investment activities in other issuers, such as acquiring units of Falco Resources Ltd. through a private placement, resulting in Osisko Development holding a significant minority position in Falco’s common shares and warrants. Early warning reports filed in connection with these holdings are referenced in its disclosures.

Corporate strategy and risk focus

Osisko Development states that its strategy is to develop attractive, long‑life, socially and environmentally responsible mining assets while minimizing exposure to development risk and growing mineral resources. The focus on past‑producing mining camps is presented as a way to leverage historical mining data, existing infrastructure, and skilled labour in established districts. The company’s decision to divest the San Antonio Gold Project is described as consistent with a strategy of concentrating on priority development assets within its portfolio.

As a gold development company, Osisko Development’s business is centered on exploration, evaluation, and development activities across its projects rather than large‑scale, long‑term production at this stage. Its disclosures emphasize technical work programs, permitting milestones, financing arrangements, and project‑level studies as key drivers of its progression toward its stated objective of becoming an intermediate gold producer.

FAQs about Osisko Development Corp. (ODV)

• What does Osisko Development Corp. do?
  Osisko Development Corp. is a gold development company engaged in the acquisition, exploration, evaluation, and development of precious metals resource properties in North America. Its activities focus on advancing gold projects in historic mining districts, with an emphasis on technical studies, drilling, and project development work.
• What is Osisko Development’s flagship project?
  The company identifies the Cariboo Gold Project in central British Columbia, Canada, as its flagship asset. Cariboo is a permitted, 100%-owned feasibility-stage project in the Wells–Barkerville mining camp, supported by an NI 43‑101 technical report that details mineral reserves, mineral resources, and a feasibility study.
• Where does Osisko Development operate?
  Osisko Development’s core focus is in North America. Its main project, Cariboo Gold, is in British Columbia, Canada. The company’s project pipeline also includes the Tintic Project in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico, which it has agreed to sell to Axo Copper Corp. subject to closing conditions.
• How is the Cariboo Gold Project being advanced?
  The company reports that it is advancing Cariboo through pre‑construction activities, underground development, and extensive drilling. This includes a 13,000‑meter underground infill drilling program in the Lowhee Zone and a fully funded 70,000‑meter exploration drilling campaign targeting Cariboo Deep, Proserpine Mountain, Barkerville Mountain, and other regional prospects along the Cariboo Gold trend.
• What role does the Lowhee Zone play at Cariboo?
  The Lowhee Zone is one of the deposit areas within the Cariboo Gold Project. Osisko Development has conducted multi‑year drilling, resource modelling, and underground development there. The company has reported a probable mineral reserve estimate for Lowhee that represents a portion of Cariboo’s overall reserves and is using tight‑spaced infill drilling to refine local models and stope designs.
• How is Osisko Development funding its projects?
  Osisko Development has entered into a senior secured project loan facility with funds advised by Appian Capital Advisory Limited to support Cariboo’s development and construction. It has also completed several equity financings, including private placements, bought‑deal offerings, and flow‑through share issuances, with proceeds allocated to project capital needs and qualifying exploration expenditures.
• What is the status of the San Antonio Gold Project?
  The company has stated that San Antonio has been in care and maintenance and was subject to a strategic review. Osisko Development later announced a securities purchase agreement to sell its 100% interest in San Antonio, through the sale of the entity holding the mineral concessions, to Axo Copper Corp., with consideration in Axo shares and contingent payments, subject to customary closing conditions.
• What is the Tintic Project and what activities are reported there?
  The Tintic Project is located in the historic East Tintic mining district in Utah, U.S.A. Osisko Development has undertaken a small-scale heap leach project at Tintic to re‑treat certain tailings and stockpile material, generating gold sales. The company has indicated that small‑scale operations were expected to continue for a limited period, with the project potentially moving to care and maintenance.
• How does Osisko Development report its technical information?
  The company states that its scientific and technical information is prepared in accordance with NI 43‑101 and is supported by formal technical reports for Cariboo, Tintic (Trixie deposit mineral resource estimate), and San Antonio. Qualified persons, as defined under NI 43‑101, review and approve the technical content in its news releases and filings.
• On which exchanges does Osisko Development trade and how does it file with regulators?
  Osisko Development’s common shares trade on the New York Stock Exchange under the symbol ODV and on the TSX Venture Exchange under the same symbol. As a foreign issuer, it files annual reports on Form 40‑F and furnishes current information on Form 6‑K with the U.S. Securities and Exchange Commission, in addition to filings on Canadian securities platforms.