Osisko Gold Group Inc. reported Q2 2026 development-stage results anchored by the Cariboo Gold Project in British Columbia and the Tintic Project in Utah. As of June 30, 2026, the company held $837.3 million in cash and cash equivalents, with $161.4 million outstanding under the US$450 million senior secured project loan facility and $414.3 million outstanding under convertible senior notes. Q2 revenues were $32.7 million with cost of sales of $12.0 million from selling 5,547 gold ounces from small-scale Tintic activities, generating operating income of $8.1 million versus a loss in Q2 2025.
At Cariboo, pre-construction continues with about 2.7 km of underground development completed, upgrades to the Bonanza Ledge water treatment plant nearing full operation expected in Q3 2026, and early works for surface infrastructure and the Valley Portal underway. An underground infill drilling program of 13,684 metres plus an additional 2,995 metres of drilling in the Lowhee Zone supported preliminary reconciliation analyses broadly consistent with expectations. Up to 160,000 metres of drilling is planned across Cariboo and regional targets in 2026, with 13 rigs currently active.
At Tintic, small-scale heap leaching and direct shipping generated Q2 sales of 5,547 ounces of gold, including 4,879 tonnes at an average grade of 38.71 g/t and 89.5% payability, with higher-grade material stockpiled and shipped in July. The company completed a US$300 million 4.125% convertible notes offering due 2031, changed its name to Osisko Gold Group Inc. and its trading symbol to OGG, and entered a Support and Benefits Agreement with the District of Wells contemplating up to $3.0 million of voluntary contributions over three years.
Osisko Gold Group Inc. reported a sharp turnaround to profitability for the six months ended June 30, 2026, driven largely by financing-related fair value movements. Net income from continuing activities was $151.3 million versus a loss of $79.4 million a year earlier, while total net income reached $179.3 million, including a gain on the sale of the San Antonio Gold Project.
Revenue rose to $34.9 million from $6.9 million, with 5,818 ounces of gold sold, and operating loss from continuing activities narrowed to $1.6 million. However, a non‑cash gain of $119.9 million from the change in fair value of warrant liabilities and a $20.3 million gain on derivatives were key contributors to earnings. Cash and cash equivalents increased to $837.3 million, supported by a US$300 million convertible notes issue and earlier equity financings, while total assets reached $1.93 billion.
The company is advancing the Cariboo Gold Project and Tintic, with mining interests and PPE of $801.0 million and exploration and evaluation assets of $116.0 million. Despite working capital of $670.1 million (adjusted working capital $817.3 million), management states this will not be sufficient to meet obligations and planned spending through June 2027 and discloses material uncertainties casting substantial doubt on its ability to continue as a going concern. Future funding may rely on additional tranches of the US$450 million 2025 Financing Facility, further financing transactions, or asset sales.