Osisko Gold Group Inc. (OGG) reported construction progress at its 100%-owned Cariboo Gold Project, where overall progress was estimated at approximately 28% as of September 30, 2026, based on cumulative costs incurred relative to the estimated go-forward capital obligation and incurred pre-construction costs. Approximately $355 million had been incurred by that date, including indirects and owners’ costs. The estimated remaining cost to complete construction is approximately $907 million on an incurred basis, net of costs incurred to date, leases and estimated pre-production revenue. The company also reported approximately $360 million in project-to-date commitments and 42% completion of detailed engineering. All dollar amounts are Canadian dollars.
Approximately 3.4 km of underground development had been completed, and the on-site workforce exceeded 400 active personnel. Underground development rates are expected to reach approximately 360 metres per month by year-end 2026, compared with 500 metres per month previously. The company attributed the revised target to slower excavation at the Valley portal, rockbreaking methods and concrete-curing requirements. The Valley access and ventilation portals are expected to be completed in Q4 2026. First gold pour is targeted for Q1 2029, with commercial production expected in H2 2029.
Osisko Gold Group Inc. (OGG) completed its previously announced strategic equity investment by Urion Investments Holdings Limited, an affiliate of Trafigura Canada Limited, issuing 9,554,141 common shares at US$3.14 per share for gross proceeds of approximately US$30 million. The price represented a 10% premium to the five-day volume weighted average price of the common shares on the TSX Venture Exchange prior to signing. The investment remains subject to final acceptance by the TSX Venture Exchange.
The company intends to use the net proceeds for development of the Cariboo Gold Project; negotiations toward a definitive agreement for a potential prepayment facility of up to US$120 million remain ongoing. Urion agreed to vote its common shares in accordance with board or management recommendations, subject to exceptions, and is subject to standstill and lock-up provisions restricting additional acquisitions or dispositions for specified periods. The issued shares have a hold period expiring four months and one day after issuance. After completion, the company is expected to have 315,809,214 common shares issued and outstanding, with Urion holding approximately 3.0% on a non-diluted basis.
Osisko Gold Group Inc. (OGG) reported new underground infill assay results from the Lowhee Zone of its permitted, 100%-owned Cariboo Gold Project, which is under construction. Drilling covered 36 holes totaling 3,933 m from the 1290 m level. Highlights included 7.28 g/t Au over 16.15 m in hole BMU-26-121, including 173.66 g/t Au over 0.60 m, and 7.13 g/t Au over 11.60 m in BMU-26-075. The company said intercepts outside modelled reserve stopes suggest potential for resource conversion and upside mineralization.
Through its wholly owned subsidiary Barkerville Gold Mines Ltd., Osisko Gold awarded the continuing underground mine development and related works contract to current contractor JDS Energy & Mining Inc., effective October 5, 2026. It also granted 72,700 stock options at C$4.00 per common share and 553,700 RSUs to certain newly hired senior officers and non-executive employees. The options expire October 5, 2031 and vest in three equal installments over the next three years; the RSUs cliff vest October 5, 2029, subject to time and performance conditions.
Osisko Gold Group Inc. announced that Elijah Tyshynski assumed the role of Chief Financial Officer effective October 1, 2026, succeeding Alexander Dann.
Osisko Gold Group Inc. issued $600,000,000 of 9.250% senior secured notes due 2031 on September 30, 2026, under an indenture with subsidiary guarantors.
The indenture identifies a U.S. trustee, a Canadian trustee and a collateral agent. It defines collateral to include interests in subsidiary shares, segregated accounts and funds, and present and after-acquired property, including Project Real Property, subject to exclusions. Its provisions also address restricted payments, incurrence of indebtedness, liens, asset sales, change of control, redemption and events of default.
Osisko Gold Group Inc. priced a US$600 million offering of 9.250% senior secured notes due October 1, 2031, at an issue price of 100.0%. The offering was upsized from the previously announced US$500 million and is expected to close on September 30, 2026, subject to customary closing conditions.
Osisko Gold intends to use net proceeds, after discounts, commissions and estimated expenses, to repay all amounts outstanding and terminate commitments under the Appian Credit Facility with approximately US$120.9 million, fund a segregated reserve equal to the first five interest payments, and place remaining net proceeds in a segregated account to advance the Cariboo Gold Project. Interest is payable semi-annually in arrears on April 1 and October 1, beginning April 1, 2027. Certain subsidiaries are to guarantee the notes; at closing, these are expected to include Barkerville Gold Mines Ltd. The notes will be secured by a first priority lien on the Company’s and guarantors’ property, subject to exceptions.
Osisko Gold Group Inc. (OGG) approved full-scale construction of its 100%-owned Cariboo Gold Project in British Columbia, targeting first gold in early 2029 and commercial production in H2 2029 after an expected 30‑month construction period from August 1, 2026. The remaining go-forward capital obligation is estimated at C$990 million, after C$272 million spent to July 31, 2026 and assuming about C$117 million of equipment leasing.
At a spot gold price of US$4,350/oz, Cariboo shows an after-tax NPV5% of C$3.2 billion, after-tax IRR of 42.7%, payback of 1.8 years from commercial production, and average annual free cash flow of C$642 million in the first five years. Mine life is 10 years with average throughput of 4,900 tpd and total payable gold of 1,894 koz. Construction is expected to support 613 peak construction jobs and 525 permanent operating jobs.
To support funding, Urion agreed to invest about US$30 million for 9,554,141 common shares at US$3.14, alongside offtake agreements with Trafigura for 100% of gold concentrate and doré in the first four years and non-binding terms for a potential up to US$120 million subordinated gold prepay facility. From August 1, 2026 to commercial production, total capital sources are estimated at C$1,637 million versus uses of C$1,435 million, implying projected surplus liquidity of about C$201 million.
Osisko Gold Group Inc. (OGG) announced a planned CFO leadership transition. Alexander Dann intends to retire and will step down as Chief Financial Officer and Vice President, Finance after a 35-year career, remaining for a transition period to support an orderly handover. As part of a succession process, Elijah Tyshynski will be appointed CFO and join the senior leadership team following this transition. The company highlights entering its next stage of growth from a position of financial strength and emphasizes Mr. Tyshynski’s extensive capital markets and infrastructure financing experience. Osisko Gold reiterates its objective of becoming an intermediate gold producer through development of its 100%-owned, fully permitted Cariboo Gold Project in British Columbia, complemented by the Tintic Project in Utah.
Osisko Gold Group Inc. (OGG) has amended and restated its existing project loan credit facility with funds advised by Appian Capital Advisory Limited, which finances development and construction of the 100%-owned, fully permitted Cariboo Gold Project in British Columbia.
The amendment reduces interest rate margins, improves covenants, and extends by 12 months the option to settle accrued interest in kind. Appian has confirmed satisfaction of key technical conditions precedent for the US$350 million second draw, including those tied to the Lowhee Zone infill drilling and ore sorting programs, and these specific conditions have been removed. The second draw remains subject to remaining construction-readiness and customary conditions, and all guarantees and security under the facility have been reaffirmed.