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• Think of it as a smaller, earlier-stage Agnico Eagle (AEM), currently focused on building its first significant gold mine.
• Like a Newmont (NEM) in its foundational development stage, centered on bringing a major gold asset into production.

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• Gold Project Development: Osisko Development manages the full lifecycle of bringing gold deposits into production, encompassing engineering, environmental permitting, and construction activities for large-scale mining operations.
• Mineral Exploration: The company conducts geological and technical studies to identify, evaluate, and expand gold resources across its portfolio of properties.

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Osisko Development (ODV) is primarily a gold exploration and development company focused on advancing its Cariboo Gold Project in British Columbia, Canada, and other projects towards commercial production. While its main activity is the development and construction of mines, the company does generate some revenue from the sale of mineral products, particularly from its San Antonio project in Mexico.

The company sells its mineral products (typically gold doré or concentrate) to other companies. Its major customers, while generally not publicly disclosed by specific name due to commercial confidentiality, fall into the following categories:

• Commercial Gold Refiners: These companies specialize in processing unrefined gold products into pure gold bars (bullion) and other forms. They act as direct buyers of the company's output for further processing and distribution into the global gold market.
• Bullion Dealers and Banks: Large financial institutions and specialized bullion dealers often purchase gold directly from producers. These entities may hold the gold in their inventories, use it for hedging, or sell it to institutional investors and other market participants.

As a gold development company, Osisko Development's long-term strategy involves selling gold as a commodity on the international market once its flagship projects are in full production. While the ultimate end-users of gold are diverse (including jewelry manufacturers, industrial users, and individual and institutional investors), the direct customers for a mining company's raw or semi-processed gold product are typically the refiners and large bullion trading entities who process and distribute the metal.

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• SMS Equipment Inc.
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• Tecknikabel Mining Inc.

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Sean Roosen, Founder, Executive Chairman and Chief Executive Officer

Mr. Roosen has over 30 years of progressive experience in the mining industry. He is the founder, President, Chief Executive Officer, and Director of Osisko Mining Corporation (2003), where he was responsible for the discovery, financing, and development of the Canadian Malartic mine. He led efforts for the maximization of shareholders' value in the sale of Osisko Mining Corporation, which resulted in the creation of Osisko Gold Royalties. Mr. Roosen also founded Osisko Gold Royalties (2014) and served as its Executive Chairman and CEO until 2023. Additionally, he was a co-founder of EurAsia Holding AG, a European venture capital fund. He developed and sold the Canadian Malartic project to Agnico Eagle Mines for $4.1 billion in 2014, and was involved in the sale of Osisko Mining 2 to Goldfields for $2 billion.

Alexander Dann, CFO & VP of Finance

Mr. Dann most recently served as Chief Financial Officer of The Flowr Corporation, where he successfully guided the company from a small private entity to a TSXV publicly traded corporation. Prior to that, he held the position of CFO at Avion Gold Corp.

Chris Lodder, President

Mr. Lodder possesses over 30 years of experience working on and managing Greenfields and Brownfields exploration and mine development with major and junior mining companies globally, with a primary focus in the Americas. He has led teams that have been responsible for discoveries of compliant resources containing more than 34 million ounces of gold. He served as President, CEO, and a Director of Barkerville Gold Mines from 2016 until its acquisition by Osisko Gold Royalties in 2019. Chris is also the President of Talisker Exploration Services Inc.

Laurence Farmer, General Counsel & VP, Strategic Development

Mr. Farmer serves as the General Counsel and Vice President of Strategic Development for Osisko Development Corp.

David Rouleau, Vice President, Project Development

Mr. Rouleau is a seasoned executive with over 35 years of operational and management experience within the mining industry. His extensive background includes involvement in projects and operations across various stages, such as feasibility studies, environmental assessments, permitting, construction, start-up, expansion, and continuous improvement. Before joining Osisko Development, he was the Vice President of Mine Optimization and Strategic Planning at Victoria Gold. He also held the role of Vice President of Operations for Barkerville Gold Mines (2016-2018) and was responsible for the Gibraltar Mine at Taseko Mines (2010-2016). Earlier in his career, he was a key member of the Canadian Natural Resources senior management team for the Horizon Oil Sands Project and spent 17 years at Teck Cominco.

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The key risks to Osisko Development (ODV) are primarily related to its status as a development-stage mining company, relying heavily on external funding and successful project execution.

1. Financing and Capital Markets Risk: Osisko Development is a pre-commercial production company, meaning it currently incurs significant operating losses and negative net margins. The company's ability to fund its ongoing exploration and development activities, particularly for its flagship Cariboo Gold Project, is highly dependent on its capacity to raise equity and debt capital from financial markets. There is a risk that Osisko Development may not secure sufficient financing in the future or on favorable terms, which could lead to financial distress or further shareholder dilution. Its Altman Z-Score, a measure of financial health, indicates potential financial distress.
2. Project Execution and Operational Risks: The company's investment success hinges on the successful and on-budget execution of its key mining projects, including Cariboo, Tintic, and San Antonio. Developing new mining operations involves considerable risks related to the construction of processing facilities and infrastructure, securing necessary permits, and ultimately achieving anticipated production levels and cost efficiencies. For instance, test mining at the Trixie project has faced multiple suspensions, highlighting the inherent operational challenges and the increased risk of economic and technical failure, especially for projects without a comprehensive feasibility study. Errors in geological modeling and the accuracy of exploration results in predicting mineralization also pose significant operational uncertainties.
3. Commodity Price Volatility: As a gold development company, Osisko Development's economic projections and the overall viability of its projects are highly sensitive to fluctuations in metal and commodity prices, particularly gold. Significant downturns in gold prices could negatively impact the profitability and attractiveness of its assets. Furthermore, the company's stock is susceptible to market volatility as it transitions from a developer to a producer.

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Gold Mining Market:

• The global gold mining market is projected to exceed USD 250 billion in 2025. Other estimates place the global market size at approximately USD 267.87 billion in 2024, with projections to reach USD 402.34 billion by 2034, growing at a compound annual growth rate (CAGR) of around 3.9% from 2025 to 2034. Another report values the global market at USD 215.49 billion in 2024, expected to grow to USD 314.68 billion by 2035, with a CAGR of 3.5% from 2025 to 2035.
• In Canada, gold is the most valuable mined commodity, with a production value of USD 15.1 billion in 2023. Canada produced approximately 198 tonnes of gold in 2023, valued at roughly USD 16 billion. Canada's gold production is expected to increase at a CAGR of 4% from 2024 to 2030, reaching 9.4 million ounces in 2030. Canada accounted for approximately 6.7% of global gold production in 2024.

Silver Mining Market:

• The global silver mining market was valued at USD 19.3 billion. Projections indicate the global silver mining market could grow from USD 23.83 billion in 2024 to USD 60.76 billion by 2035, with an anticipated CAGR of 8.87% from 2025 to 2035. Another report estimated the global silver target market size at USD 27.3 billion in 2023, expected to reach USD 44.9 billion by 2033.
• For Canada, the gold and silver ore mining industry had a market size of USD 15.6 billion in 2025. The broader Canadian precious metal market, which includes silver, generated USD 22,969.2 million in revenue in 2024 and is projected to reach USD 43,035.4 million by 2030, with silver being the most lucrative metal segment and exhibiting the fastest growth during this forecast period.

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1. Advancement and Production from the Cariboo Gold Project: Osisko Development's flagship Cariboo Gold Project in British Columbia, Canada, is fully permitted and is a primary focus for the company to become an intermediate gold producer. The project is anticipated to achieve initial gold production in 2027, with a target of full production by 2028, and is expected to produce over 220,000 ounces per annum at its peak over a 12-year mine life. Ongoing construction activities and an infill drilling program aim to de-risk mine planning and enhance the project's output.
2. Increased Production from the Tintic Project: The Tintic Project in Utah, USA, particularly the high-grade Trixie gold discovery, is being fast-tracked and is already generating revenue from initial operations. Further development and potential expansion of the Trixie mine, along with exploration of other prospective targets (copper-gold-molybdenum porphyry, epithermal, and CRD), are expected to contribute to revenue growth.
3. Conversion of Resources to Reserves and Project Scalability: Beyond the current reserves, the Cariboo Gold Project holds substantial measured, indicated, and inferred resources that present significant scalability potential. Ongoing exploration and infill drilling are aimed at converting these resources into reserves, which could lead to expanded production capacity and extended mine life, thereby increasing future gold sales. Osisko Development also possesses large, highly prospective exploration properties, offering further opportunities for new discoveries.
4. Strategic Financing and Investment in Development: The company has secured significant financing, including a US$450 million facility, to fund the development and construction of the Cariboo Gold Project. These investments are crucial for bringing the project to commercial production and will directly enable future revenue generation as mining operations ramp up.

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Share Issuance

• In October 2025, Osisko Development closed an oversubscribed private placement offering of approximately C$82.5 million through the issuance of 15,409,798 common shares.
• In August 2025, the company successfully completed a US$203 million private placement financing, consisting of a US$120 million brokered offering and an US$83 million non-brokered offering at US$2.05 per unit.
• Upon its launch in November 2020, Osisko Development completed a CDN$100.1 million concurrent financing, where subscription receipts converted into common shares and warrants.

Inbound Investments

• In August 2025, Double Zero Capital LP made a substantial US$75 million investment in Osisko Development, securing a 15.4% stake as part of a larger private placement financing.
• Osisko Development secured a US$450 million senior secured project loan facility in July 2025 from funds advised by Appian Capital Advisory Limited, specifically for the development and construction of the Cariboo Gold Project.

Capital Expenditures

• The primary focus of capital expenditures is the construction and development of the Cariboo Gold Project in British Columbia, Canada, and the Tintic Project in Utah, U.S.A.
• An optimized feasibility study in May 2025 estimated that C$831 million (approximately US$603 million) would be required to build the Cariboo Gold Project, with construction expected to commence in the second half of 2025 and project completion targeted for the end of 2027.
• Additions to mining interests, reflecting capital expenditures, were $(19,022) million for the six months ended June 30, 2025, and $(11,615) million for the six months ended June 30, 2024.