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• A future Barrick Gold, focused on bringing its flagship gold mine into production.
• A gold miner in the construction phase for its primary project, aiming to become a significant producer like Agnico Eagle Mines.

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• Gold Mining and Development: The company is engaged in the exploration, development, and eventual production of gold from its various projects.
• Mineral Exploration: Osisko Development conducts geological studies and drilling programs to identify and evaluate new mineral deposits, primarily focused on gold.

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Ausenco Engineering Canada Inc.

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Sean E. Roosen, Chairman and Chief Executive Officer

Mr. Roosen is the Founder, Executive Chairman, and Chief Executive Officer of Osisko Development Corp.. He also founded and previously served as Executive Chairman and CEO of Osisko Gold Royalties from 2014 to 2023. Mr. Roosen was a founding member of Osisko Mining Corporation (2003) and played a key role in the discovery, financing, and development of the Canadian Malartic mine. He led the efforts for the sale of Osisko Mining Corporation, which resulted in the creation of Osisko Gold Royalties. Mr. Roosen has over 30 years of experience in the mining industry and is an active participant in forming new companies for mineral exploration. He was recognized as the best CEO in North America by Mines and Money Americas in 2017.

Alexander Dann, Chief Financial Officer and Vice President, Finance

Mr. Dann is a chartered professional accountant with over 30 years of experience in financial operations and strategic planning for multinational public companies, primarily in the mining and manufacturing sectors. He previously served as Chief Financial Officer for The Flowr Corporation. Prior to that, Mr. Dann was CFO of Avion Gold Corp. and Era Resources Inc., both of which were acquired by Endeavour Mining Corporation and The Sentient Group, respectively. He also held senior finance roles at Falconbridge Ltd. (now part of Glencore), Rio Algom Limited (now part of BHP Billiton), and Litens Automotive Partnership. Mr. Dann obtained his Chartered Accountant designation in 1995 and holds a Bachelor's degree in Business Administration from Université Laval.

Chris Lodder, President

Mr. Lodder has over 30 years of experience managing Greenfields and Brownfields exploration and mine development with major and junior mining companies worldwide. He has led teams responsible for discoveries exceeding 34 million ounces of gold. He was President, CEO, and a Director of Barkerville Gold Mines from 2016 until its acquisition by Osisko Gold Royalties in 2019. Mr. Lodder is also the President of Talisker Exploration Services Inc., a company whose principal clients include Osisko Gold Royalties and its associated companies.

David Rouleau, Vice President, Project Development

Mr. Rouleau is a seasoned executive with over 35 years of operational and management experience in the mining industry. His experience spans various stages of projects, including feasibility studies, permitting, construction, and operations. Most recently, Mr. Rouleau was Vice President of Mine Optimization and Strategic Planning at Victoria Gold, where he oversaw the Brewery Creek Project. He previously served as Vice President of Operations for Barkerville Gold Mines and at Taseko Mines, where he was responsible for the Gibraltar Mine. Mr. Rouleau was also a key member of the Canadian Natural Resources senior management team involved in developing the Horizon Oil Sands Project.

Laurence Farmer, General Counsel and Vice President, Strategic Development

Mr. Farmer joined Osisko Development Corp. in July 2022, having previously served as Senior Counsel at Osisko Gold Royalties Ltd.. Before his role at Osisko Gold Royalties, Mr. Farmer worked in investment banking at RBC Capital Markets in London. He also practiced as a corporate lawyer with Norton Rose Fulbright LLP in both London, England, and Montréal, Canada.

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The key risks for Osisko Development (ODV) are primarily associated with its status as a development-stage gold company, its reliance on a flagship project, and external market factors.

1. Operational and Development Risks of the Cariboo Gold Project: Osisko Development's future is heavily reliant on the successful development and execution of its flagship Cariboo Gold Project. Risks include unexpected geological complexities, delays in construction, equipment failures, labor disputes, natural disasters, and the inherent uncertainties of exploration activities not leading to economically viable mineral deposits. The company is currently a development-stage entity, incurring significant net losses rather than generating substantial revenue from production. A recent fatal accident at the Cariboo Gold Project led to a temporary suspension of activities, highlighting ongoing operational and safety challenges.
2. Financing and Liquidity Risks: As a gold development company, Osisko Development requires substantial capital for project construction and ongoing operations. While recent financing efforts, including a US$450 million project loan facility, have helped mitigate near-term funding risks for the Cariboo project, the company continues to report significant net losses. The Altman Z-Score indicates a high risk of financial distress, and the capital-intensive nature of mining development means that future funding needs and potential share dilution remain a significant concern, especially if market conditions deteriorate.
3. Commodity Price Volatility: Fluctuations in gold prices can significantly affect Osisko Development's future revenue, profitability, and the overall economic viability of its projects. The Net Present Value (NPV) of the Cariboo Gold Project is highly leveraged to gold prices, meaning a decline could negatively impact the project's value and investor sentiment around ODV shares.

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Gold Mining Market

Gold Exploration Services Market

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Here are 3-5 expected drivers of future revenue growth for Osisko Development (ODV) over the next 2-3 years:

1. Commencement of commercial gold production at the Cariboo Gold Project: Osisko Development's primary future revenue driver is the successful commissioning and start of commercial gold production at its flagship Cariboo Gold Project in British Columbia, Canada. The project is fully permitted and financed, with first gold production currently targeted for the second half of 2027.
2. Ramp-up of gold production volume at Cariboo: Following the initial commencement of operations, the Cariboo Gold Project is projected to achieve an average annual gold production of approximately 190,000 ounces over a 10-year mine life, with the first five years averaging 202,000 ounces per year. This ramp-up in production volume will directly contribute to significant revenue growth.
3. Favorable gold prices: As a gold development company, Osisko Development's future revenue will be highly sensitive to the prevailing market price of gold. A sustained period of strong or increasing gold prices would enhance the profitability of its gold sales and drive revenue growth.
4. Successful resource expansion and optimization at the Cariboo Gold Project: Ongoing exploration and infill drilling programs at Cariboo aim to further define and potentially expand the project's mineral resources, as well as optimize mine planning and production processes. Successful execution of these initiatives could lead to an extended mine life and increased overall gold output, contributing to sustained long-term revenue growth.

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Share Issuance

• Osisko Development completed a "bought deal" public offering in February 2026, issuing 40,607,650 common shares at US$3.54 per share for aggregate gross proceeds of approximately US$143.8 million, including the full exercise of the over-allotment option.
• In January 2026, the company announced a US$125 million "bought deal" public offering of 35,311,000 common shares at US$3.54 per share to fund infill conversion drilling and at-depth exploration at the Cariboo Gold Project.
• In October 2025, Osisko Development closed an oversubscribed private placement offering of 15,409,798 common shares for aggregate gross proceeds of approximately C$82.5 million.

Inbound Investments

• Osisko Development secured a US$450 million senior secured project loan facility from funds advised by Appian Capital Advisory Limited to fund the Cariboo Gold Project. An initial draw of US$100 million (approximately C$137.2 million) was completed by Q3 2025.
• In March 2026, the company received approximately C$24.9 million from the exercise of 5,625,031 common share purchase warrants held by funds managed by Appian Capital Advisory.
• In October 2024, the company completed a non-brokered private placement in two tranches for gross proceeds of approximately US$34.5 million (US$24.2 million and US$10.3 million respectively) through the issuance of units, each comprised of one common share and one common share purchase warrant.

Outbound Investments

• Osisko Development completed the sale of its 100% interest in the San Antonio Gold Project in Sonora, Mexico, to Axo Copper Corp. At closing, Osisko Development received 15,325,841 Axo common shares, representing a 9.99% non-diluted ownership stake.

Capital Expenditures

• The 2025 Feasibility Study for the Cariboo Gold Project estimates initial capital costs at an estimated C$881 million.
• The net proceeds from the US$143.8 million share offering in February 2026 are primarily intended to fund infill conversion drilling and at-depth exploration at the Cariboo Gold Project, and for general working capital.
• The initial US$100 million draw from the Appian Capital Advisory facility is being used for a 13,000-meter infill drill campaign, pre-construction and construction activities for the Cariboo Gold Project, and to repay an existing US$25 million term loan.