Osisko Mining (OSK) investor relations material

Executive summary

• Osisko Mining focuses on gold exploration and development in Québec, with the Windfall Project as its flagship asset, now held in a 50/50 joint venture with Gold Fields.

• The Windfall Project is advancing toward production, with significant progress in permitting, engineering, and infrastructure, including grid power connection and ongoing bulk sampling.

• The company maintains a robust exploration program, with over 166,000 metres drilled across Windfall, Urban-Barry, and Phoenix Properties in the past year.

• Osisko is fully financed through Windfall construction, with $247.5 million in cash and working capital of $266.0 million as of June 30, 2024.

Financial highlights

• Net loss for the six months ended June 30, 2024, was $4.6 million, compared to net income of $223.8 million in the same period in 2023, mainly due to a $210 million gain on sale of joint venture in 2023.

• Cash used in operating activities was $2.3 million, and investing activities used $65.5 million, primarily for joint venture investment and exploration.

• Cash used in financing activities was $24.9 million, mainly for share repurchases.

• Marketable securities portfolio valued at $20.4 million, with realized and unrealized gains totaling $1.2 million in the first half of 2024.

• As of June 30, 2024, total assets were $1.2 billion, with no off-balance sheet arrangements.

Outlook and guidance

• 2024 budget includes $651,000 per month in corporate expenditures and 50% of the Partnership's $25.7 million monthly Windfall budget.

• Windfall Project to continue underground definition drilling, regional exploration, and infrastructure completion, with key milestones expected in Q3 2024.

• Osisko remains fully financed through Windfall construction and is considering cash management options for excess funds.