Osisko Development (ODV) Investor presentation summary

Strategic vision and project overview

• Advancing the Cariboo Gold Project in British Columbia, a fully permitted, shovel-ready, 100%-owned underground gold mine with a 10-year life and significant scalability potential.

• Cariboo features 2.07 Moz probable reserves, 1.61 Moz measured & indicated resources, and 1.86 Moz inferred resources, with robust exploration upside at depth and along strike.

• The Tintic Project in Utah, also 100% owned, includes the high-grade Trixie deposit and multiple exploration targets in a prolific historic mining district.

• Led by an experienced management team with a track record of major mine development and stakeholder engagement.

Financial strength and project financing

• Over US$1.1B raised since securing project financing, including US$450M from Appian Capital and US$260M in convertible senior notes.

• Convertible notes offer a 4.125% coupon, 25% conversion premium, and capped call to mitigate dilution, providing strategic flexibility and lower cost of capital.

• Equity financings and warrant exercises have contributed significant capital, with a strong institutional and insider ownership base.

Cariboo Gold Project feasibility and economics

• 2025 Feasibility Study outlines 190 koz/year LOM average gold production (202 koz/year first 5 years), US$1,157/oz AISC, and US$947/oz cash cost.

• Initial capex of $881M (US$652M), after-tax NPV5% of $943M at US$2,400/oz gold, and 22.1% IRR; spot price scenario increases NPV5% to $3.25B and IRR to 51.9%.

• Positioned in the lower half of the global gold cost curve, competitive with top Canadian underground mines.