Osisko Development (ODV) John Tumazos Very Independent Research 2026 Virtual Conference summary

Project overview and development plans

• Cariboo Gold Project updated feasibility (May 2025) supports 10 years at 190,000 oz/year, with first five years at 200,000 oz/year; commissioning targeted for summer 2028.

• Significant upside potential through conversion and exploration drilling, aiming to double reserves from 2M to 4M oz and expand production to 300,000–800,000 oz/year.

• Fully permitted for 4,900 tpd, with plans to expand to 7,500–15,000 tpd over the next 24 months; mill and infrastructure already in place for scalable growth.

• Construction underway with CAD 200M spent; aiming for final investment decision in July and ramping up underground development to 100–120 meters/day.

• Project NPV estimated at CAD 3.2B at CAD 4,500 gold, with a 51.9% IRR and 13–14 month payback; free cash flow projected at CAD 479M/year at 200,000 oz/year.

Financing and balance sheet

• Raised $1.1B (CAD 1.6B) in the last 12 months through equity, convertibles, and project financing; strong equity-to-debt ratio.

• Recent $350M convertible note with capped call structure; additional CAD 350M Appian financing undrawn, plus in-the-money warrants callable in Nov 2026 (CAD 120M).

• Off-take agreements in discussion, expected to raise CAD 100M–150M; potential access to another CAD 200M–275M in the next 12 months.

• Well-financed for a non-revenue company, with optionality for further test mining and early production.

Exploration and drilling catalysts

• Three main drill programs: conversion drilling (blue to pink ounces), at-depth drilling, and Proserpine (new deposit, larger footprint, open-pit potential).

• Drill count to increase from 11 to 20–24 rigs; Proserpine drilling could significantly change project value.

• Targeting 50–60% conversion of 3.6M oz not in mine plan; resource update and feasibility study expected within 24 months.

• Additional 20–30 drill targets identified along the trend; historic data used for guidance but all resource work is based on new drilling.