Osisko Gold Group (OGG) Q3 2026 earnings summary

Executive summary

• Positive final investment decision approved formal construction of the Cariboo Gold Project; first gold pour targeted for Q1 2029 and commercial production for H2 2029.

• Sixteen drill rigs were active at Cariboo in Q3, advancing infill, near-mine and regional exploration programs.

Financial highlights

• At September 30, 2026, cash, restricted cash and investments totaled $1,501.9 million: $733.7 million cash and equivalents, $691.2 million restricted cash, and $77.0 million investments and marketable securities.

• Q3 Tintic test mining and direct shipping of 3,162 gold ounces generated $19.3 million revenue and $3.8 million operating income; cost of sales was $9.9 million.

• Nine-month Tintic test mining and processing generated estimated sales of 8,980 gold ounces, including 7,923 tonnes direct shipped at an estimated 39.15 g/t gold and 89.5% average payability.

Outlook and guidance

• Cariboo's updated go-forward capital obligation estimate was $990 million as of July 31; remaining go-forward costs were estimated at $907 million as of September 30, net of incurred costs, leases and estimated pre-production revenue.

• Q4 2026 Cariboo spend was anticipated at $183 million, above the initial FID guidance, mainly due to accelerated procurement of surface infrastructure and mining fleet items; updated construction-period spending guidance expected in Q1 2027.

• By year-end 2026, approximately half of the planned 160,000 metres of Cariboo drilling and approximately 50,000 metres on regional targets were expected to be completed.

• Tintic test mining was expected to continue in Q4 2026, 2027 and 2028; Eureka Standard ramp work is budgeted at approximately US$14 million through 2027.