Osisko Development Files NI 43-101 Feasibility Study Technical Report for the Cariboo Gold Project

Osisko Development Corp. has filed a National Instrument 43-101 technical report supporting the feasibility study for its Cariboo Gold Project in British Columbia. The report, prepared by independent consultants, confirms the results of the previously announced 2025 feasibility study, which highlighted a C$943 million after-tax NPV5% and a 22.1% IRR at a US$2,400/oz gold price, and a C$2.1 billion after-tax NPV5% and 38.0% IRR at a US$3,300/oz gold price, superseding the previous report from January 2023.

Analysis

Osisko Development Corp. has formally filed its National Instrument 43-101 compliant Technical Report, substantiating the previously announced April 28, 2025, optimized Feasibility Study (2025 FS) for its 100%-owned Cariboo Gold Project. This filing is a critical validation step, confirming robust project economics: the 2025 FS outlines a C$943 million after-tax Net Present Value (NPV) at a 5% discount rate and a 22.1% Internal Rate of Return (IRR) using a base case gold price of US$2,400 per ounce. Significantly, the project's sensitivity to gold prices is highlighted by an increased after-tax NPV5% to C$2.1 billion and an IRR of 38.0% at a US$3,300 per ounce spot gold price. The new Technical Report, prepared by a consortium of independent engineering firms led by BBA Engineering Ltd., supersedes the January 2023 report, establishing the 2025 FS as the current definitive study for the Cariboo Gold Project. This development is viewed with "extremely positive" sentiment (score 0.85) and carries a notable market impact score (0.68), indicating that the updated, favorable economics and formal reporting are likely to be well-received by the market and reinforce confidence in Osisko Development's path towards becoming an intermediate gold producer with Cariboo as its flagship asset.

Key Decisions for Investors

• The formal NI 43-101 filing for the Cariboo Gold Project solidifies the positive economic projections from the 2025 Feasibility Study, representing a key de-risking event and providing a new, more robust valuation baseline for Osisko Development's principal asset.
• Investors should re-evaluate Osisko Development's investment thesis based on these updated figures, particularly noting the project's significant leverage to gold prices, with an after-tax NPV5% climbing to C$2.1 billion and IRR to 38.0% at a US$3,300/oz gold price.
• Given the "extremely positive" sentiment and a market impact score of 0.68, closely monitor the company's progress on subsequent project milestones, such as financing and the commencement of construction, as these will be crucial for value realization.