Name of the Project
Cariboo gold project.

Location
Wells-Barkerville mining camp, in the District of Wells, British Columbia, Canada.

Project Owner/s
Osisko Development.

Project Description
The Cariboo gold project is an extremely scarce asset, with measured and indicated resources totalling 14.6-million ounces grading 3.33 g/t gold, and 15.47-million ounces in the inferred resource category grading 3.44 g/t gold. Probable reserves are estimated at 16.7-million tonnes grading 3.78 g/t gold.

A feasibility study, released in early 2023, envisions a robust and scalable underground operation expected to produce about 1.87-million ounces of gold over a 12-year mine life. Peak production is expected to reach up to 223 000 oz/y and an average of 194 000 oz/y during Phase 2 at a processing rate of 4 900 t/d.

Potential Job Creation
The project will create significant employment opportunities, with 634 workers expected to be employed during the construction period and up to 488 employees during peak steady-state operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of C$502-million and an internal rate of return of 20.7%.

Capital Expenditure
Preproduction capital expenditure is estimated at C$137.3-million. Expansion capital is estimated at C$451.1-million.

Planned Start/End Date
Full-scale construction is expected to start in the second half of 2025, with a targeted project completion by the end of 2027.

Latest Developments
Osisko Development has announced the approval of the BC Mines Acts permits for the project.

The approval clears the way for the company to proceed with the construction and development of the mine.

An optimised feasibility study is expected to be completed in the second quarter of 2025.

With the crucial construction and operating permits now in place, Osisko is awaiting a decision on the remaining Environmental Management Act permits, which have been referred to the statutory decision-maker of the Ministry of Energy and Climate Solutions. A decision is expected shortly. The company is also advancing discussions on various funding options, including a comprehensive financing package.

Work is progressing on the ongoing bulk sample and underground development in the Lowhee zone, with completion of the bulk sample expected in the first quarter of 2025.

Additionally, preconstruction activities are under way, including detailed engineering and project execution work. These milestones will be pivotal in advancing financing discussions.

A final investment decision and engagement on the project’s financing package are anticipated in the coming months.

Key Contracts, Suppliers and Consultants
Allnorth Consultants; BBA; InnovExplo; Golder Associates; Mining Plus Canada Consulting; SRK Consulting; and WSP Canada (preliminary economic assessment).

Contact Details for Project Information
Osisko Development, tel +1 888 974 1402 or email info@osiskodev.com.