NYSE- and TSX-V-listed Osisko Development has announced approval of the BC Mines Acts permits for its 100%-owned Cariboo gold project, in British Columbia, Canada.

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

"Receipt of the construction and operating permits for the Cariboo gold project is a major milestone and monumental achievement for Osisko Development and its stakeholders. It is the culmination of almost five years of extensive discussion and consultation with provincial regulators, Indigenous nations, and host communities in ensuring the project becomes a model for responsible mine development and environmental stewardship that redefines mining for a better future," commented Osisko founder, chairperson and CEO Sean Roosen.

"As permitting complexity and timelines increase globally, BC's new environmental assessment and permitting framework demonstrates the province's commitment to sustainable mine development relying on a robust consultation process, on predictable, legislated timelines, alongside a clear set of information requirements. We commend all those involved in ensuring the Cariboo gold project is successful in navigating this new rigorous review process and in securing key permits for construction and operation."

The Cariboo project is expected to operate over an initial 12 years, with peak production reaching 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.

An optimised feasibility study is currently in progress and is expected to be completed in the second quarter of next year.

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, providing safe and empowering jobs to the community.

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 and the feasibility study in the second quarter of 2025.

Additionally, pre-construction activities are underway, 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, which will enable full-scale construction to begin in the second half of 2025, with a targeted project completion by the end of 2027.

The mine and surrounding infrastructure are located within the traditional territory of the Lhtako Dené Nation. Chief Clifford Lebrun expressed support, stating that the Lhtako Dené Nation was pleased Osisko had received its BC Mines Act Permits.

Earlier this month, the Xatśūll First Nation threatened to take legal action over Cariboo, calling on Osisko and the provincial government to halt the project until a resolution was reached.

The Xatśūll nation is concerned about the project's potential impact on the Southern Mountain subspecies of the Barkerville Woodland caribou herd, among other environmental and cultural issues.