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Osisko Development Corp. reported first-quarter 2026 results for the three months ended March 31, 2026, highlighting cash on hand, progress on the Cariboo Gold Project in British Columbia, and continued small-scale gold production at its Tintic Project in Utah.
As of March 31, 2026, Osisko Development had approximately $594.3 million in cash and cash equivalents. The company also reported that approximately $153.2 million (US$109.9 million), inclusive of accrued interest, remained outstanding under the initial draw of the US$450 million senior secured project loan credit facility (the “2025 Financing Facility”) advised by Appian Capital Advisory Limited.
Operationally, the company generated $2.2 million in revenues and $0.7 million in cost of sales from the sale of 270 gold ounces from small-scale activities at the Tintic Project, resulting in an operating loss of $9.7 million (compared with a $40.8 million loss in Q1 2025).
At the Cariboo Gold Project, a contractor suffered a fatal injury on January 22, 2026, prompting a temporary suspension of site activities while an investigation was completed. On March 2, 2026, the company announced the resumption of planned site activities under a phased gradual reopening plan approved by relevant regulatory authorities.
Following the incident, Osisko Development resumed planned activities at Cariboo under a phased reopening plan covering both surface and underground work. The company also entered into a definitive Project and Construction Management Services Agreement with JDS Energy & Mining Inc. on February 9, 2026.
Infill drilling results were also updated. The company reported that the 13,000-metre infill drill program within the Lowhee Zone was completed as part of Appian’s 2025 Financing Facility obligations. It stated that 13,684 metres had been completed, representing 100% of the planned program, with 11,025 metres released with assays. Assay results and quality assurance/quality control reviews remain pending for unreleased holes, and the company expects to finalize results in the second quarter of 2026.
A multi-faceted exploration drilling campaign across the Cariboo Gold Project and regional targets is underway. The company said up to 20 drill rigs are expected to be active at times throughout 2026, representing up to approximately 160,000 metres of planned drilling across all targets. It reported that 11 drill rigs were operating across all programs.
Osisko Development reported several financing and corporate developments during the quarter and shortly thereafter:
At the Tintic Project, Osisko Development continued small-scale heap leaching and direct shipping of mineralized material, selling 270 ounces of gold in the quarter. The company reported that test mining continued in Q1 2026, with approximately 2,000 tonnes of higher-grade mineralized material stockpiled for direct shipping to a purchaser, and that test mining is anticipated to continue in Q2 2026.
The company said it continues to evaluate options for the next steps at Tintic and expects that limited activities beyond care and maintenance may occur from time to time, including additional direct shipping of mineralized material from the Trixie test mine.
Osisko Development outlined 2026 objectives with planned expenditures for the Cariboo Gold Project, including:
The company noted that the expenditures disclosed include amounts approved by its board of directors as at March 31, 2026, net of amounts already incurred during Q1 2026, and that additional expenditures will require further board approval.
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