Osisko Development: Unlocking Value from World-Class Mining Assets in Safe Jurisdictions

• Osisko Development has two major gold projects: Cariboo in British Columbia and Tintic in Utah. Both are located in mining-friendly jurisdictions with significant historic production.
• At Cariboo, they are fully permitted for a 4,900 tonne per day underground mine expected to produce 200k ounces per year. There is significant exploration upside with over 50 miles of mineralized trend.
• Tintic is located next to Robert Friedland's projects and they are targeting a major porphyry deposit. They have been patiently consolidating the land package over 13 years. Drilling will start soon.
• The company has a strong balance sheet with $86 million in cash, no debt, and $33 million in marketable securities.
• Management has a track record of success, having built up over $10 billion in market cap across the Osisko group of companies. The goal is to find and develop tier one, world-class assets during down cycles in the market.

About Osisko Development

Osisko Development Corp. is a gold mining development company led by renowned mining financier and entrepreneur Sean Rosen. The company is part of the Osisko Group, which was founded by Rosen in 2003 and has created over $10 billion in market value across its companies to date. Osisko Development is focused on advancing two flagship "tier one" projects located in mining-friendly jurisdictions: the Cariboo Gold Project in central British Columbia and the Tintic Project in Utah.

Interview with Sean Roosen, Founder & CEO of Osisko Development

Cariboo Gold Project: Permitted Mine in a Historic Canadian Gold District

The Cariboo Gold Project is Osisko Development's most advanced asset, located just outside of Wells, BC. Cariboo is centered around a fully permitted 4,900 tonnes per day underground mine expected to produce 200,000 ounces of gold per year. However, exploration results to date suggest Cariboo's production profile could ultimately scale up to 500,000 ounces per year as additional deposits are delineated across the 83km long mineralized trend.

With over $260 million invested in infrastructure and 750,000 metres of drilling completed, Cariboo benefits tremendously from its brownfield nature and location within a historic mining district. Gold was first discovered in the area in the 1860s, but Osisko Development has been able to apply modern exploration techniques to better understand the project's geology and expansion potential since acquiring Cariboo in 2016.

The company recently received its Environmental Assessment certificate from the BC government, marking a major de-risking milestone as Cariboo enters the final phases of mine permitting. Subject to permitting and project financing, Osisko Development is targeting first gold from Cariboo in Q1 2023. With an average grade of 4.2 g/t Au, the project is expected to generate strong margins and cash flow even at conservative gold prices.

Tintic Project: Large-Scale Exploration Upside in Utah

In contrast to the advanced status of Cariboo, the Tintic Project represents an earlier stage, high-upside exploration opportunity for Osisko Development. Tintic consists of over 17,000 acres of mineral claims located near Provo, Utah. The property's geology is analogous to other world-class porphyry and skarn deposits, yet it remains underexplored by modern standards.

Initial surface sampling and geophysical work by Osisko has already identified a number of compelling drill targets across Tintic's 64 square kilometre land package. The company is particularly focused on the East Tintic target, located immediately adjacent to First Majestic Silver's producing Tintic mine. Osisko Development is fully funded for an initial 10,000 metre drill program at Tintic that will commence in Q4 2022.

Positive early results from this high-impact exploration program could draw increased attention to the Tintic story in a strengthening gold market. While still conceptual in nature, the company believes Tintic has the potential to eventually host multiple economic deposits containing gold, silver, copper and other by-product metals.

Conclusion

For investors, Osisko Development offers exposure to two de-risked projects located in Canada and the USA. This is a unique combination relative to most junior mining companies focused on riskier developing world jurisdictions. With construction imminent at Cariboo and exploration just getting started at Tintic, Osisko Development has multiple value-driving catalysts ahead that could unlock significant upside for shareholders in a higher gold price environment.

The company is well-funded, with no debt and $86 million in cash as of Q2 2022. Osisko Development also has a strong backing from its lead shareholder, Osisko Gold Royalties, which owns 40% of the company's shares outstanding. Overall, Osisko Development appears positioned to create sustainable long-term value by advancing Cariboo and Tintic up the value curve in the hands of its proven management team.