Osisko Gold tables construction update at B.C. mine
Osisko Gold Group Inc. [OGG-TSXV, NYSE] has released a construction update on progress made at the company’s 100%-owned Cariboo Gold Project in central British Columbia, saying it continues to advance on schedule towards a first gold pour targeted for the first quarter of 2029. The commercial production milestone is expected to be reached in the second half of 2029.
The update comes after Osisko recently closed a previously announced US$30 million strategic investment by Trafigura Canada Ltd. Under the investment. Osisko issued 9.5 million common shares at US$3.14 a shares to Urion Investment Holdings Ltd., an affiliate of Trafigura.
Meanwhile, the company said overall project progress has reached approximately 28%, based on cumulative costs incurred through September 30, 2026, relative to the estimated go-forward capital obligation and incurred pre-production costs (announced on September 14, 2026).
Approximately $355 million has been incurred to September 30, 2026, including indirects and owner costs, of which approximately $84 million was incurred from August 1 to September 30, 20206. The estimated remaining cost to complete construction is approximately $907 million on an incurred basis, net of costs incurred to date, leases and estimated pre-production revenue.
Detailed engineering is approximately 42% complete. Over 50% of procurement packages have been awarded, with principal long-lead items largely secured and remaining contract packages being awarded or in progress, representing approximately $360 million in commitments project-to-date. The company said safety performance remains a core pillar of project execution, with a year-to-date Total Recordable Injury Frequency Rate (TRIFR) of 1.05 for 2026. The on-site workforce currently exceeds 400 active personnel and continues to ramp up.
Osisko Gold shares were unchanged at $3.49 on Tuesday The shares trade in a 52-week range of $4.47 and $3.08.
Osisko aims to become an intermediate gold producer by advancing its flagship permitted Cariboo Gold Project.
The Cariboo project is located in the historic Wells-Barkerville mining camp and consists of three different sites, including the Mine Site Complex near the District of Wells, the Bonanza Ledge site and the QR Mill.
Probable mineral reserves currently stand at 2.07 million ounces of contained gold (17.8 million tonnes of grade 3.62 g/t gold). On top of that is an indicated resource of 1.6 million ounces, plus an inferred resource of 1.86 million ounces.
The Cariboo regional land package, which hosts numerous prospective exploration targets and provides opportunities for future discoveries is complemented by the Tintic Project, located in the East Tintic mining district of Utah, a brownfield property with significant exploration potential, extensive historical mining data, and access to established mining infrastructure.