Osisko Development raises US$143.8 million for B.C. gold mine
Osisko Development Corp. [ODV-TSXV] said Tuesday it has completed a US$143.8 million bought deal public offering of shares, that includes the full exercise of the underwriters’ over-allotment option.
Under the terms of the offering, the company issued 40.6 million common shares priced at US$3.54 per share. The company intends to use the net proceeds to fund infill drilling at depth exploration at the Cariboo Gold project in British Columbia and for general working capital purposes.
Double Zero Capital, which is an “insider” of the company, purchased 8.08 million common shares priced at US$3.54 each for gross proceeds of US$28.6 million. Double Zero was exercising its pre-emptive rights in relation to the offering under an investor rights agreement dated August 15, 2025 between Double Zero and the company.
“We see 2026 as a key inflection point for Osisko Development and our flagship, fully permitted Cariboo Gold Project,’’ said Osisko Development CEO Sean Roosen. “Proceeds from this offering unlock our ability to accelerate infill conversion drilling aimed at upgrading existing mineral resources to mineral reserves, potentially setting the stage for a more meaningful annual gold production profile, subject to evaluation of throughput expansion scenarios,’’ he said. “Importantly, this work can advance in parallel with, and independent of, our ongoing pre-construction activities and onwards as we progress towards a final investment decision on the base case outlined in a 2025 feasibility study.’’
On Tuesday, Osisko Development shares rose 3.25% or $0.15 to $4.76. The shares are currently trading in a 52-week range of $5.78 and $1.64.
Osisko is a continental North American gold development company with a focus on past-producing mining camps located in friendly jurisdictions with district scale potential. The company aims to become an intermediate gold producer by advancing its flagship permitted 100%-owned Cariboo Gold Project. Its project pipeline is complemented by the Tintic Project in the historic East Tintic mining district in Utah, and the San Antonio Gold Project in Sonora, Mexico.
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 company recently launched a multi-faceted full-funded 70,000-metre exploration drilling campaign targeting new discoveries at its 100%-owned Cariboo Gold project. “We’re keen to launch a solid exploration program at the Cariboo project that will have multiple exploration drill rigs operating through the end of 2026 across Prosperine, Barkerville Mountain, Cariboo Deep and other regional exploration targets,’’ said Osisko President Chris Lodder.