Cariboo gold project nears shovel-ready status, receiving all key permits

Osisko Development (NYSE: ODV, TSXV: ODV) received all Environmental Management Act (EMA) permits for its Cariboo gold project in central British Columbia. Government approval – in combination with the necessary BC Mines Act permits it secured in late November – marks that Osisko has received all key permits for Cariboo. This means the project approaches shovel-ready status.

"Our government is pleased that this project is one step closer to operation, which will provide good, well-paying jobs and open up long-term opportunities for local small businesses, communities, and First Nations," said Jagrup Brar, B.C.’s minister of mining and critical minerals.

Full scale construction will commence in the second half of 2025 once Osisko makes a final investment decision. The company stressed it will only start when a project financial package is in place. The company is advancing discussions, which are active and ongoing, on various funding options, including a comprehensive financing package.

Osisko received the following permits after a review by the mine review committee that was set up by the B.C. mines office:

· Mines Act permit for the mine site complex and Bonanza Ledge depsit;

· Mines Act permit for the QR mill;

· Environmental Management Act permit for the mine site complex;

· Environmental Management Act permit for QR mill; and

· Environmental Management Act permit for Bonanza Ledge.

B.C.’s Mines Act permits grant the company the ability to proceed with the construction, operation, and reclamation activities on each of the site boundaries, as outlined within the scope of the project. The Environmental Management Act permits pertain to any project-related discharge activities to the environment, including water and air, and the framework and limitations thereof, within the areas outside of the immediate mine site boundaries.

Osisko is continuing work with the provincial minister of water, land, and resource stewardship, as well as the ministry of forests, on obtaining approvals for a transmission line construction.

In early 2023, Osisko engaged a feasibility study on the Cariboo gold project that revealed the underground operation is expected to produce approximately 21.87 million oz. of gold over a 12-year mine life. More information is posted on www.OsiskoDev.com.