Osisko Development Financial Report for Q2 2025
(All dollar amounts are expressed in Canadian dollars unless stated otherwise)
Osisko Development Corp. (Ticker: ODV) has brought forward its financial and operational results for the three months ending June 30, 2025, illustrating the company's ongoing progress and strategic maneuvers as it seeks to solidify its foothold in the gold mining industry.
Q2 2025 Financial Highlights
Key Operating, Financial, and Corporate Updates:
- By June 30, 2025, Osisko Development maintained a robust cash position of approximately $46.3 million along with cash equivalents. Additionally, $34.2 million was outstanding under the delayed draw term loan with National Bank of Canada, which has been fully repaid following the quarter.
- The company recorded revenues of $6.9 million in Q2 2025, showing a significant increase from $2.6 million in Q2 2024. The cost of sales stood at $4.1 million compared to $2.7 million from the previous year, derived mainly from the sale of 1,393 gold ounces from the Tintic Project's heap leach operations.
As part of its annual remuneration program, Osisko Development issued stock options and restricted share units to senior officers and employees, further aligning incentives with long-term corporate performance.
Project Updates: Cariboo Gold Project
The Cariboo Gold Project, wholly owned by Osisko, is a focal point of its strategic planning. A feasibility study released on April 28, 2025, detailed strong economic viability, projecting an after-tax NPV5% of $943 million with an unlevered after-tax IRR of 22.1% based on a gold price assumption of USD 2,400 per ounce.
Feasibility Study Overview
- The study anticipates an average annual gold output of 190,000 ounces over a projected ten-year mine span.
- Capital expenditures and all-in sustaining costs (AISC) have been carefully calculated, showcasing Osisko’s commitment to sustainable operations within the sector.
Finance and Development Strategies
Osisko has taken steps to secure necessary financing for advancing the Cariboo Project through various options. The company believes combining proceeds from brokered and non-brokered private placements with a $450 million project loan will adequately fund construction initiatives.
Advancements in Underground Development
- The company successfully completed 1,172 meters of underground development aimed at bulk sampling, demonstrating the technical viability of larger stope dimensions.
- Upcoming infill drilling programs are designed to support resource modeling and mine planning procedures, which are expected to conclude by the end of 2025.
Tintic and San Antonio Gold Projects
In Utah, the small-scale heap leach project has proven fruitful with operations expected to extend into Q4 2025. Meanwhile, the San Antonio Gold Project remains in a strategic review phase, focused on gaining momentum in mining permits.
Strategic Focus and Future Plans
Osisko Development is positioning itself strategically for future growth, refining its approach to financing and project management as it advances the Cariboo Gold Project towards construction readiness and potential commercial production.
Upcoming Milestones
Several key milestones are set to unfold throughout 2025, with specific timelines focused on underground development, infrastructure management, and detailed engineering required to facilitate successful project outcomes.
Concluding Remarks
Osisko Development remains committed to the secure and responsible development of its resources, bolstered by a strong financial framework and strategic operational insights. Investors and stakeholders can anticipate more updates and developments as the company progresses through its planned initiatives.
Frequently Asked Questions
What were Osisko Development's revenues in Q2 2025?
Osisko Development reported revenues of $6.9 million in Q2 2025.
What are the expected gold production levels from the Cariboo Gold Project?
The Cariboo Gold Project anticipates producing an average of 190,000 ounces of gold per year over its ten-year mine life.
How is Osisko financing its projects?
The company is leveraging proceeds from private placements and a $450 million project loan to fund the Cariboo Gold Project's development.
What project updates can we expect from the Tintic Project?
Operations at the Tintic Project's heap leach venture are expected to persist into the fourth quarter of 2025, with continued evaluations of future options.
Who can be contacted for more information about Osisko Development?
For inquiries, individuals can contact Sean Roosen, CEO, at sroosen@osiskodev.com or Philip Rabenok, VP of Investor Relations, at prabenok@osiskodev.com.
