Osisko Development reports financial results with progress on key projects in Q4 2024

From GlobeNewswire: 2025-03-28 20:50:00

Osisko Development Corp. reports its financial and operating results for Q4 2024. The company had approximately $106.7 million in cash and cash equivalents. Various private placements were completed, raising gross proceeds of approximately US$91.8 million. Key projects like the Cariboo Gold Project saw progress, with permits granted and ongoing pre-construction activities.

The Cariboo Gold Project in British Columbia is fully permitted and shovel-ready. The Company received permits for construction, operation, and reclamation activities. They are actively engaging in discussions for project construction financing. Pre-construction activities are underway, including bulk sampling and feasibility studies. The project aims to reach 4,900 tonnes per day throughput sooner than previously planned.

In the Tintic Project in Utah, the Company completed Phase I regional drilling and identified high-priority targets for the next phase. Phase II regional drilling is ongoing at key target areas. The San Antonio Gold Project in Mexico remains in care and maintenance, pending further guidance from the Mexican government. A strategic review and engagement of a financial advisor are ongoing.

Key upcoming milestones for the Cariboo Gold Project include electrical and communication work, bulk sampling, underground development, and updated feasibility studies, all scheduled for completion in 2025. For the Tintic Project, Phase II regional drilling is expected to be completed by Q2 2025. The Company is actively managing financing risks and ensuring the progress of its key projects.



Read more at GlobeNewswire:: Osisko Development Reports Fourth Quarter and Year-End 2024