Osisko Development Reports First Quarter 2024 Results

Osisko Development Corp. released its first quarter 2024 financial and operating results on May 6, 2024. The company reported selling 619 ounces of gold, with 585 ounces originating from the Trixie test mine and the remainder from processing stockpiles at the Cariboo Gold Project (CGP) via a third-party facility. Operating activities generated $1.8 million in revenue and $2.0 million in cost of sales.

The company also confirmed progress on permitting for the Cariboo Gold Project in British Columbia. Receipt of the Environmental Assessment Certificate in October 2023 concluded the assessment process, with final permits anticipated in the third quarter of 2024. Additionally, Osisko Development secured a US$50 million credit facility to fund detailed engineering and pre-construction activities at CGP. Underground development has commenced at Cariboo.

At the Tintic Project in Utah, USA, the company disclosed further results from its 2023 Trixie exploration program. Diamond drilling also commenced to test for copper-gold-molybdenum porphyry mineralization at the Big Hill area in Utah in December 2023. The updated resource estimate indicates measured resources of 119,847 tonnes at the Trixie underground deposit.

Osisko Development’s cash position stood at approximately $57.5 million as of March 31, 2024. The company continues to explore funding options for the Cariboo Gold Project.