Osisko Development Receives Environmental Assessment Certificate for Cariboo Gold Project

Press Release

Montréal, Québec, October 10, 2023 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company”) is pleased to announce that it has received an Environmental Assessment (“EA”) Certificate for the Company’s 100%-owned Cariboo Gold Project (“Cariboo” or the “Project”) located in central British Columbia (“BC”), Canada.

The EA Certificate was granted by the Environmental Assessment Office of the Province of British Columbia (“EAO”) and is supported by approval decisions from The Honourable George Heyman, Minister of Environment and Climate Change Strategy and The Honourable Josie Osbourne, Minister of Energy, Mines and Low Carbon Innovation. Receipt of the EA Certificate successfully concludes the EA process for the Project, which was launched in October 2019 (see Figure 1).

Sean Roosen, Chairman and CEO, commented, “We are proud to be the first project, mining or otherwise, in BC to receive an EA Certificate under the new streamlined EA framework of the Environmental Assessment Act, 2018, and we commend the EAO and the Government of BC for establishing this robust regulatory framework. Receipt of the EA certificate marks a major, positive milestone for the Cariboo Gold Project. We continue to be encouraged by the steady progress made to de-risk the Project, bringing it closer to shovel ready status. As we all know, development projects fall into two buckets – those with permits and those without permits – and we are keen to unlock significant value at the Cariboo Gold Project as we move along that path. I would like to thank our team for their dedication and tireless efforts in shepherding the Project through this rigorous EA process that started in 2019. Together with our partners and stakeholders, we remain committed to developing a modern, safe and sustainable operation that benefits all.”

Lhtako Dené Nation Chief and Council remarked, “We are extremely proud of the relationship fostered with Osisko Development on the Cariboo Gold Project over the past several years. This relationship has been reciprocal from day one, and Lhtako Chief and Council look forward to many more years of partnership and collaboration. Recently, Lhtako and Osisko engaged in the EA process for the Company’s Cariboo Gold Project. Environmental risks, as well as wildlife concerns, are top priorities for both Osisko Development and the Lhtako Dené Nation. With the EA process now complete, we are quite confident that all of our areas of concern have been addressed and mitigated throughout this process.”

Chief Willie Sellars of the Williams Lake First Nation (“WLFN”) noted, “This decision reflects the importance of meaningful collaboration between industry and Indigenous communities. This is a significant milestone in advancing sustainable mining practices within our traditional territory, particularly the QR Mill Site near Likely, BC. WLFN remains committed to monitoring the Project’s progress to ensure it upholds the highest environmental and cultural standards. We look forward to continuing our positive partnership with Osisko Development.”

Chief Rhonda Phillips of the Xatśūll First Nation added, “Xatśūll First Nation would like to congratulate the success of Osisko Development in being awarded approval for the Cariboo Gold Mine Project. We acknowledge the hard work, dedication and collaboration that went into getting the Project to this point. Working together to ensure resource development projects meet environmental sustainability targets and improve the socio-economic wellbeing of our communities is a high priority for Xatśūll First Nation. We look forward to continuing work with Osisko and other stakeholders to advance this Project.”

The EA Certificate is the first step in the permitting process of the Cariboo Gold Project. As previously disclosed on May 8, 2023, the Company announced the signing of two landmark permitting agreements –

the Process Charter and the Joint Information Requirements Table – which establish a defined regulatory process timeline and outline all agreed upon information requirements to support a robust permit application for submission.

A Joint Permit Application for the BC Mines Act / Environmental Management Act is in process. The Company anticipates receiving the permits in Q1 2024.

Figure 1: Cariboo Gold Project – Permitting Timeline Summary

PERMIT APPLICATION

Mine Review Committee (MRC) Screening
MRC Review
Drafting of initial reports, permits, conditions
Review of draft materials by MRC and ODV
Finalization of reports, permits, conditions

Cariboo Gold Project

The Cariboo Gold Project is an advanced stage gold project 100%-owned by the Company located in the historic Wells-Barkerville mining camp, in the District of Wells, central BC, Canada, that extends for approximately 77 kilometres from northwest to southeast. The Company’s total land package consists of 415 mineral titles and covers an area of approximately 1,920 km². As of December 30, 2022, the Project’s probable reserves totalled 16.70 million tonnes (“Mt”) grading 3.78 g/t gold for 2.031 million ounces (“Moz”), measured resources totalled 0.05 Mt grading 5.06 g/t gold for 0.008 Moz, indicated resources totalled 14.64 Mt grading 3.32 g/t gold for 1.564 Moz, and inferred resources totalled 15.47 Mt grading 3.44 g/t gold for 1.712 Moz.

The Company completed a Feasibility Study in January 2023 supported by the technical report titled “Feasibility Study for the Cariboo Gold Project, District of Well, British Columbia, Canada”, dated January 10, 2023 (amended January 12, 2023) with an effective date of December 30, 2022) (“Cariboo Technical Report”). Reference should be made to the full text of the Cariboo Technical Report, which was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile.

For further information on the Cariboo Gold Project, please visit the Osisko Development corporate website at www.osiskodev.com and the Cariboo project website at www.cariboogold.com.

Qualified Persons

The scientific and technical information in this news release has been reviewed and approved by François Vézina, ing., P.Eng., MBA, Senior Vice President, Project Development, Technical Services and Environment, who is a “qualified person” within the meaning of NI 43-101.

About Osisko Development Corp.

Osisko Development Corp. is a premier North American gold development company focused on high-quality past-producing properties located in mining friendly jurisdictions with district scale potential. The Company’s objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project, located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration potential of these properties, that benefit from significant historical mining data, existing infrastructure and access to skilled labour, the Company’s project pipeline is complemented by other prospective exploration properties. The Company’s strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.

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