Osisko Development Resumes Operations at Cariboo Gold Project Following Safety Incident
MONTREAL – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) has officially announced the resumption of planned site activities at its flagship Cariboo Gold Project in British Columbia. This development comes after a temporary suspension that was implemented following an isolated tragic incident that occurred at the surface on January 22, 2026.
The company has successfully executed a phased and gradual reopening plan for both surface and underground operations over the past several weeks. This process was conducted in close coordination with, and with approval from, relevant regulatory authorities, with the paramount priority being the health and safety of all employees and contractors.
Leadership Commitment to Safety
Sean Roosen, Chairman and CEO of Osisko Development, expressed gratitude for the team's dedication. “I want to thank the entire site team for their professionalism and unwavering commitment throughout this difficult period. As we move forward, the health, safety and wellbeing of everyone who works at Osisko Development remains our highest priority,” Roosen stated.
Onsite personnel have returned to normal operating levels for the current project phase, with over 250 individuals now supporting pre-construction, early works, and exploration drilling activities.
Detailed Update on Project Activities
The resumption encompasses a wide range of critical project components:
- Water Treatment Plant: Upgrades to the Bonanza Ledge water treatment plant are in the final commissioning stages, with full operational status anticipated within the coming weeks.
- Underground Development: Approximately 2.1 kilometres of underground development has been completed from the existing Cow Portal. Progress through the challenging ground conditions around the Lowhee fault has been slower than planned, requiring enhanced ground support. Development rates are expected to improve as work advances beyond this geological zone.
- Drilling Programs: Infill drilling has resumed underground, with about 1.6 kilometres remaining in the current program. A total of three drill rigs are operating underground. On the surface, six drill rigs are active across two exploration programs, targeting deeper extensions of the deposit and the adjacent Proserpine regional target.
- Surface Infrastructure: Construction continues on key infrastructure, including the waste rock storage facility and sediment control pond.
- Site Camp: The upgrade and expansion of the onsite camp to 266 rooms is now complete, providing accommodation aligned with peak construction manpower requirements.
Project and Corporate Background
The Cariboo Gold Project is a fully permitted, 100%-owned flagship asset for Osisko Development, located in central British Columbia. The company's strategy focuses on developing long-life mining assets in mining-friendly jurisdictions like Canada, with a disciplined approach to capital allocation and risk management. Osisko Development aims to become an intermediate gold producer through the development of Cariboo and its complementary project pipeline, which includes the Tintic Project in Utah, USA.
The scientific and technical information in this announcement has been reviewed and approved by Scott Smith, P. Geo., Vice President of Exploration for Osisko Development, a qualified person as defined by National Instrument 43-101.
