Osisko Development Corp. (NYSE: ODV, TSXV: ODV) has announced its financial and operational results for the three-month period ending March 31, 2026. The company reported approximately $594.3 million in cash and cash equivalents as of that date, alongside significant developments at its flagship Cariboo Gold Project in British Columbia.
Financial Highlights
During the first quarter of 2026, Osisko Development generated $2.2 million in revenues from the sale of 270 ounces of gold through small-scale mining activities at the Tintic Project. This marks the company's first revenue from gold sales, compared to nil in the same period last year. Cost of sales amounted to $0.7 million, resulting in an operating loss of $9.7 million, an improvement from the $40.8 million loss in Q1 2025.
The company also received approximately $36.5 million in proceeds from warrant exercises during the quarter, including $24.9 million from warrants held by funds advised by Appian Capital Advisory Limited. Additionally, Osisko Development completed a prospectus offering of common shares, raising gross proceeds of approximately US$143.8 million (C$196.3 million).
Cariboo Gold Project Advances
Following a temporary suspension due to a fatal incident on January 22, 2026, the Cariboo Gold Project resumed phased site activities on March 2, 2026. The company implemented a gradual reopening plan in coordination with regulatory authorities, prioritizing health and safety.
Infill drilling within the Lowhee Zone reached 13,684 metres, representing 100% of the planned program. Assay results for all holes are expected to be finalized in the second quarter of 2026. Pre-construction activities continue, including upgrades to the Bonanza Ledge water treatment plant, which is nearing full operation. Underground development has reached approximately 2.1 kilometres from the Cow Portal into the Lowhee Zone, though progress has been slower than planned due to challenging ground conditions near the Lowhee fault.
Surface infrastructure construction, including the waste rock storage facility and sediment control pond, is ongoing. Early works at the mine site complex began in Q1 2026, and the camp upgrade to 266 rooms is complete, providing capacity for peak construction manpower.
Exploration and Corporate Updates
A multi-faceted exploration campaign is underway at the Cariboo Gold Project, with up to 20 drill rigs expected to be active throughout 2026. Currently, 11 rigs are operating across infill, conversion, and exploration programs. Two surface exploration programs are targeting potential mineralization below the current deposit and at the adjacent Proserpine regional target.
On January 27, 2026, Osisko Development completed the sale of its 100% interest in the San Antonio Gold Project in Sonora, Mexico, to Axo Copper Corp. On February 9, 2026, the company entered into a project and construction management services agreement with JDS Energy & Mining Inc. for the Cariboo Gold Project. Sarah Harrison was appointed Vice President of Permitting and Compliance in February, and subsequent to the quarter, Sarah MacDonald was appointed Vice President of Construction Contracting and Commercial.
The company also announced its inclusion in the VanEck Junior Gold Miners ETF (GDXJ), effective March 20, 2026. As of March 31, 2026, approximately $153.2 million (US$109.9 million) was outstanding under the initial draw of the US$450 million senior secured project loan facility with funds advised by Appian Capital Advisory Limited.
