# Cariboo Feasibility Study (April 2025) Source Brief: https://evesgoldminers.com/research/source-briefs/osisko-development-corp-2025-04-28-cariboo-feasibility-study-april-2025-952a6941 Original source: https://osiskodev.com/_resources/presentations/ODV_Cariboo-2025-OFS-Apr-25_vFINAL.pdf Original published: 2025-04-28 EGM generated: 2026-09-04 Company: Osisko Development Corp. (ODV) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Cariboo Feasibility Study (April 2025) Source: https://osiskodev.com/_resources/presentations/ODV_Cariboo-2025-OFS-Apr-25_vFINAL.pdf Published: 2025-04-28T00:00:00+00:00 Fetched: 2026-05-12T12:38:35.943+00:00 Source artifact: 952a6941-7111-42d3-956c-5663cb42ee86 Normalizer input: text ## Content # Cariboo Feasibility Study (April 2025) APRIL 2025 CARIBOO GOLD PROJECT 2025 OPTIMIZED FEASIBILITY STUDY ODV NYSE TSXV | osiskodev.com CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION undue reliance on forward-looking statements. Certain statements contained in this presentation (this "Presentation") may be deemed "forward-looking statements" within the meaning of Unless otherwise noted, this Presentation has been prepared based on information available as of April 28, 2025. All currency references are to the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian Canadian dollars, unless specified otherwise. securities legislation (together, "forward-looking statements"). These forward-looking statements, by their nature, require Osisko Development NON-IFRS MEASURES Corp. ("Osisko Development" or the "Company") to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward- Osisko Development used in this Presentation, certain non-IFRS measures including, "all-in sustaining cost" or "AISC" and "total cash cost" and looking statements are not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "free cash flow". All-in sustaining cost per gold ounce is defined as production costs less silver sales plus general and administrative, "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are exploration, other expenses and sustaining capital expenditures divided by gold ounces. Cash costs are a non-IFRS measure reported by ODV intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material on an ounces of gold sold basis. Cash costs include mining, processing, refining, general and administration costs and royalties but excludes assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications and depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. Free cash flow is calculated as cash flow from limitations relating to an optimized feasibility study for the Cariboo Gold Project (the "2025 FS") (including, but not limited to, the mineral mine-site operating activities less capital expenditures. The Company believes that such measures provide investors with an alternative view to resources, mineral reserves, production profile, mine design and project economics); the ability and timing of the Company to publish and file evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under International Financial the technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") in respect of Reporting Standards ("IFRS"). Therefore, they may not be comparable to similar measures employed by other companies. The data is intended the 2025 FS (the "Technical Report"); the Company being construction and operation ready and the timing for the commencement of to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in construction activities; the ability and timing of the Company to deliver any additional optimization opportunities; the ability and timing of the accordance with IFRS. Refer to the Technical Report, which will be made available on SEDAR+ (www.sedarplus.ca) under Company's issuer Company to reach a formal positive final investment decision in respect of the Cariboo Gold Project; the ability and timing of the Company to profile and on the corporate website (https://osiskodev.com/projects/cariboo-gold/) within 45-days of April 28, 2025. secure a project financing package to fund construction activities at the Cariboo Gold Project and the terms of such financing; the ability and CAUTIONARY NOTE TO U.S. INVESTORS timing of the Company to commence and complete detailed engineering / procurement, underground development, construction and ramp-up and first gold pour; the impact and potential of the Cariboo Gold Project on shareholders, Indigenous nations and other stakeholders; the ability The Company is subject to the reporting requirements of the applicable Canadian securities laws and, as a result, reports information regarding to successfully engage and collaborate with stakeholders, including reaching agreements with the Xatśūll First Nation; any meaningful re-rate mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, potential through project financing, construction and production phrases (if at all); Cariboo Gold Project being a scalable project; Cariboo being financial statements, MD&A and this Presentation, in accordance with Canadian reporting requirements, which are governed by NI 43-101. As well-positioned among the top underground gold asset in Canada with strong upside potential in the long run; Cariboo being well-situated such, such information concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the relative to other Canadian underground operations in total case costs and all-sustaining costs; sustainability and environmental impacts of information in its technical reports, financial statements, MD&A and this Presentation, is not comparable to similar information made public by operations at the Company's properties; progress in respect of pre-construction activities at Cariboo including bulk sample and underground U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission ("SEC"). development work; mineral resource category conversion; the timing and status of any additional required permits or amendments thereto, or CAUTION REGARDING MINERAL RESOURCE ESTIMATES other regulatory approval requirements; the future development and operations at the Cariboo Gold Project; the results of ongoing stakeholder engagement; the capital resources available to the Company; the ability of the Company to execute its planned activities, including as a result This Presentation uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the of its ability to seek additional funding; management's perceptions of historical trends, current conditions and expected future developments; mineral resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources the ability and timing for Cariboo Gold Project to reach commercial production (if at all); the expected cash flow (and underlying assumptions) that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this Presentation may be materially in respect of the Cariboo Gold Project; the results (if any) of further exploration work to define and expand mineral resources; the ability of affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Mineral Resources are reported exploration work (including drilling) to accurately predict mineralization; the ability of the Company to expand mineral resources beyond using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI 43- current mineral resource estimates and to convert some or all of these mineral resources to mineral reserves; the ability for the Company to 101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic expand throughput or increase production at the Cariboo Gold Project; the ability of the Company to discover additional deposits within the studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated mineral resources Cariboo Gold Project area; the ability of the Company to complete its exploration and development objectives for its projects in the timing will lead to mineral reserves that can be mined economically. contemplated and within expected costs (if at all); the ability to derisk the Cariboo Gold Project towards final investment decision; the ability to SCIENTIFIC AND TECHNICAL INFORMATION - 2025 FEASIBILITY STUDY adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the ability of the Company to obtain further capital on reasonable terms; the profitability (if at all) of the Company's operations; the availability of additional Refer to ODV news release dated April 28, 2024 (Osisko Development Announces Optimized Feasibility Study For Permitted Cariboo Gold optimization opportunities at the Cariboo Gold Project and the impact thereof on project economics; as well as other considerations that are Project With C$943 Million After-Tax NPV5% And 22.1% IRR At US$2,400/oz Base Case Gold Price; At US$3,300/oz Spot Gold C$2.1 Billion believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be "forward looking After-Tax NPV5% And 38.0% IRR). The scientific and technical information in this Presentation relating to the Cariboo Gold Project is supported information". Material assumptions also include, assumptions and qualifications underlying the 2025 FS, management's perceptions of historical by the 2025 FS which was prepared in accordance with NI 43-101 with an effective date of April 22, 2025 and will be filed on SEDAR+ trends, management's understanding of the permitting process and status thereof, the ability of exploration (including drilling and chip (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development's issuer profile within 45 days of the date of April 28, 2025. For sampling assays, and face sampling) to accurately predict mineralization; budget constraints and access to capital on terms acceptable to the readers to fully understand the information in this news release, reference should be made to the full text of the Technical Report, once filed, Company, current conditions and expected future developments, regulatory framework remaining defined and understood, results of further including all assumptions, qualifications and limitations therein. The Technical Report is intended to be read as a whole, and sections should not exploration work to define or expand any mineral resources, gold prices, the costs required to advance the Cariboo Gold Project to construction, be read or relied upon out of context. the results of the 2025 FS as an indicator of quality and robustness of the Cariboo Gold Project, as well as other considerations that are The 2025 FS has been prepared by independent representatives of BBA, InnovExplo, a subsidiary of Norda Stelo, Alius, Falkirk, WSP, Okane, believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information Integrated Sustainability, Clean Energy, and JDS, each of whom is a "qualified person" (within the meaning of NI 43-101) (each, a "QP"). Each currently available, but cau [Excerpt trimmed for readability. Open the original source for the complete filing or document.]