# MDA

Source Brief: https://evesgoldminers.com/research/source-briefs/osisko-development-corp-2026-05-11-mda-a6009c93
Original source: https://osiskodev.com/_resources/financials/ODV_MDA_Q1_2026.pdf
Original published: 2026-05-11
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

# MDA

Source: https://osiskodev.com/_resources/financials/ODV_MDA_Q1_2026.pdf
Published: 2026-05-11T00:00:00+00:00
Fetched: 2026-05-12T12:39:08.026+00:00
Source artifact: a6009c93-c267-40b0-97c9-9b635d8da2c6
Normalizer input: text

## Content

# MDA
OSISKO DEVELOPMENT CORP.
Management's Discussion and Analysis
For the three months ended March 31, 2026
The following management’s discussion and analysis ("MD&A") of the operations and financial position of Osisko
Development Corp. and its subsidiaries ("Osisko Development" or the "Company") for the three months ended March 31,
2026 ("Q1 2026") should be read in conjunction with the Company's unaudited condensed interim consolidated financial
statements and related notes for the three months ended March 31, 2026 and the Company’s audited consolidated financial
statements and related notes for the years ended December 31, 2025 and 2024. The unaudited condensed interim
consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued
by the International Accounting Standards Board and as applicable to the preparation of interim financial statements,
including IAS 34 Interim Financial Reporting. Management is responsible for the preparation of the unaudited condensed
interim consolidated financial statements and other financial information relating to the Company included in this MD&A.
Unless otherwise noted, all monetary amounts included in this MD&A are expressed in Canadian dollars, the Company's
reporting and functional currency. Assets and liabilities of the subsidiaries that have a functional currency other than the
Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the balance sheet date and revenues
and expenses are translated at the average exchange rate over the reporting period. This MD&A contains forward-looking
statements and should be read in conjunction with the risk factors described in the "Cautionary Note Regarding Forward-
Looking Statements" section. This MD&A is dated as of May 11, 2026, the date the Board of Directors approved the
Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026,
following the recommendation of the Company's Audit and Risk Committee.
Osisko Development is a mineral exploration and development company focused on the acquisition, exploration and
development of precious metals resource properties in continental North America. The Company exists under the Canada
Business Corporations Act and is focused on developing its principal mining asset, the Cariboo Gold Project located in
British Columbia, Canada (the "Cariboo Gold Project") as well as its Tintic project, located in Utah, U.S.A. (the "Tintic
Project"). Osisko Development's common shares (the "Common Shares") are listed on the New York Stock Exchange and
the TSX Venture Exchange under the symbol "ODV".
Table of Contents
1. Our Business 5
2. Financial and Operating Highlights 5
3. Highlights – Q1 2026 6
4. Highlights – Subsequent to Q1 2026 8
5. Management and Board Composition 8
6. Exploration and Evaluation / Mining Development Activities 8
7. Sustainability Activities 20
8. Financial Performance 21
9. Cash Flows 23
10. Financial Position 24
11. Summary of Quarterly Results 28
12. Transactions Between Related Parties 28
13. Commitments and Contractual Obligations 28
14. Segmented Disclosure 29
15. Discontinued Operations 31
16. Off-balance Sheet Items 31
17. Risks and Uncertainties 32
18. Disclosure Controls, Procedures and Internal Controls over Financial Reporting (ICFR) 32
19. Basis of Presentation of the Consolidated Financial Statements 33
20. Critical Accounting Estimates and Judgements 33
21. Financial Instruments 33
22. Technical Information 33
23. Share Capital Structure 34
24. Approval 34
Osisko Development Corp. Management's Discussion and Analysis
For the three months ended March 31, 2026
Non-IFRS Financial Measures
This MD&A contains certain non-IFRS (as defined herein) measures, including "all-in sustaining cost" (or "AISC"), "cash
cost", "free cash flow" and "adjusted working capital". All-in sustaining cost per gold ounce is defined as production costs
less silver sales plus general and administrative, exploration and other expenses, and sustaining capital expenditures
divided by gold ounces sold. Cash costs are a non-IFRS measure reported by the Company on an ounces of gold sold
basis. Cash costs include mining, processing, refining, general and administrative costs and royalties but exclude
depreciation, reclamation, income taxes, capital costs and exploration costs. Free cash flow is calculated as cash flow from
mine-site operating activities less capital expenditures. Management believes that such measures provide investors with an
improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning
prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies.
These measures are intended to provide additional information and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS, such as cost of sales.
Adjusted working capital
The Company uses non-IFRS financial measures, including the adjusted working capital to supplement its unaudited
consolidated financial statements. The Company believes that this measure, together with measures determined in
accordance with IFRS, provides investors with an improved ability to evaluate the underlying performance of the Company.
The adjusted working capital does not have any standardized meaning prescribed under IFRS and therefore may not be
comparable to similar measures employed by other companies. The adjusted working capital is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS.
The adjusted working capital is calculated as follows:
March 31, 2026 December 31, 2025
(In thousands of dollars) $ $
Current assets 613,652 479,811
Current liabilities (258,535) (331,851)
Working Capital 355,117 147,960
Warrant Liability (current liabilities) 188,498 225,000
Adjusted working capital 543,615 372,960
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this MD&A constitutes "forward-
looking information" within the meaning of applicable Canadian Securities Laws concerning the business, operations, plans
and financial performance and condition of the Company (collectively, the "Forward-Looking Information"). Often, but not
always, Forward-Looking Information can be identified by words such as "plans", "expects", "may", "should", "could", "will",
"budget", "objective", "strategy", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential",
"proposed", or variations including negative variations thereof, of such words and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be taken or achieved.
Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual
plans, results, performance or achievements of the Company to differ materially from any future plans, results, performance
or achievements expressed or implied by the Forward-Looking Information. Such factors include, among others: risks
relating to capital markets and the availability of future financing, including project financing, on terms acceptable to the
Company (or at all); the ability of the Company to meet its financial obligations as they become due; actual operating cash
flows, free cash flows, operating costs and other costs differing materially from those anticipated; changes in project
parameters and assumptions; project infrastructure requirements and anticipated processing methods, whether or not the
capital and operating costs outlined in the Cariboo Technical Report can be achieved, exploration expenditures differing
materially from those anticipated; actual results of current and planned exploration activities; whether additional mineral
3
Osisko Development Corp. Management's Discussion and Analysis
For the three months ended March 31, 2026
resources will be developed as a result of the deeper drilling below the Cariboo mineral resource estimate, within the Cariboo
mine area, and/or on exploration targets beyond the mine area; whether infill drilling of inferred mineral resources, after
considering other modifying factors, will be successful in converting mineral resources to measured or indicated mineral
resources and any resulting increases in the mineral reserves; whether the results of the Company's 13,000m infill drill
program will confirm or vary from those in the current mineral resource estimate; whether the development of the Cariboo
Gold Project, if successfully completed, will provide the basis for the establishment of a broader mining district camp,
including development of multiple deposits; whether all required authorizations for the implementation of the Mines Act
permits for the Cariboo Gold Project, including the licence of occupation for the transmission line, will be received in a timely
manner and not delay the project; whether an agreement will be completed, and on what terms, with Xatśūll First Nation;
whether the Company's new water treatment plant and facilities will operate to expectations and meet permit conditions;
whether current and planned test mining at Tintic will generate positive cash flow after deducting all costs; variations in
mineral resources, mineral reserves, mineral production, grades or recovery rates or optimization efforts and sales; failure
to obtain, or delays in obtaining, governmental approvals or financing or in the completion of development or construction
activities; uninsured risks, including, but not limited to, pollution, cave-ins or hazards for which insurance cannot be obtained;
regulatory changes; defects in title; availability or integration of personnel, materials and equipment; risks relating to foreign
operations; inability to recruit or retain management and key personnel; performance of facilities, equipment and processes
relative to specifications and expectations; unanticipated environmental impacts on operations; community, non-
governmental and governmental actions and the impact of stakeholder actions; market prices; production, construction and
technological risks or capital requirements and operating risks associated with the operations or an expansion of the
operations; dilution due to future equity financings, fluctuations in gold, silver and other metal prices and currency exchange
rates; the potential impact of tariffs and other trade restrictions; uncertainty relating to future production and cash resources;
inability to successfully complete new development projects, planned expansions or other projects within the timelines
anticipated; inability to achieve the business objectives and project milestones as anticipated; results of additional work
programs and exploration; adverse changes to market, political and general economic conditions or laws, rules and
regulations applicable to the Company; outbreak of diseases and public health crises; the possibility of project cost overruns
or unanticipated costs and expenses; accidents, labour disputes, community and stakeholder protests and other risks of
the mining industry; failure of plant, equipment or processes to operate as anticipated; risk of an undiscovered defect in title
or other adverse claim; factors discussed under the heading "Risks and Uncertainties" in this MD&A and "Risk Factors" in
the Company's annual information form for the year ended December 31, 2025; and other risks, including those risks set
out in the continuous disclosu

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]