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FS

Osisko Gold Group Inc. · OGG document official

In addition, the Company is entitled to certain contingent deferred consideration, including (i) a cash payment equal to 70% of any Mexican VAT refund relating to periods ending on or before closing, (ii) US$2 million payable in cash or Axo common shares upon Axo’s filing of a NI 43‑101 compliant feasibility study, and (iii) US$2 million payable in cash upon the first gold pour at the project.

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Briefing

In addition, the Company is entitled to certain contingent deferred consideration, including (i) a cash payment equal to 70% of any Mexican VAT refund relating to periods ending on or before closing, (ii) US$2 million payable in cash or Axo common shares upon Axo’s filing of a NI 43‑101 compliant feasibility study, and (iii) US$2 million payable in cash upon the first gold pour at the project. Key points: In addition, the Company is entitled to certain contingent deferred consideration, including (i) a cash payment equal to 70% of any Mexican VAT refund relating to periods ending on or before closing, (ii) US$2 million pa; Impairment assessment On April 28, 2025, the Company disclosed the results of its optimized feasibility study on the Cariboo Gold Project (“2025 FS”); Under IFRS 9, Financial Instruments, the Company has the option to elect for the entire Note to be measured at fair value through profit and loss (“FVTPL”), or to bifurcate the host liability from the embedded feature; The host debt is recognized at the residual amount, after allocating fair value to the embedded derivatives and deducting transaction costs and is subsequently measured at amortized cost using the effective interest meth; The host debt component was then measured as the residual amount, representing the difference between the observed fair value of the convertible Notes and the fair value attributed to the embedded derivative; The following table provides information about financial assets and liabilities measured at fair value in the consolidated statements of financial position and categorized by level according to the significance of the in. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.

Source Notes

In addition, the Company is entitled to certain contingent deferred consideration, including (i) a cash payment equal to 70% of any Mexican...

Extractive summary evidence · source

Impairment assessment On April 28, 2025, the Company disclosed the results of its optimized feasibility study on the Cariboo Gold Project (“2025...

Extractive summary evidence 2 · source

Under IFRS 9, Financial Instruments, the Company has the option to elect for the entire Note to be measured at fair value...

Extractive summary evidence 3 · source

The host debt is recognized at the residual amount, after allocating fair value to the embedded derivatives and deducting transaction costs and...

Extractive summary evidence 4 · source

Extracted Document Text

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# FS

Source: https://www.osiskogold.ca/_resources/financials/OGG_FS_Q2_2026.pdf
Fetched: 2026-09-16T00:43:05.392+00:00
Source artifact: b5372fa6-19a7-492e-8121-88a0b66d7a0a
Normalizer input: text

## Content

# FS
Osisko Gold Group Inc.
(formerly Osisko Development Corp.)
..................
Unaudited Condensed Interim
Consolidated Financial Statements
For the three and six months ended
June 30, 2026 and 2025
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Financial Position
As at June 30, 2026 and December 31 2025
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars)
June 30, December 31,
2026 2025
Notes $ $
Assets
Current assets
Cash and cash equivalents 3 837,276 422,283
Amounts receivable 4 31,106 9,357
Inventories 14,051 7,845
Derivative asset 7 45,546 —
Other current assets 1,829 2,803
929,808 442,288
Assets classified as held for sale 14 — 37,523
929,808 479,811
Non-current assets
Investments in associates 16,856 15,092
Other investments 11 31,488 15,496
Mining interests and property, plant and equipment 5 801,023 644,326
Exploration and evaluation 6 116,037 89,635
Other assets 33,350 17,914
1,928,562 1,262,274
Liabilities
Current liabilities
Accounts payable and accrued liabilities 50,451 30,594
Current portion of long-term debt and lease liabilities 7 8,946 6,771
Deferred consideration and contingent payments 3,405 3,427
Contract liability 182 643
Environmental rehabilitation provision 8 3,984 6,970
Derivative liability 7 85,447 —
Warrant liability 9 107,294 225,000
259,709 273,405
Liabilities associated with assets held for sale 14 — 58,446
259,709 331,851
Non-current liabilities
Long-term debt and lease liabilities 7 447,977 137,786
Deferred consideration and contingent payments 2,399 5,364
Contract liability 4,287 4,041
Flow-through premium liability 6,106 8,334
Environmental rehabilitation provision 8 97,364 92,209
817,842 579,585
Equity
Share capital 9 1,661,098 1,416,739
Warrants 9 6,056 20,884
Contributed surplus 28,501 20,976
Accumulated other comprehensive loss 3,039 (9,135)
Deficit (587,974) (766,775)
1,110,720 682,689
1,928,562 1,262,274
Going concern (Note 1)
APPROVED ON BEHALF OF THE BOARD
(signed) Sean Roosen, Director (signed) Charles Page, Director
The notes are an integral part of these unaudited condensed interim consolidated financial statements.
2
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Income (Loss)
For the three and six months ended June 30, 2026 and 2025
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars, except number of shares and per share amounts)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Notes $ $ $ $
Revenues 32,726 6,859 34,940 6,859
Operating expenses
Cost of sales (12,029) (4,075) (12,700) (4,075)
Other operating costs (2,710) (11,726) (3,386) (20,489)
General and administrative (9,901) (7,379) (19,936) (13,662)
Impairment of assets — — (493) (25,793)
Operating income (loss) 8,086 (16,321) (1,575) (57,160)
Finance costs (2,753) (2,243) (4,521) (4,057)
Share of income (loss) of associates 1,616 179 1,281 51
Change in fair value of warrant liability 9 87,020 (30,602) 119,903 (23,903)
Change in fair value in derivative 7 20,284 — 20,284 —
Other income (expense), net 4,719 2,756 15,526 5,371
Income (loss) from continuing activities
before income taxes 118,972 (46,231) 150,898 (79,698)
Income tax recovery (expense) 135 253 426 256
Net income (loss) from continuing
activities 119,107 (45,978) 151,324 (79,442)
Net income (loss) from discontinued
activities 14 — (1,426) 28,001 (5,292)
Net income (loss) 119,107 (47,404) 179,325 (84,734)
Basic net income (loss) per share from
continuing activities 0.39 (0.34) 0.51 (0.58)
Diluted net income (loss) per share from
continuing activities 0.21 (0.34) 0.16 (0.58)
Basic net income (loss) per share 0.39 (0.35) 0.61 (0.62)
Diluted net income (loss) per share 0.21 (0.35) 0.24 (0.62)
Basic and diluted weighted average number
of shares outstanding 305,004,581 136,846,731 295,106,785 136,726,911
Diluted weighted average number of shares
outstanding 312,554,069 136,846,731 394,336,298 136,726,911
The notes are an integral part of these unaudited condensed interim consolidated financial statements.
3
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Comprehensive Income (Loss)
For the three and six months ended June 30, 2026 and 2025
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
$ $ $ $
Net income (loss) 119,107 (47,404) 179,325 (84,734)
Other comprehensive income (loss)
Items that will not be reclassified to the consolidated statements of loss
Changes in fair value of financial assets at fair value through
comprehensive income (loss) 899 1,966 2,411 2,261
Income tax effect (135) (253) (426) (256)
Share of other comprehensive income (loss) of associates 1,253 — 1,253 —
Items that may be reclassified to the consolidated statements of loss
Currency translation adjustments 2,134 (6,780) 8,227 (8,461)
Other comprehensive income (loss) 4,151 (5,067) 11,465 (6,456)
Comprehensive income (loss) 123,258 (52,471) 190,790 (91,190)
The notes are an integral part of these unaudited condensed interim consolidated financial statements.
4
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2026 and 2025
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Notes $ $ $ $
Operating activities
Net income (loss) 119,107 (45,978) 151,324 (79,442)
Adjustments for:
Share-based compensation 10 1,739 1,477 2,841 1,836
Depreciation 6,194 1,759 6,646 3,065
Finance costs 4,320 916 6,088 1,796
Share of loss of associates (1,616) (179) (1,281) (51)
Change in fair value of financial assets and liabilities at fair value
through profit and loss (20,028) (35) (19,558) 125
Change in fair value of warrant liability 9 (87,020) 30,602 (119,903) 23,903
Unrealized foreign exchange gain (4,296) (8,577) (10,620) (9,927)
Deferred income tax recovery (135) (253) (426) (256)
Impairment of assets — — 493 25,793
Cumulative catch-up adjustment on contract liability (209) (245) (193) (242)
Premium on flow-through share (1,517) — (2,227) —
Proceeds from contract liability (237) (57) (297) (57)
Environmental rehabilitation obligations 8 1,347 (1,716) 773 (1,716)
Other 630 294 537 (524)
Environmental rehabilitation obligations paid (181) — (671) —
Net cash flows provided by (used in) operating activities before changes
in non-cash working capital items 18,098 (21,992) 13,526 (35,697)
Changes in non-cash working capital items
Decrease (increase) in amounts receivable (25,517) 465 (21,437) 1,557
Decrease (Increase) in inventory (3,647) 2,280 (5,930) 2,316
Decrease (Increase) in other current assets 350 (1,496) 1,239 (1,527)
Increase in accounts payable and accrued liabilities 1,785 1,125 5,371 2,825
Net cash flows used in continuing operating activities (8,931) (19,618) (7,231) (30,526)
Net cash flows provided by (used in) discontinued operating activities — (967) 190 (2,563)
Net cash flows used in operating activities (8,931) (20,585) (7,041) (33,089)
Investing activities
Additions to mining interests and property, plant and equipment (91,087) (10,856) (150,441) (23,670)
Additions to exploration and evaluation assets (15,096) (2,406) (19,405) (4,914)
Proceeds on disposals of property, plant and equipment and assets
classified as held for sale — — — 531
Proceeds on disposals of investments 140 — 1,181 359
Acquisition of investments in associates (627) — (627) —
Reclamation deposit — — (700) —
Net cash flows used in continuing investing activities (106,670) (13,262) (169,992) (27,694)
Net cash flows used in discontinued investing activities — — — (11)
Net cash flows used in investing activities (106,670) (13,262) (169,992) (27,705)
Financing activities
Proceeds from equity financings 9 — — 196,249 —
Other issuance of common shares 54 25 104 49
Share and warrant issue expense and financing fees (19,408) — (30,366) (220)
Proceeds from exercise of warrants and options 965 — 37,504 —
Long-term debt and financing of equipment draw down 7 362,098 — 367,281 —
Repayment of long-term debt and leases 7 (1,355) (832) (2,614) (2,548)
Withholding taxes on settlement of restricted units — — — (33)
Net cash flows provided by (used in) continuing financing activities 342,354 (807) 568,158 (2,752)
Net cash flows used in discontinued financing activities — — — —
Net cash flows provided by (used in) financing activities 342,354 (807) 568,158 (2,752)
Increase (decrease) in cash and cash equivalents before impact of
exchange rate 226,753 (34,654) 391,125 (63,546)
Effects of exchange rate changes on cash and cash equivalents 16,237 3,355 24,587 3,191
Increase (decrease) in cash and cash equivalents 242,990 (31,299) 415,712 (60,355)
Cash balance related to asset held for sale — — (719) —
Cash and cash equivalents – Beginning of period 594,286 77,597 422,283 106,653
Cash and cash equivalents – End of period 837,276 46,298 837,276 46,298
The notes are an integral part of these unaudited condensed interim consolidated financial statements.
5
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Changes in Equity
For the six months ended June 30, 2026
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars except number of shares)
Number of Accumulated
common other
shares Share Contributed comprehensive
Notes outstanding capital Warrants surplus loss Deficit Total
$ $ $ $ $ $
Balance – January 1, 2026 255,069,516 1,416,739 20,884 20,976 (9,135) (766,775) 682,689
Net income — — — — — 179,325 179,325
Other comprehensive income, net — — — — 11,465 — 11,465
Comprehensive loss — — — — 11,465 179,325 190,790
Transfer of realized loss on financial assets at fair
value through other comprehensive income (loss),
net of taxes — — — — 709 (709) —
Private placement - February 2026 9 40,607,650 196,249 — — — — 196,249
Shares issued for the settlement of deferred
consideration 871,683 3,453 — — — — 3,453
Share issue expense — (10,239) — — — — (10,239)
Share-based compensation:
- Share options — — — 1,406 — — 1,406
- Restricted and deferred share units — — — 391 — — 391
Shares issued - employee share purchase plan 35,260 156 — — — — 156
Shares issued from RSU/DSU settlement 78,734 519 — — — 185 704
Exercise of warrants 9 9,108,402 53,912 (9,024) — — — 44,888
Warrants expired — — (5,804) 5,804
Exercise of share options 41,299 309 — (76) — — 233
Balance – June 30, 2026 305,812,544 1,661,098 6,056 28,501 3,039 (587,974) 1,110,720
As at June 30, 2026, accumulated other comprehensive loss includes items that will not be reclassified to the consolidated statements of income or loss amounting
to a loss of $(11.6) million. Items that may be recycled to the consolidated statements of loss amount to $14.6 million.
The notes are an integral part of these unaudited condensed interim consolidated financial statements.
6
Osisko Gold Group Inc. (formerly Osisko Development Corp.)
Consolidated Statements of Changes in Equity
For the six months ended June 30, 2025
(Unaudited)
(Tabular amounts expressed in thousands of Canadian dollars, except number of shares)
Number of Accumulated
common other
shares Share Contributed comprehensive
outstanding capital Warrants surplus loss Deficit Total
$ $ $ $ $ $
Balance – January 1, 2025 136,580,233 1,137,362 11,859 20,228 (503) (598,317) 570,629
Net loss — — — — — (84,734) (84,734)
Other comprehensive income, net — — — — (6,456) — (6,456)
Comprehensive income (loss) — — — — (6,456) (84,734) (91,190)
Transfer of realized loss on financial assets at fair
value through other comprehensive income (loss),
net of taxes — — — — 162 (162) —
- Share options — — — 1,211 — — 1

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