Slide 1: Gearing Up to Build Canada's Next Major Gold Mine
JANUARY 2026 GEARING UP TO BUILD CANADA’S NEXT MAJOR GOLD MINE CARIBOO GOLD PROJECT UPDATE ODV NYSE TSXV | osiskodev.com
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the profitability (if at all) of the Company's operations; the availability of additional optimizati
Slide 3: Cautionary Statements
CAUTIONARY STATEMENTS CAUTIONARY NOTE TO U.S. INVESTORS ABBREVIATIONS AND UNITS OF MEASUREMENT The Company is subject to the reporting requirements of the applicable Canadian securities laws and, as a result, reports information regarding In this Presentation, the Company uses certain abbreviations,
Slide 4: Executing on Vision & Strategy: Scale Matters
EXECUTING ON VISION & STRATEGY SCALE MATTERS… Junior and Intermediate Market Cap per 100kozpa (C$Bn) Gold Producers Target $29B CAD$ Zone 2 $25B Billion 2.8x $5.9 log scale 2.1x $4.4 $9.4B $9.1B Target $2.1 $10B Zone 1 Market Capitalization1 $4.5B $5B WDO AGI LUG $3.9B Scarcity of Permitted Assets $
Slide 5: Cariboo Resource Conversion Potential
CARIBOO RESOURCE CONVERSION POTENTIAL Plan & Isometric View – North Shaft Zone Reserve Stopes Plan View Resource Stopes Planned Development Pink zones represent Reserve stopes Reserves include a total of 2.07 Moz1 3D View An additional 1.61 Moz contained within M&I resources and 1.86 Moz within Infe
Slide 6: Cariboo Exploration Potential at Depth: Long Section
CARIBOO EXPLORATION POTENTIAL AT DEPTH: LONG SECTION 1 2 Average deposit depth is ~350 m PROBABLE RESERVES1 2.07 Moz @ 3.62 g/t Au >500 m additional depth potential of known vein corridors adjacent to mine plan untested M&I RESOURCES1 1.61 Moz @ 2.88 g/t Au 2 Mineralized veins intersected at d
Slide 7: Potential for Immediate Exploration Upside at Cariboo
POTENTIAL FOR IMMEDIATE EXPLORATION UPSIDE AT CARIBOO 14 km trend from Mosquito Creek to Proserpine has exploration potential down to 1500m depth The sandstone unit hosting the Cariboo Gold Project ("CGP") mineral resources was mapped and modelled and is believed to be continuous along the entire
Slide 8: Developing a Mining Camp
DEVELOPING A MINING CAMP Cariboo hosts two main trends over 83 km in combined strike length District-scale exploration upside in under-explored Cariboo Gold 4 Belt >185,000 ha property with 83 kilometers strike of gold targets ~700,000 meters drilled since 2015 Strong support from the BC gov
Slide 9: Robust Project Economics
ROBUST PROJECT ECONOMICS Illustrative Scenario Base Case Spot Gold Price after-tax, C$ US$2,400 Gold | 1.35 FX US$4,500 Gold | 1.35 FX2 Net Present Value (NPV5%) $943 mm $3,249 mm Internal Rate of Return (IRR) 22.1% 51.9% Payback, from commercial prod. 2.8 yrs 1.1 yrs Avg. Annual FCF1 (LOM) $158 mm/
Slide 10: Pre-Construction Activities: BL Water Treatment Plant
PRE-CONSTRUCTION ACTIVITIES: BL WATER TREATMENT PLANT Commissioning underway Water treatment plant building ODV NYSE TSXV 10 osiskodev.com
Slide 11: Pre-Construction Activities: WRSF / SCP
PRE-CONSTRUCTION ACTIVITIES: WRSF / SCP Waste rock storage facility excavation Sediment control pond spillway concrete work & dam raise ODV NYSE TSXV 11 osiskodev.com
Slide 12: Pre-Construction Activities: Camp Expansion
PRE-CONSTRUCTION ACTIVITIES: CAMP EXPANSION Ballarat camp expansion to 266 rooms completed + other supporting facilities – sufficient capacity for full construction manpower demand ODV NYSE TSXV 12 osiskodev.com
Slide 13: Pre-Construction Activities: Underground Support
PRE-CONSTRUCTION ACTIVITIES: UNDERGROUND SUPPORT Lowhee ventilation raise surface works BL pit berm construction to supplement WRSF ODV NYSE TSXV 13 osiskodev.com
Slide 14: Appendix
APPENDIX ODV NYSE TSXV 14 osiskodev.com
Slide 15: Financing Cariboo
KEY FINANCING DE-RISKING MILESTONES August 2025 Equity Financing1 US$450 million Project Financing2 Gross Proceeds Initial Draw Subsequent Draw US$203 million US$100 million US$350 million FINANCING CARIBOO Closing: August 15, 2025 Conditions: Unconditional, fully drawn Covenants: Credit agree
Slide 16: Rare Fully-Permitted and Scalable Project in BC
RARE FULLY-PERMITTED AND SCALABLE PROJECT IN BC 1,205+ 443 18 Fully Permitted & 9 Near Construction 3 Global Gold Tier I Meaningful Production Sizeable High Cariboo Projects Universe Jurisdiction Scale Reserves Grade Gold 3 9 18 Reserve Grade 443 Reserves >3.0 g/t Au1 1,205+ Development Annual Gold
Slide 17: 2025 Optimized Feasibility Study Highlights
2025 OPTIMIZED FEASIBILITY STUDY HIGHLIGHTS All $ figures in CAD, unless otherwise noted (USDCAD 1.35 base case) 190 KOZ / YEAR LOM AVG 10 YEAR MINE LIFE 24 MONTH MINE BUILD 202 koz/yr in the first 5 years Based on current reserves only 2028 anticipated gold production US $1,157/OZ AISC 1 $881M INIT
Slide 18: Target to Be Among the Top Canadian Mines
TARGET TO BE AMONG THE TOP CANADIAN MINES Annual Expected Gold Production TARGET 672 (koz Au) PRODUCTION 656 Cariboo is a scalable asset RANGE Underground Based on 2025 FS projections, Cariboo is expected Open pit to be among the top underground gold assets in Canada, with significant upside potenti
Slide 19: Capital Structure Snapshot
CAPITAL STRUCTURE SNAPSHOT Osisko Development Corp.1,2 Shareholder Ownership Current Share Price (closing price on January 14, 2026) C$5.05 /share Institutional Investors OR Royalties Basic Shares Outstanding 257.8 million 47% 13% Options, DSUs, and RSUs 8.0 million Insiders & Management (~3% fully-
Slide 20: A Potential Generational District
A POTENTIAL GENERATIONAL DISTRICT Illustrative Comparison of Cariboo Gold vs. Selected Canadian Operating Underground Mines* OSISKO DEVELOPMENT ALAMOS GOLD AGNICO EAGLE AGNICO EAGLE Cariboo Deposit1 Young-Davidson2 Goldex3,4 LaRonde Zone 53,5 Head Grade (Au) 3.62 g/t 2.08 g/t 1.55 g/t 3.62 g/t Gold
Slide 21: Investor Relations Contact
PHILIP RABENOK, VICE PRESIDENT, INVESTOR RELATIONS prabenok@osiskodev.com | +1 (437) 423 3644 ODV NYSE TSXV | osiskodev.com