Slide 1: Gearing Up to Build Canada's Next Major Gold Mine
MARCH 2026 GEARING UP TO BUILD CANADA’S NEXT MAJOR GOLD MINE INVESTOR PRESENTATION ODV NYSE TSXV | osiskodev.com
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Project; the ability of the Company to discover additional deposits within the Cariboo Gold Project area; the ability of the Company to complete its exploration and development objectives for its projects in the timing
Slide 3: Cautionary Statements
CAUTIONARY STATEMENTS CAUTIONARY NOTE TO U.S. INVESTORS relevant and reliable as an indication of the potential of the Burgin Mine. Further exploration work including drilling will be required to upgrade the historic resource to current. Osisko Development cautions sufficient work has not been done
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Building Toward Becoming a Premier Canadian Mid-tier Gold Mining Company ADVANCING SHOVEL READY CARIBOO GOLD PROJECT IN CANADA Limited universe of permitted development stage gold assets of scale in Tier 1 jurisdictions1 FOCUS ON SCALABLE ASSETS WITH DISTRICT POTENTIAL Multi-mi
Slide 5: Mining Friendly Jurisdictions
MINING FRIENDLY JURISDICTIONS Brownfield properties with existing accessible infrastructure and prospective exploration upside BC, Canada Utah, USA CARIBOO GOLD PROJECT 100% ownership TINTIC PROJECT 100% ownership EA Certificate (granted Q4 23) Trixie MRE (completed Mar 24) Permits (granted Q4 24) S
Slide 6: Executing on Vision & Strategy: Scale Matters
EXECUTING ON VISION & STRATEGY SCALE MATTERS… Junior and Intermediate Market Cap per 100kozpa (C$Bn) Gold Producers Target $25B CAD$ $26B Zone 2 Billion 3.0x $5.9 log scale 2.3x $4.6 $11B Target Zone 1 $8.9B $2.0 $10B $5.2B Market Capitalization1 $5B WDO AGI GMIN $3.7B Scarcity of Permitted Assets $
Slide 7: Financing Cariboo: Key De-risking Milestones
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 8: Capital Structure Snapshot
CAPITAL STRUCTURE SNAPSHOT Osisko Development Corp.1,2 Shareholder Ownership Current Share Price (closing price on March 13, 2026) C$5.10 /share OR Royalties Institutional Investors Basic Shares Outstanding 304.6 million 51% 11% Insiders & Management Options, DSUs, and RSUs 8.0 million (~2% fully-di
Slide 9: Cariboo Gold Project
Video camera outline Watch Video CARIBOO GOLD PROJECT British Columbia, Canada 100% Ownership Double Tap Gesture with solid fill ODV NYSE TSXV 9 Virtual Tour osiskodev.com
Slide 10: Cariboo Gold Project: Asset Snapshot
CARIBOO GOLD PROJECT: ASSET SNAPSHOT Developing a mining camp in the under-explored Cariboo gold belt LOCATION / OWNERSHIP MINE TYPE METALS STAGE LAND PACKAGE Mosquito Wells 100% ODV BC, Canada Underground Gold Permits (Nov-24) >185,000 ha FS (Apr-25) Shaft Island Valley Barkerville Mountain NE Cow
Slide 11: 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 12: Infill Drilling and Underground Development
INFILL DRILLING AND UNDERGROUND DEVELOPMENT 13,000-metre infill drill program underway in the Lowhee Zone expected to be completed by Q2 2026 Plan View Infill Drilling Cariboo Reserves1 Fans 2.071 Moz Ramp Progress (~2.1 km completed) Reserve (17.8 Mt at 3.62 g/t Au) Stopes Mosquito Valley Resource
Slide 13: Lowhee Underground
LOWHEE UNDERGROUND ODV NYSE TSXV 13 osiskodev.com
Slide 14: Site Pre-Construction Activities
SITE PRE-CONSTRUCTION ACTIVITIES >250 personnel at Cariboo Gold site advancing pre-construction activities Waste rock storage facility excavation Water treatment plant building Commissioning underway Sediment control pond spillway concrete work & dam raise Ballarat camp expansion to 266 rooms comple
Slide 15: Project Location & Regional Infrastructure
PROJECT LOCATION & REGIONAL INFRASTRUCTURE Insights Large land package: total mineral tenure >185,000 hectares Brownfield site with year-round access, infrastructure and work force Grid power: allocated 22 MW from BC Hydro power at 6.7¢ per kWh — 69kV 70km transmission line to be constructed
Slide 16: Cariboo Gold Permitting Successfully Completed
CARIBOO GOLD PERMITTING SUCCESSFULLY COMPLETED BC Mines Act permits granted on Nov 20, 2024 — main permits for project construction & operation 2020 2021 2022 2023 2024 H1 H2 H1 H2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ENVIRONMENTAL ASSESSMENT Early Engagement Detailed Project Description Submission o
Slide 17: 2025 Feasibility Production Profile
2025 FEASIBILITY PRODUCTION PROFILE Production profile based on current 2.07 Moz of Probable Reserves1 only Gold Production & Head Grade 190 KOZ/YR 202 KOZ/YR Gold Payable Production (koz) Head Grade (g/t Au) LOM average2 First 5 years average2 Significant upside potential from resource conversion a
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: Global Gold Cost Curve Positioning
GLOBAL GOLD COST CURVE POSITIONING 2024 Global Total Cash Cost Curve (US$/oz) $3,500 $3,000 $2,500 Cariboo is $2,000 Cariboo Cariboo $947/oz ($947) Timmins ($1,700) positioned in the $1,500 LaRonde ($945) Porcupine ($1,097) Musselwhite ($1,045) Eleonore ($1,339) lower half of the Macassa ($748) $1,0
Slide 20: Capital Cost Breakdown
CAPITAL COST BREAKDOWN Capital costs ($ million) Initial Sustaining Total LOM Insights Underground mine 313 397 710 ~US$652 million upfront capex1 Water & waste management 98 24 123 Process plant and related infrastructure designed to accommodate potential future Power & electrical 19 — 19 throu
Slide 21: Robust Project Economics
ROBUST PROJECT ECONOMICS Illustrative Scenario Base Case Spot Gold Prices after-tax, C$ 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 22: Mine Design Summary
MINE DESIGN SUMMARY Insights Access via two ramps from Cow and Valley Portals >1.2 km of access into Lowhee zone already completed as part of ongoing bulk sample program Maximum vertical depth ~650 meters Mining split into 3 distinct areas: Cariboo North, South, and Deep Bulk tonnage long-
Slide 23: Proposed Conceptual Mine Site Layout
PROPOSED CONCEPTUAL MINE SITE LAYOUT Insights Single processing facility at the Mine Site Complex Primary & secondary crushing underground and conveyed to the surface ore sorter Gravity and flotation processing circuits produce two gold concentrates Comminution circuit already purchased Pr
Slide 24: Mineralization Favorable to Ore Sorting
MINERALIZATION FAVORABLE TO ORE SORTING Ore sorting removes marginal material and generates an NPAG waste product at a low opex of C$1-2 per tonne Insights Pyrite hosted in quartz veins High Density 481 vein corridors with 2-meter minimum width Material (~5 g/cm3) Gold uniquely pyrite hosted wit
Slide 25: Processing Flowsheet
PROCESSING FLOWSHEET Gravity circuit to Totals may not add up due to rounding recover 46% of gold Crush/screen Sort Grind 2025 FS Addition Gravity / Flotation Dore (gravity) & Flotation Concentrate LOM recovery 92.6% Source: Refer to the Cariboo Technical Report for the assumptions, qualific
Slide 26: Key Processing Elements
KEY PROCESSING ELEMENTS Process Overview Insights Crushed material is screened, with fines 1) Crushing & – Underground primary & secondary jaw crushers bypassing the tertiary crusher and reporting Screening – Screen at surface to separate size fractions for sorting directly to the mill feed bin
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 Belt High degree of confidence in geological model with anomalous gold values >2.0 g/t Au in ~80% of drill holes >185,000 ha property wit
Slide 32: Tintic Project
TINTIC PROJECT Utah, USA 100% Ownership Double Tap Gesture with solid fill ODV NYSE TSXV 32 Virtual Tour osiskodev.com
Slide 33: Tintic Project: Asset Snapshot
TINTIC PROJECT: ASSET SNAPSHOT Highly Productive Historical Mining District LOCATION / OWNERSHIP MINE TYPE METALS STAGE LAND PACKAGE 100% ODV Utah, USA Underground Gold, Silver Trixie MRE >20,500 acres of (Q1 2024) Cu, Pb, Zn largely patented claims1 North Lily Located 95 km south of Salt Lake Cit
Slide 34: Trixie Initial Mineral Resource Estimate
TRIXIE INITIAL MINERAL RESOURCE ESTIMATE ("MRE")1 RESOURCE TONNES METAL GRADE CONTAINED METAL CUT-OFF GRADE Resources (koz) Grade (g/t Au) CATEGORY (000’s) VARIATION (g/t Au) (g/t Ag) (000’s oz Au) (000’s oz Ag) 27.6 MEASURED 120 27.36 61.73 105 238 24.0 19.1 M&I RESOURCES INDICATED 125 11.17 59.89
Slide 35: Trixie UG Ramp Development: 100% Complete
TRIXIE UG RAMP DEVELOPMENT: 100% COMPLETE RAMP DEVELOPMENT: ~1,390 M (4,550 ft.) 3 Historic Mineralized Zones Open at Depth and Strike Complete as of September 2023 756 ORE SHOOT 610 ORE SHOOT SOUTH SURVEY VEIN Enables bulk extraction at higher tonnage by providing Developed over 900 ft. (275
Slide 36: Trixie Exploration Potential
TRIXIE EXPLORATION POTENTIAL 2024 Trixie MRE represents a small footprint of the overall underground potential SOUTH NORTH Trixie MRE 2024 TRIXIE MRE1 440 meter strike length 60 meter width Empire State 195 meter depth building for scale (~4 football fields) Looking East 1. Refer to the full t
Slide 37: East Tintic Regional Exploration Potential
EAST TINTIC REGIONAL EXPLORATION POTENTIAL Highly prospective 5 km long corridor with 23 historic mines, extensive legacy datasets High-Sulphidation Epithermal Au-Ag Epithermal vein / breccia systems hosted primarily within the basal Tintic Quartzite host rock, found at the Trixie, Eureka Standard a
Slide 38: Appendix
APPENDIX ODV NYSE TSXV 38 osiskodev.com
Slide 39: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM SEAN ROOSEN, CHAIR & CEO DAVID ROULEAU, VICE PRESIDENT, PROJECT DEVELOPMENT • Founding member of Osisko Mining Corporation (2003-2014) • Seasoned executive with +35 years of operational and management BOARD OF DIRECTORS • Responsible for developing the strategic plan for
Slide 40: Responsible Mine Development
RESPONSIBLE MINE DEVELOPMENT Committed to responsible mining practices, strong relationships, and mutual support with all partners ENVIRONMENT INDIGENOUS NATIONS ▪ Osisko Development constructed two water treatment ▪ Positive relationship with Lhtako Dené Nation since 2015. plants to treat contact w
Slide 41: Cariboo 2025 Feasibility Study Metrics
CARIBOO 2025 FEASIBILITY STUDY METRICS Cariboo Gold 2025 FS – Project Operating and Financial Metrics Cariboo Gold 2025 FS – Operating Costs Assumptions units 2025 FS Metric Total LOM Unit Cost Unit Cost Split Gold price US$/oz 2,400 ($ mm) ($/t mined) (US$/oz) (%) Exchange rate USDCAD 1.35 Mining 1
Slide 42: Cariboo Mineral Reserves & Resources
CARIBOO MINERAL RESERVES & RESOURCES (Measured and Indicated Resources are exclusive of Mineral Reserves) Mineral R&R Probable Reserves Measured Resources Indicated Resources Inferred Resources Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (000’s) (g/t Au) (
Slide 43: 2024 Trixie Mineral Resources Estimate
2024 TRIXIE MINERAL RESOURCES ESTIMATE GRADE CONTAINED GRADE CONTAINED DOMAIN CATEGORY TONNES (AU G/T) GOLD (OZ) (AG G/T) SILVER (OZ) Measured 22,678 106.27 77,484 115.99 84,572 Indicated 11,939 23.19 8,902 51.07 19,602 T2 M+I 34,617 77.62 86,387 93.60 104,173 Inferred 1,996 9.82 630 61.38 3,938 Mea
Slide 44: Investor Relations Contact
PHILIP RABENOK, VICE PRESIDENT, INVESTOR RELATIONS prabenok@osiskodev.com | +1 (437) 423 3644 ODV NYSE TSXV | osiskodev.com