Osisko Gold Group Inc. · TSXV:OGG
Osisko Gold — Osisko Development — Investor Presentation (January 2023)
58 slides from Osisko Gold's investor presentation, January 2023
Slide 1: A Premier North American Gold Mining Company
A PREMIER NORTH AMERICAN GOLD MINING COMPANY INVESTOR PRESENTATION NYSE: ODV | TSXV: ODV www.osiskodev.com JANUARY 2023
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This presentation (this "Presentation") contains forward-looking information and forward-looking statements (together, "forward-looking statements") within the meaning of applicable Canadian securities laws and the Unit
Slide 3: Cautionary Statements: Non-IFRS Measures
CAUTIONARY STATEMENTS NON-IFRS MEASURES ODV used in this Presentation, certain non-IFRS measures including, “all-in sustaining cost” or "AISC“ and “total cash cost”. All-in sustaining cost per gold ounce is defined as production costs less silver sales plus general and administrative, exploration, o
Slide 4: Cautionary Statements: Scientific and Technical Information
CAUTIONARY STATEMENTS SCIENTIFIC AND TECHNICAL INFORMATION The scientific and technical information in this Presentation relating to the Cariboo Gold Project is supported by a technical report entitled "NI 43-101 Technical Report – Feasibility Study for the Cariboo Gold Project” and dated January 12
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Building a Premier North American Mid-tier Gold Mining Company HIGH-QUALITY ADVANCED BROWNFIELD PROJECTS IN TIER 1 JURISDICTIONS Assets located in North America with access to brownfield infrastructure benefitting from grid power and skilled labour pools WORLD-CLASS TEAM LED BY
Slide 6: Premier Mining Jurisdictions
PREMIER MINING JURISDICTIONS Brownfield properties with existing accessible infrastructure and meaningful exploration upside 100% CARIBOO GOLD PROJECT (BC, CANADA) Ownership Feasibility Study Completed (Jan 2023) | Advancing Mine Permitting ▪ 2.0 Moz reserves (16.7 Mt at 3.8 g/t Au) | 1.6 Moz M&I re
Slide 7: Executing on Our Vision & Strategy
EXECUTING ON OUR VISION & STRATEGY INTERMEDIATE JUNIOR PRODUCER GOLD PRODUCER DEVELOPER TINTIC PROJECT 350 – 500 ADVANCING HIGH-GRADE TRIXIE 100 – 250 KOZ PER YEAR KOZ PER YEAR CARIBOO GOLD FEASIBILITY STUDY PRICE / NAV (x)1 1.1x POTENTIAL 1.0x RE-RATE 0.8x 0.7x 0.6x 0.5x 0.4x ODV All Peers Tier I P
Slide 8: Executing on Our Strategy – 2023 in Focus
EXECUTING ON OUR STRATEGY – 2023 IN FOCUS Path to Building an Intermediate Gold Producer Q1 2023 Q2 2023 Q3 2023 Q4 2023 FEASIBILITY STUDY ENVIRONMENTAL SECURE ASSESSMENT PERMITTING PROJECT CARIBOO BEGIN COMPLETED COMPLETION FINANCING GOLD PROJECT TARGET FINANCING PROCESS ✓ ✓ TINTIC INITIAL DECLINE
Slide 9: Significant Re-Rate Potential
SIGNIFICANT RE-RATE POTENTIAL …as Projects De-Risk and Production Scales Up PRICE / NAV – NORTH AMERICAN GOLD DEVELOPERS (PNAV, x) Cariboo de-risking with receipt of permits by Q4 2023 Tintic expected to ramp up to 0.9x bulk processing by Q4 2023 0.9x 0.7x 0.7x 0.7x 0.6x 0.5x 0.5x 0.4x 0.4x 0.4x 0.3
Slide 10: Current Capital Structure
CURRENT CAPITAL STRUCTURE OSISKO DEVELOPMENT CORP.1,2 SHAREHOLDER OWNERSHIP Current Share Price (closing price on Jan 6, 2023) C$6.48 /share 19% Institutional 44% Basic Shares Outstanding 75.6 million Investors Osisko Gold Options, DSUs, and RSUs Outstanding 3.1 million Royalties Warrants Outstandin
Slide 11: Best in Class ESG
BEST IN CLASS ESG Committed to responsible mining practices, strong relationships, and mutual support with all partners ENVIRONMENT INDIGENOUS NATIONS ▪ Osisko Development constructed two water treatment plants ▪ Positive relationship with Lhtako Dené Nation since 2015. to treat contact water and ef
Slide 12: Tintic Project
TINTIC PROJECT Utah, USA 100% ODV ownership NYSE: ODV | TSXV: ODV www.osiskodev.com 12
Slide 13: Tintic Project: Asset Snapshot
TINTIC PROJECT: ASSET SNAPSHOT LOCATION / OWNERSHIP MINE TYPE METALS STAGE LAND PACKAGE 100% ODV Utah, USA Underground Gold, Silver Initial Resource ✓ >17,000 acres of Cu, Pb, Zn (Q1 2023) patented (private) claims North WELL-ENDOWED HISTORICAL MINING DISTRICT Lily Eureka Tintic Standard Located 9
Slide 14: Trixie Initial Mineral Resource Estimate
TRIXIE INITIAL MINERAL RESOURCE ESTIMATE (“MRE”) TRIXIE MINERAL RESOURCES ESTIMATE – January 10, 20231 RESOURCE TONNES METAL GRADE CONTAINED METAL HIGH-GRADE DEPOSIT CATEGORY (000’s) (g/t Au) (g/t Ag) (000’s oz Au) (000’s oz Ag) 28.1 g/t gold in the M&I Resources MEASURED 11 190.61 195.53 67 69 ca
Slide 15: Trixie Compares Favourably with High Grade Deposits
TRIXIE COMPARES FAVOURABLY WITH HIGH GRADE DEPOSITS TOP GLOBAL HIGH-GRADE UG MINES GOLD RESERVE GRADE (g/t Au) M&I Grade1 Trixie (ODV) TRIXIE (ODV) 28.1 Macassa (AEM) 16.3 Eagle River (WDO) 15.3 Kiena (WDO) 11.1 Island (AGI) 10.1 Fosterville (AEM) 9.4 Cerro Negro (NEM) 8.9 Fruta del Norte (LUG) 8.7
Slide 16: Underground Ramp Development ~50% Complete
UNDERGROUND RAMP DEVELOPMENT ~50% COMPLETE Completion of the ramp by Q2 2023 a critical path item in unlocking value at Trixie RAMP DEVELOPMENT: ~1,390 M (4,550 ft.) 3 HISTORIC MINERALIZED ZONES OPEN AT DEPTH AND STRIKE RAMP FROM SURFACE TO 625 LEVEL 756 610 SOUTH SURVEY ORE SHOOT ORE SHOOT VEIN E
Slide 17: Trixie Exploration Potential
TRIXIE EXPLORATION POTENTIAL Initial MRE at Trixie represents a very small footprint of the overall underground potential SOUTH NORTH Trixie MRE TRIXIE INITIAL MRE1 380 meter strike length 85 meter width Empire State 140 meter depth building for scale (~4 football fields) NORTH SOUTH INITIAL M
Slide 18: Trixie Exploration Potential
TRIXIE EXPLORATION POTENTIAL West East TRIXIE MINERALIZATION Quartz Stockwork OVERVIEW T2 T4 High-sulphidation epithermal mineralization structurally Footwall controlled and hosted within the brittle Tintic Quartzite Breccia Mineralization capped by impermeable shales of the Lower Ophir Formatio
Slide 19: Sampling and Drilling Have Shown Continuity of T2 / T4
SAMPLING AND DRILLING HAVE SHOWN CONTINUITY OF T2 / T4 Only ~25% of assay results received from RC and DD drilling completed in 2022 TRIXIE CROSS SECTION High-grade gold results greater than 100 g/t are present throughout the entire 2022 DRILLING LOOKING NORTH2 sampled area, on all levels, including
Slide 20: Recent Chip Sampling and Drilling Highlights
RECENT CHIP SAMPLING AND DRILLING HIGHLIGHTS Most recent results have shown chip samples of up to ~67 oz/t (2,311 g/t) over 2.3 meters Drilling assays generally report lower grades than sampling SELECT CHIP SAMPLING1,2 SELECT DRILLING2 assays due to the nuggety nature of the gold system HOLE ID WI
Slide 21: Tintic Regional Exploration Potential
TINTIC REGIONAL EXPLORATION POTENTIAL Highly prospective 5 km long corridor with 23 historic mines, extensive legacy datasets East Tintic Au-rich epithermal mineralization zones run EAST GRABEN FAULT EPITHERMAL HIGH-GRADE Au-Ag 1 vertically downwards and to the west from Pb-Ag-Zn CRD’s to Au-Ag-Cu e
Slide 22: Regional Targets: Epithermal High-Grade Au-Ag
1 REGIONAL TARGETS: EPITHERMAL HIGH-GRADE Au-Ag Targets identified based on 3D geological modelling completed to date EUREKA STANDARD NORTH LILY Epithermal Au-Ag along trend NNE of Trixie North Lily operated between 1927 and 1940s Mineralization hosted in the brittle Tintic Quartzite with stru
Slide 23: Regional Targets: Carbonate Replacement Ag-Pb-Zn
2 REGIONAL TARGETS: CARBONATE REPLACEMENT Ag-Pb-Zn Data compilation and geologic modelling ongoing HISTORIC BURGIN MINE Mined by Kennecott until 1978, with the “Burgin Extension” discovered from drilling undertaken in 1980 The Burgin mine hosts a significant Pb-Zn-Ag-Au replacement style deposit
Slide 24: Regional Targets: Porphyry Cu-Au-Mo Potential
3 REGIONAL TARGETS: PORPHYRY Cu-Au-Mo POTENTIAL Strong evidence for multiple potential porphyry centers within the district BIG HILL PORPHYRY TARGET Located 65 km south of Bingham Canyon Mine, which has produced 19 Mt of copper since 1906 District Endowment of 24.6 MT copper and 43 Moz Au, 425 M
Slide 25: Cariboo Gold Project
CARIBOO GOLD PROJECT British Columbia, Canada 100% ODV ownership NYSE: ODV | TSXV: ODV www.osiskodev.com 25
Slide 26: Cariboo Gold Project: Asset Snapshot
CARIBOO GOLD PROJECT: ASSET SNAPSHOT District scale exploration upside potential in an under-explored Cariboo gold belt LOCATION / OWNERSHIP MINE TYPE METALS STAGE LAND PACKAGE 100% ODV BC, Canada Underground Gold Feasibility Study ✓ Mosquito 192,000 ha Silver (Jan-23) Wells Shaft Island Valley Bark
Slide 27: Cariboo Feasibility Study at a Glance
CARIBOO FEASIBILITY STUDY AT A GLANCE1 FIRST INITIAL TOTAL GOLD MINE LIFE PRODUCTION CAPITAL RECOVERED1 12 YEARS 2024 (Phase 1) C$137.3 M 1.87 MOZ Phase 1 (1-3); Phase 2 (4-12) 2027 (Phase 2) Expansion C$451.1 M 2.03 Moz Probable Reserves PRODUCTION LOM AISC2 NPV5% | IRR RESOURCES1 (LOM Avg.) (US$1,
Slide 28: Cariboo 2023 Feasibility Study Highlights
CARIBOO 2023 FEASIBILITY STUDY HIGHLIGHTS FS demonstrates that Cariboo will be a large-scale, long-life and profitable gold mine SCALABLE PHASED Minimizing exposure to development risk with flexibility to scale up DEVELOPMENT Phase 1: 1,500 tpd operation at ~73 koz / year (first 3 years) ~164 ko
Slide 29: Mine Design Summary
MINE DESIGN SUMMARY Phase 1 production to come from Lowhee, Shaft and Mosquito deposits The vertical extent of all mineable blocks averages ~350 meters Mineralization is open at depth and along strike and between and mineralization has been tested down to 900 meters some deposits due to lack of
Slide 30: Location, Location, Location
LOCATION, LOCATION, LOCATION … PORTAL TO QR MILL LOWHEE ZONE Railroad Proposed Transmission Wells Line Barkerville Quesnel Highway 100% OWNED, FULLY PERMITTED AND OPERATIONAL Produced gold in 2022 QR Mill Mt Polley Mine Gibraltar Mine ODV Mineral Tenure – 192,000 ha property ROADHEADER AT SITE NYSE:
Slide 31: Cariboo 2023 Feasibility Study Summary
CARIBOO 2023 FEASIBILITY STUDY SUMMARY SUMMARY OPERATING RESULTS1 SUMMARY ECONOMIC RESULTS1 (US$1,700/OZ AU) Phase 1 Phase 2 LOM LOM (2024 – 2026) (2027 – 2036) (12 years) (12 years) Ore Mined Mt 1.5 15.2 16.7 Total Revenue C$M $4,126 Throughput tpd 1,500 4,900 4,056 Cumulative Cash Flow (pre-tax)2
Slide 32: Cariboo: Reserves and Resources
CARIBOO: RESERVES AND RESOURCES 2022 PEA MRE1 2023 FEASIBILITY2 MINERAL Tonnes Grade Ounces Tonnes Grade Ounces CATEGORY (Mt) (g/t) (000’s) (Mt) (g/t) (000’s) M&I RESOURCES CONVERSION TO RESERVES PROVEN & PROBABLE – – – 16,703 3.8 2,031 RESERVES MEASURED & INDICATED 27,102 4.0 3,470 14,682 3.3 1,571
Slide 33: Cariboo – Low Capital Intensity & Advanced Versus Peers
CARIBOO – LOW CAPITAL INTENSITY & ADVANCED VERSUS PEERS CAPITAL INTENSITY – NORTH AMERICAN GOLD DEVELOPERS (Development Capex / Annual Gold Production, US$/kozpa) Phased approach with ✓ Low capital intensity low initial capex to first ✓ Peer leading initial construction cost production ✓ Access, inf
Slide 34: Cariboo Benchmarking: Canadian Underground Mines
CARIBOO BENCHMARKING: CANADIAN UNDERGROUND MINES CANADIAN UNDERGROUND GOLD ASSETS: UG MINING COSTS (C$/tonne) vs. GRADE (Au g/t) (C$/tonne, UG mining costs) (g/t Au, gold grade) Development $250 18.0 $235 Producing One of Few Advanced Stage Grade (g/t Au) 16.0 $200 Underground Deposits in Canada $18
Slide 35: Cariboo Gold Project: NPV & IRR Sensitivity Analysis
CARIBOO GOLD PROJECT: NPV & IRR SENSITIVITY ANALYSIS NPV5% SENSITIVITY | AFTER-TAX (C$M)1 IRR SENSITIVITY | AFTER-TAX (%)1 BASE SPOT BASE SPOT CASE GOLD $821 CASE GOLD 31% $715 28% $609 24% 21% $502 17% $394 14% $285 10% $157 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $1,400 $1,500 $1,600 $1,7
Slide 36: Processing Capacity Expansion Potential
PROCESSING CAPACITY EXPANSION POTENTIAL CARIBOO GOLD MINE SITE COMPLEX Phase 1 (years 1-3) Grinding & Flotation STREAMLINED Phase 2 (years 4-12) Ore Sorting (Phase 2) (Phase 1)1 DESIGN THAT Expansion Potential ALLOWS SCALING Office, Ore Sorting Warehouse PROCESSING & Garage (Phase 2) (Phase 1) CAPAC
Slide 37: Nature of Mineralization Favorable to Ore Sorting
NATURE OF MINERALIZATION FAVORABLE TO ORE SORTING Metallurgical testing to date indicates that Cariboo mineralization is well suited for ore sorting Ore Sorting Separates Gold Rich (11.0 g/t1) Host Rock From Unmineralized Sandstone 481 VEIN CORRIDORS Pyrite hosted in quartz veins High Density Materi
Slide 38: Ore Sorter Technology: Illustrative Example
ORE SORTER TECHNOLOGY: ILLUSTRATIVE EXAMPLE Ore sorting provides significant benefits at low opex of ~$1.00 per tonne feed Mine Feed View the ore sorter ORE SORTING IS A (3.72 g/t)(1) technology in action: HERE GREEN TECHNOLOGY 4,900 tpd Significant reduction in energy, water and chemical usage
Slide 39: Up "Grade" Process
UP “GRADE” PROCESS1 Average estimated uncapped length weighted grade of quartz veins in vein corridors2 PHASE I (2024 – 2026) ~11 g/t 4.43 g/t 8.20 g/t 8.20 g/t AVG. GOLD MINED POST-ORE FEED VEIN GRADE2 GRADE SORTING GRADE DILUTION FROM ORE SORTING FLOTATION BULK MINING OF TECHNOLOGY CONCENTRATE LEA
Slide 40: Cariboo Upside Potential Through Resource Conversion
CARIBOO UPSIDE POTENTIAL THROUGH RESOURCE CONVERSION FEASIBILITY STUDY – M&I RESOURCES ONLY1 ADDITIONAL INFERRED RESOURCES1 All ramp, access and haulage drifts and other primary Potential to convert inferred resources near mined ounces at infrastructure to be constructed to provide access to min
Slide 41: Cariboo Exploration Potential at Depth
CARIBOO EXPLORATION POTENTIAL AT DEPTH 2.03 Moz Au at 3.8 g/t Au in Probable Reserves1 1.57 Moz Au at 3.3 g/t Au M&I resources, 1.71 Moz at 3.44 g/t Au Inferred Resources with potential to be converted1 >500 m additional depth potential of known vein corridors adjacent to mine plan untested –
Slide 42: Developing a Mining Camp
DEVELOPING A MINING CAMP 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 Area of currently defined MRMR 155,000 ha property with 83 kilometers strike of gold target
Slide 43: San Antonio Project
SAN ANTONIO PROJECT Sonora, Mexico 100% ODV ownership NYSE: ODV | TSXV: ODV www.osiskodev.com 43
Slide 44: San Antonio: Project Overview
SAN ANTONIO: PROJECT OVERVIEW ASSET HIGHLIGHTS Sonora Located 160 km from airport and towns of Hermosillo and Obregon in mining-friendly Sonora Constructed a heap leach pad and a carbon in column plant at the end of 2021 to process stockpiled mineralized material • 1.1 Mt stockpile grading 0.58
Slide 45: San Antonio Gold Project
SAN ANTONIO GOLD PROJECT Stockpile placed on newly constructed heap leach pad 1 NYSE: ODV | TSXV: ODV www.osiskodev.com 45
Slide 46: Appendix
APPENDIX NYSE: ODV | TSXV: ODV www.osiskodev.com 46
Slide 47: World-Class Leadership
WORLD-CLASS LEADERSHIP SEAN ROOSEN, CEO ALEXANDER DANN, CFO, CPA, CA BOARD OF DIRECTORS • Founding member of Osisko Mining Corporation (2003- • 25 years of experience leading finance operations and strategic planning for companies in 2014) the mining and manufacturing sectors • Responsible for devel
Slide 48: Cariboo FS: Mining Production Profile
CARIBOO FS: MINING PRODUCTION PROFILE MINED TONNES vs. GRADE BY DEPOSIT1 (000’s tonnes mined) (g/t Au, mined grade) 2,000 5.00 4.68 LOWHEE, SHAFT 1,800 4.50 4.36 4.50 AND MOSQUITO 4.21 1,600 4.15 4.00 Expected to be mined Cow 3.87 3.89 in Phase 1 3.69 3.68 3.60 1,400 Valley 3.50 3.40 Mosquito 3.24 3
Slide 49: Phase I – Large Scale Production at Low Capex
PHASE I – LARGE SCALE PRODUCTION AT LOW CAPEX KEY METRICS AND BENEFITS FLOW SHEET 1,500 tpd initial throughput (first 3 years) Crushing and sorting located at mine site START Reduced capital cost by leveraging existing infrastructure at QR Mill for comminution and leaching Low initial constr
Slide 50: Phase II – Streamlined Expansion to Optimize Mining
PHASE II – STREAMLINED EXPANSION TO OPTIMIZE MINING KEY METRICS AND BENEFITS FLOW SHEET 4,900 tpd expansion throughput Underground primary crushing with conveyor to surface Ore sorting, comminution and flotation conducted at mine site Flotation concentrate processed at QR Mill for further co
Slide 51: Feed Up "Grade": Ore Sorting & Flotation
FEED UP “GRADE”: ORE SORTING & FLOTATION1 (Gold grade, g/t) 35.0 33.40 MINED GRADE FEED GRADE POST-ORE SORTING 30.69 30.89 30.0 FEED GRADE POST-FLOTATION 29.39 29.07 28.18 27.16 25.28 25.72 25.0 20.0 ~11 g/t average estimated uncapped length weighted grade 16.67 of quartz veins in vein corridors2 15
Slide 52: Cariboo Mineral Reserves & Resources
CARIBOO MINERAL RESERVES & RESOURCES (Measured and Indicated Resources are exclusive of Reserves) MINERAL RESERVES PROVEN PROBABLE PROVEN & PROBABLE Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (000’s) (g/t) (000’s) (000’s) (g/t) (000’s) (000’s) (g/t) (000’s) Cow – – – 4,127 3
Slide 53: Notes to Cariboo Mineral Reserves and Resources
NOTES TO CARIBOO MINERAL RESERVES AND RESOURCES MINERAL RESERVES 1. Totals may not add up due to rounding. 2. Mineral Reserves have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), which are incorporated by reference in NI 43-101. 3. Miner
Slide 54: Sapuchi Drill Results
SAPUCHI DRILL RESULTS Hole number From To Length Au ppm Ag ppm SP-DD-21-006 119.15 129.40 10.25 2.37 2.02 SP-DD-21-008 62.55 84.70 22.15 1.59 3.68 SP-DD-21-008 165.00 177.65 12.65 2.94 3.98 SP-DD-21-008 including 173.25 173.95 0.70 44.40 54.40 SP-DD-21-019 167.40 207.30 39.90 1.02 3.90 SP-DD-21-029
Slide 55: Mineral Resource Estimate – San Antonio Project
MINERAL RESOURCE ESTIMATE – SAN ANTONIO PROJECT1 TONNES GRADE (g/t) CONTAINED METAL DEPOSIT CATEGORY (Mt) SILVER GOLD SILVER (Moz) GOLD (koz) Indicated 3.9 2.5 1.22 0.31 153 CALIFORNIA Inferred 1.6 3.3 1.10 0.17 58 Indicated 5.7 2.5 1.44 0.46 262 GOLFO DE ORO Inferred 6.4 2.5 1.24 0.52 254 Indicated
Slide 56: Trixie Mineral Resources Estimate – January 10, 2023
TRIXIE MINERAL RESOURCES ESTIMATE – January 10, 2023 GRADE CONTAINED GRADE CONTAINED DOMAIN CATEGORY TONNES (AU G/T) GOLD (OZ) (AG G/T) SILVER (OZ) Measured – – – – – Indicated 34,470 16.39 18,159 30.55 33,856 T1 M+I 34,470 16.39 18,159 30.55 33,856 Inferred 134,665 16.59 71,832 38.51 166,716 Measur
Slide 57: Notes to Trixie Mineral Resources
NOTES TO TRIXIE MINERAL RESOURCES NOTES 1. Effective date of the Trixie MRE is January 10, 2023. 2. The Company intends to file a technical report (the "Technical Report") in respect of the Trixie MRE in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 4
Slide 58: NYSE: ODV | TSXV: ODV | www.osiskodev.com
PHILIP RABENOK, DIRECTOR, INVESTOR RELATIONS prabenok@osiskodev.com | +1 (437) 423 3644 NYSE: ODV | TSXV: ODV | www.osiskodev.com
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