Slide 1: Cariboo Gold Project 2025 Optimized Feasibility Study
APRIL 2025 CARIBOO GOLD PROJECT 2025 OPTIMIZED FEASIBILITY STUDY ODV NYSE TSXV | osiskodev.com
Slide 2: Cautionary Statements
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION undue reliance on forward-looking statements. Certain statements contained in this presentation (this "Presentation") may be deemed "forward-looking statements" wi
Slide 3: Generational Asset Positioned for Growth
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY GENERATIONAL ASSET POSITIONED FOR GROWTH SHOVEL READY PROJECT IN A TIER 11 MINING JURISDICTION Limited universe of permitted development stage gold assets of scale in safe jurisdictions SCALABLE ASSET WITH MEANINGFUL UPSIDE Multi-million-ounce
Slide 4: 2025 Optimized Feasibility Study Highlights
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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 H2 2027 FIRST GOLD 202 koz/yr in the first 5 years Based on current reserves only 2028 fir
Slide 5: Key Areas of Optimization vs. 2023 Feasibility Study
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY KEY AREAS OF OPTIMIZATION vs. 2023 FEASIBILITY STUDY Accelerated $296 million Free Cash Flow* in the first 5 years vs. –$63 million under the 2023 FS Development Single-phase construction and ramp up directly to 4,900 tpd Sequence +16% in
Slide 6: Executing on Vision & Strategy
EXECUTING ON VISION & STRATEGY Junior and Intermediate Gold Producers CAD$ $16.0B Billion log scale $10B $10.0 $5B $4.2B $4.4B Market Capitalization1 $3.7B $2.5B $2B Scarcity of Permitted Assets Cariboo is one of the few fully-permitted projects in a limited universe of developers with $1B $1.0 gold
Slide 7: Significantly De-Risked Through Technical & Permitting Progress
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY SIGNIFICANTLY DE-RISKED THROUGH TECHNICAL & PERMITTING PROGRESS 2015 — 2020 2021 — 2022 2023-2024 2025 2015-2016 2021 2023 – Osisko technical team starts work on Cariboo – 151 km of drilling completed – Feasibility Study released Optimized Gold
Slide 8: 2025 FS Production Profile
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 2025 FS PRODUCTION PROFILE Production profile based on current 2.07 Moz of Probable Reserves1 only Gold Production & Head Grade 190 KOZ/YR 202 KOZ/YR Gold Payable Production (koz) Head Grade (g/t Au) LOM average2 First 5 years average2 Signific
Slide 9: Top Canadian Gold Mines/Projects
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY TOP CANADIAN GOLD MINES/PROJECTS Annual Gold Production (koz Au) 672 656 Cariboo is a scalable asset Underground Based on 2025 FS projections, Cariboo is already Open pit among the top underground gold assets in Canada, with significant upside
Slide 10: Project Operating Costs
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY PROJECT OPERATING COSTS LOM Total Cash Cost and AISC Profile Operating Costs Breakdown (Base Case) Total Cash Costs (US$/oz) All-in Sustaining Costs (US$/oz) Metric C$/t mined US$/oz $1,500 Mining $62.25 $434 $1,157/OZ AISC $1,409 $1,400 US Pro
Slide 11: Global Gold Cost Curve Positioning
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY GLOBAL GOLD COST CURVE POSITIONING 2024 Global Total Cash Cost Curve (US$/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 ($1,045)
Slide 12: Capital Cost Breakdown
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY CAPITAL COST BREAKDOWN Capital costs ($ million) Initial Sustaining Total LOM Insights Underground mine 313 397 710 ~US$652 million upfront capex1 Water & waste management 98 24 123 Process plant and related infrastructure designed to accom
Slide 13: Robust Project Economics
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY ROBUST PROJECT ECONOMICS Base Case Spot Case after-tax, C$ US$2,400 Gold | 1.35 FX US$3,300 Gold | 1.40 FX Net Present Value (NPV5%) $943 mm $2,066 mm Internal Rate of Return (IRR) 22.1% 38.0% Payback, from first production 2.8 yrs 1.6 yrs Avg.
Slide 14: After-Tax Cash Flow Profile
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY AFTER-TAX CASH FLOW PROFILE Base Case Base Case $296 Million/year $1.48 Billion Base Case Spot Case $600 Avg. FCF* in first 5 yrs1 Cumulative FCF* first 5 yrs1 $500 Spot case: $457 million/yr2 Spot case: $2.29 Billion2 $400 $389 $300 $315 $291
Slide 15: Margin & NPV Components (Base Case)
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY MARGIN & NPV COMPONENTS (BASE CASE) NPV5% Waterfall Breakdown values in blue are undiscounted cumulative values BASE $2,400/oz | SPOT $3,300/oz Revenue, net of $0.94B | $2.07B TCRCs and royalties $5,543 M $4,000 After-tax NPV5% $3,500 34% Disco
Slide 16: Mineral Resources and Mineral Reserves
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY MINERAL RESOURCES AND MINERAL RESERVES 2023 FS1 2025 Optimized FS2 Tonnes Grade Cont. Gold Tonnes Grade Cont. Gold ▲ in Contained Category (000's) (Au g/t) (koz) (000's) (Au g/t) (koz) Gold (%) Probable Mineral 16,703 3.78 2,031 17,815 3.62 2,0
Slide 17: Mine Design Summary
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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 ar
Slide 18: LOM Mining Summary
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY LOM MINING SUMMARY Mining Plan by Zone (mined tonnes) South (33%) North (33%) Deep (33%) 2,000 1,800 1,600 ~1/3 of mined tonnes to come Mined Tonnes (kt) 1,400 1,200 1,000 from each mining 800 600 zone over the 400 200 LOM – -2 -1 1 2 3 4 5 6 7
Slide 19: Project Location & Regional Infrastructure
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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¢ p
Slide 20: Proposed Conceptual Mine Site Layout
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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 c
Slide 21: Processing Flowsheet
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY PROCESSING FLOWSHEET Gravity circuit to recover 46% of gold Crush/screen Sort Grind Gravity / Flotation New Addition Dore (gravity) & Flotation Concentrate LOM recovery 92.6% Source: Refer to the 2025 FS for the assumptions, qualificati
Slide 22: Key Processing Elements
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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 siz
Slide 23: Outlook and Indicative Timeline
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY OUTLOOK AND INDICATIVE TIMELINE 9 months 12 months 12 months Project Financing / Final Investment Decision (FID) Detailed Engineering / Procurement Underground Development Construction Ramp up & First Gold Indicative timeline contingent on secu
Slide 24: Additional Optimization Opportunities
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY ADDITIONAL OPTIMIZATION OPPORTUNITIES Significant opportunities not included in the 2025 FS could materially enhance Project economics, timing, and/or permitting High potential Mineral Resource to Mineral Reserve Conversion value opportunities
Slide 25: Resource Conversion Potential
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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
Slide 26: A Potential Generational District
A POTENTIAL GENERATIONAL DISTRICT Long Section of Selected Canadian Operating Underground Mines vs. Cariboo Gold 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 Production 1
Slide 27: Immediate Exploration Upside at Cariboo
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 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 CGP mineral resources was mapped and modelled and is believed to be continuous
Slide 28: 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 29: North American Gold Project Pipeline
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY NORTH AMERICAN GOLD PROJECT PIPELINE1,2 Estimated Permit LOM Avg. Prod. LOM AISC Capital Cost Company Status Primary Asset Jurisdiction Timeline (kozpa Au) (US$/oz) (US$M)3 Osisko Development Feasibility Permitted Cariboo 190 $1,157 $652 BC, Ca
Slide 30: Generational Asset Positioned for Growth
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY GENERATIONAL ASSET POSITIONED FOR GROWTH SHOVEL READY PROJECT IN A TIER 11 MINING JURISDICTION Limited universe of permitted development stage gold assets of scale in safe jurisdictions SCALABLE ASSET WITH MEANINGFUL UPSIDE Multi-million-ounce
Slide 31: Appendix
APPENDIX ODV NYSE TSXV 31 osiskodev.com
Slide 32: 2025 Feasibility Study Metrics
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 2025 FEASIBILITY STUDY METRICS Cariboo Gold 2025 FS – Project Operating and Financial Metrics Cariboo Gold 2025 FS – Operating Costs Assumptions units 2025 FS Metric Total LOM Unit Cost Unit Cost Split Gold price US$/oz 2,400 ($ mm) ($/t mined)
Slide 33: 2025 FS Qualified Persons
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY 2025 FS QUALIFIED PERSONS Independent Area of Responsibility Qualified Persons Consultant BBA Inc. − Metallurgical test work analysis, Process Plant design, Process Plant capital − Mathieu Belisle, P.Eng and operating cost estimate − Amanda Fit
Slide 34: 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 35: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM SEAN ROOSEN, CHAIR & CEO DAVID ROULEAU, VICE PRESIDENT, PROJECT DEVELOPMENT BOARD OF DIRECTORS • Founding member of Osisko Mining Corporation (2003-2014) • Seasoned executive with +35 years of operational and management • Responsible for developing the strategic plan for
Slide 36: Capital Structure Snapshot
CAPITAL STRUCTURE SNAPSHOT Osisko Development Corp.1,2 Shareholder Ownership Current Share Price (closing price on April 25, 2025) C$2.29 /share 40% Basic Shares Outstanding 136.6 million Institutional Investors Options, DSUs, and RSUs 6.0 million 24% Osisko Gold Warrants3 78.1 million Royalties Ful
Slide 37: Project Permitting: Successfully Completed
CARIBOO PROJECT 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 Submissi
Slide 38: 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 39: Barkerville Trend
CARIBOO GOLD PROJECT – 2025 OPTIMIZED FEASIBILITY STUDY BARKERVILLE TREND › The Barkerville Trend is a historic area with dozens of placer and hard rock mines › The lithologic host is Snowshoe Group sediments that have been mapped in detail › These sedimentary rocks are mineralized by orogenic hydro
Slide 40: Investor Relations Contact
PHILIP RABENOK, VICE PRESIDENT, INVESTOR RELATIONS prabenok@osiskodev.com | +1 (437) 423 3644 ODV NYSE TSXV | osiskodev.com