Osisko Gold Group Inc. · TSXV:OGG
Osisko Gold — Investor Presentation (October 2026)
48 slides from Osisko Gold's investor presentation, October 2026
Slide 1: Building Canada's Next Major Gold Mine
Building Canada’s Next Major Gold Mine October 2026 INVESTOR PRESENTATION OGG NYSE TSXV | osiskogold.ca
Slide 2: Cautionary Statements: Forward-Looking Information
CAUTIONARY STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION of further exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately predict mineralization; the ability of the Company to expand mineral resources beyon
Slide 3: Cautionary Statements: Note to U.S. Investors
CAUTIONARY STATEMENTS CAUTIONARY NOTE TO U.S. INVESTORS For readers to fully understand the information in the Technical Reports, reference should be made to the full text of the Technical Reports in their entirety, including all assumptions, parameters, qualifications, limitations and methods there
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Building Toward Becoming a Premier Canadian Mid-tier Gold Mining Company CONSTRUCTION FOCUS ON SCALABLE EXPERIENCED TEAM RESPONSIBLE UNDERWAY ON ASSETS WITH DISTRICT LED BY CEO SEAN STAKEHOLDER CARIBOO GOLD POTENTIAL ROOSEN ENGAGEMENT Limited universe of permitted, Multi-millio
Slide 5: Cariboo Formal Construction Decision
CARIBOO FORMAL CONSTRUCTION DECISION Positive formal construction decision on the Cariboo Gold Project 1 Q1 2029 expected first gold pour H2 2029 commercial production C$990 million go-forward capital obligation for the Cariboo Gold Project 2 C$1.7B in total estimated sources of capital, incl. C$879
Slide 6: Fully Funded and in Construction
FULLY FUNDED AND IN CONSTRUCTION1 Cariboo Gold is fully funded to commercial production with significant progress achieved to date Figures in US$ millions $151M Warrant Proceeds (2029 exp)4 $117M Warrant Proceeds (2027 exp)4 $120M Tarfigura Term Loan Facility $156M Surplus $119M Exploration5 $457M $
Slide 7: Executing on Vision & Strategy: Scale Matters
EXECUTING ON VISION & STRATEGY SCALE MATTERS… Junior and Intermediate Market Cap per 100kozpa (C$Bn) Gold Producers Target CAD$ 3x $8.2 Zone 2 $21B Billion $19B log scale Target $14B Zone 1 $4.2 $2.7 $10B $5.4B Market Capitalization1 $5B WDO LUG GMIN $5.2B $9B Scarcity of Permitted Assets $2B Caribo
Slide 8: Capital Structure Snapshot
CAPITAL STRUCTURE SNAPSHOT Osisko Gold Group1,2 Shareholder Ownership1 Current Share Price (closing price on Oct 5, 2026) C$4.05 /share OR Royalties Institutional Investors Basic Shares Outstanding 306.2 million 51% 11% Insiders & Management Options, DSUs, and RSUs 10.2 million (~2% fully-diluted) 1
Slide 9: Cariboo Gold Project
CARIBOO GOLD PROJECT British Columbia, Canada 100% Ownership OGG NYSE TSXV 9 osiskogold.ca
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 100% OGG BC, Canada Underground Gold Permits (Nov-24) >185,000 ha Feasibility (Apr-25) FID (Sep-26) Two prospective mineralized trends over
Slide 11: Project Regional Setting
PROJECT REGIONAL SETTING 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 Accessible year round via
Slide 12: 2026 Go-Forward Capital Update
2026 GO-FORWARD CAPITAL UPDATE1 All $ figures in CAD, unless otherwise noted (USDCAD 1.38) 190 KOZ / YEAR LOM AVG 10 YEAR MINE LIFE Q1 2029 FIRST GOLD 202 koz/yr in the first 5 years Based solely on probable reserves H2 2029 commercial production US $1,163/OZ AISC* $990M GO-FORWARD CAPEX $362 LOM AV
Slide 13: Cariboo Path to Commercial Production
CARIBOO PATH TO COMMERCIAL PRODUCTION First gold pour anticipated in Q1 2029 and commercial production in H2 2029 2026 2027 2028 2029 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Early Works Detailed Engineering Development Infill and Resource Drilling1 Underground Development Bonanza Ledge Earthwor
Slide 14: Site Pre-Construction Activities
SITE PRE-CONSTRUCTION ACTIVITIES >350 personnel at Cariboo Gold site advancing pre-construction activities Surface infrastructure – waste rock storage facility Ballarat camp expansion to 358 rooms completed – sufficient capacity for construction and exploration manpower demand Commissioning underway
Slide 15: Mine Site Complex (Primary Processing Facilities)
MINE SITE COMPLEX (PRIMARY PROCESSING FACILITIES) >350 personnel at Cariboo Gold site advancing pre-construction activities Valley Portal excavation Exposed bedrock MSC WTP foundations OGG NYSE TSXV 15 osiskogold.ca
Slide 16: Cariboo Gold Project - Underground
CARIBOO GOLD PROJECT - UNDERGROUND >350 personnel at Cariboo Gold site advancing pre-construction activities OGG NYSE TSXV 16 osiskogold.ca
Slide 17: 2026 Go-Forward Capital Update
2026 GO-FORWARD CAPITAL UPDATE1,4 From August 1, 2026 to forecasted commercial production. Items C$M US$M Significant Progress on Site Pre-Construction Activities Underground mine & development2 $390 $283 >350 personnel at Cariboo Gold Water & waste management $124 $90 site advancing pre-construct
Slide 18: 2025 Feasibility Production Profile
2025 FEASIBILITY PRODUCTION PROFILE Production profile based on current 2.07 Moz of Probable Reserves1 only Gold Production & Head Grade 190 KOZ/YR 202 KOZ/YR Gold Payable Production (koz) Head Grade (g/t Au) LOM average2 First 5 years average2 Significant upside potential from resource conversion a
Slide 19: Target to Be Among the Top Canadian Mines
TARGET TO BE AMONG THE TOP CANADIAN MINES Annual Expected Gold Production 693 TARGET (koz Au) PRODUCTION 643 Cariboo is a scalable asset RANGE Underground Based on 2025 FS projections, Cariboo would place Open pit among the top underground gold assets in Canada, with significant upside potential 513
Slide 20: Global Gold Cost Curve Positioning
GLOBAL GOLD COST CURVE POSITIONING 2024 Global Total Cash Cost Curve* (US$/oz) $3,500 $3,000 Cariboo is $2,500 Cariboo Cariboo ($947) Timmins ($1,700) positioned in the $2,000 $957/oz Porcupine ($1,097) Eleonore ($1,339) lower half of the global cost curve Musselwhite ($1,045) $1,500 LaRonde ($945)
Slide 21: Robust Project Economics
ROBUST PROJECT ECONOMICS 2025 FS 2026 Go-Forward Update1 US$2,400/oz US$3,570/oz US$4,350/oz Gold Price Gold Price Gold Price after-tax, C$ Base Case | 1.35 FX LT Consensus | 1.38 FX Spot Gold | 1.38 FX1 Net Present Value (NPV5%) $943 mm $2,323 mm $3,181 mm Internal Rate of Return (IRR) 22.1% 34.7%
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: Infill Drilling and Underground Development
INFILL DRILLING AND UNDERGROUND DEVELOPMENT Results of the 13,000-metre infill drill program in the Lowhee Zone broadly validated model assumptions Plan View Infill Drilling Cariboo Reserves1 Fans 2.071 Moz Ramp Progress (~3.0 km completed) Reserve (17.8 Mt at 3.62 g/t Au) Stopes Mosquito Valley Res
Slide 25: Lowhee Underground
LOWHEE UNDERGROUND OGG NYSE TSXV 25 osiskogold.ca
Slide 26: 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 27: Processing Flowsheet
PROCESSING FLOWSHEET Gravity circuit to Totals may not add up due to rounding recover 46% of gold Crush/screen Sort Grind Gravity / Flotation Dore (gravity) & Flotation Concentrate LOM recovery 92.6% Source: Refer to the Cariboo Technical Report for the assumptions, qualifications and limita
Slide 28: 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 29: 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 30: Cariboo Exploration Potential at Depth: Long Section
CARIBOO EXPLORATION POTENTIAL AT DEPTH: LONG SECTION 1 13.83g/t @ 1.6m 8.81g/t @ 2.3m 6.61g/t @ 4.5m 6.17g/t @ 7.1m 17.32g/t @ 1m 13.19g/t @ 3.6m 2 Cariboo Deeps Drilling3 8,971 m of new surface exploration drilling testing near mine potential at depth and in gap zones Cariboo Deeps exploration
Slide 31: A Potential Generational District
A POTENTIAL GENERATIONAL DISTRICT Illustrative comparison of Cariboo Gold vs. selected Canadian operating underground mines* OSISKO GOLD ALAMOS GOLD AGNICO EAGLE AGNICO EAGLE Cariboo Deposit1 Young-Davidson2 Goldex3,4 LaRonde Complex3,5 Head Grade (Au) 3.62 g/t 1.94 g/t 1.40 g/t 4.08 g/t Production
Slide 32: An Emerging Mineralized System at Proserpine
AN EMERGING MINERALIZED SYSTEM AT PROSERPINE 4.4 km strike 10 km strike Cariboo Gold Project Proserpine Mountain Barkerville Mountain Williams Permit boundary Creek Wilkinson Warspite Bell-Independence Victory 1500 m potential 1 km 2 km depth Permitted at depth 2026 Drilling 14 km trend with explora
Slide 33: 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 34: Tintic Project
TINTIC PROJECT Utah, USA 100% Ownership Double Tap Gesture with solid fill OGG NYSE TSXV 34 Virtual Tour osiskogold.ca
Slide 35: Tintic Project: Asset Snapshot
TINTIC PROJECT: ASSET SNAPSHOT Highly Productive Historical Mining District LOCATION / OWNERSHIP MINE TYPE METALS STAGE LAND PACKAGE 100% OGG Utah, USA Underground Gold, Silver Trixie MRE >20,500 acres of (Q1 2024) Cu, Pb, Zn largely patented claims1 North Lily ~65 km from the prolific Bingham Can
Slide 36: 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 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 OGG NYSE TSXV 38 osiskogold.ca
Slide 39: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Executive Leadership SEAN ROOSEN CHRIS LODDER Elijah Tyshynski LAURENCE FARMER CHAIR & CEO PRESIDENT CFO GENERAL COUNSEL & VP STRATEGIC DEVELOPMENT Founding member of Osisko Mining 30 years’ experience working on and Over 25 years of experience leading finance Ove
Slide 40: Key Financing De-Risking Milestones
KEY FINANCING DE-RISKING MILESTONES ~US$1.1B+ total raised since securing Project Financing US$450M Project Financing Subsequent Draw $435M $260M $100M Equity Convert Notes5 Initial Draw $350M ~$795M $435M equity + $360M debt Equity Financings Convertible Senior Notes Project Debt Financing2 Net o
Slide 41: Convertible Senior Notes
CONVERTIBLE SENIOR NOTES US$300 million 4.125% Convertible Notes + 100% Effective Conversion Premium from Capped Call OPTIMIZING PROJECT SUCCESSFUL FLEXIBLE SETTLEMENT CAPPED CALL COST OF CAPITAL OVERNIGHT EXECUTION & REDEMPTION MITIGATES DILUTION Attractive project cost of Successfully executed Fle
Slide 42: Convertible Offering & Capped Call Overview
CONVERTIBLE OFFERING & CAPPED CALL OVERVIEW Convertible Senior Notes (2031) Capped Call (2031) Base size US$225 mm Capped call range (% from ref) 25.0% — 100.0% Overallotment option US$25 mm Capped call range (US$/sh) US$3.68 — $5.88 Concurrent affiliate purchase US$50 mm Net cost (% of deal size |
Slide 43: Convert Notes: Illustrative Settlement Scenarios
CONVERT NOTES: ILLUSTRATIVE SETTLEMENT SCENARIOS All $ figures in USD, unless otherwise noted Reference Initial Redemption Capped Call Illustrative share Price conversion Trigger Cap price range $2.00 A B C $7.00 $2.94 $3.68 $4.78 $5.88 +25% from ref +63% from ref +100% from ref Below Conversion Hed
Slide 44: Responsible Mine Development
RESPONSIBLE MINE DEVELOPMENT Committed to responsible mining practices, strong relationships, and mutual support with all partners ENVIRONMENT INDIGENOUS NATIONS ▪ Osisko Gold constructed two water treatment plants to ▪ Positive relationship with Lhtako Dené Nation since 2015. treat contact water an
Slide 45: Cariboo 2025 Feasibility Study Metrics
CARIBOO 2025 FEASIBILITY STUDY METRICS Cariboo Gold 2025 FS – Project Operating and Financial Metrics Cariboo Gold 2025 FS – Operating Costs Assumptions units 2025 FS Metric Total LOM Unit Cost Unit Cost Split Gold price US$/oz 2,400 ($ mm) ($/t mined) (US$/oz) (%) Exchange rate USDCAD 1.35 Mining 1
Slide 46: 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 47: 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 48: OGG NYSE TSXV | osiskogold.ca
PHILIP RABENOK, VICE PRESIDENT, INVESTOR RELATIONS prabenok@osiskogold.ca | +1 (437) 423 3644 OGG NYSE TSXV | osiskogold.ca
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