Osisko Development secures $450M financing facility for Cariboo Gold project

Osisko Development (ODV) entered into a credit agreement with funds advised by Appian Capital Advisory with respect to a senior secured project loan credit facility totaling $450M for the development and construction of its permitted, 100%-owned Cariboo Gold Project, located in central British Columbia, Canada. The Credit Facility provides strategic capital and enhanced financial flexibility as the Company advances Cariboo through the next phase of pre-construction and early works milestones toward construction readiness. It is structured in two tranches aligned with the Project’s planned development timeline. An initial draw of $100M was completed and will be used to: undertake a 13,000-meter infill drill campaign to further de-risk Project mine planning assumptions; fund pre-construction and construction activities for the development of Cariboo; repay the Company’s existing outstanding $25M term loan with National Bank of Canada, maturing in October 2025; and support the Project’s general working capital requirements. “We are delighted to welcome Appian as a new cornerstone investor, which is a significant endorsement of the Cariboo Gold Project and a major milestone in advancing it towards a construction decision,” commented Sean Roosen, CEO. “Having recently completed an updated feasibility study for the Project, the $450M facility represents a key financing commitment and allows us to maintain momentum towards a formal investment decision. The facility is structured to provide us with financial flexibility as we continue to push forward on pre-construction and construction activities and seek to fully fund the Project for construction. Appian is the leading investor in the mining space and has a successful track record of identifying and supporting the development of high-quality assets into production-we are encouraged by their confidence in our team and vision to develop the next major Canadian gold mine.”