Osisko Gold provides update on Tocantinzinho Mine, Eagle Gold Mine

On September 3rd, 2024, G Mining Ventures Corp. (GMINF) announced that it has reached commercial production on time and on budget at its 100%-owned Tocantinzinho Gold Mine located in the State of Para, Brazil. During August 2024, the mill operated at 76% of nameplate throughput, processing a total of 304,312 tonnes of ore at a recovery rate of 88%. The plant’s ramp-up continues to progress in-line with internal production schedules, with all major equipment demonstrating the capability to operate at or above design levels. After the initial gold pour announced in July 2024, GMIN has focused on ramping production to test the processing circuits’ ability to handle nameplate loads while improving recovery toward a life of mine average of 90%. GMIN plans to ramp up production through the second half of 2024, targeting nameplate throughput by the first quarter of 2025. Osisko would like to congratulate GMIN on reaching commercial production at TZ on time and on budget, and in less than two years. Osisko owns a 0.75% NSR royalty on the TZ Mine. Eagle Gold Mine: On August 14th, 2024, Victoria Gold Corp. (VITFF) announced that the Ontario Superior Court of Justice had granted an order appointing PricewaterhouseCoopers as the receiver and manager of Victoria Gold. PwC will administer the assets and liabilities formerly under the control of Victoria Gold at the direction of the Yukon Government and under the supervision of the court. During a briefing on August 16th, Yukon government Justice Minister Tracy-Anne McPhee said it was the territorial government’s intention to launch the receivership in a way that would allow the mine to reopen and resume mining once work cleaning up from the landslide was completed under the receiver’s direction. Longer-term, it is intended that mining and processing will be able to fully resume at Eagle once the necessary work has been done to ensure safety and environmental security. In late August 2024, the Yukon government has said it will move forward with an independent investigation into the root causes of heap leach pad failure at the Eagle mine which occurred in June 2024. Osisko holds a 5% NSR royalty on Eagle until 97,500 ounces of gold have been delivered and a 3% NSR royalty thereafter. Osisko’s royalty covers the entire Dublin Gulch property including the Eagle and Olive deposits. In addition, Osisko has various protections with respect to its royalty including: security over the property, a registered interest in land recorded with the Yukon Territory, and an intercreditor agreement with the senior lending syndicate. Along with its second quarter 2024 financial results, Osisko recognized a full non-cash impairment loss of $67.8 million based on Osisko’s assessment of the current facts and circumstances at the time.