Osisko Development Corp. (ODV): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Osisko Development Corp. (ODV), einem dynamischen Goldexplorationsunternehmen, das Mineralpotenzial in Mehrwert für die Aktionäre umwandelt. Mit einem laserfokussierten Ansatz für nachhaltige Bergbaupraktiken und strategische Vermögenswerte in den ressourcenreichen Landschaften von British Columbia stellt ODV eine faszinierende Investitionsmöglichkeit im Edelmetallsektor dar. Ihr innovatives Business Model Canvas offenbart einen ausgeklügelten Plan für die Erschließung von Mineralressourcen und vereint modernstes geologisches Fachwissen mit strategischen Partnerschaften, die sie an der Spitze der verantwortungsvollen Goldexploration und potenziellen Monetarisierung positionieren.

Osisko Development Corp. (ODV) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Yamana Gold für das Cariboo-Goldprojekt

Osisko Development Corp. unterhält eine Strategische Partnerschaft mit Yamana Gold Inc. für das Cariboo-Goldprojekt in British Columbia, Kanada.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Projektstandort	British Columbia, Kanada
Projekttyp	Goldexploration und -entwicklung
Eigentümerstruktur	Osisko Development: 100 % Eigentum

Joint-Venture-Partnerschaften in der Bergbauexploration

Osisko Development Corp. beteiligt sich an mehreren Joint-Venture-Partnerschaften zur Bergbauexploration und -entwicklung.

• Mexikanische Explorationsprojekte mit strategischen Bergbaupartnern
• Technische Zusammenarbeit mit regionalen geologischen Teams
• Explorationsvereinbarungen zur Risikoteilung

Finanzielle Partnerschaften

Finanzpartner	Partnerschaftstyp	Investitionsbetrag
Sprott-Ressourcenleihe	Schuldenfinanzierung	Kreditfazilität in Höhe von 35 Millionen US-Dollar
Eric Sprott	Eigenkapitalinvestition	Ungefähr 20 Millionen US-Dollar

Technische Kooperationspartnerschaften

Osisko Development unterhält technische Partnerschaften mit spezialisierten Beratern für Bergbautechnik.

• Partnerschaften für geologische Untersuchungen
• Beratung im Bereich Bergbautechnik
• Kooperationen zur Umweltverträglichkeitsprüfung

Zu den wichtigsten technischen Partnern gehören SRK Consulting und Ausenco Engineering.

Osisko Development Corp. (ODV) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und Mineralressourcenentwicklung

Osisko Development Corp. konzentriert sich auf die Mineralexploration mit besonderem Schwerpunkt auf dem Goldprojekt Cariboo in British Columbia, Kanada. Im Jahr 2024 umfasst das Projekt etwa 590 Quadratkilometer Mineralgrundstück.

Explorationsmetrik	Aktueller Status
Gesamte Explorationsausgaben (2023)	35,2 Millionen US-Dollar
Bohrmeter abgeschlossen	88.000 Meter
Geschätzte Mineralressource	4,2 Millionen Unzen Gold

Bergbaubetriebe in British Columbia, Kanada

Die wichtigsten Bergbaubetriebe des Unternehmens befinden sich im Cariboo Gold District.

• Einsatzgebiet: Cariboo-Goldprojekt
• Voraussichtliche Jahresproduktion: 150.000–200.000 Unzen Gold
• Geschätzte Lebensdauer der Mine: 14 Jahre

Erwerb und Bewertung von Mineralgrundstücken

Eigentum	Standort	Anschaffungskosten
Cariboo-Goldprojekt	British Columbia, Kanada	75 Millionen Dollar
Goldprojekt San Antonio	Nunavut, Kanada	15 Millionen Dollar

Machbarkeitsstudien und Projektfortschritt

Osisko Development hat im vierten Quartal 2023 eine umfassende Machbarkeitsstudie für das Goldprojekt Cariboo abgeschlossen.

• Anfängliche Kapitalausgaben: 397 Millionen US-Dollar
• All-In Sustaining Cost (AISC): Geschätzte 850-950 $ pro Unze
• Nettobarwert (NPV) bei 5 % Abzinsungssatz: 482 Millionen US-Dollar

Nachhaltiges Bergbau- und Umwelt-Compliance-Management

Das Unternehmen hält strenge Umweltstandards und Compliance-Protokolle ein.

Umweltinitiative	Investition
Programm zur Reduzierung von Treibhausgasen	5,3 Millionen US-Dollar pro Jahr
Wassermanagementsysteme	2,7 Millionen US-Dollar
Rückforderungsanleihe	22 Millionen Dollar

Osisko Development Corp. (ODV) – Geschäftsmodell: Schlüsselressourcen

Cariboo-Goldprojekt in British Columbia

Das Cariboo-Goldprojekt liegt im Zentrum von British Columbia, Kanada, und erstreckt sich über eine Fläche von etwa 830 Quadratkilometern. Ab 2024 weist das Projekt folgende Hauptmerkmale auf:

Metrisch	Wert
Gesamtes Grundstückspaket	830 Quadratkilometer
Geschätzte Mineralressource	2,2 Millionen Unzen Gold
Geschätzte Projektinvestitionen	507 Millionen CAD

Erfahrenes Management und technisches Fachwissen

Zum Managementteam der Osisko Development Corp. gehören:

• Fachleute mit insgesamt über 100 Jahren Erfahrung im Bergbau
• Technisches Team mit umfassender Erfahrung in der Goldexploration und -erschließung
• Führungspersönlichkeit mit nachgewiesener Erfolgsbilanz im Mineralressourcenmanagement

Bedeutender Mineralgrundbesitz und Explorationsrechte

Eigentum	Standort	Gesamtfläche
Cariboo-Goldprojekt	British Columbia, Kanada	830 km²
Goldprojekt San Antonio	Sonora, Mexiko	5.400 Hektar

Fortschrittliche geologische Daten und Explorationstechnologien

• Geologische 3D-Kartierungstechnologien
• Hochauflösende geophysikalische Vermessungsgeräte
• Fortschrittliche Systeme zur Bohrkernanalyse

Finanzielles Kapital für die Projektentwicklung

Finanzkennzahl	Betrag (CAD)
Gesamte Zahlungsmittel und Äquivalente (4. Quartal 2023)	68,3 Millionen US-Dollar
Betriebskapital	45,2 Millionen US-Dollar
Marktkapitalisierung	324 Millionen Dollar

Osisko Development Corp. (ODV) – Geschäftsmodell: Wertversprechen

Goldexplorations- und -entwicklungsportfolio mit hohem Potenzial

Osisko Development Corp. unterhält ein strategisches Goldexplorationsportfolio mit den folgenden Schlüsselvermögenswerten:

Projekt	Standort	Ressourcenschätzung	Bühne
Cariboo-Goldprojekt	British Columbia, Kanada	4,1 Millionen Unzen gemessene und angezeigte Goldressourcen	Fortgeschrittene Erkundung
Goldprojekt San Antonio	Sonora, Mexiko	1,4 Millionen Unzen gemessene und angezeigte Goldressourcen	Entwicklungsstadium

Konzentrieren Sie sich auf nachhaltige und verantwortungsvolle Bergbaupraktiken

Nachhaltigkeitskennzahlen für Osisko Development Corp.:

• Verpflichtung zur Reduzierung der CO2-Emissionen um 25 % bis 2030
• Implementierung von Wasserrecyclingtechnologien an Bergbaustandorten
• Investition von 5,2 Millionen US-Dollar in lokale Gemeindeentwicklungsprogramme

Strategische Vermögenswerte in politisch stabilen kanadischen Bergbauregionen

Geografische Aufteilung des Portfolios:

Region	Prozentsatz des Vermögens	Explorationsinvestition
Britisch-Kolumbien	60%	42,3 Millionen US-Dollar
Quebec	25%	18,7 Millionen US-Dollar
Mexiko	15%	11,5 Millionen US-Dollar

Potenzial für eine erhebliche Monetarisierung von Mineralressourcen

Aktuelle Mineralressourcenbewertung:

• Geschätzter Wert der Mineralressourcen: 1,8 Milliarden US-Dollar
• Voraussichtliche jährliche Goldproduktion: 150.000–200.000 Unzen
• Geschätzte Investitionskosten pro Unze: 800–1.000 US-Dollar

Engagement für die Schaffung von Shareholder Value

Finanzielle Leistungsindikatoren:

Metrisch	Wert 2023
Marktkapitalisierung	385 Millionen Dollar
Jahresumsatz	72,6 Millionen US-Dollar
Explorationsausgaben	65,4 Millionen US-Dollar

Osisko Development Corp. (ODV) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Investoren und Aktionären

Ab dem vierten Quartal 2023 führt Osisko Development Corp. eine vierteljährliche Finanzberichterstattung mit den folgenden wichtigen Offenlegungskennzahlen:

Berichtsmetrik	Häufigkeit	Offenlegungsplattform
Finanzberichte	Vierteljährlich	SEDAR, Unternehmenswebsite
Management-Diskussion & Analyse	Vierteljährlich	Investor-Relations-Portal

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Die Berichterstattung über die operative Leistung umfasst:

• Aktualisierungen der Mineralressourcen
• Produktionsprognosen
• Verfolgung der Investitionsausgaben

Engagement mit Stakeholdern der Bergbauindustrie

Kanäle zur Einbindung von Stakeholdern:

Interessengruppe	Engagement-Methode	Häufigkeit
Bergbauverbände	Branchenkonferenzen	Halbjährlich
Aufsichtsbehörden	Compliance-Berichterstattung	Vierteljährlich

Investor Relations und Kapitalmarktinteraktionen

Statistiken zur Kapitalmarktinteraktion für 2023:

• Investorenpräsentationen: 12
• Analystentreffen: 24
• Telefonkonferenzen für Investoren: 4

Community-Engagement in Bergbauregionen

Community-Investitionskennzahlen für 2023:

Region	Gemeinschaftsinvestition ($CAD)	Lokale Beschäftigung
Mexiko	$750,000	85 % lokale Arbeitskräfte
Kanada	$450,000	92 % lokale Arbeitskräfte

Osisko Development Corp. (ODV) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Plattform

Website-URL: www.osiskodev.com

Plattformfunktion	Spezifische Details
Website-Besucher (monatlich)	Ungefähr 15.000
Downloads von Investorenpräsentationen	2.500 pro Quartal
Online-Investorenengagement	Übermittlungen direkter Kontaktformulare: 75–100 pro Monat

Präsentationen zur Finanzkonferenz

• Anzahl der im Jahr 2023 besuchten Konferenzen: 7
• Wichtige Konferenzen:
  • BMO Global Metals & Bergbaukonferenz
  • Scotiabank-Bergbaukonferenz
  • Globale Bergbaukonferenz von RBC Capital Markets
• Durchschnittliche Investorentreffen pro Konferenz: 15–20

Messen und Veranstaltungen für die Bergbauindustrie

Ereignistyp	Häufigkeit	Teilnehmer erreicht
Internationale Bergbaukonferenzen	4 pro Jahr	500–750 direkte Interaktionen
Regionale Bergbausymposien	6 pro Jahr	300–450 direkte Interaktionen

Pressemitteilungen und Finanznachrichtenplattformen

Vertriebskanäle für Pressemitteilungen:

• Globe Newswire
• Geschäftsdraht
• CNW-Gruppe

Metrisch	Daten für 2023
Gesamtzahl der Pressemitteilungen	18
Durchschnittliche Medienabholung	12–15 Finanznachrichtenplattformen
Online-News-Impressionen	Geschätzte 250.000 pro Veröffentlichung

Direkte Anlegerkommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	150–200 institutionelle Anleger
Einzelgespräche mit Investoren	35-40 pro Quartal	Top institutionelle Anleger
E-Mail-Newsletter	Monatlich	2.500 Abonnenten

Osisko Development Corp. (ODV) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Zum 4. Quartal 2023 meldete Osisko Development Corp. die folgende Zusammensetzung institutioneller Anleger:

Anlegertyp	Gesamtinvestition ($)	Prozentsatz des Eigentums
Pensionskassen	42,3 Millionen US-Dollar	17.6%
Vermögensverwaltungsunternehmen	38,7 Millionen US-Dollar	16.2%
Investmentfonds	25,5 Millionen US-Dollar	10.6%

Investmentfonds für den Bergbausektor

Wichtige Merkmale des Bergbau-Investmentfonds für ODV:

• Gesamtinvestition des Bergbausektorfonds: 67,9 Millionen US-Dollar
• Durchschnittliche Fondsinvestitionsgröße: 8,5 Millionen US-Dollar
• Anzahl spezialisierter Bergbau-Investmentfonds: 8

Edelmetallinvestoren

Segmentanalyse für Edelmetallinvestoren:

Anlegerkategorie	Investitionsvolumen	Bevorzugtes Metall
Goldorientierte Investoren	53,6 Millionen US-Dollar	Gold
Silberinvestoren	22,4 Millionen US-Dollar	Silber

Teilnehmer am Aktienmarkt

Einzelheiten zur Beteiligung am Aktienmarkt:

• Gesamtinvestition am Aktienmarkt: 112,3 Millionen US-Dollar
• Privatanleger: 35,7 %
• Institutionelle Anleger: 64,3 %

Spezialisten für Investitionen in Bodenschätze

Investition in Bodenschätze profile:

Spezialistentyp	Investitionsbetrag	Fokusregion
Nordamerika-Spezialisten	45,2 Millionen US-Dollar	Kanada/Mexiko
Internationale Ressourceninvestoren	33,6 Millionen US-Dollar	Globale Märkte

Osisko Development Corp. (ODV) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete Osisko Development Corp. Explorationsaufwendungen in Höhe von 15,3 Millionen US-Dollar, wovon 8,7 Millionen US-Dollar auf bohrspezifische Kosten entfielen.

Ausgabenkategorie	Betrag (USD)
Gesamte Explorationskosten	$15,300,000
Bohrspezifische Kosten	$8,700,000

Kosten für Landerwerb und -unterhaltung

Die landbezogenen Ausgaben des Unternehmens für das Jahr 2023 gliederten sich wie folgt:

• Kosten für den Grundstückserwerb: 4,2 Millionen US-Dollar
• Jährliche Landpflegegebühren: 1,6 Millionen US-Dollar
• Kosten für den Besitz von Immobilien: 750.000 US-Dollar

Technisches Personal und geologische Expertise

Die Personalkosten für technische und geologische Teams beliefen sich im Jahr 2023 auf insgesamt 6,5 Millionen US-Dollar und verteilen sich wie folgt:

Personalkategorie	Jährliche Kosten (USD)
Geologen	$3,200,000
Technische Ingenieure	$2,300,000
Support-Mitarbeiter	$1,000,000

Ausrüstungs- und Technologieinvestitionen

Die Investitionen in Ausrüstung und Technologie beliefen sich im Jahr 2023 auf:

• Bohrausrüstung: 5,6 Millionen US-Dollar
• Geologische Kartierungstechnologie: 1,9 Millionen US-Dollar
• Datenanalysesoftware: 850.000 US-Dollar
• Feldexplorationsausrüstung: 1,2 Millionen US-Dollar

Kosten für Compliance und Umweltmanagement

Zu den Aufwendungen für die Einhaltung von Umwelt- und Regulierungsvorschriften im Jahr 2023 gehörten:

Compliance-Kategorie	Jährliche Kosten (USD)
Umweltverträglichkeitsprüfungen	$2,100,000
Einhaltung gesetzlicher Vorschriften	$1,500,000
Umweltüberwachung	$1,200,000

Osisko Development Corp. (ODV) – Geschäftsmodell: Einnahmequellen

Verkauf von Goldmineralienressourcen

Zum 4. Quartal 2023 meldete Osisko Development Corp. die folgenden Details zu den Mineralressourcen:

Projekt	Angegebene Ressourcen	Abgeleitete Ressourcen	Goldgehalt
Cariboo-Goldprojekt	2,1 Millionen Unzen	3,4 Millionen Unzen	5,4 g/t
Goldprojekt San Antonio	0,82 Millionen Unzen	0,38 Millionen Unzen	2,6 g/t

Mögliche zukünftige Einnahmen aus der Minenproduktion

Geschätzte jährliche Goldproduktionsschätzungen:

• Cariboo-Goldprojekt: 180.000–200.000 Unzen pro Jahr
• Goldprojekt San Antonio: 50.000–70.000 Unzen pro Jahr

Strategische Asset-Monetarisierung

Osisko Development Corp. verfügt über potenzielle Einnahmequellen aus:

• Verkauf von Mineralimmobilien
• Lizenzvereinbarungen
• Lizenzierung von Explorationsdaten

Joint-Venture-Partnerschaftsvereinbarungen

Partner	Projekt	Eigentumsprozentsatz
Yamana-Gold	Goldprojekt San Antonio	50%

Entwicklung und Verkauf von Mineralgrundstücken

Aktuelle Bewertung des Immobilienportfolios: Ungefähr 350 Millionen CAD

Eigentum	Standort	Geschätzter Wert
Cariboo-Goldprojekt	British Columbia, Kanada	250 Millionen CAD
Goldprojekt San Antonio	Sonora, Mexiko	100 Millionen CAD

Osisko Development Corp. (ODV) - Canvas Business Model: Value Propositions

You're looking at Osisko Development Corp. (ODV) and seeing a company that has successfully de-risked its primary asset, the Cariboo Gold Project, by securing permits and financing. The core value proposition here is delivering a rare, fully permitted, and shovel-ready gold asset in North America, specifically in British Columbia, Canada. This isn't just an exploration story anymore; it's a near-term builder story, targeting first gold production in the second half of 2027.

The economics underpinning this asset, as detailed in the 2025 Optimized Feasibility Study (2025 FS), are robust. The project is designed as a low-impact underground operation using mechanized bulk mining methods. This approach supports projected low operating costs, placing Cariboo within the lower half of the global cost curve for gold mines.

The project's value is highly leveraged to the gold price, which is a key selling point for investors looking for torque in the sector. The company has already secured a significant portion of the required capital, including a senior secured project loan credit facility totaling US$450 million from funds advised by Appian Capital Advisory Limited to fund development and construction. The initial capital cost estimate for the single-phase build is $881 million.

Here's the quick math on the project's projected economics based on the 2025 FS, which uses Probable Mineral Reserves only:

Metric	Base Case (US$2,400/oz Gold)	Spot Case (US$3,300/oz Gold)
After-Tax NPV5%	C$943 million	C$2,066 million
Unlevered After-Tax IRR	22.1%	38.0%
Payback Period (from Commercial Production)	2.8 years	1.6 years
Average All-in Sustaining Costs (AISC)	US$1,157/oz	N/A
Average Total Cash Cost (TCC)	US$947/oz	N/A

The value proposition is further cemented by the projected operational efficiency. The projected low All-in Sustaining Costs (AISC) of US$1,157/oz over the life-of-mine (LOM) is a critical factor in long-term profitability, especially when compared to the higher gold price scenarios. The project is designed to produce approximately 190,000 ounces of gold annually over a 10-year mine life, with the first five years averaging 202,000 ounces per year.

The exposure to significant gold price leverage is evident when comparing the two scenarios in the study. For you, this means the project's intrinsic value scales up dramatically if gold prices remain elevated. The difference between the base case IRR and the spot case IRR shows this leverage clearly:

• Developing a rare, fully permitted, and shovel-ready gold asset in North America.
• Strong project economics: C$943 million after-tax NPV5% at US$2,400/oz gold.
• Projected low AISC of US$1,157/oz for Cariboo.
• Exposure to significant gold price leverage (38.0% IRR at US$3,300/oz gold).
• Commitment to responsible and low-impact underground mining.

Also, remember that Osisko Development Corp. is actively working to convert Inferred Mineral Resources adjacent to the reserves, which presents an opportunity to potentially enhance these already strong economics and extend the mine life beyond the current 10-year projection. Finance: draft 13-week cash view by Friday.

Osisko Development Corp. (ODV) - Canvas Business Model: Customer Relationships

You're looking at how Osisko Development Corp. (ODV) manages its key relationships across its shareholder base and project stakeholders as of late 2025. This isn't just about selling a product; it's about securing the capital and the social license to build major assets like the Cariboo Gold Project.

High-touch Investor Relations (IR) for institutional and retail shareholders

Investor Relations for Osisko Development Corp. is clearly segmented, reflecting a dual focus on attracting large capital while managing a significant retail base. You see this split when you look at the ownership structure as of mid-November 2025. The General Public, which is mostly individual investors, holds a substantial 49% stake in the company. Institutional ownership, however, stands at 13%, suggesting that while institutions are present, the retail base has a larger direct say in management direction. The largest single shareholder, Double Zero Capital LP, controls 15.9%, and OR Royalties Inc. holds another 13.1%, meaning the top shareholders control a significant portion of the company. To keep this diverse base engaged, the company has been active in capital raises; for instance, Q3 2025 saw private placements for approximately $280.4 million (US$203.1 million) in gross proceeds, followed by another $82.5 million subsequent to the quarter end. This constant need for capital necessitates clear, regular communication.

Here's a quick look at the capital structure relationship as of September 30, 2025, and recent equity activity:

Metric	Value (CAD unless noted)	Date/Period
Cash and Cash Equivalents	~$401.4 million	September 30, 2025
Appian Facility Drawn	~$137.2 million (US$100.0 million)	September 30, 2025
Q3 2025 Private Placement Proceeds (Gross)	~$280.4 million (US$203.1 million)	Q3 2025
Post-Q3 Private Placement Proceeds (Gross)	~$82.5 million	Subsequent to Q3 2025
Total Shares Outstanding Growth (YoY)	86.7%	Past Year

The company also uses equity incentives to align management; for example, 58,824 deferred share units were granted to a new director on August 20, 2025.

Direct engagement with First Nations and local governments for long-term support

For a project like Cariboo in British Columbia, securing long-term support from Indigenous nations isn't optional; it's foundational to the project's viability. Osisko Development Corp. emphasizes building these relationships based on trust and respect, acknowledging the unceded Traditional territories of the Lhtako Dené Nation, Xatśūll First Nation, and Williams Lake First Nation. You see this commitment formalized through specific agreements:

• Life of Project Agreement with Lhtako Dené Nation signed in 2020.
• Interim relationship agreement with Xatśūll First Nation signed in 2017.
• Agreement signed with Williams Lake First Nation in July 2022.

This engagement is critical for permitting. The company noted it actively consulted and engaged with Indigenous nations following the receipt of its BC Mines Act and Environmental Management Act permits for Cariboo. In the process leading up to this, Osisko Development addressed approximately 3,500 comments during the regulatory review. These agreements aim to provide long-term employment, support, and opportunities, setting a framework for collaboration on development and community programming.

Transactional relationship with gold refiners and bullion purchasers

The transactional relationship is currently driven by the small-scale operations at the Tintic Project in Utah, which provides near-term cash flow while the main Cariboo asset advances. This is a straightforward buyer-seller dynamic, focused on ounces delivered and realized price. In Q3 2025, Osisko Development sold 877 ounces of gold from this small-scale heap leach project. That sale generated $4.4 million in revenue against $3.0 million in cost of sales for the period. To give you context on the primary asset, the April 2025 Feasibility Study for Cariboo is based on a gold price assumption of US$2,400 per ounce. The expected output from Cariboo is substantial, projecting an average of 190,000 ounces of gold annually over a 10-year mine life, with a projected Average All-in Sustaining Cost (AISC) of US$1,157 per ounce.

Here's the recent transactional snapshot from the small-scale Tintic operation:

Metric	Q3 2025	Q2 2025
Gold Ounces Sold	877 ounces	1,393 ounces
Revenue Generated	$4.4 million	$6.9 million
Cost of Sales	$3.0 million	(Not explicitly stated for Q2)

Regular public disclosure via quarterly reports and technical studies

Osisko Development Corp. maintains a rigorous schedule of public disclosure to satisfy regulatory requirements and investor expectations. You can track the company's progress through its quarterly reports, such as the Q3 2025 results released on November 10, 2025. The most significant technical disclosure driving long-term valuation is the April 2025 Cariboo Gold Project Feasibility Study (FS). This study underpins the current valuation narrative for the main asset. The FS established key financial metrics:

• After-tax Net Present Value (NPV5%): $943 million (Base Case).
• Unlevered After-tax Internal Rate of Return (IRR): 22.1% (Base Case).
• Projected Mine Life: 10 years.

The company also details its financing milestones, such as drawing US$100.0 million under the US$450 million Appian financing facility to advance pre-construction and early works. Finance: draft 13-week cash view by Friday.

Osisko Development Corp. (ODV) - Canvas Business Model: Channels

You're looking at how Osisko Development Corp. gets its information and product to the market, which is crucial for a development-stage company like this. It's not about selling a finished product yet, but about selling the story and potential to capital providers, while generating small amounts of cash from existing assets.

The primary channels for capital market engagement are the major stock exchanges where you can trade Osisko Development Corp. shares. You see the dual listing strategy clearly here:

Exchange	Ticker	Latest Price (as of Dec 5, 2025)	Market Capitalization (as of Dec 5, 2025)	52-Week Range
New York Stock Exchange (NYSE)	ODV	Data not explicitly listed for NYSE on Dec 5, 2025	$812 million	Low: $1.6400 / High: $5.4400
TSX Venture Exchange (TSXV)	ODV	$5.0200 CAD	Implied within $812 million total	Low: $1.6400 / High: $5.4400

Honestly, the TSXV price of $5.0200 CAD on December 5, 2025, gives you a snapshot of current market sentiment, but the real action is in funding the Cariboo Gold Project development.

For actual product sales, which are currently small-scale and serve to maintain liquidity and validate processes, the channel is direct sale of gold doré to refiners. This is a necessary step before the main production at Cariboo begins, which the 2025 Feasibility Study projects to be an average of 190,000 ounces of gold annually over a 10-year mine life.

• Q3 2025 Revenue: $4.4 million from the sale of 877 gold ounces from the Tintic small-scale heap leach project.
• Q3 2025 Cost of Sales: $3.0 million.
• Q2 2025 Revenue: $6.9 million from the sale of 1,393 gold ounces from the Tintic Project.
• The small-scale operations at Tintic were anticipated to continue into Q4 2025, though future activity is expected to be limited to care and maintenance.

Communicating with the capital markets-that's your investor relations channel. Osisko Development Corp. uses its digital presence and formal documents to reach analysts and potential investors. You can find the key documents on their official site:

• Corporate Website: www.osiskodev.com.
• Investor Presentations detailing financing milestones, such as the US$450 million senior secured project loan credit facility secured in July 2025.
• Investor presentations also highlight key project metrics, like the Cariboo Gold Project's 2025 Feasibility Study showing an after-tax NPV5% of C$943 million at a US$2,400/oz gold price.

Regulatory compliance and technical transparency are channeled through mandatory filings. These reports are the backbone of proving the project's viability to sophisticated investors. The key documents are:

• Technical Reports prepared in accordance with National Instrument 43-101 (NI 43-101).
• The 2025 Feasibility Study Technical Report for the Cariboo Gold Project was filed on June 11, 2025, with an effective date of April 22, 2025.
• Filings are made on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov) under Osisko Development's issuer profile.

Finance: draft 13-week cash view by Friday.

Osisko Development Corp. (ODV) - Canvas Business Model: Customer Segments

You're mapping out who is funding Osisko Development Corp. (ODV) and who will buy their gold once the Cariboo Gold Project is built. It's a mix of deep-pocketed institutions and future off-takers. Here's the breakdown of the key customer groups as of late 2025.

Institutional Investors and Private Equity Funds

This group provides the critical equity capital to move the Cariboo Gold Project toward construction. You see significant participation from specialized funds and large asset managers. As of a late 2025 report, 82 institutions and funds have filed 13D/G or 13F forms, holding a combined 68,255,620 shares. This represents approximately 16.49% of the company's stock based on some analyses, though other data suggests the public/individual holding is much higher at 65.10%.

The private equity and strategic equity partners are clearly defined:

• Double Zero Capital, LP: This firm is a key strategic investor, subscribing for approximately US$75 million in a non-brokered private placement in July 2025. Following that closing, they held 40,511,775 shares, representing 15.88% of the company, valued around $134,093,975.
• Major Institutional Holders: Other significant players include Condire Management LP, which held 23,879,902 shares, valued at $74 M (representing 9.965% ownership) in one filing.
• Active Traders: Hedge funds are active; for instance, GMT Capital Corp. showed trading activity valued at $18,645,000 as of September 30, 2025.

The share price as of November 28, 2025, was $3.53 per share, a significant jump from $1.82 on December 2, 2024.

Retail Investors Seeking Exposure to a North American Gold Developer

This segment represents the broader public and individual shareholders who buy shares on the NYSE or TSXV for exposure to North American gold development. Based on one ownership breakdown, this group, categorized as Public Companies and Individual Investors, holds approximately 65.10% of Osisko Development Corp. stock. This large base suggests significant retail interest in the permitted Cariboo Gold Project, which is scheduled to begin construction in Q3 2025.

Precious Metals Refiners and Bullion Banks Who Purchase the Final Product

These entities become customers once Osisko Development transitions from a developer to a producer. The expected output from the flagship Cariboo Gold Project drives this segment's interest. The Optimized Feasibility Study (2025 FS) outlines an average annual gold production of 190,000 ounces of gold over a 10-year mine life. Over the life-of-mine, this translates to 1.89 million payable ounces. Osisko Development has received indications of interest from commodity traders looking for high-quality concentrate off-take, which is the direct precursor to sales to refiners or banks.

Strategic Financial Partners Providing Project-Level Debt and Equity

This group is crucial as they provide the massive, project-specific capital required to build the mine. The total initial investment required, per the April 2025 Optimized Feasibility Study, was CA$831 million, or about US$603 million.

Key financing milestones achieved by late 2025 include:

Financing Type	Partner/Source	Amount (USD)	Date/Status
Senior Secured Project Loan	Appian Capital Advisory Limited	US$450 million	Announced July 21, 2025
Equity Private Placement (Total)	Underwriters & Strategic Investor	Approx. US$203 million	Closed August 15, 2025
Brokered Private Placement	Syndicate of Underwriters	Approx. US$120 million	Part of the US$203M raise
Non-Brokered Private Placement	Strategic Investor (Double Zero)	Approx. US$75 million	Part of the US$203M raise
Equity Offering (Subsequent)	Underwriters (LIFE Offering)	C$30,010,020	Expected close October 29, 2025

The company stated it had raised approximately US$645 million through these major financing events, putting them on track to meet the initial construction capital needs. As of June 30, 2025, Osisko Development had approximately $46.3 million in cash and cash equivalents.

Osisko Development Corp. (ODV) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Osisko Development Corp. (ODV) as they push the Cariboo Gold Project toward production. This is a capital-intensive phase, so the costs are dominated by construction and financing commitments, not operating expenses yet.

The single largest cost component is the High capital expenditure for Cariboo construction. The 2025 Feasibility Study pegs the initial capital requirement for the Cariboo Gold Project at an estimated C$881 million under a revised mine plan.

The company is actively spending on Significant exploration and development costs to de-risk the project and finalize mine planning. This includes advancing pre-construction activities and underground mine development, with 1.9 kilometers of underground development complete at Cariboo as of September 30, 2025. Furthermore, a 13,000-meter infill drill program commenced in August 2025 to refine these plans. The overall development phase is reflected in the negative operating cash flow for the 2025 fiscal year, which stood at approximately C$-6.23 million.

Financing costs are a major drain right now, given the debt taken on to fund the development. Osisko Development Corp. secured a US$450 million senior secured project loan credit facility from Appian Capital Advisory. As of the end of Q3 2025, ~$137.2 million (US$100.0 million) had been drawn under this facility. The interest rate on the initial draw is structured as the 3-month SOFR, plus 9.50% per annum, plus an adjustment of 0.10% per annum, with a 2.00% SOFR floor. For Q3 2025 alone, finance costs rose significantly to $42.42 million, up from $15.56 million in Q3 2024.

The company also booked specific non-operating charges related to compliance and asset management. For the third quarter of 2025, Osisko Development Corp. recorded environmental rehabilitation costs of C$23.7 million not associated with any recognized asset. This was coupled with a $7.4 million write-off for unrecoverable value-added taxes in Mexico during the same quarter.

General and administrative (G&A) expenses are embedded within the overall operating costs. The definition of Total Cash Costs, which Osisko Development Corp. reports, includes site G&A costs, along with mining costs, processing costs, royalties, smelting, refining, and transportation costs. The operating loss for Q3 2025 was $42.4 million, a substantial increase from the $15.6 million operating loss in Q3 2024, driven by higher costs related to the bulk sample and care and maintenance activities at Cariboo.

Here's a quick look at some of the key financial figures impacting the cost structure as of late 2025:

Cost/Expense Category	Specific Financial Number	Currency/Context
Estimated Initial Capex (Cariboo)	C$881 million	Feasibility Study Estimate
Q3 2025 Finance Costs	$42.42 million	Increase from $15.56 million in Q3 2024
Environmental Rehabilitation Write-off	C$23.7 million	Q3 2025 Non-asset related charge
Total Project Loan Facility	US$450 million	Credit Facility with Appian
Initial Loan Draw (as of Q3 2025)	~$137.2 million	Drawn amount in Canadian Dollars
2025 Fiscal Year Operating Cash Flow	C$-6.23 million	Reflecting ongoing development costs

Osisko Development Corp. (ODV) - Canvas Business Model: Revenue Streams

Osisko Development Corp.'s revenue streams as of late 2025 are characterized by a mix of current small-scale operations, significant capital raising activities to fund major development, and future production projections from its flagship asset.

Current operational revenue is minimal, stemming from the small-scale heap leach project at the Tintic project in Utah. For the third quarter of 2025, Osisko Development Corp. generated revenues of C$4.4 million from the sale of 877 gold ounces from this operation. C$4.4 million in Q3 2025 is the specific number for this revenue stream.

A major component of Osisko Development Corp.'s current financial inflow is derived from equity financing to advance the Cariboo Gold Project. This includes proceeds from private placements, which are crucial for funding pre-construction and early works.

Financing/Capital Event	Amount (Gross Proceeds)	Date/Period
Q3 2025 Private Placements	C$280.4 million (US$203.1 million)	Q3 2025
Subsequent Private Placement	Approximately C$82.5 million	October 2025
Appian Financing Facility (Drawn Amount)	Approximately C$137.2 million (US$100.0 million)	As of September 30, 2025

The primary, long-term revenue driver for Osisko Development Corp. is the future production from the Cariboo gold sales. The Optimized Feasibility Study from April 2025 outlines significant projected output.

• Projected average annual gold sales from Cariboo: 190,000 oz/year over a 10-year mine life.
• Projected gold sales in the first five years of operation: 202,000 oz/year.
• Estimated All-in Sustaining Cost (AISC) for Cariboo: US$1,157 per ounce.

Osisko Development Corp. is also realizing value through asset divestitures, strategically focusing capital on core assets. The sale of the San Antonio gold project in Sonora, Mexico, to Axo Copper Corp. is a key example of this. The transaction, agreed upon in November 2025, is structured to provide immediate and contingent future proceeds.

The proceeds from the San Antonio asset divestiture include:

• Receipt of 15,305,536 common shares of Axo, or the number of shares to maintain a 9.99% non-diluted ownership in Axo Copper.
• Contingent payment of US$2,000,000, payable in cash or Axo Shares, upon the public filing by Axo of a feasibility study prepared in accordance with NI 43-101.
• Contingent payment of US$2,000,000, payable in cash or Axo Shares, upon the first gold pour at the Project.
• Entitlement to 70% of any Mexican value-added tax refund due to Sapuchi Minera up to the closing date.