Osisko Development Corp. (ODV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Osisko Development Corp. (ODV), una empresa dinámica de exploración de oro que transforma el potencial mineral en el valor de los accionistas. Con un enfoque centrado en el láser sobre prácticas mineras sostenibles y activos estratégicos en los paisajes ricos en recursos de la Columbia Británica, ODV representa una oportunidad de inversión intrigante en el sector de los metales preciosos. Su innovador lienzo de modelo de negocio revela un modelo sofisticado para el desarrollo de recursos minerales, combinando experiencia geológica de vanguardia con asociaciones estratégicas que los posicionan a la vanguardia de la exploración de oro responsable y la posible monetización.

Osisko Development Corp. (ODV) - Modelo de negocio: asociaciones clave

Alianza estratégica con Yamana Gold for Cariboo Gold Project

Osisko Development Corp. mantiene un Asociación estratégica con Yamana Gold Inc. para el proyecto Cariboo Gold ubicado en Columbia Británica, Canadá.

Detalles de la asociación	Métricas específicas
Ubicación del proyecto	Columbia Británica, Canadá
Tipo de proyecto	Exploración y desarrollo de oro
Estructura de propiedad	Desarrollo de Osisko: 100% de propiedad

Asociaciones de empresas conjuntas en exploración minera

Osisko Development Corp. se involucra en múltiples asociaciones de empresas conjuntas para la exploración y el desarrollo minero.

• Proyectos de exploración mexicana con socios mineros estratégicos
• Colaboración técnica con equipos geológicos regionales
• Acuerdos de exploración de riesgos para compartir riesgos

Asociaciones financieras

Socio financiero	Tipo de asociación	Monto de la inversión
Préstamo de recursos de Sprott	Financiación de la deuda	Capacidad de crédito de $ 35 millones
Eric Sprott	Inversión de capital	Aproximadamente $ 20 millones

Asociaciones de colaboración técnica

Osisko Development mantiene asociaciones técnicas con consultores especializados de ingeniería minera.

• Asociaciones del estudio geológico
• Consulta de ingeniería de minas
• Colaboraciones de evaluación del impacto ambiental

Los socios técnicos clave incluyen SRK Consulting y Ausenco Engineering.

Osisko Development Corp. (ODV) - Modelo de negocio: actividades clave

Exploración de oro y desarrollo de recursos minerales

Osisko Development Corp. se centra en la exploración mineral con una concentración específica en el Proyecto Caribo Gold en Columbia Británica, Canadá. A partir de 2024, el proyecto abarca aproximadamente 590 kilómetros cuadrados de tenencia mineral.

Métrico de exploración	Estado actual
Gasto total de exploración (2023)	$ 35.2 millones
Medidores de perforación completados	88,000 metros
Recurso mineral estimado	4.2 millones de onzas de oro

Operaciones mineras en Columbia Británica, Canadá

Las principales operaciones mineras de la compañía se encuentran en el Distrito de Oro Cariboo.

• Área operativa: Proyecto Cariboo Gold
• Producción anual proyectada: 150,000-200,000 onzas de oro
• Vida mina estimada: 14 años

Adquisición y evaluación de propiedades minerales

Propiedad	Ubicación	Costo de adquisición
Proyecto Cariboo Gold	Columbia Británica, Canadá	$ 75 millones
Proyecto de oro de San Antonio	Nunavut, Canadá	$ 15 millones

Estudios de factibilidad y avance del proyecto

El desarrollo de Osisko completó un estudio de factibilidad integral para el proyecto Cariboo Gold en el cuarto trimestre de 2023.

• Gasto de capital inicial: $ 397 millones
• Costo de mantenimiento de todo en (AISC): estimado de $ 850-950 por onza
• Valor presente neto (VPN) a una tasa de descuento del 5%: $ 482 millones

Minería sostenible y gestión de cumplimiento ambiental

La compañía mantiene rigurosos estándares ambientales y protocolos de cumplimiento.

Iniciativa ambiental	Inversión
Programa de reducción de gases de efecto invernadero	$ 5.3 millones anualmente
Sistemas de gestión del agua	$ 2.7 millones
Bono de recuperación	$ 22 millones

Osisko Development Corp. (ODV) - Modelo de negocio: recursos clave

Proyecto de Oro Cariboo en Columbia Británica

El proyecto Cariboo Gold se encuentra en el centro de Columbia Británica, Canadá, que cubre aproximadamente 830 kilómetros cuadrados. A partir de 2024, el proyecto tiene las siguientes características clave:

Métrico	Valor
Paquete total de tierras	830 kilómetros cuadrados
Recurso mineral estimado	2.2 millones de onzas de oro
Gastos estimados de capital del proyecto	CAD $ 507 millones

Gestión experimentada y experiencia técnica

El equipo de gestión de Osisko Development Corp. incluye:

• Profesionales con más de 100 años de experiencia combinada en minería
• Equipo técnico con amplia experiencia en exploración y desarrollo de oro
• Liderazgo con un historial probado en la gestión de recursos minerales

Importantes derechos de exploración de tierras minerales y exploración

Propiedad	Ubicación	Área total
Proyecto Cariboo Gold	Columbia Británica, Canadá	830 km2
Proyecto de oro de San Antonio	Sonora, México	5.400 hectáreas

Datos geológicos avanzados y tecnologías de exploración

• Tecnologías de mapeo geológico 3D
• Equipo de encuesta geofísica de alta resolución
• Sistemas de análisis de núcleo de perforación avanzado

Capital financiero para el desarrollo de proyectos

Métrica financiera	Cantidad (CAD)
Efectivo y equivalentes totales (cuarto trimestre 2023)	$ 68.3 millones
Capital de explotación	$ 45.2 millones
Capitalización de mercado	$ 324 millones

Osisko Development Corp. (ODV) - Modelo de negocio: propuestas de valor

Cartera de exploración y desarrollo de oro de alto potencial

Osisko Development Corp. mantiene una cartera estratégica de exploración de oro con los siguientes activos clave:

Proyecto	Ubicación	Estimación de recursos	Escenario
Proyecto Cariboo Gold	Columbia Británica, Canadá	4.1 millones de onzas medidas e indicadas recursos de oro	Exploración avanzada
Proyecto de oro de San Antonio	Sonora, México	1.4 millones de onzas medidas e indicadas recursos de oro	Etapa de desarrollo

Centrarse en prácticas mineras sostenibles y responsables

Métricas de sostenibilidad para Osisko Development Corp.:

• Compromiso de reducir las emisiones de carbono en un 25% para 2030
• Implementación de tecnologías de reciclaje de agua en sitios mineros
• Invertir $ 5.2 millones en programas locales de desarrollo comunitario

Activos estratégicos en regiones mineras canadienses políticamente estables

Desglose de la cartera geográfica:

Región	Porcentaje de activos	Inversión de exploración
Columbia Británica	60%	$ 42.3 millones
Quebec	25%	$ 18.7 millones
México	15%	$ 11.5 millones

Potencial para una monetización significativa de recursos minerales

Valoración actual de recursos minerales:

• Valor estimado de recursos minerales: $ 1.8 mil millones
• Producción de oro anual proyectado: 150,000-200,000 onzas
• Costo de efectivo estimado por onza: $ 800- $ 1,000

Compromiso con la creación de valor de los accionistas

Indicadores de desempeño financiero:

Métrico	Valor 2023
Capitalización de mercado	$ 385 millones
Ingresos anuales	$ 72.6 millones
Gasto de exploración	$ 65.4 millones

Osisko Development Corp. (ODV) - Modelo de negocio: relaciones con los clientes

Comunicación transparente con inversores y accionistas

A partir del cuarto trimestre de 2023, Osisko Development Corp. mantiene informes financieros trimestrales con las siguientes métricas de divulgación clave:

Métrica de informes	Frecuencia	Plataforma de divulgación
Estados financieros	Trimestral	Sedar, sitio web de la compañía
Discusión de gestión & Análisis	Trimestral	Portal de relaciones con los inversores

Informes regulares de desempeño financiero y operativo

El informe de rendimiento operativo incluye:

• Actualizaciones de recursos minerales
• Pronósticos de producción
• Seguimiento de gastos de capital

Compromiso con las partes interesadas de la industria minera

Canales de compromiso de las partes interesadas:

Grupo de partes interesadas	Método de compromiso	Frecuencia
Asociaciones mineras	Conferencias de la industria	By-anualmente
Cuerpos reguladores	Informes de cumplimiento	Trimestral

Relaciones con inversores e interacciones en el mercado de capitales

Estadísticas de interacción del mercado de capitales para 2023:

• Presentaciones de inversores: 12
• Reuniones de analistas: 24
• Llamadas de conferencia de inversores: 4

Participación comunitaria en regiones mineras

Métricas de inversión comunitaria para 2023:

Región	Inversión comunitaria ($ CAD)	Empleo local
México	$750,000	85% de la fuerza laboral local
Canadá	$450,000	92% de la fuerza laboral local

Osisko Development Corp. (ODV) - Modelo de negocio: canales

Sitio web corporativo y plataforma de relaciones con los inversores

URL del sitio web: www.osiskodev.com

Característica de la plataforma	Detalles específicos
Visitantes del sitio web (mensualmente)	Aproximadamente 15,000
Descargas de presentación de inversores	2.500 por trimestre
Compromiso de los inversores en línea	Envíos de formulario de contacto directo: 75-100 por mes

Presentaciones de conferencia financiera

• Número de conferencias asistidas en 2023: 7
• Conferencias clave:
  • BMO Global Metals & Conferencia minera
  • Conferencia minera de Scotiabank
  • Conferencia de minería global de RBC Capital Markets
• Reuniones promedio de inversores por conferencia: 15-20

Ferias y eventos comerciales de la industria minera

Tipo de evento	Frecuencia	Los asistentes llegaron
Conferencias mineras internacionales	4 por año	500-750 interacciones directas
Simposios mineros regionales	6 por año	300-450 interacciones directas

Comunicados de prensa y plataformas de noticias financieras

Canales de distribución de comunicación de prensa:

• Globe Newswire
• Business Wire
• Grupo CNW

Métrico	2023 datos
Comunicados de prensa totales	18
Recogida mediática promedio	12-15 plataformas de noticias financieras
Impresiones de noticias en línea	Estimado de 250,000 por lanzamiento

Comunicaciones directas de inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	150-200 inversores institucionales
Reuniones de inversores individuales	35-40 por trimestre	Los principales inversores institucionales
Boletín de correo electrónico	Mensual	2.500 suscriptores

Osisko Development Corp. (ODV) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Osisko Development Corp. informó la siguiente composición de inversores institucionales:

Tipo de inversor	Inversión total ($)	Porcentaje de propiedad
Fondos de pensiones	$ 42.3 millones	17.6%
Empresas de gestión de activos	$ 38.7 millones	16.2%
Fondos mutuos	$ 25.5 millones	10.6%

Fondos de inversión del sector minero

Características del fondo de inversión minera clave para ODV:

• Inversión total del Fondo del Sector Minero: $ 67.9 millones
• Tamaño promedio de la inversión del fondo: $ 8.5 millones
• Número de fondos especializados de inversión minera: 8

Inversores de metales preciosos

Análisis de segmento de inversores de metales preciosos:

Categoría de inversionista	Volumen de inversión	Metal preferido
Inversores centrados en el oro	$ 53.6 millones	Oro
Inversores de plata	$ 22.4 millones	Plata

Participantes del mercado de renta variable

Detalles de participación del mercado de capital:

• Inversión en el mercado de capital total: $ 112.3 millones
• Inversores minoristas: 35.7%
• Inversores institucionales: 64.3%

Especialistas en inversión de recursos minerales

Inversión de recursos minerales profile:

Tipo especialista	Monto de la inversión	Región de enfoque
Especialistas norteamericanos	$ 45.2 millones	Canadá/México
Inversores de recursos internacionales	$ 33.6 millones	Mercados globales

Osisko Development Corp. (ODV) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Osisko Development Corp. reportó gastos de exploración de $ 15.3 millones, con costos específicos de perforación que representan $ 8.7 millones de ese total.

Categoría de gastos	Cantidad (USD)
Gastos de exploración total	$15,300,000
Gastos específicos de perforación	$8,700,000

Costos de adquisición y mantenimiento de tierras

Los gastos relacionados con la tierra de la compañía para 2023 se estructuraron de la siguiente manera:

• Costos de adquisición de tierras: $ 4.2 millones
• Tarifas anuales de mantenimiento de la tierra: $ 1.6 millones
• Gastos de retención de propiedades: $ 750,000

Personal técnico y experiencia geológica

Los costos de personal para equipos técnicos y geológicos en 2023 totalizaron $ 6.5 millones, con un desglose de la siguiente manera:

Categoría de personal	Costo anual (USD)
Geólogos	$3,200,000
Ingenieros técnicos	$2,300,000
Personal de apoyo	$1,000,000

Inversiones de equipos y tecnología

Los gastos de capital para equipos y tecnología en 2023 fueron:

• Equipo de perforación: $ 5.6 millones
• Tecnología de mapeo geológico: $ 1.9 millones
• Software de análisis de datos: $ 850,000
• Equipo de exploración de campo: $ 1.2 millones

Costos de cumplimiento y gestión ambiental

Los gastos de cumplimiento ambiental y regulatorio para 2023 incluyeron:

Categoría de cumplimiento	Costo anual (USD)
Evaluaciones de impacto ambiental	$2,100,000
Cumplimiento regulatorio	$1,500,000
Monitoreo ambiental	$1,200,000

Osisko Development Corp. (ODV) - Modelo de negocios: flujos de ingresos

Venta de recursos minerales de oro

A partir del cuarto trimestre de 2023, Osisko Development Corp. informó los siguientes detalles de recursos minerales:

Proyecto	Recursos indicados	Recursos inferidos	Grado de oro
Proyecto Cariboo Gold	2.1 millones de onzas	3.4 millones de onzas	5.4 g/t
Proyecto de oro de San Antonio	0,82 millones de onzas	0.38 millones de onzas	2.6 g/t

Posibles ingresos futuros de producción de minas

Estimaciones de producción anuales de oro proyectadas:

• Proyecto Cariboo Gold: 180,000-200,000 onzas por año
• Proyecto de oro de San Antonio: 50,000-70,000 onzas por año

Monetización de activos estratégicos

Osisko Development Corp. tiene posibles flujos de ingresos de:

• Venta de propiedades minerales
• Acuerdos de regalías
• Licencias de datos de exploración

Acuerdos de asociación de empresas conjuntas

Pareja	Proyecto	Porcentaje de propiedad
Yamana Gold	Proyecto de oro de San Antonio	50%

Desarrollo y venta de propiedades minerales

Valoración actual de la cartera de propiedades: aproximadamente CAD $ 350 millones

Propiedad	Ubicación	Valor estimado
Proyecto Cariboo Gold	Columbia Británica, Canadá	CAD $ 250 millones
Proyecto de oro de San Antonio	Sonora, México	CAD $ 100 millones

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.