Osisko Development Corp. (ODV): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde stratégique d'Osisko Development Corp. (ODV), une entreprise dynamique d'exploration d'or transformant le potentiel minéral en valeur des actionnaires. Avec une approche axée sur le laser sur les pratiques minières durables et les actifs stratégiques dans les paysages riches en ressources de la Colombie-Britannique, ODV représente une opportunité d'investissement intrigante dans le secteur des métaux précieux. Leur toile de modèle commercial innovant révèle un plan sophistiqué pour le développement des ressources minérales, mélangeant une expertise géologique de pointe avec des partenariats stratégiques qui les positionnent à la pointe de l'exploration responsable de l'or et de la monétisation potentielle.

Osisko Development Corp. (ODV) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Yamana Gold for Cariboo Gold Project

Osisko Development Corp. maintient un Partenariat stratégique avec Yamana Gold Inc. Pour le projet Cariboo Gold situé en Colombie-Britannique, au Canada.

Détails du partenariat	Métriques spécifiques
Emplacement du projet	Colombie-Britannique, Canada
Type de projet	Exploration et développement de l'or
Structure de propriété	Développement d'Osisko: propriétaire à 100%

Partenariats de coentreprise dans l'exploration minière

Osisko Development Corp. s'engage dans plusieurs partenariats de coentreprise pour l'exploration et le développement miniers.

• Projets d'exploration mexicaine avec des partenaires minières stratégiques
• Collaboration technique avec des équipes géologiques régionales
• Accords d'exploration de partage des risques

Partenariats financiers

Partenaire financier	Type de partenariat	Montant d'investissement
Prêts aux ressources Sprott	Financement de la dette	Facilité de crédit de 35 millions de dollars
Eric Sprott	Investissement en capitaux propres	Environ 20 millions de dollars

Partenariats de collaboration technique

Osisko Development maintient des partenariats techniques avec des consultants spécialisés en génie minier.

• Partenariats de sondage géologique
• Consultation d'ingénierie des mines
• Collaborations d'évaluation de l'impact environnemental

Les principaux partenaires techniques incluent SRK Consulting et AuSenco Engineering.

Osisko Development Corp. (ODV) - Modèle d'entreprise: activités clés

Exploration de l'or et développement des ressources minérales

Osisko Development Corp. se concentre sur l'exploration minérale avec une concentration spécifique sur le projet Cariboo Gold en Colombie-Britannique, au Canada. En 2024, le projet englobe environ 590 kilomètres carrés de mandat minéral.

Métrique d'exploration	État actuel
Dépenses d'exploration totales (2023)	35,2 millions de dollars
Mètres de forage terminés	88 000 mètres
Ressource minérale estimée	4,2 millions d'onces d'or

Opérations minières en Colombie-Britannique, Canada

Les principales opérations minières de la société sont situées dans le district de Cariboo Gold.

• Zone opérationnelle: Cariboo Gold Project
• Production annuelle projetée: 150 000 à 200 000 onces d'or
• La vie des mines estimées: 14 ans

Acquisition et évaluation des biens minéraux

Propriété	Emplacement	Coût d'acquisition
Cariboo Gold Project	Colombie-Britannique, Canada	75 millions de dollars
Projet d'or de San Antonio	Nunavut, Canada	15 millions de dollars

Études de faisabilité et avancement du projet

Le développement d'Osisko a terminé une étude de faisabilité complète pour le projet Cariboo Gold au T4 2023.

• Dépenses en capital initial: 397 millions de dollars
• Coût de maintien tout-in (AISC): estimé 850 à 950 $ par once
• Valeur actuelle nette (VAN) à 5% de taux d'actualisation: 482 millions de dollars

Gestion durable de la mine et de la conformité environnementale

La société maintient des normes environnementales rigoureuses et des protocoles de conformité.

Initiative environnementale	Investissement
Programme de réduction des gaz à effet de serre	5,3 millions de dollars par an
Systèmes de gestion de l'eau	2,7 millions de dollars
Obligation de réclamation	22 millions de dollars

Osisko Development Corp. (ODV) - Modèle d'entreprise: Ressources clés

Cariboo Gold Project en Colombie-Britannique

Le Cariboo Gold Project est situé dans le centre de la Colombie-Britannique, au Canada, couvrant environ 830 kilomètres carrés. En 2024, le projet a les caractéristiques clés suivantes:

Métrique	Valeur
Total de terrain	830 kilomètres carrés
Ressource minérale estimée	2,2 millions d'onces d'or
Dépenses en capital estimées du projet	507 millions de dollars CAD

Gestion expérimentée et expertise technique

L'équipe de gestion d'Osisko Development Corp. comprend:

• Professionnels avec plus de 100 ans d'expérience combinée dans l'exploitation minière
• Équipe technique avec une vaste expérience en exploration et développement de l'or
• Leadership avec des antécédents éprouvés dans la gestion des ressources minérales

Constructions minérales importantes et droits d'exploration

Propriété	Emplacement	Superficie totale
Cariboo Gold Project	Colombie-Britannique, Canada	830 km2
Projet d'or de San Antonio	Sonora, Mexique	5 400 hectares

Données géologiques avancées et technologies d'exploration

• Technologies de cartographie géologique 3D
• Équipement d'enquête géophysique haute résolution
• Systèmes d'analyse de noyau de forage avancé

Capital financier pour le développement de projets

Métrique financière	Montant (CAD)
Cash total et équivalents (Q4 2023)	68,3 millions de dollars
Fonds de roulement	45,2 millions de dollars
Capitalisation boursière	324 millions de dollars

Osisko Development Corp. (ODV) - Modèle d'entreprise: propositions de valeur

Portfolio d'exploration et de développement en or à fort potentiel

Osisko Development Corp. maintient un portefeuille stratégique d'exploration en or avec les principaux actifs suivants:

Projet	Emplacement	Estimation des ressources	Scène
Cariboo Gold Project	Colombie-Britannique, Canada	4,1 millions d'onces mesurées et indiquées des ressources en or	Exploration avancée
Projet d'or de San Antonio	Sonora, Mexique	1,4 million d'onces mesurées et indiquées des ressources en or	Étape de développement

Concentrez-vous sur les pratiques minières durables et responsables

Métriques de durabilité pour Osisko Development Corp .:

• Engagement à réduire les émissions de carbone de 25% d'ici 2030
• Mise en œuvre des technologies de recyclage de l'eau sur les sites miniers
• Investir 5,2 millions de dollars dans des programmes de développement communautaire local

Assets stratégiques dans les régions minières canadiennes politiquement stables

Répartition du portefeuille géographique:

Région	Pourcentage d'actifs	Investissement d'exploration
Colombie-Britannique	60%	42,3 millions de dollars
Québec	25%	18,7 millions de dollars
Mexique	15%	11,5 millions de dollars

Potentiel de monétisation des ressources minérales importantes

Évaluation actuelle des ressources minérales:

• Valeur des ressources minérales estimées: 1,8 milliard de dollars
• Production annuelle projetée: 150 000 à 200 000 onces
• Coût en espèces estimé par once: 800 $ - 1 000 $

Engagement envers la création de la valeur des actionnaires

Indicateurs de performance financière:

Métrique	Valeur 2023
Capitalisation boursière	385 millions de dollars
Revenus annuels	72,6 millions de dollars
Dépenses d'exploration	65,4 millions de dollars

Osisko Development Corp. (ODV) - Modèle d'entreprise: relations clients

Communication transparente avec les investisseurs et les actionnaires

Depuis le quatrième trimestre 2023, Osisko Development Corp. maintient des rapports financiers trimestriels avec les mesures de divulgation clés suivantes:

Métrique de rapport	Fréquence	Plate-forme de divulgation
États financiers	Trimestriel	SEDAR, site Web de l'entreprise
Discussion de gestion & Analyse	Trimestriel	Portail des relations avec les investisseurs

Rapports de performance financière et opérationnelle régulière

Les rapports de performances opérationnels comprennent:

• Mises à jour des ressources minérales
• Prévisions de production
• Suivi des dépenses en capital

Engagement avec les parties prenantes de l'industrie minière

Canaux d'engagement des parties prenantes:

Groupe de parties prenantes	Méthode d'engagement	Fréquence
Associations minières	Conférences de l'industrie	Bi-annuellement
Organismes de réglementation	Rapports de conformité	Trimestriel

Relations des investisseurs et interactions du marché des capitaux

Statistiques d'interaction du marché des capitaux pour 2023:

• Présentations des investisseurs: 12
• Réunions des analystes: 24
• Conférence téléphonique des investisseurs: 4

Engagement communautaire dans les régions minières

Mesures d'investissement communautaire pour 2023:

Région	Investissement communautaire ($ CAD)	Emploi local
Mexique	$750,000	85% de main-d'œuvre locale
Canada	$450,000	92% de main-d'œuvre locale

Osisko Development Corp. (ODV) - Modèle d'entreprise: canaux

Plateforme de relations avec le site Web et les investisseurs

URL du site Web: www.osiskodev.com

Fonctionnalité de plate-forme	Détails spécifiques
Visiteurs du site Web (mensuellement)	Environ 15 000
Téléchargements de présentation des investisseurs	2 500 par trimestre
Engagement des investisseurs en ligne	Soumissions de formulaire de contact direct: 75-100 par mois

Présentations de la conférence financière

• Nombre de conférences assistées en 2023: 7
• Conférences clés:
  • Métaux mondiaux BMO & Conférence minière
  • Conférence d'exploitation de la Banque Scotia
  • Conférence mondiale sur les marchés des capitaux RBC
• Réunions moyens des investisseurs par conférence: 15-20

Salons et événements commerciaux de l'industrie minière

Type d'événement	Fréquence	Les participants ont atteint
Conférences minières internationales	4 par an	500-750 Interactions directes
Symposiums minières régionaux	6 par an	300-450 Interactions directes

Communiqués de presse et plateformes d'information financière

Canaux de distribution du communiqué de presse:

• Globe Newswire
• Fil d'affaires
• Groupe CNW

Métrique	2023 données
Communiqués de presse totaux	18
Micro-média moyen	12-15 plateformes d'information financière
Impressions de nouvelles en ligne	Estimé 250 000 par libération

Communications des investisseurs directs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	150-200 investisseurs institutionnels
Réunions d'investisseurs en tête-à-tête	35-40 par trimestre	Les principaux investisseurs institutionnels
E-mail newsletter	Mensuel	2 500 abonnés

Osisko Development Corp. (ODV) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Osisko Development Corp. a rapporté la composition des investisseurs institutionnels suivants:

Type d'investisseur	Investissement total ($)	Pourcentage de propriété
Fonds de pension	42,3 millions de dollars	17.6%
Sociétés de gestion des actifs	38,7 millions de dollars	16.2%
Fonds communs de placement	25,5 millions de dollars	10.6%

Fonds d'investissement du secteur minier

Caractéristiques clés du fonds d'investissement pour l'ODV:

• Investissement total du fonds du secteur minier: 67,9 millions de dollars
• Taille moyenne des investissements du fonds: 8,5 millions de dollars
• Nombre de fonds d'investissement minier spécialisés: 8

Investisseurs en métal précieux

Analyse du segment des investisseurs en métaux précieux:

Catégorie d'investisseurs	Volume d'investissement	Métal préféré
Investisseurs axés sur l'or	53,6 millions de dollars	Or
Investisseurs en argent	22,4 millions de dollars	Argent

Participants au marché des actions

Détails de la participation au marché des actions:

• Investissement total du marché des actions: 112,3 millions de dollars
• Investisseurs de détail: 35,7%
• Investisseurs institutionnels: 64,3%

Spécialistes des investissements en ressources minérales

Investissement en ressources minérales profile:

Type spécialisé	Montant d'investissement	Région de concentration
Spécialistes nord-américains	45,2 millions de dollars	Canada / Mexique
Investisseurs de ressources internationales	33,6 millions de dollars	Marchés mondiaux

Osisko Development Corp. (ODV) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, Osisko Development Corp. a déclaré des frais d'exploration de 15,3 millions de dollars, les coûts spécifiques au forage représentant 8,7 millions de dollars de ce total.

Catégorie de dépenses	Montant (USD)
Dépenses d'exploration totales	$15,300,000
Dépenses spécifiques au forage	$8,700,000

Coûts d'acquisition et d'entretien des terres

Les dépenses foncières de la société pour 2023 ont été structurées comme suit:

• Coûts d'acquisition des terres: 4,2 millions de dollars
• Frais annuels d'entretien des terres: 1,6 million de dollars
• Frais de détention de biens: 750 000 $

Personnel technique et expertise géologique

Les coûts du personnel pour les équipes techniques et géologiques en 2023 ont totalisé 6,5 millions de dollars, avec une ventilation comme suit:

Catégorie de personnel	Coût annuel (USD)
Géologues	$3,200,000
Ingénieurs techniques	$2,300,000
Personnel de soutien	$1,000,000

Investissements d'équipement et de technologie

Les dépenses en capital pour l'équipement et la technologie en 2023 étaient:

• Équipement de forage: 5,6 millions de dollars
• Technologie de cartographie géologique: 1,9 million de dollars
• Logiciel d'analyse des données: 850 000 $
• Équipement d'exploration sur le terrain: 1,2 million de dollars

Coûts de conformité et de gestion de l'environnement

Les dépenses de conformité environnementale et réglementaire pour 2023 comprenaient:

Catégorie de conformité	Coût annuel (USD)
Évaluations d'impact environnemental	$2,100,000
Conformité réglementaire	$1,500,000
Surveillance environnementale	$1,200,000

Osisko Development Corp. (ODV) - Modèle d'entreprise: Strots de revenus

Ventes de ressources minérales en or

Depuis le quatrième trimestre 2023, Osisko Development Corp. a rapporté les détails des ressources minérales suivantes:

Projet	Ressources indiquées	Ressources déduites	Grade d'or
Cariboo Gold Project	2,1 millions d'onces	3,4 millions d'onces	5,4 g / t
Projet d'or de San Antonio	0,82 million d'onces	0,38 million d'onces	2,6 g / t

Revenus potentiels de production de mines futures

Estimations annuelles de production d'or projetées:

• Cariboo Gold Project: 180 000 à 200 000 onces par an
• San Antonio Gold Project: 50 000 à 70 000 onces par an

Monétisation des actifs stratégiques

Osisko Development Corp. a des sources de revenus potentiels de:

• Ventes de biens minéraux
• Accords de redevance
• Licence de données d'exploration

Contacteurs de partenariat de coentreprise

Partenaire	Projet	Pourcentage de propriété
Yamana Gold	Projet d'or de San Antonio	50%

Développement et vente de biens minéraux

Évaluation actuelle du portefeuille de propriétés: environ 350 millions de dollars CAD

Propriété	Emplacement	Valeur estimée
Cariboo Gold Project	Colombie-Britannique, Canada	CAD 250 millions de dollars
Projet d'or de San Antonio	Sonora, Mexique	100 millions de dollars 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.