Osisko Development Corp. (ODV): modelo de negócios [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Osisko Development Corp. (ODV), uma empresa dinâmica de exploração de ouro que transforma o potencial mineral em valor dos acionistas. Com uma abordagem focada em laser em práticas de mineração sustentável e ativos estratégicos nas paisagens ricas em recursos da Colúmbia Britânica, o ODV representa uma intrigante oportunidade de investimento no setor de metais preciosos. Seu modelo de negócios inovador Canvas revela um sofisticado plano para o desenvolvimento de recursos minerais, misturando experiência geológica de ponta com parcerias estratégicas que as posicionam na vanguarda da exploração responsável de ouro e da potencial monetização.

Osisko Development Corp. (ODV) - Modelo de Negócios: Principais Parcerias

Aliança Estratégica com Yamana Gold for Cariboo Gold Project

Osisko Development Corp. mantém um Parceria estratégica com a Yamana Gold Inc. Para o projeto Gold Gold, localizado na Colúmbia Britânica, Canadá.

Detalhes da parceria	Métricas específicas
Localização do projeto	Colúmbia Britânica, Canadá
Tipo de projeto	Exploração e desenvolvimento de ouro
Estrutura de propriedade	Desenvolvimento de Osisko: 100% de propriedade

Parcerias de joint venture na exploração de mineração

Osisko Development Corp. se envolve em várias parcerias de joint venture para exploração e desenvolvimento de mineração.

• Projetos de exploração mexicanos com parceiros estratégicos de mineração
• Colaboração técnica com equipes geológicas regionais
• Acordos de exploração de compartilhamento de riscos

Parcerias financeiras

Parceiro financeiro	Tipo de parceria	Valor do investimento
Empréstimos de recursos Sprott	Financiamento da dívida	Linha de crédito de US $ 35 milhões
Eric Sprott	Investimento em ações	Aproximadamente US $ 20 milhões

Parcerias de colaboração técnica

O Osisko Development mantém parcerias técnicas com consultores especializados de engenharia de mineração.

• Parcerias de Pesquisa Geológica
• Consulta de engenharia de minas
• Colaborações de avaliação de impacto ambiental

Os principais parceiros técnicos incluem a SRK Consulting e a Ausenco Engineering.

Osisko Development Corp. (ODV) - Modelo de Negócios: Atividades -chave

Exploração de ouro e desenvolvimento de recursos minerais

Osisko Development Corp. concentra -se na exploração mineral, com concentração específica no projeto de ouro do Cariboo na Colúmbia Britânica, Canadá. A partir de 2024, o projeto abrange aproximadamente 590 quilômetros quadrados de posse mineral.

Métrica de exploração	Status atual
Despesas totais de exploração (2023)	US $ 35,2 milhões
Medidores de perfuração concluídos	88.000 metros
Recurso mineral estimado	4,2 milhões de onças de ouro

Operações de mineração na Colúmbia Britânica, Canadá

As primeiras operações de mineração da empresa estão localizadas no distrito de Cariboo Gold.

• Área operacional: projeto de ouro do Cariboo
• Produção anual projetada: 150.000-200.000 onças de ouro
• Vida estimada da mina: 14 anos

Aquisição e avaliação de propriedades minerais

Propriedade	Localização	Custo de aquisição
Projeto Cariboo Gold	Colúmbia Britânica, Canadá	US $ 75 milhões
Projeto de ouro de San Antonio	Nunavut, Canadá	US $ 15 milhões

Estudos de viabilidade e avanço do projeto

O Osisko Development concluiu um estudo de viabilidade abrangente para o Projeto Cariboo Gold no quarto trimestre 2023.

• Despesas de capital inicial: US $ 397 milhões
• Custo de sustentação em todos os lugares (AISC): estimado US $ 850-950 por onça
• Valor presente líquido (VPL) a 5% de taxa de desconto: US $ 482 milhões

Gerenciamento sustentável de mineração e conformidade ambiental

A empresa mantém padrões ambientais rigorosos e protocolos de conformidade.

Iniciativa Ambiental	Investimento
Programa de redução de gases de efeito estufa	US $ 5,3 milhões anualmente
Sistemas de gerenciamento de água	US $ 2,7 milhões
Vínculo de recuperação	US $ 22 milhões

Osisko Development Corp. (ODV) - Modelo de negócios: Recursos -chave

Projeto de ouro do Cariboo na Colúmbia Britânica

O Cariboo Gold Project está localizado no centro da Colúmbia Britânica, Canadá, cobrindo aproximadamente 830 quilômetros quadrados. A partir de 2024, o projeto possui as seguintes características -chave:

Métrica	Valor
Pacote total de terras	830 quilômetros quadrados
Recurso mineral estimado	2,2 milhões de onças de ouro
Gasto estimado de capital do projeto	CAD $ 507 milhões

Gerenciamento experiente e experiência técnica

A equipe de gerenciamento Osisko Development Corp. inclui:

• Profissionais com mais de 100 anos de experiência combinada em mineração
• Equipe técnica com extensa experiência em exploração e desenvolvimento de ouro
• Liderança com histórico comprovado em gerenciamento de recursos minerais

Bolsas de terras minerais significativas e direitos de exploração

Propriedade	Localização	Área total
Projeto Cariboo Gold	Colúmbia Britânica, Canadá	830 km2
Projeto de ouro de San Antonio	Sonora, México	5.400 hectares

Dados geológicos avançados e tecnologias de exploração

• Tecnologias de mapeamento geológico 3D
• Equipamento de pesquisa geofísica de alta resolução
• Sistemas avançados de análise de núcleo de broca

Capital financeiro para desenvolvimento de projetos

Métrica financeira	Quantidade (CAD)
Caixa total e equivalentes (Q4 2023)	US $ 68,3 milhões
Capital de giro	US $ 45,2 milhões
Capitalização de mercado	US $ 324 milhões

Osisko Development Corp. (ODV) - Modelo de Negócios: Proposições de Valor

Portfólio de exploração e desenvolvimento de ouro de alto potencial

Osisko Development Corp. mantém um portfólio estratégico de exploração de ouro com os seguintes ativos -chave:

Projeto	Localização	Estimativa de recursos	Estágio
Projeto Cariboo Gold	Colúmbia Britânica, Canadá	4,1 milhões de onças medidas e indicaram recursos de ouro	Exploração avançada
Projeto de ouro de San Antonio	Sonora, México	1,4 milhão de onças medidas e indicaram recursos de ouro	Estágio de desenvolvimento

Concentre -se em práticas de mineração sustentáveis ​​e responsáveis

Métricas de sustentabilidade para Osisko Development Corp.:

• Compromisso de reduzir as emissões de carbono em 25% até 2030
• Implementando tecnologias de reciclagem de água em sites de mineração
• Investir US $ 5,2 milhões em programas de desenvolvimento comunitário local

Ativos estratégicos em regiões de mineração canadenses politicamente estáveis

Breakdown de portfólio geográfico:

Região	Porcentagem de ativos	Investimento de exploração
Colúmbia Britânica	60%	US $ 42,3 milhões
Quebec	25%	US $ 18,7 milhões
México	15%	US $ 11,5 milhões

Potencial para monetização significativa de recursos minerais

Avaliação atual de recursos minerais:

• Valor estimado do recurso mineral: US $ 1,8 bilhão
• Produção anual de ouro projetada: 150.000-200.000 onças
• Custo de caixa estimado por onça: $ 800- $ 1.000

Compromisso com a criação de valor dos acionistas

Indicadores de desempenho financeiro:

Métrica	2023 valor
Capitalização de mercado	US $ 385 milhões
Receita anual	US $ 72,6 milhões
Despesa de exploração	US $ 65,4 milhões

Osisko Development Corp. (ODV) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com investidores e acionistas

A partir do quarto trimestre 2023, a Osisko Development Corp. mantém relatórios financeiros trimestrais com as seguintes métricas de divulgação -chave:

Métrica de relatório	Freqüência	Plataforma de divulgação
Demonstrações financeiras	Trimestral	Sedar, site da empresa
Discussão da gerência & Análise	Trimestral	Portal de Relações com Investidores

Relatórios regulares de desempenho financeiro e operacional

O relatório de desempenho operacional inclui:

• Atualizações de recursos minerais
• Previsões de produção
• Rastreamento de despesas de capital

Engajamento com as partes interessadas da indústria de mineração

Canais de engajamento das partes interessadas:

Grupo de partes interessadas	Método de engajamento	Freqüência
Associações de mineração	Conferências do setor	Bi-semestralmente
Órgãos regulatórios	Relatórios de conformidade	Trimestral

Relações com investidores e interações no mercado de capitais

Estatísticas de interação do mercado de capitais para 2023:

• Apresentações de investidores: 12
• Reuniões de analistas: 24
• Chamadas de conferência de investidores: 4

Engajamento da comunidade em regiões de mineração

Métricas de investimento comunitário para 2023:

Região	Investimento comunitário ($ CAD)	Emprego local
México	$750,000	85% da força de trabalho local
Canadá	$450,000	92% da força de trabalho local

Osisko Development Corp. (ODV) - Modelo de Negócios: Canais

Site corporativo e plataforma de relações com investidores

URL do site: www.osiskodev.com

Recurso da plataforma	Detalhes específicos
Visitantes do site (mensalmente)	Aproximadamente 15.000
Downloads de apresentação do investidor	2.500 por trimestre
Engajamento online dos investidores	Formulário de contato direto Submissões: 75-100 por mês

Apresentações da conferência financeira

• Número de conferências participadas em 2023: 7
• Conferências -chave:
  • BMO Global Metals & Conferência de Mineração
  • Conferência de Mineração do Scotiabank
  • RBC Capital Markets Global Mining Conference
• Reuniões médias dos investidores por conferência: 15-20

Feiras de comércio da indústria de mineração e eventos

Tipo de evento	Freqüência	Os participantes chegaram
Conferências Internacionais de Mineração	4 por ano	500-750 Interações diretas
Simpósios de mineração regional	6 por ano	300-450 Interações diretas

Comunicados de imprensa e plataformas de notícias financeiras

Canais de distribuição de comunicado de imprensa:

• Globe Newswire
• Fio de negócios
• Grupo CNW

Métrica	2023 dados
TOTAL DE PRESSÃO COMUNICOS	18
Coleta média da mídia	12-15 Plataformas de notícias financeiras
Impressões de notícias online	Estimado 250.000 por liberação

Comunicações de investidores diretos

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	150-200 investidores institucionais
Reuniões individuais de investidores	35-40 por trimestre	Principais investidores institucionais
Newsletter de e -mail	Mensal	2.500 assinantes

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

Investidores institucionais

A partir do quarto trimestre 2023, a Osisko Development Corp. relatou a seguinte composição institucional do investidor:

Tipo de investidor	Investimento total ($)	Porcentagem de propriedade
Fundos de pensão	US $ 42,3 milhões	17.6%
Empresas de gerenciamento de ativos	US $ 38,7 milhões	16.2%
Fundos mútuos	US $ 25,5 milhões	10.6%

Fundos de investimento do setor de mineração

Principais características do Fundo de Investimento de Mineração para ODV:

• Investimento total sobre fundos do setor de mineração: US $ 67,9 milhões
• Tamanho médio de investimento de fundos: US $ 8,5 milhões
• Número de fundos especializados de investimento em mineração: 8

Investidores de metais preciosos

Análise de segmento de investidores de metal precioso:

Categoria de investidores	Volume de investimento	Metal preferido
Investidores focados em ouro	US $ 53,6 milhões	Ouro
Investidores de prata	US $ 22,4 milhões	Prata

Participantes do mercado de ações

Detalhes da participação no mercado de ações:

• Investimento total do mercado de ações: US $ 112,3 milhões
• Investidores de varejo: 35,7%
• Investidores institucionais: 64,3%

Especialistas em investimentos em recursos minerais

Investimento em recursos minerais profile:

Tipo especializado	Valor do investimento	Região de foco
Especialistas da América do Norte	US $ 45,2 milhões	Canadá/México
Investidores de recursos internacionais	US $ 33,6 milhões	Mercados globais

Osisko Development Corp. (ODV) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Osisko Development Corp. registrou despesas de exploração de US $ 15,3 milhões, com custos específicos de perfuração, representando US $ 8,7 milhões desse total.

Categoria de despesa	Quantidade (USD)
Despesas totais de exploração	$15,300,000
Despesas específicas de perfuração	$8,700,000

Custos de aquisição e manutenção de terras

As despesas relacionadas à terra da empresa para 2023 foram estruturadas da seguinte forma:

• Custos de aquisição de terras: US $ 4,2 milhões
• Taxas anuais de manutenção de terras: US $ 1,6 milhão
• Despesas de retenção de propriedades: US $ 750.000

Pessoal técnico e experiência geológica

Os custos de pessoal para equipes técnicas e geológicas em 2023 totalizaram US $ 6,5 milhões, com um colapso da seguinte forma:

Categoria de pessoal	Custo anual (USD)
Geólogos	$3,200,000
Engenheiros Técnicos	$2,300,000
Equipe de apoio	$1,000,000

Investimentos de equipamentos e tecnologia

As despesas de capital para equipamentos e tecnologia em 2023 foram:

• Equipamento de perfuração: US $ 5,6 milhões
• Tecnologia de mapeamento geológico: US $ 1,9 milhão
• Software de análise de dados: US $ 850.000
• Equipamento de exploração de campo: US $ 1,2 milhão

Custos de conformidade e gestão ambiental

Despesas de conformidade ambiental e regulatória para 2023 incluídas:

Categoria de conformidade	Custo anual (USD)
Avaliações de impacto ambiental	$2,100,000
Conformidade regulatória	$1,500,000
Monitoramento ambiental	$1,200,000

Osisko Development Corp. (ODV) - Modelo de negócios: fluxos de receita

Vendas de recursos minerais de ouro

A partir do quarto trimestre 2023, a Osisko Development Corp. relatou os seguintes detalhes de recursos minerais:

Projeto	Recursos indicados	Recursos inferidos	Grau de ouro
Projeto Cariboo Gold	2,1 milhões de onças	3,4 milhões de onças	5.4 g/t
Projeto de ouro de San Antonio	0,82 milhão de onças	0,38 milhão de onças	2,6 g/t

Potencial futuro receita de produção de minas

Estimativas anuais de produção de ouro projetadas:

• Projeto de ouro do Cariboo: 180.000-200.000 onças por ano
• Projeto de ouro de San Antonio: 50.000-70.000 onças por ano

Monetização de ativos estratégicos

Osisko Development Corp. possui possíveis fluxos de receita de:

• Vendas de propriedades minerais
• Acordos de royalties
• Licenciamento de dados de exploração

Acordos de parceria com joint venture

Parceiro	Projeto	Porcentagem de propriedade
Yamana Gold	Projeto de ouro de San Antonio	50%

Desenvolvimento de propriedades minerais e venda

Avaliação atual do portfólio de propriedades: aproximadamente CAD $ 350 milhões

Propriedade	Localização	Valor estimado
Projeto Cariboo Gold	Colúmbia Britânica, Canadá	CAD $ 250 milhões
Projeto de ouro de San Antonio	Sonora, México	CAD $ 100 milhões

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.