Osisko Gold Secures $450 Million Credit Facility To Advance Cariboo Project

• Osisko Gold Group has secured US$450 million senior secured loan from Appian Capital Advisory to fund the development of its Cariboo Gold Project.
• The transaction includes a US$100 million initial draw designed to de-risk pre-construction activities ahead of a final investment decision.
• Recent high-grade drilling at the Proserpine target confirms a new mineralized system with open-pit potential near the flagship Cariboo asset.
• Osisko aims to transition into an intermediate gold producer with the Cariboo project, which is fully permitted and near-construction ready.

Appian Capital Advisory has executed a credit agreement with Osisko Gold Group Inc. for a senior secured project loan facility totaling up to US$450 million. The proceeds are designated specifically for the development and construction of Osisko’s flagship Cariboo Gold Project in British Columbia, Canada. Osisko Gold Group, formerly Osisko Development Corp., is a North American gold developer focused on advancing past-producing mining camps in mining-friendly jurisdictions. The company aims to become an intermediate gold producer through this project.

The financing structure is designed to mitigate risk through staged funding. A US$100 million initial draw is available immediately, enabling Osisko to accelerate pre-construction activities. These activities include infill drilling, detailed engineering, procurement, underground development, and operational readiness planning. This initial capital injection is intended to materially de-risk the project prior to a final investment decision.

Subsequent draws totaling US$350 million are available contingent upon a final investment decision, subject to customary project milestones and conditions precedent. This structured approach ensures that capital deployment aligns with project progression and risk reduction milestones. For Appian, this investment complements its existing exposure to base metals and critical minerals, offering diversification through gold’s typically uncorrelated return profile.

How Does The Cariboo Project Support Osisko’s Producer Status?

The Cariboo Gold Project is currently permitted and near-construction ready. According to the 2025 Feasibility Study, the project has the potential to produce 1.89 million ounces of gold over a 10-year mine life. The transaction is led by an experienced management team with significant mine development experience. Osisko emphasizes responsible gold mining, leveraging its legacy of excellence and innovation to drive value from its assets.

Osisko Gold Group is a North American gold development company specializing in past-producing mining camps located in mining-friendly jurisdictions with district-scale potential. The company’s primary strategic objective is to become an intermediate gold producer by advancing its fully permitted, 100%-owned Cariboo Gold Project. Additionally, Osisko holds the Tintic Project in the historic East Tintic mining district in Utah, U.S.A..

The company is managed by a team with a proven track record in discovering, funding, developing, and operating tier-1 projects globally. Notable experience includes involvement with Canadian Malartic, one of Canada's largest gold-producing mines. Osisko emphasizes responsible gold mining, leveraging its legacy of excellence and innovation to drive value from its assets.

The identification of this mineralized system supports the company's strategy of developing long-life mining assets in mining-friendly jurisdictions. By confirming open-pit potential at Proserpine, Osisko Gold is advancing the technical understanding of the Cariboo Gold Project. This could influence future capital allocation decisions and development timelines.

What Does Proserpine Drilling Reveal About Future Growth?

Osisko Gold Group Inc reported initial diamond drilling results from its Proserpine regional greenfield target, located seven kilometres southeast of the Cariboo Gold deposit in central British Columbia. The program completed 6,463 metres in 14 holes, confirming high-grade gold structures and broader lower-grade zones that suggest potential for open-pit mining. Drilling expanded the known mineralized footprint at Proserpine to roughly one kilometre along strike by half a kilometre in width.

Gold was encountered from near surface to depths beyond 400 metres, remaining open in all directions. All holes reaching target depth intersected mineralization, validating the prospect of a sizeable new gold system close to the permitted Cariboo project. To capitalize on these results, Osisko has resumed drilling with three rigs.

The company plans a further 26,500 metres to increase drill density at Proserpine Southeast and begin first-pass drilling at Proserpine Northwest. This activity underscores the strategic importance of expanding the resource base near the flagship Cariboo asset. Osisko Gold is a Canadian gold mining and exploration company focused on advancing its 100%-owned, permitted Cariboo Gold Project.

Key drilling highlights include an intersection of 95.93 g/t gold over 4.60 meters at a vertical depth of 71 meters. Another intersection showed 5.46 g/t gold over 8.60 meters at a vertical depth of 77 meters. These results demonstrate the presence of high-grade gold mineralization close to the surface. This is critical for evaluating the feasibility of an open-pit mining operation.

The high-grade intersections suggest that the Proserpine target may represent a significant addition to the project's mineral resources. This could potentially enhance the economic viability of the asset. The company continues to evaluate the broader regional property for further exploration opportunities.

Osisko maintains a disciplined approach to capital allocation and development risk management while focusing on mineral inventory growth. This exploration success provides investor-relevant context regarding the resource potential of the Cariboo Gold Project. The identification of open-pit potential at Proserpine supports the company's strategy of developing long-life mining assets.

The financing strengthens Osisko’s position to advance the Cariboo project, which complements broader portfolio diversification strategies. The facility is structured with a US$100 million initial draw, which allows Osisko to accelerate pre-construction activities such as infill drilling, detailed engineering, and underground development. This initial funding is designed to materially de-risk the project ahead of a final investment decision.

The remaining US$350 million in subsequent draws is contingent upon the achievement of customary project milestones and conditions precedent. The investment highlights Appian’s focused credit and royalties offering. This provides diversification to its portfolio by complementing existing exposure to base metals and critical minerals with gold’s typically uncorrelated return profile. Osisko, led by an experienced management team with a track record in tier-1 projects, aims to leverage this capital to advance its flagship asset in a mining-friendly jurisdiction.