Sirios Resources Combines With OVI Mining to Advance Cheechoo Gold Project

• Sirios Resources has finalized a transformational combination with OVI Mining to create a district-scale gold platform.
• The integration integrates Sirios into the Osisko development ecosystem, leveraging proven mine-building and capital markets expertise.
• The Cheechoo deposit hosts approximately 3 million ounces of gold, characterized by low strip ratio and high metallurgical recoveries.
• Sirios aims to deliver a Preliminary Economic Assessment for Cheechoo by 2027, supported by recent treasury additions.

Sirios Resources is advancing its flagship Cheechoo Project, a large-scale open-pit gold deposit located in the Eeyou Istchee James Bay region of Québec. The project is strategically situated adjacent to Newmont’s Éléonore mine, providing access to established infrastructure and regional geological knowledge. The deposit currently hosts approximately 3 million ounces of gold, including 1.3 million ounces indicated and 1.7 million ounces inferred resources. This resource base is supported by a low strip ratio of 2.9:1 and high metallurgical gold recoveries of 92 percent, which underpin attractive development economics.

In December 2025, Sirios announced a strategic combination with OVI Mining, a transaction that was finalized in February 2026. This merger creates a district-scale gold platform anchored by Cheechoo and complemented by additional assets such as the Corvet Est, PLEX, and Aquilon projects. The integration brings Sirios into the Osisko development ecosystem, strengthening the leadership team with capital markets expertise while retaining the company's deep regional geological knowledge. Sirios remains well-funded following recent treasury additions, providing the financial backing necessary to support advanced exploration and development activities.

What Is the Development Status of the Cheechoo Project?

Cheechoo is positioned as a near-surface gold deposit with significant potential for open-pit development. Site preparation for the project is complete, and the company has executed its first 25,000-meter drilling campaign as of June 2026. This drilling campaign focuses on resource expansion and targeted exploration to further define the deposit's underground potential, which currently grades 3.09 g/t. Sirios targets a Preliminary Economic Assessment (PEA) for Cheechoo in 2027, marking a critical milestone in the project's advancement. The company's strategy relies on three pillars: resource growth through ongoing exploration, advancing large-scale open-pit development, and expanding its portfolio of prospective assets.

How Does the Osisko Ecosystem Impact Project Strategy?

The combination with OVI Mining provides Sirios with access to the Osisko development ecosystem, which includes proven mine-building and financing capabilities. Executive Chairman Dominique Doucet and Board Member Sean Roosen of Osisko Development bring veteran industry experience to the leadership team. This structural move aims to accelerate the Preliminary Economic Assessment and unlock value through disciplined project advancement. Sirios leverages over three decades of continuous exploration in the region and maintains strong relationships with local and Indigenous communities. The integration allows the company to focus on high-impact exploration while utilizing Osisko's expertise in capital markets and project execution.

What Are the Additional Assets in the Sirios Portfolio?

Beyond the Cheechoo project, Sirios holds a portfolio of prospective assets that support its district-scale platform strategy. The Corvet Est project consists of a 6,500-hectare land package containing multiple mineralized zones. The PLEX project is a 21,000-hectare land package that hosts the Orfée gold zone and offers underexplored depth potential. Additionally, the Aquilon project is optioned in partnership with Sumitomo Metal Mining Canada, providing exposure to high-grade showings with limited capital commitments. These assets complement the core Cheechoo development and offer further opportunities for resource growth and value creation.