Osisko Development Reported Late Wednesday ~$133.1M Cash Position As Of September 30, 2022; 10,958 Ounces Total Of Gold Sold By The Company For Q3 2022

Author: Benzinga Newsdesk | November 10, 2022 02:29am

Osisko Development Corp. (NYSE:ODV, TSXV:ODV) ("Osisko Development" or the "Company") is pleased to report its financial and operating results for the three months ended September 30, 2022 (or "Q3 2022"). Unless stated otherwise, all dollar references are to Canadian dollars.
 

Q3 2022 Highlights:

• 10,958 ounces total of gold sold by the Company for Q3 2022, comprising:
  
  
   
  • 3,600 ounces of gold from the Trixie test mine ("Trixie") within the Company's wider Tintic project in central Utah, USA ("Tintic"); and
    
    
     
  • 7,358 ounces of gold from the 1.1 million tonne heap leach pad at the Company's San Antonio Gold Project ("San Antonio").
    
    
     
• $22.8 million in revenues earned by the Company from the Trixie test mine and San Antonio operations in Q3 2022. See "Cautionary Statements".
  
  
   
• $133.1 million approximate cash position as at September 30, 2022.
   

Tintic:

• 5,353 ounces of gold produced at an average grade of 0.91 oz/t1 Au2 (31.3 g/t3 Au) since the date of Osisko Development's acquisition of Tintic on May 27, 2022.
  
  
   
• 1,342 feet (409 meters) of portal and ramp construction complete (~25% complete) as at September 30, 2022.
  
  
   
• 20,000 feet (6,096 metres) of reverse circulation ("RC") drilling and 1,898 feet (622 metres) of diamond drilling since the acquisition of Tintic with four drill rigs currently in operation.
  
  
   
• US$20 million metals stream on the Tintic Project closed on September 26, 2022 with Osisko Bermuda Limited, a wholly-owned subsidiary of Osisko Gold Royalties Ltd.
   

Barkerville:

• Final documents for the Cariboo Gold Project Environmental Assessment filed and under final review by the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (the "Ministry").
  
  
   
• Official application for permitting of the Cariboo Gold Project initiated on September 30, 2022, with Project Description submitted to the Ministry.
  
  
   
• All permits received for the bulk sample in the Lowhee deposit area, which includes 2,200 meters of potential underground development and the removal of 10,000 tonnes of mineralized material for further validation of the Company's newly constructed ore sorter facility.
  
  
   
• 7,163 ounces of gold produced at an average grade of 6.50 g/t Au from the Bonanza Ledge Test Mine from 53,352 tonnes of mineralized material milled as at September 30, 2022. The Bonanza Ledge Test Mine was put into care & maintenance in the 2nd quarter of 2022.
  
  
   
• The Feasibility Study for the Cariboo Gold project is scheduled to be completed before the end of the 2022 calendar year. The study is being designed to account for the current inflationary environment and will contemplate a staged, lower capital intensity project with scalable infrastructure. This approach to developing the Cariboo Project will mitigate capital intensity risk while also maximizing our margins as well as our ability to exploit what we anticipate to be multiple deposits over two trends totalling approximately 80 km of mineralization, with the ultimate goal of establishing a large mining camp.
   

Sapuchi Minera

• 7,358 ounces of gold sold from the processing of the existing stockpile via heap leach as at September 30, 2022.
  
  
   
• 1.1 million tonnes at an average grade of 0.58 g/t Au have been placed on the heap leach pad.
  
  
   
• A non-cash impairment of $81 million was recorded in Q3 2022.
   

Consolidated Financial Statements

Osisko Development's unaudited interim consolidated financial statements and management's discussion and analysis for the three months ended September 30, 2022 are available on the Company's website at www.osiskodev.com, and on SEDAR (www.sedar.com) under Osisko Development's issuer profile.

Qualified Persons

The scientific and technical information in this news release has been reviewed and approved by Maggie Layman, P.Geo. Vice President Exploration of Osisko Development Corp., a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Posted In: ODV TSXV:ODV