News Summary
The most recent news, dated December 15, 2025, from Osisko Development Corp. (ODV) provides an update on its 13,000-meter infill drilling program at the Cariboo Gold Project’s Lowhee Zone. The company reports that approximately 10,000 meters, or 72%, of the planned drilling has been completed from 62 holes, with results from 38 underground infill holes totaling around 3,704 meters being disclosed.
Key intercepts include:
* 8.56 g/t Au over 8.5m from 60.5m depth (hole BMU-25-090)
* 16.95 g/t Au over 4m from 80m depth (hole BMU-25-104)
* 9.32 g/t Au over 6m from 58m depth (hole BMU-25-092)
* 13.22 g/t Au over 2.65m from 87.85m depth (hole BMU-25-108)
* High-grade interval of 130.32 g/t Au over 0.5m from 83.5m depth (part of BMU-25-104’s 4m interval)
The company states that the results are consistent with the modelled reserve stopes and indicate potential for upside mineralization outside the current reserve outlines. The infill drilling program is on track to conclude in Q1 2026, with the data expected to refine production designs and sequencing.
Material Impact
This infill drilling update is a positive, but routine, development in the context of Osisko Development’s overall progress. Over the past year, the company has achieved several significant milestones that have materially de-risked and advanced the Cariboo Gold Project:
1. Optimized Feasibility Study (April 2025): The 2025 FS presented robust economics (C$943M After-Tax NPV5% and 22.1% IRR at US$2,400/oz gold) and confirmed a significant probable mineral reserve of 2.071 million ounces of gold. This was a highly material positive event.
2. Full Project Permitting (Q4 2024): The Cariboo project received key Mines Act and Environmental Management Act permits, classifying it as “fully permitted” and “shovel-ready.” This was also a highly material positive event, removing a significant hurdle.
3. Comprehensive Project Financing (July-October 2025):
* A US$450 million credit facility from Appian Capital Advisory Ltd. was secured (July 2025), with an initial US$100 million draw. This facility provides a substantial portion of the capital needed for Cariboo’s development. Appian also received 5.63M warrants at US$4.43.
* Concurrent private placements (August and October 2025) raised a total of approximately US$203 million and C$82.5 million, respectively. Notably, Double Zero Capital LP invested US$75 million in the August placement, acquiring ~15.4% ownership and securing a board seat, signifying strong strategic investor confidence. These financings significantly bolstered the company’s cash position (to C$401.4 million by Q3 2025) and fully funded the remaining initial capital required for construction. This overall financing package was a game-changer.
4. Major Exploration Campaign Launched (December 2025): The recent launch of a fully-funded 70,000-meter exploration drilling campaign targeting resource expansion at depth and new discoveries (Cariboo Deep, Proserpine Mountain) is a significant long-term positive, indicating confidence in future growth.
Against these backdrop events, the December 15, 2025, infill drilling update, while consistently positive with high-grade intercepts and alignment with geological models, serves as a validation of the Cariboo project’s resource quality rather than a new material change in the company’s fundamental outlook. The completion percentage (72%) and Q1 2026 timeline for the infill program are in line with previous guidance (Q3 2025 results stated 6900m complete and Q1 2026 expected completion). Therefore, this news is a routine positive development that reinforces existing expectations for the Cariboo project.
Catalysts
* Completion of Infill Drilling Program: Watch for the final results and conclusion of the 13,000-meter infill drilling program in Q1 2026, as this data is expected to further refine production designs and sequencing for the Cariboo Gold Project.
* Cariboo Gold Project Construction: Monitor the commencement and progress of major construction activities, particularly for the main processing facility and infrastructure, following the successful financings. The 2025 FS anticipated construction to begin in Q3 2025.
* Exploration Drilling Results: Keep an eye out for initial results from the newly launched 70,000-meter exploration drilling campaign, particularly from the Cariboo Deep and Proserpine Mountain targets. The first update is expected in Q2 2026.
* Transmission Line Approvals: Await the final approvals for the transmission line construction, expected in H2 2025 (as per the 2025 FS announcement).
* Tintic Project Update: While Phase II regional drilling showed no significant intercepts, look for any further updates on the Tintic project, especially regarding the small-scale heap leach operations and future evaluations.
* San Antonio Project Divestment: Monitor the progress and finalization of the San Antonio Gold Project divestment to Axo Copper Corp., including any contingent payments received.
Materiality Conclusion
The latest news detailing infill drilling results from the Cariboo Gold Project is Routine – Positive. It confirms strong gold intercepts and continuity with existing geological models, reinforcing the project’s resource quality. This is a positive operational update, but it does not represent a new fundamental shift for the company, given the substantial positive news flow in recent months regarding the Feasibility Study, full project permitting, and significant financing successes (US$450M Appian credit facility and over US$280M in equity financings). These prior events were truly material and transformative for Osisko Development, moving it towards a fully funded and permitted construction stage. The current drilling news validates these earlier strategic advancements.
