The company released financial and operating results for the three and twelve months ended December 31, 2026, showing a solid cash balance of approximately $422.3 million and several material project and corporate developments. During the fourth quarter of 2026, Osisko Development monetized small-scale mining at the Tintic Project, sold 3,970 ounces of gold and recorded revenue of $24.2 million with cost of sales of $6.8 million, producing operating income of $8.7 million.
The company also advanced the Cariboo Gold Project through continued infill drilling, pre-construction activity and a broad surface exploration campaign.
Capital markets activity accelerated in late 2026 and early 2026, including a private placement that closed on October 29, 2026 for roughly $82.5 million in gross proceeds and a prospectus offering that raised approximately US$143.8 million (closed February 3, 2026). Subsequent financings and warrant exercises provided additional liquidity — notably about $24.9 million from a warrant exercise announced on March 9, 2026. Corporate moves included the announced sale of the San Antonio Gold Project (transaction signed on November 24, 2026 and closed on January 27, 2026) and new senior appointments to support exploration and permitting.
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Financial and corporate highlights
Osisko reported material cash resources and an outstanding initial draw under the US$450 million senior secured project loan credit facility (the 2026 Financing Facility) advised by Appian Capital Advisory Limited, with approximately $145.8 million (US$106.4 million) outstanding inclusive of accrued interest as of December 31, 2026. Share issuances and offerings in late 2026 and early 2026 supplied growth capital: a structured private placement on October 29, 2026 and a follow-on prospectus offering on February 3, 2026. The company also announced inclusion in the VanEck Junior Gold Miners ETF (GDXJ) with effect at market close on March 20, 2026, a development that can broaden investor access.
Cariboo Gold Project progress
Infill drilling and pre-construction milestones
The underground 13,000-metre infill drill program in the Lowhee Zone is a condition of the 2026 Financing Facility and is intended to strengthen mine design and reserve conversion. By the end of the reported period, the company released results for an aggregate of 5,983 metres (~44% of plan) during 2026, and cumulative released results totalled 11,025 metres (~80% of the program), with final assay work pending for remaining holes. Management expects to complete the infill program in the second quarter of 2026 and to use the dataset to refine resource models, production stope design and underground development plans.
Infrastructure, development and safety
Pre-construction work continued across surface and underground infrastructure: upgrades to the Bonanza Ledge water treatment plant were in final commissioning stages and anticipated to be fully operational in the second quarter of 2026, while approximately 2.1 kilometres of underground development has been completed from the Cow Portal into the Lowhee Zone. Surface works including the waste rock storage facility, sediment control pond and mine site complex progressed, and the site camp expansion to 266 rooms was finished to support peak construction manpower. A fatal contractor incident on January 22, 2026 prompted a temporary suspension; activities were later resumed under a phased reopening plan announced on March 2, 2026.
Exploration, Tintic operations and disposals
Exploration push and drilling plan
A broad exploration program was launched including regional targets and deeper directional drilling beneath the current deposit footprint. Osisko planned up to 20 drill rigs at peak activity for overlapping infill and exploration campaigns, targeting approximately 160,000 metres across all programs in 2026. Early activity saw multiple surface rigs active on targets up to 1,000 metres below the deposit, with roughly 6,000 metres of drilling completed and assays pending. The objective is to upgrade inferred resources through conversion drilling and to expand the mineral resource envelope at depth.
Tintic small-scale production and San Antonio sale
At the Tintic Project in Utah, small-scale heap leaching of tailings and selective mining produced 3,970 ounces sold in Q4 2026 and a total of 6,240 ounces sold for 2026, generating full-year revenue of $35.5 million and cost of sales of $13.9 million. The company also completed the sale of the San Antonio Gold Project to Axo Copper Corp., closing on January 27, 2026, receiving 15,325,841 Axo common shares at close and an additional 2,363,516 shares under an anti-dilution provision; contingent cash and share payments are also payable upon defined milestones.
2026 objectives and outlook
Key 2026 targets include completing underground development and the remaining infill program, executing regional surface exploration and advancing mine design and processing plans. The board-approved budget items as at March 2026 list underground development costs at approximately $40.2 million, regional surface drilling near $6.8 million, and other design and infrastructure work totaling several million dollars. Management emphasizes that additional expenditures will be required to complete the programs and are subject to board approvals. Overall, the company heads into 2026 with a clear program of work, substantial liquidity and financing access to support the transition from development to construction.
