Osisko Gold Group Inc. Mining Forum Americas 2026

We put them on. We've done about 270 million dollars of construction pre-FID. Resource: it's a 2 million ounce of reserves, 1.61 million ounces of mission-indicated, another 1.8 million ounces of resource for this 3.6 million ounces that are not in the feasibility and not in the plan yet, but that's about to change. We're located about 45 minutes drive from the town of Cornell on a paved road. Cornell is 22,000 people. We're about an hour and a half from the regional hub of Prince George, which is 110,000 people. So this is an on-infrastructure project. We also have 5, 6, 10-kilowatt US power from BC Hydro, which is a huge advantage in this diesel market. So we don't have a lot of exposure to diesel other than a few haul trucks. Everything else is electric. The way we looked at this project back in the day was, you know, there's a lot of historic mining here over 1,000 sort of workings, a couple of hundred plaster mines in the valleys, and one successful underground mine at Cow Mountain, which produced 1.8 million ounces at an average of 17 grams. The mineral endowment here comes in the form of vein corridors that are long.

We have 86 kilometers of strike length, of which we've explored 4.4 in detail. And we have another 6 kilometers underway now. So we consider exploration completion here at under 10%. This is a huge, huge land package, and it'll host many more mines after we get through with it. The go-forward situation: we are investing $990 million Canadian or $717 million US. Our available cash position is $1.6 billion. So we have about 700 million dollars of freeboard which allows us to get very aggressive on our fast tracking of the mine build, as well as the integration of the mission-indicated and inferred, which we refer to as the blue mine, with the pink mine being mine 1. So it's actually the goal here is to build two mines at roughly the same time. Within the same ore body, given it's just conversion drilling that required. As we said, we're complete construction is 22% complete with first portal being in 3 kilometers, second portal coloring now, and we'll get into which portion of the project is complete. Detailed engineering is roughly at 40%. More importantly, procurements and commitments to the sitting at 325 million are entire mill circuit is in the driveway.

We bought a mill from HUD Bay that was never installed. It was supposed to go to Laylor, and then they started to expand. So our mill is actually in hand in the driveway. It's quite a big mill for what we need to do. And we also have our mining fleet procured. A lot of our substations and everything else. Our supply chain has been secured before doing this. I think this is probably the most important slide for shareholders and equities at this presentation. If you look at where we sit now, we're about a 1.7 billion dollar market cap. Fully diluted. And if we look at this table, we have market cap on the vertical, and ounces of production on the horizontal. So if you look at our friends from West Dome, they sit at about a 5 billion dollar market cap, and they produce about 200,000 ounces a year. And then a lot of the projects to the right are things that you're familiar with. The analog to us, we believe, is G Mining. So they have 175,000 ounces a year of production, so less than West Dome but they have a market cap of 15 billion.

So three times the market cap of West Dome with less production. Now, why is that? They have a good project under construction in Guyana. A very credible management team. And they have quite a bit of upside in their growth portfolio. That is a very situated same scenario for us. So we're coming online in 2029 at 200,000 ounces a year. If we're successful in our conversion drilling, we'll set the stage for significant increase in throughput at that point in time. Our target is to go from 200,000 ounces to 400,000 ounces within the same mine infrastructure that we're building. So 30 kilometers of underground development will access that other mine, basically what we refer to as the pink mine and the blue mine. Our goal is to land somewhere over in the right-hand side of the dotted line box. You see our friends at Lundine producing at around 500,000 ounces a year, with a 24 billion dollar market cap. Alamos at 21 billion dollars with a little over 550,000 ounces a year. Artemis is in there at 5.4 billion. Around 380,000 ounces a year. And then they're going up to 550,000 ounces a year. One of the interesting things that came out of this work is if you look at the top right-hand corner, West Dome gets about 2.6 billion dollars for 100,000 ounces of production.

That same 100,000 ounces a year at Lundine gets 4.5 billion dollar market cap. And the winner of this prize is G Min getting 8.3 billion dollars per 100,000 ounces. So one of these things is not like the other, and we feel that that's what we wanted to call your attention to, because this is what we are building now. So the feasibility, again, just based on the 2 million ounces of reserves, 190,000 ounces a year over 10 years, 202,000 ounces for the first 5 years. 10-year mine life with production starting at Q1 2029. All in sustaining class quite low at 1,163 dollars an ounce. 717 million US go-forward capital, so 900 called a billion Canadian. And free cash flow life of mine at around 362 million dollars a year based on 3,700 dollar goal. At today's gold prices, this mine would put out about 630 million a year in free cash flow. NPV at 3,570 gold was 2.3 billion. 3.8 billion at 4,300. 34.7% internal rate of return at the lower gold price of 3,550, closer to spot. Just under 43%. Ounces that are not in the mine plan, the 1.6 million ounces of mission-indicated and the 1.86 million ounces of inferred, they are outside of the mine schedule right now but not outside of the mine development.

So if we look at the go-forward date at 4,350 gold, the NPV would be about 3.2 billion. Payback is about 1.8 years. So quite quick. And free cash flow, annual free cash flow the first 5 years is 642 million. So this thing makes a lot of money. If we just do the 200,000 ounces a year mine. A bit about the schedule. So I won't go too much into detail because we are in construction. A lot of these things are active as we speak. Completing almost all the tasks. By the end of 2028 with mill ramp-up starting at the end of 2028. So it's about 29-month mine build from where we sit today. The 270 million dollars that we spent pre-FID, what we did achieve is a 350-man camp that all has individual rooms with every room has a washroom and one bed. So it's individual lodging. On the right-hand side, you can see the waste dump, which is obviously key to being able to hard push on the underground development. We're at about 90% complete on that. And then at the bottom, you can see set up my control pond and then the water treatment plant one of two is complete and commissioned.

So a lot of the sort of the more boring stuff. And some significant earthworks. Are actually behind us. In an old mining camp, the earthworks are always one of the hardest parts in case you find an old stope or an old raise or something under your mill foundation. So we've answered that. This is the aerial shot, the big one, shows the entire main area of development. The mill site is actually the small area in the top left. That's the nearing completion. Now we're at about 90% there. To start the concrete. On the right-hand side of that dotted line is the actual second portal of the main portal. So we're coloring that as we speak. And then all that area down below is our laydown yards or our stockpiles and the rest of it. And you can see on the right-hand side some rusty stuff. That is the tailings from the previous operation. That finished in 1960, having produced 1.8 million ounces at 17 grams. The bottom left-hand side is a little bit more of a blow-up of the face for the second portal. This will step on the gas. It will triple our underground faces for development.

We are building a very large underground infrastructure, 5.5 by 5.5 meters. We're using 50-ton haul trucks to set the stage for the mine expansion that hopefully we'll have figured out and announced by the end of the construction. The key story for today is this. When you look at the plan view here, the entire feasibility and all the economics that I just showed you is based only on the pink ounces. As you can see, the blue ounces are far more numerous than the pink ounces. There's 3.6 million ounces total in the blue. And if you look at the ramp access, we're often driving by blue ounces to get to pink ounces. So we have 160 million dollar drill budget right now. We have 16 drills on site now. We're going to 35. And we're going to do all the conversion of the blue ounces from surface drilling as opposed to wait until our underground. And that will set the stage for a much bigger mine plan. So we essentially double the number of stokes available within the existing infrastructure through that infill drilling and set the stage for a much more robust push towards extending the production above the 4,900 tons a day that we are permitted for.

We are in a permitting track to expand for 4,900 tons a day to significantly more of that. The goal would be 15,000 tons a day. This is the mine plan we're building. It will support 15,000 tons a day with the conversion. The current mine plan is built for 7,800 tons a day. On just the pink ounces. So for 4,900 tons a day, we have 50% overcapacity in the number of stokes that we have available at any time. Because this is a ramp access mine, we have a lot of flexibility. Instead of relying on a central shaft, we're building four different portals from surface that will access the mine. So it will act like four independent mines. That we have one's got a problem, we still got three left to go. And having that ramp access also allows us stage two will be to twin some of these ramps and put in conveyors. Which will that's why we think that the thing can push pretty hard well past the 5,000 ton a day limit. This is the long section of the drilling that we've done so far: 4.4 kilometers, which is the length of the deposit and the length of the mine plan.

The red represents all the resources, the 2 million ounce reserves and the 3.6 million ounces. We are only down to an average depth of 350 meters. You can see some of the red dots. We've actually drilled down past 1,100 meters in a lot of these cases. So 350 meters gets you 5.6 million ounces total resource. So if we took it down to 1,100 meters, you would have a shot at 15 million ounces. And if you took it down to 1,500 meters, you've got a shot at 22 million ounces. And down to 2,000 meters, you're at 30 million ounces. So the drilling that extends that depth is going on as well throughout the next 24 months. To demonstrate that, that is a realistic expectation in this deposit. We've executed just under 900,000 meters of our own drilling. There is no historic drilling involved in any of the work that we've done. We redrilled it to a Cisco standards with oriented core. Over the last six years. To very high standards. And with dry road control accuracy to generate a mine plan that is accurate. We've gone back and we're doing the infill drilling to tie in that drilling to make sure we'll drill from other angles.

To make sure the accuracy of our stope design. So this is not a mine that was on PowerPoint anymore. This thing is in action being built. And the integration of this project took us about 2,017 to understand the geology map. The model here. If you look at that right-hand bubble, it actually shows how the main corridors are made. Essentially an according open up and fluids coming through those cracks. So that's pretty important part of the story. And we now have a new discovery on the other side. But before we get to that, the analogs to compare this to for anybody that's not familiar with Canadian underground bulk tonnage mining. We sit at 3.62 grams head grade 190,000 ounces a year production. It all in sustained cost 1,156 with 4.4 kilometers of strike length. Only down to an average depth of 350 meters. If you compare that to Alamos's young Davidson, they're about 1.7 grams lower than we are. And they're about 1.1 kilometers of strike so they have to go down for their ounces and they're down to a vertical depth of roughly 1,500 meters already. So their shaft relying and constrained by the capacity of their lifting equipment.

We with the 4 kilometers, we can just keep adding portals to increase production. The young David and they're 1.94 grams and so you could actually put young Davidson in our footprint four times and add a gram and a half. They're currently producing 153,000 ounces a year at just under 2 grams. 86, 16, 33. So if we put that in four times with us, that would be 600,000 ounces a year on their grade. And much more on our grade. GoldX is another good mine to look at. It's the lowest grade underground mine in Canada. It's about 800 meters long and about 400 meters wide. It operates at 1.4 grams underground. So we have about a 2 gram advantage on them. So 1.4 grams right now with gold at about 140 grams. Call it 200 bucks a ton of rock. Our rock is NSR is between 450 and 550. US a ton. They are constrained by width. They're only 800 meters log. You could put their mine in here 5 and a half times. And double the grade. And you'd still wouldn't have it. So they're producing 126,000 ounces a year at 86, 1340, 53. At less than half our grade.

The other mine to look at is the Laurent mine. Which was the company maker asset. And when I built Canadian Melardic, Laurent was the biggest mine in Quebec at 350,000 ounces. Canadian Melardic came on at 670,000 ounces. But this was the company maker asset that it built at NACO. It's now 1.5 kilometers in the shallow zone averaging 4 grams. So a little bit higher grade than us. But they're deeper zones right now are over 11,000 feet deep. Over 3,200 meters. And all with shafts and everything else at 7,700 tons a day to produce about 345,000 ounces a year. So we're not that far off their grade but our mining is much simpler and our ability to scale by adding ramps significantly higher than anything you could do with Laurent now. So those are three mines that I think you should think about when you look at this project and what if you take Laurent, we can put Laurent GoldX and young Davidson in our strike length and still have room to move. The big story that we are going to hear a lot about over the next 18 months, 24 months. We have Caribou on the left which you can see. 4.4 kilometers of strike length.

We have a couple of other deposits that we haven't put into the mine plan yet. Barkerville Mountain Williams Creek. But the big one that we're working on right now is called Proserpine. As you can see, Caribou has a valley, a lake, and a town in the bottom of the valley. Proserpine is up on top of the mountain, well above the aquifer. And is perfect setting for an open pit. And it is 50% longer strike than Caribou. And 100% wider Caribou is 2 to 500 meters wide. This is 500 to 1,000 meters wide. We have 40 drill holes into this right now. We had drilled some in the past. But we see this being a much larger Caribou that's relatively free of any encumbrance from mining. Because it sits on the top of the hill. The first 100 meters, there's no strip ratio. So this could well be a very big change for shareholders. As we get into it. So we have 16 drills on site and there are now three underground. 13 on surface and we're going to 35 drills. We have 160 million dollar drill budget. So the title of this season is called Drill to Thrill for all other matters drill blast.