Osisko Gold Group Inc. (NYSE:OGG, TSXV:OGG) ("Osisko Gold" or the "Company") is pleased to announce that its Board of Directors has made a formal positive decision to proceed with the construction of the Company's 100%-owned Cariboo Gold Project ("Cariboo" or the "Project"), located in central British Columbia, Canada.

 

Project Go-Forward Capital Obligation Estimate Update

The Project's remaining go-forward capital obligation is estimated at $990 million, net of approximately $272 million in costs incurred up to and including July 31, 2026, inclusive of contingency of approximately 16.5%, and assuming the leasing of major mining equipment of approximately $117 million. Relative to the initial cost estimate outlined in the 2025 Optimized Feasibility Study (as defined herein), the go-forward update reflects costs incurred to date, progress achieved on detailed engineering and the procurement of major contracts, updates to certain cost assumptions to account for market inflation due to passage of time and broader industry and labour trends, inclusion of costs related to a PCM contract, and the reclassification of certain expenditures previously included in operating costs, principally those associated with the construction of the transmission line. The update also reflects certain modifications to the construction schedule, resulting in an anticipated 30-month construction period from August 1, 2026 (from 24 months in the 2025 FS) to first gold pour in Q1 2029 and 36 months (from 34 months in the 2025 FS) to commercial production in H2 2029.