Osisko Development Provides Corporate Update - Seite 2

Osisko Development continues to advance its flagship Cariboo Gold Project while undertaking an intensive exploration program at this highly prospective property. While development advances at Bonanza Ledge Phase II, the Corporation is progressing a feasibility study on the broader Cariboo Gold Project, which is expected to be released in the second half of 2021.

Production at Bonanza Ledge Phase II is on track to restart in the first quarter of 2021. The main access to the ore zone is continuing in accordance with the original schedule and development plan. Over 2,300 meters have been completed since the start of the project; five ore horizons have been developed and are ready for extraction following permit approval, which is scheduled for the end of the first quarter of 2021. Production is expected to start at an average rate of 600 tonnes per day and ore will be transported to the QR Mill site for processing. Mill facilities have been upgraded in the second half of 2020 and all circuits are presently undergoing the final commissioning phase.

Permitting

The Cariboo Gold Project achieved a major milestone in the permitting process by obtaining a Readiness Decision in December 2020 pursuant to British Columbia's Environmental Assessment process. Public consultations were completed in the summer of 2020 and the project is now on the legislated timeline to obtain the final approval from the Environmental Assessment Office. The environmental assessment certificate is expected to be issued in the third quarter of 2022, with all remaining permits required to start construction expected to be issued within 90 days following the issuance of such certificate. Osisko Development has also applied for a bulk sample permit with respect to its Cow Mountain Zone and the construction of an exploration ramp for the promising Lowhee Zone. The 10,000 tonnes bulk sample is intended for metallurgical testing on run of mine ("ROM") for ore sorting technology that the Corporation is planning to implement in its processing facilities. Permit approval and commencement of earth works is expected to be received and begin in the first quarter of 2021.