Osisko Development Provides Corporate Update - Seite 3

Equipment Acquisitions

Osisko Development is pleased to announce the purchase of a comminution equipment package for the Cariboo Gold project. The equipment package consists of a jaw crusher, semi-autogenous grinding (SAG) and ball mill as well as all auxiliary components and spare parts. The equipment, currently stored in Winnipeg, Manitoba, is in excellent condition and will be transported closer to the project in due course. This investment will add flexibility to the project's throughput and will allow the Corporation to proceed with the detailed engineering.

In addition, a new Sandvik MT720 continuous miner ("roadheader") has been delivered to site, and has been assembled and commissioned. This equipment has been leased by the Corporation, with an option to purchase the equipment. The Corporation is projecting to use this new technology for drift development at the Bonanza Ledge Phase II and Cariboo projects. This equipment is engineered to mechanically cut the hard and abrasive rock mass and is expected to improve the development performance by 25%, and to reduce costs by 50% compared to traditional "drill and blast" development.

Related to the bulk sample on Cow Mountain, the Corporation has entered into an agreement to purchase an ore sorter to test the ROM material on site at its Bonanza Ledge Mine Facility. The Cariboo Gold ore response to ore sorting technology has demonstrated excellent gold recoveries at very low cost. The metallurgical testing for the ROM material of Cow Mountain bulk sample is expected to be completed in early 2022.

Exploration Activities

A total of 59,500 meters were drilled in over 216 holes in the exploration and category conversion program on the Cariboo Gold Project, which includes up to eight diamond drill rigs. The drilling confirmed down dip extensions of mineralized veins and high grade intercepts within the current resource and expanded the new discoveries on Lowhee and Proserpine. Recent results included 18.18 g/t Au over 10.2 meters including 91.4 g/t Au over 0.50 meter in BM-20-020 on Lowhee Zone and 9.33 g/t Au over 12.1 meters including 62.9 g/t Au over 0.60 meters in CM-20-046 on Valley Zone. Please refer to the Corporation’s January 13, 2021 news release for additional details on hole CM-20-046 and the October 5, 2020 press release from Osisko Gold Royalties Ltd for hole BM-20-020.