Osisko Development Receives Environmental Assessment Certificate for Cariboo Gold Project - Seite 2

Chief Willie Sellars of the Williams Lake First Nation ("WLFN") noted, "This decision reflects the importance of meaningful collaboration between industry and Indigenous communities. This is a significant milestone in advancing sustainable mining practices within our traditional territory, particularly the QR Mill Site near Likely, BC. WLFN remains committed to monitoring the Project's progress to ensure it upholds the highest environmental and cultural standards. We look forward to continuing our positive partnership with Osisko Development."

Chief Rhonda Phillips of the Xatśūll First Nation added, "Xatśūll First Nation would like to congratulate the success of Osisko Development in being awarded approval for the Cariboo Gold Mine Project. We acknowledge the hard work, dedication and collaboration that went into getting the Project to this point. Working together to ensure resource development projects meet environmental sustainability targets and improve the socio-economic wellbeing of our communities is a high priority for Xatśūll First Nation. We look forward to continuing work with Osisko and other stakeholders to advance this Project."

The EA Certificate is the first step in the permitting process of the Cariboo Gold Project. As previously disclosed on May 8, 2023, the Company announced the signing of two landmark permitting agreements – the Process Charter and the Joint Information Requirements Table – which establish a defined regulatory process timeline and outline all agreed upon information requirements to support a robust permit application for submission.

A Joint Permit Application for the BC Mines Act / Environmental Management Act is in process. The Company anticipates receiving the permits in Q1 2024.

Figure 1: Cariboo Gold Project – Permitting Timeline Summary

Cariboo Gold Project

The Cariboo Gold Project is an advanced stage gold project 100%-owned by the Company located in the historic Wells-Barkerville mining camp, in the District of Wells, central BC, Canada, that extends for approximately 77 kilometres from northwest to southeast. The Company's total land package consists of 415 mineral titles and covers an area of approximately 1,920 km². As of December 30, 2022, the Project's probable reserves totalled 16.70 million tonnes ("Mt") grading 3.78 g/t gold for 2.031 million ounces ("Moz"), measured resources totalled 0.05 Mt grading 5.06 g/t gold for 0.008 Moz, indicated resources totalled 14.64 Mt grading 3.32 g/t gold for 1.564 Moz, and inferred resources totalled 15.47 Mt grading 3.44 g/t gold for 1.712 Moz.