Osisko Development Corp. (ODV): History, Ownership, Mission, How It Works & Makes Money

As a seasoned financial analyst, I have to ask: what does a gold developer with a flagship project boasting a $943 million after-tax Net Present Value (NPV) look like in late 2025? Osisko Development Corp. (ODV) is exactly that company, sitting on approximately $401.4 million in cash and cash equivalents, plus a new US$450 million financing facility, as it pivots from pure exploration to becoming an intermediate gold producer. You're watching a critical transition point, where small-scale revenues-like the 877 gold ounces sold from the Tintic Project in Q3 2025-will soon be dwarfed by the Cariboo Gold Project's projected 190,000 ounces of annual production. So, how does this development-focused model translate into long-term shareholder value, and what are the near-term risks you defintely need to map out?

Osisko Development Corp. (ODV) History

You're looking for the foundation story of Osisko Development Corp. (ODV), and honestly, it's a classic Osisko play: spin-out a core asset, inject world-class management, and fast-track to production. This company didn't start from zero; it was engineered from the start to be a gold developer with a massive head start.

Given Company's Founding Timeline

Year established

Osisko Development Corp. was established in 2020.

Original location

The company's primary corporate base is in Montreal, Québec, Canada, which is the hub for the broader Osisko group of companies.

Founding team members

The company was spearheaded by the same team that built the Canadian Malartic mine. Key founding members included Sean Roosen (Founder, Executive Chairman, and CEO), Chris Lodder (President), and Benoit Brunet (Chief Financial Officer and Corporate Secretary).

Initial capital/funding

The initial funding came via a spin-out of assets from Osisko Gold Royalties. This included the flagship Cariboo Gold Project and the San Antonio Project. To give you a concrete number, Osisko Gold Royalties facilitated the acquisition of the San Antonio Gold Project in Sonora, Mexico, for US$42 million to seed the new company with a near-term production asset.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The Osisko business model is all about creating value through the drill bit and smart corporate structuring. For ODV, a few moments fundamentally changed its trajectory and valuation potential.

• The Spin-Out Strategy: The creation of Osisko Development in 2020 was a transformative decision. It allowed the high-growth development assets, particularly the Cariboo Gold Project, to be capitalized and managed separately from the royalty-focused Osisko Gold Royalties, giving it a clear, unencumbered path to becoming an intermediate producer.
• Permitting the Cariboo Project: Receiving the final construction permits in November 2024 was a massive catalyst. This process often takes over a decade for Canadian mines, but ODV's team secured them in under five years. That speed is defintely a competitive advantage.
• Securing the US$450 Million Project Financing: The July 2025 credit agreement with Appian Capital was the financial turning point. It provided the necessary capital to move from pre-construction to full-scale development. Here's the quick math: with $401.4 million in cash and cash equivalents reported as of September 30, 2025, plus the financing, the company is now fully positioned to execute on the Cariboo build.

If you want to dig deeper into who is betting on this strategy, you should read Exploring Osisko Development Corp. (ODV) Investor Profile: Who's Buying and Why?

Osisko Development Corp. (ODV) Ownership Structure

Osisko Development Corp. (ODV) is a publicly traded gold development company, meaning its ownership is distributed among a broad mix of individual and institutional shareholders, not held privately by a small group. This structure is governed by a board of directors and an executive team, creating a clear separation between ownership and management, which is typical for a company listed on major exchanges like the New York Stock Exchange (NYSE) and the TSX Venture Exchange (TSXV).

Osisko Development Corp.'s Current Status

The company is public, trading under the ticker symbol ODV on both the NYSE and the TSX Venture Exchange (TSXV). Being a public entity requires rigorous financial transparency, which is why we have access to granular data, like their Q2 2025 revenue of C$6.9 million from gold sales at the Tintic Project.

This public status allows Osisko Development Corp. to raise significant capital, such as the C$82.5 million private placement closed in October 2025, which is crucial for advancing major assets like the Cariboo Gold Project. That project, according to the 2025 Feasibility Study, has an expected after-tax Net Present Value (NPV) of C$943 million at a 5% discount rate.

Osisko Development Corp.'s Ownership Breakdown

The company's control is heavily weighted toward individual investors, a common trait for development-stage mining companies where retail investors are betting on the long-term potential of the gold projects. Here's the quick math on who holds the shares as of the 2025 fiscal year data, showing that individual investors hold the majority stake and therefore have a considerable collective say in the company's trajectory.

The largest individual institutional shareholder is Condire Management LP, which holds a 9.17% stake, valued at approximately $72.70 million. This kind of concentration means major institutional moves can defintely impact the stock price, so keep an eye on their filings. Exploring Osisko Development Corp. (ODV) Investor Profile: Who's Buying and Why?

Osisko Development Corp.'s Leadership

The company is steered by a seasoned team with a track record in developing major mining assets, notably the Canadian Malartic mine. This experience is the core asset you're buying into, frankly.

• Sean E. Roosen: Non-Independent Chairman & CEO. He is a founder of the Osisko group of companies.
• Chris Lodder: President. He is often the public face of project updates, like the recent appointment of the new VP of Exploration.
• Alexander Dann: CFO & VP of Finance. He manages the capital structure, which is critical given the US$450 million project loan secured in 2025 for the Cariboo Gold Project.
• Scott Smith: Vice President, Exploration, effective November 1, 2025. This very recent hire brings over 30 years of experience to advance the Cariboo Gold Project's exploration potential.
• Philip Rabenok: Vice President, Investor Relations, appointed in March 2025.
• Susan Craig: Independent Director, appointed in June 2025, bolstering the board's independent oversight.

The average tenure for the management team is about four years, showing a stable core leadership dedicated to moving the Cariboo and Tintic projects from development to production.

Osisko Development Corp. (ODV) Mission and Values

Osisko Development Corp. (ODV) defines its purpose beyond simply digging for gold; its mission is to become a leading, responsible intermediate gold producer by revitalizing historic mining districts while committing to generational sustainability and value creation for all stakeholders.

This commitment is defintely a long-term play, mapping near-term risks to a clear, socially-conscious operational blueprint.

Given Company's Core Purpose

The company's cultural DNA is rooted in the proven Osisko model of technical excellence and disciplined growth, but with a strong emphasis on social and environmental stewardship (ESG). This means they focus on long-life assets while minimizing development risk.

Official Mission Statement

The core objective is to become a leading North American intermediate gold producer by developing and operating high-quality gold mining projects. This mission is explicitly tied to a strong focus on sustainability, community engagement, and responsible mining practices, which are seen as integral to operations, not just an add-on.

• Become an intermediate gold producer.
• Advance the flagship Cariboo Gold Project in British Columbia, Canada, and the Tintic Project in Utah, USA.
• Create value for shareholders by operating high-quality gold projects.

For perspective, the Cariboo Gold Project's 2025 Feasibility Study outlines an after-tax Net Present Value (NPV5%) of $943 million (Canadian dollars), showing the scale of the value creation they are targeting.

Vision Statement

Osisko Development Corp.'s vision is centered on building modern, safe, and sustainable operations that create a lasting legacy. It is about transforming promising exploration properties into viable, long-life assets.

• Build and operate modern, safe, socially, and environmentally sustainable mining operations.
• Support generations to come in the surrounding communities.
• Strive to be a leading, sustainable, and responsible gold mining company in North America.

This vision is backed by concrete action, like the $6.9 million in revenue generated in Q2 2025 from the small-scale heap leach project at Tintic, providing early cash flow to support the larger vision. If you want to dive deeper into the financial mechanics of this development, you can check out Breaking Down Osisko Development Corp. (ODV) Financial Health: Key Insights for Investors.

Given Company Slogan/Tagline

While a snappy, consumer-facing slogan isn't the priority for a gold developer, their operational mantra is clear and precise: they are focused on becoming the next mid-tier gold producer by leveraging their expertise in brownfield (past-producing) sites.

• Core Mantra: Building the Next Mid-Tier Gold Producer.
• Key Value: Building and maintaining relationships based on reciprocity.
• Operational Focus: Revitalizing past-producing mining camps.

The core value of reciprocity, ensuring mutual benefits for all stakeholders-communities, partners, and shareholders-is what guides their daily decisions. For example, as of June 30, 2025, the company held approximately $46.3 million in cash and cash equivalents, demonstrating the financial discipline needed to execute this long-term, responsible strategy.

Osisko Development Corp. (ODV) How It Works

Osisko Development Corp. works to bridge the gap between exploration and major gold production by advancing permitted, district-scale gold projects in North America, aiming to become an intermediate gold producer. The company generates near-term revenue through small-scale operations while aggressively funding and developing its flagship asset for a significant production ramp-up starting in 2027.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework is a focused, multi-asset development strategy, prioritizing the Cariboo Gold Project (Cariboo) as the primary value driver. The company uses capital raised through equity and debt to de-risk the project, moving it from the feasibility stage to construction. Honestly, securing the permits and the financing package was the biggest hurdle this year.

Here's the quick math on the Cariboo development: The 2025 optimized Feasibility Study projects an All-in Sustaining Cost (AISC) of only US$1,157 per ounce, which means substantial margins at current gold prices. The development process is structured around three key areas:

• Pre-Construction & Development: Executing on the initial US$450 million project loan facility secured in Q3 2025, with US$100.0 million (C$137.2 million) already drawn. This funds pre-construction and early works, like the ongoing 13,000-meter infill drilling program to finalize mine planning.
• Small-Scale Production: Operating the small-scale heap leach at the Tintic Project to generate cash flow, which amounted to C$6.9 million in Q2 2025 revenue. This offsets some corporate overhead during the Cariboo construction phase.
• Exploration Pipeline Management: Keeping the San Antonio Gold Project in Mexico under care and maintenance while preparing to resubmit mining permit applications, and conducting regional exploration at Tintic to build future resource potential.

You can see the full financial picture, including the recent C$401.4 million cash balance as of September 30, 2025, by Exploring Osisko Development Corp. (ODV) Investor Profile: Who's Buying and Why?.

Given Company's Strategic Advantages

Osisko Development's success hinges on a couple of defintely non-cliched, tangible advantages that significantly de-risk the path to becoming an intermediate producer.

• Permitting and Jurisdiction: Cariboo is a fully permitted gold mine in British Columbia, Canada-a mining-friendly, low-risk jurisdiction. This is crucial, as securing permits in North America can take 14+ years, but Cariboo achieved this in under five years.
• Proven Management and Ecosystem: The company is led by the team that successfully discovered, financed, and built the Canadian Malartic mine, one of Canada's largest gold producers. This track record provides confidence in execution and project financing.
• Existing Infrastructure: The Cariboo project is a brownfield site, meaning it benefits from existing infrastructure, including paved road access and low-cost grid power from BC Hydro. This dramatically lowers the initial capital expenditure (capex) and long-term operating costs compared to remote greenfield projects.
• Robust Project Economics: The 2025 Feasibility Study confirms Cariboo's strong economic profile, projecting a 22.1% Internal Rate of Return (IRR) and a low AISC of US$1,157 per ounce, which provides a massive margin against a gold price assumption of US$2,400 per ounce.

Osisko Development Corp. (ODV) How It Makes Money

Osisko Development Corp. (ODV) is a gold development company, not a fully commercial producer yet, so its revenue engine is currently a mix of temporary gold sales and significant capital raises. The business model is simple: use small-scale gold production to offset development costs while raising massive capital to build the flagship, high-return Cariboo Gold Project.

Given Company's Revenue Breakdown

Honesty, when you look at the 2025 numbers, the company's revenue is a rounding error compared to its capital expenditures. The only actual revenue stream comes from a temporary operation in the US, which is a short-term cash generator to help fund the bigger picture. This table reflects the reality for the first nine months of 2025.

Here's the quick math: For the nine months ended September 30, 2025, the company reported total sales of approximately $11.27 million (CAD). This revenue was generated entirely from the sale of gold ounces from the small-scale heap leach project at the Tintic Project in Utah, specifically 1,393 ounces in Q2 and 877 ounces in Q3. To be fair, this operation is expected to wind down, so the revenue stream is defintely temporary.

Business Economics

The economic fundamentals for Osisko Development Corp. are not about current profit margins; they are about future project economics and the cost of capital today. The company is in a massive capital-intensive phase, meaning its primary financial goal is securing funding, not generating operating cash flow.

• Pricing Strategy: Revenue is tied directly to the spot price of gold, less the cost of refining and transport. They are price-takers, not price-setters.
• Cost Structure (Future): The real story is the projected All-in Sustaining Cost (AISC) for the Cariboo Gold Project, which is expected to be an average of US$1,157 per ounce over the mine's life. This is a strong margin against the base case gold price assumption of US$2,400 per ounce used in the 2025 Feasibility Study.
• Primary Capital Source: The financial engine right now is capital. The company secured a US$450 million senior secured project loan facility from Appian Capital Advisory Limited and completed private placements totaling approximately $280.4 million (US$203.1 million) in gross proceeds in 2025. This capital is the lifeblood for moving the Cariboo project toward production.

Given Company's Financial Performance

As a development-stage company, the key financial metrics are liquidity and project valuation, not net income. You're looking for cash in the bank and a compelling Net Present Value (NPV) that justifies the spending. The numbers show the company is well-capitalized to execute its plan.

• Liquidity (Q3 2025): As of September 30, 2025, the company held approximately $401.4 million (CAD) in cash and cash equivalents. This is a huge jump, driven by the financing activities completed during the quarter.
• Net Loss (9M 2025): The focus on development means a net loss is expected. The net loss for the nine months ended September 30, 2025, was approximately $235.02 million (CAD). This loss reflects the high costs of exploration, evaluation, and pre-construction activities.
• Project Valuation: The 2025 Feasibility Study for the Cariboo Gold Project outlines a robust after-tax Net Present Value (NPV5%) of $943 million (CAD). This is the long-term value you are buying into.
• Debt: The company drew approximately $137.2 million (US$100.0 million) under the Appian financing facility in Q3 2025 to fund the next stage of the Cariboo project.

If you want to dive deeper into the balance sheet and cash flow, you should look at Breaking Down Osisko Development Corp. (ODV) Financial Health: Key Insights for Investors. Your next concrete step is to track the Cariboo project's construction milestones against the planned capital expenditures for Q4 2025 and Q1 2026.

Osisko Development Corp. (ODV) Market Position & Future Outlook

Osisko Development Corp. (ODV) is strategically positioned as a high-growth gold developer, moving rapidly to transition into a mid-tier North American gold producer by leveraging its fully permitted, flagship Cariboo Gold Project (CGP). The company's immediate future is defined by a successful funding and construction push, aiming for first gold in 2027 and annual production averaging 190,000 ounces over the mine's first decade.

Competitive Landscape

In the gold development space, Osisko Development competes with other companies advancing large, permitted projects. Since the company is not yet a major producer, a traditional market share based on current gold output is not applicable. Instead, we look at market capitalization-the total value of a company's outstanding shares-as a proxy for relative industry standing among development-stage peers. Here's the quick math for a sample of North American gold developers:

Opportunities & Challenges

The company's near-term trajectory is heavily tied to executing the Cariboo Gold Project (CGP) build-out, but there are still significant opportunities and risks to manage. The secured financing for CGP has defintely de-risked the project, but gold price volatility remains a factor.

Industry Position

Osisko Development occupies a critical space as a pure-play gold developer, distinct from major producers and early-stage explorers. Its core strength lies in its permitted, district-scale assets in mining-friendly regions like British Columbia, Canada, and Utah, U.S.A.

• The company's position is bolstered by its successful financing, which included raising approximately $401.4 million in cash and equivalents by Q3 2025.
• The Cariboo Gold Project is slated to have a low All-in Sustaining Cost (AISC) of US$1,157 per ounce, positioning it in the lower half of the global cost curve once in production.
• The Tintic Project in Utah continues to provide modest, near-term revenue, generating $4.4 million in Q3 2025 from the sale of 877 gold ounces, mitigating some of the development-stage cash burn.

The focus is now on execution: moving from a valuation based on project economics (Net Present Value, or NPV) to one based on production and cash flow. For a deeper dive into the institutional interest driving the company's valuation, consider Exploring Osisko Development Corp. (ODV) Investor Profile: Who's Buying and Why?