History
Osisko Gold Group moved from a Mexican resource and a Utah stream-funded project to focusing on permitted Cariboo Gold, funded by heavy share issuance, a loan and convertible notes.
2022-2023: Resources and a first study
The record opens in mid-2022 with the company, then called Osisko Development, putting numbers on its assets. In June 2022 it announced a resource estimate for San Antonio in Sonora, Mexico: 576,000 ounces of gold Indicated, plus 544,000 ounces in the next category. In September it closed a US$20 million metals stream, a financing normally repaid in future metal deliveries, with the money going to the Tintic Project in Utah. The beats do not name the counterparty or the terms.
January 2023 brought two milestones. A feasibility study for the Cariboo Gold Project in British Columbia projected average output of 163,695 ounces of gold a year over a 12-year mine life, using bulk underground mining with ore sorting. Days later came a first formal resource for Tintic's Trixie deposit: 213,000 ounces of gold at a high grade of 28.1 grams per tonne in the Measured and Indicated categories, plus a further 243,000 ounces in a lower-confidence category. In March the company closed a C$51.8 million bought deal public offering, a share sale through underwriters. Shares on issue rose from about 75.6 million at the end of 2022 to about 84.1 million at the end of 2023. In October 2023 Cariboo received its Environmental Assessment Certificate.
2024: Permits and two placements
In March 2024 the company updated the Trixie resource, with a Measured estimate of 105,437 ounces of gold. The rest of the year was about money and permits. A non-brokered private placement was announced in September and closed in two tranches in October, raising US$34.5 million. Barely a week later the company launched a further placement of units, upsized to US$57.5 million because demand exceeded supply, and closed it on November 12.
Permitting at Cariboo then finished. BC Mines Act permits arrived on November 21, and the Environmental Management Act permits, which had still been pending, followed on December 12. Shares on issue reached about 136.6 million by the end of 2024, up from 84.1 million a year earlier, reflecting these placements.
2025: Funding the Cariboo build
In April 2025 the company published an optimized feasibility study for the now-permitted Cariboo project. At a gold price of US$2,400 an ounce it showed an after-tax net present value of C$943 million (at a 5% discount rate) and a 22.1% internal rate of return. At US$3,300 an ounce those figures became C$2.1 billion and 38.0%.
Paying for construction came next. In July the company announced a US$450 million project loan from Appian Capital Advisory. On August 15 it closed a private placement of 99,065,330 units at US$2.05, about US$203 million. Each unit was a share plus half a warrant exercisable at US$2.56 until August 15, 2027. Double Zero Capital supplied about US$75 million, leaving it with about 16.0% of the shares and a right to nominate a board member. The money was earmarked for the equity portion of Cariboo construction costs. In October the company closed a further C$82.5 million private placement. Shares on issue ended 2025 at about 255.1 million, nearly double the year before.
In November the company agreed to sell San Antonio, which it called non-core.
2026: Convertible notes and a tested mine plan
The San Antonio sale completed on January 28, 2026; the price and buyer were not given. A day earlier the company had announced a US$125 million bought deal to advance the conversion of resources into reserves at Cariboo, and it closed on February 3 at US$143.8 million after the over-allotment option was fully exercised.
In May the company turned to debt for the first time in these records, pricing 4.125% convertible senior notes due 2031, which can be swapped into shares. US$225 million closed on May 26, with an initial conversion price of about US$3.68, a 25% premium to the US$2.94 NYSE price on May 20. Part of the proceeds were to buy capped calls to offset dilution. On June 1 a further US$75 million closed, taking the total to US$300 million, including US$50 million bought by Double Zero.
On August 20, 2026, the company announced an amendment to its US$450 million Appian facility, saying key technical conditions for drawing it were satisfied following the Lowhee infill drilling program. The amendment terms and how much had been drawn were not stated. The company, by then renamed Osisko Gold Group, held Cariboo and Tintic. A final investment decision on Cariboo construction had not been stated.
Written from the 26 story beats below (2022 to 20 Aug 2026), which come from the company's own announcements and filings.