Osisko Development Moves Non-Essential Personnel From Cariboo Gold Project Off-Site Following Fire Evacuation Order

Rhea-AI Summary

Osisko Development Corp. (NYSE: ODV, TSXV: ODV) has temporarily halted non-essential activities at its Cariboo Gold Project in central British Columbia due to a wildfire evacuation order. As of July 21, 2024, all non-essential personnel and contractors have been moved off-site, while essential staff remain. The company has taken precautionary measures to protect site infrastructure and is assisting the wildfire response by hosting firefighters at the project's camp facilities.

Osisko Development is maintaining regular contact with local authorities and will continue to monitor the situation closely. The company will provide updates as appropriate. This temporary pause in operations is a proactive measure to ensure the safety and welfare of employees during the wildfire threat.

Positive

• Company is assisting wildfire response efforts by hosting firefighters at camp facilities
• Essential staff remain on-site to maintain critical operations

Negative

• Temporary halt of non-essential activities at Cariboo Gold Project due to wildfire evacuation order
• Potential delay in project development and operations due to wildfire situation

MONTREAL, July 22, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko Development" or the "Company") announces that the Company has temporarily paused non-essential activities at its 100%-owned Cariboo Gold Project ("Cariboo" or the "Project") located in central British Columbia ("BC"), Canada, following a wildfire evacuation order that includes the Project. As of July 21, 2024, to ensure safety and welfare of employees, all non-essential personnel and contractors have been temporarily moved off-site, while several essential staff remain. The Company has taken precautionary measures to safeguard certain site infrastructure and is currently assisting with the wildfire response by hosting a group of firefighters at the Project's camp facilities. The Company remains in regular contact with local authorities and will continue to closely monitor the situation as it evolves and will provide an update, when appropriate.

ABOUT OSISKO DEVELOPMENT CORP.

Osisko Development Corp. is a North American gold development company focused on past-producing mining camps located in mining friendly jurisdictions with district scale potential. The Company's objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project, located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration potential of these properties, that benefit from significant historical mining data, existing infrastructure and access to skilled labour, the Company's project pipeline is complemented by other prospective exploration properties. The Company's strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.

For further information, visit our website at www.osiskodev.com or contact:

Sean Roosen	Philip Rabenok
Chairman and CEO	Director, Investor Relations
Email: sroosen@osiskodev.com	Email: prabenok@osiskodev.com
Tel: +1 (514) 940-0685	Tel: +1 (437) 423-3644

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this news release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (together, "forward-looking statements"). These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications and limitations relating the potential impact of wildfires on our business, operations or assets; the impact of the wildfires and regulatory responses thereto on the business of the Company, if any; the ability of the Company to safeguard site infrastructure; and future drilling and advancement at the Property; the ability of the Company to complete its exploration and development objectives for its projects in 2024 in the timing contemplated and within expected costs (if at all); the ongoing advancement of the deposits on the Company's properties; as well as other considerations that are believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be "forward looking information". Material assumptions also include, management's understanding of wildfires and site infrastructure, current conditions and expected future developments, results of further exploration work to define or expand any mineral resources, as well as other considerations that are believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Development and its business. Such risks and uncertainties include, among others, wildfires and other natural disasters being sometimes unpredictable; the ability to continue current operations and exploration; risks relating to exploration, development and mining activities; fluctuations in the currency markets; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2023 as well as the financial statements and MD&A for the year ended December 31, 2023, which have been filed on SEDAR+ (www.sedarplus.ca) under Osisko Development's issuer profile and on the SEC's EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company's believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FAQ

Why has Osisko Development (ODV) paused activities at the Cariboo Gold Project?

Osisko Development has temporarily paused non-essential activities at the Cariboo Gold Project due to a wildfire evacuation order in the area, prioritizing the safety and welfare of employees and contractors.

When did Osisko Development (ODV) move personnel off-site from the Cariboo Gold Project?

As of July 21, 2024, Osisko Development moved all non-essential personnel and contractors off-site from the Cariboo Gold Project in response to the wildfire evacuation order.

How is Osisko Development (ODV) assisting with the wildfire response at the Cariboo Gold Project?

Osisko Development is assisting with the wildfire response by hosting a group of firefighters at the Cariboo Gold Project's camp facilities.

What measures has Osisko Development (ODV) taken to protect the Cariboo Gold Project during the wildfire?

Osisko Development has taken precautionary measures to safeguard certain site infrastructure at the Cariboo Gold Project and is maintaining essential staff on-site while monitoring the situation closely.