Osisko Development Reports Lifting of Fire Evacuation Order Near Cariboo Gold Project; All Project Activities to Resume

Rhea-AI Summary

Osisko Development Corp. (NYSE: ODV, TSXV: ODV) has announced the lifting of the wildfire evacuation order near its Cariboo Gold Project in British Columbia, Canada. The order, issued on July 22, 2024, has been rescinded by the BC Wildfire Service, allowing for the immediate resumption of normal operations and site activities. The company reports that the mine site infrastructure remained unaffected by the wildfires, and all access roads to the project are now accessible. Non-essential employees will be returning to the site, and Osisko Development expresses gratitude to emergency services personnel fighting the forest fires. The company will continue to monitor the wildfire situation closely to ensure the safety of its employees.

Positive

• Wildfire evacuation order lifted, allowing resumption of normal operations
• Mine site infrastructure unaffected by wildfires
• All access roads to the project are accessible

Negative

• None.

MONTREAL, July 26, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko Development" or the "Company") is pleased to announce that the previously issued wildfire evacuation order announced on July 22, 2024, has been lifted by the BC Wildfire Service. Normal course operations and site activities at the Company's 100%-owned Cariboo Gold Project ("Cariboo" or the "Project") will resume immediately following the return of non-essential employees to site. The mine site infrastructure was unaffected by the wildfires and all access roads to the Project are accessible. Osisko Development would like to thank all emergency services personnel who are on the front lines fighting the forest fires impacting the BC province and more broadly in Canada, and extend our thoughts to the communities that have been and continue to be affected by these fires. The Company will continue to closely monitor the wildfire situation to ensure safety and welfare of its employees.

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

When was the wildfire evacuation order for Osisko Development's Cariboo Gold Project lifted?

The wildfire evacuation order for Osisko Development's Cariboo Gold Project was lifted on July 26, 2024, as announced by the company.

Was the Cariboo Gold Project's infrastructure affected by the wildfires?

No, according to Osisko Development (ODV), the mine site infrastructure at the Cariboo Gold Project was unaffected by the wildfires.

When will operations resume at Osisko Development's Cariboo Gold Project?

Operations at Osisko Development's Cariboo Gold Project will resume immediately following the return of non-essential employees to the site.

Are the access roads to Osisko Development's Cariboo Gold Project open?

Yes, Osisko Development (ODV) reported that all access roads to the Cariboo Gold Project are accessible following the lifting of the evacuation order.