Osisko Development (ODV) Q4 2025 earnings summary

Executive summary

• Ended Q4 2025 with $422.3 million in cash and cash equivalents; completed $82.5 million private placement and $143.8 million prospectus offering in early 2026.

• Sold 3,970 ounces of gold in Q4 2025 from Tintic Project, generating $24.2 million in revenue and $8.7 million in operating income.

• Announced and completed the sale of the San Antonio Gold Project, receiving Axo Copper shares and contingent payments.

• Advanced Cariboo Gold Project with infill drilling, pre-construction, and surface exploration; resumed activities after a temporary suspension due to a fatal incident.

• Appointed new VPs for Exploration and Permitting & Compliance; included in VanEck Junior Gold Miners ETF.

Financial highlights

• Q4 2025 revenue of $24.2 million (nil in Q4 2024) and cost of sales of $6.8 million (nil in Q4 2024) from Tintic Project.

• Operating income of $8.7 million in Q4 2025 versus a $19.8 million loss in Q4 2024.

• Sold 6,240 ounces of gold in 2025 from Tintic Project, generating $35.5 million in revenue and $13.9 million in cost of sales.

• Received $24.9 million from warrant exercises in March 2026.

Outlook and guidance

• Cariboo Gold Project underground infill drilling (13,000 metres) expected to complete in Q2 2026; regional surface exploration and mine design activities planned through Q4 2026.

• Anticipated 2026 expenditures include $40.2 million for underground development and $6.8 million for regional surface exploration.

• Bonanza Ledge water treatment plant expected to be fully operational in Q2 2026.