Osisko Gold Royalties launches a premier gold development company in North America
|Cariboo gold project, British Columbia. Image credit: Osisko Royalties.|
(Kitco News) - Osisko Gold Royalties (OR: TSX & NYSE) and Osisko Development (ODV: TSX-V) today announced the successful launch of Osisko Development – a premier gold development company in North America, with the objective of becoming the next mid-tier gold producer. The common shares of Osisko Development will begin trading on the TSX Venture Exchange on or about December 2, 2020 under the symbol "ODV".
Earlier today Osisko Royalties and Osisko Development completed their previously announced spin-out transaction, which resulted in Osisko Royalties transferring certain mining properties, including the Cariboo Gold project, and a portfolio of marketable securities to Osisko Development Holdings.
Effective upon closing of the reverse take-over: Mr. Sandeep Singh became the President and Chief Executive Officer of Osisko Royalties, and a director on the Board of Directors of Osisko Royalties; and Mr. Sean Roosen was appointed as Executive Chair of the Board of Directors of Osisko Royalties and transitioned from his role as Chief Executive Officer of Osisko Royalties to Chief Executive Officer of Osisko Development.
The Board of Directors of Osisko Development was reconstituted to consist of: Sean Roosen (Chair); Charles Page (Lead Director); John Burzynski; Joanne Ferstman; Michèle McCarthy; Duncan Middlemiss; and Éric Tremblay.
Management of Osisko Development was reconstituted to consists of: Sean Roosen (Chair and Chief Executive Officer); Chris Lodder (President); Luc Lessard (Chief Operating Officer); Benoit Brunet (Chief Financial Officer, Vice President, Finance and Corporate Secretary); François Vézina (Vice President, Technical Services); Chris Pharness (Vice President, Sustainable Development); Maggie Layman (Vice President, Exploration); and a further technical team that will be transferred from Osisko Royalties to Osisko Development.
Osisko Royalties is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko Royalties holds a North American focused portfolio of over 135 royalties, streams and precious metal offtakes. Osisko Royalties' portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.
Osisko Development is well-capitalized and uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo Gold project, located in central British Columbia, is Osisko Development's flagship asset with measured and indicated resource of 21.44 Mt at 4.6 Au g/t for a total of 3.2 million ounces of gold and inferred resource of 21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold. The considerable exploration potential at depth and along strike distinguishes the Cariboo Gold project relative to other development assets as does the historically low, all-in discovery costs of US $19 per ounce. The Cariboo Gold project is advancing through permitting as a 4,750 tonnes per day underground operation with a feasibility study on track for completion in the second half of 2021.