Osisko Development’s (TSXV, NYSE: ODV) $650 million (C$893 million) Cariboo gold project in British Columbia will soon begin pre-construction activities, co-founder and CEO Sean Roosen says.
A May update on the feasibility study for the shovel-ready project, located 60 km southeast of Quesnel, boosted the project’s momentum. This came after Osisko secured its environmental and mining permits in November 2024. Since then, it has driven roughly 1.2 km of underground decline to provide access for a bulk sample program by September, Roosen said.
Cariboo sits among a handful of shovel-ready gold projects in North America. Osisko Development aims to finalize project financing by July. Then, they will start detailed engineering and procurement. This puts the project “between third base and home plate on the path to first gold,” Roosen said.
The feasibility study confirmed a 10-year mine life at 5,000 tonnes per day, with first gold slated for the second half of 2027.
The study outlines average annual production of 190,000 oz. gold over the life of mine, an after-tax net present value of C$943 million at $2,400 gold and an internal rate of return of 22.1%.
Watch below the full interview with The Northern Miner’s western editor, Henry Lazenby.
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