ODVWZ · Osisko Gold Group Inc.

Osisko Development Corp. reported a transformative first quarter of 2026, swinging to a net income of $60.2 million from a net loss of $37.3 million in the same period last year. The turnaround was primarily driven by a $32.9 million gain on the revaluation of warrant liability (non-cash) and a $28.0 million net income from discontinued operations, which likely reflects the completion of the sale of assets classified as held for sale at year-end 2025. Revenue of $2.2 million was generated from initial gold sales at the Cariboo Gold Project, marking the company's transition from pure exploration to early production. Operating loss narrowed significantly to $9.7 million from $40.8 million, aided by lower impairment charges ($0.5 million vs. $25.8 million) and reduced other operating costs. The company strengthened its balance sheet through a $196.2 million equity private placement in February 2026, boosting cash to $594.3 million and working capital to $355.1 million. Adjusted working capital, which excludes the warrant liability, stood at $543.6 million. Management highlighted the Cariboo Gold Project as the principal asset, with ongoing development and exploration activities. The company also reported a diluted EPS of $0.19, compared to a loss of $0.27 in Q1 2025. The strong cash position and initial revenue generation position Osisko Development for continued advancement of its projects.