Osisko Development Corp. reported third‑quarter 2025 results that showed a sharp rise in revenue to $4.4 million, up from $0.2 million in the same quarter a year earlier, driven largely by sales from its small‑scale heap‑leach operation at the Tintic Project in Utah.
The company posted an operating loss of $42.4 million and a net loss of $150.3 million, a widening of $116.4 million compared with the $33.9 million net loss reported in Q3 2024. The increase in loss is largely attributable to a $7.4 million write‑off of unrecoverable value‑added taxes in Mexico and $23.7 million in environmental rehabilitation costs, both one‑time items that were not present in the prior year.
Cariboo Gold Project progress continued with underground development, excavation of a waste‑rock storage facility, and construction of a water‑treatment plant. The main decline ramp from the Cow portal is slated for completion, and infill drilling in the Lowhee Zone is ongoing. The company has drawn $137.2 million (US$100 million) from its $450 million Appian financing facility and raised $280.4 million in private placements, leaving cash and cash equivalents at $401.4 million as of September 30 2025.
CEO Sean Roosen emphasized that the optimized feasibility study for Cariboo confirms the project’s strong economics, with an after‑tax NPV5% of $943 million and an unlevered IRR of 22.1% at a gold price of US$2,400/oz. He reiterated the target of first gold production in the second half of 2027 and highlighted the company’s focus on maintaining the Tintic and San Antonio projects while advancing Cariboo.
The company’s financial statements raise a substantial going‑concern warning, largely due to a $276.1 million warrant liability and the large net loss. Management has not altered its guidance, maintaining the 2027 production target, but investors are watching the company’s cash burn and the impact of the one‑time charges on future profitability.
Market reaction was muted: the stock edged up in pre‑market trading in New York, while the TSX Venture Exchange saw a slight decline. Investors are focusing on the widened net loss and the one‑time charges, which temper enthusiasm for the company’s progress on Cariboo.
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