Osisko Gold Reports Second Quarter 2026 Results

Cariboo Gold Project underground development; completed (gray) and planned (blue). GNW

Article content

(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)

Article content

Article content

Article content

Article content

TORONTO, Aug. 13, 2026 (GLOBE NEWSWIRE) — Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) (“Osisko Gold” or the “Company“) reports its financial and operating results for the three months ended June 30, 2026 (“Q2 2026“).

Article content

Article content

Q2 2026 HIGHLIGHTS

Article content

Operating, Financial and Corporate Updates:

Article content

Article content

Article content

Cariboo Gold Project – British Columbia, Canada (100%-owned)

Article content

Pre-Construction Activities

Article content

The Company continues to advance pre-construction activities, including certain surface infrastructure and underground development.

Article content

Article content

FIGURE 1: Cariboo Gold Project underground development; completed (gray) and planned (blue).

Article content

Article content

Infill Drilling Program

Article content

An infill drill program was completed as part of the Appian project financing obligations totaling approximately 13,684 metres. An additional 2,995 m of infill and near mine exploration drilling was released as part of ongoing Lowhee Zone underground drilling.

Article content

Article content

Exploration and Conversion Drilling Programs

Article content

A multi-faceted exploration drilling campaign across the Cariboo Gold Project and regional targets is underway. The current and planned infill drilling has the objective of (a) supporting greater definition of the existing measured and indicated mineral resources and (b) upgrading inferred mineral resources to higher confidence categories and, where appropriate, potentially converting such resources into mineral reserves after considering applicable modifying factors. Up to 20 drill rigs are expected to be active at times throughout 2026 and beyond, as the various programs overlap and advance, representing up to approximately 160,000 metres of planned drilling across all targets. Thirteen drill rigs are currently operating across all programs, including three drills active underground.

Article content

Article content

Article content

Article content

FIGURE 2: Mine Site Complex processing facility site preparation works.

Article content

Article content

FIGURE 3: Ongoing Valley portal excavation with bedrock exposed at the Mine Site Complex.

Article content

Article content

FIGURE 4: Waste rock storage facility and sediment control pond.

Article content

Article content

Article content

FIGURE 5: Site camp upgrade and expansion to 358 rooms.

Article content

Article content

Tintic Project – Utah, U.S.A. (100%-owned)

Article content

Article content

2026 OBJECTIVES

Article content

Article content

Note:

Article content

Article content

Article content

SUBSEQUENT TO Q2 2026

Article content

Article content

Article content

Consolidated Financial Statements

Article content

The Company’s unaudited condensed interim consolidated financial statements (the “Financial Statements“) and related management’s discussion and analysis (“MD&A“) for the three months ended June 30, 2026 have been filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. These filings are available on the Company’s website at www.osiskogold.ca, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold’s issuer profile.

Article content

Qualified Persons

Article content

The scientific and technical information contained in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a “qualified person” within the meaning of NI 43-101. Verification includes core photo and three-dimensional review of logged drillhole data and assays consistent with the Company’s standard procedures.

Article content

The exploration results disclosed in this news release are based on incomplete data and are preliminary in nature. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data; however, readers are cautioned that additional drilling and sampling may result in materially different results than those presented herein.

Article content

Technical Reports

Article content

Scientific and technical information relating to the Cariboo Gold Project and the 2025 feasibility study on the Cariboo Gold Project is supported by the technical report, titled “NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada” dated June 11, 2025 (with an effective date of April 25, 2025) (the “Cariboo Technical Report“).

Article content

Scientific and technical information relating to the Tintic Project and the current mineral resource estimate for the Trixie deposit (the “2024 Trixie MRE“) is supported by the technical report titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Trixie Deposit, Tintic Project, Utah, United States of America” dated April 25, 2024 (with an effective date of March 14, 2024) (the “Tintic Technical Report” and, together with the Cariboo Technical Report, the “Technical Reports“).

Article content

For readers to fully understand the information in the Technical Reports, reference should be made to the full text of the Technical Reports in their entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Technical Reports are intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Reports were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) and are available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold’s issuer profile and on the Company’s website at www.osiskogold.ca.

Article content

Article content

End Notes (excluding tables)

Article content

Article content

Article content

Article content

CAUTIONARY STATEMENTS

Article content

Cautionary Statement Regarding Financing Risks

Article content

The Company’s development and exploration activities are subject to financing risks. As of the date hereof, the Company has exploration and development assets which may generate periodic revenues through test mining but has no mines in the commercial production stage that generate positive cash flows. The Company cautions that test mining at its operations could be suspended at any time. The Company’s ability to explore for and discover potential economic projects, and then to bring them into production, is highly dependent upon its ability to raise equity and debt capital in the financial markets. Any projects that the Company develops will require significant capital expenditures. To obtain such funds, the Company may sell additional securities including, but not limited to, the Company’s shares or some form of convertible security, the effect of which may result in a substantial dilution of the equity interests of the Company’s shareholders. Alternatively, the Company may also sell a part of its interest in an asset in order to raise capital. There is no assurance that the Company will be able to raise the funds required to continue its exploration programs and finance the development of any potentially economic deposit that is identified on acceptable terms or at all. The failure to obtain the necessary financing(s) could have a material adverse effect on the Company’s growth strategy, results of operations, financial condition and project scheduling.

Article content

Cautionary Statement Regarding Test Mining Not Supported by a Feasibility Study

Article content

Certain operations of the Company including prior test mining activities at the Tintic Project’s Trixie test mine, have operated without the benefit of a feasibility study including mineral reserves, demonstrating economic and technical viability, and, as a result, there may be increased uncertainty of achieving any particular level of recovery of material or the cost of such recovery. The Company cautions that, historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that commercial production will commence, continue as anticipated or at all or that anticipated production costs will be achieved. The failure to commence or continue production could have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the Company’s cash flow and potential profitability.

Article content

Cautionary Statement to U.S. Investors

Article content

Article content

As a foreign private issuer under U.S. securities laws that files reports under the Canada-U.S. multijurisdictional disclosure system, the Company is permitted to prepare and report information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, in accordance with Canadian reporting requirements, which are governed by NI 43-101. As such, such information concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, is not comparable to similar information made public by most companies subject to U.S. mineral property disclosure requirements of the U.S. Securities and Exchange Commission (“SEC“).

Article content

Further to recent amendments, U.S. mineral property disclosure requirements (the “SEC Rules“) are now governed by subpart 1300 of Regulation S-K under the U.S. Securities Act. Under the SEC Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, adopted by the CIM Council (“CIM Standards“), which is the required definition standard adopted by NI 43-101. While the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. While the above terms are “substantially similar” to CIM Standards, there are differences in the definitions under the SEC Rules and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the SEC Rules.

Article content

Article content

Risks related to the development of the Cariboo Gold Project

Article content

The development of a new mining operation, including the construction of processing facilities, tailings storage infrastructure, access roads, power supply and other supporting infrastructure, is a complex and costly undertaking. The Cariboo Gold Project remains in the development stage and there is no certainty that it will be brought into commercial production within anticipated timelines, at anticipated costs, or at all. The results of the Cariboo Technical Report are based on a number of assumptions, including, among others, geological interpretations, estimated mineral resources and mineral reserves, metallurgical recoveries, construction schedules, capital and operating costs, labour and equipment availability, transportation and energy costs, regulatory requirements, and projected commodity prices. These assumptions are inherently uncertain and may prove to be inaccurate.

Article content

Actual results, costs and development timelines may differ materially from those currently anticipated due to factors such as: unforeseen geological conditions; changes to mine plan optimization; equipment failures; shortages of skilled labour and contractors; increases in the cost of materials, equipment or energy; design modifications; delays related to permitting or receipt of government approvals; adverse weather or climate conditions; and community and/or Indigenous opposition. In addition, the development of mining projects often requires substantial capital expenditures, and delays or cost overruns may require the Company to seek additional financing, which may not be available on favorable terms or at all. If the Company is unable to complete construction and development of the Cariboo Gold Project on a timely and cost-effective basis, or if operating performance following commissioning is materially lower than expected, the project may fail to achieve anticipated economic results. Any such events could have a material adverse effect on the Company’s business, financial condition and results of operations.

Article content

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Article content

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended) (collectively, “forward-looking statements”). Such forward-looking statements, by their nature, require Osisko Gold to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such forward-looking statements are not guarantees of performance and are identified with words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “potential”, “propose”, “project”, “outlook”, “foresee”, “continue”, “objective”, “strategy”, variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including statements pertaining to: the availability and use of proceeds of the 2025 Financing Facility (including the ability and timing to satisfy conditions precedent to subsequent draws under the 2025 Financing Facility (if at all)) and proceeds from the Convertible Offering; continued advancement and de-risking of the Cariboo Gold Project (if at all); the ability to develop the Cariboo Gold Project; the exploration potential, prospectivity and potential for future discoveries (if any) of its properties; expectations regarding the Company’s capital requirements to advance the Cariboo Gold Project to production; the ability of the Company to raise or arrange for the remaining funding required to complete the construction of the Cariboo Gold Project; the Company’s strategy and objectives relating to the Cariboo Gold Project as well as its other projects; the impact of the 2025 Financing Facility, the Convertible Offering, and other financings on the Company and its financial position and allocation; the ability of the Company to service and repay principal related to the 2025 Financing Facility and the Convertible Offering whether from the operation of the Cariboo Gold Project or other sources of funds; the assumptions, qualifications and limitations relating to the Cariboo Gold Project being fully permitted and the advancement of pre-construction and early works activities; the anticipated timing for the Bonanza Ledge water treatment plant to become fully operational in Q3 2026; whether the Company’s water treatment plant and facilities will operate to expectations and meet permit conditions; the ability, progress and timing in respect of underground development at the Cariboo Gold Project, including development from the Cow Portal into the Lowhee Zone, along the main access ramp into the Cow Mountain Zone, and excavation of the Valley Portal; expectations regarding the improvement of underground development rates as headings advance beyond the Lowhee fault zone into more favourable ground conditions; the ability, progress and timing of surface infrastructure construction, including the waste rock storage facility, sediment control pond, mine site complex early works, main water treatment plant, and installation of the Willow River Bridge expected to commence in Q3 2026; the anticipated benefits and capacity of the expanded camp to meet peak construction and exploration manpower requirements; the progress and timing of detailed engineering, procurement activities, project readiness, and third-party reviews to de-risk the Project and support construction readiness planning; the ability, progress and timing in respect of exploration and infill drilling activities at the Cariboo Gold Project and on regional targets, including the surface deeps and near mine gap infill exploration program, the Proserpine regional greenfield target, the Yanks Peak target, and the QR Mine; whether additional mineral resources will be developed as a result of exploration drilling at depth within the Cariboo mine area, and/or on exploration targets beyond the mine area; the ability and expectations of current and planned infill and conversion drilling, including from the underground drill gallery expected to commence in Q3 2026, to support greater definition of existing measured and indicated mineral resources and upgrade inferred mineral resources to higher confidence resource categories and potentially convert such resources into mineral reserves, after considering applicable modifying factors (if at all); the continuation of surface exploration drilling activities and receipt of pending assay results; the utility and significance of the preliminary internal reconciliation analysis of the Lowhee Zone infill program; the continuation of small-scale heap leaching, direct shipping of mineralized material, and test mining activities at the Tintic Project in Q3 and Q4 2026 and into 2027; the ability of the Company to sustain ongoing small-scale processing and mining activities at the Tintic Project (if at all); the continuation of limited activities beyond care and maintenance at the Tintic Project; whether current and planned test mining at Tintic will generate positive cash flow after deducting all costs; the anticipated benefits (if any) of the Support and Benefits Agreement with the District of Wells; assumptions, qualifications and parameters underlying the Cariboo Technical Report (including, but not limited to, the mineral resources, mineral reserves, production profile, mine design and project economics); the ability of the Company to achieve the estimates outlined in the Cariboo Technical Report in the timing contemplated (if at all); the ability to achieve the capital and operating costs outlined in the Cariboo Technical Report (if at all); management’s perceptions of historical trends, current conditions and expected future developments; future mining activities; the ability and timing for the Cariboo Gold Project to reach commercial production (if at all); sustainability and environmental impacts of operations at the Company’s properties; future gold prices; the costs required to advance the Company’s properties; regulatory framework remaining defined and understood; and any other information herein that is not a historical fact may be “forward looking information”.

Article content

Article content

Osisko Gold considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Gold, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Gold and its business. Such risks and uncertainties include, but are not limited to: the absence of further work stoppages or suspensions at the Cariboo Gold Project; risks relating to third-party approvals, including the issuance of permits by governments, favourable regulatory conditions and approvals, capital market conditions and the Company’s ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company’s properties; the absence of unforeseen ground conditions or other geological challenges; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; errors in management’s geological modelling; the timing and ability of the Company to obtain and maintain required approvals and permits; the results of exploration activities; the availability of necessary equipment, supplies and infrastructure; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Osisko Gold is confident a robust consultation process was followed in relation to its received BC Mines Act and Environmental Management Act permits for the Cariboo Gold Project and continues to actively consult and engage with Indigenous nations and stakeholders. While any party may seek to have the decision related to the BC Mines Act and/or Environmental Management Act permits reviewed by the courts, the Company does not expect that such a review would, were it to occur, impact its ability to proceed with the construction and operation of the Cariboo Gold Project in accordance with the approved BC Mines Act and Environmental Management Act permits. Readers are urged to consult the disclosure provided under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company’s most recent financial statements and management’s discussion and analysis and other public filings filed under Osisko Gold’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC’s EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Article content

Article content

Readers are cautioned that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained herein are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Article content

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Article content

Article content

Article content

Article content

Article content

Article content

Article content