On July 21, 2025, Osisko Development Corp. (NYSE: ODV, TSXV: ODV) announced it had entered into a definitive credit agreement with funds advised by Appian Capital Advisory Limited for a senior secured project loan facility of US$450 million (C$616 million) to advance its 100%-owned and fully permitted Cariboo Gold Project in central British Columbia. The financing provides strategic capital and flexibility as Osisko moves through pre-construction and early works toward full construction readiness.

The facility is structured in two tranches: an Initial Draw of US$100 million (C$137 million) completed at closing, and up to US$350 million (C$479 million) available in four additional tranches over 36 months, subject to milestones. Initial funds will support a 13,000-meter infill drill program, pre-construction and construction activities, repayment of Osisko’s US$25 million (C$34 million) loan with National Bank of Canada, and working capital.

The credit facility matures in 2033 (eight years from closing), or in 2028 if no subsequent draws are taken. Interest on the Initial Draw is set at SOFR plus 0.10% and 9.5%, with the option for payment-in-kind during the first year. Appian also receives 5,625,031 warrants exercisable at C$4.43 per share until 2028.

Advisors include GenCap Mining Advisory as project finance advisor and Maxit Capital LP as strategic advisor. Bennett Jones LLP advised Osisko, while Torys LLP advised Appian.