Osisko Development Corp. (“
Osisko Development” or
the “
Company”) (ODV: TSX-V) is pleased to announce
that it has entered into definitive agreements (together, the
“
Agreements”) with IG Tintic LLC (“
IG
Tintic”) and Ruby Hollow LLC (“
Ruby
Hollow”, together with IG Tintic, the
“
Vendors”) to acquire 100% of Tintic Consolidated
Metals LLC (“
Tintic”) (the
“
Transaction”).
On completion of the Transaction, Osisko
Development will acquire 100% ownership of the producing Trixie
Mine (“Trixie”), as well as mineral claims
covering more than 17,000 acres (including over 14,200 acres of
which are patented) in Central Utah’s historic Tintic Mining
District. Tintic’s recent discovery of an ultra-high grade
structure (“T2”) positions Trixie as one of the
highest grade gold mines in the world. Ongoing exploration work has
demonstrated significant potential for expansion and further
discovery both at Trixie and over the broader land package.
Mr. Sean Roosen, Chair and Chief Executive
Officer of Osisko Development commented: “The proposed
acquisition of Tintic further accelerates Osisko Development on its
path towards becoming a mid-tier gold miner and represents a unique
opportunity to significantly enhance our portfolio of operations by
adding a high-grade producing asset in a world-class jurisdiction.
In an industry where gold grade is typically quoted in terms of
“grams”, we have welcomed the shift to talking in terms of “ounces”
for Trixie where we see an excellent opportunity to build and
expand upon existing ultra-high grade production with the potential
to maintain a low capital intensity.”
Mr. Chris Lodder, President of Osisko
Development noted: “We have been looking at the Tintic district for
over 10 years as a copper-gold porphyry target and with the
discovery of the high grade T2 gold structure, we were given the
opportunity by the Tintic partners to visit and carry out due
diligence ahead of other competitors, ultimately culminating in the
acquisition of this fantastic growth opportunity in one of the top
mining jurisdictions in the world with a best-in-their-class
management and operating team.”
TRANSACTION HIGHLIGHTS
-
Transaction supports Osisko Development’s path towards
becoming a leading intermediate gold producer
- Production from
Trixie complements the near and medium-term development plans for
the Cariboo and San Antonio projects.
- In the near
term, the Company is proposing technical work at Trixie with the
objective that it will justify further development, targeting an
increase in production from approximately 20 koz Au p.a. to
approximately 100 koz Au p.a. by 2024 through a low-capital
intensity expansion.
- Trixie
is one of the highest grade gold mines in the world
- The
newly-discovered T2 structure shows excellent continuity of high
grades and appears to be increasing in thickness towards the upper
contact with shale.
- More than 2,300
underground samples collected over a 215 m strike length with an
average grade of 93 g/t Au and 135 g/t Ag.
- Gold production
from underground mining and vat leach processing in 2021 was 14,709
ounces at an average head grade of 59 g/t.
- Over the past
week, production from exploration and development mineralization,
which is processed, via small-scale vat leaching at approximately
45 tons per day (“tpd”), was at blended grades
between 1.2 oz/ton (41 g/t) and 5.7 oz/ton (195 g/t) Au with an
average of 4.5 oz/ton (154 g/t) Au.
- Clear
path to meaningful expansion and operational improvements
- Low capital
intensity expansion planned at Trixie, targeting an increase in
throughput to 500 tpd by the end of 2024.
- Equipment and
infrastructure in place for a straight-forward cut and fill
underground operation having low environmental footprint.
- Opportunity to
significantly improve recoveries (currently 60% to 70% via vat
leaching) through metallurgical test work and implementation of
appropriate processing technologies (targeting greater than 90%
recovery with the addition of a grinding circuit).
-
Significant exploration upside at Trixie
- Gold
mineralization remains open up and down dip and along strike.
- Ongoing
exploration outside of the T2 structure will continue along the 5
km Trixie trend to North Lily trend.
-
Exposure to extensive land package in prolific brownfields
district
- 100% ownership
of more than 17,000 acres of mining claims (including over 14,200
acres of which are patented) in Utah’s second most productive
mining district after Bingham Canyon.
- The T2
structure at Trixie represents a new style of mineralization and a
key focus will be to explore with the objective of finding similar
structures at other past producing mines in the district.
- A 2011
preliminary economic assessment published on the Burgin Ag-Pb-Zn
project dated November 17, 2011 (the “2011 PEA”),
previously mined by Kennecott, and highlighted the possibility for
an economic project.
- Over 20
brownfields targets within the wider land package, which include
the historic Eureka Standard mine and North Lily prospects.
- Osisko
Development also plans to undertake an exploration program around
known polymetallic and copper porphyry targets within the land
package.
- Fully
permitted for current operations with infrastructure in
place
- Existing
fully-operational milling and mining facilities and equipment.
- Retaining
experienced and qualified full time workforce.
- Grid power,
year round paved road access, and sufficient access to water.
- Ideally
located in top-ranked mining jurisdiction
- Utah is ranked
in the top-15 mining jurisdictions globally by the Fraser Institute
and is ranked as the sixth mining jurisdiction by the Fraser
Institute’s Policy Perception Index.
- The Tintic
property is located in active and well-controlled brownfields
district.
- Close proximity
to mining services and suppliers (Provo, Salt Lake City).
TRANSACTION SUMMARY
Tintic is a joint venture owned as to 75% by IG
Tintic and as to 25% by Chief Consolidated Mining Company
(“Chief”). Ruby Hollow holds an indirect 25%
interest in Tintic through its ownership, directly and indirectly,
of approximately 83% of the stock of Chief. Pursuant to the terms
of the Transaction, Osisko Development will acquire 100% of Tintic
from the Vendors for aggregate payments at closing totaling
approximately US$177 million, of which approximately US$54 million
will be paid in cash. In addition to the payments at closing, the
Company will pay to the Vendors: (i) US$12.5 million in deferred
payments (ii) a 2% NSR royalty, with a 50% buyback right in favour
of Osisko Development exercisable within 5 years; and (iii) other
contingent payments, rights and obligations. See “Transaction
Details and Timing” for more details.
Mr. Thomas E. Bowens, CPG, President of Tintic,
and Manager of IG Tintic commented: “What the Tintic team has
accomplished in two and a half years, is nothing short of
spectacular; from an overlooked and underexplored area to a world
class discovery and mining operation. Osisko Development’s
recognition of the value of this property demonstrates a common
vision with ours at IG Tintic, 75% owner and operator of the Tintic
joint venture during this period. With Osisko Development becoming
100% owner of this property, with its technical expertise and
financial capacity, IG Tintic members are overwhelmingly excited to
continue participating in this one-of-a kind opportunity as
shareholders of Osisko Development. I am convinced the East Tintic
District’s store of precious and base metals will come to light and
will be truly world class in every way.”
Mr. Geoff Stanley, Executive Chairman of Chief
and a Managing Member of Ruby Hollow, commented: “We are delighted
to be able to announce this transaction for the benefit of Chief
and Ruby Hollow shareholders. We are confident that Osisko
Development’s stewardship of this incredibly exciting high grade
gold discovery at the Trixie mine and the other mining
opportunities in the Tintic district will bring a broad array of
benefits to the project’s many stakeholders. Our shareholders now
have the opportunity to become shareholders of Osisko Development
and enjoy the long-term benefits of the considerable technical and
financial capabilities that it will bring to the project
development, as well as exposure to the overall Osisko Development
portfolio.”
ABOUT THE TINTIC DISTRICT
The Tintic Mining District is the second most
metal endowed district in Utah with excellent potential for high
grade precious metal discoveries and continued expansion of known
polymetallic and porphyry mineralization. The property hosts
classic porphyry epithermal mineralization with many associated
styles of mineralization identified, including high sulphidation
precious metal rich veins and breccias, intermediate sulphidation
base metal and precious metal rich veins and
breccias,lead-zinc-silver-gold carbonate replacement deposits, and
copper-molybdenum-gold porphyries. Small scale mining and
prospecting started in the 1860’s and organized mining for gold,
silver, lead, zinc and copper began in 1892. The Tintic district’s
historical recorded production (1892-2002) totaled 2.9 million
ounces of gold, 285 million ounces of silver, 128 thousand tons of
copper, 1,163 thousand tons of lead, and 259 thousand tons of
zinc.
The Trixie Mine
The Tintic property hosts 23 past-producing
precious metal and polymetallic mines, including the fully
permitted Trixie which restarted small scale exploration mining in
2020. Recent exploration efforts at Trixie lead to the discovery of
the high grade T2 structure adjacent to existing underground
infrastructure approximately 625 feet (190 m) below surface. Trixie
produced 14,709 ounces in 2021 at an average head grade of 59
g/t.
Current operations at Trixie are comprised of
small scale underground mining and batch vat leaching, processing
approximately 45 tpd. This new discovery of the T2 structure at the
historic Trixie mine has led to initial production of one of the
highest grade gold mines in the world with room for significant
expansion and discovery.
Osisko Development’s near term plan will be to
continue underground mining and exploration development while
maintaining present production at Trixie. A total of 15,000 meters
of surface and underground infill and exploration drilling is
proposed to generate an initial resource by the end of 2022 and
concurrently complete advanced technical studies on the project to
generate additional surface and underground targets, complete
metallurgical testing, geotechnical work and environmental studies
for future expansion into the mine plan.
The Company cautions that the Vendors have taken
the decision to commence production at Trixie in the form of small
scale underground mining and batch vat leaching without the benefit
of a feasibility study, or reported mineral resources or mineral
reserves. The Company cautions that historically, such projects
have a much higher economic or technical risks. In continuing
current operations at Trixie after closing, the Company will not be
basing its decision to continue such operations on a feasibility
study, or reported mineral resources or mineral reserves
demonstrating economic and technical viability.
The T2 structure (as shown in Figure 1) was
discovered in 2020 when Tintic reopened the operation. Osisko
Development’s geologists visited the property and collected samples
from the T2 structure that assayed 2,952 g/t Au, 2,278 g/t Au and
1,585 g/t Au. Stock work and vein samples adjacent to the T2
structure were also impressive, grading up to 457 g/t Au and 793
g/t Au. A total of 21 channel samples were collected on two levels
across 150 meters strike length averaging 494 g/t Au and 663 g/t
Ag. The true extent of this structure is evolving, and other,
parallel structures have been discovered during exploration and
development.
Figure 1 – T2 Structure Showing Face Samples is
available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b13a2856-c3e2-466e-acf0-1be9653b6f17
The Burgin Mine
The Burgin mine, previously operated by
Kennecott until 1978, has potential for a significant
silver-lead-zinc-gold deposit. A 2011 PEA outlined a seven-year
life of mine plan. The historic resource as outlined in the 2011
PEA is presented in Table 1. Osisko Development believes that the
historic resource continues to be relevant and reliable as an
indication of the potential of the Burgin Mine. Further exploration
work including drilling will be required to upgrade the historic
resource to current. Osisko Development cautions sufficient work
has not been done to classify the historic resources as a current
resource and Osisko Development is not treating the historic
resources as a current resource.
Table 1: Burgin Reported Historic Resource, 2011
PEA |
Category |
Cutoff (oz AgEq/t) |
Tons (k) |
Ag (oz/t) |
Ag(k oz) |
Au (oz/t) |
Au(k oz) |
Pb (%) |
Pb(k lbs) |
Zn (%) |
Zn(k lbs) |
|
Indicated |
5.00 |
920 |
7.28 |
6,694 |
0.03 |
23.00 |
9.27 |
170,461 |
3.45 |
63,497 |
|
Inferred |
5.00 |
1,357 |
8.71 |
11,823 |
0.01 |
17.00 |
14.43 |
391,589 |
5.19 |
140,846 |
|
The mineralization at Burgin is a carbonate
replacement type of deposit and located principally further away
from the magmatic centers and the high grade gold, high
sulphidation mineralization of the Trixie trend. Most of the
historical polymetallic production occurred in these areas on the
western and eastern margins of the district. The Burgin deposit has
excellent adjacent exploration potential to the north and down
plunge from the existing resource.
Regional Exploration Potential
The Tintic property is a vast mining camp
currently focused on the high grade Trixie – T2 structure. The
newly discovered mineralization is rapidly advancing and open at
depth and along strike, as well as parallel structures. T2 and
Trixie are part of a 5 km trend of precious metal rich former
producers and mineral occurrences which are to be explored on a
priority basis over the next few years. Surface data and previous
exploration by major mining companies has also recognized a
northerly trending argillic alteration trend indicative of porphyry
mineralization previously demonstrated on the property at targets
Big Hill and Treasure Hill.
Transaction Details and Timing
Pursuant to the terms of the Transaction, Osisko
Development will acquire 100% of Tintic through the purchase of:
(i) IG Tintic’s direct 75% ownership in Tintic; and (ii) all issued
and outstanding stock of Chief (“Chief Stock”)
from Ruby Hollow and other stockholders of Chief. Immediately
following the closing of Transaction, Chief will complete a merger
with a newly-formed Delaware subsidiary of the Company (the
“Merger”), such that, following completion of the
Merger, Chief will be wholly owned by the Company.
At closing, Osisko Development will make
payments to the Vendors in the aggregate amount of approximately
US$177 million (the “Closing Payments”), comprised
of: (i) cash payments of approximately US$54 million, and (ii) the
issuance of 35,099,611 common shares of Osisko Development (the
“Shares”) at a price of C$4.32 per Share for an
aggregate value of approximately US$123 million.
Each of Tom Bowens, who holds approximately 27%
of the membership interest in IG Tintic, and Geoff Stanley and
Douglas Meadow, who collectively hold 48% of the issued and
outstanding Chief Stock indirectly through Ruby Hollow have entered
into 12-month lock-up agreements, which provide that: (i) 33% of
the Shares will be freely tradeable on the four-month anniversary
of the Closing date of the Transaction (the “Closing
Date”); (ii) an additional 33% of the Shares will be
freely tradeable on the eight-month anniversary of the Closing
Date; and (iii) the remaining 34% of the Shares will be freely
tradeable on the first anniversary of the Closing Date. No new
control person in Osisko Development will be created as a result of
this Transaction.
In addition to the Closing Payments, the Company
will pay the Vendors: (i) deferred payments of US$12.5 million
payable in equal instalments annually over five years in cash or
Shares at Osisko Development’s election; (ii) two 1% NSR royalty
grants, each with a 50% buyback right in favour of Osisko
Development for US$7.5 million which is exercisable within 5 years;
(iii) a right to receive the financial equivalent of 10% of the net
smelter returns from stockpiled ore extracted from Trixie since
January 1, 2018 and sitting on surface; (iv) the set-off of a US$5
million loan owed to Osisko Development; and (v) US$10 million
contingent upon commencement of production at the Burgin Mine.
The Agreements include representations and
warranties of Osisko Development and each of the Vendors customary
for a transaction of this nature and customary interim period
covenants from IG Tintic regarding the operation of its business in
the ordinary course.
Financing
The Company, through a wholly-owned subsidiary,
has entered into a non-binding metals stream term sheet
(“Stream”) with a wholly-owned subsidiary of
Osisko Gold Royalties Ltd. The proceeds from the Stream will be
used to fund a portion of the cash consideration payable on closing
of the Transaction. The key terms of the Stream include:
- An upfront cash
payment totaling at least US$20 million and up to US$40
million.
- In the event
that the full amount of US$40 million is drawn, the Company will
deliver a maximum of 5% of all metals produced from the Tintic
property up to a maximum of 53,400 ounces of refined gold (the
“Threshold Stream”). Thereafter, the Company will
deliver 4.0% of all metals produced (the “Tail
Stream”).
- If the Company
elects to draw less than US$40 million, the Threshold Stream and
Tail Stream shall be reduced on a pro rata basis.
- The Company
will receive ongoing payments for refined metal delivered to the
Stream equal to 25% of the spot prices.
- The Stream is
anticipated to close concurrently with the close of the
Transaction.
Community Support and Engagement
Tintic and its predecessors have been working
and living in the communities surrounding the Tintic property for
over 150 years. The mines and communities are integrated into the
social and economic fabric of the community. Osisko Development
will continue to engage and participate under the direction of the
local management team and ensure that our environmental, social and
governance standards are maintained and implemented as we
sustainably and responsibly grow this exciting project to the
benefit of all stakeholders.
Approvals and Conditions
The Board of Directors of each of Osisko
Development and, the Vendors have unanimously approved the
Transaction. Shareholders of Chief will also be required to approve
the Merger to be completed in connection with the Transaction. A
shareholder meeting to approve the Merger will be convened and Ruby
Hollow has covenanted to vote its ~83% interest in favour of the
Merger at such meeting prior to the completion of the
Transaction.
The Transaction is also subject to normal course
regulatory approvals and the satisfaction of customary closing
conditions, including the execution of ancillary agreements and
acceptance of TSX Venture Exchange (the “TSXV”).
The IG Tintic and Chief transactions are inter-conditional, meaning
that closing of each transaction will happen simultaneously and one
cannot close without the other. Subject to the satisfaction of
these conditions, Osisko Development expects the Transaction to
close in Q2 2022.
None of the securities to be issued pursuant to
the Transaction have been or will be registered under the United
States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any state securities laws, and any
securities issued in the Transaction are anticipated to be issued
in reliance upon available exemptions from such registration
requirements pursuant to Section 3(a)(10) of the U.S. Securities
Act and applicable exemptions under state securities laws. This
news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities.
Advisors and Counsel
Eight Capital is acting as Osisko Development’s
financial advisor and Bennett Jones LLP is acting as Osisko
Development’s legal advisor. Holland & Hart LLP is acting as
Osisko Development’s US legal advisor. Eight Capital has provided a
fairness opinion to the Board of Directors of Osisko
Development.
Minvisory Corp. is acting as Chief’s financial
advisor; Parr Brown, Gee and Loveless is acting as Chief’s US
Counsel; and Stikeman Elliott LLP is acting as Chief’s Canadian
Counsel.
Osler, Hoskin & Harcourt LLP is acting as IG
Tintic’s legal counsel.
Qualified Person, Technical Information
Maggie Layman, P.Geo. Vice President Exploration
of Osisko Development, is a Qualified Person within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, and has prepared, validated and approved the technical
and scientific content of this news release.
QA / QC
Samples were sent to American Assay Laboratories
in Nevada and crushed to 70% less than 2 mm, rotary split off 250g,
pulverize split to better than 85% passing 75 microns. Samples were
assayed by fire assay and with a 4-acid digestion with ICP-MS
finish. Over limits were assayed by fire assay and gravimetric
finish for Au and Ag and by 4 acid over limit method for CU, Pb and
Zn. Standards, blanks, and duplicates were inserted into the
samples at regular intervals as QA-QC checks.
Select Financial Information
The following table, which is provided by IG
Tintic, presents the select financial statement information with
respect to Tintic. Such information is derived from the audited
financial statements of Tintic for the year ended December 31, 2020
and the unaudited interim financial statements of Tintic for the
nine-month period ended September 30, 2021.
(provided in 000’s US$) |
Twelve months ended December 31, 2020 |
Nine months ended September 30,
2021 |
Total Current Assets |
353 |
1,006 |
Total Assets |
25,334 |
28,846 |
Total Current Liabilities |
7,196 |
3,757 |
Total Liabilities and Equity |
25,334 |
28,846 |
Net Loss |
6,522 |
— |
Conference call details
Osisko Development will hold a conference call on Tuesday,
January 25, 2022 at 10:00 A.M. ET to discuss the acquisition of
Tintic.
Via Webcast - Zoom Meeting:
https://us02web.zoom.us/j/87644316208?pwd=L3VJbWZnRkVLNzN3OGQ1SWpKQVViUT09
Via Telephone (dial by your location):
+1 312 626 6799 US
(Chicago) +1 346 248 7799
US (Houston) +1 646 558
8656 US (New York) +1 669
900 9128 US (San Jose) +1
253 215 8782 US (Tacoma)
+1 301 715 8592 US (Washington
DC) +1 587 328 1099
Canada +1 647 374 4685
Canada +1 647 558 0588
Canada +1 778 907 2071
Canada +1 204 272 7920
Canada +1 438 809 7799
Canada
Meeting ID: 876 4431 6208
Passcode: 929290
About Osisko Development Corp.
Osisko Development Corp. is uniquely positioned
as a premier gold development company in North America to advance
the Cariboo Gold Project and other Canadian and Mexican properties,
with the objective of becoming the next mid-tier gold producer. The
Cariboo Gold Project, located in central British Columbia, Canada,
is Osisko Development’s flagship asset with measured and indicated
resource of 21.44 million tonnes at 4.6 g/t Au for a
total of 3.2 million ounces of gold and inferred resource of
21.69 million tonnes at 3.9 g/t Au for a total of
2.7 million ounces of gold. The considerable exploration
potential at depth and along strike distinguishes the Cariboo Gold
Project relative to other development assets as does the
historically low, all-in discovery costs of US$19 per ounce. The
Cariboo Gold Project is advancing through permitting as a 4,750
tonnes per day underground operation with a feasibility study on
track for completion in the first half of 2022. Osisko
Development’s project pipeline is complemented by potential
near-term production targeted from the San Antonio Gold Project,
located in Sonora, Mexico and early exploration stage properties
including the Coulon Project and James Bay Properties located in
Québec, Canada as well as the Guerrero Properties located in
Guerrero, Mexico.
For further
information about Osisko Development Corp., please
contact: |
Sean Roosen, CEOTelephone: (514)
940-0685Email: sroosen@osiskodev.com |
Jean Francois Lemonde, VP
Investor RelationsTelephone: (514) 299-4926Email:
jflemonde@osiskodev.com |
Follow us on our
Social Media
Platforms:Facebook:https://www.facebook.com/osiskodevLinked
In:http://www.linkedin.com/company/osisko-devYoutube:https://www.youtube.com/channel/UC-1LPPhZ9WZnOuWsf6mRWhwTwitter:https://twitter.com/OsiskoDev |
|
Cautionary Note Regarding Forward-Looking
Information
Certain statements contained in this news
release may be deemed “forward‐looking statements” within the
meaning of applicable Canadian securities laws. The information in
this news release about the timeline to complete the Transaction,
ability to satisfy or waive on satisfactory terms any conditions to
the completion of the Transaction (including but not limited to,
TSXV acceptance of the Transaction), the timeline to reach a
definitive agreement with respect to the Stream (if at all), the
ability to obtain the financing under the Stream and satisfy or
waive on satisfactory terms any conditions to the completion of the
Stream financing, the general prospects of Tintic, the utility of
the existing infrastructure at Tintic, the utility of historic
data, expected investor returns, target gold, the focus of Tintic
on achieving gold production, the prospects of shallow mining at
Tintic, the ability of exploration (including drilling) to
accurately predict mineralization, the ability of Tintic to be
cash-flow positive in the short- and long-term (including the
unknown variables and assumptions inherent therein), base metal
discoveries, the significance of the district hosting 23
past-producing mines, the focus on developing Trixie, Tintic having
great development opportunities, the scope of rehabilitation work
required, including in respect of Trixie, the feasibility of T2 and
4 mines, any references to high-grade deposits (including visible
gold, pure gold and gold-rich structure), the unique mineralization
of T2; additional resource opportunities (including timing, if at
all), target production, the expansion of Eureka Standard;
production processes and facilities, the possibility of expanding
production facilities, management and employees, the ability to
continue operations and to expand operations, identify additional
resources and reserves, exploit such resources and reserves on an
economic basis, obtain future permits for operations, to obtain
additional financing for project development on satisfactory terms,
the investment opportunities presented by Tintic, Tintic achieving
production (including near-term timing, if at all), the
opportunities presented by Trixie, its ore deposit and its ability
to be mined (including any potential value, if any), Tintic having
a pipeline of projects, both historic and new, Tintic’s ability to
realize upon additional projects (if any), grade estimates, the
speculative geology of inferred mineral resources, the ability, if
any, to achieve the project economics described herein, the
ability, if any, of selective mining methods to capture additional
mineable resources and to optimize gold and silver recoveries; the
mining and processing strategy; potential mineralization; the
potential to extend mineralization up and down-plunge and at depth;
the ability to realize upon any mineralization in a manner that is
economic; the ability to complete any proposed exploration
activities and the results of such activities, and any other
information herein that is not a historical fact may be
“forward-looking statements”. These forward‐looking statements, by
their nature, require Osisko Development 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. Forward‐looking statements are not guarantees of
performance. Words such as “may”, “will”, “would”, “could”,
“expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”,
“continue”, or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward‐looking statements. Information contained in
forward‐looking statements, including with respect the timeline to
complete the Transaction, ability to satisfy or waive on
satisfactory terms any conditions to the completion of the
Transaction (including but not limited to, TSXV acceptance of the
Transaction), the timeline to reach a definitive agreement with
respect to the Stream (if at all), the ability to obtain the
financing under the Stream and satisfy or waive on satisfactory
terms any conditions to the completion of the Stream financing, the
ability to continue operations and to expand operations, identify
additional resources and reserves, exploit such resources and
reserves on an economic basis, obtain future permits for
operations, to obtain additional financing for project development
on satisfactory terms, the significance of the district hosting 23
past-producing mines, the focus on developing Trixie, Tintic having
great development opportunities, the investment opportunities
presented by Tintic, is based upon certain material assumptions
that were applied in drawing a conclusion or making a forecast or
projection, including management’s perceptions of historical
trends, current conditions and expected future developments, public
disclosure from operators of the relevant mines, as well as other
considerations that are believed to be appropriate in the
circumstances. Osisko Development 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 Development, may ultimately
prove to be incorrect since they are subject to risks and
uncertainties that affect Osisko Development, and its business.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this news release concerning Osisko Development,
see the filing statement dated November 20, 2020 available
electronically under Osisko Development’s issuer profile on SEDAR
(www.sedar.com). The forward‐looking statements set forth herein
concerning Osisko Development reflect management’s expectations as
at the date of this news release and are subject to change after
such date. Osisko Development disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, other than
as required by law.
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.
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Osisko Development (TSXV:ODV)
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From Jul 2023 to Jul 2024