We are pleased to have advised Osisko Development Corp. (Osisko Development) on its US$650 million debt and equity financing package to support the development and construction of its fully-permitted Cariboo Gold Project located in Wells, British Columbia.
Most recently, we advised Osisko Development on its US$203 million private placement equity financing completed on August 15, 2025, including a brokered private placement of approximately US$120 million led by BMO Capital Markets and RBC Capital Markets, and a non-brokered private placement of approximately US$83 million.
We also advised Osisko Development on its US$450 million definitive credit agreement with Appian Capital Advisory Limited (Appian) announced on July 21, 2025, under which Appian will provide a senior secured project loan facility for the development of the Cariboo Gold Project. The facility is structured in two tranches, including an initial draw of US$100 million to fund pre-construction activities, repay existing debt and support working capital. The second tranche of up to US$350 million will be available in subsequent draws based on project milestones over the next 36 months.
Bennett Jones is acting as legal advisor to Osisko Development.
The team advising Osisko Development on the financing package is led by Sander Grieve KC and Andrew Disipio (Capital Markets, Mining), alongside Simon Grant (Banking & Secured Transactions), Gatlin Smeijers (Environmental and Regulatory) and Mark Lewis (Commercial Real Estate), with a team that includes Yohanna Laurensia, Olivier Caron, Oscar Crawford-Ritchie and Asif Zalfackruddin (Capital Markets, Mining), Fatima Kawar, Kalkidan Legesse and Sophie Schaffer-Wood (Banking & Secured Transactions), Helen Cassie and Hannah Johnston (Commercial Real Estate).
About the Cariboo Gold Project
The Cariboo Gold Project received an Environmental Assessment Certificate in October 2023 in accordance with the BC Environmental Assessment Act (2018), and an EA Certificate following the successful completion of an environmental impact assessment on the project, which process began in October 2019.
Osisko Development was granted the BC Mines Act and Environmental Management Act permits in the fourth quarter of 2024.
A Feasibility Study on the Cariboo Gold Project, released in April 2025, envisions a robust and scalable underground operation expected to produce approximately 1.89 million ounces of gold over a 10-year mine life, with an after-tax NPV5% of C$2,066 million and 38.0% IRR at a US$3,300/oz gold price.
