Osisko confirms positive FID on Cariboo, first gold targeted for early 2029
TSX-V- and NYSE-listed Osisko Gold has reached a formal decision to proceed with construction of the Cariboo gold project, in British Columbia.
The affirmative final investment decision (FID) on the project paves the way for full-scale construction to start on what is Osisko Gold's flagship project.
The FID is a culmination of more than a decade's worth of derisking work on the project, reflecting the board's confidence in the significant long-term value that Cariboo can deliver to shareholders and other stakeholders, says chairperson and CEO Sean Roosen.
"With this step forward, supported by our strong balance sheet position and other sources of available and proposed funding, our focus is now firmly on disciplined project execution toward first gold in early 2029," he confirms.
PROJECT PROGRESS
The Cariboo project is designed as a conventional, decline-accessed underground mining operation employing mechanised long-hole stoping mining methods, with paste backfill, to extract ore from gold-bearing vein corridors.
Underground access is currently provided through the Cow portal, with development extending into the Lowhee and Cow deposit zones.
At the mine site complex, earthworks have commenced on the second underground access at the Valley Portal. Once established, the Valley Portal will provide a second development front and support critical path primary development access to the Valley and Shaft zones, which host the majority of the Cariboo Gold deposit's mineral reserves and mineral resources.
About three kilometres of underground development have been completed to date.
Major earthworks are expected to ramp up during the current quarter through to the fourth quarter of 2027, with process plant foundations work due to start in the summer of 2027.
