(All monetary references are expressed in Canadian dollars, unless otherwise indicated) MONTREAL, May 06, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE:ODV, TSXV:ODV) ("Osisko Development" or the "Company") reports its financial and operating results for the three months ended March 31, 2024 ("Q1 2024"). Q1 2024 HIGHLIGHTS Operating, Financial and Corporate Updates: 619 ounces of gold sold by the Company from operating activities in the first quarter, comprising of 585 ounces of gold sold from the Trixie test mine ("Trixie"), and the balance from the Cariboo Gold Project ("Cariboo Gold Project") by processing stockpiles at a third-party processing facility. $1.8 million in revenues ($3.5 million in Q1 2023) and $2.0 million in cost of sales ($4.4 million in Q1 2023) generated from operating activities in fourth quarter. On February 2, 2024, the Company announced that Mr. Francois Vézina resigned from his position as Senior Vice President, Project Development, Technical Services and Environment effective as of March 1, 2024 to pursue outside interests in the mining sector. On March 4, 2024, the Company announced that the Company, as guarantor, and Barkerville Gold Mines Ltd., its wholly-owned subsidiary, as borrower, entered into a credit agreement dated March 1, 2024 with National Bank of Canada in connection with a US$50 million delayed draw term loan (the "Credit Facility"). The Credit Facility will be exclusively used to fund ongoing detailed engineering and pre-construction activities at the Cariboo Gold Project. During the quarter, US$25.0 million ($33.9 million) was drawn under the Credit Facility, net of US$0.7 million ($0.9 million) of fees. As at March 31, 2024, the Company had approximately $57.5 million in cash. Cariboo Gold Project – British Columbia, Canada (100%-owned) Permitting Progress. Receipt of the EA Certificate in October 2023 successfully concluded the EA process for the Cariboo Gold Project, which was launched in October 2019 (see Figure 1). A Joint Permit Application ("JPA") for the BC Mines Act and Environmental Management Act is in progress. Through four rounds of review from the Mine Review Committee, the Company responded to, addressed, and closed over 1,800 comments from various stakeholders. The JPA review process is nearing completion, and the Mine Review Committee has begun drafting the BC Mines Act and Environmental Management Act permits and subsequent reports. With the signed Process Charter, and agreed upon schedule with the Major Mines Office, the Company anticipates completing its permit application referral at the end of Q2 2024 and, subsequently, receiving final permits in Q3 2024. The Company continues to explore funding options, including fully-funded solutions for the Cariboo Gold Project. Figure 1: Cariboo Gold Project – Permitting Timeline Summary Pre-Construction Activities. On March 1, 2024, the Company secured a US$50 million Credit Facility, to be exclusively used to fund ongoing detailed engineering and pre-construction activities at the Cariboo Gold Project. During Q1 2024, the Company commenced an underground development drift from the existing Cow Portal into the Cariboo Gold Project's mineral deposit at Lowhee Zone under an existing provincial permit. The objective is to reach the ore body and extract a 10,000 tonne bulk sample of mineralized material for further ore sorter testing. The Company anticipates completing the bulk sample by the end of Q4 2024. Tintic Project – Utah, U.S.A. (100%-owned) 2023 Trixie Exploration Program. During Q1 2024, the Company disclosed the remaining assay results from 14 diamond drilling holes and chip samples from new development areas as part of its 2023 exploration program at Trixie. Select assay results highlights included (see news release dated February 22, 2024): 66.04 grams per tonne ("g/t") gold ("Au") and 167.64 g/t silver ("Ag") over 8.99 meters ("m") in hole TRXU-DD-23-072A (1.93 troy ounces per short ton ("oz/t") Au and 4.89 oz/t Ag over 29.50 feet ("ft")). Big Hill Porphyry Target Drilling. An initial regional surface diamond drilling campaign to test for copper-gold-molybdenum porphyry mineralization potential, namely in the Big Hill area, commenced in early December 2023. An initial 2,913 m (9,557 ft) were drilled in two holes as phase one of the surface diamond drilling program. The Company completed its initial surface drilling program testing the porphyry target at Big Hill in early May 2024. As previously disclosed, the first drill hole was completed to a depth of 1,297 m (4,257 ft) when it transitioned out of the prospective alteration zone. The second drill hole was repositioned at a modified angle and completed to a depth of approximately 1,615 m (5,300 ft). The Company expects to provide an exploration update, including any material assay results, on the preliminary drilling program in Q2 2024, as appropriate. 2024 Trixie Mineral Resource Estimate ("MRE"). On March 15, 2024, the Company released an updated MRE for the underground Trixie deposit (the "2024 Trixie MRE"), which was included in the subsequently-published Tintic Technical Report (as defined herein). The 2024 Trixie MRE incorporated an additional 1,674 underground chip samples over 1,678 m (5,507 ft) of underground development, and 7,385 m of drilling (24,229 ft) in 122 holes completed since the initial Trixie MRE (the "2023 Trixie MRE"), with an effective date of January 10, 2023. The 2024 Trixie MRE, comprises: Measured resources of 119,847 tonnes grading 27.36 g/t Au and 61.73 g/t Ag, for a total of 105,437 ounces ("oz") Au and 237,868 oz Ag. Indicated resources of 124,743 tonnes grading 11.17 g/t Au and 59.89 g/t Ag, for a total of 44,811 oz Au and 240,211 oz Ag. Inferred resources of 201,603 tonnes grading 7.80 g/t Au and 48.55 g/t Ag, for a total of 50,569 oz Au and 314,678 oz Ag. Exploration Target Potential. The Company continues to advance rehabilitation at the 750 level to allow for further underground diamond drilling to test for the down dip extent of the 756 zone and the porphyry target below Trixie. Data compilation work is ongoing and is anticipated to generate additional exploration targets. San Antonio Gold Project – Sonora State, Mexico (100%-owned) Following completion of processing of the remaining stockpile inventory from the heap leach pad in Q3 2023, the San Antonio Gold Project was placed into care and maintenance, with no production anticipated henceforth. The Company awaits next steps from the government of Mexico with respect to the permitting process and the status of open pit mining in the country. The approval process for environmental permits for mining may resume after the conclusion of the governor and presidential elections which will be held in July 2024, with the new president taking office in September 2024. Strategic Review. As previously disclosed, the Company is conducting a strategic review of the San Antonio Gold Project, and has engaged a financial advisor in connection thereof. The strategic review includes, among others, exploring the potential for a financial or strategic partner in the asset or for a full or partial sale of the asset. SUBSEQUENT TO Q1 2024 On April 26, 2024, the Company announced the filing of the Tintic Technical Report (as defined herein) on the 2024 Trixie MRE. KEY UPCOMING MILESTONES Key Milestonesfor Projects   Expected Timing of Completion   Anticipated Remaining Costs* Cariboo Gold Project         Bulk Sample(1)   Q4 2024   $10.3 million Water and Waste Management