08:00 AM EST, 12/12/2024 (MT Newswires) -- Osisko Development ( ODV ) 's shares rose 1.7% at last look Thursday in NYSE pre-market trade after it secured the Environmental Management Act permits for its Cariboo gold project in British Columbia.

The company said this development marked the completion of the permitting process for key approvals after it received the BC Mines Act permits in November.

"This significant milestone brings us one step closer to unlocking the project's value potential for shareholders, Indigenous nations, and stakeholders, while upholding the highest standards in environmental stewardship," said Sean Roosen, Osisko's founder, chairman and CEO.

"With the ongoing bulk sample and underground development work set for completion in Q1 2025, and an optimized feasibility well underway and expected in Q2 2025, the Cariboo Gold project is on track to becoming Canada's next large-scale gold mine," Roosen added.

Osisko said it expects to make a formal positive final investment decision and engage on a project financing package in the coming months to allow full-scale construction to start in the second half of 2025. It aims to complete the project at the end of 2027.