12:10 PM EST, 11/24/2025 (MT Newswires) -- (Updates shares.)

Osisko Development's ( ODV ) shares were up near 6% at last look Monday as the company agreed to sell the San Antonio gold project in Mexico to Axo Copper ( AXOCF ) .

The sale is part of Osisko Development's ( ODV ) strategy to focus on priority development assets within its portfolio, the company said.

The project has been in care and maintenance since the third quarter of 2023, according to Osisko Development ( ODV ).

As consideration, Osisko will acquire a 9.99% stake in Axo on a non-diluted basis and receive contingent payments, including US$2 million following the completion of a feasibility study and another $2 million after the first gold pour.

Osisko will also receive a cash payment equal to 70% of any Mexican value-added tax refund owed to Sapuchi Minera, which owns the project.

In the event that Axo completes one or more equity financings that result in aggregate gross proceeds of at least $10 million, Axo will issue the equivalent number of shares that would result in Osisko Development ( ODV ) retaining its 9.99% interest.

"We believe Axo is well equipped to successfully advance the project through its next phase, and look forward to remaining a supportive long-term shareholder," Chief Executive Officer Sean Roosen said.

Osisko shares were last seen up $0.25 to $4.60 on the TSX Venture Exchange.

Price: 4.60, Change: +0.25, Percent Change: +5.75