11:46 AM EDT, 07/21/2025 (MT Newswires) -- (Adds comment and updates shares.)

Osisko Development ( ODV ) on Monday said it secured a US$450 million project loan facility from Appian Capital Advisory to advance the Cariboo gold project in British Columbia.

Osisko said its initial US$100 million draw from the facility will allow the company to accelerate pre-construction activities, including a 13,000-meter infill drill campaign. The remaining US$350 million will be available on a final investment decision.

"The facility is structured to provide us with financial flexibility as we continue to push forward on pre-construction and construction activities and seek to fully fund the project for construction," said chief executive Sean Roosen.

The credit facility matures on July 21, 2033. If Osisko does not elect to make any subsequent draws, the facility will mature on July 21, 2028.

Interest accrued on the initial draw will be payable quarterly in arrears equal to the 3-month Secured Overnight Financing Rate, plus adjustment of 0.10% per annum, and plus a margin of 9.50% per annum.

National Bank of Canada Osisko its outperform rating and $5.00 price target on the company's shares following the financing.

The bank said its thesis for Osisko considers its cornerstone assets in Tier 1 jurisdictions with exploration upside, including the Cariboo project.

Osisko shares were last seen up $0.19 to $3.54 on the TSX Venture Exchange.

Price: 3.54, Change: +0.19, Percent Change: +5.67