Name of the Project
Cariboo gold project.

Location
The project is located in the (historic) Wells-Barkerville mining camp, in the District of Wells, British Columbia, Canada.

Project Owner/s
Osisko Gold Royalties acquired Cariboo in September 2019 through the acquisition of Barkerville Gold Mines.

Project Description
The Cariboo gold project is an extremely scarce asset, with current resources totalling 3.2-million ounces in the measured and indicated resource category, and 2.7-million ounces in the inferred resource category.

The project is advancing through permitting as a 4 750 t/d underground operation, with a feasibility study on track for completion in the second half of 2021 and full permits expected in 2022. This will be followed by a short construction period, as there is significant infrastructure on site already, including a functioning mill.

Potential Job Creation
The project is expected to contribute about 320 permanent jobs during the production phase and an additional 120 during the construction phase.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at a 5% discount rate, of C$632.7-million and an internal rate of return of 34.9%, with a payback after the start of operations of 2.9 years.

Capital Expenditure
Preproduction capital expenditure is estimated at C$305.5-million.

Planned Start/End Date
Mine construction is expected to start mid-2021.

Latest Developments
Osisko Gold Royalties has announced the creation of a new North American gold development company to advance the Cariboo project, in British Columbia, and other Canadian and Mexican properties.

The company entered into an agreement to transfer certain mining assets, including Cariboo, and a portfolio of marketable securities valued at C$116-million to TSX-V-listed Barolo Ventures in a reverse takeover transaction.

As part of the transaction, the companies have entered into an engagement letter with Canaccord Genuity and National Bank Financial, on behalf of a syndicate of underwriters for a C$100-million bought-deal equity offering.

Upon closing of the reverse takeover, Osisko Development will be launched to develop Cariboo into one of the “predominant mining camps in Canada”.

Key Contracts, Suppliers and Consultants
Allnorth Consultants, BBA, InnovExplo, Golder Associates, Mining Plus Canada Consulting, SRK Consulting and WSP Canada (PEA).

Contact Details for Project Information
Osisko Gold Royalties, tel +1 514 940 0670 or email info@osiskogr.com.