What are the latest milestones achieved by Osisko Mining?

A lot happened in the past 15 months. In 2022 we completed the bulk sample at Windfall, for which we published results that captured a lot of attention: 65 g/t Au for 4,800 t. We published the results of the feasibility study in December 2022, and the report in January 2023, which showed a robust project with strong economics. We signed an agreement with Miyuu kaa Corp., a subsidy of the Cree First Nation of Waswanipi, whereby they will finance, build and own a powerline to transport hydroelectric power to Windfall. We filed the Environment Impact Assessment report in late March, which triggered the permitting process for the project. Finally, we struck a deal with Gold Fields in May where Gold Fields acquired a 50% interest in the partnership at Windfall, in exchange for payments of C$600 million in cash plus C$75 million for the exploration properties. We are advancing the impact and benefit agreement and are preparing to answer the first round of questions from the COMEX environment impact assessment process. We are three months into the permitting process and expect it to take around 18 months. We are fully funded for our portion of the project and foresee production by the year-end of 2025 or the beginning of 2026.

How will the JV at Windfall with Gold Fields unlock the potential of the property?

This deal with Gold Fields allows us to secure the financing for the build on the Osisko side. They also bring expertise in mining ad processing since they have operations in gold across five countries. On top of that, they will provide C$75 million to unlock the exploration potential on other projects outside the Windfall deposit such as Quévillon, and Urban Barry. 

Can you expand on your relationship with local communities?

We have more than 20% of our staff coming from local communities. We need to be transparent, keep the channels open, and support local businesses. For the First Nations, we are developing conditions to evolve and grow at every level of the company that will offer clear progression paths. We are working to attract, retain and develop talent. The quality of a relationship with any community is something that you need to cultivate and foster everyday and this is what we are doing.

Do you think strong gold projects will get more attention?

There is still financing available for world-class projects, but there are not many of them out there. Windfall is one, with high grades, and in a leading jurisdiction. Concerning gold, gold production is decreasing and with what we have seen from the financial market, gold still plays a big role for Central Banks. Central Banks are buying a lot of gold, particularly to mitigate the economic uncertainty brought by interest rate and inflation hikes around the world and by the situation in Eastern Europe. However, financing remains difficult for several projects that are not outstanding in that current inflationary context.

As an explorer, what will make Québec an attractive jurisdiction in 2023?

Fiscal regulation and a predictable regulation and permitting process are the main ones. It is one of the best jurisdictions in the world, that gathers talent, expertise, and service providers from drilling to engineering. Miners have the whole value chain in Québec. There is also strong political will to develop projects to tackle the new era of minerals. In Québec, you have the Caisse de dépôt et placement, Resources Québec, the type of institutional actors you do not see anywhere else in the world. The challenge for Québec is to preserve access to territory and this is what they need to safeguard to maintain its top position as many jurisdictions are catching-up.

What will make Osisko Mining a great story for investors?

Windfall will be a key part of the story as it has the potential to become a cornerstone asset for the corporation. The project has a lot of upsides, Osisko’s is fully financed for its portion and we are just at the beginning of what we believe will be a highly successful story. The deal with Gold Fields brings a lot of optionality for Osisko as well. The main priority at this point is to deliver Windfall.