Appian Capital Advisory Limited (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, announces that it has entered into a credit agreement with Osisko Development Corp. (“Osisko Development”) for a senior secured project loan credit facility (the “Credit Facility”) totaling US$450 million for the development and construction of its permitted, 100%-owned Cariboo Gold Project (“Cariboo” or the “Project”), located in central British Columbia (“B.C.”), Canada.
Highlights
- US$450 million project loan facility secured to fund the development and construction of the Cariboo Gold Project in B.C., Canada
- US$100 million initial draw enables Osisko Development to accelerate project pre-construction activities and materially de-risk the Project
- US$350 million in subsequent draws available on a final investment decision subject to certain customary project milestones and conditions precedent
- Initial draw to support an infill drilling campaign, certain detailed engineering, procurement, underground development, operational readiness planning, and other early works activities
- The transaction highlights the appeal and benefits of Appian’s focused credit and royalties offering
The Credit Facility provides strategic capital and enhanced financial flexibility as Osisko Development advances Cariboo through the next phase of pre-construction and early works milestones toward construction readiness. It is structured in two tranches aligned with the Project’s planned development timeline. An initial draw of US$100 million was completed and will be used to: (i) undertake a 13,000-meter infill drill campaign to further de-risk Project mine planning assumptions; (ii) fund pre-construction and construction activities for the development of Cariboo; (iii) repay the Company’s existing outstanding US$25 million term loan with National Bank of Canada, maturing in October 2025; and (iv) support the Project’s general working capital requirements. US$350 million in subsequent draws will be available upon a final investment decision, subject to certain customary project milestones and conditions precedent
A Feasibility Study on the Cariboo Gold Project, released in April 2025, indicates a robust and scalable underground operation expected to produce approximately 1.89 million ounces of gold over a 10-year mine life. The Project received its Environmental Assessment (“EA”) Certificate on October 10, 2023, in accordance with the BC Environmental Assessment Act (2018). The Project was granted the BC Mines Act and Environmental Management Act permits in Q4 2024.
The transaction is consistent with Appian’s commitment to grow its credit and royalty offering, providing bespoke and value-add non-dilutive capital solutions to its partners. The precious metal project diversifies Appian’s portfolio, complementing its existing base metals and critical minerals investments.
Michael W. Scherb, Founder and CEO of Appian, commented, “The Cariboo Gold Project perfectly aligns with Appian’s disciplined, technically driven investment strategy. It is situated in a stable jurisdiction, boasts a robust existing minerals base with clear upside potential, and is being led by an experienced management team. The project also holds permits that will enable near-term progress to production. This transaction showcases the strength of Appian’s dedicated credit and royalties offering, including the added value that our market-leading technical team can provide project owners. We look forward to working constructively with the Osisko team to help advance the project.”
Sean Roosen, Chairman and CEO of Osisko Development, commented: “We are delighted to welcome Appian as a new cornerstone investor, which is a significant endorsement of the Cariboo Gold Project and a major milestone in advancing it towards a construction decision. Having recently completed an updated feasibility study for the Project, the US$450 million facility represents a key financing commitment and allows us to maintain momentum towards a formal 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. Appian is the leading investor in the mining space and has a successful track record of identifying and supporting the development of high-quality assets into production—we are encouraged by their confidence in our team and vision to develop the next major Canadian gold mine.”
Torys LLP is acting as legal counsel to Appian. GenCap Mining Advisory is acting as project finance advisor to Osisko Development. Maxit Capital LP is acting as strategic advisor to Osisko Development in connection with the Initial Draw and Bennett Jones LLP is acting as their legal advisor.
For more information:
Appian Capital Advisory:
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
About Appian Capital Advisory Limited
Appian Capital Advisory Ltd is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 5,000 employees.
Appian has a global team of 88 experienced investment professionals, combining financial and technical expertise, with presences in London, Abu Dhabi, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.
Osisko Development Corp.:
Sean Roosen, Chairman and CEO: +1 (514) 940-0685/[email protected]
Philip Rabenok, Vice President, Investor Relations: +1 (437) 423-3644 [email protected]
About Osisko Development Corp.
Osisko Development Corp. is a continental North American gold development company focused on past-producing mining camps located in mining friendly jurisdictions with district scale potential. The Company’s objective is to become an intermediate gold producer by advancing its flagship permitted 100%-owned Cariboo Gold Project, located in central B.C., Canada. Its project pipeline is complemented by the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico—brownfield properties with significant exploration potential, extensive historical mining data, access to existing infrastructure and skilled labour. The Company’s strategy is to develop attractive, long-life, socially and environmentally responsible mining assets, while minimizing exposure to development risk and growing mineral resources.
For further information, visit their website at www.osiskodev.com or www.cariboogold.com.
