CALGARY — Osisko Gold has announced that its board of directors has formally approved the full-scale construction of the Cariboo Gold Project in central British Columbia, putting the underground mine on course to produce its first gold by early 2029.“The board’s formal positive decision to commence full-scale construction of our flagship Cariboo Gold Project represents a defining milestone for Osisko Gold and a pivotal inflection point toward our objective of becoming an intermediate gold producer,” Sean Roosen, chairman and CEO, said in an official statement.“This decision is the culmination of more than a decade of de-risking work on the project, from early exploration when the first drills hit the ground in 2015, through permitting and technical studies, and into project financing and pre-construction.”.Construction on the project is expected to take approximately 30 months from August 1, 2026, with the first gold pour targeted for the first quarter of 2029 and commercial production anticipated in the second half of the same year.Osisko says 613 direct jobs will be supported at peak production, with 525 permanent jobs created during full operations.The company added that the project will also generate wider economic benefits for nearby communities and the province.“Bringing Cariboo through construction and into production represents only the first step in establishing a strong platform for the company’s long-term growth strategy,” Roosen said.“In parallel, we continue to accelerate ongoing conversion drilling within the current deposit and advance exploration of the substantial potential at depth and along strike within the existing permit footprint, as well as across the broader Cariboo regional property.”.The Cariboo project is designed as a decline-accessed underground mine using mechanized long-hole stoping and paste backfill to extract ore from gold-bearing vein corridors.Approximately three kilometres of underground development have already been completed. Access is provided through the Cow portal, and development extends into the Lowhee and Cow deposit zones.Major earthworks are scheduled to accelerate during the third quarter of 2026 and continue until the end of 2027, with work on the processing plant foundations expected to begin in the summer of 2027.Based on a spot gold price of US$4,350 per ounce, Osisko estimates the project would have an after-tax net present value of $3.2 billion and an internal rate of return of 42.7%.The company also projects an average annual free cash flow of $642 million during the first five years.
