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Osisko Development Update | Sean Roosen and Jimmy Connor

Jimmy Connor Feb 5, 2026 27:31

Summary

Osisko Development is fully permitted and fully funded, building a 5,000-ton-per-day underground mine at Caribou targeting 220,000 ounces of gold a year.

The optimized feasibility study outlines a 10-year mine life with AISC (all-in sustaining cost — the full cost per ounce) of $1,157.

Roosen argues $4,600 gold could add 1.5 to 3 million ounces by lowering the cut-off grade, the minimum grade worth mining.

He calls the stock cheap versus peers, citing about $700 million enterprise value net of cash against producers valued in billions per 100,000 ounces.

Roosen assumes Osisko Development is in play daily and fears a takeover could arrive before drilling finishes the district's resource.

Key points on Agnico Eagle Mines

  • Roosen says Agnico Eagle has added about 20 million ounces at Canadian Malartic since he sold it in 2014 with 14 million ounces, and that the project is now approaching 35 million ounces as a cornerstone asset for the company.
  • He argues Canadian Malartic, alongside Detour, represents the biggest portion of Agnico Eagle's upside and that the two are the biggest mines in Canada.
  • He notes the Odyssey discovery, made before the 2014 sale, has since grown to 18 million ounces with a shaft under way for 25,000 tons per day, his example of a takeout that came too early.

Key points on Alamos Gold

  • Cited in Roosen's valuation comparison as producing about 650,000 ounces a year, including Young-Davidson, with a market cap around $24 billion, or roughly $4 billion per 100,000 ounces of production.

Key points on G Mining Ventures

  • Roosen holds up G Mining as the re-rating analog for Osisko Development: at a comparable stage it traded around an $800 million market cap and is now above $9 billion.
  • He notes G Mining built from one mine of roughly 175,000 ounces a year in Brazil and is building a second in Guyana, a one-mine-to-two-mine path he says Osisko Development can repeat within its existing permit footprint.
  • He presents G Mining alongside Wesdome and Lundin on the company's presentation slide to argue the developer still trades at a deep discount per ounce of production.

Key points on Lundin Gold

  • Cited by Roosen as the valuation leader among peers: about a $24 billion market cap for roughly 400,000 ounces of annual production, or around $5 billion per 100,000 ounces.

Key points on Wesdome Gold Mines Ltd

  • Roosen points out Wesdome produces a similar amount of gold to what Osisko Development is building toward, yet trades around $3.5 billion versus ODV's roughly $1.3 billion market cap.
  • He uses Wesdome in his peer comparison at roughly $1.7 billion per 100,000 ounces of production.

Sean Roosen's takeaways

  • Top takeaway Argues Caribou is one of the few fully permitted and fully financed underground gold builds under construction anywhere, targeting first production at the end of 2028 and sitting in a small group of such projects in Canada.
  • Sees Caribou as the first of several mines in a mining camp: only about 7% of the 83-kilometre trend explored, a funded 70,000-metre drill program, and the Proserpine target that could be even bigger than Caribou.
  • Contends the stock is very cheap, with about $700 million of enterprise value net of cash against 2 million ounces of reserves and another 3.5 million ounces of resource, and assumes the company is in play every day.
  • Expects 1.5 to 3 million ounces to convert from the measured-indicated and inferred categories as gold near $4,600 an ounce in early February 2026 lowers cut-off grades versus the $2,400 assumption in the April feasibility update.
  • Leans on his Canadian Malartic record, sold in 2014 at 14 million ounces and now approaching 35 million under Agnico, to argue the market has not grasped Caribou's potential and that a takeover could come before the first pass of drilling is finished.

Eric Sprott's takeaways

  • Top takeaway Roosen credits Sprott as his founding partner on the consolidated Caribou land package, bought together in 2015 after roughly 15 years of consolidation, and says Sprott has the nose for these kinds of projects.
  • Per Roosen, Sprott was also a partner at Canadian Malartic but is no longer a large investor in Osisko Development.

Jimmy Connor's takeaways

  • Top takeaway As host, he steers the interview through Caribou's feasibility, infrastructure and power setup, resource conversion potential and valuation against peers such as Wesdome, G Mining, Lundin and Alamos.
  • Presses Roosen on when a takeover bid might come, noting the deposit remains open at depth and along strike, and closes by asking what news flow investors should expect in coming months.