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They Explored ONLY 6% and Found a Gold Mine | Sean Roosen - Osisko Gold Group

The Deep Dive Sep 30, 2026 15:31

Summary

Osisko Gold Group's Cariboo mine is 22% built and over-financed — $1.7 billion available against C$990 million of remaining capex, first production targeted Q1 2029.

Conversion drilling targets 3.6 million ounces already accessed by mine infrastructure, setting up a doubling from 200,000 to 400,000 annual ounces.

Only 6% of the 86-kilometre Cariboo trend has been drilled; a $160 million, 30-drill program over two years pushes the resource deeper.

Roosen flags two overlooked assets: Sirios' open-pit-scale James Bay discovery and the revenue-producing Tintic project in top-ranked Utah.

Roosen expects gold higher on declining US dollar confidence and argues energy suppliers, not tech firms, will win the AI buildout.

Key points on Alamos Gold

  • On Roosen's market-cap-per-100,000-ounces slide, Alamos Gold is cited as producing about 500,000 ounces a year and trading at a valuation per 100,000 ounces roughly in the same bracket as Lundin Mining (about $5.2 billion).

Key points on G Mining Ventures

  • Roosen cites G Mining Ventures as producing about 175,000 ounces a year in Brazil with a market cap of about $16 billion — roughly 3x Wesdome's market cap on less production.
  • He attributes the premium to G Mining's significant development assets in Guyana, which he says the market has recognized as being in the money.

Key points on Wesdome Gold Mines Ltd

  • Roosen describes Wesdome as a steady-state producer of about 200,000 ounces a year with a market cap a little over $5 billion, trading at about $2.9 billion per 100,000 ounces of annual production.
  • He says that if Osisko built Caribou and stopped there, Wesdome would be the benchmark the company could expect to trade against.

Sean Roosen's takeaways

  • Top takeaway Argues Caribou is now fully funded — a formal construction decision taken, a $600 million bond issued the day before the interview, about $1.7 billion available against $990 million Canadian of capex — with the build about 22% complete and first delivery targeted for Q1 2029.
  • Lays out a district-scale vision in which only 6% of an 86-kilometer trend has been drill-tested; he says conversion drilling and deepening the resource to 1,500 meters could lift production from 200,000 to 400,000 ounces a year, with a shot at five times that if the work is done.
  • Sees a couple of legs still ahead for gold, with some ups and downs before the big leg, driven by what he views as fading confidence in the US dollar; he expects significant appreciation for gold in other currencies and calls this a resource cycle.
  • Argues AI is a bubble that will consolidate to two or three players within three to four years, and that the real winners of AI are the energy suppliers, since AI cannot be allowed to drown the grid.
  • Draws on starting as an underground miner at 18 and building Canadian Malartic to explain his playbook: premium camps and early owner's-team recruiting to attract top talent, and a drill-heavy program — 'SUDS: Shut Up and Drill Stupid' — including plans to own drills outright.

Steve Hyland's takeaways

  • Top takeaway Interviews Roosen at the Beaver Creek Precious Metals Summit, pressing him on the Caribou construction decision, the conversion drilling, and the long-run district vision he had previously only heard about off camera in July.
  • Endorses Osisko's market-cap-per-100,000-ounces slide as a quick metric for comparing producers, and closes the interview with a sponsored plug for Tintic Standard Gold Mines.