Osisko Secures $450M for Cariboo Gold Development

Q: What is the Cariboo gold project’s purpose?

The Cariboo gold project is a fully permitted underground gold mining operation owned by Osisko Development, targeting 190,000 oz/year of sustainable gold production.

Q: Who is Appian Capital Advisory and why are they involved?

Appian Capital Advisory is a mining-focused private equity firm that invested $450 million in the Cariboo gold project due to its strong fundamentals and stable jurisdiction.

Q: How will Osisko use the $450 million?

Osisko will use the funds for drilling, procurement, development, and debt repayment, with phased disbursement tied to specific project milestones and goals.

Q: What does the 2025 feasibility study reveal?

The 2025 feasibility study projects a 22.1% IRR, $1,157 AISC, and 190,000 oz/year production, highlighting the Cariboo project's economic strength and technical soundness.

Q: Is the Cariboo gold project environmentally responsible?

Yes, the Cariboo gold project is a low-impact operation designed with sustainability in mind, meeting full permitting and environmental standards in British Columbia.

National Coal Suppliers
Jul 21
6 min read

Osisko Development secures $450M from Appian Capital Advisory to advance its fully permitted Cariboo gold project, supporting key development, construction, and feasibility milestones through 2025.

Author: National Coal Supplier is trusted by 10,000+ readers monthly for the latest news in coal mining, gold, and chrome.

Osisko Secures $450M for Cariboo Gold Development

Key Takeaways:

Osisko secured $450M in financing from Appian for Cariboo.
Initial $100M drawn, $350M tied to milestone achievements.
Funding supports drilling, development, procurement, and debt repayment.
2025 feasibility study shows 190,000 oz/year gold production.
Capital costs rose to C$1.41B, with strong projected returns.

Osisko Development has secured $450 million in financing from Appian Capital Advisory to fund the Cariboo gold project in British Columbia. This investment marks a major step forward for the project’s development and signals strong support from a top-tier mining investor. According to Mining.com (2025), investor interest in Canadian gold projects has surged due to favorable gold prices and a renewed focus on secure, domestic mining operations.

Osisko secures major financing for the Cariboo project.

Osisko Development locked in a $450 million credit facility with Appian Capital Advisory to advance the Cariboo gold project in central British Columbia. The deal is structured in two parts. The first $100 million has already been drawn. The remaining $350 million will be disbursed in up to four phases, based on specific project milestones and conditions.

This financing deal is a turning point for Osisko. It enables early development and helps the company stay on track toward a construction decision. The Cariboo gold project news is fully permitted, 100% owned by Osisko, and holds strong long-term potential.

A diagram titled "Osisko secures major financing for the Cariboo project" featuring a winding road with four stages on a black background. The first stage, "Secure Financing," is marked with a green circle and a handshake icon, noting Osisko securing a $450 million credit facility with Appian Capital Advisory. The second stage, "Milestone-Based Disbursement," is marked with a purple circle and a milestone icon, indicating the remaining $350 million is disbursed in phases based on project milestones. The third stage, "Stay on Track," is marked with a purple circle and a schedule icon, stating Osisko remains on schedule for a construction decision. The fourth stage, "Initial Disbursement," is marked with a green circle and a checkmark icon, mentioning the first $100 million is drawn to start the project. The fifth stage, "Enable Early Development," is marked with a blue circle and a development icon, highlighting the financing allows Osisko to begin early development activities.

Appian partnership strengthens Cariboo gold project funding.

Appian Capital Advisory joins Osisko Development as a cornerstone investor. This new partnership reinforces confidence in the Cariboo project’s future. Osisko’s chairperson and CEO, Sean Roosen, said the financing commitment allows the company to maintain development momentum.

The facility provides Osisko with critical financial flexibility. Funds will support infill drilling, underground development, engineering, and procurement. Roosen described the investment as essential to moving forward with a formal construction decision.

Appian's investment strategy supports gold mining.

Appian, a private equity firm focused on mining, sees the Cariboo gold project as an ideal fit for its portfolio. CEO Michael Scherb praised the project’s location, resource quality, and management. He stated that the project meets Appian’s investment criteria: technically sound, well-managed, and located in a stable jurisdiction.

Appian’s involvement reflects a strategic push to invest in low-risk, high-potential assets. The Cariboo project checks those boxes and benefits from a comprehensive feasibility plan, strong permitting position, and a skilled development team.

Development funding covers key early project activities.

The $450 million funding package will also help Osisko pay off a $25 million term loan with the National Bank of Canada. The remaining capital will go toward early-stage development, including procurement and underground site preparation.

This financial backing ensures that Osisko can handle near-term project costs without delaying major milestones. The credit facility gives the company the resources needed to move the Cariboo gold project into the next phase of development.

A diagram titled "Development funding covers key early project activities" featuring a horizontal sequence of six stages on a black background. The first stage, "Secure $450 Million Funding," is in green with a handshake and eye icon, noting Osisko obtaining a significant financial package. The second stage, "Pay Off $25 Million Loan," is in blue with a dollar sign icon, indicating Osisko settling its debt with the National Bank of Canada. The third stage, "Allocate Remaining Capital," is in cyan with a building icon, describing Osisko distributing the remaining funds for project development. The fourth stage, "Early-Stage Development," is in yellow with a house icon, highlighting Osisko beginning procurement and site preparation activities. The fifth stage, "Ensure Near-Term Costs," is in orange with a warning icon, stating Osisko manages immediate project expenses effectively. The final stage, "Advance to Next Phase," is in red with a flowchart icon, noting Osisko progressing the Cariboo gold project to the next development stage.

Cariboo gold feasibility study outlines strong returns.

Osisko recently updated its feasibility study for the Cariboo gold project. The 2025 version outlines a low-impact underground mining operation with an average life-of-mine gold production of 190,000 ounces per year.

The study projects a 22.1% after-tax internal rate of return, based on a base gold price of $2,400 per ounce. These figures underscore the project’s potential to deliver solid returns over its life. The feasibility report adds technical confidence and appeals to long-term investors like Appian.

Capital costs for the Cariboo gold project increase.

The updated feasibility study also revises capital expenditure figures. The total capex for the Cariboo project has risen to C$1.41 billion, up from the previous C$1.12 billion in 2023. The increase reflects updated construction estimates and additional development planning.

Despite the rise in capex, Osisko remains optimistic. The project’s economics, stable jurisdiction, and strong investor support outweigh the added costs. These factors make the Cariboo gold project one of Canada’s most promising new developments.

Cariboo gold project projected costs remain competitive.

The 2025 feasibility study estimates an average all-in sustaining cost (AISC) of $1,157 per ounce. This places Cariboo in a competitive position among other Canadian underground gold mines. The AISC figure includes operational costs, maintenance, and ongoing development expenses.

Osisko’s cost structure shows that the project can remain viable, even with fluctuating gold prices. With proper execution, the Cariboo gold project could become a stable long-term producer with manageable operating costs.

A diagram titled "Cariboo gold project projected costs remain competitive" featuring a flowchart on a black background. The process is divided into two main categories: "Operational Costs" in blue and "Development Expenses" in orange, both contributing to the "Cost Competitiveness of Cariboo Gold Project" in a central gray arrow. Under "Operational Costs," the subcategories are "Mining Efficiency," "Preventive Maintenance," "Equipment Reliability," and "Maintenance" in gray. Under "Development Expenses," the subcategories are "Infrastructure Development," "Exploration Costs," "Hedging Strategies," "Market Volatility," and "Gold Price Fluctuations" in red. Each category and subcategory is represented by a colored block, with the flow moving rightward toward cost competitiveness.

Significant investment pushes project toward production phase

With financing secured and technical groundwork complete, the Cariboo gold project is now closer to entering its production phase. Osisko’s leadership, Appian’s backing, and strong feasibility numbers all support the move toward construction.

The funding allows Osisko to progress without seeking additional debt or diluting shareholder value. The company is expected to make a formal investment decision soon. If development continues on schedule, Cariboo could become a key contributor to Canada’s gold output in the coming years.

Investor Confidence Signals Strength in Canadian Gold Sector

Appian’s decision to invest $450 million into a Canadian gold project reflects renewed confidence in the country’s mining sector. Projects like Cariboo that offer scale, low-impact design, and regulatory approval are now seen as premium investment opportunities.

Osisko Development stands out by combining experienced leadership with a clear project vision. With the backing of Appian and a solid feasibility foundation, Cariboo is well-positioned to become a notable success in the North American gold mining space.

A strong financial base supports Osisko Development’s growth

This financing deal doesn’t just boost the Cariboo gold project. It also enhances Osisko Development’s position in the mining industry. The company now has a strong financial base, reduced debt exposure, and a strategic partner aligned with its long-term goals.

With early-stage development underway, Osisko is ready to capitalize on growing demand for gold. Supported by Appian’s investment and a technically sound plan, the Cariboo gold project could lead the next wave of sustainable gold production in Canada.

What This Means for Canadian Mining Investments

Investors looking at Canadian mining now have a fresh case study in Cariboo. The project shows that with solid feasibility, experienced leadership, and the right backers, large-scale gold developments are still viable. As Appian commits $450 million, the move sends a message: Canada remains a safe and rewarding place for mining investment.

Frequently Asked Questions

What is the Cariboo gold project’s purpose?

The Cariboo gold project is designed to be a low-impact, underground gold mining operation in British Columbia. Fully owned and permitted by Osisko Development, the project is set to produce an average of 190,000 ounces of gold annually. Backed by a 2025 feasibility study, Cariboo aims to become a competitive producer with low all-in sustaining costs. It’s one of the few Canadian projects with full regulatory approval and robust investor backing through Appian Capital Advisory.

Who is Appian Capital Advisory, and why are they involved?

Appian Capital Advisory is a private equity firm focused solely on mining investments. Their strategy is based on technical discipline, jurisdictional stability, and long-term value creation. The Cariboo project fits this model perfectly. Appian’s $450 million investment supports early development and aligns with their goal of backing projects with strong fundamentals, experienced teams, and regulatory clarity. Their involvement signals market confidence and a shared vision for sustainable gold production in Canada.

How will Osisko use the $450 million?

Osisko Development will use the funds for multiple purposes. The first $100 million is already deployed. The remaining $350 million will be accessed in phases, supporting infill drilling, underground development, engineering, procurement, and general project execution. Part of the funding also helps pay off a $25 million loan. This financial backing ensures Cariboo’s timeline stays intact without needing to raise more debt or dilute shareholder equity.

What does the 2025 feasibility study reveal?

The updated 2025 feasibility study outlines the full scope of the Cariboo gold project. It confirms a 22.1% after-tax internal rate of return, a $2,400 base-case gold price, and an average AISC of $1,157 per ounce. The report also shows that Cariboo will generate around 190,000 ounces of gold per year. These metrics highlight the project’s financial viability and attractiveness to investors, especially in a high-gold-price environment.

Is the Cariboo gold project environmentally responsible?

Yes, the Cariboo gold project has been planned as a low-impact, underground operation. It has already received full regulatory permitting in British Columbia, which includes environmental assessments. The 2025 feasibility study emphasizes sustainable practices and low surface disruption. Osisko’s approach includes responsible water use, minimal land footprint, and community engagement, all aligned with modern ESG (Environmental, Social, and Governance) standards for Canadian mining operations.