olivLaw · US equity research
Osisko Development Corp. OGG
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Osisko Development Corp. is a mine development company focused on gold projects, with an emphasis on the Cariboo Gold Project in British Columbia, Canada. The company reports under IFRS and is listed on the TSXV and NYSE, and its development stage means progress toward a positive construction decision is closely followed by investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Osisko Development Corp. (OGG) stock was 2.36 USD (+7.27% on the day), with beta 0.89, 52-week range 2.20–4.78 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 2.17 – 2.87
- in the lower half of the band · %B 0.27 · band width 27.7%
- SMA 50 / 200
- 2.72 / 3.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.2% | −1.1% | −16.1 pp | — |
| 3 months | −12.6% | −0.5% | −12.1 pp | — |
| 6 months | −27.8% | +4.4% | −32.2 pp | — |
| Year to date | −32.4% | +12.3% | −44.7 pp | — |
| 1 year | −19.2% | +13.5% | −32.7 pp | −9.2% |
| 3 years | −26.9% | +76.4% | −103.3 pp | +145.5% |
| 5 years | −81.3% | +63.7% | −144.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7.7 m | 64.0 m | 31.6 m | 4.6 m | 35.5 m |
| Revenue YoY | unavailable | +736.0% | −50.6% | −85.6% | +678.0% |
| Net income | -133.3 m | -192.5 m | -181.9 m | -86.3 m | -169.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -3.03 | -3.02 | -2.21 | -0.92 | -0.95 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,740.0% | -300.5% | -575.1% | -1,893.5% | -476.4% |
| Free cash flow | -88.9 m | -79.7 m | -61.3 m | -88.6 m | -120.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 220.4 m CAD
- Financial debt
- 144.6 m CAD
- Net debt
- -75.9 m CAD
- Equity
- 682.7 m CAD
- Total assets
- 1.3 bn CAD
- Debt / equity
- 0.21x
- Current ratio
- 1.45x
- ROE
- -27.0%
- ROA
- -16.0%
- FCF margin
- -340.7%
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 7.7 m | 64.0 m | 31.6 m | 4.6 m | 35.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 7.7 m | 56.6 m | 32.3 m | 4.8 m | 13.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 0 ≈ | 7.4 m ≈ | -667.0 k ≈ | -217.0 k ≈ | 21.6 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Operating income | -157.4 m | -234.3 m | -209.4 m | -62.4 m | -81.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Interest expense | — | 5.8 m | 13.4 m | 8.8 m | 6.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -146.3 m | -190.8 m | -204.4 m | -85.7 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Income tax | -13.0 m | 1.7 m | -22.5 m | 648.0 k | -66.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -133.3 m | -192.5 m | -181.9 m | -86.3 m | -169.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -3.03 | -3.02 | -2.21 | -0.92 | -0.95 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 44.0 m | 63.8 m | 82.5 m | 93.8 m | 178.2 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · CAD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 15.8 m | 54.2 m | 20.1 m | 63.6 m | 220.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 8.0 m | 11.0 m | 4.0 m | 2.6 m | 9.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 18.6 m | 17.6 m | 7.2 m | 8.7 m | 7.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 61.4 m | 141.3 m | 67.7 m | 123.3 m | 479.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 83.7 m | 111.7 m | 97.3 m | 87.1 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Total assets | 703.1 m | 968.2 m | 763.9 m | 856.9 m | 1.3 bn | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 25.1 m | 31.1 m | 25.4 m | 26.3 m | 30.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | 1.6 m | 4.7 m | 11.8 m | 40.7 m | 6.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 2.2 m | 12.3 m | 5.1 m | 6.0 m | 137.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 41.9 m | 51.0 m | 57.3 m | 144.5 m | 331.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 118.9 m | 237.8 m | 178.7 m | 286.3 m | 579.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 584.2 m | 730.4 m | 585.2 m | 570.6 m | 682.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | — | 75.6 m | 84.1 m | 136.6 m | 255.1 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · CAD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -41.4 m | -50.3 m | -43.8 m | -52.3 m | -25.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 47.5 m | 29.4 m | 17.5 m | 36.3 m | 95.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -88.9 m ≈ | -79.7 m ≈ | -61.3 m ≈ | -88.6 m ≈ | -120.9 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -157.0 m | -145.9 m | -66.1 m | -35.2 m | -102.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 34.7 m | 254.5 m | 47.8 m | 145.5 m | 446.8 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -11.8% | 13 (vs peers) | 29% |
| Net margin · Quality | -476.4% | 3 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -17.9% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Osisko Development Corp. (OGG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 35.5 m CAD in 2025; YoY growth 678.0%; net margin -476.4%; ROE -27.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -11.8%
- Net margin: -476.4%
- Revenue CAGR 3Y: -17.9%
- Interest coverage: -12.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| WPMWheaton Precious Metals Corp. | 59.7 bn | 40.6 | 18.5% | 63.6% | +80.2% | +19% / +169% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −19% / −27% |
| ITRGIntegra Resources Corp. | 398.7 m | — | -1.4% | -0.9% | +703.7% | −37% / +157% |
1- and 3-year price returns: for OGG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (27 Oct 2026), 6-K (09 Oct 2026), 6-K (05 Oct 2026), 6-K (01 Oct 2026), 6-K (30 Sept 2026).
In brief
Osisko Development Corp. is a mine development company focused on gold projects, with an emphasis on the Cariboo Gold Project in British Columbia, Canada. The company reports under IFRS and is listed on the TSXV and NYSE, and its development stage means progress toward a positive construction decision is closely followed by investors.
SWOT
Strengths
- The company has a defined development project, Cariboo Gold, with resources estimated under closely aligned Canadian and U.S. standards.
- The filing indicates internal control over financial reporting that management considered effective at the end of fiscal 2025.
- The dual listing on the TSXV and NYSE offers access to two capital markets and to investors in both the U.S. and Canada.
Weaknesses
- The company does not generate positive operating cash flow, and the filing explicitly notes negative operating cash flows.
- Inferred resources cannot form the basis of feasibility studies and carry a greater degree of uncertainty than reserves.
- Reliance on external financing and dilution of shareholders through future equity issues remains a vulnerable point.
Opportunities
- Successfully advancing the Cariboo Gold Project through pre-construction stages could strengthen the value of the company's assets.
- Gradual alignment of reporting standards could make it easier to reach investors in the U.S.
- If the gold price remains favourable, financing conditions for projects under development could become more attractive.
Threats
- Late receipt of licences and permits could delay the project timeline.
- A decline in precious metal prices could reduce investor interest and the value of the project.
- Cost overruns or unanticipated costs could affect the construction budget, as the risks listed in the filing note.
Risks
- Financing riskhigh
The company needs additional financing to meet its obligations and continue development, and future issues could dilute existing shareholders.
- Permitting riskhigh
Lack of approvals or delays in licences could postpone development of the Cariboo Gold Project.
- Project cost riskmedium
Construction costs could exceed estimates, and unanticipated costs could change the financial plan.
- Metal price riskmedium
Fluctuations in the price of gold, silver and other metals could affect the economic viability of the project.
- Currency and reporting risklow
Exposure to the Canadian dollar against the U.S. dollar and differences between reporting standards may complicate the interpretation of results.
Investment thesis
What would need to be true (bull case)
- If the Cariboo Gold Project advances on schedule toward construction, the company could demonstrate the value of its mineral resources.
- The dual listing on two exchanges and internal control considered effective could support investor confidence in governance.
- A favourable environment for gold could attract financing on better terms for development of the project.
What would break the thesis
- Negative operating cash flow means development depends on external financing, with the risk of shareholder dilution.
- Inferred resources carry a high degree of uncertainty and cannot be considered necessarily economically mineable.
- Permitting delays or cost overruns could reduce the value of the project for investors.
What to watch
- Progress of the Cariboo Gold Project through pre-construction and early works stages2026
- Securing the financing needed for development and the level of shareholder dilution2026
- Status of licences and permits required for the projectNext annual report
- Movement of the Canadian dollar and gold price against the figures reported for 2025Next 40-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (27 Oct 2026), 6-K (09 Oct 2026), 6-K (05 Oct 2026), 6-K (01 Oct 2026), 6-K (30 Sept 2026).
The business
Osisko Development Corp. (referred to in the filing as the 'Registrant') is a Canadian mine development company, according to the Form 40-F filed for the year ended December 31, 2025. Its main asset named in the report is the Cariboo Gold Project, for which the company presents mineral resources and prepares the next pre-construction and early works stages. Shares are listed on the TSX Venture Exchange and the NYSE, and warrants on the TSXV and Nasdaq 1.
The company presents its financial position in Canadian dollars, converted at the Bank of Canada rate, and reports under IFRS, although the audit follows PCAOB standards. The filing also includes statements on internal control over financial reporting, which management considered effective at the end of fiscal 2025 1.
As an emerging growth company under the JOBS Act, Osisko Development is exempt from certain internal control audit requirements. The company has a code of ethics applicable to all employees and officers and publishes its governance practices on its website 1.
Segments
Development of the Cariboo Gold Project
The Cariboo Gold Project is the main development asset, and the filing refers to indicated and inferred mineral resources estimated under NI 43-101. The company is working through pre-construction and early works stages toward construction readiness 1.
Exploration activity and other properties
The filing includes consents from multiple qualified persons for the technical estimates, indicating a mineral property portfolio reviewed by independent specialists. Detailed property information is included in the Annual Information Form filed as an exhibit 1.
Market context
The company operates in the gold and silver mining industry, where the price of precious metals, exchange rates and general economic conditions influence projects under development. The filing explicitly notes risks linked to gold, silver and other metal prices and to the Canadian dollar against the U.S. dollar 1.
The regulatory environment includes both Canadian reporting requirements and SEC mining rules, S-K 1300, which are closer to NI 43-101 but differ in some respects. Differences in mineral resource terminology may affect how investors interpret the estimates 1.
Trends
- Development of gold mining projectsmixed
Development companies advancing toward construction benefit from interest in gold as a store of value, but depend on securing financing and the necessary permits. If progress toward the construction decision accelerates, the company's position could strengthen.
- Regulatory requirements and permittingheadwind
Obtaining licences, approvals and permits on time remains essential for mining projects. Delays in this process could affect the development timeline.
- Harmonisation of mining disclosure standardstailwind
The alignment of SEC rules S-K 1300 with NI 43-101 simplifies reporting for dual-listed issuers and partly reduces differences in interpretation. Remaining differences still call for caution when comparing estimates.
- Currency and cost volatilityheadwind
Fluctuations of the Canadian dollar against the U.S. dollar and inflationary pressures can change project costs and financial results reported in Canadian dollars.
Competitive position
The filing does not explicitly describe a competitive landscape, but the context of the gold mining industry indicates several project developers competing for capital, skilled staff and permits. The company names competition in the mining industry as a risk factor.
Competition for financing and human resources is a relevant factor for a company in the development phase, and the ability to attract and retain key management remains an item of attention noted in the documents 1.
- Other gold project developers listed in the U.S.
The source does not identify specific competitors; companies in the same category compete for capital and permits.
- Canadian mining companies listed on TSX and NYSE
General category referred to indirectly through competition in the mining industry, without names in the source.
- Gold and silver producers with operations in production
They compete for investors sensitive to metal prices, although they are not named in the filing.
- Exploration companies with projects in British Columbia
They compete for land, personnel and financing in the same jurisdiction, without names in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)20 Aug 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Osisko Development Corp. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.