Osisko Gold Announces Formal Construction Decision and Development Update for the Cariboo Gold Project

(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)

TORONTO, Sept. 14, 2026 (GLOBE NEWSWIRE) — Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) (“ Osisko Gold ” or the “ Company “) is pleased to announce that its Board of Directors has made a formal positive decision to proceed with the construction of the Company’s 100%-owned Cariboo Gold Project (“ Cariboo ” or the “ Project “), located in central British Columbia, Canada.

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Sean Roosen, Chairman and CEO, commented: “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. This decision is a 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. It reflects our confidence in the significant long-term value Cariboo can deliver to our shareholders and other stakeholders, and in the transformational impact it can have on the future of Osisko Gold. I’d like to commend our talented team for their professionalism, dedication and extensive contributions over the years that have brought us to this important milestone.”

“With this step forward, supported by our strong balance sheet position and other sources of available and proposed funding, our focus is now firmly on disciplined project execution toward first gold in early 2029. Based on an estimated remaining go-forward capital obligation of C$990 million and spot gold prices of US$4,350/oz, the Project demonstrates robust economics with after-tax NPV5% of C$3.2 billion, after-tax IRR of 42.7%, and average annual free cash flow of C$642 million in the first 5 years, underscoring its significant leverage to the gold price. Construction is expected to support 613 direct jobs at its peak, followed by 525 permanent jobs during operations, while generating substantial direct and indirect economic benefits for local communities and the Province of British Columbia. 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. 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. We look forward to providing further regular updates on our progress.”