Osisko Gold Group says the Cariboo Gold Project in central British Columbia was approximately 28% complete as of September 30, 2026, based on costs incurred. In an October 27 update, the company maintained its target for a first gold pour in the first quarter of 2029 and commercial production in the second half of that year.

Key Takeaways

  • Osisko estimates that approximately C$907 million remains to complete construction, after C$355 million in costs incurred through September.
  • The company lowered its expected year-end underground development rate to 360 metres per month from 500 metres per month.
  • Valley access and ventilation portals are expected to be completed in the fourth quarter of 2026.

Cariboo Gold Project costs and construction progress

Osisko's completion estimate is based on cumulative costs relative to the estimated remaining capital obligation and pre-construction costs. The C$355 million incurred through September 30 includes indirect and owner costs; approximately C$84 million was incurred from August 1 to September 30.

The estimated C$907 million remaining construction cost is net of costs incurred to date, leases and estimated pre-production revenue. Detailed engineering is approximately 42% complete, while more than half of procurement packages have been awarded. Project commitments total approximately C$360 million.

Osisko owns 100% of Cariboo and made a formal decision to proceed with construction on September 14, 2026. The company said more than 400 construction and exploration personnel are active at the site.

Underground development target lowered

Approximately 3.4 kilometres of underground development has been completed. Osisko now expects the development rate to reach approximately 360 metres per month by the end of 2026, down from its previous target of 500 metres per month.

The company attributed the revision to slower excavation at the Valley portal, including competent rock conditions, rockbreaking methods used to reduce blasting noise and measures needed to ensure concrete cures properly in sub-zero temperatures.

Osisko expects the Valley access and ventilation portals to be completed in the fourth quarter of 2026. It said the additional underground development headings should improve advance rates in 2027 and beyond.

Infrastructure milestones ahead

At Bonanza Ledge, civil work on the sediment control pond is complete, and the water treatment plant expansion is undergoing final commissioning. Osisko expects the plant to be fully operational in the fourth quarter of 2026.

Construction of the first phase of the waste rock storage facility is 95% complete. The facility is expected to begin receiving mine development material in the fourth quarter of 2026, with full completion anticipated in mid-2027.

Installation of the Willow River bridge has begun, with operations expected to start in the fourth quarter. Initial deliveries of underground mobile equipment are also expected in late 2026, with most scheduled for 2027.

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