Osisko Development Corp (NYSE: ODV) – Re-Rating Potential as Cariboo Advances

Ticker: NYSE:ODV | Sector: Gold / Development | Rating: BUY | Price Target: US$6.30 | Date: 1 Dec 2025

12-Month Share Performance

Osisko Development is entering one of the most important phases in its growth story. With the fully permitted Cariboo Gold Project now financed and advancing through early works, ODV is transitioning from a high-potential developer to a near-term builder — all against the backdrop of a strengthening gold market.

Over the past 12 months the stock has climbed nearly 100%, yet still trades at a steep discount to peers and to our NAV-based valuation. In our view, a compelling re-rating opportunity is emerging as the market begins to price in construction momentum, resource conversion, and the scale of Cariboo’s long-life, low-cost production profile.

Our latest research dives into:

• Why Cariboo is one of the few permitted, shovel-ready gold projects of scale in a Tier-1 jurisdiction
• How recent financings have materially de-risked ODV’s path to production
• The catalysts we believe could unlock substantial upside over the next 12 months
• Our bull-case valuation and US$6.30 price target

This is a high-quality, high-torque gold developer at a pivotal moment.

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