Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) reported second-quarter 2026 financial results marked by a significant expansion in revenue and operating profitability from its test mining activities. The company generated $32.7 million in revenue during the quarter ended June 30, 2026, a substantial increase from the $6.9 million reported in Q2 2025. This growth was driven by the sale of 5,547 ounces of gold from small-scale mining operations at the Tintic Project in Utah, including heap leaching and direct shipping of mineralized material.

The improved revenue trajectory translated into positive operating performance. Osisko Gold recorded an operating income of $8.1 million in Q2 2026, contrasting sharply with the $16.3 million operating loss posted in the corresponding period of the prior year. Cost of sales for the quarter stood at $12.0 million, up from $4.1 million in Q2 2025, reflecting the higher volume of production activities.

Financial Position And Capital Raise

The company’s liquidity position remains robust as it advances pre-construction activities for its flagship Cariboo Gold Project in British Columbia. As of June 30, 2026, Osisko Gold held approximately $837.3 million in cash and cash equivalents. This balance includes proceeds from recent financing activities undertaken to support project development.

In May 2026, the company closed a convertible senior notes offering totaling US$300.0 million in gross proceeds. The offering consisted of two tranches: US$225.0 million of 4.125% convertible senior notes due 2031 closed on May 26, followed by an additional US$75.0 million tranche on May 28. These funds are designated for the development and construction of the Cariboo Gold Project.

Additionally, the company has drawn down on its project financing facility. Approximately $161.4 million (US$113.6 million), inclusive of accrued interest, is outstanding under the initial draw of the US$450 million senior secured project loan credit facility advised by Appian Capital Advisory Limited.

What The Numbers Show

The financial data reveals a clear operational pivot at the Tintic Project, where increased activity levels have directly correlated with margin improvement. While cost of sales nearly tripled year-over-year (from $4.1 million to $12.0 million), revenue grew by more than fourfold (from $6.9 million to $32.7 million). This divergence indicates that the incremental costs associated with processing additional mineralized material are being absorbed by significantly higher sales volumes, resulting in a swing from a substantial operating loss to a profitable position within the quarter.

Project Development Updates

Pre-construction activities at the Cariboo Gold Project continued to progress across multiple work streams:

• Underground Development: Approximately 2.7 km of underground development has been completed to date. Work continues from the Cow Portal into the Lowhee Zone and along the main access ramp into the Cow Mountain Zone. Earthworks have commenced on the second underground access at the Valley Portal.
• Drilling Programs: The company completed a planned 13,000-meter underground infill drilling program, totaling 13,684 metres across 142 drillholes in the Lowhee Zone. An additional 2,995 metres of infill and near-mine exploration drilling was also completed. Thirteen drill rigs are currently operating across various surface and underground programs.
• Surface Infrastructure: Construction of the waste rock storage facility and sediment control pond is underway. Early works at the mine site complex, including tree clearing and geotechnical drilling, commenced in Q2 2026.
• Camp Expansion: The site camp upgrade to 358 rooms is complete, providing capacity aligned with peak construction manpower requirements.

Corporate Actions

During the quarter, Osisko Gold completed several corporate governance updates. Shareholders approved the company’s name change from "Osisko Development Corp." to "Osisko Gold Group Inc." and the relocation of its registered office from Québec to Ontario at the annual general meeting held on June 23, 2026. The new name and ticker symbol (OGG) took effect on July 20, 2026.

The board also approved incentive awards, granting 1,104,400 stock options and 1,426,600 restricted share units to senior officers and non-executive employees. New leadership appointments included Sarah MacDonald as Vice President, Construction Contracting and Commercial, and Greg Perrins as Vice President, Sustainable Development.

Osisko Gold Group Inc. has released final results from its infill drilling program at the Lowhee Zone of the Cariboo Gold Project, validating existing geological and mine-planning assumptions. The company anticipates satisfying technical conditions precedent to access the remaining US$350 million under its senior secured project loan facility in Q3 2026, subject to the completion of Appian Capital's ongoing review and sign-off. The drilling program, comprising 17,072 metres across 185 diamond drill holes in 2025 and 2026, was designed to assess local variability of mineralization and support production stope design optimization.

Model Reconciliation Analysis

The infill drilling targeted two specific areas within the Lowhee Zone: Zone 1 on the 1260 elevation level and Zone 2 on the 1290 elevation level. A preliminary internal reconciliation analysis against the existing resource block model indicated variability consistent with expectations. The results demonstrated a general spatial correlation with modelled reserve stopes and validated the continued use of existing assumptions for future infill drilling, subject to further review.

Zone Comparison

The analysis revealed distinct differences in tonnage and grade between the two localized areas:

The company noted that these results are preliminary and internal, and do not constitute an updated mineral reserve or mineral resource estimate. They relate only to the specified areas evaluated and should not be interpreted as representative of the entire project. Average core recovery from the infill drilling was approximately 92% in 2025 and improved to approximately 94% in 2026.

Project Status and Financing

The Cariboo Gold Project is a permitted, 100%-owned feasibility-stage project located in central British Columbia, Canada. The project hosts probable mineral reserves of 2.071 million ounces of contained gold. In late 2024, the project received Mines Act and Environmental Management Act permits, solidifying its shovel-ready status. The technical information in this release has been reviewed and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a qualified person under NI 43-101.