By James West, Midas Letter
Osisko Development Corp. ODV -2.44%↓ closed a US$203 million private placement financing on August 15, 2025, bringing its total committed capital for the Cariboo Gold Project to US$653 million when combined with the previously secured US$450 million loan facility from Appian Capital Advisory. The total of almost CA$900 million in financing is for construction of the Cariboo mine in central British Columbia.
The 2025 Feasibility Study stipulates 1.89 million ounces of gold will be produced over 10 years.
For investors in Golden Cariboo Resources Ltd. (CSE:GCC | OTC:GCCFF | WKN:A402CQ | FSE:3TZ), the implications extend beyond Osisko’s balance sheet.
Barkerville Gold Mines, which Golden Cariboo CEO Frank Callaghan built and advanced, was sold to Osisko Gold Royalties Ltd. OR 1.44%↑ in 2019 for approximately C$338 million, with BGM shareholders receiving OR shares.
Following pressure from significant OR shareholders unhappy with the acquisition OR restructured its strategy. Sean Roosen then acquired a corporate shell, rebranded it as Osisko Development Corp. (ODV), and OR transferred BGM into ODV, retaining about 40% of the new company. Over time, as OR reduced its position under new management, its stake declined to roughly 25%.
NSR Royalty Investments
Importantly, OR has retained a 5% net smelter return (NSR) royalty on the Cariboo project. The breakdown of Osisko’s NSR royalty purchases is as follows:
– February 2016 – 1.5% NSR for C$25 million
– April 2017 – 0.75% NSR for US$12.5 million
– September 2018 – 1.75% NSR for C$20 million
– November 2020 – 1.0% NSR (Option Exercised) for C$13 million
This brings Osisko’s total investment to approximately C$78 million (~US$56 million) for a 5% NSR royalty on the Cariboo Gold Project. Based on Osisko Development’s proposed production forecasts and current metal prices, this 5% royalty alone is expected to generate approximately US$50 million in annual revenue for OR. That is tied to an estimated US$1 billion in projected annual gross revenue from the Cariboo mine—an asset OR may well wish it still held outright.
Under Callaghan’s leadership, the Cariboo deposit was consolidated, delineated, and advanced to a stage that ultimately led to its acquisition by Osisko. Today, nearly three‑quarters of a billion dollars in project funding underscores the value of the same geology that Callaghan first unlocked.
Golden Cariboo’s Quesnelle Project, which sits directly adjacent to Osisko’s holdings, now gains additional strategic relevance. With Callaghan once again at the helm, the company benefits from his deep geological knowledge and proven ability to turn exploration concepts into commercial resources.
Capital Market Endorsement
The private placement was anchored by Double Zero Capital LP’s US$75 million investment, alongside a US$120 million bought‑deal brokered component. Participation at this level from sophisticated global mining financiers’ signals confidence in the Cariboo’s potential for long‑life, district‑scale gold production.
Such backing reflects more than belief in one project—it represents confidence in the broader Cariboo gold belt, first brought to prominence under Callaghan’s leadership.
Golden Cariboo: Callaghan’s Repeat Performance?
Golden Cariboo Resources stands as a direct beneficiary of this renewed spotlight on the Cariboo. Ongoing drilling continues to confirm gold mineralization across its ground, reinforcing the company’s track record as a discoverer in the region. With its project contiguous to Osisko’s fully funded Cariboo mine, Golden Cariboo offers investors exposure to a rare combination of proven leadership and fresh opportunity.
Osisko’s US$653 million commitment is more than a financing milestone—it is an endorsement of the Cariboo as a world‑class gold district and of Frank Callaghan’s unique ability to unlock its value. For investors seeking exposure to junior explorers, Golden Cariboo represents a compelling case of leadership, discovery, and strategic positioning in one of Canada’s most exciting mining districts.
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About James West
James West — Publisher & Editor, The Midas Letter & Midas Letter Daily
James West is an independent capital markets entrepreneur, investor, and award-winning financial journalist with over two decades of experience identifying and financing emerging growth companies. He is the founder, publisher, and editor of The Midas Letter and Midas Letter Daily—two of Canada’s most respected sources for high-impact small-cap and resource sector investment news.
Since launching The Midas Letter in 2008, James has built a global audience of institutional investors, high-net-worth individuals, and portfolio managers seeking unfiltered, actionable insights into capital markets, commodities, technology, and emerging sectors.
James is a frequent guest and contributor on BNN Bloomberg, Reuters, CNBC, and Business News Network, recognized for his ability to distill complex market trends into clear, engaging narratives. His editorial style blends deep market intelligence with a direct, investor-oriented perspective—making him a trusted voice in the Canadian and U.S. junior markets.
- 20+ years’ experience in small-cap, resource, and emerging markets
- Frequent guest on BNN Bloomberg, CNBC, Reuters
- Founded The Midas Letter in 2008, now a trusted source for global investors
- Delivers actionable insights on commodities, technology, and capital markets
- Engages a worldwide audience of institutional investors, family offices, and active traders
You can reach James West on X (formerly Twitter) at @MidasLetter or through his website at Midas Letter
Disclosure: This article was produced and distributed as part of a Midas Letter Marketing Program, and the aggregate cost of this article to Golden Cariboo Resources Ltd. was CA$750 paid to Midas Letter. Midas Letter has no other interest in Golden Cariboo Resources Ltd. and does not have any shares or other financial incentive.
