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Q2 2023 HIGHLIGHTS

Operating, Financial and Corporate Updates:

• 3,830 ounces of gold sold by the Company from operating activities, comprising of:
• 1,576 ounces of gold sold from the Trixie test mine ("Trixie") located within the Company’s wider Tintic Project;
• 1,244 ounces of gold sold from the San Antonio Gold Project ("San Antonio") by processing stockpiles via heap leaching; and
• 1,010 ounces of gold sold from the Cariboo Gold Project ("Cariboo") by processing stockpiles at a third-party processing facility.
• $10.8 million in revenues and $11.4 million in cost of sales generated from operating activities.
• On May 5, 2023, the Company announced the supplemental listing of certain previously-issued common share purchase warrants of the Company ("Warrants") on the TSX Venture Exchange (the "Exchange") effective as of the opening of markets on May 8, 2023. These Warrants include: (i) an aggregate 7,752,916 Warrants expiring on March 2, 2027, and (ii) an aggregate 11,363,933 Warrants expiring on May 27, 2027 (see news release dated May 5, 2023). These Warrants have been subsequently listed for trading on the Exchange under the symbols "ODV.WT.A" and "ODV.WT.U", respectively.
• The Company announced the results of its annual meeting of shareholders held on May 11, 2023, and on June 30, 2023, granted deferred share units of the Company ("DSUs") to its independent directors as part of its regular annual remuneration program, in accordance with the DSU Plan of the Company.
• As at June 30, 2023, the Company had approximately $86.9 million in cash.
• Based on current projections, the Company believes that the capital resources available to Osisko Development as at June 30, 2023 are insufficient to fund its planned development, exploration and corporate activities for the next 12 months. To execute on its planned activities, the Company will need to seek additional funding and/or make adjustments to the timing thereof or reduce planned expenditures. The Company is exploring options to secure additional financing; however, there is no assurance that future financing(s) will be available or be available on favorable terms (refer to Note 1 in the financial statements relating to going concern).

Tintic Project – Utah, U.S.A. (100%-owned)

• Approximately 85% of the 1,390 meter ("m") (or 4,550 feet ("")) of the Trixie portal and underground decline ramp has been completed as at June 30, 2023. The Company anticipates completion of the decline ramp to the main 625 feet underground level by Q3 2023.
• Target to ramp up processing capacity to 500 short tons per day is subject to completion of required mine and mill infrastructure upgrades, updated mineral resources estimate ("MRE") and ongoing technical work. Small-batch VAT leaching recommenced during the quarter as the Company advanced ongoing technical work in connection with the required mine and mill infrastructure upgrades.
• During the quarter, the Company continued underground exploration and delineation activities on the existing Trixie deposit with two diamond drill rigs operating as part of its 2023 underground infill and exploration program targeting a total of 5,000 m (16,404 ft.).
• As of June 30, 2023, a total of 4,415 m (14,485 ft.) were drilled in 56 holes, with assay results for 19 holes released on May 17, 2023. Assay results for an additional 14 holes was released on July 18, 2023 (see Subsequent to Q2 2023). Assay results for the remaining drill holes are pending.
• On April 3, 2023, and on May 4, 2023, the Company disclosed assay results from an aggregate of 50 diamond drilling holes from the 2022 underground exploration program at Trixie. On June 27, 2023, the Company also released underground sampling results from its ongoing 2023 exploration program at Trixie.
• The Company is currently working on an updated MRE for the Trixie deposit to incorporate the new 2023 drilling results and the remaining 2022 drilling that was not included in the Tintic Technical Report (as defined herein) published on January 27, 2023 (with an effective date of January 10, 2023), due to assay lab delays. This new MRE is expected to be completed once the 2023 drilling program has concluded and all assay results have been received.
• An initial regional surface diamond drilling campaign to test for copper-gold-molybdenum porphyry mineralization potential, namely in the Big Hill area, is anticipated to commence in the following months. Subsequent to quarter end, a diamond drill rig from Major Drilling America of Salt Lake City, Utah, arrived at site in preparation of the contemplated surface drill campaign (see Figure 1).
• Data compilation from historic mines in the area is ongoing and anticipated to generate additional exploration drill targets on the greater Tintic Project property.

Cariboo Gold Project – British Columbia, Canada (100%-owned)

• On May 8, 2023, the Company announced the signing of two landmark permitting agreements, the Process Charter and the Joint Information Requirements Table, reaffirming the multilateral support of and commitment by the various levels of the Government of British Columbia ("BC") to advance the approval process of the Cariboo Gold Project. The Company also executed several project electrification initiatives in partnership with BC Hydro’s CleanBC Industry Fund and the CleanBC Facilities Electrification Fund, which are important steps in supporting the Company’s efforts in reducing the carbon footprint of the Cariboo Gold Project.
• The Company anticipates that the potential development of Cariboo may provide a basis for progress towards the establishment of a broader mining district camp, including development of multiple deposits over several trends totalling approximately 80 km of mineralization. For further information regarding Cariboo and the Cariboo Feasibility Study refer to Technical Reports.
• The Company anticipates receiving the Environmental Assessment Certificate in Q3 2023 and permits by the end of Q1 2024, targets which are aligned with the timelines established in the Process Charter.

San Antonio Gold Project – Sonora State, Mexico (100%-owned)

• As of June 30, 2023, the Company sold a total of 12,788 net ounces of gold (gross 14,072 ounces) from the San Antonio heap leach pad since commencing processing of stockpile inventory in Q1 2022. A total of 1,244 net ounces of gold was sold in Q2 2023 (gross 1,008 ounces).
• On April 29, 2023, Mexico’s Senate approved a wide-ranging reform of laws governing the mining industry, including a requirement that companies pay a percentage of profits to various stakeholders. The new mining law reduces the maximum length of concessions from 50 to 30 years, and may allow authorities to cancel concessions if no work is done on them within two years. The Company is closely monitoring the situation and will continue to assess the potential impacts on its Mexican assets.
• The Company will continue its efforts on the remaining stockpile processing, which is expected to be completed in Q3 2023. The Company awaits next steps from the government of Mexico with respect to the permitting process.

SUBSEQUENT TO Q2 2023

• On July 18, 2023, the Company disclosed assay results from 14 diamond drilling holes and chip sampling results from new development areas from its ongoing 2023 underground infill and exploration program at Trixie. Select assay results highlights included (see news release dated July 18, 2023):
  • 00 grams per tonne ("g/t") gold ("Au") and 344.39 g/t silver ("Ag") over 4.57 m in hole TRXU-DD-23-026 (1.90 troy ounces per short ton ("oz/t") Au and 10.04 oz/t Ag over 15 ft.).
• On July 6, 2023, the Company announced that in accordance with the terms of the Company’s previously-completed acquisition in May 2022 of a 100% ownership interest in the Tintic Project, it had satisfied the first of five deferred payments to the sellers. Deferred consideration of US$2,500,000 was satisfied by an amount of US$250,000 ($334,400) paid in cash in June 2023 and an amount of US$2,250,000 ($2,986,425) settled by the issuance of 454,026 common shares on July 6, 2023.

Consolidated Financial Statements

The Company’s unaudited interim consolidated financial statements (the "Financial Statements") and management’s discussion and analysis ("MD&A") for the three and six months ended June 30, 2023 are available on the Company’s website at www.osiskodev.com, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Maggie Layman, P.Geo., Vice President, Exploration of Osisko Development, and François Vézina, ing., P.Eng., MBA, Senior Vice President, Project Development, Technical Services and Environment, each of whom is a "qualified person" within the meaning of NI 43-101.

Technical Reports

Information relating to the Tintic Project and the current MRE for the Trixie deposit is supported by the technical report titled "NI 43-101 Technical Report, Initial Mineral Resource Estimate for the Trixie Deposit, Tintic Project, Utah, United States of America", dated January 27, 2023 (with an effective date of January 10, 2023) prepared for the Company by independent representatives of Micon International Limited (the "Tintic Technical Report"). Reference should be made to the full text of the Tintic Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile and on the Company’s website at www.osiskodev.com.

Information relating to Cariboo and the Cariboo FS is supported by the technical report titled "Feasibility Study for the Cariboo Gold Project, District of Well, British Columbia, Canada", dated January 10, 2023 (amended January 12, 2023) with an effective date of December 30, 2022) prepared for the Company by independent representatives BBA Engineering Ltd. and supported by independent consulting firms, including InnovExplo Inc., SRK Consulting (Canada) Inc., Golder Associates Ltd. (amalgamated with WSP Canada Inc. on January 1, 2023, to form WSP Canada Inc.), WSP USA Inc., Falkirk Environmental Consultants Ltd., Klohn Crippen Berger Ltd., KCC Geoconsulting Inc., and JDS Energy & Mining Inc. (the "Cariboo Technical Report"). Reference should be made to the full text of the Cariboo Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile and on the Company’s website at www.osiskodev.com.

Information relating to San Antonio is supported by the technical report titled "NI 43-101 Technical Report for the 2022 Mineral Resource Estimate on the San Antonio Project, Sonora, Mexico", dated July 12, 2022 (with an effective date of June 24, 2022) prepared for the Company by independent representatives of Micon International Limited (the "San Antonio Technical Report", collectively with the Trixie Technical Report and Cariboo Technical Report, the "Technical Reports"). Reference should be made to the full text of the San Antonio Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile and on the Company’s website at www.osiskodev.com.

About Osisko Development Corp.

Osisko Development Corp. is a premier North American gold development company focused on high-quality past-producing properties located in mining friendly jurisdictions with district scale potential. The Company’s objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project, located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration potential of these properties, that benefit from significant historical mining data, existing infrastructure and access to skilled labour, the Company’s project pipeline is complemented by other prospective exploration properties. The Company’s strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.