Osisko Development Corp. provided the following update on its 100% owned Cariboo Gold Project in Wells, British Columbia and San Antonio Gold Project in Sonora, Mexico. Highlights: The company is well funded with approximately $325 million in cash and cash equivalents, comprising approximately $200 million cash and $125 million in marketable securities. At the Cariboo Gold Project, the Corporation is kicking off a new 2-year drill program aimed at resource extension and discovery-oriented exploration. The aim is to complete 90,000 meters of resource conversion drilling by Third Quarter 2021 to support the feasibility study. The Corporation has entered the process planning stage of the BC Environmental Process, and is working with leading consultants to ensure that the Cariboo Gold Project can operate as one of the most socially and environmentally acceptable mines in the world. Commenced development of mineralized material from the Bonanza Ledge Phase 2, and stockpiling has been initiated at the mill. The Corporation is projecting first gold from company Bonanza Ledge Phase 2 project in Second Quarter 2021. The Corporation purchased a brand new communition circuit (grinding circuit) that was designed for a mining project planned at 7,500tpd. This investment represents a major step forward in securing critical equipment for the concentrator, reduces engineering risk and will allow to fast track the construction of the processing facilities once all permits are received. A new Sandvik MT720 continuous miner ("roadheader") has been delivered on the Cariboo site, assembled and commissioned. The Corporation expects to use this new technology for drift development at the Bonanza Ledge Phase II and Cariboo projects. This equipment is engineered to mechanically cut the hard and abrasive rock mass and is expected to improve the development performance by 25%, and to reduce costs by 50% compared to traditional "drill and blast" development. At the San Antonio Gold Project, the company have completed the engineering and permitting to process the gold mineralized stockpile via heap leaching. 35,000 meters exploration and infill drill program of the Sapuchi, Golfo de Oro and California Projects have been planned. The company have established an initial exploration budget of approximately US$6 million for 2021. Engineering and permitting for heap leach mining for the Sapuchi, Golfo de Oro and California Projects is ongoing. Cariboo Gold Project Update: Osisko Development continues to advance its flagship Cariboo Gold Project while undertaking an intensive exploration program at this highly prospective property. While development advances at Bonanza Ledge Phase II, the Corporation is progressing a feasibility study on the broader Cariboo Gold Project, which is expected to be released in the second half of 2021. Production at Bonanza Ledge Phase II is on track to restart in the first quarter of 2021. The main access to the ore zone is continuing in accordance with the original schedule and development plan. Over 2,300 meters have been completed since the start of the project; five ore horizons have been developed and are ready for extraction following permit approval, which is scheduled for the end of the first quarter of 2021. Production is expected to start at an average rate of 600 tonnes per day and ore will be transported to the QR Mill site for processing. Mill facilities have been upgraded in the second half of 2020 and all circuits are presently undergoing the final commissioning phase. Permitting: The Cariboo Gold Project achieved a major milestone in the permitting process by obtaining a Readiness Decision in December 2020 pursuant to British Columbia's Environmental Assessment process. Public consultations were completed in the summer of 2020 and the project is now on the legislated timeline to obtain the final approval from the Environmental Assessment Office. The environmental assessment certificate is expected to be issued in the third quarter of 2022, with all remaining permits required to start construction expected to be issued within 90 days following the issuance of such certificate. Osisko Development has also applied for a bulk sample permit with respect to its Cow Mountain Zone and the construction of an exploration ramp for the promising Lowhee Zone. The 10,000 tonnes bulk sample is intended for metallurgical testing on run of mine ("ROM") for ore sorting technology that the Corporation is planning to implement in its processing facilities. Permit approval and commencement of earth works is expected to be received and begin in the first quarter of 2021. Exploration Activities: A total of 59,500 meters were drilled in over 216 holes in the exploration and category conversion program on the Cariboo Gold Project, which includes up to eight diamond drill rigs. The drilling confirmed down dip extensions of mineralized veins and high grade intercepts within the current resource and expanded the new discoveries on Lowhee and Proserpine. Recent results included 18.18 g/t Au over 10.2 meters including 91.4 g/t Au over 0.50 meter in BM-20-020 on Lowhee Zone and 9.33 g/t Au over 12.1 meters including 62.9 g/t Au over 0.60 meters in CM-20-046 on Valley Zone. Please refer to the Corporation's January 13, 2021 news release for additional details on hole CM-20-046 and the October 5, 2020 press release from Osisko Gold Royalties Ltd. for hole BM-20-020. Drilling in 2021 commenced in January with the objective to continue the category conversion program on the known deposit areas to support the feasibility study while expanding at depth and along strike. Significant exploration will occur adjacent to known deposits, at KL, Lowhee and Proserpine. A proposed total of ten drill rigs turning by January 15, 2021 and up to 14 drill rigs by the end of the second quarter of 2021 is planned. The Cariboo mineral resource update includes 3.2 million ounces of gold (21.4 million tonnes grading 4.6 g/t Au) in the measured and indicated category, and 2.7 million ounces of gold (21.6 million tonnes grading 3.9 g/t Au) in the inferred category. The mineral resource estimate incorporates eight deposit areas; the Shaft and Mosquito Creek deposits on Island Mountain, Cow and Valley deposits on Cow Mountain, and Lowhee, KL, BC Vein and Bonanza Ledge deposits on Barkerville Mountain at a cut-off grade of 2.1 g/t Au. Regional exploration continued to deliver new discoveries and identify new drill targets that should provide the long term growth and expansion for the Cariboo Gold Project. In 2021 regional exploration drilling will begin on the newly defined targets at Burns Mountain and Yanks Peak.