Osisko Gold Completes US$600 Million Secured Notes Offering
Key Facts
Osisko Gold announced on September 30, 2026, that it had completed an offering of secured notes with an aggregate principal amount of US$600 million. The notes carry an annual interest rate of 9.25% and mature in 2031. The offering provides the group with long-term financing as it develops the Cariboo gold project. Net proceeds amounted to about US$578 million after deducting related costs. The company said the proceeds were used to repay financing obligations and cover project needs.
Of the net proceeds, the company allocated about US$120.8 million to repay all amounts outstanding under the Abitibi facility and discharge the related obligations. The remaining amount was directed to the Cariboo project, according to the company’s statement announcing completion of the offering. Repayment reduces an existing company liability, while allocating the rest of the proceeds provides funding for the project. The use-of-proceeds details show that the offering combined refinancing of existing debt with development capital. The statement did not specify the amount remaining after repayment in the information available here.
In estimates published when the offering was completed, the company put total capital sources from August 1, 2026, through the start of commercial production at about C$1.740 billion. Estimated uses over the same period were about C$1.525 billion. The difference resulted in an estimated funding surplus of about C$215 million. These figures link available funding sources with projected project costs through the start of commercial production. They are estimates for the coming period, not a cash balance available on a specific date.
On October 9, Osisko closed a strategic investment by a subsidiary of Trafigura, with a total value of about US$30 million. The company issued 9,554,141 shares at US$3.14 per share. The price represented a 10% premium to the stock’s volume-weighted average price over the preceding five days. Osisko said negotiations over a potential prepayment facility, capped at US$120 million, were still ongoing when it announced completion of the investment. The statement distinguishes the completed equity investment from the potential facility, which had not been finalized at that time.
In a September 14 update, Osisko’s board had formally decided to proceed with construction of the Cariboo project. The company then set the first gold pour for the first quarter of 2029 and the start of commercial production for the second half of 2029. The September update estimated total capital sources at about C$1.637 billion, compared with estimated uses of about C$1.435 billion and an expected liquidity surplus of about C$201 million. The company made those estimates conditional on completing the investment and prepayment agreement, as well as certain equipment-financing assumptions. In the November 11, 2026, session, Osisko shares listed under the ticker OGG closed at 2.38, according to EL7 data.