CA - Osisko Mining: Robust Economics Confirmed In Recent FS

Summary

• Osisko released its Feasibility Study for its Windfall Project last month, showcasing a project capable of producing ~294,000 ounces per annum with a peak output of 374,000 ounces of gold.
• The stock has shed ~$150 million in market cap following the news, but the market appears to be missing the fact that this mine plan has considerable upside.
• In fact, with relatively high mining dilution assumed, grades capped heavily, and what looks to be conservative recovery rates, this is a mine that could significantly outperform its projections.
• With Osisko owning one of the most robust projects globally (which could lead to a takeover) and the possibility of first gold production by Q4 2025, I see two paths to a significant re-rating and considerable upside from current levels.

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