OBNNF - Osisko Mining: Updated PEA Confirms Robust Project Economics

• Osisko Mining released an updated Preliminary Economic Assessment for Windfall earlier this month which confirms the project's robust economics.
• The study envisions underground production of 3,100 tonnes per day through long-hole open stoping, with average annual payable gold production of ~238,000 ounces over an 18-year mine life.
• While upfront capital costs have increased materially from previous estimates of ~$310 million, operating costs are much lower, and could come in nearly 35% below the industry average.
• Based on this updated study, I continue to see Osisko Mining as a top-12 junior in the sector, and I would view any pullbacks below US$2.25 as low-risk buying opportunities.

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