Osisko Development : Acquisition of Tintic Consolidated Metals LLC

ACQUISITION OF

A HIGH GRADE GOLD AND BASE METALS GROWTH OPPORTUNITY IN UTAH

OSISKODEV.COM TSX.V: ODV

JANUARY 25, 2022

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This presentation contains forward-looking information and forward-looking statements (together, "forward-lookingstatements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, as of January 24, 2022. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.'

In this presentation, forward-looking statements relate to information about, among other things: the prospects of Tintic Consolidated Metals LLC ("Tintic"); the potential acquisition by Osisko Development Corp. ("Osisko Development" or the "Corporation") of Tintic; the utility of the existing infrastructure at Tintic; the utility of historic data; expected investor returns; target gold; the focus of Tintic on achieving gold production; the prospects of shallow mining at Tintic; the ability of exploration (including drilling) to accurately predict mineralization; the ability of Tintic to be cash-flow positive in the short- and long-term (including the unknown variables and assumptions inherent therein); base metal discoveries; the significance of the district hosting 23 past-producing mines; the focus on developing Trixie; Tintic having great development opportunities; the scope of rehabilitation work required, including in respect of Trixie; the feasibility of T2 and 4 mines; any references to high-grade deposits (including visible gold, pure gold and gold- rich structure); the unique mineralization of T2; additional resource opportunities (including timing, if at all); target production; the expansion of Eureka Standard; production processes and facilities; the possibility of expanding production facilities; management and employees; Trixie being an attractive place to live and work, including building the required housing and infrastructure in the community; the investment opportunities presented by Tintic; Tintic achieving production (including near-term timing, if at all); the opportunities presented by Trixie, its ore deposit and its ability to be mined (including any potential value, if any); Tintic having a pipeline of projects, both historic and new; Tintic's ability to realize upon additional projects (if any); grade estimates; the speculative geology of inferred mineral resources; the ability, if any, to achieve the project economics described in this presentation; the ability, if any, of selective mining methods to capture additional mineable resources and to optimize gold and silver recoveries; the mining and processing strategy; potential mineralization; the potential to extend mineralization up and down-plunge and at depth; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be forward-looking statements.

These forward-looking statements are based on assumptions believed to be reasonable, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Tintic (and consequently, Osisko Development, if the acquisition is completed) to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Such factors could include, among others, risks relating to the ability of Osisko Development to complete the acquisition of Tintic (on terms announced or at all); the ability of exploration activities (including drill results) to accurately predict mineralization; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets; existing infrastructure being inadequate; rehabilitation efforts being insufficient; change in international, national and local government, legislation, taxation, controls, regulations and political or economic developments; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); access to capital; errors in management's geological modelling; the ability of Tintic to complete further exploration activities, including drilling; property interests in the district; the ability of Tintic and Osisko Development to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; environmental risks; and community and non-governmental actions.

There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Osisko Development cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue reliance on forward-looking statements due to the inherent uncertainties therein. Furthermore, certain information and assumptions inherent in the forward-looking statements in this presentation rely on information prepared and/or furnished to Osisko Development by Tintic. Neither Osisko Development nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking statements. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements contained herein to reflect new events or circumstances, except as may be required by law. Readers should not place undue reliance on any forward‐looking statement and information contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under the U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

Unless otherwise noted, this presentation has been prepared based on information available as of January 24, 2022. All currency references are to Canadian dollars, unless specified otherwise.

2

STRATEGIC RATIONALE

Accelerates path towards	 Production from Trixie complements the near and medium-term development plans for the Cariboo and
leading intermediate producer	San Antonio projects
	 New recently discovered zones of non-refractory epithermal mineralization producing 59 g/t Au head
World-Leading Grade	grade in 2021
 Ultra-high grades allow for exceptional oz per vertical meter, enabling quick build of attractive resource
	 Blend of multi-ounce and sub-ounce material could allow for >100 koz Au p.a. from just 500 tpd
	throughput
Targeted Growth Plan	 2022 resource definition drilling to drive initial NI 43-101 compliant resource estimate & mine plan
 Planned expansion of operations from 20 koz Au p.a. to 100 koz Au p.a. by Q4 2024 (with minimal capex)
	 Processing circuit optimization to improve recoveries and re-process >0.5 oz/t tailings
Cash Flowing Operations	 Meaningful acquisition, adding the cash flowing Trixie mine to ODV's portfolio
 Low capex and operating costs for robust profitability
	 Cash flowing operations minimizes external capital requirements for expansion at Trixie

3

TRANSACTION OVERVIEW

	 Closing consideration of approximately US$177 million.
		‐ Up to US$54.3 million in cash
		‐ US$123.3 million in shares at a price of CAD$4.318 (US$3.412) per share
Transaction	 US$12.5 million in deferred over five years in cash or shares
	2% NSR royalty to the Vendors with a 5-year 50% buyback right
	 Contractual right to a 10% NSR from stockpiled ore on surface
	 US$5m convertible loan cancellation
	 US$10 million contingent payment on commercial production of the Burgin Mine
Shareholder Support	 Lock-ups obtained from all Principals of IG Tintic and Chief
	Representing approximately 6.67% of Osisko Development pro forma
Approvals	 Normal course regulatory approvals, including TSX-V approval
	Chief shareholder approval required for pre-closing merger
		 Chief majority shareholder holds enough votes to approve the merger and has agreed to vote in favour
Financing
	Non-binding term sheet for US$20-$40m stream from Osisko Gold Royalties
Pro-Forma Ownership	 Osisko Gold Royalties: 59.1%
	Tintic Shareholders: 21.3%
		Float: 19.6%
Timeline
	Expected Closing Q2 2022

4

PORTFOLIO FIT

CARIBOO GOLD

PROJECT

CARIBOO (BC, CANADA)

PERMITTING

M&I 3.2 MOZ @ 4.6 G/T

INFERRED 2.7 MOZ @ 3.9 G/T

BONANZA LEDGE II (BC, CANADA) PRODUCTION

M&I 179 KOZ @ 4.7 G/T INFERRED 60 KOZ @ 3.9 G/T

SAN ANTONIO (SONORA, MEXICO)

DEVELOPMENT STAGE

Production

Permitting / Development

ADDITIONAL PREMIER MINING JURISDICTION

TRIXIE GOLD MINE

TRIXIE (UTAH, US)

PRODUCTION

2021 SALES OF 14.7 KOZ AU INITIAL MRE Q4 2022

BURGIN (UTAH, US)

BROWNFIELDS EXPLORATION (2011 PEA)

5