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Osisko Gold (TSXV:OGG) announced that as of September 30, 2026, construction of its Cariboo gold project in central British Columbia is 28 percent complete, based on costs incurred.
By the end of September, the company had incurred C$355 million in project costs, while the estimated remaining cost to complete construction stood at C$907 million.
According to a Tuesday (October 27) news release, Osisko Gold remains on track for the first gold pour in the first quarter of 2029 and expects commercial production in the second half.
Detailed engineering is 42 percent complete, and more than 50 percent of procurement packages have been awarded. The company has secured most major long-lead items, representing approximately C$360 million in commitments, while work on the remaining contracts continues.
“We are pleased with the progress at the Cariboo gold project and continue to build construction momentum following our final investment decision announced in September,” said Sean Roosen, chairman and CEO of Osisko Gold.
“By making significant investments in critical path infrastructure, detailed engineering and procurement during the pre-construction phase, we've established a solid foundation for efficient execution as construction advances."
Osisko Gold has completed roughly 3.4 kilometers of underground development.
The company lowered its year-end development rate target to 360 meters per month from 500 meters, citing difficult rock conditions, noise mitigation measures and concrete curing requirements in sub-zero temperatures.
The Valley access and ventilation portals are planned to be completed in the fourth quarter of 2026. Additional development headings – which will use a roadheader – are expected to improve underground development rates in 2027 and beyond.
Infrastructure work includes earthworks at the Valley portal, which are 85 percent complete, up from 1 percent. Bonanza Ledge water pipelines are 40 percent complete, compared with 5 percent previously, while site-wide earthworks have reached 15 percent, up from 5 percent.
The Bonanza Ledge water treatment plant expansion is complete, and final commissioning is underway. At the mine site complex, excavation for the main water treatment plant is finished, while rebar placement and concrete work continue.
The project has more than 400 personnel on site and recorded a year-to-date Total Recordable Injury Frequency Rate of 1.05 across 1.02 million person-hours worked in 2026.
The news release stated that 16 drill rigs are currently active across the property, targeting infill, near-mine and regional exploration. Osisko Gold plans to complete half of its 160,000 meters of planned drilling at the Cariboo project and 50,000 meters on regional targets by year-end.
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Securities Disclosure: I, Aastha Sethi, hold no direct investment interest in any company mentioned in this article.