Osisko Gold (NYSE: OGG) keeps Cariboo gold-pour date but trims its tunneling target

What happened

Osisko Gold Group Inc. (NYSE: OGG) says its Cariboo Gold Project is on schedule for first gold pour in Q1 2029. Commercial production is expected in the second half of 2029.

The Oct. 27 update also lowers a near-term target. Underground development should reach about 360 metres per month by year-end 2026, down from 500. The company blames slower digging at the Valley portal. It cites hard rock, rockbreaking to limit blasting noise, and steps to cure concrete in sub-zero cold.

Costs through Sept. 30 reached C$355 million, including C$84 million from Aug. 1 to Sept. 30. That puts the project about 28% complete. The remaining cost to finish construction is C$907 million, net of costs already incurred, leases and estimated pre-production revenue.

Key numbers

Metric	Latest	Change	Source
Project completion (based on costs incurred to Sept. 30, 2026)	28%		SEC 6-K, Exhibit 99.1
Cumulative costs incurred to Sept. 30, 2026	C$355 million		SEC 6-K, Exhibit 99.1
Estimated remaining cost to complete construction	C$907 million		SEC 6-K, Exhibit 99.1
Underground development rate target by year-end 2026 (previously 500 metres per month)	360 metres per month	-28.0%	Calculated from SEC 6-K, Exhibit 99.1
Commitments project-to-date	C$360 million		SEC 6-K, Exhibit 99.1
Detailed engineering complete	42%		SEC 6-K, Exhibit 99.1

Read more: Osisko Gold Group (OGG) company research

Why it matters

The schedule held while the tunneling target fell. OptimistFi's calculation shows the new rate target is 28.0% below the earlier one. The company states the slowdown directly, and the filing lists construction delays and cost overruns among its risks.

Other work is moving. Detailed engineering is about 42% complete. More than 50% of procurement packages have been awarded, worth about C$360 million in commitments to date.

About C$43 million of underground mobile equipment is expected. It includes Caterpillar loaders and haul trucks, MacLean Engineering support vehicles and Epiroc drill rigs. First deliveries are due in late 2026, with most arriving in 2027. Contractor equipment supports development until then.

OptimistFi has argued that Osisko Gold must turn its development assets into a steady production ramp without repeated dilutive financing. The update leaves that test open. The schedule is intact, but the filing assumes continued access to capital on acceptable terms.

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What's next

The Valley access and ventilation portals are due to be finished in Q4 2026. They would open new headings that the company says should lift underground advance rates in 2027 and beyond. The Bonanza Ledge water treatment plant is also expected to be fully operating, and the Willow River bridge operational, in Q4 2026.

Faster advance from the new headings would support the schedule. Continued shortfalls against the revised target would weaken it.

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