Osisko Secures $450M Financing for Cariboo Gold Project
Deal News | Jul 21, 2025 | Appian Capital Advisory
Appian Capital Advisory has provided a US$450 million senior secured project loan credit facility to Osisko Development for the development and construction of the Cariboo Gold Project in British Columbia, Canada. This financing, presented in two tranches, enables Osisko to advance the project towards a potential construction decision. The initial US$100 million draw will support critical project pre-construction activities, repay existing loans, and assist general working capital needs, while the remaining US$350 million depends on achieving certain project milestones. The project, projected to produce approximately 1.89 million ounces of gold over a decade, has received the necessary environmental and operational permits, aligning with Osisko's vision to advance to the construction phase. Appian’s strategic role emphasizes its commitment to expanding credit and royalty offerings in the mining sector. This partnership highlights Appian's technical expertise, while Osisko benefits from the financial flexibility to expedite its gold production ambitions.
Sectors
- Metals and Mining
- Private Equity
Geography
- Canada – The Cariboo Gold Project is located in central British Columbia, making it a significant geography concerning the mining project discussed.
- United States – Osisko Development's strategic projects, such as the Tintic Project, have locations in Utah, USA.
Industry
- Metals and Mining – The article deals with the development of the Cariboo Gold Project, which falls under metals and mining, focusing on gold production in Canada.
- Private Equity – Appian Capital Advisory provides a substantial financing facility to Osisko Development, highlighting its role as an investment advisor, which is a key aspect of private equity industry.
Financials
- US$450 million – Total amount of the credit facility provided by Appian to Osisko Development for the development of the Cariboo Gold Project.
- US$100 million – Initial draw from the credit facility enabling Osisko to begin pre-construction activities.
- US$350 million – Subsequent funds available upon achieving project milestones for final investment decision at the Cariboo Project.
- US$25 million – Existing loan from National Bank of Canada to be repaid by Osisko with the initial draw.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Appian Capital Advisory Limited | Financier | Companies | Appian is the investment advisor providing the US$450 million credit facility to Osisko Development for the Cariboo Gold Project. |
| Osisko Development Corp. | Borrower | Companies | Osisko Development is the recipient of the financing, responsible for developing the Cariboo Gold Project. |
| National Bank of Canada | Previous Lender | Companies | Osisko Development plans to repay its existing US$25 million loan with National Bank of Canada. |
| Torys LLP | Legal Advisor | Companies | Torys LLP is acting as legal counsel to Appian. |
| GenCap Mining Advisory | Project Finance Advisor | Companies | Providing project finance advisory to Osisko Development. |
| Maxit Capital LP | Strategic Advisor | Companies | Acts as a strategic advisor to Osisko Development regarding the initial draw. |
| Bennett Jones LLP | Legal Advisor | Companies | Providing legal advisory services to Osisko Development. |
| Michael W. Scherb | CEO of Appian | People | Founder and CEO of Appian, highlighting the strategic alignment of the investment initiative. |
| Sean Roosen | Chairman and CEO of Osisko Development | People | Speaks on behalf of Osisko, expressing endorsement and implications of the partnership with Appian. |