# EDGAR Filing Document

**Accession Number:** 0001431852
**File Stem:** 0001104659-25-089529
**Filing Date:** 2025-9
**Character Count:** 602857
**Document Hash:** 8fbc0d65f01f3ed4bdde2afffd53fb03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-089529.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001104659-25-089529

**CONFORMED SUBMISSION TYPE**: F-3

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Osisko Development Corp.
- **CENTRAL INDEX KEY:** 0001431852
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290216
- **FILM NUMBER:** 251311434

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 AVENUE DES CANADIENS-DE-MONTREAL
- **STREET 2:** SUITE 300
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3B 2S2
- **BUSINESS PHONE:** 514 940-0685

**MAIL ADDRESS:**
- **STREET 1:** 1100 AVENUE DES CANADIENS-DE-MONTREAL
- **STREET 2:** SUITE 300
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3B 2S2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ringbolt Ventures Ltd.
- **DATE OF NAME CHANGE:** 20080408

**[**TABLE OF CONTENTS**](#TOC)

As filed with the Securities and Exchange Commission on September 12, 2025

Registration No. 333-

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM F-3

REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933* 

Osisko Development Corp.

(Exact name of Registrant as specified in its charter)

Not applicable

(Translation of Registrant's name into English)

Canada Not Applicable <br> (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number (if applicable))

1100 Avenue des Canadiens-de-Montréal Suite 300 Montréal, Québec H3B 2S2 Canada (514) 940-0685

(Address and telephone number of Registrant's principal executive offices)

CT Corporation System 28 Liberty Street New York, New York 10005 (212) 894-8940

(Name, address, and telephone number of agent for service)

 *Copies of all communications, including communications sent to agent for service, should be sent to:* 

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| | | |
|:---|:---|:---|
| Sander A.J.R. Grieve, K.C. Andrew Disipio Bennett Jones LLP 3400 One First Canadian Place Toronto, Ontario M5X 1A4 Canada (416) 863-1200  | Alexander Dann Osisko Development Corp. 1100 Avenue des Canadiens-de- Montréal, Suite 300 Montréal, Québec H3B 2S2 Canada (514) 940-0685  | Thomas M. Rose Shona Smith Troutman Pepper Locke LLP 111 Huntington Avenue, 9<sup>th</sup> Floor Boston, Massachusetts 02199-7613 United States (757) 687-7715  |

---

Approximate date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this Registration Statement

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

We hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until we file a further amendment which will specifically state that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

†

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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The information in this prospectus is not complete and may be changed. Neither we nor the selling securityholders may sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### SUBJECT TO COMPLETION, DATED SEPTEMBER 12, 2025

#### PRELIMINARY PROSPECTUS
![[MISSING IMAGE: lg_osiskodevelopment-4c.jpg]](lg_osiskodevelopment-4c.jpg)

### Osisko Development Corporation

### Up to 104,751,318 Common Shares
This prospectus relates to the resale from time to time of up to 104,751,318 common shares by the selling shareholders identified in this prospectus. We are registering these common shares on behalf of the selling shareholders, to be offered and sold by them from time to time, to satisfy certain registration rights that we have granted to the selling shareholders. We are registering for resale up to: (i) 30,745,892 common shares (the "**Brokered Shares**") originally purchased by certain selling shareholders under a brokered private placement of our securities that closed on August 15, 2025 (the "**Brokered Private Placement**"); (ii) 15,372,946 common shares (the "**Brokered Warrant Shares**") that are issuable upon the exercise of common share purchase warrants ("**Brokered Warrants**") originally purchased by certain selling shareholders under the Brokered Private Placement; (iii) 39,088,320 common shares (the "**Non-Brokered Shares**," and, together with the Brokered Shares, the "**Private Placement Shares**") originally purchased by certain other selling shareholders under a non-brokered private placement of our securities that closed on August 15, 2025 (the "**Non-Brokered Private Placement**," and, together with the Brokered Private Placement, the "**Private Placement**"); and (iv) 19,544,160 common shares (the "**Non-Brokered Warrant Shares**," and, together with the Brokered Warrant Shares, the "**Private Placement Warrant Shares**") that are issuable upon the exercise of common share purchase warrants ("**Non-Brokered Warrants**," and, together with the Brokered Warrants, the "**Private Placement Warrants**") originally purchased by certain selling shareholders under the Non-Brokered Private Placement; in each case pursuant to subscription agreements entered into between us and each selling shareholder that invested under the Private Placement. Under the terms of the subscription agreements, we agreed to register the resale of these Private Placement Shares and Private Placement Warrant Shares (collectively, the "**Shares**") issued or issuable to purchasers in the United States in connection with the Private Placement under the United States Securities Act of 1933, as amended (the "**Securities Act**"). This prospectus is being filed in order to enable us to satisfy our obligations to the selling shareholders as purchasers in the United States under the subscription agreements.

The selling shareholders may offer all or part of the Shares for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. These Shares are being registered to permit the selling shareholders to sell securities from time to time, in amounts, at prices and on terms determined at the time of offering. The selling shareholders may sell these Shares through ordinary brokerage transactions, directly to market makers of our common shares or through any other means described in the section titled "*Plan of Distribution*". In connection with any sales of the Shares offered hereunder, the selling shareholders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be "underwriters" within the meaning of the Securities Act.

All of the Shares offered by the selling shareholders pursuant to this prospectus will be sold by the selling shareholders for their respective accounts. We will not receive any of the proceeds from the sale of Shares by the selling shareholders. We may receive proceeds from exercises of Private Placement Warrants, if any.

We have paid and will pay certain expenses associated with the registration of the Shares covered by this prospectus, as described in the section titled "*Plan of Distribution*".

The issued and outstanding common shares of the Company are listed and posted for trading on the TSX Venture Exchange (the "**TSXV**") and the New York Stock Exchange ("**NYSE**") under the trading symbol "ODV". On September 11, 2025, the last trading day prior to the date of this prospectus, the closing price per common share on the TSXV was C$4.32 and on NYSE was US$3.18.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

We are an "emerging growth company" and a "foreign private issuer" as defined under applicable U.S. federal securities law and are, therefore, subject to reduced public company reporting requirements for this prospectus and future filings. See, "*Prospectus Summary — Implications of Being an "Emerging Growth Company" and a Foreign Private Issuer*."

Our corporate head office is located at 1100 Avenue des Canadiens-de- Montréal, Suite 300, Montréal, Québec H3B 2S2 Canada and our telephone number is (514) 940-0685.

 **Investing in the Shares involves a high degree of risk. Before buying any Shares, you should carefully read the discussion of material risks of investing in our securities in "*Risk Factors*" beginning on page [10](#tRIFA) of this prospectus and the other information included in or incorporated by reference in the prospectus and any applicable prospectus supplements.** 

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed on the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**TABLE OF CONTENTS**](#tTOC)  | [i](#tTOC) |
| [ABOUT THIS PROSPECTUS](#tATP)  | [1](#tATP) |
| [MARKET AND INDUSTRY DATA](#tMAID)  | [2](#tMAID) |
| [FINANCIAL INFORMATION AND CURRENCY](#tFIAC)  | [2](#tFIAC) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tCNRF)  | [2](#tCNRF) |
| [THE COMPANY](#tTHCO)  | [5](#tTHCO) |
| [ABOUT THIS OFFERING](#tATO)  | [9](#tATO) |
| [RISK FACTORS](#tRIFA)  | [10](#tRIFA) |
| [USE OF PROCEEDS](#tUOP)  | [12](#tUOP) |
| [CAPITALIZATION AND INDEBTEDNESS](#tCAIF)  | [13](#tCAIF) |
| [DESCRIPTION OF SHARE CAPITAL](#tDOSC)  | [15](#tDOSC) |
| [DILUTION](#tDIL)  | [16](#tDIL) |
| [PLAN OF DISTRIBUTION](#tPOD)  | [16](#tPOD) |
| [SELLING SHAREHOLDERS](#tSESH)  | [18](#tSESH) |
| [LEGAL MATTERS](#tLEMA)  | [22](#tLEMA) |
| [EXPERTS](#tEXP)  | [22](#tEXP) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [22](#tWYCF) |
| [EXPENSES](#tEXP1)  | [23](#tEXP1) |
| [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#tIOCD)  | [23](#tIOCD) |
| [INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#tIFSA)  | [24](#tIFSA) |
| [EXCHANGE CONTROLS](#tEXCO)  | [24](#tEXCO) |
| [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#tCCFI)  | [25](#tCCFI) |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS](#tCUFI)  | [28](#tCUFI) |
| [ENFORCEMENT OF CIVIL LIABILITIES](#tEOCL)  | [35](#tEOCL) |
| [PART II INFORMATION NOT REQUIRED IN THE PROSPECTUS](#tPINR)  | [II-1](#tPINR) |
| [EXHIBITS](#tEXH)  | [II-2](#tEXH) |
| [UNDERTAKINGS](#tUND)  | [II-3](#tUND) |
| [SIGNATURES](#tSIG)  | [II-6](#tSIG) |

---

i

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#### ABOUT THIS PROSPECTUS
In this prospectus, unless otherwise specified, the terms "**we**", "**our**", "**us**", the "**Company**" and "**Osisko**" refer to Osisko Development Corp. and, where applicable, its consolidated subsidiaries.

This prospectus is part of a registration statement on Form F-3 that we filed with the Securities and Exchange Commission (the "**SEC**") using a "shelf" registration process. Under this shelf registration process, the selling shareholders may, at any time and from time to time, offer and sell the Shares described in this prospectus in one or more offerings. This prospectus does not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. Accordingly, you should refer to the registration statement and its exhibits for further information about us and our securities. Copies of the registration statement and its exhibits are on file with the SEC. Statements contained in this prospectus concerning the documents we have filed with the SEC are not intended to be comprehensive, and in each instance, we refer you to a copy of the actual document filed as an exhibit to the registration statement or otherwise filed with the SEC.

When the selling shareholders sell any Shares using this prospectus, we will provide, to the extent necessary, a prospectus supplement that will contain specific information about the terms of that offering, including the number of Shares being offered, the manner of distribution, the identity of any underwriters or other counterparties and other specific terms related to the offering described in the prospectus supplement. The prospectus supplement may also add, update or change information contained in this prospectus. To the extent that any statement made in an accompanying prospectus supplement is inconsistent with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in the accompanying prospectus supplement. You should read both this prospectus and any prospectus supplement, together with any additional information described under the headings "*Where You Can Find More Information*" and "*Incorporation of Certain Documents by Reference*" before deciding to invest in any of the Shares being offered. The information contained in this prospectus and any supplement to this prospectus, or incorporated by reference herein, is accurate only as of the respective dates thereof, regardless of the time of delivery of this prospectus or of any sale of our Shares. Our business, financial condition, results of operations and prospects may have changed since those dates.

You should rely solely on the information contained in this prospectus, including information incorporated by reference herein, and any applicable prospectus supplement. Neither we nor the selling shareholders have authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it in any respect. This prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, the Shares offered by this prospectus in any jurisdiction to or from any person to whom or from whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our securities.

We are a company existing under the federal laws of Canada and are governed by the *Canada Business Corporations Act*. Under the rules of the SEC, we are currently eligible for treatment as a "foreign private issuer." As a foreign private issuer, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

Except as otherwise set forth in this prospectus, neither we nor the selling shareholders have taken any action to permit a public offering of these securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States. No offer of these securities will be made in any jurisdiction where the offer is not permitted.

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#### MARKET AND INDUSTRY DATA
Unless otherwise indicated, the market and industry data contained or incorporated by reference in this prospectus is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although we believe these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any survey. We have not independently verified any of the data from third party sources referred to or incorporated by reference herein and accordingly, the accuracy and completeness of such data is not guaranteed.

#### FINANCIAL INFORMATION AND CURRENCY
Financial statements included or incorporated by reference herein have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and are audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), however, are also subject to Canadian auditing and auditor independence standards and thus may not be comparable to financial statements of United States companies.

All currency amounts in this prospectus are expressed in Canadian dollars, unless otherwise indicated. References to "$" or "C$" are to Canadian dollars. References to "US$" are to United States dollars. On September 11, 2025, the daily exchange rate for the United States dollar, expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3844.

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus, and the documents incorporated by reference herein, contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation (collectively referred to herein as "**forward-looking information**"). Forward-looking information is included to provide information about management's current expectations and plans that allows investors and others to get a better understanding of the Company's operating environment, the business operations and financial performance and condition. Often, but not always, forward-looking information can be identified by words such as "plans", "expects", "may", "should", "could", "will", "budget", "objective", "strategy", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof, of such words and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual plans, results, performance or achievements of the Company to differ materially from any future plans, results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks relating to capital markets and the availability of future financing, including project financing, on the term acceptable to the Company (or at all);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of the Company to meet its financial obligations as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual operating cash flows, operating costs, free cash flows, mineral resources and reserves and other costs differing materially from those anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in project parameters and assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • project infrastructure requirements and anticipated processing methods, whether or not the capital and operating costs outlined in the technical report for the Cariboo Gold Project (as defined below) can be achieved, exploration expenditures differing materially from those anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual results of current exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • variations in mineral resources, mineral reserves, mineral production, grades or recovery rates or optimization efforts and sales;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to obtain, or delays in obtaining, governmental approvals or financing or in the completion of development or construction activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • uninsured risks, including, but not limited to, pollution, cave-ins or hazards for which insurance cannot be obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory changes, defects in title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • availability or integration of personnel, materials and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks relating to foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability to recruit or retain management and key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • performance of facilities, equipment and processes relative to specifications and expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unanticipated environmental impacts on operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • community, non-governmental and governmental actions and the impact of stakeholder actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • production, construction and technological risks or capital requirements and operating risks associated with the operations or an expansion of the operations, dilution due to future equity financings, fluctuations in gold, silver and other metal prices and currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential impact of tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • uncertainty relating to future production and cash resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability to successfully complete new development projects, planned expansions or other projects within the timelines anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability to achieve the business, objectives and project milestones as anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • results of additional work, program and exploration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse changes to market, political and general economic conditions or laws, rules and regulations applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • outbreak of diseases and public health crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the possibility of project cost overruns or unanticipated costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accidents, labor disputes, community and stakeholder protests and other risks of the mining industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure of plant, equipment or processes to operate as anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risk of an undiscovered defect in title or other adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • factors discussed under the heading *"Risk Factors"* in the Company's Annual Information Form for the year ended December 31, 2024 filed as Exhibit 99.1 to our Annual Report on Form 40-F for the year ended December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other risks, including those risks set out in the public filings of the Company, which are available on EDGAR (www.sec.gov) under the issuer profile of the Company.

In addition, forward-looking information herein is based on certain assumptions and involves risks related to the business of the Company. Forward-looking information contained herein is based on certain assumptions, including, but are not limited to, interest and exchange rates; the price of gold, silver and other metals; competitive conditions in the mining industry; title to mineral properties; financing and funding requirements; general economic, political and market conditions; and changes in laws, rules and regulations applicable to the Company.

Although the Company has attempted to identify important factors that could cause plans, actions, events or results to differ materially from those described in forward-looking information in this prospectus and the documents incorporated by reference, there may be other factors that cause plans, actions, events or results not to be as anticipated, estimated or intended. There is no assurance that such forward-looking

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information will prove to be accurate as actual plans, results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information in this prospectus and the documents incorporated by reference. All of the forward-looking information in this prospectus and the documents incorporated by reference is qualified by these cautionary statements.

Certain forward-looking information and other information contained herein concerning the mining industry and the expectations of the Company concerning the mining industry and the Company are based on estimates prepared by the Company using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry data presented herein, the mining industry involves risks and uncertainties that are subject to change based on various factors.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake any obligation to update any of the forward-looking information in this prospectus or the documents incorporated by reference, except as required by law.

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#### THE COMPANY

#### The Business of the Company
Osisko is a North American gold development company focused on high-quality past-producing properties located in mining friendly jurisdictions with district scale potential. The Company's objective is to become a North American intermediate producer of precious metals, through curating and advancing a portfolio of development projects and investments with potential for value creation. Its flagship mining asset is the Cariboo gold project, located in the District of Wells, British Columbia, Canada (the "**Cariboo Gold Project**"). The Company's project pipeline is complemented by the Tintic Project, located in Utah, U.S.A. As of the date of this prospectus, the Company considers the Cariboo Gold Project to be its only material property.

For additional information regarding the Company and its business, please consult the Annual Information Form for the year ended December 31, 2024, dated March 28, 2025, filed as [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1431852/000155837025004047/odv-20241231xex99d1.htm) to our Annual Report on Form 40-F for the year ended December 31, 2024, incorporated by reference herein, which can be reviewed at www.sec.gov under the Company's profile.

As an exploration and development stage company, the Company does not generate sufficient cash flows to advance the evaluation and development of its various projects and properties and has historically relied on equity and debt financing to fund its operations. Additional financing, whether through the issue of additional equity and/or debt securities and/or project level debt, will be required to continue the development of the Company's projects and there is no assurance that additional capital or other types of financing will be available or that these financings will be on terms that are favorable to the Company.

#### Recent Developments
The following is a summary of the significant developments of the Company which have occurred since March 28, 2025, being the date of the Annual Information Form for the year ended December 31, 2024, filed as [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1431852/000155837025004047/odv-20241231xex99d1.htm) to our Annual Report on Form 40-F for the year ended December 31, 2024, incorporated by reference herein.

<u>Annual Grant of Incentive Awards</u> 

On May 13, 2025, the Company granted an aggregate of (i) 1,273,900 stock options of the Company to certain senior officers and non-executive employees of the Company, (ii) 1,177,200 restricted share units of the Company to certain senior officers and non-executive employees of the Company, and (iii) 229,573 deferred share units of the Company to its independent directors, in accordance with the terms of the Company's omnibus equity incentive plan (the "**Omnibus Plan**"). The Omnibus Plan was adopted by the Board of Directors on March 26, 2025, and approved by the shareholders of the Company at the annual and special meeting of shareholders that was held on May 7, 2025.

<u>Tintic Deferred Payment Installment; Resource Stock Digest Engagement</u> 

On May 29, 2025, the Company satisfied the third of five deferred payments owing to the sellers in connection with its previously completed acquisition of a 100% ownership interest in the Tintic Project in May 2022. The deferred consideration of US$2,500,000 was settled by the issuance of 1,368,610 common shares of the Company.

The Company entered into a marketing services agreement with Resource Stock Digest ("**RSD**") effective June 1, 2025, pursuant to which, among other things, RSD has agreed to provide certain promotional services to the Company in accordance with Policy 3.4 — Investor Relations, Promotional and Market-Making Activities of the TSXV. RSD has been engaged for a 6-month advertising and marketing program and will receive an aggregate of US$250,000 in cash consideration.

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<u>Cariboo Technical Report</u> 

On June 11, 2025, the Company filed an updated technical report entitled *"NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada"* dated June 11, 2025, with an effective date of April 25, 2025 (the "**Cariboo Technical Report**"), which was furnished to the SEC in a Report on [Form 6-K on June 12, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000110465925058745/tm2517549d1_6k.htm) and is incorporated herein by reference.

<u>Independent Director Appointment</u> 

On June 16, 2025, the Company announced the appointment of Susan Craig to the board of directors as an independent director. On August 20, 2025, the Company granted 58,824 deferred share units to Ms. Craig, pursuant to the Omnibus Plan.

<u>Credit Agreement</u> 

On July 21, 2025, the Company entered into a credit agreement (the "**Credit Agreement**") with funds advised by Appian Capital Advisory Limited ("**Appian**") with respect to a senior secured project loan credit facility (the "**Credit Facility**") totaling US$450 million for the development and construction of its Cariboo Gold Project. The Credit Facility is structured in two tranches aligned with the Cariboo Gold Project's planned development timeline. An initial draw of US$100 million (the "**Initial Draw**") was completed and will be used to: (i) undertake a 13,000-meter infill drill campaign to further de-risk the Cariboo Gold Project's mine planning assumptions; (ii) fund pre-construction and construction activities for the development of the Cariboo Gold Project; (iii) repay the Company's existing outstanding US$25 million term loan with National Bank of Canada, maturing in October 2025; and (iv) support the Cariboo Gold Project's general working capital requirements.

The key terms of the Credit Facility are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Credit Limit**: US$450 million senior secured credit facility, through the Company's wholly-owned subsidiary, Barkerville Gold Mines Ltd. ("**Barkerville**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Initial Draw</u>: US$100 million drawn at closing (July 21, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Subsequent Draws</u>: US$350 million to be drawn in up to four subsequent tranches, will be available for a period of up to 36 months after the close of the Initial Draw subject to the satisfaction of certain project milestones and customary conditions (the "**Subsequent Draws**"), with each advance in the minimum amount of at least US$50 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Term and Maturity**: The Credit Facility matures on July 21, 2033 or 8.0 years from closing. If the Company does not elect to make any Subsequent Draws, the Credit Facility will mature on July 21, 2028 or 3.0 years from closing in respect of the Initial Draw.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Interest Rate**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Interest accrued on the Initial Draw will be payable quarterly in arrears equal to the 3-month Secured Overnight Financing Rate ("**SOFR**"), plus adjustment of 0.10% per annum, and plus a margin of 9.50% per annum (subject to a 2.00% SOFR floor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For the first 12 months following closing, the Company has the option to pay up to 100% of the accrued interest in cash or in kind ("**PIK**"). Any PIK amount will be added to the principal balance. Thereafter, and prior to any Subsequent Draws, up to 50% of the interest may be payable in kind at the Company's election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any funds drawn in excess of the Initial Draw will cause the Credit Facility to step down to a 3-month SOFR, plus a margin of 0.10% per annum, and 7.50% per annum (subject to 2.00% SOFR floor). At such time and henceforth, all interest will be payable quarterly in arrears in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Use of Proceeds**: The Credit Facility will be used to (i) repay outstanding debt under the existing National Bank of Canada credit facility, and (ii) fund pre-construction activities, development, construction, operation and working capital requirements of the Cariboo Gold Project and Barkerville.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Prepayments**: The Credit Agreement contains terms and conditions with respect to the Credit Facility customary for a transaction of this nature.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Security**: The obligations under the Credit Facility are guaranteed by the Company pursuant to a limited recourse guarantee and secured by a first-ranking security interest against all of the shares of Barkerville held by the Company. Additionally, the obligations are secured by a first-ranking security interest over all present and future assets and property of Barkerville.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Fees**: The Credit Facility bears customary upfront and standby fees for a facility of this nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Warrants**: In connection with the Credit Facility, the Company granted Appian 5,625,031 non-transferrable common share purchase warrants. Each warrant entitles Appian to purchase one common share of the Company at an exercise price of $4.43 per common share on or prior to July 21, 2028 (3.0 years from closing). The Company may, at its option, repurchase the warrants from time to time at a price equal to their Black-Scholes valuation. The warrants are subject to an applicable statutory hold period under Canadian securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Representations, Warranties and Covenants**: The Credit Agreement contains terms and conditions with respect to the Credit Facility customary for a transaction of this nature.

For additional details regarding the Credit Facility, see the Company's [Form 6-K furnished to the SEC on August 15, 2025](http://www.sec.gov/Archives/edgar/data/1431852/000110465925078848/tm2523476d2_6k.htm), incorporated herein by reference. The summary of the key terms of the Credit Facility above is qualified in its entirety by the full text of the Credit Agreement dated July 21, 2025 among Barkerville, Appian, TSX Trust Corporation as collateral agent, and Appian ODV (Jersey) Ltd, as administrative agent, a copy of which is available in the [Form 6-K furnished to the SEC on August 15, 2025](http://www.sec.gov/Archives/edgar/data/1431852/000110465925078850/tm2523476d1_6k.htm) available on EDGAR at www.sec.gov under the Company's issuer profile.

<u>Private Placement</u> 

On August 15, 2025, the Company closed the Private Placement pursuant to which it issued an aggregate 99,065,330 units of the Company (each, a "**Unit**") at a price of US$2.05 per Unit (the "**Issue Price**") for aggregate gross proceeds of approximately US$203 million. The Private Placement was comprised of (i) the issuance of 58,560,000 Units at the Issue Price under the Brokered Private Placement for aggregate gross proceeds of approximately US$120 million, and (ii) the issuance of 40,505,330 Units at the Issue Price under the Non-Brokered Private Placement for aggregate gross proceeds of approximately US$83 million. The Non-Brokered Private Placement included an approximate US$75 million subscription by Double Zero Capital LP ("**Double Zero**"), a Delaware investment firm, representing approximately 15.4% of the issued and outstanding common shares of the Company immediately following the closing of the Private Placement, on a non-diluted basis.

Each Unit was comprised of one Private Placement Share and one-half of one Private Placement Warrant. Each whole Private Placement Warrant entitles the holder thereof to purchase one Private Placement Warrant Share at a price of US$2.56 per Private Placement Warrant Share on or prior to August 15, 2027 (being, 24 months from the date of issuance), subject to acceleration. At any time following the 15-month anniversary of the closing date of the Private Placement, if the closing price of the common shares on either the TSXV or the NYSE exceeds the exercise price for 20 or more consecutive trading days, the Company may, within 10 days following such occurrence, deliver a notice to the holders thereof accelerating the expiry date of the Private Placement Warrants to a date that is 30 days after the date of such notice.

The Company intends to use the net proceeds of the Private Placement to fund the broadly distributed equity portion of the capital required to construct the Cariboo Gold Project and for general corporate purposes. The Company believes that the net proceeds of the Private Placement, together with the net proceeds of the US$450 million Credit Facility with Appian, plus indications of interest from commodity traders seeking high-quality concentrate off-take, and other potential financing arrangements, will provide sufficient funding to construct the Cariboo Gold Project.

For additional details regarding the Private Placement, see the material change report filed as [Exhibit 99.4](https://www.sec.gov/Archives/edgar/data/1431852/000110465925085647/tm2524668d1_ex99-4.htm) to the Company's Report on Form 6-K furnished to the SEC on August 29, 2025, incorporated herein by reference.

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#### Implications of Being an "Emerging Growth Company" and a "Foreign Private Issuer"
<u>Emerging Growth Company</u> 

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an "emerging growth company" until the earliest to occur of: (i) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more; (ii) the last day of the fiscal year ending after the fifth anniversary of the effective date of our first registration statement filed with the SEC; (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; or (iv) the date we qualify as a "large accelerated filer" under the rules of the SEC, which means the market value of our common shares held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter after we have been a reporting company in the United States for at least 12 months. For so long as we remain an "emerging growth company," we are permitted to and intend to rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended. We may take advantage of some, but not all, of the available exemptions available to "emerging growth companies."

<u>Foreign Private Issuer</u> 

We report under the Exchange Act as a foreign private issuer, and as long as we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including: (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and (ii) the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time.

#### Corporate Information
The Company was incorporated on June 13, 2006, under the *Business Corporations Act* (British Columbia). It subsequently changed its name from "Ringbolt Ventures Ltd." to "North American Potash Developments Inc." on November 3, 2011, and further changed its name from "North American Potash Developments Inc." to "Barolo Ventures Corp." on September 20, 2018.

On November 23, 2020, in connection with the spinout transaction by OR Royalties Inc. (formerly, Osisko Gold Royalties Ltd) ("**OR**") and the transfer of certain mining properties and marketable securities by OR, which resulted in a reverse takeover of the Company (formerly Barolo Ventures Corp.) by OR, the Company filed articles of amendment to consolidate the common shares on the basis of one post-consolidation common share for each 60 pre-consolidated common shares and changed its name from "Barolo Ventures Corp." to "Osisko Development Corp." On November 25, 2020, the Company announced the completion of the reverse takeover.

Subsequent to the reverse takeover, the Company continued from under the laws of Province of British Columbia under the *Business Corporations Act* (British Columbia) to the federal laws of Canada under the *Canada Business Corporations Act*. On December 2, 2020, the common shares resumed trading on the TSXV in connection with the completion of the reverse takeover under the symbol "ODV". Osisko is a reporting issuer in each of the provinces of Canada. On May 27, 2022, the Company's common shares commenced trading on the NYSE.

The Company's registered and head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Our Annual Information Form for the year ended December 31, 2024, dated March 28, 2025, filed as [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1431852/000155837025004047/odv-20241231xex99d1.htm) to our Annual Report on Form 40-F for the year ended December 31, 2024, and other filings incorporated by reference herein, can be reviewed on EDGAR at www.sec.gov under the Company's issuer profile.

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#### ABOUT THIS OFFERING
Common shares currently issued and outstanding (as of September 11, 2025):

238,586,763 common shares.

Common shares offered by the selling shareholders:

Up to 104,751,318 Shares, issued and issuable to, and held from time to time by, the selling shareholders pursuant to the terms of the Private Placement.

Terms of the offering:

The selling shareholders may sell, transfer or otherwise dispose of any or all of the Shares offered by this prospectus from time to time on NYSE or any other stock exchange, market or trading facility on which the Shares are traded or in private transactions. The Shares may be sold at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market price or at negotiated prices. See "*Plan of Distribution*" beginning on page [16](#tPOD) of this prospectus for additional information on the methods of sale that may be used by the selling shareholders.

Use of Proceeds:

We will not receive any proceeds from the sale of the Shares by the selling shareholders. All net proceeds from the sale of the Shares covered by this prospectus will go to the selling shareholders. We may receive proceeds from exercises of Private Placement Warrants, if any. See "*Use of Proceeds*."

Risk Factors:

You should read the "*Risk Factors*" section starting on page [10](#tRIFA) of this prospectus, and "*Risk Factors*" beginning on page 15 of our annual information form for the year ended December 31, 2024, dated March 28, 2025, filed as [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1431852/000155837025004047/odv-20241231xex99d1.htm) to our Annual Report on Form 40-F for the year ended December 31, 2024, incorporated by reference herein, and other information included or incorporated by reference in this prospectus, for a discussion of factors to consider carefully before deciding to invest in our securities.

TSXV and NYSE symbols:

Our common shares are currently traded on NYSE and the TSXV under the trading symbol "ODV".

Unless otherwise indicated, the number of common shares outstanding prior to this offering is based on 238,586,763 common shares outstanding as of September 11, 2025, and does not reflect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

5,750,725 common shares issuable upon the exercise of stock options outstanding with a weighted average exercise price per common share of C$4.92 expiring between December 22, 2025 and May 13, 2030 under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

2,214,485 common shares issuable upon vesting of restricted share units outstanding under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

865,477 common shares issuable upon vesting of deferred share units outstanding under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

7,752,916 common shares issuable upon the exercise of warrants at an exercise price of C$14.75 per common share expiring March 2, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

11,363,933 common shares issuable upon the exercise of warrants at an exercise price of US$10.70 per common share expiring May 27, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

7,841,850 common shares issuable upon the exercise of warrants at an exercise price of C$8.55 per common share expiring March 2, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

51,109,776 common shares issuable upon the exercise of warrants at an exercise price of US$3.00 per common share expiring October 1, 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

5,625,031 common shares issuable upon the exercise of warrants at an exercise price of C$4.43 per common share expiring July 21, 2028.

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#### RISK FACTORS
An investment in the Shares offered hereunder is speculative and involves a high degree of risk. Before deciding whether to purchase our Shares, you should carefully consider the risk factors under the heading "*Risk Factors*" in our latest Annual Information Form filed as [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1431852/000155837025004047/odv-20241231xex99d1.htm) to our Annual Report on Form 40-F for the year ended December 31, 2024, filed with the SEC on March 31, 2025, in our Management's Discussion and Analysis filed as [Exhibit 99.2](https://www.sec.gov/Archives/edgar/data/1431852/000155837025011274/odv-20250630xex99d2.htm) to our Report on Form 6-K, furnished to the SEC on August 13, 2025, and any updates to those risk factors contained in our subsequent Reports on Form 6-K furnished to the SEC under the Exchange Act, and that are incorporated herein by reference. For more information, see "*Where You Can Find More Information*" and "*Incorporation of Certain Documents by Reference*."

The risks and uncertainties described or incorporated by reference herein are not the only ones we may face. Additional risks and uncertainties, including those that we are unaware of or that are currently deemed immaterial, may also become important factors that affect us and our business. If any such risks actually occur, our business, financial condition and results of operations could be materially adversely affected.

In addition to the risks set out in the latest Annual Information Form in our Annual Report on Form 40-F, our Management's Discussion and Analysis in our Report on Form 6-K referenced above, and the other risk factors presented in other reports that may, from time to time, be incorporated by reference into this prospectus, prospective investors should also carefully consider the risks set out below.

#### Risks Relating to This Offering
 ***The sale of a substantial number of our Shares held by the selling shareholders in the public market could adversely affect the prevailing market price of our common shares.***

We are registering for resale 104,751,318 Shares consisting of: (a) 69,834,212 Private Placement Shares, and (b) 34,917,106 Private Placement Warrant Shares that are issued or issuable pursuant to investors in the Private Placement that are in the United States. Furthermore, an additional 29,231,118 Private Placement Shares that were issued to investors in the Private Placement outside the United States and an additional 14,615,559 Private Placement Warrant Shares issuable upon the exercise of Private Placement Warrants to investors in the Private Placement outside the United States will become freely transferable on December 16, 2025, when the Canadian hold period expires. Sales of a substantial number of our common shares in the public market (including Private Placement Shares and Private Placement Warrant Shares issued inside and outside the United States), or the perception that such sales might occur, could adversely affect the market price of our common shares. We cannot predict if and when the selling shareholders may sell such Shares in the public markets. Furthermore, in the future, we may issue additional common shares or other equity or debt securities convertible into common shares. Any such issuances could result in substantial dilution to our existing shareholders and could cause our share price to decline.

#### We may not receive any additional funds upon the exercise of the Private Placement Warrants.
There can be no assurance that the holders of the Private Placement Warrants will elect to exercise their warrants prior to their expiry. The decision whether to exercise the Private Placement Warrants depends on a variety of factors outside of our control, including the trading price of our common shares at the time of exercise and the liquidity of the market for our common shares. If the trading price of our common shares does not exceed the applicable exercise price of the Private Placement Warrants during the period when such warrants are exercisable, it is unlikely that holders will exercise their warrants. Even if the market price of our common share is above the exercise price, holders may choose not to exercise their Private Placement Warrants for other reasons, including the availability of more attractive risk-adjusted returns elsewhere or their own liquidity needs. As a result, the Private Placement Warrants may expire worthless without the Company receiving any proceeds from their exercise. The failure to realize proceeds from the exercise of the Private Placement Warrants could reduce our potential sources of liquidity.

 ***Management will have broad discretion as to the use of the proceeds from the exercise of the Private Placement Warrants, if any, and may not use the proceeds effectively.***

We may receive proceeds from the exercise of the Private Placement Warrants issued inside and outside the United States. If all of the Private Placement Warrants were exercised in full, the proceeds would be

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approximately US$126.8 million. Our management will have broad discretion as to the use of such proceeds. Accordingly, you will be relying on the judgment of our management with regard to the use of these proceeds, if any, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our Company.

#### The Company is now subject to secured debt obligations and restrictive covenants under the Credit Facility
The Credit Facility includes customary covenants to keep the facility and the Company's obligations thereunder in good standing, including, but not limited to, repayment of the principal advanced thereunder and accrued interest, maintenance and provision of regular and up-to-date financial reports, compliance with all applicable laws and applicable securities legislation, obligation to provide notice of material events, and obligation to maintain secured assets and insurance thereon. Certain restrictive covenants included thereunder may limit the Company's ability to engage in activities that may be in the Company's long-term best interest or restrict the Company's ability to secure additional debt financing. If the Company defaults in respect of its obligations under the Credit Facility, the lenders thereunder may enforce their security under the Credit Facility, which would have a material adverse effect on the Company's business and operations. The Company's ability to make payments of principal and interest on its indebtedness depends upon the Company's financial condition, operating performance and expected future revenues, will be subject to prevailing economic conditions, competitive conditions, changes in the applicable interest rate, industry cycles and financial, business, legislative, regulatory and other factors affecting its operations, many of which are beyond the Company's control. If the Company's revenues are insufficient to, or the Company cannot raise sufficient funds to, meet its debt service and other obligations in the future, the Company could face substantial liquidity problems and may be required, among other things, to reduce or delay investments and other capital expenditures, obtain additional financing in the debt or equity markets, refinance or restructure all or a portion of its indebtedness; and/or sell selected assets. The Company cannot provide assurance that such measures will be sufficient to enable the Company to service its debt. In addition, any such financing, refinancing or sale of assets might not be available on economically favorable terms or at all. Any of the foregoing may have a material and adverse effect on the Company's financial condition and results of operations.

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#### USE OF PROCEEDS
We have agreed to register the Private Placement Shares and Private Placement Warrant Shares (collectively, the "**Shares**") covered by this prospectus on behalf of the selling shareholders named below under "*Selling Shareholders*" pursuant to our contractual obligations under the subscription agreements entered into between the Company and each of the selling shareholders in the United States in connection with the Private Placement. The proceeds from the sale or other disposition of the Shares covered by this prospectus are solely for the account of the selling shareholders. Accordingly, we will not receive and proceeds from the sale or other disposition of the Shares by the selling shareholders. We will pay certain expenses associated with the registration of the Shares covered by this prospectus, as described in the section titled "*Plan of Distribution*."

We could receive up to an aggregate of approximately US$126.8 million from the exercise of the Private Placement Warrants, assuming the exercise in full of all such Private Placement Warrants issued inside and outside the United States. We expect to use the net proceeds from the exercise of Private Placement Warrants, if any, for the construction and development of the Cariboo Gold Project. Our management will have broad discretion over the use of any proceeds received from the exercise of the Private Placement Warrants.

There is no assurance that the holders of Private Placement Warrants will elect to exercise any or all of the Private Placement Warrants. Whether holders of selling shareholders will exercise their Private Placement Warrants, and the amount of proceeds we receive upon the exercise of any Private Placement Warrants (if any), is dependent upon the trading price of our common shares. Although we could receive up to an aggregate of approximately US$126.8 million if all of the Private Placement Warrants issued inside and outside the United States are exercised, we would only receive any proceeds if and when the holders exercise those Private Placement Warrants. The Private Placement Warrants may not be in the money during the period they are exercisable and prior to their expiration, and the Private Placement Warrants may not be exercised prior to their expiration on August 15, 2027, even if they are in the money, and as such, the Private Placement Warrants may expire worthless and we may receive minimal proceeds, if any, from the exercise of the Private Placement Warrants.

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#### CAPITALIZATION AND INDEBTEDNESS
The following table sets forth our capitalization and indebtedness as of June 30, 2025 (in thousands of Canadian dollars):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on a pro forma basis, to give effect to: (i) the issuance of 99,065,330 Private Placement Shares at the closing of the Private Placement on August 15, 2025 to investors inside and outside the United States; and (ii) the Initial Draw of US$100 million pursuant to the Credit Facility on July 21, 2025.

The table assumes no exercise of the 49,532,661 Private Placement Warrants issued in the Private Placement to investors inside and outside the United States at an exercise price of US$2.56 expiring August 15, 2027 and no exercise of the 5,625,031 warrants issued in connection with the Credit Facility at an exercise price of C$4.43 expiring July 21, 2028. This table should be read in conjunction with our unaudited interim condensed consolidated financial statements as at and for the six months ended June 30, 2025, which are incorporated by reference into this prospectus.

---

| | | |
|:---|:---|:---|
| | **As at <br> June 30, 2025**  | **As at <br> June 30, 2025**  |
| **(Tabular amounts expressed in thousands of Canadian dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Actual**  | &nbsp;&nbsp; **Pro Forma**  |
| *Indebtedness* |  |  |
| Warrant liability<sup>(8)</sup>  | 88578 | 155626 |
| Long-term debt<sup>(9)</sup>  | 43192 | 129441 |
| Deferred consideration and contingent payments  | 8502 | 8502 |
| Contract liability  | 44512 | 44512 |
| *Equity* |  |  |
| Share capital<sup>(8)</sup>  | 1141096 | 1345944 |
| Warrants<sup>(9)</sup> | 11859 | 20884 |
| Contributed surplus  | 21726 | 21726 |
| Accumulated other comprehensive loss  | (6797) | (6797) |
| Deficit<sup>(8)</sup> | (683051) | (685717) |
| **Total Capitalization and Indebtedness**  | **669617** | **1034121** |

---

The foregoing table and calculations are based on 138,022,303 common shares outstanding as of June 30, 2025, and excludes the following as at June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

5,823,391 common shares issuable upon the exercise of stock options outstanding with a weighted average exercise price per common share of C$4.92 expiring between December 22, 2020 and May 13, 2025 under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

2,268,625 common shares issuable upon vesting of restricted share units outstanding under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

806,653 common shares issuable upon vesting of deferred share units outstanding under our Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

7,752,916 common shares issuable upon the exercise of warrants at an exercise price of C$14.75 per common share expiring March 2, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

11,363,933 common shares issuable upon the exercise of warrants at an exercise price of US$10.70 per common share expiring May 27, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

7,841,850 common shares issuable upon the exercise of warrants at an exercise price of C$8.55 per common share expiring March 2, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

51,109,776 common shares issuable upon the exercise of warrants at an exercise price of US$3.00 per common share expiring October 1, 2029.

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The pro forma adjustments are related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

Pro forma amounts reflect the impact of the gross proceeds of US$203.1 million (C$280.4 million) from the Private Placement, allocated as follows: US$48.6 million (C$67.0 million) to the warrant liability, representing the fair value of the Private Placement Warrants, and US$154.5 million (C$213.4 million) to the Private Placement Shares. Estimated issuance costs total C$11.1 million, of which C$2.7 million relates to the issuance of the Private Placement Warrants and has been recorded as an adjustment to the deficit, while C$8.4 million relates to the issuance of the Private Placement Shares and has been recorded in share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

Pro forma amounts reflect the Initial Draw of US$100.0 million (C$137.2 million), the repayment of US$25.0 million (C$34.2 million) under the credit facility agreement with National Bank of Canada, and estimated financing costs of C$16.8 million, of which C$9.0 million relates to the warrants issued in connection with the Credit Facility.

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#### DESCRIPTION OF SHARE CAPITAL
 *The following description of our share capital summarizes certain provisions contained in our articles and by-laws. There summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our articles and by-laws, which have been filed as exhibits to the registration statement of which this prospectus forms a part.* 

As at September 11, 2025, there were (i) 238,586,763 common shares issued and outstanding, (ii) 5,750,725 stock options outstanding with a weighted average exercise price per common share of C$4.92 expiring between December 22, 2025 and May 13, 2030 under our Omnibus Plan; (iii) 865,477 deferred share units outstanding under our Omnibus Plan; (iv) 2,214,485 restricted share units outstanding under the Omnibus Plan; (v) 7,752,916 common shares issuable upon the exercise of warrants at an exercise price of C$14.75 per common share expiring March 2, 2027; (vi) 11,363,933 warrants at an exercise price of US$10.70 per common share expiring May 27, 2027; (vii) 7,841,850 warrants at an exercise price of C$8.55 per common share expiring March 2, 2026; (viii) 51,109,776 warrants at an exercise price of US$3.00 per common share expiring October 1, 2029; and (ix) 5,625,031 common shares issuable upon the exercise of warrants at an exercise price of C$4.43 per common share expiring July 21, 2028.

This prospectus related to the resale of up to 104,751,318 Shares, comprised of up to 69,834,212 Private Placement Shares issued to investors in the United States in the Private Placement, and up to 34,917,106 Private Placement Warrant Shares issuable upon exercise of the Private Placement Warrants issued to investors in the United States under the Private Placement, if any.

#### Common Shares
We are authorized to issue an unlimited number of common shares without nominal or par value.

The Shares offered under this prospectus have all of the rights, privileges, restrictions and conditions of other common shares of the Company. Holders of common shares are entitled to receive notice of any meeting of our shareholders, to attend and to cast one vote per share at such meetings. Holders of our common shares are also entitled to (i) receive dividends, if any, as and when declared by our board of directors at its discretion, and (ii) to receive on a *pro rata* basis among all holders of the common shares, all remaining property of the Company upon the liquidation, dissolution or winding-up of the Company (subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority or the rights of secured parties). The common shares do not carry any pre-emptive, subscription, redemption or conversion rights.

#### Dividends
We have never paid any cash dividends on our common shares. While we are not restricted from paying dividends other than pursuant to certain solvency tests prescribed under the *Canada Business Corporations Act*, we currently intend to retain any future earnings to finance the growth and development of our business, and we do not anticipate that we will declare or pay any cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future indebtedness and other factors our board of directors deems relevant.

#### Transfer Agent
The transfer agent and registrar for our common shares is TSX Trust Company at its principal office located in Toronto, Ontario.

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#### DILUTION
Selling shareholders who offer and sell Shares covered by this prospectus may do so at various times, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions, we have not included in this prospectus information about the dilution (if any) to the public arising from these sales.

#### PLAN OF DISTRIBUTION
We are registering the Shares to permit the resale of the Shares in the United States by the selling shareholders, from time to time, after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the Shares. We may receive proceeds from exercises of Private Placement Warrants, if any.

The selling shareholders may, from time to time, sell, transfer or otherwise dispose of any or all of their Shares on any stock exchange, market or trading facility on which the common shares are traded or in private transactions. These dispositions may be at fixed prices, at (or related to) prevailing market prices at the time of sale, or at negotiated prices.

The selling shareholders may use any one or more of the following methods when disposing of Shares or interests therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to or through underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • block trades in which the broker-dealer will attempt to sell the Shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any over-the-counter or exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • short sales effected after the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • broker-dealers may agree with the selling shareholders to sell a specified number of such Shares at a stipulated price per Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other method permitted by applicable law.

The selling shareholders may, from time to time, pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Shares, from time to time, under this prospectus or under an amendment to this prospectus, amending the list of selling shareholders, as necessary, to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer the Shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

In connection with the sale of the Shares, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Shares in the course of hedging the positions they assume. The selling shareholders may also sell Shares short and deliver these securities to close out their short positions, or loan or pledge the Shares to broker-dealers that in turn may sell these Shares. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of Shares offered by this prospectus, which

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Shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended, as necessary, to reflect such transaction).

The aggregate proceeds to the selling shareholders from the sale of the Shares offered by them will be the purchase price of the Shares less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of Shares to be made directly or through agents. We will not receive any of the proceeds from the sale of Shares by selling shareholders.

We will pay the fees and expenses incident to the registration of the Shares.

The selling shareholders also may resell all or a portion of the Shares in open market transactions in reliance upon Rule 904 of Regulation S under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule, or pursuant to another available exemption under the Securities Act.

The selling shareholders and any underwriters, broker-dealers or agents that participate in the sale of the Shares may be deemed "underwriters" within the meaning of Section 2(a)(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the Shares may be underwriting discounts or commissions under the Securities Act. Selling shareholders who are "underwriters" within the meaning of Section 2(a)(11) of the U.S. Securities Act will be subject to the prospectus delivery requirements of the U.S. Securities Act.

To the extent required, the Shares to be sold, the names of the selling shareholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, and any applicable commissions or discounts (including any discounts or concessions allowed or reallowed) with respect to a particular offer, any delayed delivery arrangements, and any securities exchange or markets on which the common shares may be listed will be set forth in an amendment to this prospectus or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless they has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

This prospectus has not been filed in respect of, and will not qualify, any distribution of the Shares in any province or territory of Canada at any time.

We have advised the selling shareholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Shares in the market and to the activities of the selling shareholders and their affiliates. In addition, to the extent applicable we will make copies of this prospectus (as it may be amended from time to time) available to the selling shareholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. We and the selling shareholders may indemnify any broker-dealer that participates in transactions involving the sale of the Shares (and we may indemnify the selling shareholders in such transactions) against certain liabilities, including liabilities arising under the Securities Act.

We have agreed to indemnify the selling shareholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the Shares offered by this prospectus.

There can be no assurance that any selling shareholder will sell any or all of the Shares registered pursuant to the registration statement, of which this prospectus forms a part.

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#### SELLING SHAREHOLDERS
The Shares being offered by the selling shareholders include the Private Placement Shares and the Private Placement Warrant Shares issuable to the selling shareholders upon exercise of the Private Placement Warrants. For additional information, see "*Recent Developments — Private Placement*" above. We are registering the Private Placement Shares and the Private Placement Warrant Shares underlying the Private Placement Warrants in order to permit the selling shareholders to offer the Shares for resale from time to time. Except for the ownership of the Company's securities, including the Shares acquired in the Private Placement, the selling shareholders have not had any material relationship with us within the past three years.

The table below provides, as of August 15, 2025, information regarding the beneficial ownership of the common shares and warrants of each selling shareholder, the number of Shares that may be sold by each selling shareholder under this prospectus and that each selling shareholder will beneficially own after this offering. We have based percentage ownership on 238,586,763 common shares outstanding as of September 11, 2025. In accordance with SEC rules, individuals and entities below are shown as having beneficial ownership over common shares they own or have the right to acquire within 60 days, as well as common shares for which they have the right to vote or dispose of. Also, in accordance with SEC rules, for purposes of calculating percentages of beneficial ownership, common shares which a person has the right to acquire within 60 days are included both in that person's beneficial ownership as well as in the total number of common shares outstanding used to calculate that person's percentage ownership but not for purposes of calculating the percentage for other persons.

The first column lists the names of the selling shareholders. The second and third columns list the total number and total ownership percentage, respectively, of common shares beneficially owned by each selling shareholder, based on its ownership of the Company's securities, including the Shares, as of August 15, 2025, assuming exercise of all Private Placement Warrants (and other warrants, if applicable) held by the selling shareholders on that date.

The fourth column lists the Shares being offered pursuant to this prospectus by the selling shareholders.

The fifth column lists the number of common shares beneficially owned by the selling shareholders assuming the sale of all of the Shares offered by the selling shareholders pursuant to this prospectus and the sixth column lists the percentage ownership of common shares beneficially owned by the selling shareholders assuming the sale of all of the Shares offered by the selling shareholders pursuant to this prospectus.

The selling shareholders may sell all, some or none of their Shares in this offering. In addition, the selling shareholders may sell, transfer or otherwise dispose of, at any time and from time to time, the Shares in transactions exempt from the registration requirements of the Securities Act after the date of this prospectus, subject to applicable law. See "*Plan of Distribution*."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares <br> Beneficially Owned <br> Before Offering**  | **Common Shares <br> Beneficially Owned <br> Before Offering**  | **Shares <br> to be Sold <br> Pursuant to <br> this <br> Offering**  | **Common Shares Beneficially <br> Owned After Offering**  | **Common Shares Beneficially <br> Owned After Offering**  |
| **Name of Selling Securityholder**  | &nbsp;&nbsp;&nbsp; **Number**  | **Percentage**  | **Shares <br> to be Sold <br> Pursuant to <br> this <br> Offering**  | &nbsp;&nbsp;&nbsp; **Number**  | **Percentage**  |
| VanEck VIP Global Gold Fund  | 298416(1) | \*\* | 265500 | 32916 | \*\* |
| Oraley Enterprises LLC  | 3624920(2) | 1.50% | 1462958 | 2161962 | \*\* |
| Black Maple Capital Partners LP  | 3357402(3) | 1.39% | 1462958 | 1894444 | \*\* |
| Summer Road LLC  | 376600(4) | \*\* | 202500 | 174100 | \*\* |
| Whitebox Relative Value Partners, L.P.  | 396000(5) | \*\* | 396000 | 0 | 0% |
| Whitebox Multi-Strategy Partners, L.P.  | 468000(6) | \*\* | 468000 | 0 | \*\* |
| Whitebox GT Fund, LP  | 36000(7) | \*\* | 36000 | 0 | \*\* |
| Star V Partners LLC  | 585464(8) | \*\* | 585464 | 0 | 0% |
|  Sprott Hathaway Special Situations Fund, LP  | 2746666(9) | 1.14% | 2580000 | 166666 | \*\* |
| Sprott Gold Equity Fund  | 4369999(10) | 1.80% | 3870000 | 499999 | \*\* |
| Nokomis Capital Master Fund, L.P.  | 2414537(11) | 1.00% | 2414537 | 0 | 0% |
|  Franklin Gold and Precious Metals <br> Fund  | 5782383(12) | 2.37% | 2400000 | 3382383 | 1.40% |
| Bay Resource Partners, L.P.  | 3401896(13) | 1.41% | 2587650 | 814246 | \*\* |
| Bay II Resource Partners, L.P.  | 2483446(14) | 1.03% | 1669200 | 814246 | \*\* |
| Condire Alpha Partners, LP  | 2551528(15) | 1.06% | 933573 | 1617955 | \*\* |
| Libra Advisors, LLC  | 16050000(16) | 6.30% | 16050000 | 0 | 0% |
| Indemnity National Insurance Company  | 5850000(17) | 2.39% | 5850000 | 0 | 0% |
|  VanEck International Investors Gold <br> Fund  | 3245908(18) | 1.34% | 2884500 | 361408 | \*\* |
|  Crescat Precious Metals Master Fund <br> LTD  | 743754(19) | \*\* | 688571 | 55183 | \*\* |
|  Crescat Global Macro Master Fund <br> LTD  | 337108(20) | \*\* | 281925 | 55183 | \*\* |
|  Crescat Institutional Macro Master Fund LTD  | 78829(21) | \*\* | 23646 | 55183 | \*\* |
|  Crescat Institutional Commodity Master Fund LTD  | 95203(22) | \*\* | 40020 | 55183 | \*\* |
| Crescat Long/Short Master Fund LTD  | 117523(23) | \*\* | 62340 | 55183 | \*\* |
| Douglas Meadow  | 2118157(24) | \*\* | 109757 | 2008400 | \*\* |
| Senate Square LLC  | 238172(25) | \*\* | 73172 | 165000 | \*\* |
| Quinton Todd Hennigh  | 1463415(26) | \*\* | 1463415 | 0 | 0% |
| Utah Investment LLC  | 75000(27) | \*\* | 75000 | 0 | 0% |
| Double Zero Capital LP  | 54900000(28) | 18.71% | 54900000 | 0 | 0% |
| Geoffrey Stanley  | 1294037(29) | \*\* | 182927 | 1111110 | \*\* |
| Otavio Tawaf Bernardes Da Costa  | 365855(30) | \*\* | 365855 | 0 | 0% |
|  Kevin And Linda Smith Charitable <br> Trust  | 365855(31) | \*\* | 365855 | 0 | 0% |

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#### Notes:
\*\*

Less than 1%.

(1) Includes (i) 32,916 common shares held prior to the closing of the Private Placement, (ii) 177,000 Shares issued pursuant to the Private Placement, and (iii) 88,500 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Van Eck Associates Corporation is the Investment Adviser for VanEck VIP Global Gold Fund and holds voting and investment control over these securities. The business address for the above referenced parties is 666 Third Avenue, 9<sup>th</sup> Floor, New York, NY, 10017.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) Includes (i) 778,629 common shares held prior to the closing of the Private Placement (ii) 1,383,333 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 975,305 Shares issued pursuant to the Private Placement, and (iv) 487,653 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Black Maple Capital Corporation is the Investment Manager for Oraley Enterprises LLC and holds voting and investment control over these securities. Robert Barnard is the ultimate control person of the above referenced parties and therefore may be deemed to beneficially own these securities. The business address for the above referenced parties is 250 E Wisconsin Ave, Suite 1250, Milwaukee, WI 53202.

(3) Includes (i) 1,894,444 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (ii) 975,305 Shares issued pursuant to the Private Placement, and (iii) 487,653 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Black Maple Capital Management LP is the Investment Manager of Black Maple Capital Partners LP and holds voting and investment control over these securities. Robert Barnard is the ultimate control person of the above referenced parties and therefore may be deemed to beneficially own these securities. The business address for the above referenced parties is 250 E Wisconsin Ave, Suite 1250, Milwaukee, WI 53202.

(4) Includes (i) 106,200 common shares held prior to the closing of the Private Placement, (ii) 67,900 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 135,000 Shares issued pursuant to the Private Placement, and (iv) 67,500 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 207, 6<sup>th</sup> Street, West Palm Beach, FL 33401.

(5) Includes (i) 264,000 Shares issued pursuant to the Private Placement, and (ii) 132,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 3033 Excelsior Blvd., Suite 500, Minneapolis, MN 55416.

(6) Includes (i) 312,000 Shares issued pursuant to the Private Placement, and (ii) 156,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 3033 Excelsior Blvd., Suite 500, Minneapolis, MN 55416.

(7) Includes (i) 24,000 Shares issued pursuant to the Private Placement, and (ii) 12,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 3033 Excelsior Blvd., Suite 500, Minneapolis, MN 55416.

(8) Includes (i) 390,309 Shares issued pursuant to the Private Placement, and (ii) 195,155 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 2100 West End Avenue, Suite 1000, Nashville, TN 37203.

(9) Includes (i) 166,666 common shares issuable pursuant to warrants held prior to the closing of the Private Placement (ii) 1,720,000 Shares issued pursuant to the Private Placement, and (iii) 860,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Sprott Asset Management USA, Inc. is the Investment Manager of Sprott Hathaway Special Situations Find, LP and holds voting and investment control over these securities. The business address for the above referenced parties is 320 Post Road, Suite 230, Darien, CT 06820.

(10) Includes (i) 499,999 common shares issuable pursuant to warrants held prior to the closing of the Private Placement (ii) 2,580,000 Shares issued pursuant to the Private Placement, and (iii) 1,290,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Sprott Asset Management USA, Inc. is the Investment Manager of Sprott Hathaway Special Situations Find, LP and holds voting and investment control over these securities. The business address for the above referenced parties is 320 Post Road, Suite 230, Darien, CT 06820.

(11) Includes (i) 1,609,691 Shares issued pursuant to the Private Placement, and (ii) 804,846 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 1717 McKinney Ave., Suite 850, Dallas, TX 75202.

(12) Includes (i) 1,789,049 common shares held prior to the closing of the Private Placement, (ii) 1,593,334 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 1,600,000 Shares issued pursuant to the Private Placement, and (iv) 800,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Frankline Advisers Inc. is the Investment Manager of Franklin Gold and Precious Metals Fund and holds voting and investment control over these securities. The business address for the above referenced parties is One Franklin Parkway, San Mateo, CA 94403.

(13) Includes (i) 814,246 common shares held prior to the closing of the Private Placement, (ii) 1,725,100 Shares issued pursuant to the Private Placement, and (iii) 862,550 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. GMT Capital Corp. is the general partner of Bay Resource Partners, L.P. and holds voting and investment control over these securities. The business address for the above referenced parties is 2859 Paces Ferry Road SE, Suite 1710, Atlanta, GA 30339.

(14) Includes (i) 814,246 common shares held prior to the closing of the Private Placement, (ii) 1,112,800 Shares issued pursuant to the Private Placement, and (iii) 556,400 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. GMT Capital Corp. is the general partner of Bay II Resource Partners, L.P. and holds voting and investment control over these securities. The business address for the above referenced parties is 2859 Paces Ferry Road SE, Suite 1710, Atlanta, GA 30339.

(15) Includes (i) 877,304 common shares held prior to the closing of the Private Placement, (ii) 740,651 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 622,382 Shares issued pursuant to the Private Placement, and (iv) 311,191 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Condire Investors, LLC is the general partner of Condire Alpha Partners, LP and holds voting and investment control over these securities. The business address for the above referenced parties is 1717 McKinney Ave., Suite 850, Dallas, TX 75201.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(16) Includes (i) 10,700,000 Shares issued pursuant to the Private Placement, and (ii) 5,350,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 150 East 52<sup>nd</sup> Street, 23<sup>rd</sup> Flr. New York, NY 10022.

(17) Includes (i) 3,900,000 Shares issued pursuant to the Private Placement, and (ii) 1,950,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 238 Bedford Way, Franklin, TN 37064.

(18) Includes (i) 361,408 common shares held prior to the closing of the Private Placement and still held, (ii) 1,923,000 Shares issued pursuant to the Private Placement, and (iii) 961,500 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Van Eck Associates Corporation is the Investment Adviser for VanEck International Investors Gold Fund and holds voting and investment control over these securities. The business address for the above referenced parties is 666 Third Avenue, 9<sup>th</sup> Floor, New York, NY, 10017.

(19) Includes (i) 55,183 common shares held prior to the closing of the Private Placement, (ii) 459,047 Shares issued pursuant to the Private Placement, and (iii) 229,524 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Crescat Portfolio Management LLC is the Investment Manager for Crescat Precious Metals Fund LTD and holds voting and investment control over these securities. The business address for the above referenced parties is 44 Cook St., Suite 100, Denver, CO 80206.

(20) Includes (i) 55,183 common shares held prior to the closing of the Private Placement, (ii) 187,950 Shares issued pursuant to the Private Placement, and (iii) 93,975 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Crescat Portfolio Management LLC is the Investment Manager for Crescat Global Macro Master Fund LTD and holds voting and investment control over these securities. The business address for the above referenced parties is 44 Cook St., Suite 100, Denver, CO 80206.

(21) Includes (i) 55,183 common shares held prior to the closing of the Private Placement, (ii) 15,764 Shares issued pursuant to the Private Placement, and (iii) 7,882 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Crescat Portfolio Management LLC is the Investment Manager for Crescat Institutional Macro Master Fund LTD and holds voting and investment control over these securities. The business address for the above referenced parties is 44 Cook St., Suite 100, Denver, CO 80206.

(22) Includes (i) 55,183 common shares held prior to the closing of the Private Placement, (ii) 26,680 Shares issued pursuant to the Private Placement, and (iii) 13,340 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Crescat Portfolio Management LLC is the Investment Manager for Crescat Institutional Commodity Master Fund LTD and holds voting and investment control over these securities. The business address for the above referenced parties is 44 Cook St., Suite 100, Denver, CO 80206.

(23) Includes (i) 55,183 common shares held prior to the closing of the Private Placement, (ii) 41,560 Shares issued pursuant to the Private Placement, and (iii) 20,780 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Crescat Portfolio Management LLC is the Investment Manager for Crescat Long/Short Master Fund Ltd. and holds voting and investment control over these securities. The business address for the above referenced parties is 44 Cook St., Suite 100, Denver, CO 80206.

(24) Includes (i) 1,008,400 common shares held prior to the closing of the Private Placement, (ii) 1,000,000 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 73,171 Shares issued pursuant to the Private Placement, and (iv) 36,586 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement.

(25) Includes (i) 109,000 common shares held prior to the closing of the Private Placement, (ii) 56,000 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 48,781 Shares issued pursuant to the Private Placement, and (iv) 24,391 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is PO Box 25, Yuma, CO 80759.

(26) Includes (i) 975,610 Shares issued pursuant to the Private Placement, and (ii) 487,805 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement.

(27) Includes (i) 50,000 Shares issued pursuant to the Private Placement, and (ii) 25,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. The business address for the above referenced party is 521 Longwood Ave, Glenco, IL 60022.

(28) Includes (i) 36,600,000 Shares issued pursuant to the Private Placement, and (ii) 18,300,000 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement. Brand Name GP LLC is the general partner of Double Zero Capital LP and holds voting and investment control over these securities. The business address for the above referenced party is 10785 West Twain Ave, Suite 250, Las Vegas, NV 89135.

(29) Includes (i) 555,555 common shares held prior to the closing of the Private Placement, (ii) 555,555 common shares issuable pursuant to warrants held prior to the closing of the Private Placement, (iii) 121,951 Shares issued pursuant to the Private Placement, and (iv) 60,976 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement.

(30) Includes (i) 243,903 Shares issued pursuant to the Private Placement, and (ii) 121,952 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement.

(31) Includes (i) 243,903 Shares issued pursuant to the Private Placement, and (ii) 121,952 Shares that may be issued upon exercise of Private Placement Warrants issued in the Private Placement.

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#### LEGAL MATTERS
Bennett Jones LLP, Canadian counsel to Osisko, has opined on the validity of the Shares being offered by this prospectus.

#### EXPERTS
The financial statements incorporated by reference in in this Prospectus by reference to the [Annual Report on Form 40-F for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1431852/000155837025004047/odv-20241231x40f.htm) have been so incorporated in reliance on the report (which contains an explanatory paragraph relating to the Company's ability to continue as a going concern as described in Note 1 to the financial statements) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

Information relating to the Cariboo Gold Project in this prospectus and the documents incorporated by reference herein and therein has been derived from reports, statements, or opinions prepared or certified by Mathieu Belisle, P. Eng., Amanda Fitch, P. Eng., Sebastien Guido, P. Eng., Philip Clark, P. Eng., Rob Griffith, P.Eng., Katherine Mueller, P.Eng., Nikolay Sidenko, P.Geo., Eric Lecomte, P.Eng., Carl Pelletier, P.Geo., Tessa Scott, P.Geo., A. J. MacDonald, P.Eng., Jean-François Maillé, P.Eng., Yapo Allé-Ando, P.Eng., Rachel Sawyer, P.Eng., Paul Gauthier, P.Eng., who are "qualified persons" within the meaning of Canadian Securities Administrators' National Instrument 43-101 — Standards of Disclosure for Mineral Projects.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-3 under the Securities Act. For purposes of this section, the term registration statement means the original registration statement and any and all amendments including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

We are subject to the informational requirements of the Exchange Act that are applicable to foreign private issuers. Accordingly, we are required to file or furnish reports and other information with the SEC, including Annual Reports on Form 40-F (or Form 20-F) and Reports on Form 6-K. The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are available to the public through the SEC's website at www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal and selling shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act, nor be required to comply with Regulation FD, which restricts the selective disclosure of material information.

The mailing address of our corporate head office is 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, Canada, H3B 2S2, and our telephone number is (514) 940-0685. Our agent for U.S. federal securities law purposes is C T Corporation System, with an address at 28 Liberty Street, New York, New York 10005. Osisko also maintains a website at www.osiskodev.com. In this prospectus, the website addresses of the SEC and Osisko are provided solely for information and are not intended to be active links. Osisko is not incorporating the contents of the websites of the SEC and Osisko or any other entity into this prospectus.

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#### EXPENSES
Set forth below is an itemization of the total expenses which are expected to be incurred by us in connection with the securities being registered hereby and the offer and sale of the Shares by our selling shareholders. With the exception of the SEC registration fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fees  | $46628.82 |
| Legal fees and expenses  | $125000 |
| Accountants' fees and expenses  | 40000 |
| Miscellaneous expenses  |  |
| **Total**  | $211628.82 |

---

#### INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to incorporate by reference in this prospectus the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and information filed subsequently with the SEC will automatically update and supersede earlier information.

We have filed with the SEC a registration statement on Form F-3 relating to the securities covered by this prospectus. This prospectus is a part of the registration statement and omits some of the information contained in the registration statement in accordance with SEC rules and regulations. You should review the information in, and exhibits to, the registration statement for further information on us and the securities being offered. Statements in this prospectus concerning any document we have filed or will file as an exhibit to the registration statement or that we have otherwise filed with the SEC are not intended to be comprehensive and are qualified in their entirety by reference to these filings. You should review the complete document to evaluate these statements. You may review a copy of the registration statement at the SEC's internet site, as described under "*Where You Can Find More Information*" in this prospectus.

We incorporate by reference in this prospectus the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Annual Report on Form 40-F for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1431852/000155837025004047/odv-20241231x40f.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the financial statements and management's discussion and analysis for the three months ended March 31, 2025, furnished to the SEC on May 7, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000155837025006564/odv-20250331x6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the financial statements and management's discussion and analysis for the three and six months ended June 30, 2025, furnished to the SEC on August 13, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000155837025011274/odv-20250630x6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the management information circular for the annual general and special meeting of shareholders held on May 7, 2025, furnished to the SEC on July 21, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000110465925069306/tm2521264d1_6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the Cariboo Technical Report, furnished to the SEC on June 12, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000110465925058745/tm2517549d1_6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the Credit Agreement, furnished to the SEC on August 15, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000110465925078850/tm2523476d1_6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our [Report on Form 6-K with the material change report regarding the Credit Agreement, furnished to the SEC on August 15, 2025](https://www.sec.gov/Archives/edgar/data/1431852/000110465925078848/tm2523476d2_6k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • [Exhibit 99.4](https://www.sec.gov/Archives/edgar/data/1431852/000110465925085647/tm2524668d1_ex99-4.htm) to our Report on Form 6-K with the material change report regarding the Private Placement, furnished to the SEC on August 29, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the description of common shares contained in our registration statement on [Form 40-F filed on April 29, 2022, pursuant to Section 12 of the Exchange Act, together with all amendments and reports filed for the purpose of updating that description](https://www.sec.gov/Archives/edgar/data/1431852/000106299322011004/form40fr12b.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any future documents that we may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act from the date of this prospectus until the offering contemplated in this prospectus is completed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any future reports on Form 6-K (or portions thereof) that we furnish to the SEC after the date of this prospectus only to the extent that such reports expressly state that they are (or such portions are) incorporated by reference in this prospectus.

All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, and any document of the type referred to in the list above, filed or furnished by us subsequent to the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus are incorporated by reference into this prospectus and form part of this prospectus from the date of filing or furnishing of these documents. We may incorporate by reference into this prospectus any other Form 6-K that is submitted to the SEC after the date of the filing of the registration statement of which this prospectus forms a part and before the date of termination of this offering. In addition to any Form 6-K furnishing the type of documents referred to in the bulleted list above (which shall be deemed to be incorporated by reference into this prospectus), any such other Form 6-K that we intend to so incorporate shall state in such form that it is being incorporated by reference into this prospectus. The documents incorporated or deemed to be incorporated herein by reference contain meaningful and material information relating to us, and the readers should review all information contained in this prospectus and the documents incorporated or deemed to be incorporated herein by reference.

 **Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this prospectus, to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.** 

You may request a copy of any and all of the information that has been incorporated by reference in this prospectus, at no cost, upon written or oral request made to Osisko Development Corp., 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, Canada, H3B 2S2, Telephone: (514) 940-0685; Attention: Philip Rabenok, Vice President, Investor Relations.

We file reports, including annual reports on Form 40-F (or Form 20-F), and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. You can read our SEC filings, including the registration statement of which this prospectus forms a part, over the internet at the SEC's website at www.sec.gov and at our website at www.osiskodev.com.

#### INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the provisions described in Part II of the registration statement under the heading "*Indemnification of Directors and Officers*", or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or person controlling us in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act, and will be governed by the final adjudication of such issue.

#### EXCHANGE CONTROLS
There are no governmental laws, decrees, regulations or other legislation, including foreign exchange controls, in Canada which may affect the export or import of capital or that may affect the remittance of dividends, interest or other payments to non-resident holders of the Company's securities. Any remittances of dividends to United States residents, however, are subject to a withholding tax pursuant to the *Income Tax Act* (Canada) and the Canada-U.S. Income Tax Convention (1980), each as amended. (See *Certain Canadian Federal Income Tax Considerations — Holders Not Resident in Canada* below.) Remittances of interest to U.S.

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residents that deal with the Company at arm's length and are entitled to the benefits of such Convention are generally not subject to withholding taxes except in limited circumstances, including those involving participating interest payments. Certain other types of remittances, such as royalties paid to U.S. residents, may be subject to a withholding tax depending on all of the circumstances.

#### CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
The following is, as of the date hereof, a summary of the principal Canadian federal **income** tax considerations under the Income Tax Act (Canada) (the "**Tax Act**") and the regulations thereunder (the "**Regulations**") generally applicable to a person who acquires common shares from selling shareholders pursuant a secondary offering of such shares as beneficial owner and who, for the purposes of the Tax Act, and at all relevant times: (i) deals at arm's length with the Company; (ii) is not affiliated with the Company; and (iii) acquires and holds the common shares as capital property (a "**Holder**").

Common shares will generally be considered to be capital property to a Holder unless the Holder holds or uses the common shares or is deemed to hold or use the common shares in the course of carrying on a business of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions considered to be an adventure or concern in the nature of trade.

This summary is not applicable to a Holder: (i) that is a "financial institution" for purposes of the "mark-to-market property" rules; (ii) that is a "specified financial institution"; (iii) that has made a "functional currency" reporting election; (iv) an interest in which is a "tax shelter investment"; (v) that has entered into or will enter into a "derivative forward agreement" or "synthetic disposition arrangement" in respect of common shares; (vi) that is exempt from tax under the Tax Act; (vii) that is a partnership; or (viii) that receives dividends on the common shares under or as part of a "dividend rental arrangement", all as defined in the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in common shares.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada, and is, or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the common shares, controlled by a non-resident person, or group of non-resident persons not dealing with each other at arm's length, for purposes of the foreign affiliate dumping rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors.

This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of common shares.

This summary is based upon: (i) the current provisions of the Tax Act and the Regulations in force as of the date hereof; (ii) all specific proposals ("**Proposed Amendments**") to amend the Tax Act or the Regulations that have been publicly announced by, or on behalf of, the Minister of Finance (Canada) prior to the date hereof; and (iii) an understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency ("**CRA**"). No assurance can be given that the Proposed Amendments will be enacted or otherwise implemented in their current form, if at all. If the Proposed Amendments are not enacted or otherwise implemented as presently proposed, the tax consequences may not be as described below in all cases. Other than the Proposed Amendments, this summary does not take into account or anticipate any changes in law or the CRA's administrative policies or assessing practices, whether by legislative, regulatory, administrative, governmental or judicial decision or action, nor does it take into account any provincial, territorial or foreign income tax legislation or considerations, which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.

 **This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.** 

#### Currency Conversion
Subject to certain exceptions that are not discussed herein, for the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of common shares (including dividends, adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in U.S. dollars

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must generally be converted into Canadian dollars based on the single daily exchange rate as quoted by the Bank of Canada on the date such amounts arise or such other rate of exchange as is acceptable to the CRA.

#### Holders Resident in Canada
This section of the summary is generally applicable to a Holder who, at all relevant times, is, or is deemed to be, resident in Canada for the purposes of the Tax Act ("**Resident Holder**"). A Resident Holder whose common shares might not otherwise qualify as capital property may be entitled to make an irrevocable election pursuant to subsection 39(4) of the Tax Act to deem the common shares, and every other "Canadian security" (as defined in the Tax Act), held by such Resident Holder in the taxation year of the election and in all subsequent taxation years to be capital property. Resident Holders should consult with their own tax advisors regarding this election.

 *Dividends* 

A Resident Holder will be required to include in computing its income for a taxation year any taxable dividends received or deemed to be received on the common shares.

In the case of a Resident Holder who is an individual (including certain trusts), such dividends (including deemed dividends) received on the common shares will be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to "taxable dividends" received from a "taxable Canadian corporation" (each as defined in the Tax Act). An enhanced gross-up and dividend tax credit will be available to individuals in respect of "eligible dividends" designated by the Company in accordance with the provisions of the Tax Act. There may be limitations on the ability of the Company to designate dividends as eligible dividends.

In the case of a Resident Holder that is a corporation, the amount of any such taxable dividend (including a deemed dividend) that is included in its income for a taxation year will generally be deductible in computing its taxable income for that taxation year. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations should consult their own tax advisors in this regard.

A Resident Holder that is a "private corporation" (as defined in the Tax Act) or a "subject corporation" (as defined in subsection 186(3) of the Tax Act) may be liable to pay an additional tax (refundable in certain circumstances) under Part IV of the Tax Act on dividends received (or deemed to be received) on the common shares to the extent such dividends are deductible in computing the Resident Holder's taxable income for the year. A "subject corporation" is generally a corporation (other than a private corporation) resident in Canada and controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

 *Dispositions of common shares* 

A Resident Holder who disposes of or is deemed to have disposed of a common share (other than a disposition to the Company that is not a sale in the open market in the manner in which shares would normally be purchased by any member of the public in an open market) will generally realize a capital gain (or capital loss) in the taxation year of the disposition equal to the amount by which the proceeds of disposition of the common share net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base to the Resident Holder of the common share immediately before the disposition or deemed disposition. The adjusted cost base to a Resident Holder of a common share will be determined by averaging the cost of that common share with the adjusted cost base (determined immediately before the acquisition of the common share) of all other common shares held as capital property at that time by the Resident Holder. Such capital gain (or capital loss) will be subject to the tax treatment described below under "*Holders Resident in Canada — Capital Gains and Capital Losses*".

 *Capital Gains and Capital Losses* 

A Resident Holder will generally be required to include in computing its income for a taxation year, one-half of the amount of any capital gain (a "**taxable capital gain**") realized in such year. Subject to and in

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accordance with the provisions of the Tax Act, a Resident Holder will generally be required to deduct one-half of the amount of any capital loss (an "**allowable capital loss**") realized in a taxation year against taxable capital gains realized in the taxation year by such Resident Holder. Allowable capital losses in excess of taxable capital gains for a taxation year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances specified in the Tax Act.

The amount of any capital loss realized on the disposition or deemed disposition of a common share by a Resident Holder that is a corporation may, in certain circumstances, be reduced by the amount of dividends received or deemed to have been received by it on such common share (or shares substituted for such common share) to the extent and under the circumstances specified in the Tax Act. Similar rules may apply where a Resident Holder that is a corporation is a member of a partnership or a beneficiary of a trust that owns common shares, directly or indirectly, through a partnership or trust. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

 *Other Income Taxes* 

A Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation" (as defined in the Tax Act), or is, at any time in the relevant taxation year, a "substantive CCPC" (as defined in the Tax Act), may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year, including any dividends or deemed dividends that are not deductible in computing the Resident Holder's taxable income and certain amounts in respect of taxable capital gains.

Generally, a Resident Holder that is an individual (other than certain trusts) that receives or is deemed to have received taxable dividends on the common shares or realizes a capital gain on the disposition or deemed disposition of common shares may be liable for minimum tax under the Tax Act. Resident Holders that are individuals should consult their own tax advisors in this regard.

#### Holders Not Resident in Canada
This portion of the summary is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act: (i) is not, and is not deemed to be, resident in Canada; and (ii) does not use or hold and is not and will not be deemed to use or hold the common shares in connection with carrying on a business in Canada ("**Non-Resident Holder**"). This summary does not apply to a Non-Resident Holder that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere or that is an "authorized foreign bank" (as defined in the Tax Act). Such Non-Resident Holders should consult their own tax advisors.

 *Dividends* 

Dividends paid or credited or deemed under the Tax Act to be paid or credited by the Company to a Non-Resident Holder on the common shares will generally be subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend, unless such rate is reduced by the terms of an applicable income tax treaty or convention. Under the Canada-United States Tax Convention (1980), as amended (the "**US Treaty**"), the rate of withholding tax on dividends paid or credited to a Non-Resident Holder who is resident in the U.S. for purposes of the US Treaty, is the beneficial owner of the dividends, and is fully entitled to benefits under the US Treaty (a "**US Treaty Holder**") is generally limited to 15% of the gross amount of the dividend. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a US Treaty Holder that is a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of which Canada is a signatory, affects many of Canada's bilateral tax treaties (but not the US Treaty), including the ability to claim benefits thereunder. Non-Resident Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.

 *Dispositions of Common Shares* 

A Non-Resident Holder will not be subject to tax under the Tax Act in respect of any capital gain realized on a disposition or deemed disposition of a common share, nor will capital losses arising therefrom be

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recognized under the Tax Act, unless the common share is, or is deemed to be, "taxable Canadian property" of the Non-Resident Holder for the purposes of the Tax Act at the time of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Resident Holder is resident.

Provided that the common shares are listed on a "designated stock exchange" for the purposes of the Tax Act (which currently includes the TSXV and the NYSE) at the time of disposition, the common shares generally will not constitute taxable Canadian property of a Non-Resident Holder at that time, unless at any time during the 60 month period immediately preceding the disposition, (i) 25% or more of the issued shares of any class or series of the capital stock of the Company were owned by, or belonged to, any combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm's length, and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii) at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real or immovable property situated in Canada, "Canadian resource property" (as defined in the Tax Act), "timber resource property" (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether or not such property exists. Notwithstanding the foregoing, a common share may also be deemed to be taxable Canadian property to a Non-Resident Holder for purposes of the Tax Act in certain other circumstances. Non-Resident Holders should consult their own tax advisors as to whether their common shares constitute "taxable Canadian property" in their own particular circumstances.

A Non-Resident Holder's capital gain (or capital loss) in respect of common shares that constitute or are deemed to constitute taxable Canadian property (and are not "treaty-protected property" as defined in the Tax Act) will generally be computed in the manner described above under the headings "*Holders Resident in Canada — Dispositions of common shares*" and "*Holders Resident in Canada — Capital Gains and Capital Losses*". Such Non-Resident Holders should consult their own tax advisors.

Non-Resident Holders whose common shares are or may be taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them.

#### CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS
The following is a general summary of certain U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership and disposition of common shares acquired from selling shareholders pursuant a secondary offering of such shares, who hold common shares as "capital assets" (generally, assets held for investment purposes).

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder as a result of the acquisition of securities pursuant to this offering. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder. This summary does not address the U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of the securities. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of the securities.

No opinion from legal counsel or ruling from the Internal Revenue Service (the "**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax considerations applicable to U.S. Holders as discussed in this summary. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the positions taken in this summary.

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#### Scope of this Summary
 *Authorities* 

This summary is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations (whether final, temporary, or proposed) promulgated under the Code, published rulings of the IRS, published administrative positions of the IRS and U.S. court decisions, that are in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied retroactively. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

 *U.S. Holders* 

For purposes of this summary, the term "**U.S. Holder**" means a beneficial owner of the securities acquired pursuant to this offering that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

 *U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed* 

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are brokers or dealers in securities or currencies or U.S. Holders that are traders in securities that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own securities as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquired the securities in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold the securities other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities (and investors in such partnerships and entities); (i) are subject to special tax accounting rules; (j) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares; (k) are U.S. expatriates or former long-term residents of the U.S.; or (l) are subject to taxing jurisdictions other than, or in addition to, the United States. U.S. Holders that are subject to special provisions under the Code, including U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of the securities.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds the securities, the U.S. federal income tax consequences to such entity or arrangement and the owners of such entity or arrangement generally will depend on the activities of such entity or arrangement and the status of such owners. This summary does not address the tax consequences to any such entity or arrangement or owner. Owners of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax advisor regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of the securities.

This discussion addresses only holders who acquire common shares from selling shareholders pursuant a secondary offering and hold common shares as "capital assets" (generally, assets held for investment purposes)

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#### Passive Foreign Investment Company Rules
If we are considered a "passive foreign investment company" within the meaning of Section 1297 of the Code (a "**PFIC**") at any time during a U.S. Holder's holding period, the following sections will generally describe the potentially adverse U.S. federal income tax consequences to U.S. Holders of the acquisition, ownership, and disposition of our common shares.

In any year in which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621.

We generally will be a PFIC for any tax year in which (a) 75% or more of our gross income for such tax year is passive income (the "**PFIC income test**") or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "**PFIC asset test**"). "Gross income" generally includes sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation's commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other requirements are satisfied.

For purposes of the PFIC income test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset test described above, "passive income" does not include any interest, dividends, rents, or royalties that are received or accrued by us from a "related person" (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate share of any of our subsidiaries which is also a PFIC (a "**Subsidiary PFIC**"), and will generally be subject to U.S. federal income tax under the "*Default PFIC Rules Under Section 1291 of the Code*" discussed below on their proportionate share of any (i) distribution on the shares of a Subsidiary PFIC and (ii) disposition or deemed disposition of shares of a Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of the securities are made. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of the securities.

In particular, and without limiting the foregoing, no determination has been made as to whether the Company is for its most recent taxable year or for future taxable years. A separate determination must be made after the close of each taxable year as to whether we are a PFIC for that year, and as a result, our PFIC status may change from year to year. The total value of our assets for purposes of the asset test generally will be calculated using the market price of our common shares, which may fluctuate considerably. Fluctuations in the market price of the common shares may result in us being a PFIC for any taxable year. Because of the uncertainties involved in establishing our PFIC status, there can be no assurance regarding whether we currently are treated as a PFIC, or may be treated as a PFIC in the future. If we are classified as a PFIC in any year during which a U.S. Holder holds common shares, we generally will continue to be treated as a PFIC as to such U.S. Holder in all succeeding years, regardless of whether we continue to meet the PFIC income test or PFIC asset test discussed above.

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 *Default PFIC Rules Under Section 1291 of the Code* 

If we are a PFIC, the U.S. federal income tax consequences to a U.S. Holder of the acquisition, ownership, and disposition of the securities will depend on whether such U.S. Holder makes a "qualified electing fund" or "QEF" election (a "**QEF Election**") or makes a mark-to-market election under Section 1296 of the Code (a "**Mark-to-Market Election**") with respect to common shares. A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election (a "**Non-Electing U.S. Holder**") will be taxable as described below.

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code with respect to (a) any gain recognized on the sale or other taxable disposition of the securities and (b) any excess distribution received on the securities. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the securities, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of the securities of a PFIC (including an indirect disposition of shares of a Subsidiary PFIC), and any excess distribution received on such securities (or a distribution by a Subsidiary PFIC to its shareholder that is deemed to be received by a U.S. Holder) must be ratably allocated to each day in a Non-Electing U.S. Holder's holding period for the securities. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest," which is not deductible.

If we are a PFIC for any tax year during which a Non-Electing U.S. Holder holds the securities, it will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether it ceases to be a PFIC in one or more subsequent tax years. If we cease to be a PFIC, a Non-Electing U.S. Holder may terminate this deemed PFIC status with respect to the Unit Shares, and Warrant Shares by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code as discussed above) as if such securities were sold on the last day of the last tax year for which we were a PFIC. No such election, however, may be made with respect to the Warrants.

 *QEF Election* 

A U.S. Holder that makes a QEF Election for the first tax year in which its holding period of its Unit Shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its Unit Shares. However, a U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of (a) our net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and (b) our ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and "ordinary earnings" are the excess of (a) "earnings and profits" over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by us. However, for any tax year in which we are a PFIC and have no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest," which is not deductible.

A U.S. Holder that makes a timely QEF Election generally (a) may receive a tax-free distribution from us to the extent that such distribution represents "earnings and profits" that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder's tax basis in the Unit Shares or Pre-Funded Warrants to reflect the amount included in income or allowed as a tax-free distribution

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because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of Unit Shares.

The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated as "timely" for purposes of avoiding the default PFIC rules discussed above if such QEF Election is made for the first year in the U.S. Holder's holding period for the Unit Shares in which we were a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year.

A QEF Election will apply to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which we are not a PFIC. Accordingly, if we become a PFIC in another subsequent tax year, the QEF Election will be effective, and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify as a PFIC.

A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return. However, if we do not provide the required information with regard to us or any of our Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

 *Mark-to-Market Election* 

A U.S. Holder may make a Mark-to-Market Election with respect to common shares only if such shares are marketable stock. The common shares generally will be "marketable stock" if the common shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A of the Exchange Act or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange ensure active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be considered "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Provided that the common shares are "regularly traded" as described in the preceding sentence, such shares are expected to be marketable stock. There can be no assurance that the common shares will be "regularly traded" in subsequent calendar quarters. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.

A U.S. Holder that makes a Mark-to-Market Election with respect to its common shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such common shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the common shares and such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the common shares.

A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the common shares as of the close of such tax year over (b) such U.S. Holder's tax basis in such securities. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (i) such U.S. Holder's adjusted tax basis in the common shares, over (ii) the fair market value of such securities (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the common shares to reflect the amount included in gross income or allowed as a deduction because

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of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of such securities, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the securities cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the common shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.

 *Other PFIC Rules* 

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of securities that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which the securities are transferred.

If finalized in their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury Regulations.

Certain additional adverse rules will apply with respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses the common shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such common shares.

In addition, a U.S. Holder who acquires common shares from a decedent will not receive a "step up" in tax basis of such securities to fair market value.

Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with their own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules (including the applicability and advisability of a QEF Election and Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of the common shares.

#### Distributions on Common Shares
A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a common share will be required to include the amount of such distribution in gross income as a dividend (without

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reduction for any Canadian income tax withheld from such distribution) to the extent of our current and accumulated "earnings and profits", as computed under U.S. federal income tax principles. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year of such distribution or the preceding tax year. To the extent that a distribution exceeds our current and accumulated "earnings and profits," such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares (see "*Sale or Other Taxable Disposition of the Common Shares Shares*" below). However, we may not maintain the calculations of earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder may be required to assume that any distribution by us with respect to such securities will constitute ordinary dividend income. Dividends received on such common shares generally will not be eligible for the "dividends received deduction" generally applicable to corporations. Subject to applicable limitations and provided we are eligible for the benefits of the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended, or the common shares are readily tradable on a United States securities market, dividends paid by us to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that we not be classified as a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

 *Sale or Other Taxable Disposition of Common Shares* 

Upon the sale or other taxable disposition of the Unit Shares or Warrant Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between (a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder's tax basis in such securities sold or otherwise disposed of. Gain or loss recognized on such sale or other taxable disposition generally will be long-term capital gain or loss if, at the time of the sale or other taxable disposition, such securities have been held for more than one year. Preferential tax rates may apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

#### Additional Tax Considerations
 *Receipt of Foreign Currency* 

The amount of any distribution paid to a U.S. Holder in foreign currency or on the sale, exchange or other taxable disposition of the securities generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who receives payment in foreign currency and engages in a subsequent conversion or other disposition of the foreign currency may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

 *Foreign Tax Credit* 

Subject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid or accrued (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the

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application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.

#### Information Reporting; Backup Withholding Tax
Under U.S. federal income tax laws certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person. U. S. Holders may be subject to these reporting requirements unless the securities are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file IRS Form 8938.

Payments made within the U.S., or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of the securities generally may be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish its correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that it has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding tax rules. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.

 **THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.** 

#### ENFORCEMENT OF CIVIL LIABILITIES
Osisko is a corporation governed by the *Canada Business Corporation Act*, and a substantial portion of our assets are outside of the United States. Most of our directors and senior management and independent auditors are resident outside the United States, and all or a substantial portion of their respective assets may be located outside the United States. As a result, it may be difficult for U.S. investors to effect service of process within the United States upon these persons. It may also be difficult for U.S. investors to enforce within the United States judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. In addition, there is uncertainty as to whether the courts outside the United States would recognize or enforce judgments of U.S. courts obtained against us or our directors and officers predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. Therefore, it may be difficult to enforce U.S. judgments against us, our directors and officers and independent auditors.

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#### PART II

#### INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Section 1.01 Indemnification of Directors and Officers
Under the *Canada Business Corporations Act* (the "**CBCA**"), we may indemnify any director or officer of Osisko Development Corp. (the "**Company**"), a former director or officer of the Company or another individual who acts or acted at the Company's request as a director or officer (or an individual acting in a similar capacity) of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association with us or another entity. The CBCA also provides that we may pay the expenses (including legal fees, disbursements and charges) actually and reasonably incurred by a director or officer, a former director or officer, or another individual who acts or acted at the Company's request as a director or officer (or an individual acting in a similar capacity) of another entity for costs, charges and expenses reasonably incurred in connection with such a proceeding; provided that such individual is not entitled to indemnification (and shall be required to repay any moneys advanced by us) unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acted honestly and in good faith with a view to our best interests or, as the case may be, to the best interests of the other entity for which he or she acted as a director or officer or in a similar capacity at our request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that his or her conduct was lawful.

Our by-laws require us to indemnify to the fullest extent permitted by the CBCA each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including, without limitation, an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association with us or another entity.

Our by-laws authorize us to purchase and maintain insurance for the benefit of each of our current or former directors or officers and each person who acts or acted at our request as a director or officer (or an individual acting in a similar capacity) of another entity against the liabilities referred to above and in such amounts as our board of directors may from time to time determine, to the extent permitted by law.

Insofar as indemnification for liabilities arising under the U.S. Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the U.S. Securities Act of 1933, as amended, and is therefore unenforceable.

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#### EXHIBITS
The following exhibits have been filed as part of this Registration Statement.

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|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp; 3.1\* | [Articles of Incorporation of the Registrant, as presently in effect.](tm2524145d2_ex3-1.htm)  |
| &nbsp;&nbsp; 3.2 | [By-Law No. 1 of the Registrant, as presently in effect (incorporated by reference to Exhibit 3.2 to the Company's Form 8-A filed with the SEC on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1431852/000106299323020382/exhibit3-2.htm)  |
| &nbsp;&nbsp; 4.1 | [Specimen common share certificate of the Registrant (incorporated by reference to Exhibit 4.1 to the Company's Form 8-A filed with the SEC on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1431852/000106299323020382/exhibit4-1.htm)  |
| &nbsp;&nbsp; 4.2 | [Warrant Indenture between the Registrant and TSX Trust Company, dated August 15, 2025 (incorporated by reference to Exhibit 99.3 to the Company's Form 6-K filed with the SEC on August 29, 2025).](https://www.sec.gov/Archives/edgar/data/1431852/000110465925085647/tm2524668d1_ex99-3.htm)  |
| &nbsp;&nbsp; 5.1\* | [Opinion of Bennett Jones LLP](tm2524145d2_ex5-1.htm)  |
| 10.1\* | [Form of Subscription Agreement for Brokered Private Placement](tm2524145d2_ex10-1.htm)  |
| 10.2\* | [Form of Subscription Agreement for Non-Brokered Private Placement](tm2524145d2_ex10-2.htm)  |
| 23.1\* | [Consent of Bennett Jones LLP (contained in Exhibit 5.1).](tm2524145d2_ex5-1.htm)  |
| 23.2\* | [Consent of PricewaterhouseCoopers LLP](tm2524145d2_ex23-2.htm) |
| 23.3\* | [Consent of Mathieu Belisle, P. Eng.](tm2524145d2_ex23-3.htm)  |
| 23.4\* | [Consent of Amanda Fitch, P. Eng.](tm2524145d2_ex23-4.htm)  |
| 23.5\* | [Consent of Sebastien Guido, P. Eng.](tm2524145d2_ex23-5.htm)  |
| 23.6\* | [Consent of Philip Clark, P. Eng.](tm2524145d2_ex23-6.htm)  |
| 23.7\* | [Consent of Rob Griffith, P.Eng.](tm2524145d2_ex23-7.htm)  |
| 23.8\* | [Consent of Katherine Mueller, P.Eng.](tm2524145d2_ex23-8.htm)  |
| 23.9\* | [Consent of Nikolay Sidenko, P.Geo.](tm2524145d2_ex23-9.htm)  |
| 23.10\* | [Consent of Eric Lecomte, P.Eng.](tm2524145d2_ex23-10.htm)  |
| 23.11\* | [Consent of Carl Pelletier, P.Geo.](tm2524145d2_ex23-11.htm)  |
| 23.12\* | [Consent of Tessa Scott, P.Geo.](tm2524145d2_ex23-12.htm)  |
| 23.13\* | [Consent of A. J. MacDonald, P.Eng.](tm2524145d2_ex23-13.htm)  |
| 23.14\* | [Consent of Jean-François Maillé, P.Eng.](tm2524145d2_ex23-14.htm) |
| 23.15\* | [Consent of Yapo Allé-Ando, P.Eng.](tm2524145d2_ex23-15.htm) |
| 23.16\* | [Consent of Rachel Sawyer, P.Eng.](tm2524145d2_ex23-16.htm)  |
| 23.17\* | [Consent of Paul Gauthier, P.Eng.](tm2524145d2_ex23-17.htm)  |
| 24.1\* | [Power of Attorney (included on the signature pages hereto).](#tSIG)  |
| 99.1 | [Cariboo Technical Report, dated June 11, 2025, with an effective date of April 25, 2025 (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed with the SEC on June 12, 2025).](https://www.sec.gov/Archives/edgar/data/1431852/000110465925058745/tm2517549d1_ex99-1.htm)  |
| 107\*  | [Filing Fee Table.](tm2524145d2_ex-filingfees.htm)  |

---

\*

Filed herewith.

------

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#### UNDERTAKINGS
(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Rule 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

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[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Montreal, Country of Canada, on September 12, 2025.

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| | | |
|:---|:---|:---|
| **Osisko Development Corp.** | **Osisko Development Corp.** | **Osisko Development Corp.** |
| By: | /s/ Alexander Dann  | /s/ Alexander Dann  |
|  | Name: | Alexander Dann |
|  | Title: | Chief Financial Officer and Vice-President, Finance |

---

#### POWERS OF ATTORNEY
Each person whose signature appears below constitutes and appoints Sean Roosen and Alexander Dann, or either of them, his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments, and to sign any and all additional registration statements relating to the same offering of securities of the Registration Statement that are filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated, on September 12, 2025.

---

| | |
|:---|:---|
| /s/ Sean Roosen <br>Sean Roosen  | Chief Executive Officer and Chair <br> (Principal Executive Officer) |
| /s/ Alexander Dann <br>Alexander Dann  | Chief Financial Officer & VP Finance <br> (Principal Financial and Accounting Officer) |
| /s/ Charles E. Page <br>Charles E. Page  | Director |
| /s/ Michele McCarthy <br>Michele McCarthy  | Director |
| /s/ David Danziger <br>David Danziger  | Director |
| /s/ Duncan Middlemiss <br>Duncan Middlemiss  | Director |

---

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[**TABLE OF CONTENTS**](#TOC)

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| | |
|:---|:---|
| /s/ Stephen Quin <br>Stephen Quin  | Director |
| /s/ Susan Craig <br>Susan Craig  | Director |

---

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[**TABLE OF CONTENTS**](#TOC)

#### AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration Statement, in the capacity of the duly authorized representative of Osisko Development Corp. in the United States, on September 12, 2025.

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| | | |
|:---|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi  | /s/ Donald J. Puglisi  |
|  | Name: | Donald J. Puglisi |
|  | Title: | Managing Director |

---

------

## Exhibit 3.1

**Exhibit 3.1**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Amendment Canada Business Corporations Act Loi canadienne sur les sociétés par actions Certificat de modification Osisko Development Corp. Osisko Développement Corp. 1252807-0 Corporate name / Dénomination sociale Corporation number / Numéro de société Hantz Prosper Date of amendment (YYYY-MM-DD) Date de modification (AAAA-MM-JJ) Director / Directeur 2022-05-03 I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the Canada Business Corporations Act as set out in the attached articles of amendment. JE CERTIFIE que les statuts de la société susmentionnée sont modifiés aux termes de l'article 178 de la Loi canadienne sur les sociétés par actions, tel qu'il est indiqué dans les clauses modificatrices ci-jointes. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 4 Canada Business Corporations Act (CBCA) (s. 27 or 177) Formulaire 4 Loi canadienne sur les sociétés par actions (LCSA) (art. 27 ou 177) Articles of Amendment Clauses modificatrices Corporate name Dénomination sociale 1 Osisko Development Corp. Osisko Développement Corp. Corporation number Numéro de la société 2 1252807-0 The articles are amended as follows Les statuts sont modifiés de la façon suivante 3 See attached schedule / Voir l'annexe ci-jointe Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250 (1) of the CBCA). Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA). You are providing information required by the CBCA. Note that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049. Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049. Alexander Dann 416-464-4067 Alexander Dann Original signed by / Original signé par 4 Declaration: I certify that I am a director or an officer of the corporation. Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société. IC 3069 (2008/04) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule / Annexe Amendment Schedules / Annexes - Modification 1. The Articles of the Corporation are amended to consolidate the Corporation's issued and outstanding Common Shares on the basis of three (3) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Consolidation"); and 2. Any fractional shares resulting from the Consolidation shall be rounded down to the nearest whole number. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D: Other changes: (for example, to the classes of shares, to the restrictions on share transfers, to restrictions on the businesses of the corporation or to any other provisions that are permitted by the CBCA to be set out in the Articles) Please specify. 3 - The articles are amended as follows (note that more than one section can be filled out) A: The corporation changes its name to: C: The corporation changes the minimum and/or maximum number of directors to: (for a fixed number of directors, indicate the same number in both boxes). B: The corporation changes the province or territory in Canada where the registered office is situated to: To complete the change, a Form 3 - Change of Registered Office Address must accompany the Articles of Amendment. Minimum number Maximum number 4 - Declaration Note: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CBCA). I hereby certify that I am a director or an authorized officer of the corporation. Signature: Print name: Telephone number: 2 - Corporation number Canada Business Corporations Act (CBCA) FORM 4 ARTICLES OF AMENDMENT (Sections 27 or 177) ISED-ISDE 3069E (2016/11) Page 1 of 2 1 - Current corporate name - |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Continuance Canada Business Corporations Act Loi canadienne sur les sociétés par actions Certificat de prorogation Osisko Development Corp. Osisko Développement Corp. 1252807-0 Corporate name / Dénomination sociale Corporation number / Numéro de société Raymond Edwards Date of Continuance (YYYY-MM-DD) Date de prorogation (AAAA-MM-JJ) Director / Directeur 2020-11-27 JE CERTIFIE que la société susmentionnée, dont les clauses de prorogation sont jointes, est prorogée en vertu de l'article 187 de la Loi canadienne sur les sociétés par actions (LCSA). I HEREBY CERTIFY that the above-named corporation, the articles of continuance of which are attached, is continued under section 187 of the Canada Business Corporations Act (CBCA). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CBCA). Print name 7 b) - Details of incorporation 6 - Restrictions, if any, on the business the corporation may carry on 5 - Minimum and maximum number of directors (for a fixed number of directors, indicate the same number in both boxes) Minimum number Maximum number Canada Business Corporations Act (CBCA) FORM 11 ARTICLES OF CONTINUANCE (Section 187) 1 - Corporate name 2 - The province or territory in Canada where the registered office is situated (do not indicate the full address) 3 - The classes and any maximum number of shares that the corporation is authorized to issue 4 - Restrictions, if any, on share transfers 8 - Other provisions, if any ISED-ISDE 3247E (2016/11) 7 a) - If change of name effected, previous name Page 1 of 2 9 - Declaration I hereby certify that I am a director or an authorized officer of the corporation continuing into the CBCA. Signature June 13, 2006 under the Business Corporations Act (British Columbia) None 1 10 OSISKO DEVELOPMENT CORP. / OSISKO DÉVELOPPEMENT CORP. Quebec The Corporation is authorized to issue an unlimited number of Common Shares None See attached Schedule A Not Applicable Sean Roosen |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524145d1_ex3-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A 8. Other provisions, if any The directors may, between annual meetings of shareholders, appoint one or more additional directors of the Corporation to serve until the next annual meeting of shareholders, but the number of additional directors shall not at any time exceed one-third of the number of directors who held office at the expiration of the last meeting of the shareholders of the Corporation. |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2524145d2_ex5-1img001.jpg) | ![](tm2524145d2_ex5-1img002.jpg) |

---

September 12, 2025

Osisko Development Corp.

1100 av des Canadiens-de-Montreal, Suite 300

Montreal, QC H3B 2S2

---

| | |
|:---|:---|
| **Re:** | **Osisko Development Corp. – Registration of Unit Shares and Warrant Shares** |

---

We have acted as Ontario legal counsel to Osisko Development Corp., a corporation existing under the *Canada Business Corporations Act* (the "**Corporation**"), in connection with (i) a private placement offering, comprised of (A) a "bought deal" brokered private placement of 58,560,000 units of the Corporation (each, a "**Unit**") at the price of US$2.05 per Unit for aggregate gross proceeds of approximately US$120,048,000.00 (the "**Brokered Offering**"), and (B) a non-brokered private placement of 40,505,330 Units at the price of US$2.05 per Unit for aggregate gross proceeds of approximately US$83,035,926.50 (the "**Non-Brokered Offering**" and, together with the Brokered Offering, the "**Offering**"), and (ii) the filing of a registration statement on Form F-3 (the "**Registration Statement**") dated September 11, 2025, filed with the U.S. Securities and Exchange Commission under the *United States Securities Act of 1933,* as amended (the "**Securities Act**").

Each Unit was comprised of one common share of the Corporation (each, a "**Common Share**" and each Common Share comprising a Unit being a "**Unit Share**") and one-half of one Common Share purchase warrant of the Corporation (each whole warrant, a "**Warrant**").

The Warrants are subject to the terms and conditions of a warrant indenture dated August 15, 2025 between the Corporation and TSX Trust Company, as warrant agent (the "**Warrant Indenture**"). Each Warrant entitles the holder thereof to purchase one Common Share (each, a "**Warrant Share**") at a price of US$2.56 per Warrant Share on or prior to August 15, 2027, subject to acceleration in certain circumstances as more particularly described in the Warrant Indenture.

The Brokered Offering was completed pursuant to the terms of an underwriting agreement dated August 15, 2025 among the Corporation, BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Cantor Fitzgerald Canada Corporation and Ventum Financial Corp. (the "**Underwriting Agreement**"). Each subscriber of Units has executed a subscription agreement with the Corporation effective August 15, 2025 (collectively, the "**Subscription Agreements**")

In connection with the filing of the Registration Statement, the Corporation proposes to register up to 104,751,318 Common Shares for resale in the United States (each, a "**Registered Share**") by the selling shareholders named in the Registration Statement (each, a "**Selling Shareholder**"), with such Registered Shares being comprised of up to 69,834,212 Unit Shares (the "**Registered Unit Shares**") and 34,917,106 Warrant Shares (the "**Registered Warrant Shares**").

We have examined originals or copies, certified or otherwise to our satisfaction, of such documents and considered such questions of law as we considered necessary as a basis for our opinion, including the Registration Statement, Warrant Indenture, the Underwriting Agreement and the Subscription Agreements entered into with each Selling Shareholder (collectively, the "**Transaction Documents**"), the constating documents of the Corporation and certain resolutions of the board of directors of the Corporation approving, among other things: (i) the filing of the Registration Statement; (ii) the execution and delivery of, and performance of the Corporation's obligations under, each of the Transaction Documents; and (iii) the issuance of the Units, the Unit Shares, the Warrants and the Warrant Shares issuable pursuant to the exercise of the Warrants.

In all such examinations, we have assumed (i) the genuineness of all signatures, the legal capacity of all individuals signing any documents, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as copies, whether photostatic, electronic, DocuSign (or similar), certified or otherwise, (ii) each of the parties to the Transaction Documents other than the Company has all requisite power and authority to enter into, execute and deliver the Transaction Documents and to perform its obligations thereunder and that the Transaction Documents have been authorized, executed and delivered by each of such parties and are legal, valid and binding obligations of each of them enforceable against each such parties in accordance with their respective terms, (iii) the truthfulness of all facts set forth in the public records and in certificates of public officials and (iv) the constating documents and minute books of the Company reflect all corporate proceedings of the Company, are accurate and up-to-date, and correctly reflect the directors and officers of the Company. As to facts relevant to the opinions expressed herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of, certificates, letters and oral and written statements and representations of public officials and officers and other representatives of the Corporation. Where our opinion below refers to the Registered Shares as being "fully-paid and non-assessable", such opinion assumes that all required consideration (in whatever form) has been or will be paid or provided. No opinion is expressed as to the adequacy of any consideration received.

Our opinion herein is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein now in effect. We express no opinion as to whether the laws of any particular jurisdiction other than those identified above are applicable to the subject matter hereof.

Based on and subject to the foregoing assumptions and qualifications, we are of the opinion that (i) the Registered Unit Shares issued on August 15, 2025, have been duly and validly issued as fully-paid and non-assessable common shares of the Corporation, and (ii) the Registered Warrant Shares issuable upon the exercise of the Warrants have been duly authorized, allotted and reserved for issuance, and, upon the exercise of the Warrants in accordance with the terms of the Warrant Indenture, including receipt by the Corporation of the required exercise price therefor, the Registered Warrant Shares, if any, will be validly issued as fully-paid and non-assessable common shares of the Corporation.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of firm's our name in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under the Securities Act or the rules and regulations promulgated thereunder. The opinions expressed herein are given as at the date hereof and are based upon, and subject to, legislation and regulations in effect as of the date hereof. We specifically disclaim any obligation, and make no undertaking to supplement our opinions herein, as changes in the law occur and facts come to our attention that could affect such opinions, or otherwise advise any person of any change in law or fact which may come to our attention after the date hereof.

---

| |
|:---|
| Yours truly, |
| **/s/ Bennett Jones LLP** |
| **BENNETT JONES LLP** |

---

![](tm2524145d2_ex5-1img003.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**<u>CANADA, USA (QIB), OFFSHORE</u>**

**THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD TO OR FOR THE ACCOUNT OR BENEFIT OF PERSONS IN THE UNITED STATES OR U.S. PERSONS UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.**

 **OSISKO DEVELOPMENT CORP.**

**SUBSCRIPTION AGREEMENT<br> (UNITS)**

**THE UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED BY CANADIAN RESIDENTS, U.S. RESIDENTS AND OFF-SHORE RESIDENTS, IN EACH CASE PURSUANT TO AVAILABLE EXEMPTIONS UNDER APPLICABLE SECURITIES LAWS.**

**<u>INSTRUCTIONS</u>**

**All Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete and sign the execution pages of this Subscription Agreement (pages (ii) to (v)),
including the registration and delivery instructions and, if applicable, Schedule "E" (*Form 4C – Corporate Placee Registration Form*) to this Subscription Agreement.

**Canadian Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;2. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a province of Canada, complete and sign Schedule "B" *(Subscriber Certificate)* to this Subscription Agreement and, if applicable, Appendix A to Schedule "B" thereto.

**United States Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;3. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person, complete and sign Schedule "C" *(Qualified Institutional Buyer Certificate)* to
this Subscription Agreement and Schedule "H" (*Selling Shareholder Questionnaire*).

**Off-Shore Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;4. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a jurisdiction other than a jurisdiction in Canada or the United States, complete
and sign Schedule "D" *(Foreign Subscriber Purchaser's Certificate)* to this Subscription Agreement.

&nbsp;&nbsp; <br> **DELIVERY INSTRUCTIONS**<br>Return a completed and executed copy of this Subscription Agreement, along with the other documents required to be delivered with this Subscription Agreement, by no later than 4:30 p.m. (Toronto time) on August 8, 2025, by email to *[Redact – Personal Information].*<br>

**<u>EXECUTION PAGES</u>**

**SUBSCRIPTION AGREEMENT**

**(UNITS)**

**TO: OSISKO DEVELOPMENT CORP.**

**AND TO: BMO NESBITT BURNS INC., RBC DOMINION SECURITIES INC., CANTOR FITZGERALD CANADA CORPORATION, NATIONAL BANK FINANCIAL INC., AND VENTUM FINANCIAL CORP.**

The undersigned (the "**Subscriber**") hereby subscribes for and agrees to purchase from Osisko Development Corp. (the "**Corporation**") the number of units of the Corporation ("**Units**") at a price of US$2.05 per Unit, as indicated on the next page (being the Purchased Securities (as defined herein)). Each Unit will be comprised of one common share of the Corporation (each, a "**Unit Share**") and one-half of one common share purchase warrant of the Corporation (each whole warrant, a "**Unit Warrant**"), with each Unit Warrant entitling the holder thereof to purchase one common share of the Corporation (each, a "**Unit Warrant Share**") at a price of US$2.56 per Unit Warrant Share (the "**Exercise Price**") for a period of 24 months from the Closing Date (as defined herein) (subject to the exercise of the Acceleration Right (as defined herein)). At any time following the 15-month anniversary of the Closing Date and prior to the expiry date of the Unit Warrants, if the closing price of the Common Shares (as defined herein) on the Exchanges (as defined herein) exceeds the Exercise Price for 20 or more consecutive trading days, the Corporation may, within 10 days following such occurrence, accelerate the expiry date of the Unit Warrants by providing notice of such acceleration to the holders of Unit Warrants, following which the Unit Warrants will expire on the date that is 30 calendar days after the giving of such notice (the "**Acceleration Right**"). The Subscriber agrees to be bound by the terms and conditions set forth in the document entitled *"Terms and Conditions of Subscription"* attached hereto and forming part of this Subscription Agreement (as defined herein) and the Subscriber further agrees, without limitation, that the Corporation and the Underwriters (as defined herein) may rely upon the Subscriber's representations, warranties and covenants contained in this Subscription Agreement and the applicable Schedules attached hereto.

**Except as required or specifically requested it is anticipated that the Purchased Securities will be settled electronically with CDS (as defined herein) through the book-based system administered by CDS on the Closing Date (as defined herein). In such case, no Subscriber will be entitled to receive definitive certificates or other instruments from the Corporation or CDS representing their interest in the securities purchased hereunder. Other than as stated above, the Subscriber will receive only a customer confirmation from the registered dealer who is a CDS participant and from or through whom the securities hereunder are purchased against payment of the Aggregate Subscription Price (as defined herein).**

(ii) ---

| | |
|:---|:---|
| <u>Subscriber Information and Signature</u>: | <u>Subscriber Information and Signature</u>: |
| (Name of Subscriber) | (Name of Subscriber) |
| Account Reference (If applicable): | Account Reference (If applicable): |
| By: |  |
|  | Authorized Signature |
| (Official Capacity or Title – if the Subscriber is not an individual) | (Official Capacity or Title – if the Subscriber is not an individual) |
| (Name of individual whose signature appears above if different than the name of the Subscriber printed above) | (Name of individual whose signature appears above if different than the name of the Subscriber printed above) |
| <u>Subscriber Address and Contact Information</u>: | <u>Subscriber Address and Contact Information</u>: |
| (Residential Address of Subscriber) | (Residential Address of Subscriber) |
| (City/Municipality, Province/State and Postal/ZIP Code of Subscriber) | (City/Municipality, Province/State and Postal/ZIP Code of Subscriber) |
| (Telephone Number and Email Address of Subscriber) | (Telephone Number and Email Address of Subscriber) |

---

---

| | |
|:---|:---|
| Number of Units: |  |
| Subscription Price: | US$2.05 |
| Aggregate Subscription Price (US$2.05 x Number of Units) | Aggregate Subscription Price (US$2.05 x Number of Units) |

---

---

| |
|:---|
| **If the Subscriber is signing as agent or trustee for a principal (a** "**Disclosed Principal**"**) and is not purchasing as trustee or agent for accounts fully managed by it, so as to be deemed to be purchasing as principal pursuant to NI 45-106 (as defined herein), complete the following:** |
| (Name of Disclosed Principal) |
| <u>Disclosed Principal's Address and Contact Information:</u> |
| (Residential Address of Disclosed Principal) |
| (City/Municipality, Province/State and Postal/Zip Code of Disclosed Principal) |
| (Telephone Number and Email Address of Disclosed Principal) |
| (Account Reference, if applicable) |

---

It is anticipated that the Purchased Securities will be settled electronically with CDS through the book-based system administered by CDS on the Closing Date. If physical settlement is required or being specifically requested by the Subscriber, the Subscriber hereby provides the following registration and delivery instructions in connection with the settlement of the Unit Shares and Unit Warrants being purchased hereunder.

---

| |
|:---|
| **Account Registration Information**: The interest in the book-entry position or the certificates representing the Unit Shares and Unit Warrants, as applicable, should be registered as follows: |
| (Name) |
| (Account Reference, if applicable) |
| (Address, including Postal Code) |

---

---

| |
|:---|
| **Delivery Instructions**: Please deliver the certificates or the ownership statement with respect to the interest in a book-entry position or the certificate representing the Unit Shares and Unit Warrants, as applicable, to: |
| (Name) |
| (Account Reference, if applicable) |
| (Address) |
| (Contact Name) |
| (Telephone Number) |

---

(iii) **Information to be Completed by each Subscriber:**

**A.** **Registration Form** 

The Subscriber, <u>if not an individual and</u> (i) is a member of the <u>"Pro Group"</u> (as described below), or (ii) is (or will be after completion of the Offering) an <u>"Insider"</u> (as described below), or (iii) <u>will be a holder of more than 5% of the listed shares after completion of the Offering</u>, either **[check appropriate box]**:

---

| | |
|:---|:---|
| ◻ | has previously filed with the TSX Venture Exchange (the "**TSXV**") a Form 4C – *Corporate Placee Registration Form*, represents and warrants that there has been no change to any of the information in the Corporate Placee Registration Form previously filed with the TSXV up to the date hereof; or |

---

◻ hereby delivers a completed Form 4C – *Corporate Placee Registration Form*, in the form attached as Schedule "E" to the Corporation for filing with the TSXV.

**B.** **Present Ownership of Securities** 

The Subscriber either **[check appropriate box]**:

◻ does not own directly or indirectly, or exercise control or direction over, any common shares of the Corporation or securities convertible into common shares of the Corporation; or

---

| | |
|:---|:---|
| ◻ | owns directly or indirectly, or exercises control or direction over, ______________ outstanding common shares of the Corporation and convertible securities entitling the Subscriber to acquire additional common shares of the Corporation which, if converted, in the aggregate would represent ______________ common shares of the Corporation. |

---

**C.** **Insider Status** 

The Subscriber either **[check appropriate box]**:

◻ is an "Insider" of the Corporation as defined in the policies of the TSXV as follows:

(a) a director or senior officer of the Corporation;

(b) a director or senior officer of a corporation that is itself an Insider or subsidiary of the Corporation;

(c) a person that beneficially owns or controls, directly or indirectly, voting shares of the Corporation carrying more than 10% of the voting rights attached to all the Corporation's outstanding voting shares; or

(d) the Corporation itself if it holds any of its own securities; or

◻ is not an Insider of the Corporation.

(iv) **D.** **Member of "Pro Group"** 

The Subscriber either **[check appropriate box]**:

◻ is a member of the "Pro Group" as defined in the policies of the TSXV, as follows:

1. subject to subparagraphs (2), (3) and (4), either individually or as a group:

(a) the member (i.e. a member of the TSXV under the requirements of the TSXV);

(b) employees of the member;

(c) partners, officers or directors of the member;

(d) affiliates of the member; or

(e) associates of any parties referred to in subparagraphs (a) through (d);

2. the TSXV may, in its discretion, include a person or party in the Pro Group for the purposes of a particular calculation where the TSXV determines that the person is not acting at arm's length with the member;

3. the TSXV may, in its discretion, exclude a person from the Pro Group for the purposes of a particular calculation where the TSXV determines that the person is acting at arm's length with the member;

4. the member may deem a person who would otherwise be included in the Pro Group pursuant to subparagraph (1) to be excluded from the Pro Group where the member determines that:

 (a) the person is an affiliate or associate of the member acting at arm's length of the member;

 (b) the associate or affiliate has a separate corporate and reporting structure;

 (c) there are sufficient controls on information flowing between the member and the associate or affiliate; and

 (d) the member maintains a list of such excluded persons; or

¨ is not a member of the Pro Group.

**E.** **Insider Status (*Securities Act* (Ontario))** 

The Subscriber either **[check appropriate box]**:

---

| | |
|:---|:---|
| ¨ | is an "Insider" of the Corporation, defined as (a) a director or an officer of the Corporation; (b) a director or an officer of a person that is itself an insider or a subsidiary of the Corporation; or (c) a person that has (i) beneficial ownership of, or control or direction over, directly or indirectly, or (ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of the Corporation carrying more than 10% of the voting rights attached to all outstanding voting securities; or |

---

¨ is not an Insider of the Corporation.

**F.** **Registrant Status (*Securities Act* (Ontario))** 

The Subscriber either **[check appropriate box]**:

 <br> ¨ is a "Registrant", defined as a person registered or required to be registered under the *Securities Act* (Ontario), including a dealer, adviser or investment fund manager; or

¨ is not a Registrant.

(v) **<u>TERMS AND CONDITIONS OF SUBSCRIPTION</u>**

**SUBSCRIPTION AGREEMENT**

**TO:** **Subscriber of Units of Osisko Development Corp.**

**<u>Re:</u>** **<u>Sale of Units</u>**

Dear Sirs/Mesdames:

This Subscription Agreement is to confirm your agreement to purchase from Osisko Development Corp. (the "**Corporation**"), subject to the terms and conditions set forth herein, that number of units of the Corporation ("**Units**"), as indicated on the execution page (the "**Purchased Securities**"), at a price of US$2.05 per Unit (the "**Issue Price**").

Each Unit will be comprised of one common share of the Corporation (each, a "**Unit Share**") and one-half of one common share purchase warrant of the Corporation (each whole warrant, a "**Unit Warrant**"), with each Unit Warrant entitling the holder thereof to purchase one common share of the Corporation (each, a "**Unit Warrant Share**") at a price of US$2.56 per Unit Warrant Share (the "**Exercise Price**") for a period of 24 months from the Closing Date (subject to the exercise of the Acceleration Right (as defined herein)). At any time following the 15-month anniversary of the Closing Date and prior to the expiry date of the Unit Warrants, if the closing price of the Common Shares (as defined herein) on the Exchanges (as defined herein) exceeds the Exercise Price for 20 or more consecutive trading days, the Corporation may, within 10 days following such occurrence, accelerate the expiry date of the Unit Warrants by providing notice of such acceleration to the holders of Unit Warrants, following which the Unit Warrants will expire on the date that is 30 calendar days after the giving of such notice (the "**Acceleration Right**").

The Purchased Securities form a part of a larger sale by the Corporation on a "bought deal" private placement basis of 58,560,000 Units at the Issue Price for aggregate gross proceeds to the Corporation of US$120,048,000 (the "**Offering**"). In connection with the Offering, the Corporation has granted the Underwriters (as defined herein) an option, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date, to purchase up to an additional 2,440,000 Units at the Issue Price for additional gross proceeds to the Corporation of up to US$5,002,000 (the "**Underwriters' Option**"). The total size of the Offering, assuming the Underwriters' Option is exercised in full, will not exceed US$125,050,000. In addition, the Subscriber acknowledges and agrees that concurrently with the Offering, the Corporation intends to issue and sell 36,600,000 Units, at the Issue Price for aggregate gross proceeds to the Corporation of US$75,030,000, to a strategic investor on a non-brokered private placement basis (the "**Non-Brokered Private Placement**").

The number of Unit Warrant Shares issuable upon exercise of the Unit Warrants, will be subject to adjustments in certain circumstances, as specified in, and in accordance with the terms of, the Warrant Indenture (as defined herein).

On the Closing Date, the Underwriters will deliver the aggregate gross proceeds from the sale of the Units to the Corporation, net of the Commission (as defined herein) payable to the Underwriters in connection with the sale of the Units and certain costs of the Underwriters in connection with the Offering including the reasonable fees, costs and expenses of the Underwriters and their counsel relating thereto, as further described in the Underwriting Agreement.

The terms and size of the Offering are subject to change without notice to the Subscriber and the Corporation reserves the right to close the Offering in multiple tranches, such that one or more closings may occur after the initial closing. A term sheet with respect to the Offering is attached hereto as Schedule "A", and is incorporated by reference in this Subscription Agreement.

The description of the Unit Warrants herein is a summary only and is subject to the detailed provisions of the Warrant Indenture pursuant to which the Unit Warrants will be issued. In the event of any inconsistency between the provisions hereof and the provisions of the Warrant Indenture, the provisions of the Warrant Indenture shall prevail and take precedence.

The Subscriber, by its execution of this Subscription Agreement, agrees to be bound by the terms and conditions of the Warrant Indenture as if it was an original party thereto.

**1.** **<u>Definitions</u>**

In this Subscription Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**$**" or "**C$**" means lawful money of Canada denominated in Canadian dollars,
unless otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Acceleration Right**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Aggregate Subscription Price**" means the amount equal to the number of Purchased Securities
multiplied by the Issue Price, as indicated on page (iii) of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Business Day**" means a day other than a Saturday, Sunday or any other day on which the
principal chartered banks located in Montréal, Québec and Toronto, Ontario are not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**CDS**" means CDS Clearing and Depository Services Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Closing**" means the closing of the Offering on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Closing Date**" means August 15, 2025, or such other date (or dates) as the Corporation
and the Underwriters may determine, each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Co-Lead Underwriters**" means, together, BMO Nesbitt Burns Inc., RBC Dominion Securities
Inc., and Cantor Fitzgerald Canada Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Commission**" means a cash fee equal to 4.5% of the aggregate gross proceeds of the Offering,
including, for greater certainty, any gross proceeds raised from the sale of additional Units pursuant to the exercise of the Underwriters'
Option, payable to the Underwriters on Closing, in accordance with the terms of the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Common Shares**" means the common shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Control Person**" has the meaning ascribed to such term in subsection 1(1) of the *Securities Act* (Ontario);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Corporation**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Disclosed Principal**" has the meaning ascribed thereto on the face page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Distribution Compliance Record**" has the meaning ascribed thereto in Section 7(h)(vii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Distributor**" means any underwriter, dealer, or other person who participates, pursuant
to a contractual arrangement, in the distribution of the Units offered or sold in reliance on Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Effectiveness Period**" has the meaning ascribed thereto in Section 11(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Exchanges**" means, together, the TSX Venture Exchange and the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Exercise Price**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Expiry Date**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Information Record**" means all information filed by the Corporation on SEDAR+ (<u>http:///www.sedarplus.ca</u>)
 prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**International Jurisdiction**" has the meaning ascribed thereto in Section 8.F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Issue Price**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**MNPI**" means material non-public information within the meaning of Regulation FD promulgated
under the U.S. Exchange Act, which shall, in any case, include the receipt of the notice pursuant to Section 11(e) and the information
contained in such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Non-Brokered Private Placement**" has the meaning ascribed
thereto on the first page of this Subscription Agreement ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* of
the Canadian Securities Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Offering**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Offering Jurisdictions**" means, collectively, each of the provinces of Canada, the United
States and such other jurisdictions outside of Canada and the United States, as may be agreed to by the Corporation, where the Units are
offered to prospective purchasers or the Subscribers reside, as the context permits or requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**PCMLTFA**" has the meaning ascribed thereto in Section 8.K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Person**" means an individual, a firm, a corporation, a syndicate, a partnership, a trust,
an association, an unincorporated organization, a joint venture, an investment club, a government or an agency or political subdivision
thereof and every other form of legal or business entity of whatsoever nature or kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Purchased Securities**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Qualified Institutional Buyer**" means a "qualified institutional buyer" within
the meaning of Rule 144A under the U.S. Securities Act, that is also an "accredited investor" as defined in Rule 501(a) of
Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Registrable Securities**" means the Unit Shares and
Unit Warrant Shares purchased by U.S. Subscribers in the Offering where such U.S. Subscribers have fully completed, executed and returned
the Selling Shareholder Questionnaire attached hereto as Schedule "H";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Registration Statement**" has the meaning ascribed thereto in Section 11(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Securities Laws**" means the securities legislation and regulations of, and the instruments,
policies, rules, orders, codes, notices and interpretation notes of the applicable securities regulatory authority or applicable securities
regulatory authorities (including rules of stock exchanges) of, the applicable jurisdiction or jurisdictions collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Subscriber**" means the Person purchasing the Purchased Securities and whose name appears
on the execution page hereof and who has signed this Subscription Agreement or, if the Person whose name appears on the execution
page hereof has signed this Subscription Agreement as an agent for, or on behalf of, a beneficial purchaser and is not a trust company,
trust corporation or portfolio manager deemed to be purchasing the Purchased Securities as principal under NI 45-106, the Person who is
the beneficial purchaser of the Purchased Securities, being the Disclosed Principal as disclosed on the execution page hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Subscription Agreement**" means this subscription agreement, including all schedules and
appendices attached hereto, as the same may be amended, supplemented or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**TSXV**" means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Underlying Securities**" means the Unit Shares, the Unit Warrants and the Unit Warrant
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Underwriters**" means, collectively, the Co-Lead Underwriters, National Bank Financial
Inc., and Ventum Financial Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Underwriters' Option**" has the meaning ascribed thereto on the first page of the
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Underwriting Agreement**" means the underwriting agreement to be dated on or about the
Closing Date to be entered into among the Corporation and the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Unit Shares**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Unit Warrants**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Unit Warrant Shares**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**United States**" means the United States of America, its territories and possessions,
any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Units**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**US$**" means lawful money of the United States denominated in United States dollars, unless
otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**U.S. Affiliate**" means a U.S. registered broker-dealer affiliated with or appointed by
an Underwriter in connection with offers and sales of Units under the Offering to, or for the account or benefit of, persons in the United
States and U.S. Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**U.S. Person**" means a "U.S. person" as such term is defined in Regulation S
under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**U.S. Securities Act**" means the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**U.S. Subscriber**" means a Subscriber who is (i) in the United States, (ii) a
U.S. Person, (iii) subscribing on behalf of, or for the account or benefit of, a person in the United States or a U.S. Person, (iv) received
an offer to acquire the Units in the United States, or (v) executed this Subscription Agreement or otherwise placed its order to
purchase the Units in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Warrant Indenture**" means the warrant indenture governing the Unit Warrants.

For greater certainty, the parties hereby acknowledge and agree that, if the Subscriber is acting as agent or trustee on behalf of a Disclosed Principal, the words "Subscriber", "you", "it" and "its", whenever used in relation to representations, warranties, acknowledgements, covenants or indemnities mean the Subscriber and, unless the context otherwise requires, the Disclosed Principal.

**2.** **<u>The Offering</u>**

The Purchased Securities form part of the larger Offering of 58,560,000 Units at the Issue Price, plus up to an additional 2,440,000 Units at the Issue Price pursuant to the exercise of the Underwriters' Option, which are being offered and sold on a "bought deal" private placement basis, pursuant to the Underwriting Agreement, to Persons resident in each of the provinces of Canada, in the United States and in certain other jurisdictions outside Canada and the United States, in each case pursuant to available exemptions from any prospectus, registration or similar requirement of applicable Securities Laws.

**3.** **<u>Subscription</u>**

The Subscriber hereby confirms its irrevocable subscription for the Purchased Securities from the Corporation, on and subject to the terms and conditions set out in this Subscription Agreement, for the Aggregate Subscription Price which is payable as described herein. The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each Disclosed Principal) that upon acceptance by the Corporation of this Subscription Agreement, this Subscription Agreement will constitute a binding obligation of the Subscriber (including, if applicable, each Disclosed Principal) subject to the terms and conditions contained herein.

**4.** **<u>Delivery, Payment and Conditions of Purchase</u>**

In connection with the purchase of the Purchased Securities by the Subscriber, the following documents are attached hereto, which you are requested and you agree to complete and sign as indicated and return, together with an executed copy of this Subscription Agreement, as soon as possible and, in any event, no later than **<u>4:30</u>**  **<u>p.m. (Toronto time) on August 8, 2025</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an executed copy of the Subscription Agreement, including the execution pages of the Subscription
Agreement (pages (ii) to (v)), the Registration and Delivery Instructions and, if applicable, Schedule "E" (*Form 4C – Corporate Placee Registration Form*) to the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a province of Canada, a completed and signed Schedule "B" (*Subscriber Certificate*) attached to the Subscription Agreement, and if applicable, the appendix thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if you are, or, if applicable, the beneficial purchaser for whom you are
contracting hereunder is, in the United States or a U.S. Person, complete and sign Schedule "C" (*Qualified Institutional Buyer Certificate*) and Schedule "H" (*Selling Shareholder Questionnaire*) to the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a jurisdiction other than a jurisdiction in Canada or the United States, complete
and sign Schedule "D" (*Foreign Subscriber Purchaser's Certificate*) attached to this Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other documents required by applicable Securities Laws or rules of the Exchanges, which the Corporation
may request.

If this Subscription Agreement is rejected in whole or in part, the Subscriber acknowledges that the unused portion of the Aggregate Subscription Price for the Purchased Securities will be promptly returned to such Subscriber without interest, deduction or penalty.

The obligation of the Corporation to sell the Purchased Securities to the Subscriber is subject to, among other things, the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) you execute and return all documents required by the Securities Laws of the applicable Offering Jurisdictions
for delivery on your behalf, including the forms and accompanying appendices set out in Schedule "B", Schedule "C",
Schedule "D", Schedule "E" and Schedule "H" attached hereto, as applicable, to the Corporation
as the sale of the Purchased Securities by the Corporation to the Subscriber will not be qualified by a prospectus or registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment for the Aggregate Subscription Price of the Purchased Securities is received by the Underwriters
in accordance with the provisions set out in this Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the representations and warranties made herein by you and, if applicable, any beneficial purchaser for
whom you are contracting hereunder (including representations and warranties made in any Schedule attached hereto, including any appendix
attached thereto, as applicable), are true and correct when made and are true and correct on the Closing Date with the same force and
effect as if they had been made on and as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all covenants, agreements and conditions contained in this Subscription Agreement to be performed by you
and, if applicable, any beneficial purchaser for whom you are contracting hereunder, on or prior to the Closing Date shall have been performed
or complied with in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all necessary regulatory approvals and consents, including acceptance by the Exchanges, in order to sell
the Purchased Securities, are obtained prior to the Closing Date.

The obligation of the Subscriber to purchase the Purchased Securities is subject to, among other things, the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties contained in this Subscription Agreement made by the Corporation are
true and correct when made and shall be true and correct on the Closing Date with the same force and effect as if they had been made on
and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all covenants, agreements and conditions contained in this Subscription Agreement to be performed by the
Corporation on or prior to the Closing Date shall have been performed or complied with in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the closing conditions contained in the Underwriting Agreement having been satisfied or waived by the
relevant party.

By returning this Subscription Agreement you consent, and, if applicable, any beneficial purchaser for whom you are contracting hereunder consents, to the filing by the Corporation of all documents and personal information concerning the Subscriber provided in this Subscription Agreement required by the Securities Laws of the Offering Jurisdictions and the rules and policies of any stock exchange, as further detailed in Schedule "F" hereto.

If you are not subscribing for the Purchased Securities as principal for your own account and you are not a trust company, trust corporation or portfolio manager deemed to be purchasing as principal under NI 45-106, each beneficial purchaser for whom you are contracting hereunder must be purchasing the Purchased Securities as principal and, unless you are an authorized agent with the power to sign on behalf of the beneficial purchaser and such beneficial purchaser is disclosed on the execution page hereof, you must execute all documents required by the Securities Laws of the applicable Offering Jurisdictions and the rules and policies of any stock exchange with respect to the Purchased Securities being acquired by each such beneficial purchaser as principal. If you are signing this Subscription Agreement as agent or pursuant to a power of attorney for the Subscriber, you represent and warrant that you have authority to bind the Subscriber.

You agree, and you agree to cause any beneficial purchaser for whom you are contracting hereunder, to comply with all Securities Laws of the applicable Offering Jurisdictions and with the policies of any stock exchange concerning the purchase of, the holding of, and the resale restrictions applicable to, the Purchased Securities.

You acknowledge, and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that the Corporation has the right to close the subscription books at any time without notice and to accept or reject any subscription in its sole discretion.

**5.** **<u>The Closing</u>**

Delivery and payment for the Purchased Securities will be completed at Closing on the Closing Date via electronic exchange and/or at the offices of Bennett Jones LLP, 3400 One First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1A4 beginning at 8:00 a.m. (Toronto time), or at such other time and location as the Corporation and the Underwriters may agree, acting reasonably.

On the Closing Date, the Underwriters will deliver the aggregate gross proceeds from the sale of the Units to the Corporation, net of the Commission payable to the Underwriters in connection with the Offering and the reasonable fees, costs and expenses of the Underwriters and their counsel relating thereto, in accordance with the terms of the Underwriting Agreement.

Except as required or specifically requested, the Subscriber acknowledges that it is anticipated the Purchased Securities will be deposited electronically with CDS through the book-based system administered by CDS on the Closing Date. In such case, no Subscriber will be entitled to receive definitive certificates or other instruments from the Corporation or CDS representing their interest in the Purchased Securities. Other than as stated above, the Subscriber will only receive a customer confirmation from the registered dealer who is a CDS participant and from or through whom the securities hereunder are purchased against payment of the Aggregate Subscription Price.

**6.** **<u>Authorization of the Underwriters</u>**

The Subscriber irrevocably authorizes the Underwriters, or any one of them, in their discretion, to act as the Subscriber's representative at the Closing, and hereby appoints the Underwriters, or any one of them, with full power of substitution, as its true and lawful attorney with full power and authority in the Subscriber's place and stead:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to authorize the electronic deposit of the Purchased Securities with CDS or to receive certificates representing
the Purchased Securities, to execute in the Subscriber's name and on its behalf all closing receipts and required documents, to complete
and correct any errors or omissions in any form or document provided by the Subscriber, including this Subscription Agreement and the
Schedules hereto, in connection with the subscription for the Purchased Securities and to exercise any rights of termination contained
in the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to extend such time periods, and to waive, in whole or in part, any representations, warranties, covenants
or conditions for the Subscriber's benefit contained in this Subscription Agreement and the Underwriting Agreement or any ancillary or
related document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to terminate, prior to Closing, this Subscription Agreement if any condition precedent is not satisfied,
in such manner and on such terms and conditions as the Underwriters, in their sole discretion may determine, acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without limiting the generality of the foregoing, to negotiate, settle, execute, deliver and amend the
Underwriting Agreement and any ancillary documents in connection with the Offering.

This power of attorney is irrevocable, is coupled with an interest and has been given for valuable consideration, the receipt and adequacy of which are acknowledged by the Subscriber. This power of attorney and other rights and privileges granted under this Section 6 will survive any legal or mental incapacity, dissolution, bankruptcy or death of the Subscriber. This power of attorney extends to the heirs, executors, administrators, other legal representatives and successors, transferees and assigns of the Subscriber. Any Person dealing with the Underwriters may conclusively presume and rely upon the fact that any document, instrument or agreement executed by the Underwriters pursuant to this power of attorney are authorized and binding on the Subscriber, without further inquiry. The Subscriber agrees to be bound by any representations or actions made or taken by the Underwriters pursuant to this power of attorney, and waives any and all defences that may be available to contest, negate or disaffirm any action of the Underwriters taken in good faith under this power of attorney relating to the Offering.

**7. <u>Acknowledgments of the Subscriber</u>**

You acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) you, and, if applicable, others for whom you are contracting hereunder, are responsible for compliance
with and have been independently advised as to or are aware of the restrictions with respect to trading in, and the restricted period
or statutory hold period applicable to the Purchased Securities and Underlying Securities imposed by the Securities Laws of the jurisdiction
in which you reside or to which you are subject and by the rules and policies of any stock exchange, that a suitable legend or legends
will be placed on the certificates representing the Purchased Securities and, if applicable, the Underlying Securities to reflect the
applicable restricted period and statutory hold period to which the Purchased Securities and, if applicable, the Underlying Securities
are subject, and the Subscriber is hereby advised that during such period the Purchased Securities and, as applicable, Underlying Securities
cannot be traded through the facilities of the Exchanges since they are not freely transferable, and consequently, any certificate representing
the Purchased Securities and any such Underlying Securities is not "good delivery" in settlement of transactions on the Exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you have received a copy of the term sheet attached hereto as Schedule "A" setting out
the principal terms of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) you, or, if applicable, others for whom you are contracting hereunder, acknowledge that you (i) have
had such opportunity as you have deemed adequate to conduct all due diligence investigations regarding the business, financial position,
condition and prospects of the Corporation as is necessary to permit you to evaluate the merits and risks of your investment in the Purchased
Securities and Underlying Securities, and (ii) are not relying upon the Underwriters to conduct any due diligence on your behalf
concerning the Offering, the Units, or the business, financial position, condition and prospects of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation is relying on the representations, warranties and covenants contained herein and in the
applicable Schedules attached hereto to determine the Subscriber's eligibility to subscribe for the Purchased Securities under applicable
Securities Laws. The Subscriber undertakes to immediately notify the Corporation and the Underwriters of any change in any statement or
other information relating to the Subscriber set forth in such applicable Schedules which takes place prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no prospectus in respect of the Units has been filed with any securities commission or similar regulatory
body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) you are not purchasing the Purchased Securities with knowledge of any material information concerning
the Corporation that has not been generally disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there are risks associated with the purchase of the Purchased Securities and the holding of the Underlying
Securities and you may lose the value of your entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) unless the Subscriber is, or is subscribing for the account or benefit of, a Person in the United States
or a U.S. Person and the Subscriber has completed and delivered Schedule "C" hereto (in which case the Subscriber makes
the representations, warranties and covenants therein), the Subscriber acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchased Securities have not been offered to the Subscriber while the Subscriber was in the United
States, and the individual making the order to purchase the Purchased Securities and executing and delivering this Subscription Agreement
for the account or benefit of the Subscriber was not in the United States when the order was placed or when this Subscription Agreement
was executed and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber is not in the United States or a U.S. Person and is not purchasing the Purchased Securities
for the account or benefit of a person in the United States or a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber is not purchasing the Purchased Securities as the result of any "directed selling
efforts" (as defined in Rule 902(c) of Regulation S and, including any press releases disseminated or otherwise made available
in the United States relating to the proposed Offering) made in the United States by the Corporation, a distributor, any of their respective
affiliates, or any person acting on behalf of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the current structure of this transaction and all transactions and activities contemplated hereunder is
not a scheme to avoid the registration requirements of the U.S. Securities Act or any applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber has no intention to distribute either directly or indirectly any of the Purchased Securities
or Underlying Securities to, or for the account or benefit of persons in the United States or U.S. Persons, except in compliance with
the U.S. Securities Act and any applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Purchased Securities have not been registered under the U.S. Securities Act or any U.S. state securities
laws, and may not be offered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of unless the transaction is exempt
from, or not subject to, the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) until 40 calendar days after the later of (A) the day on which the Purchased Securities are first
offered to persons other than Distributors in reliance on Regulation S under the U.S. Securities Act and (B) the Closing Date (such
40 calendar day period, the "**Distribution Compliance Period** "), an offer or sale of the Purchased Securities (or Underlying
Securities) within the United States or to a U.S. Person may violate the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber is neither an underwriter of, or dealer in, the securities of the Corporation, nor participating,
pursuant to a contractual agreement or otherwise, in the distribution of the Purchased Securities (or Underlying Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber: (A) is not in the United States or a U.S. Person and is acquiring the Purchased Securities
in an "offshore transaction" (as such term is used in Regulation S) pursuant to Regulation S, for its own account and not with
a view to any resale or distribution of such Purchased Securities (or Underlying Securities) in violation of U.S. federal or state securities
laws; (B) agrees on its own behalf and on behalf of any investor account for which it has purchased the Purchased Securities that
it will not during the Distribution Compliance Period, offer, sell or otherwise transfer the Purchased Securities (or Underlying Securities)
except (x) to the Corporation, (y) to non-U.S. Persons outside the United States in accordance with Regulation S under the U.S.
Securities Act, or (z) pursuant to any other available exemption or exclusion from the registration requirement of the U.S. Securities
Act; and (C) agrees that during such period that it will give to each person to whom the Purchased Securities (or Underlying Securities)
are transferred a notice substantially to the effect of this provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation has advised the Subscriber that the Corporation is relying on an exemption from the requirements
to provide the Subscriber with a prospectus and, as a consequence of acquiring securities pursuant to this exemption, certain protections,
rights and remedies provided by the Canadian Securities Laws, including statutory rights of rescission or damages, will not be available
to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) while the Corporation intends to close the Offering and the Non-Brokered Private Placement on the same
date, there is no cross-conditionality between the closing of the Non-Brokered Private Placement and the closing of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Purchased
Securities or the Underlying Securities.

You and any others for whom you are contracting hereunder further acknowledge and agree that none of the Underwriters, the Underwriters' counsel, the Corporation nor the Corporation's counsel, and their respective directors, officers, employees, agents and representatives, assumes any responsibility or liability of any nature whatsoever for the accuracy or adequacy of any available information regarding the Corporation or as to whether all information concerning the Corporation required to be disclosed or filed by it has been disclosed or filed by the Corporation. The Corporation's counsel and the Underwriters' counsel are entitled to benefit from this paragraph.

**8. <u>Representations and Warranties of the Subscriber</u>**

By your acceptance of this Subscription Agreement and by executing this Subscription Agreement, the Subscriber (on your own behalf and on behalf of each Disclosed Principal, as applicable) represents, warrants, covenants and acknowledges to and with the Underwriters and the Corporation (and acknowledges and agrees that the Corporation's legal counsel is relying thereon) that:

A. <u>Authorization and Effectiveness</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subscriber is an individual, the Subscriber is of the full age of majority in the jurisdiction
in which this Subscription Agreement is executed and is legally competent to execute, deliver and be bound by this Subscription Agreement,
to perform all of its obligations hereunder and to undertake all actions required of the Subscriber hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subscriber is not an individual, the Subscriber has the requisite power, authority, legal capacity
and competence to execute, deliver and be bound by this Subscription Agreement, to perform all of its obligations hereunder and to undertake
all actions required of the Subscriber hereunder, all necessary approvals of its directors, partners, shareholders, trustees or otherwise
with respect to such matters have been given or obtained and the individual signing this Subscription Agreement has been duly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Subscriber is a body corporate, the Subscriber is incorporated and validly subsisting under the
laws of its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Subscriber is acting as principal, this Subscription Agreement has been duly and validly authorized,
executed and delivered by the Subscriber and, when accepted by the Corporation, will constitute a legal, valid and binding obligation
enforceable against the Subscriber in accordance with the terms hereof (subject to bankruptcy, insolvency and other laws limiting the
enforceability of creditors' rights and subject to the qualification that equitable remedies may only be granted in the discretion of
a court of competent jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Subscriber is acting as agent or trustee (including, for greater certainty, a portfolio manager
or comparable adviser) for a principal, the Subscriber is duly authorized to execute and deliver this Subscription Agreement and all other
necessary documents in connection with such subscription on behalf of such principal, each of whom is subscribing as principal for its
own account and not for the benefit of any other Person, and this Subscription Agreement has been duly and validly authorized, executed
and delivered by or on behalf of, and, when accepted by the Corporation, will constitute a legal, valid and binding obligation enforceable
in accordance with the terms hereof (subject to bankruptcy, insolvency and other laws limiting the enforceability of creditors' rights
and subject to the qualification that equitable remedies may only be granted in the discretion of a court of competent jurisdiction) against,
such principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the execution and delivery of this Subscription Agreement, the performance and compliance with the terms
hereof, the subscription for the Purchased Securities and the completion of the transactions contemplated hereby will not result in any
material breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after notice or lapse
of time, or both, would constitute a material default under any term or provision of the constating documents, by-laws or resolutions
of the Subscriber or a Disclosed Principal (if not an individual), Securities Laws or any other applicable law, any agreement to which
the Subscriber or a Disclosed Principal is a party or any applicable regulation, judgment, decree, order or ruling; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber is not a Person created or used solely to purchase or hold securities in order to comply
with or rely upon an exemption from the prospectus requirements of applicable Securities Laws and except as disclosed in writing to the
Corporation, the Subscriber does not act jointly or in concert with any other Person or company for the purposes of acquiring securities
of the Corporation;

B. <u>Disclosure if Purchasing as Agent or Trustee</u>:

if the Subscriber is not subscribing as principal, the Subscriber acknowledges that the Corporation may be required by law to disclose to applicable securities regulatory authorities or stock exchanges information concerning the identities of each beneficial purchaser for whom the Subscriber is acting hereunder;

C. <u>Residence</u>:

the Subscriber and, if applicable, each Disclosed Principal, is resident, or if not an individual, has a head office, in the jurisdiction indicated on the execution page of this Subscription Agreement as the *"Subscriber's Residential Address"* and the *"Disclosed Principal's Residential Address"*, respectively, and such address was not created and is not used solely for the purpose of acquiring the Purchased Securities. The purchase by and sale to the Subscriber of the Purchased Securities, and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase or sale (whether with or with respect to the Subscriber or any Disclosed Principal) has occurred only in such jurisdiction;

D. <u>Canadian Subscribers</u> 

if you are, or any beneficial purchaser for whom you are contracting hereunder is, resident in, or otherwise subject to the Securities Laws of, a province of Canada, then Section 8.D(a) or Section 8.D(b), below, applies to you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accredited Investor*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you are either purchasing the Purchased Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as principal and not for the benefit of any other Person, or you are deemed under NI 45-106 to be purchasing
the Purchased Securities as principal, and, in either case, you are an "accredited investor" within the meaning of NI 45-106;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as agent for a beneficial purchaser disclosed on the execution page of this Subscription Agreement,
and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase of the Purchased
Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom you are contracting hereunder
is purchasing as principal and not for the benefit of any other Person, or is deemed under NI 45-106 to be purchasing the Purchased Securities
as principal, and, in either case, such disclosed beneficial purchaser is an "accredited investor" within the meaning of NI
45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if you are, or the beneficial purchaser for whom you are contracting hereunder is, as the case may be,
a Person, other than an individual or investment fund, that has net assets of at least C$5 million, you were not, or the beneficial purchaser
for whom you are contracting hereunder was not, as the case may be, created or used solely to purchase or hold securities as an accredited
investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you have concurrently completed, executed and delivered a certificate in the form attached as Schedule "B"
hereto, and, if applicable, Appendix A to Schedule "B" and confirm the truth and accuracy of all representations, warranties
and covenants made in such certificate as of the date of this Subscription Agreement and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Minimum Amount Investment*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you are not, or the beneficial purchaser for whom you are contracting hereunder is not, as the case may
be, an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you are either purchasing the Purchased Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as principal and not for the benefit of any other Person, and your aggregate acquisition cost, payable
by you in cash, for the Purchased Securities is not less than C$150,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as agent for a beneficial purchaser disclosed on the execution page of this Subscription Agreement,
and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase of the Purchased
Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom you are contracting hereunder
is purchasing as principal and not for the benefit of any other Person, and the aggregate acquisition cost to such disclosed beneficial
purchaser, payable by such disclosed beneficial purchaser in cash, for the Purchased Securities is not less than C$150,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you were not, or the beneficial purchaser for whom you are contracting hereunder was not, as the case
may be, created or used solely to purchase or hold securities in reliance on this exemption from the prospectus requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) you have concurrently completed, executed and delivered a certificate in the form attached as Schedule "B"
hereto and confirm the truth and accuracy of all representations, warranties and covenants made in such certificate as of the date of
this Subscription Agreement and as of the Closing Date;

E. <u>U.S. Subscribers</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subscriber is a U.S. Subscriber, the Subscriber is aware that the Purchased Securities (and the
Underlying Securities) have not been registered under the U.S. Securities Act or the Securities Laws of any state of the United States
and the Purchased Securities and the Underlying Securities may not be offered or sold, directly or indirectly, in the United States without
registration under the U.S. Securities Act and all applicable U.S. state securities laws or compliance with requirements of an exemption
from such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is aware that, subject to the terms and conditions of this
Subscription Agreement, the Corporation may offer and sell the Purchased Securities to, or for the account or benefit of, persons in the
United States or U.S. Persons in compliance with the exemption from the registration requirements of the U.S. Securities Act provided
by Section 4(a)(2) of the U.S. Securities Act, and similar exemptions under applicable U.S. state securities laws, in accordance
with Schedule "C" (*Qualified Institutional Buyer Certificate*) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber is a Qualified Institutional Buyer and has completed, executed
and delivered Schedule "C" (*Qualified Institutional Buyer Certificate*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber has completed, executed and delivered Schedule "H" (*Selling Shareholder Questionnaire*), and the information contained therein will be accurate and complete as at the date of execution of the Subscription
Agreement and as at the Closing Date;

F. <u>International Subscribers</u>:

if the Subscriber (or any Disclosed Principal) is resident in or otherwise subject to the Securities Laws of any jurisdiction outside of Canada and the United States (the "**International Jurisdiction**"), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is not subject to Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is knowledgeable of, or has been independently advised as to, any applicable Securities
Laws of the International Jurisdiction which would apply to this subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation is offering and selling the Purchased Securities and the Subscriber is purchasing the
Purchased Securities pursuant to exemptions from the prospectus and registration requirements under the applicable Securities Laws of
the International Jurisdiction or, if such is not applicable, the Corporation is permitted to offer and sell the Purchased Securities
and the Subscriber is permitted to purchase the Purchased Securities under the applicable Securities Laws of such International Jurisdiction
without the need to rely on exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the applicable Securities Laws of the International Jurisdiction do not require the Corporation to prepare
and/or file any documents or be subject to ongoing reporting requirements or seek any approvals of any kind whatsoever in respect of the
offer and sale of the Purchased Securities to the Subscriber from any regulatory authority of any kind whatsoever in the International
Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber has completed, executed and delivered Schedule "D" (*Foreign Subscriber Purchaser's Certificate*), and the information contained therein will be accurate and complete as at the date of execution of the Subscription
Agreement and as at the Closing Date;

G. <u>No Prospectus or Other Information</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber understands that the sale of the Purchased Securities is conditional upon such sale being
exempt from the requirements to file and obtain a receipt for a prospectus or registration statement or to deliver an offering memorandum,
and no prospectus or registration statement has been filed by the Corporation with any securities commission or similar regulatory authority
in any jurisdiction in connection with the issuance of the Purchased Securities or the Underlying Securities. As a result of acquiring
the Purchased Securities and the Underlying Securities, pursuant to such exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber may be restricted from using some of the protections, rights and remedies otherwise available
under Securities Laws, including statutory rights of rescission and certain statutory remedies in the event of a misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the common law may not provide investors with an adequate remedy in the event that they suffer investment
losses in connection with the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber may not receive information that would otherwise be required to be provided to it under
Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Corporation and the Underwriters are relieved from certain obligations that would otherwise apply
under Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber, and if applicable, each Disclosed Principal, has not received
or been provided with a prospectus, registration statement or offering memorandum, within the meaning of Securities Laws, any sales or
advertising literature in connection with the Offering or any document purporting to describe the business and affairs of the Corporation
which has been prepared for review by prospective purchasers to assist in making an investment decision in respect of the Units. The Subscriber's
decision to subscribe for the Purchased Securities was not based upon, and the Subscriber has not relied upon, any verbal or written representations
as to fact or otherwise made by or on behalf of the Corporation or the Underwriters or their respective directors, officers, employees,
agents and representatives. The Subscriber's decision to subscribe for the Purchased Securities was based solely upon this Subscription
Agreement, including the term sheet attached hereto as Schedule "A" and the Information Record (with any such Information
Record having been obtained by the Subscriber without independent investigation);

H. <u>Investment Suitability</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber confirms that the Subscriber and, if applicable, each Disclosed Principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has such knowledge in financial and business affairs as to be capable of evaluating the merits and risks
of its investment in the Purchased Securities and the Underlying Securities and has conducted such due diligence as it considers appropriate
for an investment of this nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is capable of assessing the proposed investment in the Purchased Securities and the Underlying Securities
as a result of the Subscriber's own experience or as a result of advice received from a Person registered under applicable Securities
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is aware of the characteristics of the Purchased Securities and the Underlying Securities and the risks
relating to an investment therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is able to bear the economic risk of loss of its investment in the Purchased Securities and the Underlying
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber understands that no securities commission, stock exchange, governmental agency, regulatory
body or similar authority has made any finding or determination or expressed any opinion with respect to the merits of investing in the
Purchased Securities and the Underlying Securities nor is there any government or other insurance covering the Purchased Securities and
the Underlying Securities;

I. <u>No Representations</u>:

the Subscriber confirms that none of the Corporation, the Underwriters, U.S. Affiliates nor any of their respective directors, employees, officers, representatives, agents or affiliates have made any representations (written or oral) to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) regarding the future value of the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that any Person will resell or repurchase the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any Person will refund the purchase price of the Purchased Securities or the Underlying Securities
other than as provided in this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that securities of the Corporation will be listed and posted for trading on a stock exchange other than
as set out in the term sheet attached hereto as Schedule "A";

J. <u>Limitations on Resale</u>:

the Subscriber and, if applicable, each Disclosed Principal, have been advised to consult their own legal advisors with respect to trading in the Purchased Securities and the Underlying Securities and with respect to the resale restrictions imposed by the Securities Laws of the jurisdiction in which the Subscriber and, if applicable, each Disclosed Principal, resides and acknowledges that no representation has been made respecting the applicable hold periods imposed by the Securities Laws or other resale restrictions applicable to such securities which restrict the ability of the Subscriber and, if applicable, each Disclosed Principal, to resell the Purchased Securities or the Underlying Securities, that the Subscriber and, if applicable, each Disclosed Principal, is solely responsible to find out what these restrictions are and, that the Subscriber and if applicable, each Disclosed Principal, is solely responsible (and the Corporation and the Underwriters are in no way responsible) for compliance with applicable resale restrictions and the Subscriber is aware that it and, if applicable, each Disclosed Principal, may not be able to resell the Purchased Securities or the Underlying Securities except in accordance with limited exemptions under the applicable Securities Laws;

K. <u>Not Proceeds of Crime</u>:

the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber hereunder will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), as may be amended from time to time (the "**PCMLTFA**") and the Subscriber acknowledges that the Corporation may in the future be required by law to disclose the Subscriber's name and other information relating to this Subscription Agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best of its knowledge: (i) none of the funds representing the Aggregate Subscription Price to be provided by the Subscriber: (A) have been or will be derived from or related to any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction; or (B) are being tendered on behalf of a Person or entity who has not been identified to the Subscriber; and (ii) it shall promptly notify the Corporation if the Subscriber (including any Disclosed Principal) discovers that any of such representations cease to be true, and to provide the Corporation with appropriate information in connection therewith;

L. <u>Personal Information</u>:

the Subscriber, on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder, acknowledges and consents to the collection of personal information contained herein, including in the form attached hereto as Schedule "B", and to the use of such information for the purposes set out under the heading *"Collection of Personal Information"* in Schedule "F" of this Subscription Agreement;

M. <u>No Financial Assistance</u>:

the Subscriber has not received and does not expect to receive any financial assistance from the Corporation directly or indirectly, in respect of the Subscriber's purchase of the Purchased Securities;

N. <u>Future Financings</u>:

the Subscriber acknowledges that the Corporation may complete additional or concurrent financings in the future to develop the proposed business of the Corporation and to fund its ongoing development, including, without limitation, the Non-Brokered Private Placement. There is no assurance that such financings will be available and if available, will be on reasonable terms. Any such future financings may have a dilutive effect on current shareholders, including the Subscriber. The Subscriber further acknowledges that if future financings are not available, the lack of capital may result in the Corporation not being able to fund the development of the business of the Corporation;

O. <u>Terms of the Offering</u> 

the Subscriber acknowledges that this Subscription Agreement relates solely to the purchase by the Subscriber of the number of Purchased Securities set forth on the execution page of this Subscription Agreement, and that the Corporation will issue additional Purchased Securities under the Offering;

P. <u>No Advertising</u>:

the Subscriber has not become aware of any advertisement in printed media of general and regular paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic display or the Internet including but not limited to the Corporation's website) or sales literature with respect to the distribution of the Purchased Securities or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

Q. <u>No Other Fees</u>:

the Subscriber confirms that, other than the Underwriters, there is no Person acting or purporting to act on behalf of the Subscriber (including any Disclosed Principal), if applicable, in connection with the transactions contemplated herein who is entitled to any brokerage or finder's fee. If any other Person establishes a claim that any fee or other compensation is payable in connection with this subscription for the Purchased Securities or the Underlying Securities on account of the Subscriber's subscription, the Subscriber covenants to indemnify and hold harmless the Corporation and the Underwriters with respect thereto and with respect to all costs reasonably incurred in the defence thereof;

R. <u>Other Documents</u>:

if required by Securities Laws or by any securities commission, stock exchange or other regulatory authority, the Subscriber and, if applicable, each Disclosed Principal will execute, deliver, file and otherwise assist the Corporation in filing, such reports, undertakings and other documents with respect to the subscription for and issuance of the Purchased Securities or the Underlying Securities;

S. <u>Subscriber's Responsibility for Legal and Financial Advice</u>:

the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirms that it and, if applicable, each Disclosed Principal, is solely responsible for obtaining its
own legal, tax, investment and other professional advice with respect to the execution, delivery and performance by it of this Subscription
Agreement and the transactions contemplated hereunder including the suitability of the Purchased Securities and the Underlying Securities
as an investment for the Subscriber and, if applicable, each Disclosed Principal, the tax consequences of purchasing and dealing with
the Purchased Securities and the Underlying Securities, and the resale restrictions and "hold periods" to which the Purchased
Securities and the Underlying Securities are or may be subject under Securities Laws. The Subscriber has not relied upon any statements
made by or purporting to have been made on behalf of the Corporation, the Underwriters or their respective legal counsel with respect
to such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acknowledges that Bennett Jones LLP, the Corporation's counsel, is acting solely as counsel to the Corporation
and not as counsel to the Subscriber or, if applicable, to any Disclosed Principal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acknowledges that Cassels Brock & Blackwell LLP, the Underwriters' counsel, is acting solely
as counsel to the Underwriters and not as counsel to the Subscriber or, if applicable, to any Disclosed Principal;

T. Registration:

neither the Subscriber nor any Disclosed Principal is engaged in the business of trading in securities or exchange contracts as a principal or agent and does not hold himself, herself or itself out as engaging in the business of trading in securities or exchange contracts as a principal or agent, or is otherwise exempt from any requirements to be registered as a dealer under National Instrument 31-103 – *Registration Requirements and Exemptions* (or, in Québec, Regulation 31-103 respecting *Registration Requirements and Exemptions*);

U. Not a Control Person:

neither the Subscriber nor, if applicable, any Disclosed Principal will become a Control Person or "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Corporation by virtue of its subscription for Purchased Securities (including as a result of the conversion of the Purchased Securities into Unit Shares and Unit Warrants, or the exercise of Unit Warrants for Unit Warrant Shares) hereunder and neither the Subscriber nor, if applicable, any Disclosed Principal intends to act in concert with any other Person or Persons to form a control group of the Corporation;

**9.** **<u>Legends</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You acknowledge that the Purchased Securities and, if applicable, the Underlying Securities may have attached
to them, whether through the electronic deposit system of CDS, an ownership statement issued under a direct registration system or other
electronic book-entry system, or on certificates that may be issued, as applicable, any legends as may be prescribed by CDS in addition
to, prior to the expiration of the applicable hold period, a legend setting out resale restrictions under applicable Securities Laws in
substantially the following form and with the necessary information inserted:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE **[THE DATE WHICH IS FOUR MONTHS AND ONE DAY AFTER THE CLOSING DATE WILL BE INSERTED]**."

and if applicable under the policies of the TSXV, the additional legend as follows:

"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL **[** **The DATE THAT IS FOUR MONTHS AND ONE DAY AFTER the CLOSING DATE]**"

provided that subsequent to the date which is four months and one day after the Closing Date, the certificate or DRS advice representing the Purchased Securities and Underlying Securities may be exchanged for a certificate or DRS advice bearing no such legends.

**10.** **<u>Representations and Warranties of the Corporation</u>**

The Corporation hereby agrees with the Subscriber that the representations and warranties made by the Corporation to the Underwriters in the Underwriting Agreement shall be true and correct in all material respects as of the Closing Date (save and except as waived by the Underwriters). The Subscriber shall be entitled to rely on the representations, warranties and covenants made by the Corporation to the Underwriters in the Underwriting Agreement to the extent that they have not been varied, amended, altered or waived, in whole or in part, by the Underwriters and shall survive the Closing of the Offering and shall continue in full force and effect for the benefit of the Subscriber in accordance with the terms of the Underwriting Agreement. The representations, warranties and covenants made by the Corporation to the Underwriters in the Underwriting Agreement are hereby incorporated by reference such that they form an integral part of this Subscription Agreement.

**11.** **<u>U.S. Registration Rights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement</u>: The Corporation shall use its commercially reasonable efforts to prepare
and file a registration statement (a "**Registration Statement**") within 30 days of the Closing Date on Form F-3 (or
such other form as may be available to the Corporation), relating to and providing for the resale of the Registrable Securities on a continuous
basis and shall use its commercially reasonable efforts to cause the SEC to declare such Registration Statement effective prior to the
date that is four months and one day from the Closing Date; provided, however, that the Corporation's obligations to include the Registrable
Securities held by a U.S. Subscriber in the Registration Statement are contingent upon such U.S. Subscriber fully completing, executing
and delivering a Selling Shareholder Questionnaire in the form attached hereto as Schedule "H".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments and Supplements</u>: The Corporation shall promptly prepare and file with the SEC such amendments
and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration
Statement effective until the earliest of (i) such time as all of the Registrable Securities purchased by the U.S. Subscribers pursuant
to the terms of this Subscription Agreement have been sold pursuant to the Registration Statement or (ii) such time as the Registrable
Securities become eligible for resale by non-affiliates without any volume limitations or other restrictions pursuant to Rule 144(b)(1)(i) under
the U.S. Securities Act or any other rule of similar effect and the Corporation has removed any legends restricting the resale of
such Registrable Securities (the "**Effectiveness Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Related Obligations</u>: At such time as the Corporation is obligated to file the Registration Statement
with the SEC pursuant to Section 11(a) hereof, the Corporation will use commercially reasonable efforts to effect the registration
of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Corporation shall
have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall keep the Registration Statement effective pursuant to applicable Securities Laws
in the United States until the expiration of the Effectiveness Period. The Corporation shall ensure that the Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses,
in the light of the circumstances in which they were made) not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall notify the U.S. Subscribers in writing of the happening of any event, as promptly
as practicable after becoming aware of such event, as a result of which the prospectus included in the Registration Statement, as then
in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event
shall such notice contain any material, non-public information), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission. The Corporation shall also promptly notify the U.S. Subscribers in writing (A) of any
request by the SEC for amendments or supplements to the Registration Statement, or related prospectus or related information, and (B) of
the Corporation's reasonable determination that a post-effective amendment to the Registration Statement would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation shall use commercially reasonable efforts to prevent the issuance of any stop order or
other suspension of effectiveness of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities
for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the
earliest possible moment and to notify the U.S. Subscribers of the issuance of such order and the resolution thereof or its receipt of
notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Corporation nor any affiliate thereof shall identify any U.S. Subscriber as an underwriter
in any public disclosure or filing with the SEC or any applicable stock exchange without the prior written consent of such U.S. Subscriber,
and any U.S. Subscriber being deemed an underwriter by the SEC shall not relieve the Corporation of any obligations it has under this
Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Registration Expenses</u>: The Corporation shall bear all expenses in connection with the procedures
in this Section 11 and the registration of the Registrable Securities pursuant to the Registration Statement, other than brokerage
fees and commissions and/or legal fees and expenses incurred by the U.S. Subscribers, if any, in connection with the offering of the Registrable
Securities pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Allowed Delays</u>: For not more than ten (10) consecutive days in any twelve (12) month period
and on no more than two (2) occasions in any twelve (12) month period, the Corporation may suspend the use of any prospectus included
in any Registration Statement contemplated by this Section in the event that the Corporation determines in good faith that such suspension
is necessary to (A) delay the disclosure of MNPI concerning the Corporation, the disclosure of which at the time is not, in the good
faith opinion of the Corporation, in the best interests of the Corporation or (B) amend or supplement the affected Registration Statement
or the related prospectus so that (i) such Registration Statement shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in
the light of the circumstances under which they were made, not misleading, including in connection with the filing of any post-effective
amendment to such Registration Statement in connection with the Corporation's filing of an Annual Report on Form 40-F (or Form 20-F)
for any fiscal year (an "**Allowed Delay** "); provided, that the Corporation shall promptly (a) notify each U.S. Subscriber
in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of a U.S. Subscriber) disclose to
such U.S. Subscriber any MNPI giving rise to an Allowed Delay, (b) advise the U.S. Subscribers in writing to cease all sales under
the Registration Statement until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate an Allowed
Delay as promptly as practicable.

**12. <u>Fee to the Underwriters</u>**

Other than as disclosed in the Underwriting Agreement and herein, no other fee or commission is payable by the Corporation to the Underwriters in connection with the Offering.

**13.** **<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>: Subject to the Underwriting Agreement, all costs and expenses (including, without
limitation, the fees and disbursements of legal counsel) incurred in connection with this Subscription Agreement and the transactions
contemplated herein shall be paid and borne by the party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnity</u>: The Subscriber agrees to indemnify and hold harmless the Corporation and the Underwriters
and their respective directors, officers, employees, agents, advisers and shareholders from and against any and all loss, liability, claim,
damage and expense (including, but not limited to, any and all fees, costs and expenses reasonably incurred in investigating, preparing
or defending against any claim, law suit, administrative proceeding or investigation whether commenced or threatened) arising out of or
based upon any representation or warranty of the Subscriber contained herein or in any document furnished by the Subscriber to the Corporation
or the Underwriters in connection herewith being untrue in any material respect or any breach or failure by the Subscriber to comply with
any covenant or agreement made by the Subscriber herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Headings</u>: The division of this Subscription Agreement into sections and the insertion of headings
are for convenience of reference only and shall not affect the construction or interpretation of this Subscription Agreement. The terms
 "this Subscription Agreement", "hereof", "hereunder", "herein" and similar expressions refer to
this Subscription Agreement and not to any particular section or other portion hereof and include any agreement supplemental thereto and
any schedules, appendices or certificates attached hereto. Unless something in the subject matter or context is inconsistent therewith,
reference herein to Sections and Subsections are to sections and subsections of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Number and Gender</u>: Words importing the singular number only shall include the plural and *vice versa*, and words importing the masculine gender shall include the feminine gender and neuter and *vice versa*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>: If one or more of the provisions contained in this Subscription Agreement shall be
invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining provisions
hereof shall not be affected or impaired thereby. Each of the provisions of this Subscription Agreement is hereby declared to be separate
and distinct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>: Any notice, direction or other instrument required or permitted to be given to any party
hereto shall be in writing and shall be sufficiently given if delivered personally or by courier, or transmitted by facsimile or other
form of electronic communication, during the transmission of which no indication of failure of receipt is communicated to the sender and
for which evidence of delivery is obtained, as follows:

Notices to the Corporation shall be addressed to:

Osisko Development Corp.

1100 Avenue des Canadiens-de-Montréal, Suite 300

Montréal, Québec H3B 2S2

Canada

Attention: Corporate Secretary

Email: *[Redact - Personal Information]*

with a copy (which shall not constitute notice) to:

Bennett Jones LLP

One First Canadian Place, Suite 3400

Toronto, Ontario M5X 1A4

Canada

Attention: Sander A.J.R. Grieve, K.C., Partner / Andrew Disipio, Partner

Email: *[Redact - Personal Information]*

Notices to the Subscriber shall be addressed to the address of the Subscriber set out on the execution page hereof, with a copy to the Co-Lead Underwriters on behalf of the Underwriters, at:

BMO Nesbitt Burns Inc.

100 King Street West, 4th Floor

Toronto, Ontario, M5X 1H3

Canada

Attention: Ilan Bahar, Managing Director and Co-Head Global Metals and Mining

Email: *[Redact – Personal Information]*

RBC Dominion Securities Inc.

200 Bay Street, 4<sup>th</sup> & 5<sup>th</sup> Floor

Toronto, Ontario, M5X 2W7

Canada

Attention: Jason Coviensky

Email: *[Redact – Personal Information]*

Cantor Fitzgerald Canada Corporation

1500 – 181 University Avenue

Toronto, Ontario, M5H 3M7

Attention: John Sutherland, Managing Director

Email: *[Redact – Personal Information]*

Either the Corporation or the Subscriber may change the address for service thereof aforesaid by notice in writing to the other party hereto specifying the new address for service hereunder.

Any such notice, direction or other instrument, if delivered personally, shall be deemed to have been given and received on the day on which it was delivered, provided that if such day is not a Business Day then the notice, direction or other instrument shall be deemed to have been given and received on the first Business Day next following such day and if transmitted electronically, shall be deemed to have been given and received on the day of its transmission, provided that if such day is not a Business Day or if it is transmitted or received after the end of normal business hours then the notice, direction or other instrument shall be deemed to have been given and received on the first Business Day next following the day of such transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Assurances</u>: Each party hereto shall from time to time at the request of the other party
hereto do such further acts and execute and deliver such further instruments, deeds and documents as shall be reasonably required in order
to fully perform and carry out the provisions of this Subscription Agreement. The parties hereto agree to act honestly and in good faith
in the performance of their respective obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors and Assigns</u>: Except as otherwise provided, this Subscription Agreement shall enure to
the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Entire Agreement</u>: The terms of this Subscription Agreement express and constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and no implied term or liability of any kind is created or shall
arise by reason of anything in this Subscription Agreement, except as specifically set forth in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Time of Essence</u>: Time is of the essence of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendments</u>: The provisions of this Subscription Agreement may only be amended with the written
consent of all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Survival</u>: Notwithstanding any other provision of this Subscription Agreement, the representations,
warranties, covenants and indemnities of or by the Corporation contained herein or in any certificate, document or instrument delivered
pursuant hereto shall survive the completion of the transactions contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Language</u>: The parties hereto acknowledge and confirm that they have requested that this Subscription
Agreement as well as all notices and other documents contemplated hereby be drawn up in the English language. *Les parties aux présentes reconnaissent et confirment qu'elles ont convenu que la présente convention ainsi que tous les avis et documents qui s'y rattachent soient rédigés en langue anglaise.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Governing Law</u>: This Subscription Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the federal laws of Canada applicable therein, and the parties hereto irrevocably attorn to the
jurisdiction of the courts of the Province of Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Counterparts</u>: This Subscription Agreement may be executed in two or more counterparts which when
taken together shall constitute one and the same agreement. Delivery of counterparts may be effected by facsimile or PDF transmission
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Facsimile or PDF Copies</u>: The Corporation and the Underwriters shall be entitled to rely on a facsimile
or emailed PDF copy of an executed subscription agreement and acceptance, including facsimile or emailed PDF acceptance, by the Corporation
of such facsimile or emailed PDF subscription shall be legally effective to create a valid and binding agreement between the Subscriber
and the Corporation in accordance with the terms thereof. If the Subscriber does not deliver a complete copy of this Subscription Agreement
to the Corporation and the Underwriters, the Corporation and the Underwriters shall be entitled to assume that the Subscriber accepts
and agrees with all of the terms and conditions of this Subscription Agreement on the pages not delivered at Closing unaltered.

If the foregoing is in accordance with your understanding, please sign and return this Subscription Agreement together with the other required documents signifying your agreement to purchase the Purchased Securities.

***[Remainder of page intentionally left blank. Signature page follows.]***

The Corporation hereby accepts the subscription for Units as set forth above on the terms and conditions contained in this Subscription Agreement.

**DATED** as of this __________ day of __________________, 2025.

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| | | |
|:---|:---|:---|
| **OSISKO DEVELOPMENT CORP.** | **OSISKO DEVELOPMENT CORP.** | **OSISKO DEVELOPMENT CORP.** |
| By: |  |  |
|  | Name: | Sean Roosen |
|  | Title: | Chief Executive Officer |

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**Schedule "A"** **<u><br> Term Sheet</u>**

**OSISKO DEVELOPMENT CORP.**

*The securities offered hereby have not been registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any state securities laws, and may not be offered or sold in the "United States" or to "U.S. Persons" (as such terms are defined in Regulation S under the U.S. Securities Act) except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable securities laws of any state of the United States. This document does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in the United States or to U.S. Persons.*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Osisko Development Corp. (the "**Corporation**"). |
| &nbsp;&nbsp;**Offering:** | &nbsp;&nbsp;Treasury offering of 58,560,000 units of the Corporation ("**Units**"), on a "bought deal" private placement basis (the "**Offering**").<br>Each Unit consists of one common share of the Corporation ("**Common Share**") and one-half of one common share purchase warrant of the Corporation (each whole common share purchase warrant, a "**Warrant**"). Each Warrant will entitle the holder to acquire one Common Share (a "**Warrant Share**") at an exercise price of US$2.56, which represents a 25% premium to the Issue Price, for a period of 24 months following the Closing Date.<br>At any time following the 15-month anniversary of the Closing Date, if the closing price of the Common Shares on either Exchanges (as defined herein) exceeds the exercise price for 20 or more consecutive trading days, the Company may, within 10 days following such occurrence, deliver a notice to the holders thereof accelerating the expiry date of the warrants to a date that is 30 days after the date of such notice.<br>|
| &nbsp;&nbsp;**Issue Price:** | &nbsp;&nbsp;US$2.05 per Unit (the "**Issue Price**).<br>|
| &nbsp;&nbsp;**Issue Amount:** | &nbsp;&nbsp;US$120,048,000 (exclusive of the Underwriters' Option (as defined herein)).<br>|
| &nbsp;&nbsp;**Underwriters' Option:** | &nbsp;&nbsp;The Corporation has granted the Underwriters an option, exercisable at any time up to 48 hours prior to the closing of the Offering, to purchase up to an additional 2,440,000 Units pursuant to the Offering. The total size of the Offering, inclusive of the Underwriter's Option, will not exceed US$125,050,000. |
| &nbsp;&nbsp;**Concurrent Private Placement:** | &nbsp;&nbsp;Concurrent with the brokered Offering, the Corporation intends to complete a non-brokered private placement of 36,600,000 Units to a strategic investor at the Issue Price for aggregate gross proceeds of US$75,030,000 (the "**Non-Brokered Private Placement**").<br>It is expected that the Corporation and the strategic investor will enter into an investor rights and voting support agreement, which will include, among other customary terms, a right to identify a director for the Board of the Corporation.<br>Closing of the Offering and the Non-Brokered Private Placement are intended to occur on the same date, however there is no cross-conditionality between the closing of the Non-Brokered Private Placement and the closing of the Offering.<br>|
| &nbsp;&nbsp;**Use of Proceeds:** | &nbsp;&nbsp;The Corporation intends to use the net proceeds of the Offering and the Non-Brokered Private Placement to fund the broadly distributed equity portion of the capital required to construct the Cariboo Gold Project and for general corporate purposes.<br>The Corporation believes that the net proceeds of the Offering and the Non-Brokered Private Placement, together with the net proceeds of the US$450 million project loan credit facility with Appian Capital Advisory Limited announced on July 21, 2025, indications of interest from commodity traders seeking high-quality concentrate off-take, and other potential financing arrangements that the Corporation is actively negotiating, will provide sufficient funding to construct the Cariboo Gold Project.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Lock-Up:** | &nbsp;&nbsp;The Corporation, its directors and officers and OR Royalties Inc. have agreed to a lock-up for a period of 120 days post-closing.<br>|
| &nbsp;&nbsp;**Form of Offering:** | &nbsp;&nbsp;The Units may be offered in all of the provinces of Canada on a private placement basis pursuant to applicable prospectus exemptions, and in the United States and to U.S. Persons on a private placement basis pursuant to Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), only to "qualified institutional buyers" (as such term is defined in Rule 144A under the U.S. Securities Act). The Offering will also be made available to investors outside Canada and the United States, as may be agreed by the Corporation, and on a basis which does not require the qualification or registration of any of the Corporation's securities under domestic securities laws.<br>|
| &nbsp;&nbsp;**Hold Period:** | &nbsp;&nbsp;The Units issued pursuant to the Offering will be subject to a statutory hold period which extends four months and one day from the Closing Date (as defined herein) (the "**Canadian Statutory Hold**") under applicable Canadian securities laws. The Units will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act.<br>|
| &nbsp;&nbsp;**Resale Registration Statement for U.S. Purchasers:** | &nbsp;&nbsp;The Corporation will use commercially reasonable efforts to file and have declared effective a resale registration statement on Form F-3 (or other available form) registering for resale the Common Shares and Warrant Shares issued to purchasers in the Offering that are in the United States or U.S. Persons. The Warrants will continue to be subject to resale restrictions in the United States.<br>|
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;The outstanding common shares of the Corporation are listed on the TSX Venture Exchange and the New York Stock Exchange (together, the "**Exchanges**") under the symbol "ODV". An application will be made to list the Common Shares and Warrant Shares on the Exchanges which listing shall be conditionally approved prior to the Closing Date. The Warrants will not be listed on any exchange.<br>|
| &nbsp;&nbsp;**Eligibility:** | &nbsp;&nbsp;Eligible for RRSPs, RRIFs, RESPs, TFSAs, RDSPs, DPSPs and FHSAs.<br>|
| &nbsp;&nbsp;**Joint Bookrunners:** | &nbsp;&nbsp;BMO Capital Markets and RBC Capital Markets.<br>|
| &nbsp;&nbsp;**Commission:** | &nbsp;&nbsp;4.50% of the gross proceeds of the Offering.<br>|
| &nbsp;&nbsp;**Closing Date:**<br>| &nbsp;&nbsp;On or about August 15, 2025, or such date as may be agreed by the Corporation and the Joint Bookrunners (the "**Closing Date**").<br>|

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**Schedule "B"<u><br> Subscriber Certificate</u>**

*The categories listed herein contain certain specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category below, please contact your broker and/or legal advisor before completing this certificate.*

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| | |
|:---|:---|
| **TO:** | **OSISKO DEVELOPMENT CORP. (the "Corporation")** |
| **AND TO:** | **BMO NESBITT BURNS INC., RBC DOMINION SECURITIES INC., CANTOR FITZGERALD CANADA CORPORATION, NATIONAL BANK FINANCIAL INC., AND VENTUM FINANCIAL CORP.** |

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Reference is made to the subscription agreement between the Corporation and the undersigned (referred to herein as the "**Subscriber**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this Subscriber Certificate by the Subscriber, this Subscriber Certificate (including all appendices thereto) shall be incorporated into and form a part of the Subscription Agreement.

***Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement and in National Instrument 45-106 – Prospectus Exemptions ("NI 45-106") promulgated under applicable Securities Laws. Unless specified otherwise, all monetary references are in Canadian dollars.***

In connection with the purchase by the Subscriber of units of the Corporation ("**Units**"), with each Unit representing one common share of the Corporation and one-half of one common share purchase warrant of the Corporation, the Subscriber represents, warrants and covenants (on its own behalf and, if applicable, on behalf of those for whom the Subscriber is contracting under the Subscription Agreement) and certifies to the Corporation and the Underwriters (and acknowledges that the Corporation and the Underwriters and their respective legal counsel are relying thereon) that:

**<u>General</u>**

A. one of the following clauses (i), (ii) or (iii) applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is resident in or otherwise
 subject to the laws of the jurisdiction set out as the "*Subscriber's Residential Address*" on page (iii) of the Subscription Agreement and is purchasing
 as principal for its own account and not for the benefit of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber is contracting hereunder
 on behalf of a Disclosed Principal and such Disclosed Principal is resident in or otherwise
 subject to the laws of the jurisdiction set out as the "*Disclosed Principal's Residential Address*" on page (iii) of the Subscription Agreement and is purchasing
 as principal for its own account and not for the benefit of any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Subscriber is deemed to be purchasing as principal pursuant to NI 45-106 with respect to
 a purchase of the Units, by virtue of the fact that it is a trust company or trust corporation
 described in clause (p) of the definition of "accredited investor" in Section B
 below and is not a trust company or trust corporation registered under the laws of Prince
 Edward Island that is not registered or authorized under the Trust and Loan Companies Act
 (Canada) or under comparable legislation in another jurisdiction of Canada, or by virtue
 of the fact that it is a Person or company described in clause (q) of the definition
 of "accredited investor" in clause B below;  **<u>and</u>** 

**<u>Prospectus Exemptions</u>**

B. one of the following clauses (i) or (ii) applies (check applicable category):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 Subscriber or the Disclosed Principal, as applicable, is, as of the date hereof, and will
 be, as of the Closing Date, an "accredited investor", as such term is defined in
 NI 45-106, by virtue of the fact that the Subscriber or the Disclosed Principal, as applicable,
 falls within one or more of the following categories  **<u>checked below</u>** . **A Subscriber checking boxes (j), (k) or (l) must also complete and sign Appendix "A" to this Schedule "B" (Form 45-106F9 – *Form for Individual Accredited Investors*).** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(a) | (i) except in Ontario, a Canadian financial institution, or a Schedule III bank; or (ii) in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank Act (Canada); (B) an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(c) | a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(d) | a person or company registered under the securities legislation of a jurisdiction (province or territory) of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the *Securities Act* (Ontario)); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(e) | an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(f) | the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(i) | a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million; | &nbsp;&nbsp;◻ |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(k) | an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(l) | an individual who, either alone or with a spouse, has net assets of at least $5 million; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(m) | a person, other than an individual or an investment fund, that has net assets of at least $5 million as shown on its most recently prepared financial statements; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(n) | an investment fund that distributes or has distributed its securities only to:<br>(i) a person that is or was an accredited investor at the time of the distribution;<br> (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 (Minimum amount investment), or 2.19 (Additional investment in investment funds) of NI 45-106; or<br>(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 (Investment fund reinvestment) of NI 45-106; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(o) | an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(p) | a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(q) | a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(r) | a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(s) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(t) | a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(u) | an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(v) | a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(w) | a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(x) | in Ontario, such other persons or companies as may be prescribed by the regulations under the *Securities Act* (Ontario).<br> \*\*\*If checking this category (x), please provide a description of how this requirement is met. | &nbsp;&nbsp;◻ |
|  | (ii) if not purchasing under clause (i) above, (A) the Subscriber is not an individual, (B) the Subscriber is purchasing the Purchased Securities as principal, (C) the Aggregate Subscription Price of the Purchased Securities is not less than $150,000 paid in cash at the time of the distribution, and (D) the Subscriber has not been created or used solely to purchase or hold securities in reliance on this exemption. | &nbsp;&nbsp;◻ |

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The foregoing representations are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Date. If any such representation shall not be true and accurate prior to the Closing Date, the undersigned shall give immediate written notice of such fact to the Corporation and the Underwriters.

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| | | |
|:---|:---|:---|
| Dated: | , 2025 | |
| | | Name of Subscriber |
| | | Signature of Subscriber |
| | | If the Subscriber is a corporation, print name and title of Authorized Signing Officer |

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**Appendix A<br> TO SCHEDULE "B"<br> Form 45-106F9**

*Form for Individual Accredited Investors*

&nbsp;&nbsp;**WARNING!**<br> **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp;Type of securities: Units (with each Unit consisting of one common share and one-half of one common share purchase warrant) | &nbsp;&nbsp;Issuer: Osisko Development Corp. |

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| | |
|:---|:---|
| &nbsp;&nbsp;Purchased from: Osisko Development Corp. | &nbsp;&nbsp;Purchased from: Osisko Development Corp. |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| &nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of C$____________________. <br> *[Instruction: Insert the total dollar amount of the investment.]* |  |
| &nbsp;&nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. |  |
| &nbsp;&nbsp;&nbsp;**Lack of advice** – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to <u>www.aretheyregistered.ca</u>. |  |
| &nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;**3. Accredited investor status** |
| &nbsp;&nbsp;&nbsp;You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;&nbsp;· Your net income before taxes was more than C$200,000 in each of the 2 most recent calendar years, and you expect it to be more than C$200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| &nbsp;&nbsp;&nbsp;· Your net income before taxes combined with your spouse's was more than C$300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than C$300,000 in the current calendar year. |  |
| &nbsp;&nbsp;&nbsp;· Either alone or with your spouse, you own more than C$1 million in cash and securities, after subtracting any debt related to the cash and securities. |  |
| &nbsp;&nbsp;&nbsp;· Either alone or with your spouse, you have net assets worth more than C$5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| &nbsp;&nbsp;**5. Salesperson information** | &nbsp;&nbsp;**5. Salesperson information** |
| &nbsp;&nbsp;First and last name of salesperson (please print): | &nbsp;&nbsp;First and last name of salesperson (please print): |

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| | |
|:---|:---|
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Name of firm (if registered): | &nbsp;&nbsp;Name of firm (if registered): |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp; Osisko Development Corp.<br> 1100 Avenue des Canadiens-de-Montréal<br> Suite 300<br> Montréal, Québec H3B 2S2<br>Corporate Secretary<br> Telephone: (416) 464-4067<br> Email: <u>corporatesecretary@osiskodev.com</u><br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** | &nbsp;&nbsp; Osisko Development Corp.<br> 1100 Avenue des Canadiens-de-Montréal<br> Suite 300<br> Montréal, Québec H3B 2S2<br>Corporate Secretary<br> Telephone: (416) 464-4067<br> Email: <u>corporatesecretary@osiskodev.com</u><br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** |

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**Schedule "C"<u><br> Qualified Institutional Buyer CERTIFICATE</u>**

**NOTE: SUBSCRIBERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES AND U.S. PERSONS MUST COMPLETE AND SIGN THIS PURCHASER CERTIFICATE.**

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| | |
|:---|:---|
| **TO:** | **OSISKO DEVELOPMENT CORP.** |
| **AND TO:** | **BMO NESBITT BURNS INC., RBC DOMINION SECURITIES INC., CANTOR FITZGERALD CANADA CORPORATION, NATIONAL BANK FINANCIAL INC., AND VENTUM FINANCIAL CORP.** |
| **AND TO:** | **ONE OR MORE U.S. REGISTERED BROKER-DEALERS AFFILIATED WITH OR APPOINTED BY AN UNDERWRITER (THE "U.S. AFFILIATES")** |

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| | |
|:---|:---|
| **RE:** | **PURCHASE OF UNITS OF** **OSISKO DEVELOPMENT CORP.** |

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This Purchaser Certificate is being delivered by the undersigned subscriber (the "**Subscriber**") in connection with the purchase of units (the "**Units**") of Osisko Development Corp. (the "**Corporation**"), as set out on the execution page of the Subscription Agreement (the "**Purchased Securities**"), pursuant to the Subscription Agreement. Capitalized terms used herein and not defined herein will have the meanings ascribed thereto in the Subscription Agreement. The Subscriber represents, warrants and covenants (which representations, warranties and covenants will survive the Closing Date) on its own behalf and, if applicable, on behalf of any beneficial purchaser for whom the Subscriber is contracting hereunder to and with the Corporation, the Underwriters and the U.S. Affiliates, and acknowledges that the Corporation, the Underwriters and the U.S. Affiliates and their respective legal counsel are relying thereon that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is authorized to consummate
 the purchase of the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is aware that the Purchased
 Securities and the Underlying Securities have not been registered under the U.S. Securities
 Act of 1933, as amended (the "**U.S. Securities Act** "), or any U.S. state securities
 laws and that the offer and sale of the Purchased Securities to it are being made in reliance
 on Section 4(a)(2) of the U.S. Securities Act and similar exemptions under applicable
 U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber is a "qualified institutional
 buyer" as defined in Rule 144A under the U.S. Securities Act and also an "accredited
 investor" as defined in Rule 501(a) of Regulation D under the U.S. Securities
 Act (a "**Qualified Institutional Buyer** "), and is acquiring the Purchased
 Securities for its own account or for the account of a Qualified Institutional Buyer with
 respect to which it exercises sole investment discretion and not with a view to any resale,
 distribution or other disposition of the Purchased Securities or the Underlying Securities
 in violation of United States federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber acknowledges that it has
 not purchased the Purchased Securities as a result of any "directed selling efforts"
 (as defined in Regulation S under the U.S. Securities Act) or any "general solicitation"
 or "general advertising" (as those terms are used in Regulation D under the U.S.
 Securities Act), including advertisements, articles, notices or other communications published
 in any newspaper, magazine or similar media or on the internet, or broadcast over radio or
 television or the internet, or any seminar or meeting whose attendees have been invited by
 general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber is not an "affiliate"
 (as defined in Rule 144 under the U.S. Securities Act) of the Corporation and is not
 acting on behalf of an affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber understands and acknowledges
 that the Purchased Securities and the Underlying Securities are or will be when issued, as
 applicable, "restricted securities" as defined in Rule 144(a)(3) under
 the U.S. Securities Act ()"**Restricted Securities** "). To induce the Corporation
 to issue the Purchased Securities and the Underlying Securities to the Subscriber without
 a U.S. Securities Act restrictive legend, the Subscriber represents, warrants and covenants
 to the Corporation as follows (collectively, the "**Restricted Security Agreements** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if in the future it decides to offer, sell,
 pledge, or otherwise transfer, directly or indirectly, any of the Purchased Securities or
 Underlying Securities, it will do so only: (A) to the Corporation or its subsidiaries
 (though the Corporation or its subsidiaries are under no obligation to purchase any such
 securities), (B) outside the United States in accordance with Rule 904 of Regulation
 S under the U.S. Securities Act and, in each case, in compliance with applicable local laws
 and regulations, or (C) pursuant to an effective registration statement under the U.S.
 Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchased Securities and Underlying
 Securities cannot be offered, sold, pledged or otherwise transferred, directly or indirectly,
 in the United States or to, or for the account or benefit of, a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it will cause any participant of CDS Clearing
 and Depository Services Inc. or any other nominee ()"**CDS**") holding the Purchased
 Securities or Underlying Securities on its behalf and the beneficial purchasers, if any,
 of the Purchased Securities or Underlying Securities to comply with the Restricted Security
 Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for so long as any of the Purchased Securities
 and Underlying Securities constitute Restricted Securities, it will not deposit such Restricted
 Securities into the facilities of the Depository Trust Company, or a successor depository
 within the United States, or arrange for the registration of any such securities with Cede &
 Co. or any successor thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at the time of exercise of any Unit Warrants
 for Unit Warrant Shares, it will be a Qualified Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber has implemented, or shall
 immediately implement, appropriate internal controls and procedures to ensure that Purchased
 Securities and the Underlying Securities shall be properly identified in its records as "restricted
 securities" that are subject to the transfer restrictions set forth herein notwithstanding
 the absence of a U.S. restricted legend or restricted CUSIP number; the representative of
 the undersigned whose signature appears below confirms that he or she has informed the appropriate
 legal or compliance personnel within their organization regarding the matters set forth in
 this Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber understands and acknowledges
 that the Purchased Securities and the Underlying Securities will not be represented by certificates
 that bear a U.S. restricted legend or identified by a U.S. restricted CUSIP number in reliance
 on the acknowledgments, representations and agreements contained herein, including the Restricted
 Security Agreements set forth above, but may bear a Canadian restricted legend or be identified
 by a Canadian restricted CUSIP number as required by applicable Canadian securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber understands and acknowledges
 that the Unit Warrants may not be exercised by, or on behalf of, a U.S. Person or a person
 in the United States unless exemptions are available from the registration requirements of
 the U.S. Securities Act and the securities laws of all applicable U.S. states, and the holder
 has furnished an opinion of counsel of recognized standing or other evidence in form and
 substance reasonably satisfactory to the Corporation to such effect; provided that a holder
 of Unit Warrants that acquired the Unit Warrants in the Offering will not be required to
 deliver an opinion of counsel in connection with its exercise of the Unit Warrants, for its
 own account or for the account of the original beneficial purchaser, if any, at a time when
 such holder and such original beneficial purchaser thereof, if any, are Qualified Institutional
 Buyers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber consents to the Corporation
 making a notation on its records or giving instructions to any transfer agent of the Purchased
 Securities and the Underlying Securities in order to implement the restrictions on transfer
 set forth and described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if required by applicable securities legislation,
 regulatory policy or order or by any securities commission, stock exchange or other regulatory
 authority, the Subscriber will execute, deliver, file and otherwise assist the Corporation
 in filing reports, questionnaires, undertakings and other documents with respect to the ownership
 of the Purchased Securities and the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Subscriber has had access to such
 financial and other information concerning the Corporation and the Purchased Securities and
 the Underlying Securities as it has deemed necessary in connection with its decision to purchase
 any of the Purchased Securities and the Underlying Securities, including an opportunity to
 ask questions of, and request information from, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Subscriber acknowledges that it has
 obtained independent legal, income tax and investment advice with respect to its purchase
 of the Purchased Securities and the Underlying Securities and accordingly, has had an opportunity
 to acquire an understanding of the meanings of all terms contained herein relevant to the
 Subscriber for purpose of giving the representations, warranties and covenants contained
 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Subscriber acknowledges that neither
 the Corporation, the Underwriters and their U.S. Affiliates, nor any person representing
 the Corporation or the Underwriters and their U.S. Affiliates has made any representation
 to it with respect to the Corporation or the offering or sale of the Purchased Securities
 or the Underlying Securities, other than the information contained or incorporated by reference
 in the Subscription Agreement, which has been delivered to it and upon which it is relying
 in making its investment decision with respect to the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Subscriber understands that the Purchased
 Securities and Underlying Securities have not been recommended by any federal or state securities
 commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed
 the accuracy or determined the adequacy of the information in the Subscription Agreement
 or the Schedules attached thereto. Any representation to the contrary is a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Subscriber acknowledges that, (i) until
 such time as the Registration Statement is effective and available for the resale of the
 Unit Shares and the Unit Warrant Shares and that any applicable Canadian hold period has
 expired, there are restrictions on the transferability of the Registrable Securities, and
 that it will not be possible for the Subscriber to readily liquidate his, her or its investment
 in the Registrable Securities before such time and (ii) the Unit Warrants do not constitute
 Registrable Securities and will not be registered for resale on the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Subscriber understands and agrees
 that the financial statements of the Corporation have been prepared in accordance with International
 Financial Reporting Standards, as issued by the International Accounting Standards Board,
 which differ in some respects from United States generally accepted accounting principles,
 and thus may not be comparable to financial statements of United States companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Subscriber understands and agrees
 that there may be material tax consequences to it of an acquisition, holding, exercise or
 disposition of the Purchased Securities and the Underlying Securities. The Corporation gives
 no opinion and makes no representation with respect to the tax consequences to the Subscriber
 under United States, state, local or foreign tax law of its acquisition, holding, exercise
 or disposition of the Purchased Securities and the Underlying Securities, and the Subscriber
 acknowledges that it is solely responsible for determining the tax consequences to it with
 respect to its investment, including whether the Corporation will at any given time be deemed
 a "passive foreign investment company" within the meaning of Section 1297
 of the United States Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Subscriber is aware that its ability
 to enforce civil liabilities under the United States federal securities laws may be affected
 adversely by, among other things: (i) the fact that the Corporation is organized under
 the laws of Canada; (ii) some or all of the directors and officers may be residents
 of countries other than the United States; and (iii) all or a substantial portion of
 the assets of the Corporation and such persons may be located outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the office or other address of the Subscriber
 at which the Subscriber received and accepted the offer to purchase the Purchased Securities
 and the Underlying Securities is the address listed as the "Subscriber's Address and
 Contact Information" on the executions pages of the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the funds representing the Aggregate Subscription
 Price which will be advanced by the Subscriber to the Corporation hereunder will not represent
 proceeds of crime for the purposes of the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act**") and the Subscriber acknowledges that the Corporation may in the future be
 required by law to disclose the Subscriber's name and other information relating to the Subscription
 Agreement and the Subscriber's purchase hereunder, on a confidential basis, pursuant to the
 PATRIOT Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no portion of the Aggregate Subscription
 Price to be provided by the Subscriber (i) has been or will be derived from or related
 to any activity that is deemed criminal under the laws of the United States, or any other
 jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not
 been identified to or by the Subscriber, and it shall promptly notify the Corporation if
 the Subscriber discovers that any of such representations ceases to be true and provide the
 Corporation with appropriate information in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the Subscriber agrees to be bound by the
 terms and conditions set forth in the Subscription Agreement entitled "**Terms and Conditions of Subscription**" attached and the Subscriber further agrees, without
 limitation, that the Corporation and the Underwriters may rely upon the Subscriber's representations,
 warranties and covenants contained in the Subscription Agreement and its applicable Schedules
 attached thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the provisions of this Purchaser Certificate
 will be true and correct both as of the date of execution of the Subscription Agreement and
 as of the Closing Date.

The Subscriber undertakes to notify the Corporation, the Underwriters and their U.S. Affiliates immediately of any change in any representation, warranty or other information relating to the Subscriber or, if applicable, the beneficial purchaser set forth herein, which takes place prior to the Closing Date.

***[Remainder of page intentionally left blank. Signature page follows.]***

Dated the _____ day of ____________________, 2025.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;Print name of Subscriber (or person signing as agent) |
| By: |  |
|  | &nbsp;&nbsp;Signature |
|  | &nbsp;&nbsp;Title |
|  | &nbsp;&nbsp;(please print name of individual whose signature appears above, if different from name of Subscriber or agent printed above) |

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**Schedule "D"<u><br> Foreign Subscriber Purchaser's Certificate</u>**

**NOTE: SUBSCRIBERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS RESIDENT OF JURISDICTIONS OTHER THAN CANADA AND THE UNITED STATES OF AMERICA MUST COMPLETE AND SIGN THIS CERTIFICATE.**

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| | |
|:---|:---|
| **TO:** | **OSISKO DEVELOPMENT CORP.** |
| **AND TO:** | **BMO NESBITT BURNS INC., RBC DOMINION SECURITIES INC., CANTOR FITZGERALD CANADA CORPORATION, NATIONAL BANK FINANCIAL INC., AND VENTUM FINANCIAL CORP.** |

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*Capitalized terms not specifically defined in this Schedule "D" have the meanings ascribed to them in the Subscription Agreement to which this Schedule "D" is attached.*

**The undersigned Subscriber, a resident of a jurisdiction other than Canada or the United States, hereby** represents and warrants to the Corporation and the Underwriters, and acknowledges as an integral part of the attached Subscription Agreement, as follows:

1. The Subscriber is, and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
Agreement or for whom the Subscriber may be acting as trustee or agent is, a resident of a country (an "**International Jurisdiction** ")
other than Canada or the United States and the decision to subscribe for the Purchased Securities was taken in such International Jurisdiction.

2. The delivery of the Subscription Agreement, the acceptance of it by the Corporation and the issuance of
the Purchased Securities to the Subscriber, or each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
Agreement, complies with all laws applicable to the Subscriber and such beneficial purchaser, including the laws of such purchaser's jurisdiction
of residence, and all other applicable laws, and will not require the Corporation to register the Purchased Securities nor will it cause
the Corporation to become subject to, or require it to comply with, any disclosure, prospectus, filing or reporting requirements under
any applicable laws of the International Jurisdiction or seek any approvals of any kind whatsoever from any regulatory authority of any
kind whatsoever in the International Jurisdiction. The Subscriber will provide such evidence of compliance with all such matters as the
Corporation or its counsel may reasonably request.

3. The Subscriber, and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
Agreement, is knowledgeable of, or has been independently advised as to, the application or jurisdiction of the securities laws of the
International Jurisdiction which would apply to the transactions contemplated by the Subscription Agreement (other than the securities
laws of Canada and the United States).

4. The Subscriber and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
Agreement, is purchasing the Purchased Securities pursuant to exemptions from the prospectus and registration requirements (or their equivalent)
under the applicable securities laws of that International Jurisdiction or, if such is not applicable, each is permitted to purchase the
Purchased Securities under the applicable securities laws of the International Jurisdiction without the need to rely on an exemption.

5. The Subscriber and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
Agreement will not sell, transfer or dispose of the Purchased Securities except in accordance with all applicable laws, including applicable
securities laws of Canada and the United States, and the Subscriber, and each beneficial purchaser for whom the Subscriber is purchasing
for under the Subscription Agreement, acknowledges that the Corporation shall have no obligation to register any such purported sale,
transfer or disposition which violates applicable Canadian or United States or other securities laws.

The Subscriber acknowledges that the Corporation may be required to file with the securities regulatory authority or regulator in one or more Canadian jurisdictions a report regarding the trade. The Subscriber acknowledges that such report may require the Corporation to disclose the Subscriber's full legal name, residential address, telephone number and email address and the number of securities the Subscriber purchased, the purchase price for such securities and specific details of the prospectus exemption relied upon under applicable securities laws to complete such purchase, including how the Subscriber qualifies for such exemption. The Subscriber consents to the disclosure of such information and acknowledges that such information is made available to the public under securities legislation of Ontario. The Subscriber acknowledges that this information is collected indirectly by the applicable securities regulatory authority or regulator under the authority granted to it under, and for the purposes of the administration and enforcement of, the securities legislation and that the Subscriber may contact the applicable securities regulatory authority or regulator by way of the contact information provided in Schedule "G" for more information regarding the indirect collection of such information.

The foregoing representations and warranties contained in this Schedule "D" are true and accurate as of the date of this Schedule "D" and will be true and accurate as of the Closing Date. If any such representations or warranties shall not be true and accurate prior to the Closing Date, the undersigned shall give immediate written notice of such fact to the Corporation and the Underwriters prior to the Closing Date.

The Subscriber and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription Agreement will not sell, transfer or dispose of the Purchased Securities to the extent any such sale, transfer or disposal would cause an obligation for a prospectus to be prepared, published or registered in any jurisdiction.

***[Remainder of page intentionally left blank. Signature page follows.]***

Dated the _____ day of ____________________, __________.

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| | |
|:---|:---|
|  | Print name of Subscriber (or person signing as agent) |
| By: |  |
|  | Signature |
|  | Title |
|  | (please print name of individual whose signature appears above, if different from name of Subscriber or agent printed above) |

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![](tm2524145d2_ex10-1sp03img01.jpg)

**Schedule "E"<u><br> FORM 4C</u>**

**<u>CORPORATE PLACEE REGISTRATION FORM</u>**

This Form will remain on file with the TSXV and must be completed if required under section 4(b) of Part II of Form 4B. The corporation, trust, portfolio manager or other entity (the "Placee") need only file it on one time basis, and it will be referenced for all subsequent Private Placements in which it participates. If any of the information provided in this Form changes, the Placee must notify the TSXV prior to participating in further placements with TSXV listed Issuers. If as a result of the Private Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or, if applicable, Declarations, with the TSXV.

1. Placee Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name: _______________________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Complete Address: ____________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Jurisdiction of Incorporation or Creation: ____________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the Placee purchasing securities as a portfolio manager: (Yes/No)? _______________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the Placee carrying on business as a portfolio manager outside of Canada:

(Yes/No)? __________

3. If the answer to 2(b) above was "Yes", the undersigned certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is purchasing securities of an Issuer on behalf of managed accounts for which it is making the investment
decision to purchase the securities and has full discretion to purchase or sell securities for such accounts without requiring the client's
express consent to a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it carries on the business of managing the investment portfolios of clients through discretionary authority
granted by those clients (a "portfolio manager" business) in ____________________ [jurisdiction], and it is permitted by law
to carry on a portfolio manager business in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it was not created solely or primarily for the purpose of purchasing securities of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the total asset value of the investment portfolios it manages on behalf of clients is not less than CAD$20,000,000;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has no reasonable grounds to believe, that any of the directors, senior officers and other insiders
of the Issuer, and the persons that carry on investor relations activities for the Issuer has a beneficial interest in any of the managed
accounts for which it is purchasing.

4. If the answer to 2(a). above was "No", please provide the names and addresses of Control Persons
of the Placee:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name \*** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**Province or State** | &nbsp;&nbsp;**Country** |

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\* If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.

5. Acknowledgement - Personal Information and Securities Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Personal Information" means any information about an identifiable individual, and includes
information contained in sections 1, 2 and 4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the disclosure of Personal Information by the undersigned to the TSXV (as defined in Appendix 6B) pursuant
to this Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the collection, use and disclosure of Personal Information by the TSXV for the purposes described in Appendix
6B or as otherwise identified by the TSXV, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned acknowledges that it is bound by the provisions of applicable Securities Law, including
provisions concerning the filing of insider reports and reports of acquisitions.

Dated and certified (if applicable), acknowledged and agreed, at _____________________, on _____________________.

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| |
|:---|
| &nbsp;&nbsp;(Name of Purchaser - please print) |
| &nbsp;&nbsp;(Authorized Signature) |
| &nbsp;&nbsp;(Official Capacity - please print) |
| &nbsp;&nbsp;(Please print name of individual whose signature appears above) |

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**THIS IS NOT A PUBLIC DOCUMENT**

**Schedule "F"<u><br> COLLECTION OF PERSONAL INFORMATION</u>**

This Subscription Agreement and the schedules hereto require the Subscriber to provide certain personal information (respecting the Subscriber and, if applicable, the beneficial purchaser for whom the Subscriber is contracting) to the Corporation and the Underwriters. Personal information includes "personal information" as that term is defined under applicable privacy legislation, including without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws and, if applicable, the rules and policies of the Exchanges in effect from time to time. Such information is being collected for the purposes of completing the Offering, which includes, without limitation, determining the eligibility of the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting, to purchase Units under applicable Securities Laws, preparing and registering certificates representing the Unit Shares and Unit Warrants to be issued hereunder and completing filings required under applicable Securities Laws or by any stock exchange, the Canadian Investment Regulatory Organization and/or securities regulatory authorities.

In addition, such personal information may be used or disclosed by the Corporation for the purpose of administering the Corporation's relationship with the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting. For example, such personal information may be used by the Corporation to communicate with the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting (such as by providing annual or quarterly reports), to prepare tax filings and forms or to comply with its obligations under taxation, securities and other laws (such as maintaining a list of holders of shares).

In connection with the foregoing, the personal information of the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting, may be disclosed by the Corporation to: (i) any stock exchanges or securities regulatory or taxation authorities; (ii) the Corporation's registrar and transfer agent; and (iii) any of the other parties involved in the Offering, including legal counsel, and may be included in record books prepared in respect of the Offering.

By executing this Subscription Agreement, the Subscriber (on its own behalf and, if applicable, on behalf of the beneficial purchaser for whom the Subscriber is contracting) hereby consents to the collection, use and disclosure of such personal information. The Subscriber (on its own behalf and, if applicable, on behalf of the beneficial purchaser for whom the Subscriber is contracting) also consents to the filing of copies or originals of any of the documents provided to the Corporation by or on behalf of the Subscriber with any stock exchange, securities regulatory authority in relation to the transactions contemplated by this Subscription.

The Subscriber acknowledges that the Subscriber's personal information and the personal information of any Disclosed Principal may be delivered to the Canadian securities commissions under the authority granted to them under securities legislation for the purposes of administration and enforcement of the securities legislation of the applicable Canadian province. The public official of such Canadian province who can answer questions about such indirect collection of personal information is set forth on Schedule "G".

The Subscriber also acknowledges and consents to the collection, use and disclosure of the Subscriber's personal information by the Exchanges and its affiliates, authorized agents, subsidiaries and divisions, including the Exchanges for the following purposes: (i) to conduct background checks, (ii) to verify personal information that has been provided about each individual, (iii) to provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Corporation or its associates or affiliates, (iv) to conduct enforcement proceedings, and (v) to perform other investigations as required by and to ensure compliance with all applicable rules, policies, rulings and regulations of the Exchanges, Securities Laws and other legal and regulatory requirements governing the conduct and protection of the public markets in Canada. As part of this process, the Subscriber further acknowledges that the Exchanges also collects additional personal information from other sources, including but not limited to, securities regulatory authorities in Canada or elsewhere, investigative, law enforcement or self-regulatory organizations, regulations services providers and each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished. The personal information collected by the Exchanges may also be disclosed: (i) to the aforementioned agencies and organizations or as otherwise permitted or required by law and may be used for the purposes described above for their own investigations, and (ii) on the Exchanges' website or through printed materials published by or pursuant to the directions of the Exchanges. The Exchanges may from time to time use third parties to process information and/or provide other administrative services and may share information with such third party services providers.

**Schedule "G"<u><br> CONTACT INFORMATION FOR CANADIAN SECURITIES COMMISSIONS</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Alberta Securities Commission**<br> Suite 600, 250 – 5th Street SW<br> Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-2082<br>**British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre<br> 701 West Georgia Street<br> Vancouver, British Columbia V7Y 1L2<br> Inquiries: (604) 899-6854<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6581<br> Email: <u>inquiries@bcsc.bc.ca</u><br>**The Manitoba Securities Commission**<br> 500 – 400 St. Mary Avenue<br> Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba 1-800-655-5244<br> Facsimile: (204) 945-0330<br>**Financial and Consumer Services Commission<br> (New Brunswick)**<br> 85 Charlotte Street, Suite 300<br> Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222<br> Facsimile: (506) 658-3059<br> Email: <u>info@fcnb.ca</u><br>**Government of Newfoundland and Labrador**<br> **Financial Services Regulation Division**<br> P.O. Box 8700<br> Confederation Building<br> 2nd Floor, West Block<br> Prince Philip Drive<br> St. John's, Newfoundland and Labrador A1B 4J6<br> Attention: Director of Securities<br> Telephone: (709) 729-4189<br> Facsimile: (709) 729-6187<br>**Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street, Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625 | &nbsp;&nbsp; **Ontario Securities Commission**<br> 20 Queen Street West, 22<sup>nd</sup> Floor<br> Toronto, Ontario M5H 3S8<br> Telephone: (416) 593- 8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: <u>exemptmarketfilings@osc.gov.on.ca</u><br> Public official contact regarding indirect collection of information: Inquiries Officer<br>**Prince Edward Island Securities Office**<br> 95 Rochford Street, 4th Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 368-4569<br> Facsimile: (902) 368-5283<br>**Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse<br> Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or 1-877-525-0337<br> Facsimile: (514) 873-6155 (For filing purposes only)<br> Facsimile: (514) 864-6381 (For privacy requests only)<br> Email: <u>financementdessocietes@lautorite.qc.ca</u><br> (For corporate finance issuers); <br> <u>fonds_dinvestissement@lautorite.qc.ca</u><br> (For investment fund issuers)<br>**Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601 - 1919 Saskatchewan Drive<br> Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899<br>|

---

**Schedule "H"<u><br> SELLING SHAREHOLDER QUESTIONNAIRE</u>**

**<u>NOTE: SUBSCRIBERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES AND U.S. PERSONS MUST COMPLETE AND SIGN THIS CERTIFICATE.</u>**

The undersigned beneficial owner (within the meaning of applicable U.S. securities laws) of Unit Shares and Unit Warrant Shares (the "**Registrable Securities**") of Osisko Development Corp., a corporation organized under the laws of Canada (the "**Corporation**"), understands that the Corporation has filed or intends to file with the Securities and Exchange Commission (the "**SEC**") a registration statement (the "**Registration Statement**") for the registration and resale under Rule 415 of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), of the Registrable Securities, in accordance with the terms of the Subscription Agreement (the "**Subscription Agreement**"). All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Subscription Agreement.

Certain legal consequences arise from being named as a selling shareholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling shareholder in the Registration Statement and the related prospectus.

The undersigned beneficial owner (the "**Selling Shareholder**") of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Corporation and represents and warrants that such information is accurate:

**QUESTIONNAIRE**

**1.** **Name.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Full Legal Name of Selling Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
are held:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone
or with others has power to vote or dispose of the securities covered by this Questionnaire):

**2. Address for Notices to Selling Shareholder:**

---

| | |
|:---|:---|
| Telephone: | Telephone: |
| E-Mail: | E-Mail: |
| Contact | Person: |

---

**3. Broker-Dealer Status:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Are you a broker-dealer?

Yes ◻ No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If "yes" to Section 3(a), did you receive your Registrable Securities as compensation for
investment banking services to the Corporation?

Yes ◻ No ◻

Note: If "no" to Section 3(b), the Commission's staff has indicated that you should be identified as an underwriter in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Are you an affiliate of a broker-dealer?

Yes ◻ No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

Yes ◻ No ◻

Note: If "no" to Section 3(d), the Commission's staff has indicated that you should be identified as an underwriter in the Registration Statement.

**4. Beneficial Ownership of Securities of the Corporation Owned by the Selling Shareholder.**

*Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Corporation other than the Registrable Securities issuable pursuant to the Subscription Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Type and Amount of other securities beneficially owned by the Selling Shareholder:

**5. Relationships with the Corporation:**

*Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Corporation (or its predecessors or affiliates) during the past three years.*

State any exceptions here:

The undersigned agrees to promptly notify the Corporation of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Corporation of any changes to the number of securities held or owned by the undersigned or its affiliates.

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Corporation in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Date:   Beneficial Owner:  

By:   <br> Name: <br> Title:

**PLEASE DELIVER A FULLY COMPLETED AND SIGNED COPY OF THIS QUESTIONNAIRE WITH THE EXECUTED SUBSCRIPTION AGREEMENT.**

## Exhibit 10.2

**Exhibit 10.2**

**<u>NON-BROKERED (ISSUER DIRECT)</u>**

**THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD TO OR FOR THE ACCOUNT OR BENEFIT OF PERSONS IN THE UNITED STATES OR U.S. PERSONS UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.**

**OSISKO DEVELOPMENT CORP.**

**SUBSCRIPTION AGREEMENT<br> (UNITS)**

**THE UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED BY CANADIAN RESIDENTS, U.S. RESIDENTS AND OFF-SHORE RESIDENTS, IN EACH CASE PURSUANT TO AVAILABLE EXEMPTIONS UNDER APPLICABLE SECURITIES LAWS.**

**<u>INSTRUCTIONS</u>**

**All Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete and sign the execution pages of this Subscription Agreement (pages (ii) to (v)),
including the registration and delivery instructions and, if applicable, Schedule "E" (*Form 4C – Corporate Placee Registration Form*) to this Subscription Agreement.

**Canadian Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;2. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a province of Canada, complete and sign Schedule "B" *(Subscriber Certificate)* to this Subscription Agreement and, if applicable, Appendix A to Schedule "B" thereto.

**United States Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;3. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person **and in the State of California**, **you are a Qualified Institutional Buyer**, and you must
complete and sign Schedule "C" – Annex 1 *(Qualified Institutional Buyer Certificate)*.

&nbsp;&nbsp;&nbsp;&nbsp;4. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person **and in the State of New York**, **you are either a Qualified Institutional Buyer or an Institutional Accredited Investor**, and you must complete and sign Schedule "C" – Annex 1 *(Qualified Institutional Buyer Certificate)* or Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)* as an Institutional Accredited
Investor, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;5. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person, **and in any State <u>other than</u> California or New York,** complete and sign Schedule "C"
 – Annex 1 *(Qualified Institutional Buyer Certificate)* or Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)* to this Subscription Agreement and Schedule "H" (*Selling Shareholder Questionnaire*). In
addition, you may be required to provide a supplemental Certificate depending on the State in which you are located confirming certain
additional representations, warranties and covenants in order to participate.

**Off-Shore Subscribers:**

&nbsp;&nbsp;&nbsp;&nbsp;6. If you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a jurisdiction other than a jurisdiction in Canada or the United States, complete
and sign Schedule "D" *(Foreign Subscriber Purchaser's Certificate)* to this Subscription Agreement.

&nbsp;&nbsp; <br> **DELIVERY INSTRUCTIONS**<br>Return a completed and executed copy of this Subscription Agreement, along with the other documents required to be delivered with this Subscription Agreement, by no later than 4:30 p.m. (Toronto time) on August 8, 2025, by email to Asif Zalfackruddin (zalfackruddina@bennettjones.com.<br>**PAYMENT INSTRUCTIONS**<br>Payment of the Aggregate Subscription Price (as defined herein) must be made in United States dollars by no later than by no later than 4:30 p.m. (Toronto time) on August 8, 2025, in accordance with the wire instructions provided below.<br>**Beneficiary:** *[Redact – Personal Information]*<br>**Beneficiary Address:** *[Redact – Personal Information]*<br>**Beneficiary Bank:** *[Redact – Personal Information]*<br>**Beneficiary Bank Full Address:** *[Redact – Personal Information]*<br>**Transit/ABA:** *[Redact – Personal Information]*<br>**Bank Code:** *[Redact – Personal Information]*<br>**Swift:** *[Redact – Personal Information]*<br>**BIC:** *[Redact – Personal Information]*<br>**Account Number:** *[Redact – Personal Information]*<br>

(ii) **<u>EXECUTION PAGES</u>**

**SUBSCRIPTION AGREEMENT**

**(UNITS)**

**TO:** **OSISKO DEVELOPMENT CORP.**

The undersigned (the "**Subscriber**") hereby subscribes for and agrees to purchase from Osisko Development Corp. (the "**Corporation**") the number of units of the Corporation ("**Units**") at a price of US$2.05 per Unit, as indicated on the next page (being the Purchased Securities (as defined herein)). Each Unit will be comprised of one common share of the Corporation (each, a "**Unit Share**") and one-half of one common share purchase warrant of the Corporation (each whole warrant, a "**Unit Warrant**"), with each Unit Warrant entitling the holder thereof to purchase one common share of the Corporation (each, a "**Unit Warrant Share**") at a price of US$2.56 per Unit Warrant Share (the "**Exercise Price**") for a period of 24 months from the Closing Date (as defined herein) (subject to the exercise of the Acceleration Right (as defined herein)). At any time following the 15-month anniversary of the Closing Date and prior to the expiry date of the Unit Warrants, if the closing price of the Common Shares (as defined herein) on the Exchanges (as defined herein) exceeds the Exercise Price for 20 or more consecutive trading days, the Corporation may, within 10 days following such occurrence, accelerate the expiry date of the Unit Warrants by providing notice of such acceleration to the holders of Unit Warrants, following which the Unit Warrants will expire on the date that is 30 calendar days after the giving of such notice (the "**Acceleration Right**"). The Subscriber agrees to be bound by the terms and conditions set forth in the document entitled *"Terms and Conditions of Subscription"* attached hereto and forming part of this Subscription Agreement (as defined herein) and the Subscriber further agrees, without limitation, that the Corporation may rely upon the Subscriber's representations, warranties and covenants contained in this Subscription Agreement and the applicable Schedules attached hereto.

**The terms and size of the Offering (as defined below) are subject to change without notice to the Subscriber. The Corporation reserves the right to close the Offering in multiple tranches, such that one or more closings may occur after the initial closing.**

(iii) ---

| | |
|:---|:---|
| <u>Subscriber Information and Signature</u>: | <u>Subscriber Information and Signature</u>: |
| (Name of Subscriber) | (Name of Subscriber) |
| Account Reference (If applicable): | Account Reference (If applicable): |
| By: |  |
|  | Authorized Signature |
| (Official Capacity or Title – if the Subscriber is not an individual) | (Official Capacity or Title – if the Subscriber is not an individual) |
| (Name of individual whose signature appears above if different than the name of the Subscriber printed above) | (Name of individual whose signature appears above if different than the name of the Subscriber printed above) |
| <u>Subscriber Address and Contact Information</u>: | <u>Subscriber Address and Contact Information</u>: |
| (Residential Address of Subscriber) | (Residential Address of Subscriber) |
| (City/Municipality, Province/State and Postal/ZIP Code of Subscriber) | (City/Municipality, Province/State and Postal/ZIP Code of Subscriber) |
| (Telephone Number and Email Address of Subscriber) | (Telephone Number and Email Address of Subscriber) |

---

---

| | |
|:---|:---|
| <br>Number of Units: |  |
| Subscription Price: | US$2.05 |
| Aggregate Subscription Price (US$2.05 x Number of Units) | Aggregate Subscription Price (US$2.05 x Number of Units) |

---

---

| |
|:---|
| **If the Subscriber is signing as agent or trustee for a principal (a** "**Disclosed Principal**"**) and is not purchasing as trustee or agent for accounts fully managed by it, so as to be deemed to be purchasing as principal pursuant to NI 45-106 (as defined herein), complete the following:** |
| (Name of Disclosed Principal) |
| <u>Disclosed Principal's Address and Contact Information:</u> |
| (Residential Address of Disclosed Principal) |
| (City/Municipality, Province/State and Postal/Zip Code of Disclosed Principal) |
| (Telephone Number and Email Address of Disclosed Principal) |
| (Account Reference, if applicable) |

---

**It is anticipated that the Units purchased hereunder will be settled via DRS Advice(s) representing the Unit Shares and Unit Warrants as soon as reasonably practicable following the Closing Date (as defined herein). In such case, the Subscriber will not be entitled to settle by electronic deposit with CDS (as defined herein) through the book-based system administered by CDS.**

---

| |
|:---|
| **Account Registration Information**: The interest in the book-entry position or the certificates representing the Unit Shares and Unit Warrants, as applicable, should be registered as follows: |
| (Name) |
| (Account Reference, if applicable) |
| (Address, including Postal Code) |

---

---

| |
|:---|
| **Delivery Instructions**: Please deliver the certificates or the ownership statement with respect to the interest in a book-entry position or the certificate representing the Unit Shares and Unit Warrants, as applicable, to: |
| (Name) |
| (Account Reference, if applicable) |
| (Address) |
| (Contact Name) |
| (Telephone Number) |

---

(iv) **Information to be Completed by each Subscriber:**

---

| | |
|:---|:---|
| **A.** | **Registration Form**<br>|
| The Subscriber, <u>if not an individual and</u> (i) <u>is</u> a member of the <u>"Pro Group"</u> (as described below), or (ii) <u>is</u> (or will be after completion of the Offering) an <u>"Insider"</u> (as described below), or (iii) <u>will be a holder of more than 5% of the listed shares after completion of the Offering</u>, either **[check appropriate box]**: | The Subscriber, <u>if not an individual and</u> (i) <u>is</u> a member of the <u>"Pro Group"</u> (as described below), or (ii) <u>is</u> (or will be after completion of the Offering) an <u>"Insider"</u> (as described below), or (iii) <u>will be a holder of more than 5% of the listed shares after completion of the Offering</u>, either **[check appropriate box]**: |
| ◻ | has previously filed with the TSX Venture Exchange (the "**TSXV**") a Form 4C – *Corporate Placee Registration Form*, represents and warrants that there has been no change to any of the information in the Corporate Placee Registration Form previously filed with the TSXV up to the date hereof; or<br>|
| ◻ | hereby delivers a completed Form 4C – *Corporate Placee Registration Form*, in the form attached as Schedule "E" to the Corporation for filing with the TSXV. |
| **B.** | **Present Ownership of Securities**<br>|
| The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: |
| ◻ | does not own directly or indirectly, or exercise control or direction over, any common shares of the Corporation or securities convertible into common shares of the Corporation; or<br>|
| ◻ | owns directly or indirectly, or exercises control or direction over, ______________ outstanding common shares of the Corporation and convertible securities entitling the Subscriber to acquire additional common shares of the Corporation which, if converted, in the aggregate would represent ______________ common shares of the Corporation. |
| **C.** | **Insider Status**<br>|
| The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: |
| ◻ | is an "Insider" of the Corporation as defined in the policies of the TSXV as follows:<br>|
|  | (a) a director or senior officer of the Corporation;<br>|
|  | (b) a director or senior officer of a corporation that is itself an Insider or subsidiary of the Corporation;<br>|
|  | (c) a person that beneficially owns or controls, directly or indirectly, voting shares of the Corporation carrying more than 10% of the voting rights attached to all the Corporation's outstanding voting shares; or<br>|
|  | (d) the Corporation itself if it holds any of its own securities; or<br>|
| ◻ | is not an Insider of the Corporation. |

---

(v) ---

| | | |
|:---|:---|:---|
| **D.** | **Member of "Pro Group"** | **Member of "Pro Group"** |
| The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: |
| ◻ | is a member of the "Pro Group" as defined in the policies of the TSXV, as follows: | is a member of the "Pro Group" as defined in the policies of the TSXV, as follows: |
|  | 1. | subject to subparagraphs (2), (3) and (4), either individually or as a group: |
|  | (a) | the member (i.e. a member of the TSXV under the requirements of the TSXV); |
|  | (b) | employees of the member; |
|  | (c) | partners, officers or directors of the member; |
|  | (d) | affiliates of the member; or |
|  | (e) | associates of any parties referred to in subparagraphs (a) through (d); |
|  | 2. | the TSXV may, in its discretion, include a person or party in the Pro Group for the purposes of a particular calculation where the TSXV determines that the person is not acting at arm's length with the member; |
|  | 3. | the TSXV may, in its discretion, exclude a person from the Pro Group for the purposes of a particular calculation where the TSXV determines that the person is acting at arm's length with the member; |
|  | 4. | the member may deem a person who would otherwise be included in the Pro Group pursuant to subparagraph (1) to be excluded from the Pro Group where the member determines that: |
|  | (a) | the person is an affiliate or associate of the member acting at arm's length of the member; |
|  | (b) | the associate or affiliate has a separate corporate and reporting structure; |
|  | (c) | there are sufficient controls on information flowing between the member and the associate or affiliate; and |
|  | (d) | the member maintains a list of such excluded persons; or |
| ◻ | is not a member of the Pro Group. | is not a member of the Pro Group. |
| **E.** | **Insider Status (*Securities Act* (Ontario))** | **Insider Status (*Securities Act* (Ontario))** |
| The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: |
| ◻ | is an "Insider" of the Corporation, defined as (a) a director or an officer of the Corporation; (b) a director or an officer of a person that is itself an insider or a subsidiary of the Corporation; or (c) a person that has (i) beneficial ownership of, or control or direction over, directly or indirectly, or (ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of the Corporation carrying more than 10% of the voting rights attached to all outstanding voting securities; or | is an "Insider" of the Corporation, defined as (a) a director or an officer of the Corporation; (b) a director or an officer of a person that is itself an insider or a subsidiary of the Corporation; or (c) a person that has (i) beneficial ownership of, or control or direction over, directly or indirectly, or (ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of the Corporation carrying more than 10% of the voting rights attached to all outstanding voting securities; or |
| ◻ | is not an Insider of the Corporation. | is not an Insider of the Corporation. |
| **F.** | **Registrant Status (*Securities Act* (Ontario))** | **Registrant Status (*Securities Act* (Ontario))** |
| The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: | The Subscriber either **[check appropriate box]**: |
| ◻ | is a "Registrant", defined as a person registered or required to be registered under the *Securities Act* (Ontario), including a dealer, adviser or investment fund manager; or | is a "Registrant", defined as a person registered or required to be registered under the *Securities Act* (Ontario), including a dealer, adviser or investment fund manager; or |
| ◻ | is not a Registrant. | is not a Registrant. |

---

(vi) **<u>TERMS AND CONDITIONS OF SUBSCRIPTION</u>**

**SUBSCRIPTION AGREEMENT**

**TO:** **Subscriber of Units of Osisko Development Corp.**

**<u>Re:</u>** **<u>Sale of Units</u>**

Dear Sirs/Mesdames:

This Subscription Agreement is to confirm your agreement to purchase from Osisko Development Corp. (the "**Corporation**"), subject to the terms and conditions set forth herein, that number of units of the Corporation ("**Units**"), as indicated on the execution page (the "**Purchased Securities**"), at a price of US$2.05 per Unit (the "**Issue Price**").

Each Unit will be comprised of one common share of the Corporation (each, a "**Unit Share**") and one-half of one common share purchase warrant of the Corporation (each whole warrant, a "**Unit Warrant**"), with each Unit Warrant entitling the holder thereof to purchase one common share of the Corporation (each, a "**Unit Warrant Share**") at a price of US$2.56 per Unit Warrant Share (the "**Exercise Price**") for a period of 24 months from the Closing Date (subject to the exercise of the Acceleration Right (as defined herein)). At any time following the 15-month anniversary of the Closing Date and prior to the expiry date of the Unit Warrants, if the closing price of the Common Shares (as defined herein) on the Exchanges (as defined herein) exceeds the Exercise Price for 20 or more consecutive trading days, the Corporation may, within 10 days following such occurrence, accelerate the expiry date of the Unit Warrants by providing notice of such acceleration to the holders of Unit Warrants, following which the Unit Warrants will expire on the date that is 30 calendar days after the giving of such notice (the "**Acceleration Right**").

The Purchased Securities form part of a larger sale by the Corporation on a non-brokered private placement basis of 36,600,000 Units at the Issue Price for aggregate gross proceeds to the Corporation of US$75,030,000 (the "**Offering**"). In addition, the Subscriber acknowledges and agrees that concurrently with the Offering, the Corporation intends to issue an aggregate 58,560,000 Units at the Issue Price for aggregate gross proceeds to the Corporation of US$120,048,000 on a "bought deal" private placement basis (the "**Brokered Offering**"). In connection with the Brokered Offering, the Corporation has granted the Underwriters (as defined herein) an option, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date, to purchase up to an additional 2,440,000 Units at the Issue Price for additional gross proceeds to the Corporation of up to US$5,002,000 (the "**Underwriters' Option**"). The total size of the Brokered Offering, assuming the Underwriters' Option is exercised in full, will not exceed US$125,050,000.

The terms and size of the Offering are subject to change without notice to the Subscriber and the Corporation reserves the right to close the Offering in multiple tranches, such that one or more closings may occur after the initial closing. A term sheet with respect to the Offering is attached hereto as Schedule "A", and is incorporated by reference in this Subscription Agreement.

The Subscriber, by its execution of this Subscription Agreement, agrees to be bound by the terms and conditions of the Warrant Indenture as if it was an original party thereto.

**1.** **<u>Definitions</u>**

In this Subscription Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**$**" or "**C$**" means lawful money of Canada denominated in Canadian dollars,
unless otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Acceleration Right**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Aggregate Subscription Price**" means the amount equal to the number of Purchased Securities
multiplied by the Issue Price, as indicated on page (iii) of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Brokered Offering**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Business Day**" means a day other than a Saturday, Sunday or any other day on which the
principal chartered banks located in Montréal, Québec and Toronto, Ontario are not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**CDS**" means CDS Clearing and Depository Services Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Closing**" means the closing of the Offering on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Closing Date**" means August 15, 2025, or such other date (or dates) as the Corporation
may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Common Shares**" means the common shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Control Person**" has the meaning ascribed to such term in subsection 1(1) of the *Securities Act* (Ontario);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Corporation**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Disclosed Principal**" has the meaning ascribed thereto on the face page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Distribution Compliance Period**" has the meaning ascribed thereto in Section 7(h)(vii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Distributor**" means any underwriter, dealer, or other person who participates, pursuant
to a contractual arrangement, in the distribution of the Units offered or sold in reliance on Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Effectiveness Period**" has the meaning ascribed thereto in Section 11(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exchanges**" means, together, the TSX Venture Exchange and the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Exercise Price**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Information Record**" means all information filed by the Corporation on SEDAR+ (<u>http:///www.sedarplus.ca</u>)
 prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Institutional Accredited Investor**" means an "accredited investor" that satisfies
one or more of the categories set forth in Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D under the U.S. Securities
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**International Jurisdiction**" has the meaning ascribed thereto in Section 7.F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Issue Price**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**MNPI**" means material non-public information within the meaning of Regulation FD promulgated
under the U.S. Exchange Act, which shall, in any case, include the receipt of the notice pursuant to Section 11(e) and the information
contained in such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* of
the Canadian Securities Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Offering**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Offering Jurisdictions**" means, collectively, each of the provinces of Canada, the United
States and such other jurisdictions outside of Canada and the United States, as may be agreed to by the Corporation, where the Units are
offered to prospective purchasers or the Subscribers reside, as the context permits or requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**PCMLTFA**" has the meaning ascribed thereto in Section 7.K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Person**" means an individual, a firm, a corporation, a syndicate, a partnership, a trust,
an association, an unincorporated organization, a joint venture, an investment club, a government or an agency or political subdivision
thereof and every other form of legal or business entity of whatsoever nature or kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Purchased Securities**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Qualified Institutional Buyer**" means a "qualified institutional buyer" within
the meaning of Rule 144A under the U.S. Securities Act, that is also a U.S. Accredited Investor, and, if the Subscriber is in the
State of California, includes an institutional investor as used in Section 25102(i) of the California Corporations Code and
the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Registrable Securities**" means the Unit Shares and
Unit Warrant Shares purchased by U.S. Subscribers in the Offering where such U.S. Subscribers have fully completed, executed and returned
the Selling Shareholder Questionnaire attached hereto as Schedule "H";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Registration Statement**" has the meaning ascribed thereto in Section 11(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Securities Laws**" means the securities legislation and regulations of, and the instruments,
policies, rules, orders, codes, notices and interpretation notes of the applicable securities regulatory authority or applicable securities
regulatory authorities (including rules of stock exchanges) of, the applicable jurisdiction or jurisdictions collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Subscriber**" means the Person purchasing the Purchased Securities and whose name appears
on the execution page hereof and who has signed this Subscription Agreement or, if the Person whose name appears on the execution
page hereof has signed this Subscription Agreement as an agent for, or on behalf of, a beneficial purchaser and is not a trust company,
trust corporation or portfolio manager deemed to be purchasing the Purchased Securities as principal under NI 45-106, the Person who is
the beneficial purchaser of the Purchased Securities, being the Disclosed Principal as disclosed on the execution page hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Subscription Agreement**" means this subscription agreement, including all schedules and
appendices attached hereto, as the same may be amended, supplemented or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**TSXV**" means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Underlying Securities**" means the Unit Shares, the Unit Warrants and the Unit Warrant
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Underwriters**" means, collectively, the syndicate of underwriters of the Brokered Offering
co-led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., and Cantor Fitzgerald Canada Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Underwriters' Option**" has the meaning ascribed thereto on the first page of the
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Unit Shares**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Unit Warrants**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Unit Warrant Shares**" has the meaning ascribed thereto on the first page of this
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**United States**" means the United States of America, its territories and possessions,
any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Units**" has the meaning ascribed thereto on the first page of this Subscription
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**US$**" means lawful money of the United States denominated in United States dollars, unless
otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**U.S. Accredited Investor**" means an "accredited investor" as defined in Rule 501(a) of
Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**U.S. Person**" means a "U.S. person" as such term is defined in Regulation S
under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**U.S. Securities Act**" means the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**U.S. Subscriber**" means a Subscriber who (i) is in the United States, (ii) is
a U.S. Person, (iii) is subscribing on behalf of, or for the account or benefit of, a person in the United States or a U.S. Person,
(iv) received an offer to acquire the Units in the United States, or (v) executed this Subscription Agreement or otherwise placed
its order to purchase the Units in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Warrant Indenture**" means the warrant indenture governing the Unit Warrants.

For greater certainty, the parties hereby acknowledge and agree that, if the Subscriber is acting as agent or trustee on behalf of a Disclosed Principal, the words "Subscriber", "you", "it" and "its", whenever used in relation to representations, warranties, acknowledgements, covenants or indemnities mean the Subscriber and, unless the context otherwise requires, the Disclosed Principal.

**2.** **<u>The Offering</u>**

The Purchased Securities form part of the larger Offering of 36,600,000 Units at the Issue Price, which are being offered and sold on a non-brokered private placement basis to Persons resident in each of the provinces of Canada, in the United States and in certain other jurisdictions outside Canada and the United States, in each case pursuant to available exemptions from any prospectus, registration or similar requirement of applicable Securities Laws.

**3.** **<u>Subscription</u>**

The Subscriber hereby confirms its irrevocable subscription for the Purchased Securities from the Corporation, on and subject to the terms and conditions set out in this Subscription Agreement, for the Aggregate Subscription Price which is payable as described herein. The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each Disclosed Principal) that upon acceptance by the Corporation of this Subscription Agreement, this Subscription Agreement will constitute a binding obligation of the Subscriber (including, if applicable, each Disclosed Principal) subject to the terms and conditions contained herein.

**4.** **<u>Delivery, Payment and Conditions of Purchase</u>**

In connection with the purchase of the Purchased Securities by the Subscriber, the following documents are attached hereto, which you are requested and you agree to complete and sign as indicated and return, together with an executed copy of this Subscription Agreement, as soon as possible and, in any event, no later than **<u>4:30</u>**  **<u>p.m. (Toronto time) on August 8, 2025</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an executed copy of the Subscription Agreement, including the execution pages of the Subscription
Agreement (pages (ii) to (v)), the Registration and Delivery Instructions and, if applicable, Schedule "E" (*Form 4C – Corporate Placee Registration Form*) to the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a province of Canada, a completed and signed Schedule "B" (*Subscriber Certificate*) attached to the Subscription Agreement, and if applicable, the appendix thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person **and in the State of California**, **you are a Qualified Institutional Buyer**, and you must
complete and sign Schedule "C" – Annex 1 *(Qualified Institutional Buyer Certificate)*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person **and in the State of New York**, **you are either a Qualified Institutional Buyer or an Institutional Accredited Investor**, and you must complete and sign Schedule "C" – Annex 1 *(Qualified Institutional Buyer Certificate)* or Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)* as an Institutional Accredited
Investor, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, in
the United States or a U.S. Person, **and in any State <u>other than</u> California or New York,** complete and sign Schedule "C"
 – Annex 1 *(Qualified Institutional Buyer Certificate)* or Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)* to this Subscription Agreement and Schedule "H" (*Selling Shareholder Questionnaire*). In
addition, you may be required to provide a supplemental Certificate depending on the State in which you are located confirming certain
additional representations, warranties and covenants in order to participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident
of, or otherwise subject to the Securities Laws of, a jurisdiction other than a jurisdiction in Canada or the United States, complete
and sign Schedule "D" (*Foreign Subscriber Purchaser's Certificate*) attached to this Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other documents required by applicable Securities Laws or rules of the Exchanges, which the Corporation
may request.

You are further requested and you agree, to remit payment of the Aggregate Subscription Price payable by the Subscriber for the Purchased Securities in immediately available United States funds to the Corporation in accordance with the wire instructions provided on face page of this Subscription Agreement, no later than **<u>4:30</u>**  **<u>p.m. (Toronto time) on August 8, 2025</u>**.

If this Subscription Agreement is rejected in whole or in part, the Subscriber acknowledges that the unused portion of the Aggregate Subscription Price for the Purchased Securities will be promptly returned to such Subscriber without interest, deduction or penalty.

The obligation of the Corporation to sell the Purchased Securities to the Subscriber is subject to, among other things, the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) you execute and return all documents required by the Securities Laws of the applicable Offering Jurisdictions
for delivery on your behalf, including the forms and accompanying appendices set out in Schedule "B", Schedule "C",
Schedule "D", Schedule "E" and Schedule "H" attached hereto, as applicable, to the Corporation
as the sale of the Purchased Securities by the Corporation to the Subscriber will not be qualified by a prospectus or registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment for the Aggregate Subscription Price of the Purchased Securities is received by the Corporation
in accordance with the provisions set out in this Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the representations and warranties made herein by you and, if applicable, any beneficial purchaser for
whom you are contracting hereunder (including representations and warranties made in any Schedule attached hereto, including any appendix
attached thereto, as applicable), are true and correct when made and are true and correct on the Closing Date with the same force and
effect as if they had been made on and as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all covenants, agreements and conditions contained in this Subscription Agreement to be performed by you
and, if applicable, any beneficial purchaser for whom you are contracting hereunder, on or prior to the Closing Date shall have been performed
or complied with in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all necessary regulatory approvals and consents, including acceptance by the Exchanges, in order to sell
the Purchased Securities, are obtained prior to the Closing Date.

The obligation of the Subscriber to purchase the Purchased Securities is subject to, among other things, the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties contained in this Subscription Agreement made by the Corporation are
true and correct when made and shall be true and correct on the Closing Date with the same force and effect as if they had been made on
and as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all covenants, agreements and conditions contained in this Subscription Agreement to be performed by the
Corporation on or prior to the Closing Date shall have been performed or complied with in all material respects.

By returning this Subscription Agreement you consent, and, if applicable, any beneficial purchaser for whom you are contracting hereunder consents, to the filing by the Corporation of all documents and personal information concerning the Subscriber provided in this Subscription Agreement required by the Securities Laws of the Offering Jurisdictions and the rules and policies of any stock exchange, as further detailed in Schedule "F" hereto.

If you are not subscribing for the Purchased Securities as principal for your own account and you are not a trust company, trust corporation or portfolio manager deemed to be purchasing as principal under NI 45-106, each beneficial purchaser for whom you are contracting hereunder must be purchasing the Purchased Securities as principal and, unless you are an authorized agent with the power to sign on behalf of the beneficial purchaser and such beneficial purchaser is disclosed on the execution page hereof, you must execute all documents required by the Securities Laws of the applicable Offering Jurisdictions and the rules and policies of any stock exchange with respect to the Purchased Securities being acquired by each such beneficial purchaser as principal. If you are signing this Subscription Agreement as agent or pursuant to a power of attorney for the Subscriber, you represent and warrant that you have authority to bind the Subscriber.

You agree, and you agree to cause any beneficial purchaser for whom you are contracting hereunder, to comply with all Securities Laws of the applicable Offering Jurisdictions and with the policies of any stock exchange concerning the purchase of, the holding of, and the resale restrictions applicable to, the Purchased Securities.

You acknowledge, and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that the Corporation has the right to close the subscription books at any time without notice and to accept or reject any subscription in its sole discretion.

**5.** **<u>The Closing</u>**

Delivery and payment for the Purchased Securities will be completed on the Closing Date via electronic exchange and/or at the offices of Bennett Jones LLP, 3400 One First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1A4 beginning at 8:00 a.m. (Toronto time), or at such other time and location as the Corporation may determine, acting reasonably.

At the Closing, the Aggregate Subscription Price will be deemed to be released to the Corporation. The Corporation (or its agent) will deliver, or caused to be delivered, to each Subscriber participating in the Offering whose subscription was accepted by the Corporation, DRS advice(s) representing the Purchased Securities of each respective Subscriber.

The Subscriber acknowledges that the Purchased Securities will be available for delivery to the Subscriber as soon as reasonably practicable following Closing, provided that the Subscriber has fulfilled the conditions as outlined in Section 3 above.

The Subscriber further acknowledges that the Units will be settled via DRS Advice(s) representing the Unit Shares and Unit Warrant Shares. In such case, the Subscriber will not be entitled to settle by electronic deposit with CDS through the book-based system administered by CDS.

**6.** **<u>Acknowledgments of the Subscriber</u>**

You acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) you, and, if applicable, others for whom you are contracting hereunder, are responsible for compliance
with and have been independently advised as to or are aware of the restrictions with respect to trading in, and the restricted period
or statutory hold period applicable to the Purchased Securities and Underlying Securities imposed by the Securities Laws of the jurisdiction
in which you reside or to which you are subject and by the rules and policies of any stock exchange, that a suitable legend or legends
will be placed on the certificates representing the Purchased Securities and, if applicable, the Underlying Securities to reflect the
applicable restricted period and statutory hold period to which the Purchased Securities and, if applicable, the Underlying Securities
are subject, and the Subscriber is hereby advised that during such period the Purchased Securities and, as applicable, Underlying Securities
cannot be traded through the facilities of the Exchanges since they are not freely transferable, and consequently, any certificate representing
the Purchased Securities and any such Underlying Securities is not "good delivery" in settlement of transactions on the Exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you have received a copy of the term sheet attached hereto as Schedule "A" setting out
the principal terms of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) you, or, if applicable, others for whom you are contracting hereunder, acknowledge that you have had such
opportunity as you have deemed adequate to conduct all due diligence investigations regarding the business, financial position, condition
and prospects of the Corporation as is necessary to permit you to evaluate the merits and risks of your investment in the Purchased Securities
and Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation is relying on the representations, warranties and covenants contained herein and in the
applicable Schedules attached hereto to determine the Subscriber's eligibility to subscribe for the Purchased Securities under applicable
Securities Laws. The Subscriber undertakes to immediately notify the Corporation of any change in any statement or other information relating
to the Subscriber set forth in such applicable Schedules which takes place prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no prospectus in respect of the Units has been filed with any securities commission or similar regulatory
body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) you are not purchasing the Purchased Securities with knowledge of any material information concerning
the Corporation that has not been generally disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there are risks associated with the purchase of the Purchased Securities and the holding of the Underlying
Securities and you may lose the value of your entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) unless the Subscriber is, or is subscribing for the account or benefit of, a Person in the United States
or a U.S. Person and the Subscriber has completed and delivered Schedule "C" – Annex 1 *(Qualified Institutional Buyer Certificate)* hereto or Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)* (in which case
the Subscriber makes the representations, warranties and covenants therein), the Subscriber acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchased Securities have not been offered to the Subscriber while the Subscriber was in the United
States, and the individual making the order to purchase the Purchased Securities and executing and delivering this Subscription Agreement
for the account or benefit of the Subscriber was not in the United States when the order was placed or when this Subscription Agreement
was executed and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber is not in the United States or a U.S. Person and is not purchasing the Purchased Securities
for the account or benefit of a person in the United States or a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber is not purchasing the Purchased Securities as the result of any "directed selling
efforts" (as defined in Rule 902(c) of Regulation S and, including any press releases disseminated or otherwise made available
in the United States relating to the proposed Offering) made in the United States by the Corporation, a distributor, any of their respective
affiliates, or any person acting on behalf of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the current structure of this transaction and all transactions and activities contemplated hereunder is
not a scheme to avoid the registration requirements of the U.S. Securities Act or any applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber has no intention to distribute either directly or indirectly any of the Purchased Securities
or Underlying Securities to, or for the account or benefit of persons in the United States or U.S. Persons, except in compliance with
the U.S. Securities Act and any applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Purchased Securities have not been registered under the U.S. Securities Act or any U.S. state securities
laws, and may not be offered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of unless the transaction is exempt
from, or not subject to, the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) until 40 calendar days after the later of (A) the day on which the Purchased Securities are first
offered to persons other than Distributors in reliance on Regulation S under the U.S. Securities Act and (B) the Closing Date (such
40 calendar day period, the "**Distribution Compliance Period** "), an offer or sale of the Purchased Securities (or Underlying
Securities) within the United States or to a U.S. Person may violate the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber is neither an underwriter of, or dealer in, the securities of the Corporation, nor participating,
pursuant to a contractual agreement or otherwise, in the distribution of the Purchased Securities (or Underlying Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber: (A) is not in the United States or a U.S. Person and is acquiring the Purchased Securities
in an "offshore transaction" (as such term is used in Regulation S) pursuant to Regulation S, for its own account and not with
a view to any resale or distribution of such Purchased Securities (or Underlying Securities) in violation of U.S. federal or state securities
laws; (B) agrees on its own behalf and on behalf of any investor account for which it has purchased the Purchased Securities that
it will not during the Distribution Compliance Period, offer, sell or otherwise transfer the Purchased Securities (or Underlying Securities)
except (x) to the Corporation, (y) to non-U.S. Persons outside the United States in accordance with Regulation S under the U.S.
Securities Act, or (z) pursuant to any other available exemption or exclusion from the registration requirement of the U.S. Securities
Act; and (C) agrees that during such period that it will give to each person to whom the Purchased Securities (or Underlying Securities)
are transferred a notice substantially to the effect of this provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation has advised the Subscriber that the Corporation is relying on an exemption from the requirements
to provide the Subscriber with a prospectus and, as a consequence of acquiring securities pursuant to this exemption, certain protections,
rights and remedies provided by the Canadian Securities Laws, including statutory rights of rescission or damages, will not be available
to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) while the Corporation intends to close the Offering and the Brokered Offering on the same date, there
is no cross-conditionality between the closing of the Offering and the closing of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Purchased
Securities or the Underlying Securities.

You and any others for whom you are contracting hereunder further acknowledge and agree that neither the Corporation nor the Corporation's counsel, and their respective directors, officers, employees, agents and representatives, assumes any responsibility or liability of any nature whatsoever for the accuracy or adequacy of any available information regarding the Corporation or as to whether all information concerning the Corporation required to be disclosed or filed by it has been disclosed or filed by the Corporation. The Corporation's counsel is entitled to benefit from this paragraph.

**7.** **<u>Representations and Warranties of the Subscriber</u>**

By your acceptance of this Subscription Agreement and by executing this Subscription Agreement, the Subscriber (on your own behalf and on behalf of each Disclosed Principal, as applicable) represents, warrants, covenants and acknowledges to and with the Corporation (and acknowledges and agrees that the Corporation's legal counsel is relying thereon) that:

A. <u>Authorization and Effectiveness</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subscriber is an individual, the Subscriber is of the full age of majority in the jurisdiction
in which this Subscription Agreement is executed and is legally competent to execute, deliver and be bound by this Subscription Agreement,
to perform all of its obligations hereunder and to undertake all actions required of the Subscriber hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subscriber is not an individual, the Subscriber has the requisite power, authority, legal capacity
and competence to execute, deliver and be bound by this Subscription Agreement, to perform all of its obligations hereunder and to undertake
all actions required of the Subscriber hereunder, all necessary approvals of its directors, partners, shareholders, trustees or otherwise
with respect to such matters have been given or obtained and the individual signing this Subscription Agreement has been duly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Subscriber is a body corporate, the Subscriber is incorporated and validly subsisting under the
laws of its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Subscriber is acting as principal, this Subscription Agreement has been duly and validly authorized,
executed and delivered by the Subscriber and, when accepted by the Corporation, will constitute a legal, valid and binding obligation
enforceable against the Subscriber in accordance with the terms hereof (subject to bankruptcy, insolvency and other laws limiting the
enforceability of creditors' rights and subject to the qualification that equitable remedies may only be granted in the discretion of
a court of competent jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Subscriber is acting as agent or trustee (including, for greater certainty, a portfolio manager
or comparable adviser) for a principal, the Subscriber is duly authorized to execute and deliver this Subscription Agreement and all other
necessary documents in connection with such subscription on behalf of such principal, each of whom is subscribing as principal for its
own account and not for the benefit of any other Person, and this Subscription Agreement has been duly and validly authorized, executed
and delivered by or on behalf of, and, when accepted by the Corporation, will constitute a legal, valid and binding obligation enforceable
in accordance with the terms hereof (subject to bankruptcy, insolvency and other laws limiting the enforceability of creditors' rights
and subject to the qualification that equitable remedies may only be granted in the discretion of a court of competent jurisdiction) against,
such principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the execution and delivery of this Subscription Agreement, the performance and compliance with the terms
hereof, the subscription for the Purchased Securities and the completion of the transactions contemplated hereby will not result in any
material breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after notice or lapse
of time, or both, would constitute a material default under any term or provision of the constating documents, by-laws or resolutions
of the Subscriber or a Disclosed Principal (if not an individual), Securities Laws or any other applicable law, any agreement to which
the Subscriber or a Disclosed Principal is a party or any applicable regulation, judgment, decree, order or ruling; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber is not a Person created or used solely to purchase or hold securities in order to comply
with or rely upon an exemption from the prospectus requirements of applicable Securities Laws and except as disclosed in writing to the
Corporation, the Subscriber does not act jointly or in concert with any other Person or company for the purposes of acquiring securities
of the Corporation;

B. <u>Disclosure if Purchasing as Agent or Trustee</u>:

if the Subscriber is not subscribing as principal, the Subscriber acknowledges that the Corporation may be required by law to disclose to applicable securities regulatory authorities or stock exchanges information concerning the identities of each beneficial purchaser for whom the Subscriber is acting hereunder;

C. <u>Residence</u>:

the Subscriber and, if applicable, each Disclosed Principal, is resident, or if not an individual, has a head office, in the jurisdiction indicated on the execution page of this Subscription Agreement as the *"Subscriber's Residential Address"* and the *"Disclosed Principal's Residential Address"*, respectively, and such address was not created and is not used solely for the purpose of acquiring the Purchased Securities. The purchase by and sale to the Subscriber of the Purchased Securities, and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase or sale (whether with or with respect to the Subscriber or any Disclosed Principal) has occurred only in such jurisdiction;

D. <u>Canadian Subscribers</u> 

if you are, or any beneficial purchaser for whom you are contracting hereunder is, resident in, or otherwise subject to the Securities Laws of, a province of Canada, then Section 7.D(a) or Section 7.D(b), below, applies to you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accredited Investor*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you are either purchasing the Purchased Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as principal and not for the benefit of any other Person, or you are deemed under NI 45-106 to be purchasing
the Purchased Securities as principal, and, in either case, you are an "accredited investor" within the meaning of NI 45-106;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as agent for a beneficial purchaser disclosed on the execution page of this Subscription Agreement,
and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase of the Purchased
Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom you are contracting hereunder
is purchasing as principal and not for the benefit of any other Person, or is deemed under NI 45-106 to be purchasing the Purchased Securities
as principal, and, in either case, such disclosed beneficial purchaser is an "accredited investor" within the meaning of NI
45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if you are, or the beneficial purchaser for whom you are contracting hereunder is, as the case may be,
a Person, other than an individual or investment fund, that has net assets of at least C$5 million, you were not, or the beneficial purchaser
for whom you are contracting hereunder was not, as the case may be, created or used solely to purchase or hold securities as an accredited
investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you have concurrently completed, executed and delivered a certificate in the form attached as Schedule "B"
hereto, and, if applicable, Appendix A to Schedule "B" and confirm the truth and accuracy of all representations, warranties
and covenants made in such certificate as of the date of this Subscription Agreement and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Minimum Amount Investment*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you are not, or the beneficial purchaser for whom you are contracting hereunder is not, as the case may
be, an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you are either purchasing the Purchased Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as principal and not for the benefit of any other Person, and your aggregate acquisition cost, payable
by you in cash, for the Purchased Securities is not less than C$150,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as agent for a beneficial purchaser disclosed on the execution page of this Subscription Agreement,
and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase of the Purchased
Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom you are contracting hereunder
is purchasing as principal and not for the benefit of any other Person, and the aggregate acquisition cost to such disclosed beneficial
purchaser, payable by such disclosed beneficial purchaser in cash, for the Purchased Securities is not less than C$150,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you were not, or the beneficial purchaser for whom you are contracting hereunder was not, as the case
may be, created or used solely to purchase or hold securities in reliance on this exemption from the prospectus requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) you have concurrently completed, executed and delivered a certificate in the form attached as Schedule "B"
hereto and confirm the truth and accuracy of all representations, warranties and covenants made in such certificate as of the date of
this Subscription Agreement and as of the Closing Date;

E. <u>U.S. Subscribers</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subscriber is a U.S. Subscriber, the Subscriber is aware that the Purchased Securities (and the
Underlying Securities) have not been registered under the U.S. Securities Act or the Securities Laws of any state of the United States
and the Purchased Securities and the Underlying Securities may not be offered or sold, directly or indirectly, in the United States without
registration under the U.S. Securities Act and all applicable U.S. state securities laws or compliance with requirements of an exemption
from such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is aware that, subject to the terms and conditions of this
Subscription Agreement, the Corporation may offer and sell the Purchased Securities to, or for the account or benefit of, persons in the
United States or U.S. Persons in compliance with the exemption from the registration requirements of the U.S. Securities Act provided
by Section 4(a)(2) of the U.S. Securities Act, and similar available exemptions under applicable U.S. state securities laws,
in accordance with Schedule "C" (*Qualified Institutional Buyer Certificate*) or Schedule "C"
 – Annex 2 *(U.S. Accredited Investor Certificate)* hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber is either a Qualified Institutional Buyer and has completed,
executed and delivered Schedule "C" (*Qualified Institutional Buyer Certificate*) or a U.S. Accredited Investor
(if the Subscriber or the beneficial purchaser is in New York, an Institutional Accredited Investor) and has completed, executed and delivered
Schedule "C" – Annex 2 *(U.S. Accredited Investor Certificate)*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber has completed, executed and delivered Schedule "H" (*Selling Shareholder Questionnaire*), and the information contained therein will be accurate and complete as at the date of execution of the Subscription
Agreement and as at the Closing Date;

F. <u>International Subscribers</u>:

if the Subscriber (or any Disclosed Principal) is resident in or otherwise subject to the Securities Laws of any jurisdiction outside of Canada and the United States (the "**International Jurisdiction**"), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is not subject to Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is knowledgeable of, or has been independently advised as to, any applicable Securities
Laws of the International Jurisdiction which would apply to this subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation is offering and selling the Purchased Securities and the Subscriber is purchasing the
Purchased Securities pursuant to exemptions from the prospectus and registration requirements under the applicable Securities Laws of
the International Jurisdiction or, if such is not applicable, the Corporation is permitted to offer and sell the Purchased Securities
and the Subscriber is permitted to purchase the Purchased Securities under the applicable Securities Laws of such International Jurisdiction
without the need to rely on exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the applicable Securities Laws of the International Jurisdiction do not require the Corporation to prepare
and/or file any documents or be subject to ongoing reporting requirements or seek any approvals of any kind whatsoever in respect of the
offer and sale of the Purchased Securities to the Subscriber from any regulatory authority of any kind whatsoever in the International
Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber has completed, executed and delivered Schedule "D" (*Foreign Subscriber Purchaser's Certificate*), and the information contained therein will be accurate and complete as at the date of execution of the Subscription
Agreement and as at the Closing Date;

G. <u>No Prospectus or Other Information</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber understands that the sale of the Purchased Securities is conditional upon such sale being
exempt from the requirements to file and obtain a receipt for a prospectus or registration statement or to deliver an offering memorandum,
and no prospectus or registration statement has been filed by the Corporation with any securities commission or similar regulatory authority
in any jurisdiction in connection with the issuance of the Purchased Securities or the Underlying Securities. As a result of acquiring
the Purchased Securities and the Underlying Securities, pursuant to such exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber may be restricted from using some of the protections, rights and remedies otherwise available
under Securities Laws, including statutory rights of rescission and certain statutory remedies in the event of a misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the common law may not provide investors with an adequate remedy in the event that they suffer investment
losses in connection with the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber may not receive information that would otherwise be required to be provided to it under
Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Corporation is relieved from certain obligations that would otherwise apply under Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber, and if applicable, each Disclosed Principal, has not received
or been provided with a prospectus, registration statement or offering memorandum, within the meaning of Securities Laws, any sales or
advertising literature in connection with the Offering or any document purporting to describe the business and affairs of the Corporation
which has been prepared for review by prospective purchasers to assist in making an investment decision in respect of the Units. The Subscriber's
decision to subscribe for the Purchased Securities was not based upon, and the Subscriber has not relied upon, any verbal or written representations
as to fact or otherwise made by or on behalf of the Corporation or its respective directors, officers, employees, agents and representatives.
The Subscriber's decision to subscribe for the Purchased Securities was based solely upon this Subscription Agreement, including the term
sheet attached hereto as Schedule "A" and the Information Record (with any such Information Record having been obtained
by the Subscriber without independent investigation);

H. <u>Investment Suitability</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber confirms that the Subscriber and, if applicable, each Disclosed Principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has such knowledge in financial and business affairs as to be capable of evaluating the merits and risks
of its investment in the Purchased Securities and the Underlying Securities and has conducted such due diligence as it considers appropriate
for an investment of this nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is capable of assessing the proposed investment in the Purchased Securities and the Underlying Securities
as a result of the Subscriber's own experience or as a result of advice received from a Person registered under applicable Securities
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is aware of the characteristics of the Purchased Securities and the Underlying Securities and the risks
relating to an investment therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is able to bear the economic risk of loss of its investment in the Purchased Securities and the Underlying
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber understands that no securities commission, stock exchange, governmental agency, regulatory
body or similar authority has made any finding or determination or expressed any opinion with respect to the merits of investing in the
Purchased Securities and the Underlying Securities nor is there any government or other insurance covering the Purchased Securities and
the Underlying Securities;

I. <u>No Representations</u>:

the Subscriber confirms that none of the Corporation nor any of its respective directors, employees, officers, representatives, agents or affiliates have made any representations (written or oral) to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) regarding the future value of the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that any Person will resell or repurchase the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any Person will refund the purchase price of the Purchased Securities or the Underlying Securities
other than as provided in this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that securities of the Corporation will be listed and posted for trading on a stock exchange other than
as set out in the term sheet attached hereto as Schedule "A";

J. <u>Limitations on Resale</u>:

the Subscriber and, if applicable, each Disclosed Principal, have been advised to consult their own legal advisors with respect to trading in the Purchased Securities and the Underlying Securities and with respect to the resale restrictions imposed by the Securities Laws of the jurisdiction in which the Subscriber and, if applicable, each Disclosed Principal, resides and acknowledges that no representation has been made respecting the applicable hold periods imposed by the Securities Laws or other resale restrictions applicable to such securities which restrict the ability of the Subscriber and, if applicable, each Disclosed Principal, to resell the Purchased Securities or the Underlying Securities, that the Subscriber and, if applicable, each Disclosed Principal, is solely responsible to find out what these restrictions are and, that the Subscriber and if applicable, each Disclosed Principal, is solely responsible (and the Corporation is in no way responsible) for compliance with applicable resale restrictions and the Subscriber is aware that it and, if applicable, each Disclosed Principal, may not be able to resell the Purchased Securities or the Underlying Securities except in accordance with limited exemptions under the applicable Securities Laws;

K. <u>Not Proceeds of Crime</u>:

the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber hereunder will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), as may be amended from time to time (the "**PCMLTFA**") and the Subscriber acknowledges that the Corporation may in the future be required by law to disclose the Subscriber's name and other information relating to this Subscription Agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best of its knowledge: (i) none of the funds representing the Aggregate Subscription Price to be provided by the Subscriber: (A) have been or will be derived from or related to any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction; or (B) are being tendered on behalf of a Person or entity who has not been identified to the Subscriber; and (ii) it shall promptly notify the Corporation if the Subscriber (including any Disclosed Principal) discovers that any of such representations cease to be true, and to provide the Corporation with appropriate information in connection therewith;

L. <u>Personal Information</u>:

the Subscriber, on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder, acknowledges and consents to the collection of personal information contained herein, including in the form attached hereto as Schedule "B", and to the use of such information for the purposes set out under the heading *"Collection of Personal Information"* in Schedule "F" of this Subscription Agreement;

M. <u>No Financial Assistance</u>:

the Subscriber has not received and does not expect to receive any financial assistance from the Corporation directly or indirectly, in respect of the Subscriber's purchase of the Purchased Securities;

N. <u>Future Financings</u>:

the Subscriber acknowledges that the Corporation may complete additional or concurrent financings in the future to develop the proposed business of the Corporation and to fund its ongoing development, including, without limitation, the Brokered Offering. There is no assurance that such financings will be available and if available, will be on reasonable terms. Any such future financings may have a dilutive effect on current shareholders, including the Subscriber. The Subscriber further acknowledges that if future financings are not available, the lack of capital may result in the Corporation not being able to fund the development of the business of the Corporation;

O. <u>Terms of the Offering</u> 

the Subscriber acknowledges that this Subscription Agreement relates solely to the purchase by the Subscriber of the number of Purchased Securities set forth on the execution page of this Subscription Agreement, and that the Corporation will issue additional Purchased Securities under the Offering;

P. <u>No Advertising</u>:

the Subscriber has not become aware of any advertisement in printed media of general and regular paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic display or the Internet including but not limited to the Corporation's website) or sales literature with respect to the distribution of the Purchased Securities or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

Q. <u>No Other Fees</u>:

the Subscriber confirms that there is no Person acting or purporting to act on behalf of the Subscriber (including any Disclosed Principal), if applicable, in connection with the transactions contemplated herein who is entitled to any brokerage or finder's fee. If any other Person establishes a claim that any fee or other compensation is payable in connection with this subscription for the Purchased Securities or the Underlying Securities on account of the Subscriber's subscription, the Subscriber covenants to indemnify and hold harmless the Corporation with respect thereto and with respect to all costs reasonably incurred in the defence thereof;

R. <u>Other Documents</u>:

if required by Securities Laws or by any securities commission, stock exchange or other regulatory authority, the Subscriber and, if applicable, each Disclosed Principal will execute, deliver, file and otherwise assist the Corporation in filing, such reports, undertakings and other documents with respect to the subscription for and issuance of the Purchased Securities or the Underlying Securities;

S. <u>Subscriber's Responsibility for Legal and Financial Advice</u>:

the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirms that it and, if applicable, each Disclosed Principal, is solely responsible for obtaining its
own legal, tax, investment and other professional advice with respect to the execution, delivery and performance by it of this Subscription
Agreement and the transactions contemplated hereunder including the suitability of the Purchased Securities and the Underlying Securities
as an investment for the Subscriber and, if applicable, each Disclosed Principal, the tax consequences of purchasing and dealing with
the Purchased Securities and the Underlying Securities, and the resale restrictions and "hold periods" to which the Purchased
Securities and the Underlying Securities are or may be subject under Securities Laws. The Subscriber has not relied upon any statements
made by or purporting to have been made on behalf of the Corporation or its legal counsel with respect to such matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acknowledges that Bennett Jones LLP, the Corporation's counsel, is acting solely as counsel to the Corporation
and not as counsel to the Subscriber or, if applicable, to any Disclosed Principal;

T. Registration:

neither the Subscriber nor any Disclosed Principal is engaged in the business of trading in securities or exchange contracts as a principal or agent and does not hold himself, herself or itself out as engaging in the business of trading in securities or exchange contracts as a principal or agent, or is otherwise exempt from any requirements to be registered as a dealer under National Instrument 31-103 – *Registration Requirements and Exemptions* (or, in Québec, Regulation 31-103 respecting *Registration Requirements and Exemptions*);

U. Not a Control Person:

neither the Subscriber nor, if applicable, any Disclosed Principal will become a Control Person or "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Corporation by virtue of its subscription for Purchased Securities (including as a result of the conversion of the Purchased Securities into Unit Shares and Unit Warrants, or the exercise of Unit Warrants for Unit Warrant Shares) hereunder and neither the Subscriber nor, if applicable, any Disclosed Principal intends to act in concert with any other Person or Persons to form a control group of the Corporation;

**8.**  **<u>Legends</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You acknowledge that the Purchased Securities and, if applicable, the Underlying Securities may have attached
to them, whether through the electronic deposit system of CDS, an ownership statement issued under a direct registration system or other
electronic book-entry system, or on certificates that may be issued, as applicable, any legends as may be prescribed by CDS in addition
to, prior to the expiration of the applicable hold period, a legend setting out resale restrictions under applicable Securities Laws in
substantially the following form and with the necessary information inserted:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE **[THE DATE WHICH IS FOUR MONTHS AND ONE DAY AFTER THE CLOSING DATE WILL BE INSERTED]**."

and if applicable under the policies of the TSXV, the additional legend as follows:

"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL **[** **The DATE THAT IS FOUR MONTHS AND ONE DAY AFTER the CLOSING DATE]**"

provided that subsequent to the date which is four months and one day after the Closing Date, the certificate or DRS advice representing the Purchased Securities and Underlying Securities may be exchanged for a certificate or DRS advice bearing no such legends.

**9.**  **<u>Representations and Warranties of the Corporation</u>** 

The Corporation hereby represents and warrants to the Subscriber (including, for greater certainty, each Disclosed Principal), and acknowledges each of them is relying on such representations and warranties in purchasing the Purchased Securities, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Good Standing of the Corporation.</u> The Corporation exists under the *Canada Business Corporations Act*, has filed the required annual returns, has paid all prescribed fees required and has all requisite corporate power and authority
to issue and sell the Purchased Securities and to enter into and carry out its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Listed Securities</u>. The currently issued and outstanding Common Shares are listed and posted for
trading on the Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization</u>. At the Closing Date, (i) the Corporation will have taken all necessary corporate
action to duly authorize the issuance of the Unit Shares and Unit Warrants comprising the Units to the Subscribers, pursuant to this Subscription
Agreement and when issued and delivered by the Corporation pursuant to this Subscription Agreement against payment of the consideration
for the Units set forth therein, such Unit Shares and Unit Warrants will be validly issued; (ii) the Unit Shares will have been issued
as fully paid and non-assessable securities of the Corporation, and (iii) the Unit Warrant Shares will have been validly allotted
and reserved for issuance to the holders thereof and, upon the due and proper exercise of the Unit Warrants in accordance with their terms
(including payment of the exercise price therefor), the Unit Warrant Shares will be issued as fully paid and non-assessable securities
of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authorization of Documents</u>. At the Closing Date, this Subscription Agreement will have been duly
authorized, executed and delivered by the Corporation and in each case, will be a legal, valid and binding obligation of, and will be
enforceable against, the Corporation in accordance with its terms (subject to bankruptcy, insolvency or other laws affecting the rights
of creditors generally, the availability of equitable remedies and the qualification that rights to indemnity and waiver of contribution
may be contrary to public policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Material Compliance with Laws</u>. The Corporation is, and will at the Closing Date be, in compliance
in all material respects with the rules and regulations of the Exchanges and the applicable laws, rules and regulations under
which its business is carried on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reporting Issuer Status</u>. As at the date hereof, the Corporation is a "reporting issuer"
all provinces of Canada within the meaning of the Securities Laws in such provinces and is not currently in default of any requirement
of the Securities Laws of such jurisdictions and the Corporation is not included on a list of defaulting reporting issuers maintained
by any of the securities commissions or similar regulatory authority of such jurisdictions.

**10.** **<u>Covenants of the Corporation</u>**

The Corporation hereby covenants and agrees with the Subscriber as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting Issuer</u>: The Corporation shall use its commercially reasonable best efforts to maintain
its status as a "reporting issuer" (or equivalent thereof), not in default of any requirement of the Securities Laws in each
of the province of Canada in which the Corporation is a "reporting issuer" as of the date hereof, until a date that is two years
following the Closing Date, provided that this covenant shall not prevent the Corporation from completing any transaction which would
result in the Corporation ceasing to be a "reporting issuer" so long as the holders of Common Shares receive securities of an
entity which is listed on a stock exchange in Canada or the United States, or cash, or the holders of the Common Shares have approved
the transaction in accordance with the requirements of applicable corporate laws and the policies of the Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Listing on Stock Exchanges</u>: The Corporation shall use its commercially reasonable best efforts
to maintain the listing on the Exchanges (or such other recognized stock exchange in Canada) of the class of shares of which the Purchased
Securities form a part for a period of at least two (2) years after the Closing Date, provided that this covenant shall not prevent
the Corporation from (i) completing any transaction which would result in the Common Shares ceasing to be listed so long as the holders
of Common Shares receive securities of an entity which is listed on a stock exchange in Canada or the United States, or cash, or the holders
of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate laws and the policies of
the Exchanges, or (ii) graduating from the TSXV to the Toronto Stock Exchange. The Corporation will use commercially reasonable efforts
to cause the Unit Shares to be conditionally approved for listing and trading on the TSXV on or prior to the Closing Date and to authorize
the Unit Shares for listing on the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Filings</u>: Forthwith after the Closing the Corporation shall file, or cause to be filed,
such forms and documents as may be required under the Securities Laws of the Offering Jurisdictions relating to the offering of the Purchased
Securities which, without limiting the generality of the foregoing, shall include a Form 45-106F1 and Form 45-106F6, as applicable,
as prescribed by NI 45-106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Further Information</u>: The Corporation shall provide such information as the Subscriber may reasonably
request to enable the Subscriber to comply with the terms and conditions of any exemptive order or ruling obtained by the Subscriber from
any applicable regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Performance of Acts</u>: The Corporation shall perform and carry out all of the acts and things to
be completed by it as provided in this Subscription Agreement.

**11.** **<u>U.S. Registration Rights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement</u>: The Corporation shall use its commercially reasonable efforts to prepare
and file a registration statement (a "**Registration Statement**") within 30 days from the Closing Date on Form F-3
(or such other form as may be available to the Corporation), relating to and providing for the resale of the Registrable Securities on
a continuous basis and shall use its commercially reasonable efforts to cause the SEC to declare such Registration Statement effective
prior to the date that is four months and one day from the Closing Date; provided, however, that the Corporation's obligations to include
the Registrable Securities held by a U.S. Subscriber in the Registration Statement are contingent upon such U.S. Subscriber fully completing,
executing and delivering a Selling Shareholder Questionnaire in the form attached hereto as Schedule "H".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments and Supplements</u>: The Corporation shall promptly prepare and file with the SEC such amendments
and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration
Statement effective until the earliest of (i) such time as all of the Registrable Securities purchased by the U.S. Subscribers pursuant
to the terms of this Subscription Agreement have been sold pursuant to the Registration Statement or (ii) such time as the Registrable
Securities become eligible for resale by non-affiliates without any volume limitations or other restrictions pursuant to Rule 144(b)(1)(i) under
the U.S. Securities Act or any other rule of similar effect and the Corporation has removed any legends restricting the resale of
such Registrable Securities (the "**Effectiveness Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Related Obligations</u>: At such time as the Corporation is obligated to file the Registration Statement
with the SEC pursuant to Section 11(a) hereof, the Corporation will use commercially reasonable efforts to effect the registration
of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Corporation shall
have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall keep the Registration Statement effective pursuant to applicable Securities Laws
in the United States until the expiration of the Effectiveness Period. The Corporation shall ensure that the Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses,
in the light of the circumstances in which they were made) not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall notify the U.S. Subscribers in writing of the happening of any event, as promptly
as practicable after becoming aware of such event, as a result of which the prospectus included in the Registration Statement, as then
in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event
shall such notice contain any material, non-public information), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission. The Corporation shall also promptly notify the U.S. Subscribers in writing (A) of any
request by the SEC for amendments or supplements to the Registration Statement, or related prospectus or related information, and (B) of
the Corporation's reasonable determination that a post-effective amendment to the Registration Statement would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation shall use commercially reasonable efforts to prevent the issuance of any stop order or
other suspension of effectiveness of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities
for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the
earliest possible moment and to notify the U.S. Subscribers of the issuance of such order and the resolution thereof or its receipt of
notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Corporation nor any affiliate thereof shall identify any U.S. Subscriber as an underwriter
in any public disclosure or filing with the SEC or any applicable stock exchange without the prior written consent of such U.S. Subscriber,
and any U.S. Subscriber being deemed an underwriter by the SEC shall not relieve the Corporation of any obligations it has under this
Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Registration Expenses</u>: The Corporation shall bear all expenses in connection with the procedures
in this Section 11 and the registration of the Registrable Securities pursuant to the Registration Statement, other than brokerage
fees and commissions and/or legal fees and expenses incurred by the U.S. Subscribers, if any, in connection with the offering of the Registrable
Securities pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Allowed Delays</u>: For not more than ten (10) consecutive days in any twelve (12) month period
and on no more than two (2) occasions in any twelve (12) month period, the Corporation may suspend the use of any prospectus included
in any Registration Statement contemplated by this Section in the event that the Corporation determines in good faith that such suspension
is necessary to (A) delay the disclosure of MNPI concerning the Corporation, the disclosure of which at the time is not, in the good
faith opinion of the Corporation, in the best interests of the Corporation or (B) amend or supplement the affected Registration Statement
or the related prospectus so that (i) such Registration Statement shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in
the light of the circumstances under which they were made, not misleading, including in connection with the filing of any post-effective
amendment to such Registration Statement in connection with the Corporation's filing of an Annual Report on Form 40-F (or Form 20-F)
for any fiscal year (an "**Allowed Delay** "); provided, that the Corporation shall promptly (a) notify each U.S. Subscriber
in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of a U.S. Subscriber) disclose to
such U.S. Subscriber any MNPI giving rise to an Allowed Delay, (b) advise the U.S. Subscribers in writing to cease all sales under
the Registration Statement until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate an Allowed
Delay as promptly as practicable.

**12.** **<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>: All costs and expenses (including, without limitation, the fees and disbursements
of legal counsel) incurred in connection with this Subscription Agreement and the transactions contemplated herein shall be paid and borne
by the party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnity</u>: The Subscriber agrees to indemnify and hold harmless the Corporation and its respective
directors, officers, employees, agents, advisers and shareholders from and against any and all loss, liability, claim, damage and expense
(including, but not limited to, any and all fees, costs and expenses reasonably incurred in investigating, preparing or defending against
any claim, law suit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any representation
or warranty of the Subscriber contained herein or in any document furnished by the Subscriber to the Corporation in connection herewith
being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber
herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Headings</u>: The division of this Subscription Agreement into sections and the insertion of headings
are for convenience of reference only and shall not affect the construction or interpretation of this Subscription Agreement. The terms
 "this Subscription Agreement", "hereof", "hereunder", "herein" and similar expressions refer to
this Subscription Agreement and not to any particular section or other portion hereof and include any agreement supplemental thereto and
any schedules, appendices or certificates attached hereto. Unless something in the subject matter or context is inconsistent therewith,
reference herein to Sections and Subsections are to sections and subsections of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Number and Gender</u>: Words importing the singular number only shall include the plural and *vice versa*, and words importing the masculine gender shall include the feminine gender and neuter and *vice versa*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>: If one or more of the provisions contained in this Subscription Agreement shall be
invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining provisions
hereof shall not be affected or impaired thereby. Each of the provisions of this Subscription Agreement is hereby declared to be separate
and distinct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>: Any notice, direction or other instrument required or permitted to be given to any party
hereto shall be in writing and shall be sufficiently given if delivered personally or by courier, or transmitted by facsimile or other
form of electronic communication, during the transmission of which no indication of failure of receipt is communicated to the sender and
for which evidence of delivery is obtained, as follows:

Notices to the Corporation shall be addressed to:

Osisko Development Corp.

1100 Avenue des Canadiens-de-Montréal, Suite 300

Montréal, Québec H3B 2S2

Canada

Attention: Corporate Secretary

Email: *[Redacted - Personal Information]*

with a copy (which shall not constitute notice) to:

Bennett Jones LLP

One First Canadian Place, Suite 3400

Toronto, Ontario M5X 1A4

Canada

Attention: Sander A.J.R. Grieve, K.C., Partner / Andrew Disipio, Partner

Email: *[Redacted - Personal Information]*

Notices to the Subscriber shall be addressed to the address of the Subscriber set out on the execution page hereof.

Either the Corporation or the Subscriber may change the address for service thereof aforesaid by notice in writing to the other party hereto specifying the new address for service hereunder.

Any such notice, direction or other instrument, if delivered personally, shall be deemed to have been given and received on the day on which it was delivered, provided that if such day is not a Business Day then the notice, direction or other instrument shall be deemed to have been given and received on the first Business Day next following such day and if transmitted electronically, shall be deemed to have been given and received on the day of its transmission, provided that if such day is not a Business Day or if it is transmitted or received after the end of normal business hours then the notice, direction or other instrument shall be deemed to have been given and received on the first Business Day next following the day of such transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Assurances</u>: Each party hereto shall from time to time at the request of the other party
hereto do such further acts and execute and deliver such further instruments, deeds and documents as shall be reasonably required in order
to fully perform and carry out the provisions of this Subscription Agreement. The parties hereto agree to act honestly and in good faith
in the performance of their respective obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors and Assigns</u>: Except as otherwise provided, this Subscription Agreement shall enure to
the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Entire Agreement</u>: The terms of this Subscription Agreement express and constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and no implied term or liability of any kind is created or shall
arise by reason of anything in this Subscription Agreement, except as specifically set forth in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Time of Essence</u>: Time is of the essence of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendments</u>: The provisions of this Subscription Agreement may only be amended with the written
consent of all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Survival</u>: Notwithstanding any other provision of this Subscription Agreement, the representations,
warranties, covenants and indemnities of or by the Corporation contained herein or in any certificate, document or instrument delivered
pursuant hereto shall survive the completion of the transactions contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Language</u>: The parties hereto acknowledge and confirm that they have requested that this Subscription
Agreement as well as all notices and other documents contemplated hereby be drawn up in the English language. *Les parties aux présentes reconnaissent et confirment qu'elles ont convenu que la présente convention ainsi que tous les avis et documents qui s'y rattachent soient rédigés en langue anglaise.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Governing Law</u>: This Subscription Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the federal laws of Canada applicable therein, and the parties hereto irrevocably attorn to the
jurisdiction of the courts of the Province of Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Counterparts</u>: This Subscription Agreement may be executed in two or more counterparts which when
taken together shall constitute one and the same agreement. Delivery of counterparts may be effected by facsimile or PDF transmission
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Facsimile or PDF Copies</u>: The Corporation shall be entitled to rely on a facsimile or emailed PDF
copy of an executed subscription agreement and acceptance, including facsimile or emailed PDF acceptance, by the Corporation of such facsimile
or emailed PDF subscription shall be legally effective to create a valid and binding agreement between the Subscriber and the Corporation
in accordance with the terms thereof. If the Subscriber does not deliver a complete copy of this Subscription Agreement to the Corporation,
the Corporation shall be entitled to assume that the Subscriber accepts and agrees with all of the terms and conditions of this Subscription
Agreement on the pages not delivered at Closing unaltered.

If the foregoing is in accordance with your understanding, please sign and return this Subscription Agreement together with the other required documents signifying your agreement to purchase the Purchased Securities.

***[Remainder of page intentionally left blank. Signature page follows.]***

The Corporation hereby accepts the subscription for Units as set forth above on the terms and conditions contained in this Subscription Agreement.

**DATED** as of this __________ day of __________________, 2025.

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| | |
|:---|:---|
| **OSISKO DEVELOPMENT CORP.** | **OSISKO DEVELOPMENT CORP.** |
| By: |  |
|  | Name: Sean Roosen<br> Title: Chief Executive Officer |

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**Schedule "A"<br> Term Sheet<br> non-brokered offering**

**OSISKO DEVELOPMENT CORP.**

*The securities offered hereby have not been registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any state securities laws, and may not be offered or sold in the "United States" or to "U.S. Persons" (as such terms are defined in Regulation S under the U.S. Securities Act) except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable securities laws of any state of the United States. This document does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in the United States or to U.S. Persons.*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Osisko Development Corp. (the "**Corporation**"). |
| &nbsp;&nbsp;**Non-Brokered Offering:** | &nbsp;&nbsp; Treasury offering of up to 36,600,000 units of the Corporation ("**Units**"), on a non-brokered private placement basis (the "**Non-Brokered Offering**"), exclusive of the Brokered Offering (as defined herein).<br>Each Unit will be comprised of one common share of the Corporation ("**Common Share**") and one-half of one common share purchase warrant of the Corporation (each whole common share purchase warrant, a "**Warrant**"). Each Warrant will entitle the holder thereof to acquire one Common Share (a "**Warrant Share**") at an exercise price of US$2.56 (the "**Exercise Price**") for a period of 24 months following the Closing Date (as defined herein), subject to adjustment in certain circumstances.<br>At any time following the 15-month anniversary of the Closing Date, if the closing price of the Common Shares on either Exchange (as defined herein) exceeds the Exercise Price for 20 or more consecutive trading days, the Company may, within 10 days following such occurrence, deliver a notice to the holders thereof accelerating the expiry date of the warrants to a date that is 30 days after the date of such notice.<br>|
| &nbsp;&nbsp;**Issue Price:** | &nbsp;&nbsp; US$2.05 per Unit (the "**Issue Price**).<br>|
| &nbsp;&nbsp;**Issue Amount:** | &nbsp;&nbsp; US$75,030,000<br>|
| &nbsp;&nbsp;**Concurrent Brokered Offering:** | &nbsp;&nbsp; Concurrent with the Offering, the Corporation intends to complete a brokered private placement of 58,560,000 Units at the Issue Price for aggregate gross proceeds to the Corporation of US$120,048,000 (the "**Brokered Offering**"). In connection with the Brokered Offering, the Corporation has granted a syndicate of underwriters an option, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date, to purchase up to an additional 2,440,000 Units at the Issue Price for additional gross proceeds to the Corporation of up to US$5,002,000.<br>Closing of the Offering and the Brokered Offering are intended to occur on the same date, however there is no cross-conditionality between the closing of the Brokered Offering and the closing of the Offering.<br>|
| &nbsp;&nbsp;**Use of Proceeds:** | &nbsp;&nbsp; The Corporation intends to use the net proceeds of the Offering and Brokered Offering to fund the broadly distributed equity portion of the capital required to construct the Cariboo Gold Project and for general corporate purposes.<br>|
| &nbsp;&nbsp;**Lock-Up:** | &nbsp;&nbsp; The Corporation's directors and officers and OR Royalties Inc. have agreed to a lock-up for a period of 120 days post-closing.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Form of Offering:** | &nbsp;&nbsp; The Units may be offered in all of the provinces of Canada on a private placement basis pursuant to applicable prospectus exemptions, and in the United States and to U.S. Persons on a private placement basis pursuant to Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), only to (i) "accredited investors" (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act), and (ii) "qualified institutional buyers" (as such term is defined in Rule 144A under the U.S. Securities Act) that are also "accredited investors". The Offering will also be made available to investors outside of Canada and the United States, as may be agreed by the Corporation, and on a basis which does not require the qualification or registration of any of the Corporation's securities under domestic securities laws.<br>|
| &nbsp;&nbsp;**Hold Period:** | &nbsp;&nbsp; The Units issued pursuant to the Offering will be subject to a statutory hold period which extends four months and one day from the Closing Date (as defined herein) (the "**Canadian Statutory Hold**") under applicable Canadian securities laws. The Units, Common Shares, Warrants and Warrant Shares will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act.<br>|
| &nbsp;&nbsp;**Resale Registration Statement for U.S. Purchasers:** | &nbsp;&nbsp; The Corporation will use commercially reasonable efforts to file and have declared effective a resale registration statement on Form F-3 (or other available form) registering for resale the Common Shares and Warrant Shares issued to purchasers in the Offering that are in the United States or U.S. Persons. The Warrants will continue to be subject to resale restrictions in the United States.<br>|
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp; The outstanding common shares of the Corporation are listed on the TSX Venture Exchange and the New York Stock Exchange (together, the "**Exchanges**") under the symbol "ODV". An application will be made to list the Common Shares and Warrant Shares on the Exchanges which listing shall be conditionally approved prior to the Closing Date. The Warrants will not be listed on any exchange.<br>|
| &nbsp;&nbsp; **Closing Date:**<br>| &nbsp;&nbsp; On or about August 15, 2025, or such date as may be determined by the Corporation (the "**Closing Date**").<br>|

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**Schedule "B"<br> Subscriber Certificate**

*The categories listed herein contain certain specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category below, please contact your broker and/or legal advisor before completing this certificate.*

**TO:** **OSISKO DEVELOPMENT CORP. (the "Corporation")**

Reference is made to the subscription agreement between the Corporation and the undersigned (referred to herein as the "**Subscriber**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this Subscriber Certificate by the Subscriber, this Subscriber Certificate (including all appendices thereto) shall be incorporated into and form a part of the Subscription Agreement.

***Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement and in National Instrument 45-106 – Prospectus Exemptions ("NI 45-106") promulgated under applicable Securities Laws. Unless specified otherwise, all monetary references are in Canadian dollars.***

In connection with the purchase by the Subscriber of units of the Corporation ("**Units**"), with each Unit representing one common share of the Corporation and one-half of one common share purchase warrant of the Corporation, the Subscriber represents, warrants and covenants (on its own behalf and, if applicable, on behalf of those for whom the Subscriber is contracting under the Subscription Agreement) and certifies to the Corporation (and acknowledges that the Corporation and its legal counsel are relying thereon) that:

**<u>General</u>**

A. one of the following clauses (i), (ii) or (iii) applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is resident in or otherwise subject to the laws of the jurisdiction set out as the "*Subscriber's Residential Address*" on page (iii) of the Subscription Agreement and is purchasing as principal for its own account
and not for the benefit of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber is contracting hereunder on behalf of a Disclosed Principal and such Disclosed Principal
is resident in or otherwise subject to the laws of the jurisdiction set out as the "*Disclosed Principal's Residential Address* "
on page (iii) of the Subscription Agreement and is purchasing as principal for its own account and not for the benefit of any
other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber is deemed to be purchasing as principal pursuant to NI 45-106 with respect to a purchase
of the Units, by virtue of the fact that it is a trust company or trust corporation described in clause (p) of the definition of
 "accredited investor" in Section B below and is not a trust company or trust corporation registered under the laws of Prince
Edward Island that is not registered or authorized under the Trust and Loan Companies Act (Canada) or under comparable legislation in
another jurisdiction of Canada, or by virtue of the fact that it is a Person or company described in clause (q) of the definition
of "accredited investor" in clause B below;  **<u>and</u>** 

**<u>Prospectus Exemptions</u>**

B. one of the following clauses (i) or (ii) applies (check applicable category):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Subscriber or the Disclosed Principal, as applicable, is, as of the date hereof, and will be, as of
the Closing Date, an "accredited investor", as such term is defined in NI 45-106, by virtue of the fact that the Subscriber
or the Disclosed Principal, as applicable, falls within one or more of the following categories  **<u>checked below</u>** . **A Subscriber checking boxes (j), (k) or (l) must also complete and sign Appendix "A" to this Schedule "B" (Form 45-106F9 – *Form for Individual Accredited Investors*).** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;(i) except in Ontario, a Canadian financial institution, or a Schedule III bank; or (ii) in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank Act (Canada); (B) an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;a person or company registered under the securities legislation of a jurisdiction (province or territory) of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the *Securities Act* (Ontario)); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d); | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(e.1) | &nbsp;&nbsp;an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador); | &nbsp;&nbsp;¨ |
| &nbsp;&nbsp;(f) | &nbsp;&nbsp;the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; | &nbsp;&nbsp;¨ |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(i) | &nbsp;&nbsp;a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; | &nbsp;&nbsp;¨ |
| &nbsp;&nbsp;(j) | &nbsp;&nbsp;an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000; | &nbsp;&nbsp;¨ |
| &nbsp;&nbsp;(j.1) | &nbsp;&nbsp;an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million; | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;(k) | &nbsp;&nbsp;an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; | &nbsp;&nbsp;◻ |

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(l) an individual who, either alone or with a spouse, has net assets of at least $5 million; ¨

(m) a person, other than an individual or an investment fund, that has net assets of at least $5 million as shown on its most recently prepared financial statements; ◻

(n) an investment fund that distributes or has distributed
 its securities only to: ¨

(i) a person that is or was an accredited investor at the time of the distribution;

(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 (Minimum amount investment), or
2.19 (Additional investment in investment funds) of NI 45-106; or

(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 (Investment fund
reinvestment) of NI 45-106;

(o) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; ¨

(p) a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; ◻

(q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; ◻

(r) a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; ¨

(s) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; ◻

(t) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; ◻

(u) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; ◻

(v) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or ◻

(w) a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. ◻

(x) in Ontario, such other persons or companies as
 may be prescribed by the regulations under the *Securities Act* (Ontario). \*\*\*If checking this category (x), please
provide a description of how this requirement is met. ◻

(ii) if not purchasing under clause (i) above, (A) the
Subscriber is not an individual, (B) the Subscriber is purchasing the Purchased Securities as principal, (C) the Aggregate
Subscription Price of the Purchased Securities is not less than $150,000 paid in cash at the time of the distribution, and (D) the
Subscriber has not been created or used solely to purchase or hold securities in reliance on this exemption. ◻

The foregoing representations are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Date. If any such representation shall not be true and accurate prior to the Closing Date, the undersigned shall give immediate written notice of such fact to the Corporation.

Dated: ____________________, 2025 <br> Name of Subscriber

<br> Signature of Subscriber

<br> If the Subscriber is a corporation, print name and title of Authorized Signing Officer

**Appendix A<br> TO SCHEDULE "B"<br> Form 45-106F9**

*Form for Individual Accredited Investors*

&nbsp;&nbsp; **WARNING!**<br> **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp;Type of securities: Units (with each Unit consisting of one common share and one-half of one common share purchase warrant) | &nbsp;&nbsp;Issuer: Osisko Development Corp. |
| &nbsp;&nbsp;Purchased from: Osisko Development Corp. | &nbsp;&nbsp;Purchased from: Osisko Development Corp. |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of C$____________________. <br> *[Instruction: Insert the total dollar amount of the investment.]* |  |
| &nbsp;&nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. |  |
| &nbsp;&nbsp;&nbsp;**Lack of advice** – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca. |  |
| &nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;**3. Accredited investor status** |
| &nbsp;&nbsp;&nbsp;You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;&nbsp;· Your net income before taxes was more than C$200,000 in each of the 2 most recent calendar years, and you expect it to be more than C$200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| &nbsp;&nbsp;&nbsp;· Your net income before taxes combined with your spouse's was more than C$300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than C$300,000 in the current calendar year. |  |
| &nbsp;&nbsp;&nbsp;· Either alone or with your spouse, you own more than C$1 million in cash and securities, after subtracting any debt related to the cash and securities. |  |
| &nbsp;&nbsp;&nbsp;· Either alone or with your spouse, you have net assets worth more than C$5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| &nbsp;&nbsp;**5. Salesperson information** | &nbsp;&nbsp;**5. Salesperson information** |
| &nbsp;&nbsp;First and last name of salesperson (please print): | &nbsp;&nbsp;First and last name of salesperson (please print): |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Name of firm (if registered): | &nbsp;&nbsp;Name of firm (if registered): |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp; Osisko Development Corp.<br> 1100 Avenue des Canadiens-de-Montréal<br> Suite 300<br> Montréal, Québec H3B 2S2<br> Corporate Secretary<br> Telephone: (416) 464-4067<br> Email: <u>corporatesecretary@osiskodev.com</u><br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** | &nbsp;&nbsp; Osisko Development Corp.<br> 1100 Avenue des Canadiens-de-Montréal<br> Suite 300<br> Montréal, Québec H3B 2S2<br> Corporate Secretary<br> Telephone: (416) 464-4067<br> Email: <u>corporatesecretary@osiskodev.com</u><br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** |

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**Schedule "C"<br> Annex 1<br> Qualified Institutional Buyer CERTIFICATE**

**NOTE: QUALIFIED INSTITUTIONAL BUYERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES AND U.S. PERSONS MUST COMPLETE AND SIGN THIS PURCHASER CERTIFICATE.**

**<u>ALL SUBSCRIBERS LOCATED IN CALIFORNIA</u> MUST BE QUALIFIED INSTITUTIONAL BUYERS AND MUST SIGN THIS PURCHASER CERTIFICATE. IF YOU ARE IN CALIFORNIA AND YOU ARE NOT A QUALIFIED INSTITUTIONAL BUYER, YOU MAY NOT PARTICIPATE IN THIS OFFERING.**

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|:---|:---|
| **TO:** | **OSISKO DEVELOPMENT CORP.** |

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|:---|:---|
| **RE:** | **PURCHASE OF UNITS OF OSISKO DEVELOPMENT CORP.** |

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This Purchaser Certificate is being delivered by the undersigned subscriber (the "**Subscriber**") in connection with the purchase of units (the "**Units**") of Osisko Development Corp. (the "**Corporation**"), as set out on the execution page of the Subscription Agreement (the "**Purchased Securities**"), pursuant to the Subscription Agreement. Capitalized terms used herein and not defined herein will have the meanings ascribed thereto in the Subscription Agreement. The Subscriber represents, warrants and covenants (which representations, warranties and covenants will survive the Closing Date) on its own behalf and, if applicable, on behalf of any beneficial purchaser for whom the Subscriber is contracting hereunder to and with the Corporation and acknowledges that the Corporation and its legal counsel are relying thereon that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is authorized to consummate the purchase of the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is aware that the Purchased Securities and the Underlying Securities have not been registered
under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** "), or any U.S. state securities laws and
that the offer and sale of the Purchased Securities to it are being made in reliance on Section 4(a)(2) of the U.S. Securities
Act and similar exemptions under applicable U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (and any beneficial purchaser) is a "qualified institutional buyer" as defined
in Rule 144A under the U.S. Securities Act and also an "accredited investor" as defined in Rule 501(a) of Regulation
D under the U.S. Securities Act (and, if the Subscriber (or any beneficial purchaser) is in the State of California, it is also an institutional
investor as described in Section 25102(i) of the California Corporations Code and the rules and regulations thereunder)
(a "**Qualified Institutional Buyer** "), and is acquiring the Purchased Securities for its own account or for the account
of a Qualified Institutional Buyer with respect to which it exercises sole investment discretion and not with a view to any resale, distribution
or other disposition of the Purchased Securities or the Underlying Securities in violation of United States federal or state securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>if the Subscriber is in the State of California</u>** , it is purchasing for its own account and
not with a view to or for sale in connection with any distribution of the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>if the Subscriber (or any beneficial purchaser) is in the State of Colorado</u>** , and the Subscriber
(or any beneficial purchaser) currently owns, or will own following the acquisition of the Purchased Securities and any Underlying Securities,
10% or more of the outstanding Common Shares of the Corporation, the Subscriber (and any beneficial purchaser) has not been convicted
within the past ten years of any felony in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber acknowledges that it has not purchased the Purchased Securities as a result of any "directed
selling efforts" (as defined in Regulation S under the U.S. Securities Act) or any "general solicitation" or "general
advertising" (as those terms are used in Regulation D under the U.S. Securities Act), including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or on the internet, or broadcast over radio or television
or the internet, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber is not an "affiliate" (as defined in Rule 144 under the U.S. Securities
Act) of the Corporation and is not acting on behalf of an affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber understands and acknowledges that the Purchased Securities and the Underlying Securities
are or will be when issued, as applicable, "restricted securities" as defined in Rule 144(a)(3) under the U.S. Securities
Act ()"**Restricted Securities** "). To induce the Corporation to issue the Purchased Securities and the Underlying Securities
to the Subscriber without a U.S. Securities Act restrictive legend, the Subscriber represents, warrants and covenants to the Corporation
as follows (collectively, the "**Restricted Security Agreements** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if in the future it decides to offer, sell, pledge, or otherwise transfer, directly or indirectly, any
of the Purchased Securities or Underlying Securities, it will do so only: (A) to the Corporation or its subsidiaries (though the
Corporation or its subsidiaries are under no obligation to purchase any such securities), (B) outside the United States in accordance
with Rule 904 of Regulation S under the U.S. Securities Act and, in each case, in compliance with applicable local laws and regulations,
or (C) pursuant to an effective registration statement under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchased Securities and Underlying Securities cannot be offered, sold, pledged or otherwise transferred,
directly or indirectly, in the United States or to, or for the account or benefit of, a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it will cause any participant of CDS Clearing and Depository Services Inc. or any other nominee ()"**CDS** ")
holding the Purchased Securities or Underlying Securities on its behalf and the beneficial purchasers, if any, of the Purchased Securities
or Underlying Securities to comply with the Restricted Security Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for so long as any of the Purchased Securities and Underlying Securities constitute Restricted Securities,
it will not deposit such Restricted Securities into the facilities of the Depository Trust Company, or a successor depository within the
United States, or arrange for the registration of any such securities with Cede & Co. or any successor thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at the time of exercise of any Unit Warrants for Unit Warrant Shares, it will be a Qualified Institutional
Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber has implemented, or shall immediately implement, appropriate internal controls and procedures
to ensure that Purchased Securities and the Underlying Securities shall be properly identified in its records as "restricted securities"
that are subject to the transfer restrictions set forth herein notwithstanding the absence of a U.S. restricted legend or restricted CUSIP
number; the representative of the undersigned whose signature appears below confirms that he or she has informed the appropriate legal
or compliance personnel within their organization regarding the matters set forth in this Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber understands and acknowledges that the Purchased Securities and the Underlying Securities
will not be represented by certificates that bear a U.S. restricted legend or identified by a U.S. restricted CUSIP number in reliance
on the acknowledgments, representations and agreements contained herein, including the Restricted Security Agreements set forth above,
but may bear a Canadian restricted legend or be identified by a Canadian restricted CUSIP number as required by applicable Canadian securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Subscriber understands and acknowledges that the Unit Warrants may not be exercised by, or on behalf
of, a U.S. Person or a person in the United States unless exemptions are available from the registration requirements of the U.S. Securities
Act and the securities laws of all applicable U.S. states, and the holder has furnished an opinion of counsel of recognized standing or
other evidence in form and substance reasonably satisfactory to the Corporation to such effect; provided that a holder of Unit Warrants
that acquired the Unit Warrants in the Offering will not be required to deliver an opinion of counsel in connection with its exercise
of the Unit Warrants, for its own account or for the account of the original beneficial purchaser, if any, at a time when such holder
and such original beneficial purchaser thereof, if any, are Qualified Institutional Buyers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Subscriber consents to the Corporation making a notation on its records or giving instructions to
any transfer agent of the Purchased Securities and the Underlying Securities in order to implement the restrictions on transfer set forth
and described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if required by applicable securities legislation, regulatory policy or order or by any securities commission,
stock exchange or other regulatory authority, the Subscriber will execute, deliver, file and otherwise assist the Corporation in filing
reports, questionnaires, undertakings and other documents with respect to the ownership of the Purchased Securities and the Underlying
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Subscriber has had access to such financial and other information concerning the Corporation and the
Purchased Securities and the Underlying Securities as it has deemed necessary in connection with its decision to purchase any of the Purchased
Securities and the Underlying Securities, including an opportunity to ask questions of, and request information from, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Subscriber acknowledges that it has obtained independent legal, income tax and investment advice with
respect to its purchase of the Purchased Securities and the Underlying Securities and accordingly, has had an opportunity to acquire an
understanding of the meanings of all terms contained herein relevant to the Subscriber for purpose of giving the representations, warranties
and covenants contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Subscriber acknowledges that neither the Corporation, nor any person representing the Corporation
has made any representation to it with respect to the Corporation or the offering or sale of the Purchased Securities or the Underlying
Securities, other than the information contained or incorporated by reference in the Subscription Agreement, which has been delivered
to it and upon which it is relying in making its investment decision with respect to the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Subscriber understands that the Purchased Securities and Underlying Securities have not been recommended
by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of the information in the Subscription Agreement or the Schedules attached thereto. Any representation to the
contrary is a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Subscriber acknowledges that, (i) until such time as the Registration Statement is effective
and available for the resale of the Unit Shares and the Unit Warrant Shares and that any applicable Canadian hold period has expired,
there are restrictions on the transferability of the Registrable Securities, and that it will not be possible for the Subscriber to readily
liquidate his, her or its investment in the Registrable Securities before such time and (ii) the Unit Warrants do not constitute
Registrable Securities and will not be registered for resale on the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Subscriber understands and agrees that the financial statements of the Corporation have been prepared
in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, which differ
in some respects from United States generally accepted accounting principles, and thus may not be comparable to financial statements of
United States companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Subscriber understands and agrees that there may be material tax consequences to it of an acquisition,
holding, exercise or disposition of the Purchased Securities and the Underlying Securities. The Corporation gives no opinion and makes
no representation with respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of its acquisition,
holding, exercise or disposition of the Purchased Securities and the Underlying Securities, and the Subscriber acknowledges that it is
solely responsible for determining the tax consequences to it with respect to its investment, including whether the Corporation will at
any given time be deemed a "passive foreign investment company" within the meaning of Section 1297 of the United States
Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Subscriber is aware that its ability to enforce civil liabilities under the United States federal
securities laws may be affected adversely by, among other things: (i) the fact that the Corporation is organized under the laws of
Canada; (ii) some or all of the directors and officers may be residents of countries other than the United States; and (iii) all
or a substantial portion of the assets of the Corporation and such persons may be located outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the office or other address of the Subscriber at which the Subscriber received and accepted the offer
to purchase the Purchased Securities and the Underlying Securities is the address listed as the "Subscriber's Address and Contact
Information" on the execution page of the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber to the
Corporation hereunder will not represent proceeds of crime for the purposes of the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act**") and the Subscriber acknowledges that the
Corporation may in the future be required by law to disclose the Subscriber's name and other information relating to the Subscription
Agreement and the Subscriber's purchase hereunder, on a confidential basis, pursuant to the PATRIOT Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no portion of the Aggregate Subscription Price to be provided by the Subscriber (i) has been or will
be derived from or related to any activity that is deemed criminal under the laws of the United States, or any other jurisdiction, or
(ii) is being tendered on behalf of a person or entity who has not been identified to or by the Subscriber, and it shall promptly
notify the Corporation if the Subscriber discovers that any of such representations ceases to be true and provide the Corporation with
appropriate information in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Subscriber agrees to be bound by the terms and conditions set forth in the Subscription Agreement
entitled "**Terms and Conditions of Subscription**" attached and the Subscriber further agrees, without limitation, that
the Corporation may rely upon the Subscriber's representations, warranties and covenants contained in the Subscription Agreement and its
applicable Schedules attached thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the provisions of this Purchaser Certificate will be true and correct both as of the date of execution
of the Subscription Agreement and as of the Closing Date.

The Subscriber undertakes to notify the Corporation immediately of any change in any representation, warranty or other information relating to the Subscriber or, if applicable, the beneficial purchaser set forth herein, which takes place prior to the Closing Date.

***[Remainder of page intentionally left blank. Signature page follows.]***

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|:---|:---|:---|
| Dated the<u> </u> day of<u> </u>, 2025. |  |  |
|  |  | Print name of Subscriber (or person signing as agent) |
|  | By: |  |
|  |  | Signature |
|  |  | Title |
|  |  | (please print name of individual whose signature appears above, if different from name of Subscriber or agent printed above) |

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**SCHEDULE "c"<br> - Annex 2<u><br> ACCREDITED INVESTOR CERTIFICATE</u>**

**NOTE: ACCREDITED INVESTORS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES AND U.S. PERSONS MUST COMPLETE AND SIGN THIS PURCHASER CERTIFICATE.**

**ALL SUBSCRIBERS LOCATED IN CALIFORNIA MUST BE QUALIFIED INSTITUTIONAL BUYERS AND MUST SIGN THIS QUALIFIED INSTITUTIONAL BUYER CERTIFICATE ATTACHED TO THE SUBSCRIPTION AGREEMENT AS SCHEDULE "C" – ANNEX 1. IF YOU ARE IN CALIFORNIA, YOU MAY NOT SIGN THIS PURCHASER CERTIFICATE. IF YOU ARE IN CALIFORNIA AND YOU ARE NOT A QUALIFIED INSTITUTIONAL BUYER, YOU MAY NOT PARTICIPATE IN THIS OFFERING.**

**ALL SUBSCRIBERS LOCATED IN NEW YORK MUST COMPLETE AND SIGN THIS PURCHASER CERTIFICATE AND SATISFY ONE OF THE CATEGORIES OF <u>INSTITUTIONAL</u> ACCREDITED INVESTOR SET FORTH BELOW.**

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|:---|:---|
| **TO:** | **OSISKO DEVELOPMENT CORP.** |

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|:---|:---|
| **RE:** | **PURCHASE OF UNITS OF** **OSISKO DEVELOPMENT CORP.** |

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This Purchaser Certificate is being delivered by the undersigned subscriber (the "**Subscriber**") in connection with the purchase of units (the "**Units**") of Osisko Development Corp. (the "**Corporation**"), as set out on the execution page of the Subscription Agreement (the "**Purchased Securities**"), pursuant to the Subscription Agreement. Capitalized terms used herein and not defined herein will have the meanings ascribed thereto in the Subscription Agreement. The Subscriber represents, warrants and covenants (which representations, warranties and covenants will survive the Closing Date) on its own behalf and, if applicable, on behalf of any beneficial purchaser for whom the Subscriber is contracting hereunder to and with the Corporation and acknowledges that the Corporation and its legal counsel are relying thereon that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is authorized to consummate the purchase of the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is aware that the Purchased Securities and the Underlying Securities have not been registered
under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** "), or any U.S. state securities laws and
that the offer and sale of the Purchased Securities to it are being made in reliance on Section 4(a)(2) of the U.S. Securities
Act and similar exemptions under applicable U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (and any beneficial purchaser) is an "accredited investor" as defined in Rule 501(a) of
Regulation D under the U.S. Securities Act (a "**U.S. Accredited Investor** "), and is acquiring the Purchased Securities
for its own account or for the account of an Accredited Investor with respect to which it exercises sole investment discretion and not
with a view to any resale, distribution or other disposition of the Purchased Securities or the Underlying Securities in violation of
United States federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>if the Subscriber (or any beneficial purchaser) is in the State of New York</u>** , the Subscriber
(and any beneficial purchaser) is an institutional "accredited investor" that satisfies one or more of the categories set forth
in Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) of Regulation D under the U.S. Securities Act (and "**Institutional Accredited Investor** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>if the Subscriber (or any beneficial purchaser) is in the State of Colorado</u>** , and the Subscriber
(or any beneficial purchaser) currently owns, or will own following the acquisition of the Purchased Securities and any Underlying Securities,
10% or more of the outstanding Common Shares of the Corporation, the Subscriber (and any beneficial purchaser) has not been convicted
within the past ten years of any felony in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber, and if applicable, each beneficial purchaser for whose account it is purchasing the Purchased
Securities, is a U.S. Accredited Investor (or, if in New York, and Institutional Accredited Investor), and the Subscriber has initialed
the category of U.S. Accredited Investor (or, if in New York, and Institutional Accredited Investor) applicable to the Subscriber and
the beneficial purchaser (please place your initials and a SUB and, if applicable, a BP on the appropriate line(s)):

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|:---|:---|:---|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 1.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 2.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 3.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A broker or dealer registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 4.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;An investment adviser registered pursuant to Section 203 of the U.S. Investment Advisers Act of 1940, as amended, or registered pursuant to the laws of a state; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 5.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;An investment adviser relying on the exemption from registering with the U.S. Securities and Exchange Commission under Section 203(l) or (m) of the U.S. Investment Advisers Act of 1940, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 6.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 7.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;An investment company registered under the U.S. Investment Company Act of 1940, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 8.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A business development company as defined in Section 2(a)(48) of the U.S. Investment Company Act of 1940, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 9.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 10.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A Rural Business Investment Company as defined in Section 384A of the U.S. Consolidated Farm and Rural Development Act of 1972, as amended; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 11.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;A plan established and maintained by a state, its political subdivision or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with assets in excess of U.S. $5,000,000; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 12.<br>[Rule 501(a)(1)] | &nbsp;&nbsp;An employee benefit plan within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended**,** in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company or registered investment advisor, or an employee benefit plan with total assets in excess of U.S. $5,000,000 or, if a self-directed plan, the investment decisions are made solely by persons who are accredited investors; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 13.<br>[Rule 501(a)(2)] | &nbsp;&nbsp;A private business development company as defined in Section 202(a)(22) of the U.S. Investment Advisers Act of 1940, as amended; or |

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|:---|:---|:---|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 14.<br>[Rule 501(a)(3)] | &nbsp;&nbsp;An organization described in Section 501(c)(3) of the U.S. Internal Revenue Code of 1986, as amended, a corporation, a Massachusetts or similar business trust, a partnership, or a limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of U.S. $5,000,000; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 15.<br>[Rule 501(a)(4)] | &nbsp;&nbsp; A director, executive officer or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; or<br>**[SUBSCRIBERS (OR BENEFICIAL PURCHASERS) IN NEW YORK MAY NOT INITIAL THIS CATEGORY]** |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 16.<br>[Rule 501(a)(5)] | &nbsp;&nbsp;&nbsp;&nbsp; A natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds U.S. $1,000,000; or<br>(**Note**: For the purposes of calculating "net worth"<br> &nbsp;&nbsp;&nbsp;&nbsp;(i) the person's primary residence shall not be included as an asset;<br>&nbsp;&nbsp;&nbsp;&nbsp;(ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the closing of the Offering, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the closing of the Offering exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and<br>&nbsp;&nbsp;&nbsp;&nbsp;(iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability.)<br>(**Note**: For the purposes of calculating "joint net worth", joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly.)<br> (**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.)<br>**[SUBSCRIBERS (OR BENEFICIAL PURCHASERS) IN NEW YORK MAY NOT INITIAL THIS CATEGORY]** |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 17.<br>[Rule 501(a)(6)] | &nbsp;&nbsp; A natural person who had an individual income in excess of U.S. $200,000 in each year of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of U.S. $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or<br>(**Note**: The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.)<br>**[SUBSCRIBERS (OR BENEFICIAL PURCHASERS) IN NEW YORK MAY NOT INITIAL THIS CATEGORY]** |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 18.<br>[Rule 501(a)(7)] | &nbsp;&nbsp;A trust, with total assets in excess of U.S. $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under Regulation D under the U.S. Securities Act; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 19.<br>[Rule 501(a)(8)] | &nbsp;&nbsp; An entity in which each of the equity owners are accredited investors; or<br>(**Note:** It is permissible to look through various forms of equity ownership to natural persons in determining the accredited investor status of entities under this category. If those natural persons are themselves accredited investors, and if all other equity owners of the entity seeking accredited investor status are accredited investors, then this category may be available.) |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 20.<br>[Rule 501(a)(9)]<br>| &nbsp;&nbsp;An entity, of a type not listed in Categories 1 through 14, 18 or 19 above, not formed for the specific purpose of acquiring the securities offered, owning "investments" (as defined in Rule 2a51-1(b) under the U.S. Investment Company Act of 1940, as amended) in excess of U.S. $5,000,000; or |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 21.<br>[Rule 501(a)(10)] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A natural person holding in good standing one or more of the following professional licenses:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) General Securities Representative license (Series 7);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Private Securities Offerings Representative license (Series 82), and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Investment Adviser Representative license (Series 65); or<br>**[SUBSCRIBERS (OR BENEFICIAL PURCHASERS) IN NEW YORK MAY NOT INITIAL THIS CATEGORY]**<br>|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 22.<br>[Rule 501(a)(11)] | &nbsp;&nbsp; A natural person who is a "knowledgeable employee" (as defined in Rule 3c-5(a)(4) under the U.S. Investment Company Act of 1940, as amended) of the issuer of the securities being offered or sold where the issuer would be an "investment company" (as defined in Section 3 of U.S. Investment Company Act of 1940, as amended), but for the exclusion provided by either Section 3(c)(1) or section 3(c)(7) of U.S. Investment Company Act of 1940, as amended; or<br>**[SUBSCRIBERS (OR BENEFICIAL PURCHASERS) IN NEW YORK MAY NOT INITIAL THIS CATEGORY]**<br>|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 23.<br>[Rule 501(a)(12)] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A "family office" (as defined in Rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940, as amended):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with assets under management in excess of U.S. $5,000,000,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that is not formed for the specific purpose of acquiring the securities offered, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or<br>|
| &nbsp;&nbsp;_____ | &nbsp;&nbsp; Category 24.<br>[Rule 501(a)(13)] | &nbsp;&nbsp;A "family client" (as defined in Rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940, as amended) of a family office meeting the requirements in Category 23 above and whose prospective investment in the issuer is directed by such family office pursuant to clause (iii) of Category 23; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber acknowledges that it has not purchased the Purchased Securities as a result of any "directed
selling efforts" (as defined in Regulation S under the U.S. Securities Act) or any "general solicitation" or "general
advertising" (as those terms are used in Regulation D under the U.S. Securities Act), including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or on the internet, or broadcast over radio or television
or the internet, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber acknowledges that the Purchased Securities and the Underlying Securities are (or will,
when issued, be) "restricted securities", as such term is defined under Rule 144(a)(3) under the U.S. Securities Act,
and that the Purchased Securities and the Underlying Securities may not be offered, sold, pledged, or otherwise transferred, directly
or indirectly, without prior registration under the U.S. Securities Act and applicable U.S. state securities laws or in compliance with
an exemption therefrom, and it agrees that if it decides to offer, sell, pledge or otherwise transfer, directly or indirectly, any of
the Purchased Securities or the Underlying Securities, it will not offer, sell, pledge or otherwise transfer, directly or indirectly,
any of such securities, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) outside the United States in an "offshore transaction" (as defined in Rule 902(h) of
Regulation S under the U.S. Securities Act) in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities
Act, if available, and in compliance with applicable local laws and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in compliance with the exemption from registration under the U.S. Securities Act provided by Rule 144
thereunder, if available, and in accordance with any applicable U.S. state securities or "Blue Sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in another transaction that does not require registration under the U.S. Securities Act or any applicable
U.S. state securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) pursuant to a registration statement that has been declared effective under the U.S. Securities Act by
the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber understands and acknowledges that all certificates or DRS advices representing the Purchased
Securities and the Underlying Securities, as well as all certificates or DRS advices issued in exchange for or in substitution of the
Purchased Securities and the Underlying Securities, until such time as the same is no longer required under applicable requirements of
the U.S. Securities Act or applicable state securities laws, will bear the following legend:

"THESE SECURITIES [AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF OSISKO DEVELOPMENT CORP. (THE "CORPORATION") THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES, IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE U.S. STATE SECURITIES LAWS, OR (E) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) OR (D) ABOVE, A LEGAL OPINION OR OTHER EVIDENCE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION AND ITS TRANSFER AGENT.

[DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.]";

provided, that if the Purchased Securities or the Underlying Securities are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act, the legend set forth above may be removed by providing an executed declaration to the Corporation and to the registrar and transfer agent of the Corporation in substantially the form set forth as Appendix 1 hereto (or in such other form as the Corporation, may prescribe from time to time) and, if requested by the Corporation or its registrar and transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and its registrar and transfer agent to the effect that such sale is being made in compliance with Rule 904 of Regulation S under the U.S. Securities Act;

provided further, that if any of the Purchased Securities or the Underlying Securities are being sold pursuant to Rule 144 under the U.S. Securities Act and in compliance with any applicable U.S. state securities laws, the legend may be removed by delivery to the Corporation and its registrar and transfer agent of an opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation and its registrar and transfer agent to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act or applicable U.S. state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber is aware that if the Corporation is ever deemed to be, or to have been at any time previously,
an issuer with no or nominal operations and no or nominal assets other than cash and cash equivalents, Rule 144 under the U.S. Securities
Act may not be available for resales of the Purchased Securities or the Underlying Securities, and (ii) the Corporation is not obligated
to take, and has no present intention of taking, any action to make Rule 144 under the U.S. Securities Act (or any other exemption)
available for resales of the Purchased Securities or the Underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Subscriber understands and acknowledges that the Unit Warrants may not be exercised by, or on behalf
of, a U.S. Person or a person in the United States unless exemptions are available from the registration requirements of the U.S. Securities
Act and the securities laws of all applicable U.S. states, and the holder has furnished an opinion of counsel of recognized standing or
other evidence in form and substance reasonably satisfactory to the Corporation to such effect; provided that a holder of Unit Warrants
that acquired the Unit Warrants in the Offering will not be required to deliver an opinion of counsel in connection with its exercise
of the Unit Warrants, for its own account or for the account of the original beneficial purchaser, if any, at a time when such holder
and such original beneficial purchaser thereof, if any, are Accredited Investors (or, if such holder or original beneficial purchaser
is in the State of New York, Institutional Accredited Investors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Subscriber consents to the Corporation making a notation on its records or giving instructions to
any transfer agent of the Purchased Securities and the Underlying Securities in order to implement the restrictions on transfer set forth
and described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if required by applicable securities legislation, regulatory policy or order or by any securities commission,
stock exchange or other regulatory authority, the Subscriber will execute, deliver, file and otherwise assist the Corporation in filing
reports, questionnaires, undertakings and other documents with respect to the ownership of the Purchased Securities and the Underlying
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Subscriber has had access to such financial and other information concerning the Corporation and the
Purchased Securities and the Underlying Securities as it has deemed necessary in connection with its decision to purchase any of the Purchased
Securities and the Underlying Securities, including an opportunity to ask questions of, and request information from, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Subscriber acknowledges that it has obtained independent legal, income tax and investment advice with
respect to its purchase of the Purchased Securities and the Underlying Securities and accordingly, has had an opportunity to acquire an
understanding of the meanings of all terms contained herein relevant to the Subscriber for purpose of giving the representations, warranties
and covenants contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Subscriber acknowledges that neither the Corporation, nor any person representing the Corporation
has made any representation to it with respect to the Corporation or the offering or sale of the Purchased Securities or the Underlying
Securities, other than the information contained or incorporated by reference in the Subscription Agreement, which has been delivered
to it and upon which it is relying in making its investment decision with respect to the Purchased Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Subscriber understands that the Purchased Securities and Underlying Securities have not been recommended
by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of the information in the Subscription Agreement or the Schedules attached thereto. Any representation to the
contrary is a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Subscriber acknowledges that, (i) until such time as the Registration Statement is effective
and available for the resale of the Unit Shares and the Unit Warrant Shares and that any applicable Canadian hold period has expired,
there are restrictions on the transferability of the Registrable Securities, and that it will not be possible for the Subscriber to readily
liquidate his, her or its investment in the Registrable Securities before such time and (ii) the Unit Warrants do not constitute
Registrable Securities and will not be registered for resale on the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Subscriber understands and agrees that the financial statements of the Corporation have been prepared
in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, which differ
in some respects from United States generally accepted accounting principles, and thus may not be comparable to financial statements of
United States companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Subscriber understands and agrees that there may be material tax consequences to it of an acquisition,
holding, exercise or disposition of the Purchased Securities and the Underlying Securities. The Corporation gives no opinion and makes
no representation with respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of its acquisition,
holding, exercise or disposition of the Purchased Securities and the Underlying Securities, and the Subscriber acknowledges that it is
solely responsible for determining the tax consequences to it with respect to its investment, including whether the Corporation will at
any given time be deemed a "passive foreign investment company" within the meaning of Section 1297 of the United States
Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Subscriber is aware that its ability to enforce civil liabilities under the United States federal
securities laws may be affected adversely by, among other things: (i) the fact that the Corporation is organized under the laws of
Canada; (ii) some or all of the directors and officers may be residents of countries other than the United States; and (iii) all
or a substantial portion of the assets of the Corporation and such persons may be located outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the office or other address of the Subscriber at which the Subscriber received and accepted the offer
to purchase the Purchased Securities and the Underlying Securities is the address listed as the "Subscriber's Address and Contact
Information" on the execution page of the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber to the
Corporation hereunder will not represent proceeds of crime for the purposes of the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act**") and the Subscriber acknowledges that the
Corporation may in the future be required by law to disclose the Subscriber's name and other information relating to the Subscription
Agreement and the Subscriber's purchase hereunder, on a confidential basis, pursuant to the PATRIOT Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no portion of the Aggregate Subscription Price to be provided by the Subscriber (i) has been or will
be derived from or related to any activity that is deemed criminal under the laws of the United States, or any other jurisdiction, or
(ii) is being tendered on behalf of a person or entity who has not been identified to or by the Subscriber, and it shall promptly
notify the Corporation if the Subscriber discovers that any of such representations ceases to be true and provide the Corporation with
appropriate information in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Subscriber agrees to be bound by the terms and conditions set forth in the Subscription Agreement
entitled "**Terms and Conditions of Subscription**" attached and the Subscriber further agrees, without limitation, that
the Corporation may rely upon the Subscriber's representations, warranties and covenants contained in the Subscription Agreement and its
applicable Schedules attached thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the provisions of this Purchaser Certificate will be true and correct both as of the date of execution
of the Subscription Agreement and as of the Closing Date.

The Subscriber acknowledges that it may be required to provide a supplemental Certificate depending on the State in which the Subscriber (and the beneficial purchaser, if any) are located confirming certain additional representations, warranties and covenants in order to participate in the Offering, and it undertakes to provide any such supplement Certificate when requested.

The Subscriber undertakes to notify the Corporation immediately of any change in any representation, warranty or other information relating to the Subscriber or, if applicable, the beneficial purchaser set forth herein, which takes place prior to the Closing Date.

***[Remainder of page intentionally left blank. Signature page follows.]***

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| | | |
|:---|:---|:---|
| Dated the<u> </u> day of<u> </u>, 2025. |  |  |
|  |  | Print name of Subscriber (or person signing as agent) |
|  | By: |  |
|  |  | Signature |
|  |  | Title |
|  |  | (please print name of individual whose signature appears above, if different from name of Subscriber or agent printed above) |

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**APPENDIX 1 to SCHEDULE "C" – ANNEX 2**

**<u>FORM OF DECLARATION FOR REMOVAL OF LEGEND</u>**

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| | |
|:---|:---|
| **TO:** | **TSX TRUST COMPANY, AS REGISTRAR AND TRANSFER AGENT OF THE [COMMON SHARES] [WARRANTS] OF OSISKO DEVELOPMENT CORP.** |

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The undersigned (A) acknowledges that the sale of the securities of Osisko Development Corp. (the "**Corporation**") represented by certificate number(s) _______________________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) it is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Corporation, (2) the offer of such securities was not or will not be made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was or will be executed on or through the facilities of a "designated offshore securities market" (as such term is defined in Regulation S and which includes the Toronto Stock Exchange and the TSX Venture Exchange) and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S.

Dated:

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| |
|:---|
| (Name of Holder – please print) |
| (Authorized Signature) |
| (Official Capacity – please print) |
| (please print here the name of the individual whose signature appears<br> above, if different from the name of holder printed above) |

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**Schedule "D"<br> Foreign Subscriber Purchaser's Certificate**

**NOTE: SUBSCRIBERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS RESIDENT OF JURISDICTIONS OTHER THAN CANADA AND THE UNITED STATES OF AMERICA MUST COMPLETE AND SIGN THIS CERTIFICATE.**

**TO:** **OSISKO DEVELOPMENT CORP.**

*Capitalized terms not specifically defined in this Schedule "D" have the meanings ascribed to them in the Subscription Agreement to which this Schedule "D" is attached.*

**The undersigned Subscriber, a resident of a jurisdiction other than Canada or the United States, hereby** represents and warrants to the Corporation, and acknowledges as an integral part of the attached Subscription Agreement, as follows:

1. The Subscriber is, and each beneficial purchaser
 for whom the Subscriber is purchasing for under the Subscription Agreement or for whom the
 Subscriber may be acting as trustee or agent is, a resident of a country (an "**International Jurisdiction**") other than Canada or the United States and the decision to subscribe
 for the Purchased Securities was taken in such International Jurisdiction.

2. The delivery of the Subscription Agreement,
 the acceptance of it by the Corporation and the issuance of the Purchased Securities to the
 Subscriber, or each beneficial purchaser for whom the Subscriber is purchasing for under
 the Subscription Agreement, complies with all laws applicable to the Subscriber and such
 beneficial purchaser, including the laws of such purchaser's jurisdiction of residence, and
 all other applicable laws, and will not require the Corporation to register the Purchased
 Securities nor will it cause the Corporation to become subject to, or require it to comply
 with, any disclosure, prospectus, filing or reporting requirements under any applicable laws
 of the International Jurisdiction or seek any approvals of any kind whatsoever from any regulatory
 authority of any kind whatsoever in the International Jurisdiction. The Subscriber will provide
 such evidence of compliance with all such matters as the Corporation or its counsel may reasonably
 request.

3. The Subscriber, and each beneficial purchaser
 for whom the Subscriber is purchasing for under the Subscription Agreement, is knowledgeable
 of, or has been independently advised as to, the application or jurisdiction of the securities
 laws of the International Jurisdiction which would apply to the transactions contemplated
 by the Subscription Agreement (other than the securities laws of Canada and the United States).

4. The Subscriber and each beneficial purchaser
 for whom the Subscriber is purchasing for under the Subscription Agreement, is purchasing
 the Purchased Securities pursuant to exemptions from the prospectus and registration requirements
 (or their equivalent) under the applicable securities laws of that International Jurisdiction
 or, if such is not applicable, each is permitted to purchase the Purchased Securities under
 the applicable securities laws of the International Jurisdiction without the need to rely
 on an exemption.

5. The Subscriber and each beneficial purchaser
 for whom the Subscriber is purchasing for under the Subscription Agreement will not sell,
 transfer or dispose of the Purchased Securities except in accordance with all applicable
 laws, including applicable securities laws of Canada and the United States, and the Subscriber,
 and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription
 Agreement, acknowledges that the Corporation shall have no obligation to register any such
 purported sale, transfer or disposition which violates applicable Canadian or United States
 or other securities laws.

The Subscriber acknowledges that the Corporation may be required to file with the securities regulatory authority or regulator in one or more Canadian jurisdictions a report regarding the trade. The Subscriber acknowledges that such report may require the Corporation to disclose the Subscriber's full legal name, residential address, telephone number and email address and the number of securities the Subscriber purchased, the purchase price for such securities and specific details of the prospectus exemption relied upon under applicable securities laws to complete such purchase, including how the Subscriber qualifies for such exemption. The Subscriber consents to the disclosure of such information and acknowledges that such information is made available to the public under securities legislation of Ontario. The Subscriber acknowledges that this information is collected indirectly by the applicable securities regulatory authority or regulator under the authority granted to it under, and for the purposes of the administration and enforcement of, the securities legislation and that the Subscriber may contact the applicable securities regulatory authority or regulator by way of the contact information provided in Schedule "G" for more information regarding the indirect collection of such information.

The foregoing representations and warranties contained in this Schedule "D" are true and accurate as of the date of this Schedule "D" and will be true and accurate as of the Closing Date. If any such representations or warranties shall not be true and accurate prior to the Closing Date, the undersigned shall give immediate written notice of such fact to the Corporation prior to the Closing Date.

The Subscriber and each beneficial purchaser for whom the Subscriber is purchasing for under the Subscription Agreement will not sell, transfer or dispose of the Purchased Securities to the extent any such sale, transfer or disposal would cause an obligation for a prospectus to be prepared, published or registered in any jurisdiction.

***[Remainder of page intentionally left blank. Signature page follows.]***

Dated the _____ day of ____________________, __________.

---

| | |
|:---|:---|
|  | Print name of Subscriber (or person signing as agent) |
| By: |  |
|  | Signature |
|  | Title |
|  | (please print name of individual whose signature appears above, if different from name of Subscriber or agent printed above) |

---

![](tm2524145d2_ex10-2sp4img01.jpg)

**Schedule "E"<br> FORM 4C**

**CORPORATE PLACEE REGISTRATION FORM**

This Form will remain on file with the TSXV and must be completed if required under section 4(b) of Part II of Form 4B. The corporation, trust, portfolio manager or other entity (the "Placee") need only file it on one time basis, and it will be referenced for all subsequent Private Placements in which it participates. If any of the information provided in this Form changes, the Placee must notify the TSXV prior to participating in further placements with TSXV listed Issuers. If as a result of the Private Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or, if applicable, Declarations, with the TSXV.

1. Placee Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name: _____________________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Complete Address: ___________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Jurisdiction of Incorporation or Creation: ___________________________________________________________________________

2. Is the Placee purchasing securities as
 a portfolio manager: (Yes/No)? _____________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the Placee carrying on business as
 a portfolio manager outside of Canada:

(Yes/No)? __________

3. If the answer to 2(b) above was "Yes",
 the undersigned certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is purchasing securities of an Issuer
 on behalf of managed accounts for which it is making the investment decision to purchase
 the securities and has full discretion to purchase or sell securities for such accounts without
 requiring the client's express consent to a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it carries on the business of managing
 the investment portfolios of clients through discretionary authority granted by those clients
 (a "portfolio manager" business) in ____________________ [jurisdiction], and it
 is permitted by law to carry on a portfolio manager business in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it was not created solely or primarily
 for the purpose of purchasing securities of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the total asset value of the investment
 portfolios it manages on behalf of clients is not less than CAD$20,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has no reasonable grounds to believe,
 that any of the directors, senior officers and other insiders of the Issuer, and the persons
 that carry on investor relations activities for the Issuer has a beneficial interest in any
 of the managed accounts for which it is purchasing.

4. If the answer to 2(a). above was "No",
 please provide the names and addresses of Control Persons of the Placee:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name \*** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**Province or State** | &nbsp;&nbsp;**Country** |

---

\* If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.

5. Acknowledgement - Personal Information and
 Securities Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Personal Information" means
 any information about an identifiable individual, and includes information contained in sections
 1, 2 and 4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the disclosure of Personal Information
 by the undersigned to the TSXV (as defined in Appendix 6B) pursuant to this Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the collection, use and disclosure
 of Personal Information by the TSXV for the purposes described in Appendix 6B or as otherwise
 identified by the TSXV, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned acknowledges that it is
 bound by the provisions of applicable Securities Law, including provisions concerning the
 filing of insider reports and reports of acquisitions.

Dated and certified (if applicable), acknowledged and agreed, at _____________________, on _____________________.

---

| |
|:---|
| &nbsp;&nbsp;(Name of Purchaser - please print) |
| &nbsp;&nbsp;(Authorized Signature) |
| &nbsp;&nbsp;(Official Capacity - please print) |
| &nbsp;&nbsp;(Please print name of individual whose signature appears above) |

---

**THIS IS NOT A PUBLIC DOCUMENT**

**Schedule "F"<br> Collection of Personal Information**

This Subscription Agreement and the schedules hereto require the Subscriber to provide certain personal information (respecting the Subscriber and, if applicable, the beneficial purchaser for whom the Subscriber is contracting) to the Corporation. Personal information includes "personal information" as that term is defined under applicable privacy legislation, including without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws and, if applicable, the rules and policies of the Exchanges in effect from time to time. Such information is being collected for the purposes of completing the Offering, which includes, without limitation, determining the eligibility of the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting, to purchase Units under applicable Securities Laws, preparing and registering certificates representing the Unit Shares and Unit Warrants to be issued hereunder and completing filings required under applicable Securities Laws or by any stock exchange, the Canadian Investment Regulatory Organization and/or securities regulatory authorities.

In addition, such personal information may be used or disclosed by the Corporation for the purpose of administering the Corporation's relationship with the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting. For example, such personal information may be used by the Corporation to communicate with the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting (such as by providing annual or quarterly reports), to prepare tax filings and forms or to comply with its obligations under taxation, securities and other laws (such as maintaining a list of holders of shares).

In connection with the foregoing, the personal information of the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting, may be disclosed by the Corporation to: (i) any stock exchanges or securities regulatory or taxation authorities; (ii) the Corporation's registrar and transfer agent; and (iii) any of the other parties involved in the Offering, including legal counsel, and may be included in record books prepared in respect of the Offering.

By executing this Subscription Agreement, the Subscriber (on its own behalf and, if applicable, on behalf of the beneficial purchaser for whom the Subscriber is contracting) hereby consents to the collection, use and disclosure of such personal information. The Subscriber (on its own behalf and, if applicable, on behalf of the beneficial purchaser for whom the Subscriber is contracting) also consents to the filing of copies or originals of any of the documents provided to the Corporation by or on behalf of the Subscriber with any stock exchange, securities regulatory authority in relation to the transactions contemplated by this Subscription.

The Subscriber acknowledges that the Subscriber's personal information and the personal information of any Disclosed Principal may be delivered to the Canadian securities commissions under the authority granted to them under securities legislation for the purposes of administration and enforcement of the securities legislation of the applicable Canadian province. The public official of such Canadian province who can answer questions about such indirect collection of personal information is set forth on Schedule "G".

The Subscriber also acknowledges and consents to the collection, use and disclosure of the Subscriber's personal information by the Exchanges and its affiliates, authorized agents, subsidiaries and divisions, including the Exchanges for the following purposes: (i) to conduct background checks, (ii) to verify personal information that has been provided about each individual, (iii) to provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Corporation or its associates or affiliates, (iv) to conduct enforcement proceedings, and (v) to perform other investigations as required by and to ensure compliance with all applicable rules, policies, rulings and regulations of the Exchanges, Securities Laws and other legal and regulatory requirements governing the conduct and protection of the public markets in Canada. As part of this process, the Subscriber further acknowledges that the Exchanges also collects additional personal information from other sources, including but not limited to, securities regulatory authorities in Canada or elsewhere, investigative, law enforcement or self-regulatory organizations, regulations services providers and each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished. The personal information collected by the Exchanges may also be disclosed: (i) to the aforementioned agencies and organizations or as otherwise permitted or required by law and may be used for the purposes described above for their own investigations, and (ii) on the Exchanges' website or through printed materials published by or pursuant to the directions of the Exchanges. The Exchanges may from time to time use third parties to process information and/or provide other administrative services and may share information with such third party services providers.

**Schedule "G"<br> Contact Information for Canadian Securities Commissions**

---

| | |
|:---|:---|
| **Alberta Securities Commission**<br> Suite 600, 250 – 5th Street SW<br> Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-2082<br>**British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre<br> 701 West Georgia Street<br> Vancouver, British Columbia V7Y 1L2<br> Inquiries: (604) 899-6854<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6581<br> Email: <u>inquiries@bcsc.bc.ca</u><br>**The Manitoba Securities Commission**<br> 500 – 400 St. Mary Avenue<br> Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba 1-800-655-5244<br> Facsimile: (204) 945-0330<br>**Financial and Consumer Services Commission<br> (New Brunswick)**<br> 85 Charlotte Street, Suite 300<br> Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222<br> Facsimile: (506) 658-3059<br> Email: <u>info@fcnb.ca</u><br>**Government of Newfoundland and Labrador**<br> **Financial Services Regulation Division**<br> P.O. Box 8700<br> Confederation Building<br> 2nd Floor, West Block<br> Prince Philip Drive<br> St. John's, Newfoundland and Labrador A1B 4J6<br> Attention: Director of Securities<br> Telephone: (709) 729-4189<br> Facsimile: (709) 729-6187<br>**Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street, Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625 | **Ontario Securities Commission**<br> 20 Queen Street West, 22<sup>nd</sup> Floor<br> Toronto, Ontario M5H 3S8<br> Telephone: (416) 593- 8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: <u>exemptmarketfilings@osc.gov.on.ca</u><br> Public official contact regarding indirect collection of information: Inquiries Officer<br>**Prince Edward Island Securities Office**<br> 95 Rochford Street, 4th Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 368-4569<br> Facsimile: (902) 368-5283<br>**Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse<br> Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or 1-877-525-0337<br> Facsimile: (514) 873-6155 (For filing purposes only)<br> Facsimile: (514) 864-6381 (For privacy requests only)<br> Email: <u>financementdessocietes@lautorite.qc.ca</u><br> (For corporate finance issuers); <br> <u>fonds_dinvestissement@lautorite.qc.ca</u><br> (For investment fund issuers)<br>**Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601 - 1919 Saskatchewan Drive<br> Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899<br>|

---

**Schedule "H"<br> Selling Shareholder Questionnaire**

**<u>NOTE: SUBSCRIBERS WHO ARE, OR ARE SUBSCRIBING FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES AND U.S. PERSONS MUST COMPLETE AND SIGN THIS CERTIFICATE.</u>**

The undersigned beneficial owner (within the meaning of applicable U.S. securities laws) of Unit Shares and Unit Warrant Shares (the "**Registrable Securities**") of Osisko Development Corp., a corporation organized under the laws of Canada (the "**Corporation**"), understands that the Corporation has filed or intends to file with the Securities and Exchange Commission (the "**SEC**") a registration statement (the "**Registration Statement**") for the registration and resale under Rule 415 of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), of the Registrable Securities, in accordance with the terms of the Subscription Agreement (the "**Subscription Agreement**"). All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Subscription Agreement.

Certain legal consequences arise from being named as a selling shareholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling shareholder in the Registration Statement and the related prospectus.

The undersigned beneficial owner (the "**Selling Shareholder**") of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Corporation and represents and warrants that such information is accurate:

**QUESTIONNAIRE**

**1.** **Name.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Full Legal Name of Selling Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Full Legal Name of Registered Holder (if not
 the same as (a) above) through which Registrable Securities are held:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Full Legal Name of Natural Control Person
 (which means a natural person who directly or indirectly alone or with others has power to
 vote or dispose of the securities covered by this Questionnaire):

**2. Address for Notices to Selling Shareholder:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Telephone: |
| &nbsp;&nbsp;E-Mail: | &nbsp;&nbsp;E-Mail: |
| &nbsp;&nbsp;Contact | &nbsp;&nbsp;Person: |

---

**3. Broker-Dealer Status:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Are you a broker-dealer?

Yes ◻ No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If "yes" to Section 3(a), did
 you receive your Registrable Securities as compensation for investment banking services to
 the Corporation?

Yes ◻ No ◻

Note: If "no" to Section 3(b), the Commission's staff has indicated that you should be identified as an underwriter in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Are you an affiliate of a broker-dealer?

Yes ◻ No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If you are an affiliate of a broker-dealer,
 do you certify that you purchased the Registrable Securities in the ordinary course of business,
 and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
 or understandings, directly or indirectly, with any person to distribute the Registrable
 Securities?

Yes ◻ No ◻

Note: If "no" to Section 3(d), the Commission's staff has indicated that you should be identified as an underwriter in the Registration Statement.

**4. Beneficial Ownership of Securities of the Corporation Owned by the Selling Shareholder.**

*Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Corporation other than the Registrable Securities issuable pursuant to the Subscription Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Type and Amount of other securities beneficially
 owned by the Selling Shareholder:

**5. Relationships with the Corporation:**

*Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Corporation (or its predecessors or affiliates) during the past three years.*

State any exceptions here:

The undersigned agrees to promptly notify the Corporation of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Corporation of any changes to the number of securities held or owned by the undersigned or its affiliates.

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Corporation in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Date:   Beneficial Owner:  

By:   <br> Name: <br> Title:

**PLEASE DELIVER A FULLY COMPLETED AND SIGNED COPY OF THIS QUESTIONNAIRE WITH THE EXECUTED SUBSCRIPTION AGREEMENT.**

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of Osisko Development Corp. (the "**Company**") of our report dated March 28, 2025 relating to the consolidated financial statements, which appears in Exhibit 99.2 to the Company's Annual Report on Form 40-F for the year ended December 31, 2024.

We also consent to the reference to us under the heading "Experts" in such Registration Statement, and the reference to us under the heading "Interests of Experts" in the Annual Information Form, filed as Exhibit 99.1 to the Company's Annual Report on Form 40-F for the year ended December 31, 2024, which is incorporated by reference in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Montréal, Canada

September 12, 2025

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Mathieu Belisle, P. Eng. |
| Name: | Mathieu Belisle, P. Eng., BBA Engineering Ltd. |
| Date: | September 12, 2025 |

---

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Amanda Fitch, P. Eng. |
| Name: | Amanda Fitch, P. Eng., BBA Engineering Ltd. |
| Date: | September 12, 2025 |

---

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Sebastien Guido, P. Eng. |
| Name: | Sebastien Guido, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.6

**Exhibit 23.6**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Philip Clark, P. Eng. |
| Name: | Philip Clark, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.7

**Exhibit 23.7**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Rob Griffith, P. Eng. |
| Name: | Rob Griffith, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.8

**Exhibit 23.8**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Katherine Mueller, P. Eng. |
| Name: | Katherine Mueller, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.9

**Exhibit 23.9**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Nikolay Sidenko, P. Geo. |
| Name: | Nikolay Sidenko, P. Geo. |
| Date: | September 12, 2025 |

---

## Exhibit 23.10

**Exhibit 23.10**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Éric Lecomte, P. Eng. |
| Name: | Éric Lecomte, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.11

**Exhibit 23.11**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Carl Pelletier, P. Geo |
| Name: | Carl Pelletier, P. Geo |
| Date: | September 12, 2025 |

---

## Exhibit 23.12

**Exhibit 23.12**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Tessa Scott, P. Geo. |
| Name: | Tessa Scott, P. Geo. |
| Date: | September 12, 2025 |

---

## Exhibit 23.13

**Exhibit 23.13**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ A. J. MacDonald, P. Eng. |
| Name: | A. J. MacDonald, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.14

**Exhibit 23.14**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Jean-François Maillé, P. Eng. |
| Name: | Jean-François Maillé, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.15

**Exhibit 23.15**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Yapo Allé-Ando, P. Eng. |
| Name: | Yapo Allé-Ando, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.16

**Exhibit 23.16**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Rachel Sawyer, P. Eng. |
| Name: | Rachel Sawyer, P. Eng. |
| Date: | September 12, 2025 |

---

## Exhibit 23.17

**Exhibit 23.17**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report entitled, "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025, with an effective date of April 25, 2025, and the information derived therefrom, as well as references to the undersigned's name, in each case where included or incorporated by reference in the Registration Statement on Form F-3 of Osisko Development Corp. being filed with the U.S. Securities and Exchange Commission, and any amendment thereto.

---

| | |
|:---|:---|
| By: | /s/ Paul Gauthier, P. Eng. |
| Name: | Paul Gauthier, P. Eng. |
| Date: | September 12, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Osisko Development Corp.**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Shares | 457(a) | 104751318 | $2.9075 | $304564457.09 | 0.0001531 | $46628.82 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $304564457.09  |  | $46628.82  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $46628.82  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> In accordance with Rule 416(a) under Securities Act of 1933, as amended (the "Securities Act"), the registrant is registering an indeterminate number of additional Common Shares (as defined in the Registration Statement) that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar events. All 104,751,318 Common Shares are to be offered for resale by the selling shareholders named in the prospectus contained in this Registration Statement on Form F-3. The amount registered consists of (i) 69,834,212 Common Shares and (ii) 34,917,106 Common Shares underlying Warrants (as defined in the Registration Statement). Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) promulgated under the Securities Act, based upon the average of the high ($3.025) and low ($2.79) prices of the Common Shares as reported on the Nasdaq Capital Market on September 5, 2025, which is a date within five (5) business days prior to the filing date of this registration statement.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---