Osisko Development Corp. (OTCQX: ODV) completed the sale of its 100% interest in the San Antonio Gold Project, located in Sonora State, Mexico, to Axo Copper Corp. The transaction closed on January 27, 2026 and transferred all issued and outstanding equity interests of Sapuchi Minera S. de R.L. de C.V., Osisko’s subsidiary that held the San Antonio assets.
At closing, Osisko received 15,325,841 shares of Axo Copper, representing 9.99% of Axo’s non‑diluted common equity. In addition to the share consideration, the deal includes several contingent payments: a 70% share of the VAT refund on the project, a $2 million payment for a feasibility study (payable in cash or Axo shares), a $2 million payment upon the first gold pour, and a contingent equity financing provision that preserves Osisko’s 9.99% stake if Axo raises at least $10 million at a price above the floor price.
The divestiture is part of Osisko’s strategy to focus capital and management attention on its fully permitted Cariboo Gold Project in British Columbia. By shedding a non‑core asset that required ongoing capital and operational oversight, Osisko improves liquidity and capital efficiency, positioning the company to accelerate production at Cariboo. The company recently closed a $125 million bought‑deal public offering to fund infill conversion drilling and exploration at Cariboo, underscoring its commitment to that flagship asset.
Axo Copper views the acquisition as a transformational move that shifts it from a junior exploration company to a late‑stage development firm. The San Antonio project will become the cornerstone of Axo’s portfolio, while the company continues to pursue exploration at its La Huerta project in Mexico.
Sean Roosen, Chairman and CEO of Osisko Development, said the sale “aligns with our strategy of focusing on priority development assets within our portfolio. We are pleased to announce the sale of San Antonio to Axo and look forward to remaining a supportive long‑term shareholder.”
The initial announcement of the sale on November 24, 2025 was well received by investors, reflecting confidence in Osisko’s portfolio strategy. The completion of the transaction further solidifies the company’s focus on Cariboo and its ability to deploy capital efficiently.
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