Sean Roosen, CEO of Osisko Development Corp. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 21, 2026

Summary

Osisko Development is in pre-construction on Caribou Gold, targeting 200,000 ounces a year from 2028 in central British Columbia.

Phase one costs $653 million against $3.2 billion of net present value at $4,500 gold, clearing a 2-to-1 value-to-capital test.

Roosen says the company trades near $1.4 billion, raised $885 million since spring 2025, and needs $350 million at final decision.

The Osisko playbook — buy low, build, sell — turned an $88,888 property purchase into a $4.1 billion sale to Agnico.

The host frames permitted depth as the edge, since new ounces drilled below existing workings skip most approval work.

The guest says his team bought the Canadian Malartic property for $88,888 in 2003 and sold it to Agnico for $4.1 billion in 2014, which he presents as the first leg of the Osisko track record.

The guest says Osisko Mining 2, which he credits to John Brzezinski leading it, was sold to Gold Fields in 2024 for $2.18 billion.

The guest says the royalty company spun out of Osisko Gold Royalties was listed the following day at a $500 million market cap and now trades between $10 billion and $11 billion.
He says that royalty vehicle was used to create Osisko Mining 2, which was later sold for $2.18 billion, funding the wider Osisko pipeline.

Top takeaway The guest says his team has delivered about $20 billion of value to shareholders under the Osisko banner over roughly two decades, starting with Canadian Malartic bought for $88,888 in 2003 and sold for $4.1 billion in 2014.
The guest says the royalty spin-out listed the next day at a $500 million market cap and now trades between $10 billion and $11 billion, and that Osisko Mining 2 was then created through it and sold to Gold Fields for $2.18 billion in 2024.
The guest says he took Osisko Development on full time in 2023 after ten years as CEO and chairman of the royalty company, and argues the company is well placed for the current market because it has a high gold price, a large project and a large budget at the same time.
The guest argues the Caribou Gold story repeats what his team has done before, drilling off a known but undeveloped deposit, with the difference that ounces found below the current workings already sit inside the permitted area.
On the company's asset base, the guest says the British Columbia project is the lead story, the Utah Tintic project is secondary and focused on critical minerals, and that the site already has grid power at about 6.6 Canadian cents per kilowatt hour plus a mill package bought and stored about five years ago.

Top takeaway Rule frames the Osisko Development story as matching the metrics he teaches, saying the plan is very similar to what the guest has done before, drilling off a known but undeveloped deposit, and that it has met the criteria his students are taught to look for.
Rule cites a test of at least 2 to 1 of net present value to capital intensity, and says the Osisko feasibility meets it fairly easily against the $653 million phase-one build.
On the symposium, Rule says every public company exhibitor is vetted and none can appear unless they own the shares, while cautioning that owning a stock is no guarantee the price goes up.
Rule says the conference carries a money-back guarantee for the first time in the natural resources space, and that across 30 years of offering it refunds have totalled less than one tenth of 1% of tuitions charged.
Rule discloses that he has invested with and knows the guest for two decades and invites subscribers to reach the company's investor relations contacts directly to discuss participation.