Page 1

OSISKO DEVELOPMENT CORP . Management's Discussion and Analysis For the three and six months ended June 30 , 2021 The following management discussion and analysis ( " MD & A " ) of the operations and financial position of Osisko Development Corp. , formerly Barolo Ventures Corp. , ( " Osisko Development " or the " Company " ) for the three months and six months ended June 30 , 2021 ( " Q2 2021 " and " YTD 2021 " respectively ) should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three and six months ended June 30 , 2021 and with the audited consolidated financial statements of Osisko Development for the fiscal year ended December 31 , 2020 and 2019 , which have been prepared in accordance with International Financial Reporting Standards ( " IFRS " ) as issued by the International Accounting Standards Board ( " IASB " ) . Management is responsible for the preparation of the consolidated financial statements and other financial information relating to the Company included in this report . All monetary amounts included in this report are expressed in Canadian dollars , the Company's reporting and functional currency , unless otherwise noted . Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period . This MD & A contains forward - looking statements and should be read in conjunction with the risk factors described in the " Forward - Looking Statements " section . This MD & A is dated as of August 9 , 2021 , the date the Board of Directors approved the Company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30 , 2021 following the recommendation of the Audit and Risk Committee . The Company was continued as a federal corporation subject to the provisions of the Canada Business Corporations Act ( " CBCA " ) in November 2020 and is focused on developing its cornerstone mining asset , the Cariboo Gold Project located in British Columbia , Canada . Osisko Development also owns a gold development project in Sonora , Mexico , known as the San Antonio gold project , prospective land packages in the James Bay region of Québec , Canada , Guerrero , Mexico and a portfolio of marketable securities . In conjunction with a reverse take - over and the spin - out of the mining assets and certain marketable securities from Osisko Gold Royalties Ltd ( " Osisko Gold Royalties " ) in November 2020 , the Company changed its name from Barolo Ventures Corp. ( " Barolo " ) to Osisko Development Corp. Osisko Development's shares started trading on the TSX Venture Exchange ( " TSX - V " ) on December 2 , 2020 under the symbol " ODV " . Table of Contents Highlights - Q2 2021 Highlights - Subsequent to the Quarter Spin - out of Mining Assets from Osisko Gold Royalties and Creation of Osisko Development Uncertainty due to COVID - 19 Mining Exploration and Evaluation / Development Activities Equity Investments Sustainability Activities Financings Selected Financial Information Results of Operations Selected Quarterly Information Liquidity and Capital Resources Cash Flows Related party transactions Contractual Obligations and Commitments Off - balance Sheet Items Risks and Uncertainties Disclosure Controls and Procedures Basis of Presentation of the consolidated Financial Statements Critical Accounting Estimates and Judgements Financial Instruments Technical Information Share Capital Structure Cautionary Note Regarding Forward - Looking Statements ៩៩ អន អន ន ០០៩៨ ១០ ន យំ យំ សី ហៃ បា យ N N 12 13 13 14 15 16 17 17 18 18 19 19 24 25 25 25 25 26 26