The companies signed a definitive agreement after concluding a previously announced binding term sheet agreement with respect to the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall gold deposit, located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Québe. The power line from the Waswanipi substation to Windfall is located 100% on CFNW traditional lands covered by the James Bay Northern Québec Agreement.
As an end user, Osisko will pay service fees to Miyuukaa. The agreement outlines the general and financial terms of the agreement between Osisko and Miyuukaa, which is for the purpose of ensuring delivery of hydroelectricity over the life of the planned Windfall mill as required.
Construction work commenced during the first quarter of 2023 and is projected to take 12 months to complete, with the hook-up date anticipated in Q1 2024.
This agreement solidifies the collaborative approach between Osisko and the CFNW to sustainably develop energy infrastructure, which will create robust employment opportunities for members of the CFNW. Using hydroelectric power through the final stages of exploration and throughout the planned construction and operations phases will reduce greenhouse gas emissions and the Windfall Project’s dependency on fossil fuels.