On November 15, 2023, Osisko Development Corp. and O3 Mining Inc. successfully completed the spin-out and capitalization of Electric Elements Mining Corp. ("Electric Elements") to explore lithium potential in James Bay properties, Québec. Through the spin-out, Osisko Development transferred its shares and partnership units in subsidiaries holding rights to its James Bay properties, while O3 Mining transferred its Éléonore Opinaca property, receiving 9,599,999 and 2,400,000 Electric Elements shares, respectively. Post-transfer, Osisko held 80% and O3 20% of Electric Elements.

Electric Elements subsequently completed an equity financing of 8,217,405 shares at C$0.50 per share, raising C$4.1 million to fund exploration activities. After financing, Osisko's and O3’s holdings were reduced to 47% and 12%, respectively, with the remainder held by new investors.

Legal advisors for the financing were not specified. The financing relied on exemptions from the prospectus requirement under National Instrument 45-106 and included participation by insiders of Osisko Development, raising C$700,000. These transactions were deemed "related party transactions" but were exempt from formal valuation and minority shareholder requirements under Multilateral Instrument 61-101.