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Osisko Gold Royalties Corporate Presentation - European Gold Forum 2018

Osisko Gold Royalties is a growth-oriented royalty company that expects to grow its gold equivalent ounce production from 80k oz in 2018 to over 150k oz within the next 5 years. It has a leading and unparalleled growth profile as well as the highest margins in the metals and mining sector. The document contains forward-looking statements regarding Osisko's expectations for future performance.

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THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY EUROPEAN GOLD FORUM 2018 APRIL 17-19, 2018
Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko Gold Royalties Ltd (the "Corporation” or “Osisko” ) expects to occur, including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions will be realized. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties in which the Corporation holds a royalty, stream or other interest. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: acceptance of the Transaction by the Corporation’s shareholders; the completion of a concurrent private placement to fund and support the Transaction; the ability of the parties to receive, in a timely manner, the necessary regulatory and other third party approvals; the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Transaction; the ability of Osisko to realize the assumed benefits of the Transaction; fluctuations in the prices of the commodities that drive royalties held by the Corporation; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty or other interest; the unfavorable outcome of litigation relating to any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from mineral resource estimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which the Corporation hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. Safe Harbour Statement This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. Inquiries regarding this confidential presentation can be made to the senior management of the Corporation. Cautionary Note to U.S. Investors Regarding Mineral Reserve and Mineral Resource Estimates Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). U.S. reporting requirements are governed by the Industry Guide 7 (“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimates of mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the SEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of any category in documents filed with the SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resource exists, or is economically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Mr. Luc Lessard is the qualified person for this release as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent. Forward Looking Statements 2
3  LEADING & UNPARALLELED GROWTH PROFILE Growing GEOs from 80k oz in 2018 to over 150k oz within the next 5 years  LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR Over 87% Cash Margins expected in 2018  SIGNIFICATION EXPLORATION UPSIDE ~2.5 million meters of drilling announced on our royalty properties since 2016  EXPERIENCED AND PROVEN MANAGEMENT TEAM Global Exploration and Mine Building Capabilities In-House  TRADING AT A DISCOUNT TO PEERS Why Osisko?
4 Osisko’s Business Model CAPITAL & HUMAN RESOURCES DEPLOYMENT TRADITIONAL ROYALTY & STREAMING BUSINESS ACCELERATOR BUSINESS  ORION PORTFOLIO | ~C$1.1B  BACK FORTY STREAM | ~C$70M  GIBRALTAR STREAM | ~C$50M  OSISKO MINING Developing high grade resource in Québec  FALCO RESOURCES Completed feasibility study and advancing development  BARKERVILLE Recording solid exploration results and commencing small-scale mining  OSISKO METALS Creation of new vehicule focused on base metals, recently acquired Pinepoint mining camp 75% 25% ACHIEVEMENTS  EAGLE ROYALTY | ~C$98M 20172018
5 Tier 1 Jurisdictional Focus – Safe & Stable Asset Base 9 2 3 13 5 Represents total royalty/streaming assets 104
6 Quality Cash Flowing Assets – Strong North American Focus
7 Significant Growth Pipeline & Future Optionality DOUBLING GEOs WITHIN 5 YEARS AT NO ADDITIONAL COST TO OSISKO GEOs (k oz) Dotted box represents contribution from Brucejack stream if not bought-back by the operator Optionality 1. Refer to February 20, 2018 press release.  Marban NSR  Upper Beaver NSR  Highland Copper NSR  Casino NSR  Ollachea NSR  Yenipazar Offtake  Spring Valley NSR  Pan NSR  Nimbus Offtake  Tijirit NSR AND PORTFOLIO OF OVER 100 ADDITIONAL ROYALTIES Source: Osisko management estimates. 77,500 - 82,500 130 - 140 160 - 170 2018 2020E 2023E 19 21 1  Amulsar Stream & Offtake  Back Forty Stream  Lamaque NSR  Brucejack Stream & Offtake  Victoria NSR  Cariboo NSR  Windfall NSR  Horne 5 NSR  Hermosa NSR +AcceleratorCompanies
8 GEO Production and Guidance (k oz) – Portfolio of New Mines 1. Royal Gold does not provide 2018 production guidance. Using consensus estimates instead. Calendarizing production and margin – fiscal year end is June 30th. 2. Using consensus long-term gold and silver prices to calculate 2018 gold equivalent production guidance for WPM 38 59 80 0 25 50 75 100 2016A 2017A 2018E OSISKO GOLD ROYALTIES GEO(koz) 200 300 400 500 2016A 2017A 2018E Franco-Nevada GEO(koz) 225 275 325 375 2016A 2017A 2018E Royal Gold1 GEO(koz) 600 650 700 750 800 2016A 2017A 2018E Wheaton Precious Metals2 GEO(koz)
9 Osisko Trading at Discount to Peers 1.9x 1.9x 1.5x 1.1x Franco-Nevada Royal Gold Wheaton Precious Metals Osisko Gold Royalties Consensus P / NAV $0.00 $3.00 $6.00 $9.00 $12.00 $15.00 $18.00 $21.00 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 SharePrice&ConsensusNAVPS(C$) Consensus NAVPS Share Price Gold Price (Indexed)
10 1. Osisko 2017 gross margin is based on cost of sales over sales (excluding offtakes). Consensus estimates. 2017 Gross Margin (%) 92.0% 81.7% 79.0% 70.6% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% Osisko Gold Royalties Royal Gold Franco-Nevada Wheaton Precious Metals LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR
Source: Research reports and Osisko management estimates. 11 LOW RISK PORTFOLIO 75 %
Canada 75% U.S. 9% Chile 8% Other 8% Royalty Dominant Portfolio 12Source: Research reports. Consensus NPV by TypeConsensus NPV by Stage Consensus NPV by MetalConsensus NPV By Geography Production 60% Development 23% Construction/ Ramp-Up 17% Royalty 51% Stream 47% Offtake 2% Gold 62% Silver 22% Diamond 12% Other 4% ZERO-COST GOLD
4% Au, Ag STREAMS, 50% offtake  First gold pour on June 20, 2017  95.8% gold recovery rate in Q4 2017  Steady state gold production to be achieved mid-to-late 2018  First year ramp-up total gold production is forecasted to be 302- 352 Koz 9.6% DIAMOND STREAM  Fourth quarter production of 398 kcarats – in line with guidance  1.6 mcarats to be produced in 2018  50% of steel erection for ore- waste sorting facility completed in December 5% NSR  Record annual production and mill throughput  The Barnat extension continues to progress on schedule  Exploration programs are ongoing to evaluate a number of near pit/underground targets 2.2 - 3.5% NSR  Improved average recovery by 1.5% in 2017  7% increase in volume of ore milled for 2017  305 Koz of gold produced in 2017 compared to 275 Koz in 2016 SEABEE 3% NSR  As per recent PEA, estimated gold production would average 100 Koz/year from 2018-2023, 29% higher than 2016 production  Record mill throughput for Q4 2017 13 Updates on Cash Flowing Assets ÉLÉONORE GIBRALTAR CANADIAN MALARTIC RENARD 100% Ag STREAM  Production of silver better than expected for Q4 and year 2017 due to change in the mine plan  Debottlenecking project expected to increase processing capacity at the concentrator by 70% MANTOS BRUCEJACK1 75% Ag STREAM  Stable level of production despite wild forest fires  Further improvements to operating practices to reduce costs 1. Subject to a 100% buy-back provision by the operator in 2018 SASA 100% Ag STREAM  One of the largest zinc, lead and silver mines in Europe  Acquisition by Central Asia Metals Plc in 2017  Resources to support 20 year mine life
14 Near & Medium-Term Cash Flowing Assets UPPER BEAVER KIRKLAND LAKE CAMP 2% NSR CARIBOO 2.25% NSR MARBAN 0.425% NSR LAMAQUE 0.85% NSR WINDFALL 1.5% NSR HERMOSA 1% NSR HORNE 5 1% NSR FARM-IN AGREEMENT JAMES BAY - LABRADOR TROUGH PROPERTIES 1.5% - 3.5% NSR ODYSSEY NORTH & SOUTH 3% & 5% NSR PANDORA 2% NSR BACK FORTY 18.5% Au STREAM 75% Ag STREAM AMULSAR 4.22% Au, 62.5% Ag STREAM 82% Au OFFTAKE 1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria EAGLE 5% NSR1
POTENTIAL TO BE THE LARGEST GOLD MINE IN THE YUKON 15 OPERATOR: Victoria Gold Corp. (100%) LOCATION: 85 km NE of Mayo, Central Yukon, Canada RESERVES: 123 Mt at 0.67 g/t Au for 2.7 M oz Au ROYALTY: 5% NSR royalty until 97,5000 ounces of gold have been delivered and 3% thereafter PRODUCTION: 10,000 avg. royalty-attributable GEO's/year HIGHLIGHTS:  Fully permitted and construction-ready  Top-tier jurisdiction  Excellent near-mine and regional exploration potential  Simple flowsheet  LOM royalty falling to a 3% after 97.5k ounces are delivered to Osisko (equivalent to the current life-of-mine plan) Recent Acquisition - Eagle 5% NSR Royalty1 PERMITTED AND SHOVEL READY WITH MAJOR INFRASTRUCTURE ITEMS IN PLACE 1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria
16 Updates on Near & Medium-Term Cash Flowing Assets 0.85% NSR  Maiden reserves by the end of the Q1 2018.  CAPEX in 2018 are forecast to be $120 million  Eldorado expects to extract 40,000 ounces.  Commercial production remains forecast for 2019  Ramp is advancing, now at C2 Level LAMAQUE CARIBOO AMULSAR BACK FORTY 4.22% Au, 62.5% Ag STREAMS, 82.5% offtake  Engineering ~95% complete, procurement is approaching 90%, and construction work is over 50% complete  First gold production remains on track for Q3 2018.  Schedule risks are now reduced given that critical earthworks are largely complete and contractor productivities are better known at this stage of the project. WINDFALL 1.5% NSR  Largest exploration program in Canada recently extended to 800,000 metres  Metallurgical program commenced  Permit received for dewatering of ramp HERMOSAHORNE 5 1% NSR  Completed Feasibility in late 2017. Deposited EIA.  220,000 ounces of Gold production at $399/oz Au AISC  Strong and Experienced management team. 1% NSR  Updated PEA shows US$2.0B NPV and rapid 1.6 year payback of pre- production capex  29 year mine life  Rapid development to production in 2020 at first quartile costs 2.25% NSR  Expect to see near-term cash flow from small-scale operation  Started collaring ramp  Very good exploration results 18.5% Au,- 75% Ag STREAMS  3 out of 4 permits granted  PEA highlights 16 years mine life and 5,350 tpd throughput  Feasibility expected in 2018  Potential for mine life extension 3% & 5% NSR  During 2017, a total of 125 holes (86,051 metres) were completed at the Odyssey property  The results have been incorporated to update the mineral resource for the Odyssey property  During Near-term production (2018- 2020) from Odyssey South ODYSSEY NORTH & SOUTH
150,000 172,000 120,000 102,000 65,000 119,000 15,000 35,000 368,000 115,000 100,000 130,000 125,000 81,000 85,000 54,000 40,000 60,000 25,800 282,000 84,000 140,000 120,000 75,000 25,000 72,000 40,000 40,000 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Windfall Island Gold Canadian Malartic Cariboo Hermosa Lamaque Urban Barry Horne5 Éléonore* Seabee Upper Beaver 2016 2017 2018 OVER 875,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2018 OVER 1,700,000 METRES OF DRILLING SINCE 2016 17 The Drills Are Turning – Upside on Growth Portfolio ZERO-COST TO OSISKO GOLD ROYALTIES Notes: - Assumption based on current programs * $10 million budget (assumes $250 per metre) (2) Drilling Metres 12,500
18 Accelerator Model: Our Investment Approach Building an organic pipeline of investments through our Accelerator Model 1 2 3 Timing of Accelerator Investments: 1. Prior to exploration success (equity, royalty and/or future rights) 2. During de-risking of project (equity, loans, royalty and/or future rights) 3. During project financing and construction (royalty, streams and equity) Size of Accelerator Investments: 1. Several smaller investments, payback is generally further away 2. Small-to-Medium size investments, better clarity on development timeline 3. Medium-to-Large size investments, full understanding on time to production Exploration Euphoria Production Ramp-up Production Expansion Technical Studies and Permitting VALUEOFPROJECT/COMPANY TIME Exploration Ideas and Generation Financing, Construction Production Re-Rating Optimal investing stage for Accelerator Model MINERA ALAMOS OSISKO MINING ARIZONA MINING BARKERVILLE OSISKO METALS FALCO DALRADIAN 3 3
19 Accelerator Model: Case Study Transferring gains to new investments while keeping exposure to existing assets 1 Exploration Euphoria Production Ramp-up Production Expansion Technical Studies and Permitting VALUEOFPROJECT/COMPANY TIME Financing, Construction Production Re-Rating ARIZONA MINING DALRADIAN Arizona Mining to Dalradian: 1. Osisko makes equity ($5.6M) and royalty ($10M) investment in Arizona Mining 2. Discovery made by Arizona Mining on Hermosa project 3. Negative market reaction, Osisko makes further equity investment post further technical diligence 4. Osisko monetizes Arizona Mining equity investments for gains of $22.8M 5. Osisko uses Arizona Mining gains and makes investment in Dalradian of $28.5M 2 4 3 5 Important: Maintain exposure to Hermosa project through royalty investment Optimal investing stage for Accelerator Model
Osisko’s History in the Mining Sector EXPERIENCED MANAGEMENT TEAM STRONG TECHNICAL TEAM STRONG HISTORY OF VALUE CREATION $0 $2 $4 $6 $8 $10 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 InC$Billions CREATION OF ACCELERATOR COMPANIES SALE OF CANADIAN MALARTIC AND SPIN- OUT OF OSISKO GOLD ROYALTIES ACQUISITION OF VIRGINIA BY OSISKO GOLD ROYALTIES 1ST SALE OF VIRGINIA SUCCESSFUL DEVELOPMENT, CONSTRUCTION AND FINANCING OF THE CANADIAN MALARTIC GOLD MINE ACQUISITION OF ORION MINE FINANCE ROYALTY PORTFOLIO BY OSISKO GOLD ROYALTIES 20
21 SUMMARY THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY OVER 130 ROYALTIES, STREAMS AND METAL OFFTAKES 16 CASH FLOWING ASSETS DIVIDEND YIELD ~1.6% 5 CORNERSTONE ASSETS PRECIOUS METAL FOCUSED AMERICAS FOCUSED RECORD 58,933 GEOs EARNED FOR 2017 C$439M IN INVESTMENTS As at Dec. 31, 2017 C$334M IN CASH As at Dec. 31, 2017 77,500 to 82,500 oz ATTRIBUTABLE GEOs FOR 2018
APPENDIX
23 OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%) LOCATION: Malartic, Québec RESERVES: P&P mineral reserves of 6.38 M oz Au1 ROYALTY:  5% NSR royalty  $0.40/tonne on milled ore from outside the current property area for life of mill starting in June 2021 2017 PRODUCTION (100%): 682.0 K oz2 Au (33,136 oz earned for Osisko) OPERATOR GUIDANCE (Au) (100%):  2018: 650 k oz  2019: 650 k oz  2020: 690 k oz 1. See Appendix for full disclosure on Reserves & Resources. 2. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…” Canadian Malartic Royalty – 5% NSR Royalty THE LARGEST GOLD MINE IN CANADA PROVEN & PROBABLE MINERAL RESERVES OF 6.38 M oz Au1 CANADIAN MALARTIC EXTENSION PROJECT RECEIVES GOVERNMENT OF QUEBEC APPROVAL
24 Canadian Malartic Exploration Upside| Odyssey & East Malartic 1. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…”  In 2017, an initial inferred mineral resource was declared on the East Malartic property, which was a historical gold producer directly adjacent to the Canadian Malartic Mine. Inferred mineral resources at East Malartic are estimated at 2.4 million ounces of gold (38.0 million tonnes grading 2.02 g/t gold) to a depth of 1,000 metres. 4.08MozAu Combinedinferred resources1 andgrowing OSISKO HOLDS A 5% NSR ROYALTY ON THE ODYSSEY SOUTH ZONE AND A 3% NSR ROYALTY ON THE ODYSSEY NORTH ZONE  Updated Inferred mineral resources are estimated at 1.68 Moz of gold (22.4 million tonnes grading 2.32 g/t gold) for the Odyssey property.  During 2017, a total of 125 holes (86,051 metres) were completed at the Odyssey property and the results have been incorporated with previous work to update the mineral resource for the Odyssey property1. ODYSSEY NORTH & SOUTH LIES ON THE CANADIAN MALARTIC MINE PROPERTY. OSISKO HOLDS A 5% NSR ROYALTY EAST MALARTIC
Canadian Malartic Site - Longitudinal 25
26 1. See Appendix for full disclosure on Reserves & Resources. 2. Based on Goldcorp press release dated February 14, 2018, titled “Goldcorp Reports Fourth Quarter 2017 Results”. 3. Based on Goldcorp’s Investor Day presentation dated January 18, 2018 and company website OPERATOR: Goldcorp (100%) LOCATION: James Bay, Québec RESERVES: P&P mineral reserves of 3.80 M oz Au1 ROYALTY:  2.0% NSR on the first 3 M oz of Au  0.25% increase for every additional 1M oz of production thereafter, to a maximum of 3.50%  +10% if Au is higher than US$500/oz 2017 PRODUCTION: 305 k oz2 (6,390 oz earned for Osisko) 2018 OPERATOR GUIDANCE: 360 k oz3  The mine is on pace to achieve optimum sustainable gold production rates by the second half of 2018. 3.80MozAuPotentialto1,500m Éléonore Royalty – 2.0 to 3.5% NSR
27 Operator: Stornoway Primary Commodity: Diamond Location: North-Central Québec, Canada Reserves: Resources:1  P&P reserves of 20.0M carats  M&I of 2.8M and inferred of 13.1M carats Stream:  9.6% Stream on diamonds  US$50/carat transfer payment - 1% annual inflation starting 3 years after commercial production  No cap on current reserve pipes Production:  LOM avg. of 1.6M cts/year 9.6% Renard Diamond Stream P&P RESERVES OF 20.0 M CARATS QUÉBEC’S FIRST DIAMOND MINE  Producing world class diamond mine in Québec  Québec organizations invested (Investissement Quebec, La Caisse and Fonds)  Scarcity of new diamond mines globally  Upside from M&I and inferred and all pipes remain open at depth  Significant upside potential from recovery of large stones  Quality operator  Caisse owns separate 4% stream on Renard and Investissement Quebec owns a 2% NSR royalty Source: Company disclosure and Osisko management estimates. 1. Exclusive of reserves. See slide 40 for detailed R&R statement. 2018 Guidance:  1.6M carats recovered - 1.1M carats (+7 DTC) at US$125-165 - 0.6M carats (-7 DTC) at US$15-19
28 100% Mantos Silver Stream Operator: Mantos Copper (private company owned by Orion) Primary Commodity: Copper Location: Antofagasta, Chile Stream:  100% stream on silver production; reducing to 30% after 19.3M oz  Transfer payments based on 25% of the prevailing spot silver price  50% buy-down option exercisable in 2020, 2021, or 2022 for US$70M Production:  2017-20 avg. payable production of 0.6M oz Ag  Avg. payable production of 1M oz Ag from 2021 onwards; sulphide expansion assumed in 2021  Debottlenecking feasibility study underway  Well-established operating copper mine in top jurisdiction  Ex-Anglo American management team with strong understanding of the mine and highly incentivized  Significant cost reductions and more de-bottlenecking in progress  Drilling underway to add resources  Limited historical regional exploration 3 BILLION POUND COPPER RESOURCE WITH A STABLE SILVER BY-PRODUCT A LARGE COPPER MINE UNDERGOING EXPANSION
Operator: Pretium Primary Commodity: Gold Location: 65km north of Stewart BC. Canada Reserves: Resources:1 P&P reserves of 8.1M oz Au, 5.9M oz Ag M&I of 9.1M oz Au, 7.9M oz Ag and inferred of 3.1M oz Au, 4.0M oz Ag Stream:  4% Stream on Au and Ag  US$400/oz Au, US$4.00/oz Ag transfer payment  50% offtake of Au and Ag representing an effective NSR of 0.9% Caps / Buy-Down / Buy- Back Options:  Stream capped at 7.067M oz Au and 26.297M oz Ag  Full stream buyback option in 2018 and 2019 for US$119M and US$136M respectively.  Stream buy-down option in 2018 (8%) and 2019 (8%) for US$75M  Offtake buy-down options (50% or 75% buyback) in 2018 and 2019 2017 Production:  152 koz Au; 179.2 koz Ag 2018 Guidance:  150-200 koz Au during H1 29 4% Au/Ag Brucejack Stream, 50% Au Offtake HIGH GRADE GOLD PRODUCTION IN CANADA  We have assumed stream could be bought-back for US$119M in 2018  Additional upside if stream not repurchased or Pretium undergoes a change of control Source: Company disclosure and Osisko management estimates. 1. Inclusive of reserves. See slide 40 for detailed R&R statement.
30 Royalties, Streams and Offtakes – Complete List Asset Name Operator Country Status Description Producing Royalties, Streams & Offtakes 1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR 2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals 3 Gibraltar Taseko Mines Canada Production 100% Ag Stream 4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream 5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream 6 SASA Central Asia Metals Macedonia Production 100% Ag Stream 7 Brucejack (O) Pretium Resources Canada Production 50% Au offtake 8 Matilda Blackham Resources Australia Production 55% Au offtake 9 Parral GoGold Resources Mexico Production 100% Au + Ag offtake 10 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake 11 Bald Mountain Kinross United States Production 1%-4% GSR 12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond) 13 Hewfran Metanor Resources Canada Production 1.7% NSR 14 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property 15 Island Gold Mine Alamos Gold Canada Production 1.38%-2.55% NSR 16 Kwale Base Resources Kenya Production 2% of GRR on titanium 17 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products 18 Seabee Santoy SSR Mining Canada Production 3% NSR 19 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI Near-Term Development Royalties, Streams and Offtakes 20 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream 21 Amulsar (O) Lydian Armenia Development 82% Au offtake 22 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream 23 Brucejack (S) Pretium Resources Canada Production 4% Au Stream and 4% Ag Stream (stream in 2020) 24 Hammond Reef Agnico Eagle Canada Development 1.5% NSR 25 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc 26 Horne 5 Falco Resources Canada Development 1% NSR 27 Lamaque-Rocdor Eldorado Gold Canada Development 1.7% NSR 28 Nimbus MacPhersons Resources Australia Development 100% Ag offtake 29 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR 30 Windfall Osisko Mining Canada Development 1.5% NSR 31 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake Long-Term Development Royalties 32 Ambler NovaCopper US United States Development 1% NSR 33 Cameron Lake Cameron Gold Operations Canada Development 1% NSR 34 Casino Western Copper and Gold Canada Development 2.75% NSR 35 Cerro del Gallo Primero Mining Mexico Development 3% NSR 36 Copperwood & White Pine Highland Copper Company Inc. United States Development 3% NSR 37 Corcoesto Edgewater Exploration Spain Development 1% NSR 38 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au 39 King Island King Island Scheelite Australia Development 1.5% GRR
31 Royalties, Streams and Offtakes – Complete List Asset Name Operator Country Status Description 40 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR 41 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum 42 Ollachea Minera IRL Peru Development 1% NSR on all products 43 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag 44 Sandman 1 Newmont United States Development 5% NSR 45 Sandman 2 Newmont United States Development 1% NSR 46 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR 47 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold) 48 Tijirit Algold Resources Mauritania Development 1.5% 49 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional Exploration Royalties 50 Abbeytown Erris Resources Ireland Exploration 1% NSR 51 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR 52 Altar Stillwater Mining San Juan Exploration 1% NSR 53 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR 54 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR 55 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR 56 Aurbel QMX Gold Canada Exploration 2.125% NSR 57 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR 58 Bargold Abcourt Mines Canada Exploration 1.275 % NSR 59 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR 60 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI 61 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR 62 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR 63 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 2.25% NSR 64 Casino B Cariboo Rose Resources Canada Exploration 5% NPI 65 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals 66 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR 67 Croinor Monarques Gold Canada Exploration 0.75% NSR 68 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced 69 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR 70 Destor Explor Resources Canada Exploration 2.125% NSR 71 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment 72 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals 73 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR 74 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty 75 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR 76 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 77 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 78 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals 79 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
32 Royalties, Streams and Offtakes – Complete List Asset Name Operator Country Status Description 80 Gabel Williams Wolfpack Gold United States Exploration 1% NPI 81 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals 82 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals 83 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products 84 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI 85 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals 86 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals 87 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products 88 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR 89 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR 90 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR 91 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals 92 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals 93 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR 94 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 95 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals 96 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR 97 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR 98 Moore Lake Denison Mines Canada Exploration 2.5% NSR 99 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals 100 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other 101 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 102 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals 103 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR 104 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals 105 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR 106 Preissac Sphinx Resources Canada Exploration 2% NSR 107 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR 108 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals 109 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR 110 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals 111 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR 112 San Juan Azure Minerals Mexico Exploration 2% NSR 113 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals 114 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag 115 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag) 116 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals 117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR 118 Swedish Properties Erris Resources Sweden Exploration 1% NSR 119 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR 120 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
33 Royalties, Streams and Offtakes – Complete List Asset Name Operator Country Status Description 121 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals 122 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR 123 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR 124 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 125 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI 126 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals 127 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 128 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals 129 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals 130 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals 131 Waihi West Antipodes Gold New Zealand Exploration 2% NSR 132 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg 133 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR 134 Whistler GoldMining United States Exploration 2.75% NSR 135 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR
34 Mineral Reserves and Resources 1. Agnico Eagle and Yamana public disclosure – as at February 14, 2017 2. Goldcorp public disclosure – as at June 30, 2017 3. Alamos public disclosure – as at February 14, 2017 CANADIAN MALARTIC1 RESERVES CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.95 1.52 50.0 Probable 1.15 4.86 131.0 Total Proven & Probable 1.10 6.38 180.8 ÉLÉONORE2 RESERVES CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Proven & Probable 6.02 3.80 19.61 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Meas. & Ind. 5.81 1.34 7.16 Inferred 7.31 1.99 8.45 ISLAND GOLD3 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Proven 8.68 159.8 573 Probable 9.31 592.4 1,978 Total Proven & Probable 9.17 752.2 2,551 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 4.94 5.35 33.5 Indicated 6.01 86.10 445.5 Total Meas. & Ind. 5.94 91.45 479.0 Inferred 10.18 995.7 3,042
AMULSAR3 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Proven 0.8 4.6 1.2 6.6 44.7 Probable 0.8 3.3 1.4 6.1 57.9 Total P&P 0.8 3.9 2.6 12.7 102.7 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Measured 0.8 4.7 1.4 7.7 51.5 Indicated 0.7 3.4 2.1 9.8 90.7 Total M&I 0.8 3.8 3.5 17.5 142.2 Inferred 0.6 3.3 1.3 7.6 72.2 *Au cut-off grade: 0.24 g/t; gold price -US$1,500/oz, silver price -US$25.00/oz RESERVES* GLOBAL RESOURCES (INCLUDING RESERVES)* BRUCEJACK 2 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Proven 14.5 12.9 1.6 1.4 3.3 Probable 16.5 11.3 6.5 4.5 12.3 Total P&P 16.1 11.7 8.1 5.9 15.6 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Measured 17.0 15.3 1.9 1.7 3.5 Indicated 17.3 15.0 7.2 6.2 13.0 Total M&I 17.2 15.0 9.1 7.9 16.4 Inferred 21.0 26.9 3.1 4.0 4.6 *NSR cut-off of C$180/t; gold Price -US$1,100/oz, silver Price -US$17.00/oz and a CAD:USD FX rate of 0.92 GLOBAL RESOURCES (INCLUDING RESERVES) RESERVES* 35 Mineral Reserves and Resources 1. Stornoway public disclosure - as at February 6, 2017. 2. Pretium pubic disclosure - as at December 15, 2016. 3. Lydian public disclosure - as at February 27, 2017. RENARD 1 PROBABLE RESERVES* GRADE (CPHT) CARATS (M) TONNES (MT) Total Probable 66.3 20.0 30.2 *Estimated at a +1 DTC sieve size cut-off GLOBAL RESOURCES (EXCLUDING RESERVES) GRADE (CPHT) CARATS (M) TONNES (MT) Total Indicated 46.0 2.8 6.1 Inferred 56.0 13.1 23.4
CASINO 3 CATEGORY CU GRADE (%) AU GRADE (G/T) CU (B LBS) AU (M OZ) TONNES (MT) Proven 0.26% 0.4 0.7 1.8 123 Probable 0.17% 0.2 3.7 7.1 999 Total P&P 0.18% 0.2 4.5 8.9 1,123 CATEGORY CU GRADE (%) AU GRADE (G/T) CU (B LBS) AU (M OZ) TONNES (MT) Measured 0.26% 0.5 0.7 1.8 124 Indicated 0.18% 0.2 4.0 7.1 1,016 Total M&I 0.20% 0.2 4.7 8.9 1,140 Inferred 0.14% 0.2 5.4 9.0 1,713 *Au cut-off grade: 0.25% Cu Eq. &0.25 g/t Au. Table excludes silver and moly. RESERVES* GLOBAL RESOURCES (INCLUDING RESERVES)* BALD MOUNTAIN4 RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.8 0.3 10.3 Probable 0.6 1.9 100.2 Total P&P 0.6 2.1 110.5 *Gold Price: US$1,200/oz Au GLOBAL RESOURCES (EXCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 0.6 0.5 24.9 Indicated 0.5 3.0 176.1 Total M&I 0.5 3.5 200.9 Inferred 0.4 0.6 49.5 *Gold Price: US$1,400/oz Au BACK FORTY1 GLOBAL RESOURCES* CATEGORY AG GRADE (G/T) AG (M OZ) TONNES (MT) Measured 27.3 5.9 6.7 Indicated 22.2 6.0 8.4 Total M&I 24.5 11.9 15.1 Inferred 26.5 2.0 2.3 *NSR cut-off : US$27.78/oz Ag SEABEE 2 RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 7.0 0.1 0.5 Probable 8.9 0.3 0.9 Total P&P 8.2 0.4 1.4 *Au cut-off grade: 4.92 g/t Seabee &3.65 g/t Santoy GLOBAL RESOURCES (INCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 7.7 0.2 0.8 Indicated 8.1 0.4 1.4 Total M&I 8.0 0.6 2.2 Inferred 7.7 0.6 2.6 *Au cut-off grade: 4.40 g/t Seabee &3.26 g/t Santoy 36 Mineral Reserves and Resources 1. Aquila public disclosure - as at March 15, 2017. 2. Silver Standard public disclosure - as at March 22, 2017. 3. Western Copper and Gold disclosure - as at June 2017. 4. Kinross public disclosure - as at March 31, 2017.
37 Mineral Reserves and Resources Eagle1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 0.80 685 27 Probable 0.62 1,778 90 Total Proven & Probable 0.66 2,463 116 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 0.81 761 29.4 Indicated 0.59 2,870 151.3 Total Meas. & Ind. 0.63 3,631 180.7 Inferred 0.49 276 17.4 1. Victoria Gold Feasibility Study – September 12, 2016 2. Mineral resources are inclusive of mineral reserves 3. Numbers may not add up due to rounding Olive1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 1.02 58 2 Probable 0.93 142 5 Total Proven & Probable 0.95 200 7 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 1.19 75 2.0 Indicated 1.05 254 7.5 Total Meas. & Ind. 1.08 329 9.5 Inferred 0.89 210 7.3

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Osisko Gold Royalties Corporate Presentation - European Gold Forum 2018

  • 1.
    THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTYCOMPANY EUROPEAN GOLD FORUM 2018 APRIL 17-19, 2018
  • 2.
    Certain statements containedin this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko Gold Royalties Ltd (the "Corporation” or “Osisko” ) expects to occur, including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions will be realized. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties in which the Corporation holds a royalty, stream or other interest. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: acceptance of the Transaction by the Corporation’s shareholders; the completion of a concurrent private placement to fund and support the Transaction; the ability of the parties to receive, in a timely manner, the necessary regulatory and other third party approvals; the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Transaction; the ability of Osisko to realize the assumed benefits of the Transaction; fluctuations in the prices of the commodities that drive royalties held by the Corporation; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty or other interest; the unfavorable outcome of litigation relating to any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from mineral resource estimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which the Corporation hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. Safe Harbour Statement This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. Inquiries regarding this confidential presentation can be made to the senior management of the Corporation. Cautionary Note to U.S. Investors Regarding Mineral Reserve and Mineral Resource Estimates Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). U.S. reporting requirements are governed by the Industry Guide 7 (“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimates of mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the SEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of any category in documents filed with the SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resource exists, or is economically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Mr. Luc Lessard is the qualified person for this release as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent. Forward Looking Statements 2
  • 3.
    3  LEADING &UNPARALLELED GROWTH PROFILE Growing GEOs from 80k oz in 2018 to over 150k oz within the next 5 years  LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR Over 87% Cash Margins expected in 2018  SIGNIFICATION EXPLORATION UPSIDE ~2.5 million meters of drilling announced on our royalty properties since 2016  EXPERIENCED AND PROVEN MANAGEMENT TEAM Global Exploration and Mine Building Capabilities In-House  TRADING AT A DISCOUNT TO PEERS Why Osisko?
  • 4.
    4 Osisko’s Business Model CAPITAL& HUMAN RESOURCES DEPLOYMENT TRADITIONAL ROYALTY & STREAMING BUSINESS ACCELERATOR BUSINESS  ORION PORTFOLIO | ~C$1.1B  BACK FORTY STREAM | ~C$70M  GIBRALTAR STREAM | ~C$50M  OSISKO MINING Developing high grade resource in Québec  FALCO RESOURCES Completed feasibility study and advancing development  BARKERVILLE Recording solid exploration results and commencing small-scale mining  OSISKO METALS Creation of new vehicule focused on base metals, recently acquired Pinepoint mining camp 75% 25% ACHIEVEMENTS  EAGLE ROYALTY | ~C$98M 20172018
  • 5.
    5 Tier 1 JurisdictionalFocus – Safe & Stable Asset Base 9 2 3 13 5 Represents total royalty/streaming assets 104
  • 6.
    6 Quality Cash FlowingAssets – Strong North American Focus
  • 7.
    7 Significant Growth Pipeline& Future Optionality DOUBLING GEOs WITHIN 5 YEARS AT NO ADDITIONAL COST TO OSISKO GEOs (k oz) Dotted box represents contribution from Brucejack stream if not bought-back by the operator Optionality 1. Refer to February 20, 2018 press release.  Marban NSR  Upper Beaver NSR  Highland Copper NSR  Casino NSR  Ollachea NSR  Yenipazar Offtake  Spring Valley NSR  Pan NSR  Nimbus Offtake  Tijirit NSR AND PORTFOLIO OF OVER 100 ADDITIONAL ROYALTIES Source: Osisko management estimates. 77,500 - 82,500 130 - 140 160 - 170 2018 2020E 2023E 19 21 1  Amulsar Stream & Offtake  Back Forty Stream  Lamaque NSR  Brucejack Stream & Offtake  Victoria NSR  Cariboo NSR  Windfall NSR  Horne 5 NSR  Hermosa NSR +AcceleratorCompanies
  • 8.
    8 GEO Production andGuidance (k oz) – Portfolio of New Mines 1. Royal Gold does not provide 2018 production guidance. Using consensus estimates instead. Calendarizing production and margin – fiscal year end is June 30th. 2. Using consensus long-term gold and silver prices to calculate 2018 gold equivalent production guidance for WPM 38 59 80 0 25 50 75 100 2016A 2017A 2018E OSISKO GOLD ROYALTIES GEO(koz) 200 300 400 500 2016A 2017A 2018E Franco-Nevada GEO(koz) 225 275 325 375 2016A 2017A 2018E Royal Gold1 GEO(koz) 600 650 700 750 800 2016A 2017A 2018E Wheaton Precious Metals2 GEO(koz)
  • 9.
    9 Osisko Trading atDiscount to Peers 1.9x 1.9x 1.5x 1.1x Franco-Nevada Royal Gold Wheaton Precious Metals Osisko Gold Royalties Consensus P / NAV $0.00 $3.00 $6.00 $9.00 $12.00 $15.00 $18.00 $21.00 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 SharePrice&ConsensusNAVPS(C$) Consensus NAVPS Share Price Gold Price (Indexed)
  • 10.
    10 1. Osisko 2017gross margin is based on cost of sales over sales (excluding offtakes). Consensus estimates. 2017 Gross Margin (%) 92.0% 81.7% 79.0% 70.6% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% Osisko Gold Royalties Royal Gold Franco-Nevada Wheaton Precious Metals LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR
  • 11.
    Source: Research reportsand Osisko management estimates. 11 LOW RISK PORTFOLIO 75 %
  • 12.
    Canada 75% U.S. 9% Chile 8% Other 8% Royalty DominantPortfolio 12Source: Research reports. Consensus NPV by TypeConsensus NPV by Stage Consensus NPV by MetalConsensus NPV By Geography Production 60% Development 23% Construction/ Ramp-Up 17% Royalty 51% Stream 47% Offtake 2% Gold 62% Silver 22% Diamond 12% Other 4% ZERO-COST GOLD
  • 13.
    4% Au, AgSTREAMS, 50% offtake  First gold pour on June 20, 2017  95.8% gold recovery rate in Q4 2017  Steady state gold production to be achieved mid-to-late 2018  First year ramp-up total gold production is forecasted to be 302- 352 Koz 9.6% DIAMOND STREAM  Fourth quarter production of 398 kcarats – in line with guidance  1.6 mcarats to be produced in 2018  50% of steel erection for ore- waste sorting facility completed in December 5% NSR  Record annual production and mill throughput  The Barnat extension continues to progress on schedule  Exploration programs are ongoing to evaluate a number of near pit/underground targets 2.2 - 3.5% NSR  Improved average recovery by 1.5% in 2017  7% increase in volume of ore milled for 2017  305 Koz of gold produced in 2017 compared to 275 Koz in 2016 SEABEE 3% NSR  As per recent PEA, estimated gold production would average 100 Koz/year from 2018-2023, 29% higher than 2016 production  Record mill throughput for Q4 2017 13 Updates on Cash Flowing Assets ÉLÉONORE GIBRALTAR CANADIAN MALARTIC RENARD 100% Ag STREAM  Production of silver better than expected for Q4 and year 2017 due to change in the mine plan  Debottlenecking project expected to increase processing capacity at the concentrator by 70% MANTOS BRUCEJACK1 75% Ag STREAM  Stable level of production despite wild forest fires  Further improvements to operating practices to reduce costs 1. Subject to a 100% buy-back provision by the operator in 2018 SASA 100% Ag STREAM  One of the largest zinc, lead and silver mines in Europe  Acquisition by Central Asia Metals Plc in 2017  Resources to support 20 year mine life
  • 14.
    14 Near & Medium-TermCash Flowing Assets UPPER BEAVER KIRKLAND LAKE CAMP 2% NSR CARIBOO 2.25% NSR MARBAN 0.425% NSR LAMAQUE 0.85% NSR WINDFALL 1.5% NSR HERMOSA 1% NSR HORNE 5 1% NSR FARM-IN AGREEMENT JAMES BAY - LABRADOR TROUGH PROPERTIES 1.5% - 3.5% NSR ODYSSEY NORTH & SOUTH 3% & 5% NSR PANDORA 2% NSR BACK FORTY 18.5% Au STREAM 75% Ag STREAM AMULSAR 4.22% Au, 62.5% Ag STREAM 82% Au OFFTAKE 1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria EAGLE 5% NSR1
  • 15.
    POTENTIAL TO BETHE LARGEST GOLD MINE IN THE YUKON 15 OPERATOR: Victoria Gold Corp. (100%) LOCATION: 85 km NE of Mayo, Central Yukon, Canada RESERVES: 123 Mt at 0.67 g/t Au for 2.7 M oz Au ROYALTY: 5% NSR royalty until 97,5000 ounces of gold have been delivered and 3% thereafter PRODUCTION: 10,000 avg. royalty-attributable GEO's/year HIGHLIGHTS:  Fully permitted and construction-ready  Top-tier jurisdiction  Excellent near-mine and regional exploration potential  Simple flowsheet  LOM royalty falling to a 3% after 97.5k ounces are delivered to Osisko (equivalent to the current life-of-mine plan) Recent Acquisition - Eagle 5% NSR Royalty1 PERMITTED AND SHOVEL READY WITH MAJOR INFRASTRUCTURE ITEMS IN PLACE 1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria
  • 16.
    16 Updates on Near& Medium-Term Cash Flowing Assets 0.85% NSR  Maiden reserves by the end of the Q1 2018.  CAPEX in 2018 are forecast to be $120 million  Eldorado expects to extract 40,000 ounces.  Commercial production remains forecast for 2019  Ramp is advancing, now at C2 Level LAMAQUE CARIBOO AMULSAR BACK FORTY 4.22% Au, 62.5% Ag STREAMS, 82.5% offtake  Engineering ~95% complete, procurement is approaching 90%, and construction work is over 50% complete  First gold production remains on track for Q3 2018.  Schedule risks are now reduced given that critical earthworks are largely complete and contractor productivities are better known at this stage of the project. WINDFALL 1.5% NSR  Largest exploration program in Canada recently extended to 800,000 metres  Metallurgical program commenced  Permit received for dewatering of ramp HERMOSAHORNE 5 1% NSR  Completed Feasibility in late 2017. Deposited EIA.  220,000 ounces of Gold production at $399/oz Au AISC  Strong and Experienced management team. 1% NSR  Updated PEA shows US$2.0B NPV and rapid 1.6 year payback of pre- production capex  29 year mine life  Rapid development to production in 2020 at first quartile costs 2.25% NSR  Expect to see near-term cash flow from small-scale operation  Started collaring ramp  Very good exploration results 18.5% Au,- 75% Ag STREAMS  3 out of 4 permits granted  PEA highlights 16 years mine life and 5,350 tpd throughput  Feasibility expected in 2018  Potential for mine life extension 3% & 5% NSR  During 2017, a total of 125 holes (86,051 metres) were completed at the Odyssey property  The results have been incorporated to update the mineral resource for the Odyssey property  During Near-term production (2018- 2020) from Odyssey South ODYSSEY NORTH & SOUTH
  • 17.
    150,000 172,000 120,000 102,000 65,000 119,000 15,00035,000 368,000 115,000 100,000 130,000 125,000 81,000 85,000 54,000 40,000 60,000 25,800 282,000 84,000 140,000 120,000 75,000 25,000 72,000 40,000 40,000 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Windfall Island Gold Canadian Malartic Cariboo Hermosa Lamaque Urban Barry Horne5 Éléonore* Seabee Upper Beaver 2016 2017 2018 OVER 875,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2018 OVER 1,700,000 METRES OF DRILLING SINCE 2016 17 The Drills Are Turning – Upside on Growth Portfolio ZERO-COST TO OSISKO GOLD ROYALTIES Notes: - Assumption based on current programs * $10 million budget (assumes $250 per metre) (2) Drilling Metres 12,500
  • 18.
    18 Accelerator Model: OurInvestment Approach Building an organic pipeline of investments through our Accelerator Model 1 2 3 Timing of Accelerator Investments: 1. Prior to exploration success (equity, royalty and/or future rights) 2. During de-risking of project (equity, loans, royalty and/or future rights) 3. During project financing and construction (royalty, streams and equity) Size of Accelerator Investments: 1. Several smaller investments, payback is generally further away 2. Small-to-Medium size investments, better clarity on development timeline 3. Medium-to-Large size investments, full understanding on time to production Exploration Euphoria Production Ramp-up Production Expansion Technical Studies and Permitting VALUEOFPROJECT/COMPANY TIME Exploration Ideas and Generation Financing, Construction Production Re-Rating Optimal investing stage for Accelerator Model MINERA ALAMOS OSISKO MINING ARIZONA MINING BARKERVILLE OSISKO METALS FALCO DALRADIAN 3 3
  • 19.
    19 Accelerator Model: CaseStudy Transferring gains to new investments while keeping exposure to existing assets 1 Exploration Euphoria Production Ramp-up Production Expansion Technical Studies and Permitting VALUEOFPROJECT/COMPANY TIME Financing, Construction Production Re-Rating ARIZONA MINING DALRADIAN Arizona Mining to Dalradian: 1. Osisko makes equity ($5.6M) and royalty ($10M) investment in Arizona Mining 2. Discovery made by Arizona Mining on Hermosa project 3. Negative market reaction, Osisko makes further equity investment post further technical diligence 4. Osisko monetizes Arizona Mining equity investments for gains of $22.8M 5. Osisko uses Arizona Mining gains and makes investment in Dalradian of $28.5M 2 4 3 5 Important: Maintain exposure to Hermosa project through royalty investment Optimal investing stage for Accelerator Model
  • 20.
    Osisko’s History inthe Mining Sector EXPERIENCED MANAGEMENT TEAM STRONG TECHNICAL TEAM STRONG HISTORY OF VALUE CREATION $0 $2 $4 $6 $8 $10 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 InC$Billions CREATION OF ACCELERATOR COMPANIES SALE OF CANADIAN MALARTIC AND SPIN- OUT OF OSISKO GOLD ROYALTIES ACQUISITION OF VIRGINIA BY OSISKO GOLD ROYALTIES 1ST SALE OF VIRGINIA SUCCESSFUL DEVELOPMENT, CONSTRUCTION AND FINANCING OF THE CANADIAN MALARTIC GOLD MINE ACQUISITION OF ORION MINE FINANCE ROYALTY PORTFOLIO BY OSISKO GOLD ROYALTIES 20
  • 21.
    21 SUMMARY THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTYCOMPANY OVER 130 ROYALTIES, STREAMS AND METAL OFFTAKES 16 CASH FLOWING ASSETS DIVIDEND YIELD ~1.6% 5 CORNERSTONE ASSETS PRECIOUS METAL FOCUSED AMERICAS FOCUSED RECORD 58,933 GEOs EARNED FOR 2017 C$439M IN INVESTMENTS As at Dec. 31, 2017 C$334M IN CASH As at Dec. 31, 2017 77,500 to 82,500 oz ATTRIBUTABLE GEOs FOR 2018
  • 22.
  • 23.
    23 OPERATORS: Agnico Eagle(50%) / Yamana Gold (50%) LOCATION: Malartic, Québec RESERVES: P&P mineral reserves of 6.38 M oz Au1 ROYALTY:  5% NSR royalty  $0.40/tonne on milled ore from outside the current property area for life of mill starting in June 2021 2017 PRODUCTION (100%): 682.0 K oz2 Au (33,136 oz earned for Osisko) OPERATOR GUIDANCE (Au) (100%):  2018: 650 k oz  2019: 650 k oz  2020: 690 k oz 1. See Appendix for full disclosure on Reserves & Resources. 2. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…” Canadian Malartic Royalty – 5% NSR Royalty THE LARGEST GOLD MINE IN CANADA PROVEN & PROBABLE MINERAL RESERVES OF 6.38 M oz Au1 CANADIAN MALARTIC EXTENSION PROJECT RECEIVES GOVERNMENT OF QUEBEC APPROVAL
  • 24.
    24 Canadian Malartic ExplorationUpside| Odyssey & East Malartic 1. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…”  In 2017, an initial inferred mineral resource was declared on the East Malartic property, which was a historical gold producer directly adjacent to the Canadian Malartic Mine. Inferred mineral resources at East Malartic are estimated at 2.4 million ounces of gold (38.0 million tonnes grading 2.02 g/t gold) to a depth of 1,000 metres. 4.08MozAu Combinedinferred resources1 andgrowing OSISKO HOLDS A 5% NSR ROYALTY ON THE ODYSSEY SOUTH ZONE AND A 3% NSR ROYALTY ON THE ODYSSEY NORTH ZONE  Updated Inferred mineral resources are estimated at 1.68 Moz of gold (22.4 million tonnes grading 2.32 g/t gold) for the Odyssey property.  During 2017, a total of 125 holes (86,051 metres) were completed at the Odyssey property and the results have been incorporated with previous work to update the mineral resource for the Odyssey property1. ODYSSEY NORTH & SOUTH LIES ON THE CANADIAN MALARTIC MINE PROPERTY. OSISKO HOLDS A 5% NSR ROYALTY EAST MALARTIC
  • 25.
    Canadian Malartic Site- Longitudinal 25
  • 26.
    26 1. See Appendixfor full disclosure on Reserves & Resources. 2. Based on Goldcorp press release dated February 14, 2018, titled “Goldcorp Reports Fourth Quarter 2017 Results”. 3. Based on Goldcorp’s Investor Day presentation dated January 18, 2018 and company website OPERATOR: Goldcorp (100%) LOCATION: James Bay, Québec RESERVES: P&P mineral reserves of 3.80 M oz Au1 ROYALTY:  2.0% NSR on the first 3 M oz of Au  0.25% increase for every additional 1M oz of production thereafter, to a maximum of 3.50%  +10% if Au is higher than US$500/oz 2017 PRODUCTION: 305 k oz2 (6,390 oz earned for Osisko) 2018 OPERATOR GUIDANCE: 360 k oz3  The mine is on pace to achieve optimum sustainable gold production rates by the second half of 2018. 3.80MozAuPotentialto1,500m Éléonore Royalty – 2.0 to 3.5% NSR
  • 27.
    27 Operator: Stornoway Primary Commodity:Diamond Location: North-Central Québec, Canada Reserves: Resources:1  P&P reserves of 20.0M carats  M&I of 2.8M and inferred of 13.1M carats Stream:  9.6% Stream on diamonds  US$50/carat transfer payment - 1% annual inflation starting 3 years after commercial production  No cap on current reserve pipes Production:  LOM avg. of 1.6M cts/year 9.6% Renard Diamond Stream P&P RESERVES OF 20.0 M CARATS QUÉBEC’S FIRST DIAMOND MINE  Producing world class diamond mine in Québec  Québec organizations invested (Investissement Quebec, La Caisse and Fonds)  Scarcity of new diamond mines globally  Upside from M&I and inferred and all pipes remain open at depth  Significant upside potential from recovery of large stones  Quality operator  Caisse owns separate 4% stream on Renard and Investissement Quebec owns a 2% NSR royalty Source: Company disclosure and Osisko management estimates. 1. Exclusive of reserves. See slide 40 for detailed R&R statement. 2018 Guidance:  1.6M carats recovered - 1.1M carats (+7 DTC) at US$125-165 - 0.6M carats (-7 DTC) at US$15-19
  • 28.
    28 100% Mantos SilverStream Operator: Mantos Copper (private company owned by Orion) Primary Commodity: Copper Location: Antofagasta, Chile Stream:  100% stream on silver production; reducing to 30% after 19.3M oz  Transfer payments based on 25% of the prevailing spot silver price  50% buy-down option exercisable in 2020, 2021, or 2022 for US$70M Production:  2017-20 avg. payable production of 0.6M oz Ag  Avg. payable production of 1M oz Ag from 2021 onwards; sulphide expansion assumed in 2021  Debottlenecking feasibility study underway  Well-established operating copper mine in top jurisdiction  Ex-Anglo American management team with strong understanding of the mine and highly incentivized  Significant cost reductions and more de-bottlenecking in progress  Drilling underway to add resources  Limited historical regional exploration 3 BILLION POUND COPPER RESOURCE WITH A STABLE SILVER BY-PRODUCT A LARGE COPPER MINE UNDERGOING EXPANSION
  • 29.
    Operator: Pretium Primary Commodity: Gold Location: 65kmnorth of Stewart BC. Canada Reserves: Resources:1 P&P reserves of 8.1M oz Au, 5.9M oz Ag M&I of 9.1M oz Au, 7.9M oz Ag and inferred of 3.1M oz Au, 4.0M oz Ag Stream:  4% Stream on Au and Ag  US$400/oz Au, US$4.00/oz Ag transfer payment  50% offtake of Au and Ag representing an effective NSR of 0.9% Caps / Buy-Down / Buy- Back Options:  Stream capped at 7.067M oz Au and 26.297M oz Ag  Full stream buyback option in 2018 and 2019 for US$119M and US$136M respectively.  Stream buy-down option in 2018 (8%) and 2019 (8%) for US$75M  Offtake buy-down options (50% or 75% buyback) in 2018 and 2019 2017 Production:  152 koz Au; 179.2 koz Ag 2018 Guidance:  150-200 koz Au during H1 29 4% Au/Ag Brucejack Stream, 50% Au Offtake HIGH GRADE GOLD PRODUCTION IN CANADA  We have assumed stream could be bought-back for US$119M in 2018  Additional upside if stream not repurchased or Pretium undergoes a change of control Source: Company disclosure and Osisko management estimates. 1. Inclusive of reserves. See slide 40 for detailed R&R statement.
  • 30.
    30 Royalties, Streams andOfftakes – Complete List Asset Name Operator Country Status Description Producing Royalties, Streams & Offtakes 1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR 2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals 3 Gibraltar Taseko Mines Canada Production 100% Ag Stream 4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream 5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream 6 SASA Central Asia Metals Macedonia Production 100% Ag Stream 7 Brucejack (O) Pretium Resources Canada Production 50% Au offtake 8 Matilda Blackham Resources Australia Production 55% Au offtake 9 Parral GoGold Resources Mexico Production 100% Au + Ag offtake 10 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake 11 Bald Mountain Kinross United States Production 1%-4% GSR 12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond) 13 Hewfran Metanor Resources Canada Production 1.7% NSR 14 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property 15 Island Gold Mine Alamos Gold Canada Production 1.38%-2.55% NSR 16 Kwale Base Resources Kenya Production 2% of GRR on titanium 17 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products 18 Seabee Santoy SSR Mining Canada Production 3% NSR 19 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI Near-Term Development Royalties, Streams and Offtakes 20 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream 21 Amulsar (O) Lydian Armenia Development 82% Au offtake 22 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream 23 Brucejack (S) Pretium Resources Canada Production 4% Au Stream and 4% Ag Stream (stream in 2020) 24 Hammond Reef Agnico Eagle Canada Development 1.5% NSR 25 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc 26 Horne 5 Falco Resources Canada Development 1% NSR 27 Lamaque-Rocdor Eldorado Gold Canada Development 1.7% NSR 28 Nimbus MacPhersons Resources Australia Development 100% Ag offtake 29 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR 30 Windfall Osisko Mining Canada Development 1.5% NSR 31 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake Long-Term Development Royalties 32 Ambler NovaCopper US United States Development 1% NSR 33 Cameron Lake Cameron Gold Operations Canada Development 1% NSR 34 Casino Western Copper and Gold Canada Development 2.75% NSR 35 Cerro del Gallo Primero Mining Mexico Development 3% NSR 36 Copperwood & White Pine Highland Copper Company Inc. United States Development 3% NSR 37 Corcoesto Edgewater Exploration Spain Development 1% NSR 38 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au 39 King Island King Island Scheelite Australia Development 1.5% GRR
  • 31.
    31 Royalties, Streams andOfftakes – Complete List Asset Name Operator Country Status Description 40 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR 41 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum 42 Ollachea Minera IRL Peru Development 1% NSR on all products 43 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag 44 Sandman 1 Newmont United States Development 5% NSR 45 Sandman 2 Newmont United States Development 1% NSR 46 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR 47 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold) 48 Tijirit Algold Resources Mauritania Development 1.5% 49 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional Exploration Royalties 50 Abbeytown Erris Resources Ireland Exploration 1% NSR 51 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR 52 Altar Stillwater Mining San Juan Exploration 1% NSR 53 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR 54 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR 55 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR 56 Aurbel QMX Gold Canada Exploration 2.125% NSR 57 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR 58 Bargold Abcourt Mines Canada Exploration 1.275 % NSR 59 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR 60 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI 61 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR 62 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR 63 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 2.25% NSR 64 Casino B Cariboo Rose Resources Canada Exploration 5% NPI 65 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals 66 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR 67 Croinor Monarques Gold Canada Exploration 0.75% NSR 68 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced 69 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR 70 Destor Explor Resources Canada Exploration 2.125% NSR 71 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment 72 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals 73 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR 74 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty 75 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR 76 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 77 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 78 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals 79 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
  • 32.
    32 Royalties, Streams andOfftakes – Complete List Asset Name Operator Country Status Description 80 Gabel Williams Wolfpack Gold United States Exploration 1% NPI 81 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals 82 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals 83 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products 84 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI 85 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals 86 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals 87 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products 88 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR 89 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR 90 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR 91 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals 92 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals 93 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR 94 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 95 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals 96 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR 97 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR 98 Moore Lake Denison Mines Canada Exploration 2.5% NSR 99 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals 100 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other 101 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 102 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals 103 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR 104 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals 105 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR 106 Preissac Sphinx Resources Canada Exploration 2% NSR 107 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR 108 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals 109 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR 110 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals 111 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR 112 San Juan Azure Minerals Mexico Exploration 2% NSR 113 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals 114 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag 115 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag) 116 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals 117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR 118 Swedish Properties Erris Resources Sweden Exploration 1% NSR 119 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR 120 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
  • 33.
    33 Royalties, Streams andOfftakes – Complete List Asset Name Operator Country Status Description 121 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals 122 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR 123 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR 124 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 125 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI 126 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals 127 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 128 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals 129 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals 130 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals 131 Waihi West Antipodes Gold New Zealand Exploration 2% NSR 132 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg 133 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR 134 Whistler GoldMining United States Exploration 2.75% NSR 135 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR
  • 34.
    34 Mineral Reserves andResources 1. Agnico Eagle and Yamana public disclosure – as at February 14, 2017 2. Goldcorp public disclosure – as at June 30, 2017 3. Alamos public disclosure – as at February 14, 2017 CANADIAN MALARTIC1 RESERVES CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.95 1.52 50.0 Probable 1.15 4.86 131.0 Total Proven & Probable 1.10 6.38 180.8 ÉLÉONORE2 RESERVES CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Proven & Probable 6.02 3.80 19.61 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Meas. & Ind. 5.81 1.34 7.16 Inferred 7.31 1.99 8.45 ISLAND GOLD3 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Proven 8.68 159.8 573 Probable 9.31 592.4 1,978 Total Proven & Probable 9.17 752.2 2,551 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 4.94 5.35 33.5 Indicated 6.01 86.10 445.5 Total Meas. & Ind. 5.94 91.45 479.0 Inferred 10.18 995.7 3,042
  • 35.
    AMULSAR3 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (MOZ) AG (M OZ) TONNES (MT) Proven 0.8 4.6 1.2 6.6 44.7 Probable 0.8 3.3 1.4 6.1 57.9 Total P&P 0.8 3.9 2.6 12.7 102.7 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Measured 0.8 4.7 1.4 7.7 51.5 Indicated 0.7 3.4 2.1 9.8 90.7 Total M&I 0.8 3.8 3.5 17.5 142.2 Inferred 0.6 3.3 1.3 7.6 72.2 *Au cut-off grade: 0.24 g/t; gold price -US$1,500/oz, silver price -US$25.00/oz RESERVES* GLOBAL RESOURCES (INCLUDING RESERVES)* BRUCEJACK 2 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Proven 14.5 12.9 1.6 1.4 3.3 Probable 16.5 11.3 6.5 4.5 12.3 Total P&P 16.1 11.7 8.1 5.9 15.6 CATEGORY AU GRADE (G/T) AG GRADE (G/T) AU (M OZ) AG (M OZ) TONNES (MT) Measured 17.0 15.3 1.9 1.7 3.5 Indicated 17.3 15.0 7.2 6.2 13.0 Total M&I 17.2 15.0 9.1 7.9 16.4 Inferred 21.0 26.9 3.1 4.0 4.6 *NSR cut-off of C$180/t; gold Price -US$1,100/oz, silver Price -US$17.00/oz and a CAD:USD FX rate of 0.92 GLOBAL RESOURCES (INCLUDING RESERVES) RESERVES* 35 Mineral Reserves and Resources 1. Stornoway public disclosure - as at February 6, 2017. 2. Pretium pubic disclosure - as at December 15, 2016. 3. Lydian public disclosure - as at February 27, 2017. RENARD 1 PROBABLE RESERVES* GRADE (CPHT) CARATS (M) TONNES (MT) Total Probable 66.3 20.0 30.2 *Estimated at a +1 DTC sieve size cut-off GLOBAL RESOURCES (EXCLUDING RESERVES) GRADE (CPHT) CARATS (M) TONNES (MT) Total Indicated 46.0 2.8 6.1 Inferred 56.0 13.1 23.4
  • 36.
    CASINO 3 CATEGORY CU GRADE (%) AU GRADE (G/T) CU (BLBS) AU (M OZ) TONNES (MT) Proven 0.26% 0.4 0.7 1.8 123 Probable 0.17% 0.2 3.7 7.1 999 Total P&P 0.18% 0.2 4.5 8.9 1,123 CATEGORY CU GRADE (%) AU GRADE (G/T) CU (B LBS) AU (M OZ) TONNES (MT) Measured 0.26% 0.5 0.7 1.8 124 Indicated 0.18% 0.2 4.0 7.1 1,016 Total M&I 0.20% 0.2 4.7 8.9 1,140 Inferred 0.14% 0.2 5.4 9.0 1,713 *Au cut-off grade: 0.25% Cu Eq. &0.25 g/t Au. Table excludes silver and moly. RESERVES* GLOBAL RESOURCES (INCLUDING RESERVES)* BALD MOUNTAIN4 RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.8 0.3 10.3 Probable 0.6 1.9 100.2 Total P&P 0.6 2.1 110.5 *Gold Price: US$1,200/oz Au GLOBAL RESOURCES (EXCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 0.6 0.5 24.9 Indicated 0.5 3.0 176.1 Total M&I 0.5 3.5 200.9 Inferred 0.4 0.6 49.5 *Gold Price: US$1,400/oz Au BACK FORTY1 GLOBAL RESOURCES* CATEGORY AG GRADE (G/T) AG (M OZ) TONNES (MT) Measured 27.3 5.9 6.7 Indicated 22.2 6.0 8.4 Total M&I 24.5 11.9 15.1 Inferred 26.5 2.0 2.3 *NSR cut-off : US$27.78/oz Ag SEABEE 2 RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 7.0 0.1 0.5 Probable 8.9 0.3 0.9 Total P&P 8.2 0.4 1.4 *Au cut-off grade: 4.92 g/t Seabee &3.65 g/t Santoy GLOBAL RESOURCES (INCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 7.7 0.2 0.8 Indicated 8.1 0.4 1.4 Total M&I 8.0 0.6 2.2 Inferred 7.7 0.6 2.6 *Au cut-off grade: 4.40 g/t Seabee &3.26 g/t Santoy 36 Mineral Reserves and Resources 1. Aquila public disclosure - as at March 15, 2017. 2. Silver Standard public disclosure - as at March 22, 2017. 3. Western Copper and Gold disclosure - as at June 2017. 4. Kinross public disclosure - as at March 31, 2017.
  • 37.
    37 Mineral Reserves andResources Eagle1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 0.80 685 27 Probable 0.62 1,778 90 Total Proven & Probable 0.66 2,463 116 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 0.81 761 29.4 Indicated 0.59 2,870 151.3 Total Meas. & Ind. 0.63 3,631 180.7 Inferred 0.49 276 17.4 1. Victoria Gold Feasibility Study – September 12, 2016 2. Mineral resources are inclusive of mineral reserves 3. Numbers may not add up due to rounding Olive1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 1.02 58 2 Probable 0.93 142 5 Total Proven & Probable 0.95 200 7 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 1.19 75 2.0 Indicated 1.05 254 7.5 Total Meas. & Ind. 1.08 329 9.5 Inferred 0.89 210 7.3