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Osisko Gold Royalties Corporate Presentation - June 2019

Osisko Gold Royalties is a growth-oriented royalty company that holds over 135 royalties, streams, and other interests across North America. The company's business model delivers strong cash flows and asymmetric upside potential from its interests in multiple exploration properties. Osisko has a large, diversified asset portfolio in low-risk jurisdictions that provides exposure to gold, silver, copper, nickel, and other commodities. The company expects continued growth through acquisitions and organic growth from its existing asset base.

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THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY June 2019
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
WHY INVEST?  UNIQUE BUSINESS MODEL DELIVERS STRONG CASH FLOWS AND ASSYMETRIC UPSIDE 41% cash flow CAGR since 2015; financial interests in multiple exploration properties  LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONS Over 135 royalties, streams and precious metals offtakes primarily in North America  STRONG BALANCE SHEET TO FUND GROWTH Over $1 billion of available liquidity to fund growth opportunities  FOCUSED ON RETURNING VALUE TO SHAREHOLDERS Dividends paid every quarter since 2014; $139M in dividend stock repurchases since inception  EXPERIENCED AND PROVEN MANAGEMENT TEAM Global Exploration and Mine Building Capabilities In-House 3
SINCE INCEPTION TODAY JUNE 2014 ---> CREATION OF OSISKO GOLD ROYALTIES 4 OVER 135 ROYALTIES, STREAMS AND METAL OFFTAKES TSX & NYSE: OR 4 ROYALTIES C$157 M IN CASH As at June 16, 2014 C$500 M MARKET CAP C$2.4 B MARKET CAP TSX:OR C$15 M INVESTMENT PORTFOLIO GUIDANCE OF 85,000 TO 95,000 ATTRIBUTABLE GEOs FOR 2019 DIVIDEND YIELD ~1.5% OVER $1 B in cash resources, credit and investments 2 MAJOR ACQUISITIONS C$108.5 M IN CASH As at Mar. 31, 2019 THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY
TIER 1 JURISDICTIONAL FOCUS – QUALITY CASH FLOWING ASSETS FOCUSED IN NORTH AMERICA Represents total royalty/streaming/offtake assets TOTAL OF 135+ ROYALTIES, STREAMS & PRECIOUS METAL OFFTAKES 104 9 2 13 3 6 5 RENARD 9.6% DIAMOND STREAM ÉLÉONORE 2-3.5% NSR CANADIAN MALARTIC 5% NSR VEZZA 5% NSR 40% NPI ISLAND GOLD 1.38-2.55% NSR PARRAL 100% Au, Ag OFFTAKE PAN MINE 4% NSR BALD MOUNTAIN 1-4% NSR GIBRALTAR 75% Ag STREAM SEABEE 3% NSR BRUCEJACK 50% Au OFFTAKE LAMAQUE 1.7% NSR MANTOS 100% Ag STREAM BRAUNA 1% GRR SASA 100% Ag STREAM KWALE 1.5% GRR MATILDA 1.65% AU STREAM Cornerstone Asset in Top Jurisdiction Other Cash Flowing Assets
STEADY PRODUCTION GROWTH OSISKO CONTINUES TO DELIVER SUPERIOR GROWTH 12,499 30,588 38,270 58,933 80,553 85,000 to 95,000 2014 2015 2016 2017 2018 2019 Guidance At 89.5% Cash Operating Margin1,2 1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest. 2. For royalties and streams At 88% Cash Operating Margin1,2 PRODUCTION (GEOs) AND GUIDANCE 6
34,853 7,540 3,299 1,783 1,771 1,406 1,357 1,102 780 676 1,281 5,962 4,707 1,769 533 287 8,425 326 2,678 18 (R) = Royalty, (S) = Stream, (O) = Offtake PRODUCING ROYALTIES AND STREAMS GOLD SILVER DIAMONDS OTHER 2018 GEOs BY ASSET GOLD 55,848 GEOs (69%) SILVER 13,258 GEOs (17%) DIAMONDS 8,751 GEOs (11%) OTHER METALS 2,696 GEOs (3%) 2018 GEOs: 80,553 2018 GEOs BY PRODUCT 7
CORNERSTONE ROYALTY – 5% NSR ON CANADIAN MALARTIC MINE PRODUCTION (K oz Au) ROYALTY DELIVERED TO OR (K oz Au) 12.5 30.1 29.2 33.6 35.4 YTD 8.3 2014 2015 2016 2017 2018 2019 535.5 571.6 585.0 633.5 697.2 YTD 167.3 2014 2015 2016 2017 2018 2019 8
DELIVERING CASH FLOW GROWTH 4-YEAR OPERATING CASH FLOW HISTORY $29.1 $53.4 $48.7 $82.2 2015 2016 2017 2018 (C$ millions) 9
ACCELERATOR BUSINESS EARLY OPPORTUNITIES GROWTH STRATEGY – MOVING ASSETS ALONG THE CURVE TRADITIONAL ROYALTY & STREAMING BUSINESS DEVELOPMENT OPPORTUNITIES PRODUCING OPPORTUNITIES  Funding exploration  Early money in  Obtain future rights to project financing  Hybrid equity/royalty structure  Funding studies/ construction  Last money in  Secured royalty/stream (milestone-based funding) - WINDFALL - CARIBOO - HORNE 5 - EAGLE - HORNE 5 - BACK FORTY  Debt refinancing/M&A  Lowest risk part of the curve  Secured royalty/stream (up-front deposit) - GIBRALTAR - ORION PORTFOLIO - RENARD CREATING EXCLUSIVE PIPELINE OF OPPORTUNITIES TIME VALUE
VALUE-ADDED SERVICES PROVIDED BY OSISKO GOLD ROYALTIES OSISKO ACCELERATOR EQUITY INTERESTS 16.6% OWNERSHIP ~C$750M Market cap. 32.7% OWNERSHIP ~C$165M Market cap. 10.6% OWNERSHIP ~C$90M Market cap. 19.9% OWNERSHIP ~C$50M Market cap. 18.7% OWNERSHIP ~C$340M Market cap. MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL FINANCIAL LEGAL ACCOUNTING BACK OFFICE OSISKO ACCELERATOR MODEL  Maintain key shareholder positions to drive performance of portfolio companies  Leverage experience in exploration, engineering construction & financing to advance projects  Encourage strong governance at the board level and key management roles to oversee capital spend  Tax efficient way of deploying capital as investment in flow-through shares shelter royalty income  Attract additional market capital to invest on royalty ground Osisko Mining Inc. Barkerville Gold Mines Ltd. Osisko Metals Inc. Falco Resources Ltd. Victoria Gold Corp. ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES 11
CASE STUDY: HERMOSA NSR 1. Net of additional $8M cash investment through market purchases and warrant exercise.  2016: OSISKO SUPPORTED ARIZONA MINING ON ACQUISITION OF TAYLOR PROPERTY – $5.0M in equity + warrants – $10M for 1% NSR royalty  TAYLOR PROJECT – World-class zinc-lead-silver deposit – $2B NPV – 101 Mt at 10.4% ZnEq. – 29 year mine life  ACQUIRED BY SOUTH32 IN 2018 $5.0M Shares+Warrants Royalty HERMOSA INVESTMENT IN NUMBERS INITIAL INVESTMENT (C$M) + NET GAIN ON INVESTMENT (C$M) $34M Royalty 1% NSR 1% NSR + Shares+Warrants 1 12 $10.0M
STRONG GROWTH PROFILE 85-95 K GEOs 2019 2020 2021 2022 2023 2023+ 2024 2025 EAGLE 5% NSR ~10 K GEOs/Year WINDFALL 1.5% NSR ~2-3 K GEOs/Year BACK FORTY 18.5% Au, 75% Ag Stream ~10-20 K GEOs/Year AMULSAR 4.22% Au, 62.5% Ag Streams 82% Au Offtake ~7-10 K GEOs/Year MANTOS BLANCOS EXPANSION 100% Ag STREAM + ~10 K GEOs/Year ODYSSEY 3-5% NSR OTHER INTERNAL GROWTH + ~10-15 K GEOs/Year HORNE 5 100% Ag Stream ~25-30 K GEOs/Year CARIBOO 4% NSR ~10 K GEOs/Year ELEONORE ROYALTY INCREASE TO 3.5% NSR ~2-4 K GEOs/Year HERMOSA 1% NSR ~6 K GEOs/Year UPPER BEAVER 2% NSR + + 13
EAGLE PROJECT NEARING OPERATIONS – 5% NSR TO OSISKO 1. Based on Victoria Management Guidance FIRST Au POUR IN SEP. 2019 OVERALL PROJECT IS 95% COMPLETE 14 HIGHLIGHTS1:  Construction of the mine is 95% complete  Open Pit benches have been established and more than 1.3 million tones mined;  Primary crusher, conveying systems, and ADR are being commissioned;  Secondary-tertiary crushing facility is near completion;  The 69kV power line from the Yukon grid is energized. UPCOMING KEY MILESTONES1:  Ore to leach pad – July 2019  First gold pour – September 2019
$0.03 $0.04 RETURNING CAPITAL TO SHAREHOLDERS $1.6 $13.8 $30.8 $55.1 $86.3 $94.1 $1.8 $1.8 $34.8 $45.0 $0 $20 $40 $60 $80 $100 $120 $140 $160 2014 2015 2016 2017 2018 2019 Dividend Share Buyback CUMULATIVE CAPITAL RETURNED – AS AT MARCH 31, 2019 CumulativeCapitalReturned (C$M) C$139 MILLION RETURNED TO SHAREHOLDERS SINCE INCEPTION IN 2014 Quarterly Dividend ($/share) $0.05 15 $20 million of $100 million repurchased under NCIB announced late 2018 852,500 Shares @ $11.96/sh (in 2019 only)
FINANCIAL POSITION BALANCE SHEET ITEMS Mar. 31, 2019 Cash (C$ M) $108.5 Debt (C$ M) $324.4 Investments (C$ M)1 $403.8 Basic Shares Outstanding (M) 155.1 Quarterly Dividend (C$/Share) $0.05 1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at March 31, 2019 for public companies. For private investments, an internal or external evaluation is used to determine the fair value. 2. Including the $100 million accordion Undrawn Credit Facility Drawn Credit Facility AVAILABLE CREDIT: $450 M2 CREDIT FACILITY (C$ M) 16 OVER C$1 B IN CASH RESOURCES, CREDIT AND INVESTMENTS IN EQUITIES AVAILABLE
SUMMARY PEER-LEADING EXPOSURE TO CANADIAN ASSETS GUIDANCE OF 85,000 TO 95,000 ATTRIBUTABLE GEOs FOR 2019 DIVIDEND YIELD ~1.5% 19,753 ATTRIBUTABLE GEOs EARNED FOR Q1 2019 UNIQUE STRATEGY FOR VALUE CREATION RE-RATING OPPORTUNITY BEST GROWTH PROFILE AMONG PEERS 17 C$403.8 M IN INVESTMENTS As at Mar. 31, 2019 C$108.5 M IN CASH As at Mar. 31, 2019
Appendix
MANAGEMENT MANAGEMENT & BOARD SEAN ROOSEN Chair & CEO BRYAN A. COATES President JOSEPH DE LA PLANTE VP, Corporate Development LUC LESSARD SVP, Technical Services FRANÇOIS VÉZINA VP, Technical Services ELIF LÉVESQUE CFO & VP, Finance ANDRÉ LE BEL VP, Legal Affairs & Corporate Secretary FRÉDÉRIC RUEL VP, Corporate Controller MICHAEL SPENCER Managing Director, Osisko Bermuda Limited IAIN FARMER Director of Evaluations BOARD OF DIRECTORS FRANÇOISE BERTRAND Director JOHN BURZYNSKI Director CHRISTOPHER C. CURFMAN Director JOANNE FERSTMAN Lead Director PIERRE LABBÉ Director OSKAR LEWNOWSKI Director CHARLES E. PAGE Director SEAN ROOSEN Chair 19
BALANCED SHAREHOLDER BASE 20  Orion Mine Finance 19.9%  C D P Q 12.7%  Van Eck 10.0%  EdgePoint 6.8%  Fonds FTQ 5.8%  T. Rowe 3.7%  Vanguard 2.5%  Intact Investment Management 2.4%  Tocqueville 2.4% Top 10 Osisko Gold Royalties Shareholders MUTUAL FUNDS 48% HEDGE FUNDS 5% PRIVATE EQUITY 20% PENSION FUNDS 23% INSTITUTIONS 66% MANAGEMENT 1% RETAIL 34%
Source: Research reports and Osisko management estimates. LOW RISK PORTFOLIO CONSENSUS NPV BY GEOGRAPHY BEST IN CLASS PORTFOLIO – GROWTH & DIVERSIFICATION 71 % 82% 48% 33% 30% 11% 18% 52% 67% 70% 89% OSISKO GOLD ROYALTIES ROYAL GOLD WHEATON PRECIOUS METALS FRANCO NEVADA SANDSTORM NORTH AMERICA ELSEWHERE 21
COMPELLING VALUE PROPOSITION Source: Street research CONSENSUS P/NAV TRADING MULTIPLES 2.1x 2.0x 1.6x 1.4x 1.3x ROYAL GOLD FRANCO NEVADA WHEATON PRECIOUS METALS OSISKO GOLD ROYALTIES SANDSTORM 22
23 GEO PRODUCTION Q1 2018 Q1 2019 GEOs EARNED IN Q1 20,036 GEOs At 91% cash operating margin on royalty and streams interests 19,753 GEOs At 89% cash operating margin on royalty and streams interests GUIDANCE (GEOs) 2019E YTD: 19,753 GEOs 85,000 – 95,000 GEOs Q1 GEO production in-line with expectations. We anticipate to meet our guidance with stronger GEO deliveries from our asset base during the remainder of the year.
$23.3 $24.8 Q1 2018 Q1 2019 24 Q1 2019 FINANCIAL PERFORMANCE NET CASH FLOWS FROM OPERATING ACTIVITIES (C$ M) REVENUES FROM ROYALTIES AND STREAMS (C$ M)1 1. $100.7 million including offtakes for Q1 2019 ($125.6 million for Q1 2018) 2. “Adjusted earnings” and “Adjusted earnings per basic share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Management’s Discussion and Analysis. $32.6 $33.5 Q1 2018 Q1 2019 EARNINGS (LOSS) (C$ M) $2.3 ($26.5) Q1 2018 Q1 2019 The result of the impairment charge of $28.6 million, net of income taxes
2018 YEAR IN REVIEW 25  RECORD 80,553 GEOs earned (+37% compared to 2017)  Received payment of C$159.4M from Pretium Exploration Inc. for the Brucejack gold and silver stream repurchase  Acquired from Victoria a 5% net smelter return (“NSR”) royalty for C$98.0 million on the Eagle Gold project located in Yukon, Canada  Amended the Renard stream by investing an additional C$21.6 million, thereby improving the near-term cash flow capacity  Acquired an additional 1.75% NSR royalty for C$20.0 million on the Cariboo property held by Barkerville, increasing Osisko’s NSR royalty to a total of 4% with an option to increase to 5% RECORD NET CASH FLOW FROM OPERATING ACTIVITIES (C$M) 2017 2018 RECORD REVENUES (C$M) $93.8 Royalties and Streams $127.6 Royalties and Streams (C$490.5M including offtakes) $48.7 $82.2 2017 2018 (C$213.2M including offtakes)
12 MONTHS ENDED (C$ 000) Dec. 31, 2018 Dec. 31, 2017 ROYALTIES: Revenues $92,110 $74,040 Cost of Sales ($245) ($286) CASH MARGIN: $91,865 $73,754 STREAMS: Revenues $35,457 $19,752 Cost of Sales ($13,181) ($7,385) CASH MARGIN: $22,276 $12,367 OFFTAKES: Revenues $362,905 $119,424 Cost of Sales ($357,879) ($117,974) CASH MARGIN: $5,026 $1,450 TOTAL CASH MARGIN: $119,167 $87,571 CASH MARGIN EXCLUDING OFFTAKES: 89% 92% 2018 REVENUE BREAKDOWN 26
2018 RESULTS 12 MONTHS ENDED (C$ 000) Dec. 31, 2018 Dec. 31, 2017 GOLD PRODUCTION (oz) 55,848 45,200 SILVER PRODUCTION (oz AuEq) 13,258 8,045 DIAMONDS PRODUCTION (oz AuEq) 8,751 4,887 OTHER METALS (oz AuEq) 2,696 801 REALIZED GOLD PRICE (C$ per oz) $1,649 $1,627 REVENUES $490,472 $213,216 GROSS PROFIT $66,555 $59,506 NET CASH FLOW FROM OPERATING ACTIVITIES $82,158 $48,716 NET EARNINGS (LOSS)1,2 ($105,587) ($42,501) NET EARNINGS (LOSS)PER SHARE - BASIC1 ($0.67) ($0.33) 1. Attributable to Osisko’s shareholders 2. Reflecting impairment charges 27
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 Newmont 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 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR 10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake 11 Bald Mountain Kinross United States Production 1%-4% GSR 12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond) 13 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property 14 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR 15 Kwale Base Resources Kenya Production 2% of GRR on titanium 16 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products 17 Seabee Santoy SSR Mining Canada Production 3% NSR 18 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI Near-Term Development Royalties, Streams and Offtakes 19 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream 20 Amulsar (O) Lydian Armenia Construction 82% Au offtake 21 Back Forty Aquila Resources United States Development 18.5% Au Stream 22 Back Forty Aquila Resources United States Development 75% Ag Stream 23 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR 24 Eagle Victoria Gold Canada Construction 5% NSR until 97,500; 3% NSR thereafter 25 Hammond Reef Agnico Eagle Canada Development 1.5% NSR 26 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc 27 Horne 5 Falco Resources Canada Development 90-100% Ag stream 28 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals 29 Nimbus MacPhersons Resources Australia Development 100% Ag offtake 30 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR 31 Windfall Osisko Mining Canada Development 1.5% NSR 32 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake Long-Term Development Royalties 33 Ambler NovaCopper US United States Development 1% NSR 34 Cameron Lake Cameron Gold Operations Canada Development 1% NSR 35 Casino Western Copper and Gold Canada Development 2.75% NSR 36 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR 37 Copperwood & White Pine Highland Copper United States Development 3% NSR 38 Corcoesto Edgewater Exploration Spain Development 1% NSR 28
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION 39 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au 40 King Island King Island Scheelite Australia Development 1.5% GRR 41 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR 42 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum 43 Ollachea Minera IRL Peru Development 1% NSR on all products 44 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag 45 Sandman 1 Newmont United States Development 5% NSR 46 Sandman 2 Newmont United States Development 1% NSR 47 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR 48 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold) 49 Tijirit Algold Resources Mauritania Development 1.5% 50 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional Exploration Royalties 51 Abbeytown Erris Resources Ireland Exploration 1% NSR 52 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR 53 Altar Stillwater Mining San Juan Exploration 1% NSR 54 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR 55 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR 56 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR 57 Aurbel QMX Gold Canada Exploration 2.125% NSR 58 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR 59 Bargold Abcourt Mines Canada Exploration 1.275 % NSR 60 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR 61 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI 62 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR 63 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR 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 ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 29
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 Gold Claims Khalkos Exploration Canada Exploration 1% NSR 96 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR 97 Moore Lake Denison Mines Canada Exploration 2.5% NSR 98 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals 99 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other 100 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 101 Pandora Agnico Eagle Canada Exploration 2% NSR on all metals 102 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR 103 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals 104 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR 105 Preissac Sphinx Resources Canada Exploration 2% NSR 106 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR 107 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals 108 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR 109 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals 110 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR 111 San Juan Azure Minerals Mexico Exploration 2% NSR 112 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals 113 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag 114 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag) 115 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals 116 South Crofty Strongbow Exploration United Kingdom Exploration 1.5% NSR 117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR 118 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR 119 Swedish Properties Erris Resources Sweden Exploration 1% NSR 120 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR 121 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals 122 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals 123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 30
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION 124 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR 125 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 126 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI 127 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals 128 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 129 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals 130 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals 131 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals 132 Waihi West Antipodes Gold New Zealand Exploration 2% NSR 133 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg 134 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR 135 Whistler GoldMining United States Exploration 2.75% NSR 136 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 31

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Osisko Gold Royalties Corporate Presentation - June 2019

  • 1.
  • 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.
    WHY INVEST?  UNIQUEBUSINESS MODEL DELIVERS STRONG CASH FLOWS AND ASSYMETRIC UPSIDE 41% cash flow CAGR since 2015; financial interests in multiple exploration properties  LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONS Over 135 royalties, streams and precious metals offtakes primarily in North America  STRONG BALANCE SHEET TO FUND GROWTH Over $1 billion of available liquidity to fund growth opportunities  FOCUSED ON RETURNING VALUE TO SHAREHOLDERS Dividends paid every quarter since 2014; $139M in dividend stock repurchases since inception  EXPERIENCED AND PROVEN MANAGEMENT TEAM Global Exploration and Mine Building Capabilities In-House 3
  • 4.
    SINCE INCEPTION TODAY JUNE 2014---> CREATION OF OSISKO GOLD ROYALTIES 4 OVER 135 ROYALTIES, STREAMS AND METAL OFFTAKES TSX & NYSE: OR 4 ROYALTIES C$157 M IN CASH As at June 16, 2014 C$500 M MARKET CAP C$2.4 B MARKET CAP TSX:OR C$15 M INVESTMENT PORTFOLIO GUIDANCE OF 85,000 TO 95,000 ATTRIBUTABLE GEOs FOR 2019 DIVIDEND YIELD ~1.5% OVER $1 B in cash resources, credit and investments 2 MAJOR ACQUISITIONS C$108.5 M IN CASH As at Mar. 31, 2019 THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY
  • 5.
    TIER 1 JURISDICTIONALFOCUS – QUALITY CASH FLOWING ASSETS FOCUSED IN NORTH AMERICA Represents total royalty/streaming/offtake assets TOTAL OF 135+ ROYALTIES, STREAMS & PRECIOUS METAL OFFTAKES 104 9 2 13 3 6 5 RENARD 9.6% DIAMOND STREAM ÉLÉONORE 2-3.5% NSR CANADIAN MALARTIC 5% NSR VEZZA 5% NSR 40% NPI ISLAND GOLD 1.38-2.55% NSR PARRAL 100% Au, Ag OFFTAKE PAN MINE 4% NSR BALD MOUNTAIN 1-4% NSR GIBRALTAR 75% Ag STREAM SEABEE 3% NSR BRUCEJACK 50% Au OFFTAKE LAMAQUE 1.7% NSR MANTOS 100% Ag STREAM BRAUNA 1% GRR SASA 100% Ag STREAM KWALE 1.5% GRR MATILDA 1.65% AU STREAM Cornerstone Asset in Top Jurisdiction Other Cash Flowing Assets
  • 6.
    STEADY PRODUCTION GROWTH OSISKOCONTINUES TO DELIVER SUPERIOR GROWTH 12,499 30,588 38,270 58,933 80,553 85,000 to 95,000 2014 2015 2016 2017 2018 2019 Guidance At 89.5% Cash Operating Margin1,2 1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest. 2. For royalties and streams At 88% Cash Operating Margin1,2 PRODUCTION (GEOs) AND GUIDANCE 6
  • 7.
    34,853 7,540 3,299 1,783 1,771 1,4061,357 1,102 780 676 1,281 5,962 4,707 1,769 533 287 8,425 326 2,678 18 (R) = Royalty, (S) = Stream, (O) = Offtake PRODUCING ROYALTIES AND STREAMS GOLD SILVER DIAMONDS OTHER 2018 GEOs BY ASSET GOLD 55,848 GEOs (69%) SILVER 13,258 GEOs (17%) DIAMONDS 8,751 GEOs (11%) OTHER METALS 2,696 GEOs (3%) 2018 GEOs: 80,553 2018 GEOs BY PRODUCT 7
  • 8.
    CORNERSTONE ROYALTY –5% NSR ON CANADIAN MALARTIC MINE PRODUCTION (K oz Au) ROYALTY DELIVERED TO OR (K oz Au) 12.5 30.1 29.2 33.6 35.4 YTD 8.3 2014 2015 2016 2017 2018 2019 535.5 571.6 585.0 633.5 697.2 YTD 167.3 2014 2015 2016 2017 2018 2019 8
  • 9.
    DELIVERING CASH FLOWGROWTH 4-YEAR OPERATING CASH FLOW HISTORY $29.1 $53.4 $48.7 $82.2 2015 2016 2017 2018 (C$ millions) 9
  • 10.
    ACCELERATOR BUSINESS EARLY OPPORTUNITIES GROWTHSTRATEGY – MOVING ASSETS ALONG THE CURVE TRADITIONAL ROYALTY & STREAMING BUSINESS DEVELOPMENT OPPORTUNITIES PRODUCING OPPORTUNITIES  Funding exploration  Early money in  Obtain future rights to project financing  Hybrid equity/royalty structure  Funding studies/ construction  Last money in  Secured royalty/stream (milestone-based funding) - WINDFALL - CARIBOO - HORNE 5 - EAGLE - HORNE 5 - BACK FORTY  Debt refinancing/M&A  Lowest risk part of the curve  Secured royalty/stream (up-front deposit) - GIBRALTAR - ORION PORTFOLIO - RENARD CREATING EXCLUSIVE PIPELINE OF OPPORTUNITIES TIME VALUE
  • 11.
    VALUE-ADDED SERVICES PROVIDEDBY OSISKO GOLD ROYALTIES OSISKO ACCELERATOR EQUITY INTERESTS 16.6% OWNERSHIP ~C$750M Market cap. 32.7% OWNERSHIP ~C$165M Market cap. 10.6% OWNERSHIP ~C$90M Market cap. 19.9% OWNERSHIP ~C$50M Market cap. 18.7% OWNERSHIP ~C$340M Market cap. MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL FINANCIAL LEGAL ACCOUNTING BACK OFFICE OSISKO ACCELERATOR MODEL  Maintain key shareholder positions to drive performance of portfolio companies  Leverage experience in exploration, engineering construction & financing to advance projects  Encourage strong governance at the board level and key management roles to oversee capital spend  Tax efficient way of deploying capital as investment in flow-through shares shelter royalty income  Attract additional market capital to invest on royalty ground Osisko Mining Inc. Barkerville Gold Mines Ltd. Osisko Metals Inc. Falco Resources Ltd. Victoria Gold Corp. ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES 11
  • 12.
    CASE STUDY: HERMOSANSR 1. Net of additional $8M cash investment through market purchases and warrant exercise.  2016: OSISKO SUPPORTED ARIZONA MINING ON ACQUISITION OF TAYLOR PROPERTY – $5.0M in equity + warrants – $10M for 1% NSR royalty  TAYLOR PROJECT – World-class zinc-lead-silver deposit – $2B NPV – 101 Mt at 10.4% ZnEq. – 29 year mine life  ACQUIRED BY SOUTH32 IN 2018 $5.0M Shares+Warrants Royalty HERMOSA INVESTMENT IN NUMBERS INITIAL INVESTMENT (C$M) + NET GAIN ON INVESTMENT (C$M) $34M Royalty 1% NSR 1% NSR + Shares+Warrants 1 12 $10.0M
  • 13.
    STRONG GROWTH PROFILE 85-95 KGEOs 2019 2020 2021 2022 2023 2023+ 2024 2025 EAGLE 5% NSR ~10 K GEOs/Year WINDFALL 1.5% NSR ~2-3 K GEOs/Year BACK FORTY 18.5% Au, 75% Ag Stream ~10-20 K GEOs/Year AMULSAR 4.22% Au, 62.5% Ag Streams 82% Au Offtake ~7-10 K GEOs/Year MANTOS BLANCOS EXPANSION 100% Ag STREAM + ~10 K GEOs/Year ODYSSEY 3-5% NSR OTHER INTERNAL GROWTH + ~10-15 K GEOs/Year HORNE 5 100% Ag Stream ~25-30 K GEOs/Year CARIBOO 4% NSR ~10 K GEOs/Year ELEONORE ROYALTY INCREASE TO 3.5% NSR ~2-4 K GEOs/Year HERMOSA 1% NSR ~6 K GEOs/Year UPPER BEAVER 2% NSR + + 13
  • 14.
    EAGLE PROJECT NEARINGOPERATIONS – 5% NSR TO OSISKO 1. Based on Victoria Management Guidance FIRST Au POUR IN SEP. 2019 OVERALL PROJECT IS 95% COMPLETE 14 HIGHLIGHTS1:  Construction of the mine is 95% complete  Open Pit benches have been established and more than 1.3 million tones mined;  Primary crusher, conveying systems, and ADR are being commissioned;  Secondary-tertiary crushing facility is near completion;  The 69kV power line from the Yukon grid is energized. UPCOMING KEY MILESTONES1:  Ore to leach pad – July 2019  First gold pour – September 2019
  • 15.
    $0.03 $0.04 RETURNING CAPITALTO SHAREHOLDERS $1.6 $13.8 $30.8 $55.1 $86.3 $94.1 $1.8 $1.8 $34.8 $45.0 $0 $20 $40 $60 $80 $100 $120 $140 $160 2014 2015 2016 2017 2018 2019 Dividend Share Buyback CUMULATIVE CAPITAL RETURNED – AS AT MARCH 31, 2019 CumulativeCapitalReturned (C$M) C$139 MILLION RETURNED TO SHAREHOLDERS SINCE INCEPTION IN 2014 Quarterly Dividend ($/share) $0.05 15 $20 million of $100 million repurchased under NCIB announced late 2018 852,500 Shares @ $11.96/sh (in 2019 only)
  • 16.
    FINANCIAL POSITION BALANCE SHEETITEMS Mar. 31, 2019 Cash (C$ M) $108.5 Debt (C$ M) $324.4 Investments (C$ M)1 $403.8 Basic Shares Outstanding (M) 155.1 Quarterly Dividend (C$/Share) $0.05 1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at March 31, 2019 for public companies. For private investments, an internal or external evaluation is used to determine the fair value. 2. Including the $100 million accordion Undrawn Credit Facility Drawn Credit Facility AVAILABLE CREDIT: $450 M2 CREDIT FACILITY (C$ M) 16 OVER C$1 B IN CASH RESOURCES, CREDIT AND INVESTMENTS IN EQUITIES AVAILABLE
  • 17.
    SUMMARY PEER-LEADING EXPOSURE TO CANADIAN ASSETS GUIDANCE OF 85,000TO 95,000 ATTRIBUTABLE GEOs FOR 2019 DIVIDEND YIELD ~1.5% 19,753 ATTRIBUTABLE GEOs EARNED FOR Q1 2019 UNIQUE STRATEGY FOR VALUE CREATION RE-RATING OPPORTUNITY BEST GROWTH PROFILE AMONG PEERS 17 C$403.8 M IN INVESTMENTS As at Mar. 31, 2019 C$108.5 M IN CASH As at Mar. 31, 2019
  • 18.
  • 19.
    MANAGEMENT MANAGEMENT & BOARD SEANROOSEN Chair & CEO BRYAN A. COATES President JOSEPH DE LA PLANTE VP, Corporate Development LUC LESSARD SVP, Technical Services FRANÇOIS VÉZINA VP, Technical Services ELIF LÉVESQUE CFO & VP, Finance ANDRÉ LE BEL VP, Legal Affairs & Corporate Secretary FRÉDÉRIC RUEL VP, Corporate Controller MICHAEL SPENCER Managing Director, Osisko Bermuda Limited IAIN FARMER Director of Evaluations BOARD OF DIRECTORS FRANÇOISE BERTRAND Director JOHN BURZYNSKI Director CHRISTOPHER C. CURFMAN Director JOANNE FERSTMAN Lead Director PIERRE LABBÉ Director OSKAR LEWNOWSKI Director CHARLES E. PAGE Director SEAN ROOSEN Chair 19
  • 20.
    BALANCED SHAREHOLDER BASE 20 Orion Mine Finance 19.9%  C D P Q 12.7%  Van Eck 10.0%  EdgePoint 6.8%  Fonds FTQ 5.8%  T. Rowe 3.7%  Vanguard 2.5%  Intact Investment Management 2.4%  Tocqueville 2.4% Top 10 Osisko Gold Royalties Shareholders MUTUAL FUNDS 48% HEDGE FUNDS 5% PRIVATE EQUITY 20% PENSION FUNDS 23% INSTITUTIONS 66% MANAGEMENT 1% RETAIL 34%
  • 21.
    Source: Research reportsand Osisko management estimates. LOW RISK PORTFOLIO CONSENSUS NPV BY GEOGRAPHY BEST IN CLASS PORTFOLIO – GROWTH & DIVERSIFICATION 71 % 82% 48% 33% 30% 11% 18% 52% 67% 70% 89% OSISKO GOLD ROYALTIES ROYAL GOLD WHEATON PRECIOUS METALS FRANCO NEVADA SANDSTORM NORTH AMERICA ELSEWHERE 21
  • 22.
    COMPELLING VALUE PROPOSITION Source:Street research CONSENSUS P/NAV TRADING MULTIPLES 2.1x 2.0x 1.6x 1.4x 1.3x ROYAL GOLD FRANCO NEVADA WHEATON PRECIOUS METALS OSISKO GOLD ROYALTIES SANDSTORM 22
  • 23.
    23 GEO PRODUCTION Q1 2018Q1 2019 GEOs EARNED IN Q1 20,036 GEOs At 91% cash operating margin on royalty and streams interests 19,753 GEOs At 89% cash operating margin on royalty and streams interests GUIDANCE (GEOs) 2019E YTD: 19,753 GEOs 85,000 – 95,000 GEOs Q1 GEO production in-line with expectations. We anticipate to meet our guidance with stronger GEO deliveries from our asset base during the remainder of the year.
  • 24.
    $23.3 $24.8 Q1 2018Q1 2019 24 Q1 2019 FINANCIAL PERFORMANCE NET CASH FLOWS FROM OPERATING ACTIVITIES (C$ M) REVENUES FROM ROYALTIES AND STREAMS (C$ M)1 1. $100.7 million including offtakes for Q1 2019 ($125.6 million for Q1 2018) 2. “Adjusted earnings” and “Adjusted earnings per basic share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Management’s Discussion and Analysis. $32.6 $33.5 Q1 2018 Q1 2019 EARNINGS (LOSS) (C$ M) $2.3 ($26.5) Q1 2018 Q1 2019 The result of the impairment charge of $28.6 million, net of income taxes
  • 25.
    2018 YEAR INREVIEW 25  RECORD 80,553 GEOs earned (+37% compared to 2017)  Received payment of C$159.4M from Pretium Exploration Inc. for the Brucejack gold and silver stream repurchase  Acquired from Victoria a 5% net smelter return (“NSR”) royalty for C$98.0 million on the Eagle Gold project located in Yukon, Canada  Amended the Renard stream by investing an additional C$21.6 million, thereby improving the near-term cash flow capacity  Acquired an additional 1.75% NSR royalty for C$20.0 million on the Cariboo property held by Barkerville, increasing Osisko’s NSR royalty to a total of 4% with an option to increase to 5% RECORD NET CASH FLOW FROM OPERATING ACTIVITIES (C$M) 2017 2018 RECORD REVENUES (C$M) $93.8 Royalties and Streams $127.6 Royalties and Streams (C$490.5M including offtakes) $48.7 $82.2 2017 2018 (C$213.2M including offtakes)
  • 26.
    12 MONTHS ENDED (C$000) Dec. 31, 2018 Dec. 31, 2017 ROYALTIES: Revenues $92,110 $74,040 Cost of Sales ($245) ($286) CASH MARGIN: $91,865 $73,754 STREAMS: Revenues $35,457 $19,752 Cost of Sales ($13,181) ($7,385) CASH MARGIN: $22,276 $12,367 OFFTAKES: Revenues $362,905 $119,424 Cost of Sales ($357,879) ($117,974) CASH MARGIN: $5,026 $1,450 TOTAL CASH MARGIN: $119,167 $87,571 CASH MARGIN EXCLUDING OFFTAKES: 89% 92% 2018 REVENUE BREAKDOWN 26
  • 27.
    2018 RESULTS 12 MONTHSENDED (C$ 000) Dec. 31, 2018 Dec. 31, 2017 GOLD PRODUCTION (oz) 55,848 45,200 SILVER PRODUCTION (oz AuEq) 13,258 8,045 DIAMONDS PRODUCTION (oz AuEq) 8,751 4,887 OTHER METALS (oz AuEq) 2,696 801 REALIZED GOLD PRICE (C$ per oz) $1,649 $1,627 REVENUES $490,472 $213,216 GROSS PROFIT $66,555 $59,506 NET CASH FLOW FROM OPERATING ACTIVITIES $82,158 $48,716 NET EARNINGS (LOSS)1,2 ($105,587) ($42,501) NET EARNINGS (LOSS)PER SHARE - BASIC1 ($0.67) ($0.33) 1. Attributable to Osisko’s shareholders 2. Reflecting impairment charges 27
  • 28.
    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 Newmont 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 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR 10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake 11 Bald Mountain Kinross United States Production 1%-4% GSR 12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond) 13 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property 14 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR 15 Kwale Base Resources Kenya Production 2% of GRR on titanium 16 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products 17 Seabee Santoy SSR Mining Canada Production 3% NSR 18 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI Near-Term Development Royalties, Streams and Offtakes 19 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream 20 Amulsar (O) Lydian Armenia Construction 82% Au offtake 21 Back Forty Aquila Resources United States Development 18.5% Au Stream 22 Back Forty Aquila Resources United States Development 75% Ag Stream 23 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR 24 Eagle Victoria Gold Canada Construction 5% NSR until 97,500; 3% NSR thereafter 25 Hammond Reef Agnico Eagle Canada Development 1.5% NSR 26 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc 27 Horne 5 Falco Resources Canada Development 90-100% Ag stream 28 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals 29 Nimbus MacPhersons Resources Australia Development 100% Ag offtake 30 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR 31 Windfall Osisko Mining Canada Development 1.5% NSR 32 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake Long-Term Development Royalties 33 Ambler NovaCopper US United States Development 1% NSR 34 Cameron Lake Cameron Gold Operations Canada Development 1% NSR 35 Casino Western Copper and Gold Canada Development 2.75% NSR 36 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR 37 Copperwood & White Pine Highland Copper United States Development 3% NSR 38 Corcoesto Edgewater Exploration Spain Development 1% NSR 28
  • 29.
    ASSET NAME OPERATORCOUNTRY STATUS DESCRIPTION 39 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au 40 King Island King Island Scheelite Australia Development 1.5% GRR 41 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR 42 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum 43 Ollachea Minera IRL Peru Development 1% NSR on all products 44 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag 45 Sandman 1 Newmont United States Development 5% NSR 46 Sandman 2 Newmont United States Development 1% NSR 47 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR 48 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold) 49 Tijirit Algold Resources Mauritania Development 1.5% 50 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional Exploration Royalties 51 Abbeytown Erris Resources Ireland Exploration 1% NSR 52 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR 53 Altar Stillwater Mining San Juan Exploration 1% NSR 54 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR 55 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR 56 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR 57 Aurbel QMX Gold Canada Exploration 2.125% NSR 58 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR 59 Bargold Abcourt Mines Canada Exploration 1.275 % NSR 60 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR 61 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI 62 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR 63 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR 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 ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 29
  • 30.
    ASSET NAME OPERATORCOUNTRY 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 Gold Claims Khalkos Exploration Canada Exploration 1% NSR 96 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR 97 Moore Lake Denison Mines Canada Exploration 2.5% NSR 98 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals 99 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other 100 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 101 Pandora Agnico Eagle Canada Exploration 2% NSR on all metals 102 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR 103 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals 104 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR 105 Preissac Sphinx Resources Canada Exploration 2% NSR 106 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR 107 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals 108 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR 109 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals 110 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR 111 San Juan Azure Minerals Mexico Exploration 2% NSR 112 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals 113 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag 114 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag) 115 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals 116 South Crofty Strongbow Exploration United Kingdom Exploration 1.5% NSR 117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR 118 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR 119 Swedish Properties Erris Resources Sweden Exploration 1% NSR 120 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR 121 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals 122 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals 123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 30
  • 31.
    ASSET NAME OPERATORCOUNTRY STATUS DESCRIPTION 124 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR 125 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 126 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI 127 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals 128 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 129 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals 130 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals 131 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals 132 Waihi West Antipodes Gold New Zealand Exploration 2% NSR 133 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg 134 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR 135 Whistler GoldMining United States Exploration 2.75% NSR 136 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST 31