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Osisko Gold Royalties Ltd - October 2024
The document discusses Osisko Gold Royalties Ltd's forward-looking statements regarding its operations, potential growth, and various risk factors associated with its mining assets. It emphasizes the company's strong portfolio, including a 5% NSR royalty on Agnico Eagle's Canadian Malartic complex, and outlines its commitment to sustainable practices alongside financial performance metrics. Additionally, it highlights the importance of thorough due diligence and the compliance with Canadian securities laws in reporting mineral reserves and resources.
Osisko Gold Royalties Ltd - October 2024
- 1. SENIOR-QUALITY PORTFOLIO, LEADING GROWTHPOTENTIAL OCTOBER 2024
- 2. 2 FORWARD-LOOKING STATEMENTS Certain statementscontained in this presentation may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko’s assets (including increase of production), the revised 2024 guidance on GEOs and the 5-year outlook on GEOs included under “Guidance for 2024 and 5-Year Outlook” and other guidance based on disclosure from operators, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and revised guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under “Guidance for 2024 and 5-Year Outlook”, and no assurance can be given that the estimates or related revised guidance will be realized. Forward-looking statements 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 by statements that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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 or other uninsured risks; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing to Osisko or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko’s business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko’s Passive Foreign Investment Company (“PFIC”) status. The forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company’s ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this presentation are not guarantee of future performance and should not be unduly relied upon. In this presentation, Osisko relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this presentation. Osisko 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. The information related to mining operators provided in this presentation has been sourced from public disclosure. Inquiries regarding this presentation can be made to the senior management of Osisko. 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 described by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). In a number of cases Osisko has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. Mr. Guy Desharnais, PhD., P.Geo., is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Desharnais is an employee of Osisko Gold Royalties and is non-independent. CAUTIONARY STATEMENTS
- 3. Senior-quality precious metalportfolio 20 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle’s Canadian Malartic Complex(ii) Peer-leading organic growth profile Attributable GEO1 delivery growth of ~40% based on Osisko’s current 5-year outlook (2028e) Highest concentration of assets in low-risk Tier-1 mining jurisdictions(iii) Current production and development project pipeline Strong balance sheet & disciplined capital allocation strategy +C$705 million in available liquidity as of June 30, 2024 - between cash and undrawn revolving credit facility (incl. C$200 million accordion) SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL TSX | NYSE: OR +185 royalties, streams and offtakes C$4.6B market cap (~US$3.4B) 1.27x Consensus P/NAV3 78% GEOs from ‘Tier 1’ Mining Jurisdictions(ii) (2023) 97% cash margin business2 1.04% dividend yield 3 Note: Market capitalization, dividend, and P/NAV as at market close on September 27, 2024 (i) Includes G Mining Ventures Corp.’s Tocantinzinho (TZ) mine, and Agnico Eagle Mines Ltd.’s Akasaba West satellite mine at Goldex (ii) Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty (iii) vs. precious metals royalty & streaming peers; ‘Tier-1’ mining jurisdictions defined as: Canada, USA, Australia 77-83k 2024 GEO1 Delivery Guidance C$187M 2023 CFO (~US$140M)
- 4. 4 ROYALTY & STREAMINGMODEL KEY BENEFITS Highly efficient and scalable business model Significant asset and cash-flow diversification No direct capital, operating or exploration cost exposure Insulated from inflationary cost pressures Optionality to exploration success, mine life extensions and expansions High margins provide sustainable cash-flow generation and shareholder returns throughout the commodity cycle Leverage to precious metals prices CORE BENEFITS OF THE ROYALTY & STREAMING BUSINESS MODEL
- 5. COMMITTED TO SUSTAINABILITY OSISKO’SESG STRATEGY COMMITS TO UPHOLD SUSTAINABLE BUSINESS PRACTICES AND GROW RESPONSIBLY Five Key Components Underpinning ESG Strategy: CLIMATE CHANGE Conduct business in a way that protects the environment and, where possible, help our mining partners achieve climate- related goals DUE DILIGENCE Conduct extensive due diligence on investments to ensure adherence to responsible mining practices DIVERSITY, EQUITY & INCLUSION Foster an environment that prioritizes diversity, equity and inclusion HEALTH & SAFETY Encourage the health, safety, and well-being of all our employees SOCIAL CONTRIBUTIONS Support the communities that host our offices and partner assets 5 World Gold Council Member Sustainability Report Guided by GRI Sustainability Report Guided by SASB Rated “AA” by MSCI Ranked 6/120 within Precious Metals Industry + Recognized as ESG Regional Top Rated & ESG Industry Top Rated UN Global Compact Participant ISS ESG Corporate “Prime” Rating
- 6. 6 SHAREHOLDER RETURNS Q3/24 dividend ofC$0.065 per common share GROWTH 2028e outlook represents +40% growth over current 2024e guidance range of 77-83k GEOs PERFORMANCE 60,735 GEOs earned in first 9 months of 2024 at a cash margin of 96.8%1 (18,408 GEOs earned in Q3/24 at cash margin of 96.3%1) BUSINESS SIMPLIFICATION & IMPROVED CORPORATE GOVERNANCE Executing on re-alignment towards being a “pure-play” royalty & streaming company MATERIAL ACCOMPLISHMENTS & VALUE DRIVERS RECENT SELECT TRANSACTIONS NAMDINI NSR ROYALTY (2023) 1.0% Au NSR royalty acquired from Savannah Mining Limited for US$35M First gold production expected Q4/24 +C$115 MILLION OF REPAYMENT ON REVOLVING CREDIT FACILITY YTD IN 2024 CASCABEL GOLD STREAM (2024) US$225M total investment for a 6% Gold Stream until 225koz have been delivered (3.6% thereafter) US$10M due on closing (part of a total of US$30M for phased pre- construction funding) Syndicated US$750M transaction with FNV (Osisko at 30%) DALGARANGA GRR ROYALTY (2024) 1.8% GRR royalty acquired from Tembo Capital Management Mining Limited on Spartan Resources’ Dalgaranga Gold Project for US$44M First gold production expected 18-24 months 1.35% GRR royalty on proximal exploration licenses also acquired for US$6M
- 7. PRODUCING ASSETS INTERESTOPERATING PARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER 3 CSA 100% Ag & 3-4.875% Cu Streams METALS ACQUISITION LIMITED 4 ÉLÉONORE 2.2-3.5% NSR NEWMONT 5 SASA 100% Ag Stream CENTRAL ASIA METALS 6 SEABEE 3% NSR SSR MINING 7 GIBRALTAR 87.5% Ag Stream TASEKO MINES 8 ISLAND GOLD 1.38-3% NSR ALAMOS GOLD 9 PAN 4% NSR CALIBRE MINING 10 LAMAQUE 1% NSR ELDORADO GOLD 11 PARRAL 2.4% Au & Ag Streams GOGOLD RESOURCES 12 DOLPHIN TUNGSTEN 1.5% GRR GROUP 6 METALS 13 BALD MOUNTAIN 1-4% GSR KINROSS GOLD 14 FRUTA DEL NORTE 0.1% NSR LUNDIN GOLD 15 BRAUNA 1% GRR LIPARI MINERAÇÃO 16 SANTANA 3% NSR MINERA ALAMOS 17 ERMITAÑO 2% NSR FIRST MAJESTIC SILVER 18 MACASSA TH 1% NSR AGNICO EAGLE 19 TOCANTINZINHO 0.75% NSR G MINING VENTURES 20 AKASABA WEST 2.5% NSR (Partial Coverage) AGNICO EAGLE 7 PRECIOUS METALS FOCUS Q2 2024 GEOs BY COMMODITY LOW-COST MINES4 NPV BY CASH COST QUARTILE BEST-IN-CLASS PARTNERS PRODUCTION, DEVELOPMENT & EXPLORATION 98.4% 1.5% <0.1% PRECIOUS METALS DIAMONDS OTHER 81% 19% <50TH PERCENTILE >50TH PERCENTILE Assets undergoing expansion, extension or ramp-up 1 2 4 5 6 7 8 9 10 11 3 13 14 15 16 17 12 Total Assets Producing Asset 16 3 5 7 20 138 18 A HIGH-QUALITY PORTFOLIO 19 20
- 8. 8 HIGHEST EXPOSURE TOTIER 1 MINING JURISDICTIONS(i) vs. PEERS Data Source: Canaccord Genuity Capital Markets Precious Metals Research, July 2024 (i) Canada, USA, Australia 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% OR TFPM RGLD FNV WPM SAND NAV % Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions
- 9. Flagship royalty onCanada’s 2nd largest operating gold mine Average of ~580koz Au produced annually over 2023 - 2028 from Barnat Pit and Odyssey Underground (open pits are exhausted by 2028)5 Underground steady state production plan of 500- 600koz of gold per year starting in 2028 once shaft access is complete5 Current mine plan from 2023 Internal Study extends to 2042 and only includes approximately 57% of the existing resource ounces6 Agnico is evaluating the potential of a series of mineralized veins collectively termed the “Odyssey internal zones” to provide additional feed to the processing plant in the near and medium term Odyssey internal zones indicate the potential to further increase production during the 2024-2029 transition period from combined open-pit and underground mining to 100% underground mining Studying potential to accelerate first underground production from East Gouldie into 2026 (from 2027) as ramp progress is ahead of schedule7 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – $0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. (February 2024) 9
- 10. Complex expected tohave ~40ktpd of excess mill capacity starting in 20287 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years8 A potential Shaft #2 could add ~15k GEOs to OR’s annual earned GEOs over and above the current mine plan, starting in the early 2030’s (and at no additional cost to OR)(i)8 Regional optimizations currently being studied for Wasamac (no OR royalty) with results expected in 20259 Recent exploration success east of East Gouldie: 4.5 g/t Au over 30.0m and 1,060m east of East Gouldie Mineral Reserves, and 3.1 g/t Au over 32.8m and 420m east of lower portion of East Gouldie Mineral Reserves9 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – $0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited 10 CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. (July 2024) (i) Projected GEOs estimated internally by Osisko Gold Royalties Ltd. based on publicly released information from the operator. Estimates based on the following assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6% overall gold recovery; and a 5% NSR Royalty rate10
- 11. Phase I expansion(MBCDP) commercial production achieved in December 202211 Processing rate increased to 7.3 Mtpa (from 4.2 Mtpa) & mine life extended to 203811 Plant & process bottlenecks worked through in 2023 & H1 202411 Phase I steady-state throughput of 20ktpd expected in H2 2024 with the final installation of additional key infrastructure in late July 202412 Annual silver production expected to average ~1.3Moz over the first five years of Phase I11 Feasibility study for Phase II Expansion to at least 27ktpd anticipated in 2025 to potentially further increase metal production12 The selected final pit was divided into operational phases, resulting in a total of eight phases to define the life-of-mine (LOM 2020)13 11 100% Silver Stream(i) Antofagasta, Chile | Capstone Copper Corp. (i) Osisko’s silver stream is on a 2-month lag; Osisko, through its wholly-owned subsidiary Osisko Bermuda Limited, owns a 100% silver stream on Mantos Blancos. Under the stream agreement, Osisko Bermuda will purchase 100% of payable silver produced at Mantos Blancos until 19.3 Moz have been delivered and 40% of payable silver thereafter for the remaining LOM. Source: Capstone Copper Corp. (November 2021) Mine phases for the LOM 2020. MANTOS BLANCOS
- 12. 100% Silver Stream+ 3.0-4.875% Copper Stream New South Wales, Australia | Metals Acquisition Limited CSA 12 Source: Metals Acquisition Limited (April 2024) High-grade underground copper mine in a Tier 1 mining jurisdiction with significant operating history14 April 2024 MRE Update:Mineral Reserve life increased +67% to 11 years (from 6 years, previously) based on lower cut-off grade (lower costs) and drilling completed up until August 202315 2023 Mineral Reserve only extends 95m vertically below the current decline position15 2024-2025 silver production from CSA to average ~518koz per annum (April 2024 life of mine plan), and copper production to average ~43ktpa (updated production guidance from April 2024)15 Effectiveeconomic date of the silver stream was February 1, 2023; Effective economic date of the copper stream is June 15th, 2024 with first deliveries received in July 202416 Minimum 6-year ROFR (as of June 15th, 2024) over future royalties / streams sold on any asset owned or purchased by MTAL16 Locationof the 2023 Mineral Reservecomparedto the 2022 Mineral Reserve
- 13. 6% Gold Stream(i)(ii)+ 0.6% NSR Royalty Imbambura, Ecuador | SolGold plc CASCABEL 13 Source: SolGold plc (April 2024) Long-life, tier-1(iii) copper-gold asset with attractive development economics Positive Pre-Feasibility Study completed in Q1 2024 estimates total production over an initial 28-year mine life of 2.9Mt Cu, 6.9Moz Au and 18.4Moz Ag17 Current mine plan only considers the exploitation of 18% of the Measured and Indicated Mineral Resources from the Alpala deposit17 Large land package with significant near-mine and regional exploration potential, including Tandayama-America deposit located directly north of Alpala11 Supportive government and local communities- Exploitation Contract signed with the Government of Ecuador on June 5, 2024 outlines the fiscal and legal frameworks for the development of Cascabel18 Partnership with Franco-Nevada on robust gold stream with phased investment as the project advances – complements Osisko’s existing royalty19 Average LOM stream deliveries to Osisko Bermuda ~12,000 GEOs per annum, including ~23,000 GEOs per annum for the first 10 years19 Gold stream includes adjustment mechanisms to preserve the economics in the event of changes to the scale of the project or timeline of development19 (i) Attributable basis - 6% gold stream until 225,000 oz are delivered, at which point the gold stream reduces to 3.6%. (ii) 100% basis (30% Osisko Bermuda Limited, 70% Franco-Nevada (Barbados) Corp.) – 20% gold stream until 750,000 oz are delivered, at which point the gold stream reduces to 12%. (iii) Please refer to SolGold plc’s press release titled “SolGold plc Key Financial Developments” and dated May 14, 2024 available on SolGold’s SEDAR+ profile at www.sedarplus.ca.
- 14. 1.8% GRR Royalty(+ 1.35% GRR Royalty on Proximal Exploration Licenses) Western Australia, Australia | Spartan Resources Limited DALGARANGA 14 Dalgaranga is located in Western Australia, one of the most prolific and well-established mining jurisdictions and is one of the best gold development and production re-start projects globally Dalgaranga, a recently mined open pit operation currently on care & maintenance, has been rejuvenated by very impressive new high-grade discoveries, most notably at the Never Never and Pepper deposits, which have shifted the focus towards ore extraction via underground mining methods The 2.5Mtpa Dalgaranga mill (gravity & CIL) is fully-permitted and the project has a clear path to near-term first gold with first production from underground likely re-commencing within the next 2 years20 High-grade discoveries at the Project continue to drive ongoing underground mineral inventory growth and a large +2,000km2 land package also provides exciting exposure to new discoveries in the prolific Murchison Gold District Spartan expects to complete a Mineral Reserve Estimate update and a Feasibility Study both within H1/25; the new underground mine plan will serve as the basis for Spartan’s Final Investment Decision to re-start operations21 Source: Spartan Resource Limited’s Diggers & Dealers Corporate Presentation – August 6th, 2024. Note: Some details have been excluded for regulatory and compliance
- 15. 89,367 94,323 Existing Assets + IslandGold Phase 3+ Namdini Tocantinzinho Windfall Hermosa (Taylor) Dalgaranga Marimaca Others Renard is Shut Down + Eagle Mine Suspended 15 This 2024outlook replaces the previous outlook (published on February 20, 2024); the 5-Year Outlook is unchanged. This outlook (published on February 20, 2024) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management’s best estimate. The 2024guidance uses current 2024 consensus commodity prices and a gold/silver price ratio of 83:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 76:1. Optionality bar is illustrative only: ‐ “Development” defined as partnerhaving at least completed a Preliminary Economic Assessment (or more) on the project; ‐ “Exploration” defined as partner having completed a Mineral Resource Estimate (MRE) on the project or is in the process of exploratory drilling in or to be working towards an initial MRE. 2022A 2023A Revised 2024E Guidance 77,000 - 83,000 120,000 - 135,000 Existing Assets + Akasaba West CSA Copper Stream(i) Tocantinzinho 2028E Outlook Nearer-Term & Longer-Term Optionality Expansions Odyssey Shaft #2 Mantos Blancos Phase II Others + Development Amulsar Costa Fuego Casino Cascabel Copperwood Hammond Reef Marban Alliance Spring Valley Upper Beaver White Pine North WKP Others + Exploration Altar AntaKori Corvette West Kenya Whistler Others (i) The commencement of deliveries from the CSA Copper Stream started on June 15th, 2024(economic effective date); first physical deliveries were received on July 7th, 2024. AN IMPORTANT PHASE OF GROWTH GUIDANCE AND 5-YEAR OUTLOOK22 (oz AuEq)
- 16. CANADIAN MALARTIC (Au) 3.0-5.0% NSR Main rampto East Gouldie ahead of schedule; evaluation to accelerate initial prod’n to 2026 (2024) Abitibi Optimization Canadian Malartic Complex & Wasamac (2025) CSA (Cu-Ag) 100% Ag + 3-4.875% Cu Streams Continued integration of exploration results into an improved MRE & LOM plan (H2 2024+) Physical Cu stream deliveries started July 2024; ongoing ramp-up of Cu stream deliveries (H2 2024) MANTOS BLANCOS (Cu-Ag) 100% Ag Stream Steady-sate operations for Phase I expanded throughput of 7.3Mtpa (H2 2024 onward) Phase II Feasibility Study (at least 27ktpd) for additional metal prod’n beyond Phase I expansion (2025) DALGARANGA (Au) 1.8% GRR(i) Updated Mineral Reserve Estimate and Feasibility Study (H1 2025) Final Investment Decision and Project Financing (2025) ISLAND GOLD / MAGINO (Au) 1.38-3.00% NSR Realizing on significant growth potential through ongoing exploration success at depth (2024) Annual increase in overall mined grades, and corresponding increase in production (2025+) NAMDINI (Au) 1.0% NSR Ongoing project construction milestones (H2 2024) First gold production (late 2024) and mine ramp-up (early 2025) WINDFALL (Au-Ag) 2.0-3.0% NSR Windfall EIA review process by the COMEX; awaiting final permitting (early 2025) Closing of Gold Fields’ acquisition of Osisko Mining; consolidating 100% of project (Q4 2024) Finalize Windfall IBA with Cree First Nation of Waswanipi and Cree Nation Government (2024) HERMOSA (Zn-Pb-Ag) 1.0% NSR Complete surface dewatering wells + main access/vent shaft (2024) Federal permitting process next steps; NOI to prepare an EIS by the USFS (H2 2024) TOCANTINZINHO (Au) 0.75% NSR Commercial production declared on Sept 3, 2024; first payment under royalty (Q4 2024) Ongoing mine ramp-up + exploration results (H2 2024); nameplate throughput (Q1 2025) SHAAKICHIUWAANAAN (Li) 2.0% NSR on Li PEA Released August 2024; Potential Feasibility Study (Q3 2025) Environmental field studies in preparation for ESIA submission (2024-2025) 16 KEY NEAR-TERM CATALYSTS11 (i) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027.
- 17. PINE POINT (Zn-Pb) 3.0% NSR Appianinvesting up to $108M, over four years, to earn up to 65% in Pine Point (2024 onwards) Updated MRE announced June 25, 2024; Final trade-off studies & start of Pine Point FS (H2 2024) COSTA FUEGO (Cu-Au-Ag) 1.0% Cu + 3.0% Au NSRs MRE Update after ongoing 30,000m drill program (2024) Pre-Feasibility Study (H2/24) and Delivery of Costa Fuego EIA (Q4 2024) CASCABEL (Cu-Au-Ag) 0.6% NSR + 6% Au Stream(i) PFS now complete; technical work to further advance and de-risk Cascabel (2024) Ongoing advancement and potential conclusion of Strategic Review process (2024-2025) MARIMACA (Cu) 1.0% NSR MOD Definitive FS (H2/24) – targeting 50-60ktpa Cu production vs. 36ktpa in PEA Final metallurgical program & anticipated project permitting submission preparation (Q1-Q3 2024) AKASABA WEST (Au) 2.5% NSR (Partial Coverage) Achieved commercial production + expected to provide ~1,500tpd to Goldex Mill (+12koz of gold per annum) (2024); first payment received in July of 2024 Improving mill recoveries by optimizing blending through LaRonde mill (H2 2024) UPPER BEAVER (Au-Cu) 2.0% NSR Upgrade of the access road to the site, site surface preparation, construction of site facilities and excavation of the shaft collar (2024-2025) Excavation of the ramp and shaft sinking for project de-risking/bulk samples (H2 2025) CARIBOO (Au) 5.0% NSR EA Certificate received in Q4/23; awaiting final permitting (Q4 2024) Completion of technical de-risking initiatives, Updated FS, and Project Financing (H1 2025) WHITE PINE NORTH & COPPERWOOD (Cu-Ag) 1.5% Cu + 11.5% Ag NSRs WPN: JV spending ~$30M on drilling for test work; working towards permitting and FS (2024) C: FS optimizations and advancement towards construction (2024) C: Ongoing clarity on transfer of funds re: US$50M grant from MEDC’s SSRP (2024-2025) CASINO (Cu-Au-Ag) 2.75% NSR Ongoing partnership with Rio Tinto & Mitsubishi Materials in evaluation of Casino (2024+) Submission of ESE Statement to YESAB followed by approval & YESAB Panel appointment (2025) WHAREKIRAUPONGA (WKP) (Au) 2.0% NSR Approval for Waihi North/WKP under New Zealand's new “fast-track” consenting regime (2024) Pre-Feasibility Study results (2024-2025) 17 KEY NEAR-TERM CATALYSTS11 (i) Attributable basis - 6% gold stream until 225,000 oz are delivered, at which point the gold stream reduces to 3.6%.
- 18. 18 ZERO-COST UPSIDE TOEXPLORATION SUCCESS ON ASSETS THAT MATTER AVERAGE OF OVER 1.19 MILLION METERS DRILLED/YEAR ON SHARED PROPERTIES SINCE 2019 AT NO ADDITIONAL COST TO SHAREHOLDERS SIGNIFICANT GROWTH IN HIGH MARGIN, PROVEN & PROBABLE OUNCES – RESULTING IN A LONG LIFE OF ATTRIBUTABLE “RESERVE” GEOs 1.01 0.97 1.58 1.29 1.11 2019 2020 2021 2022 2023 DRILLING COMPLETED ON OSISKO PROPERTIES BY OPERATING PARTNERS11 (million meters) GROWTH IN OSISKO’S ATTRIBUTABLE RESERVES23 (koz Au) 89 1,917 94 2,797 3,346 Deliveries (koz) Proven & Probable (koz) (exclusive of +20% Attributable P&P (koz) GEO Deliveries (koz) 2024 (ACQUIRED) 2023 2024 2022 GROWTH (2023-2024) 241
- 19. 19 BALANCE SHEET ITEMSSeptember 30, 2024 Cash (C$ M) $58.5 Investments(i) (C$ M)24 $178.2 Debt (C$ M) $80.7 Basic Shares Outstanding (M) 186.3 CREDIT FACILITY(ii) (C$ M) As at September 30, 2024 FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH BALANCE SHEET STRENGTH �469 �81 �200 UNDRAWN DRAWN ACCORDION (UNCOMMITTED) AVAILABLE CREDIT: $669 M25 (i) Investments as of June 30, 2024 (ii) Revolving credit facility maturity date recently extended to April 30, 2028
- 20. 20 EQUITY PORTFOLIO BREAKDOWN �85.0| 39.0% OWNERSHIP �74.9 | 5.4% OWNERSHIP �18.3 (C$ M) - As at June 30, 2024 EQUITY PORTFOLIO COMPRISED PRIMARILY OF TWO MATERIAL HOLDINGS OTHERS MARKET VALUE: $178.224 ASSETS INTEREST CARIBOO (Au) 5.0% NSR ROYALTY TINTIC (Au, Ag, Cu) 2.5% METALS STREAM SAN ANTONIO (Au, Ag) 15% STREAM ASSET INTEREST CSA (Cu, Ag) 100% Ag STREAM + 3-4.875% Cu STREAM
- 21. �340 �131 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 5-Year Average (2019-2023) �471 21 CASHRETURNED TO SHAREHOLDERS PER GEO26 (US$ per oz AuEq) Buybacks (NCIB) per GEO(i) Dividend per GEO(i) Weighted Average Gold Price (AGP)(i),(ii) FOCUSED ON RETURNS TO SHAREHOLDERS 27% OF EVERY GEO EARNED OVER PAST 5 YEARS USED FOR DIVIDENDS AND BUYBACKS 21 �1,749 C$292 million returned to shareholders in dividends as of July 15, 2024 Q2/24 quarterly dividend of C$0.065 per common share (8.3% increase) Current Dividend yield of 1.04% A total of 8.0 million shares repurchased (C$103.4 million) since the company’s inception A HIGH-MARGIN BUSINESS RETURNING CAPITAL ACROSS COMMODITY CYCLES (i): Share buybacks and dividend per GEO calculated using annual average USD:CAD FX rates of 1.3268 for 2019; 1.3409 for 2020; 1.2537 for 2021; 1.3017 for 2022; and 1.3496 for 2023. (ii): Represents the average of annual average gold prices for the years 2019 to 2023. This calculation uses GEOs produced in each respective year as the weighting for the calculation.
- 22. �0.33 �0.51 �0.38 �0.52 �0.66 �0.70 �0.91 �0.97 �1.01 OPERATING CASH FLOWPER SHARE27 (C$/sh) Royalty and stream segment only �10.99 �11.80 �11.98 �10.95 �11.99 �15.49 �15.20 �14.82 �16.88 22 A HISTORY OF STRONG GROWTH GOLD EQUIVALENT OUNCES (koz) CONSENSUS NAV PER SHARE28 (C$/sh) As at December 31 of given year 19 16 15 21 17 18 20 22 23 COVID Impacted 58.9 30.6 38.3 80.6 78.0 66.1 80.0 89.4 94.3 19 16 15 21 17 18 20 22 23 19 16 15 21 17 18 20 22 23
- 23. UNLOCKING VALUE SENIOR-QUALITY PORTFOLIO WITH HIGH REPLACEMENT VALUE ACTIVE TRANSACTION MARKETFOR NEW GROWTH OPPORTUNITIES PROLONGED PERIOD OF GROWTH FROM ASSETS ALREADY PAID-FOR LOW-RISK PRECIOUS METALS EXPOSURE TO ‘TIER 1’ MINING JURISDICTIONS(i) 23 EXISTING ASSET NAV EXPECTED TO GROW, AS WELL AS RE- RATE (i) Canada, USA, Australia 22.2x 19.7x 16.7x 14.0x 12.7x 12.5x WPM FNV OSISKO TFPM RGLD SSL OSISKO EV/2025E EBITDA3 2.10x 1.86x 1.81x 1.37x 1.18x 0.96x WPM FNV RGLD TFPM OSISKO SSL OSISKO CONSENSUS P/NAV3 76% 87% 56% 71% 63% 89% Percentage of NAV in production4
- 24.
- 25. ADDITIONAL KEY PRODUCINGASSETS Gold production from Éléonore totaled 217 koz and 232 koz in 2022 and 2023, respectively34 2023 production was impacted by ~ 6-week wildfire-related evacuation of the mine11 Gold production guidance for 2024 set at 270koz Au 35 As part of Newmont’s portfolio optimization initiatives, the company is seeking to divest six non-core assets; Éléonore is included on this list35 Operations were suspended in late June 2024 after a heap leach pad failure occurred; production remains suspended29 A default under the Eagle Royalty Agreement dated April 13, 2018, was triggered and consequently, Osisko provided a Notice of Default to Victoria on July 4, 202431 A full non-cash impairment loss of C$67.8 million based on management’s assessment of the current situation & outlook32 In August 2024, the Ontario Superior Court of Justice appointed PwC as receiver and manager of all the assets, undertakings and property of the Victoria Gold Corp33 EAGLE (SUSPENDED) 5% NSR Royalty Yukon, Canada | Victoria Gold Corp. ÉLÉONORE 2.2-3.5% NSR Royalty Québec, Canada | Newmont Corporation . March 2024: Alamos announced friendly acquisition of Argonaut Gold Inc. and the Magino gold mine immediately adjacent to Island Gold39 Previously planned Phase 3+ mill expansion construction work no longer required following acquisition of the 10ktpd Magino mill, located 2.0km from the Island Gold shaft39 Small fraction of the eastern limit of the Magino pit is covered by a 3% NSR royalty; production expected in 203011 2024 Island Gold production guidance range of 145 -160koz gold due to higher grades; Island grades are expected to increase further into 2025 and beyond40 Proven and Probable reserves recently increased 40% to 706Mt grading 0.25% copper41 Taseko announced signing of a definitive agreement to purchase Sojitz’s 12.5% effective interest in Gibraltar for a minimum of $60M over a five-year period42 Amendments completed to increase the effective stream percentage by 12.5% to 87.5%; in addition, the step-down delivery threshold was extended resulting in an additional ~+1.5Moz silver to Osisko at the tail end of the LOM43 An updated mine plan announced in March 2023 extended mine life to 2039 based on currently defined reserves and resources37 In H2/22, Sasa began transitioning from sub-level caving to cut & fill mining, and long-hole stoping w paste backfill38 During H1/24, new paste backfill plant operated consistently; he first long-hole stopes have also been put into production, and additional stopes will follow during H2/24 & 202538 2024 guidance trending towards lower end of tight range, similar to 202338 ISLAND GOLD / MAGINO 1.38%-3% NSR Royalty Ontario, Canada | Alamos Gold Inc. GIBRALTAR 87.5% Silver Stream British Columbia, Canada | Taseko Mines Limited SASA 100% Silver Stream North Macedonia | Central Asia Metals plc 25 SEABEE 3.0% NSR Royalty Saskatchewan, Canada | SSR Mining Inc. . Throughout its 30-yr operating history, Seabee has consistently replenished its Au reserves; ongoing exploration initiatives aim to ensure more of the same11 With increased contribution from medium-grade Gap Hanging Wall area, SSR Mining expects mine grades to be aligned with mineral reserve grades and drive annual run rate gold production of ~75,000 oz over the next 5-yr period (from 2024 onward; 90,000 oz produced in 2023)36 2024 gold production guidance range of 75-80koz Au36
- 26. SUPPORTIVE SHAREHOLDERS EXTENSIVEANALYST COVERAGE 26 (Verbena Value Capital Partners)
- 27. 27 ENDNOTES 1. Gold equivalentounces (“GEOs”) are calculated on a quarterly and half-yearly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver or copper price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of Osisko Gold Royalties’ MD&A for three and six months ended June 30, 2024 and published on August 6, 2024. 2. 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 (excluding depletion) from the revenues. Please refer to the non-IFRS measures provided under the Non-IFRS Measures section of the Osisko Gold Royalties Ltd’s press release titled “Osisko Announces Q2 2024 GEO Deliveries, Record Cash Margin and Select Asset Updates” and dated July 8, 2024. A cash margin of 96.6% was reported for the three months ended June 30, 2024; https://osiskogr.com/en/osisko-announces-q2-2024-geo-deliveries-record-cash-margin-and-select-asset- updates/. 3. Broker research, as at market close on September 27, 2024. 4. Refer to "The Royalty Rundown: Precious Metals Streaming Quarterly Review – Q2/24" published by Scotiabank GBM Precious Metals Research on June 26, 2024. 5. Refer to Agnico Eagle Mines Ltd.’s press release titled “Agnico Eagle Provides Update on Canadian Malartic Complex – Internal Study Demonstrates Improved Value, Extends Mine Life, and Supports Potential Future Production Growth in the Abitibi Greenstone Belt; Positive Exploration Results Expected to Result in Increased Mineral Reserves and Mineral Resources; Additional Property Scale Targets Being Evaluated” and dated June 20, 2023. 6. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Fourth Quarter and Full Year 2022 Results – Larger Asset Portfolio Derive Record Annual Gold Production, Operating Cash Flows and Global Mineral Reserves; Updated Three Year Guidance Provided; 2023 Focus on Optimizing Detour Lake and Canadian Malartic and Leverage Excess Mill Capacity in the Abitibi Region to Advance Key Pipeline Projects” and dated February 16, 2023. 7. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Fourth Quarter and Full Year 2023 Results – Record Quarterly and Annual Gold Production and Free Cash Flow; Record Mineral Reserves Increased 10.5%; Updated Three-Year Guidance” and dated February 15, 2024. 8. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Second Quarter 2024 Results – Third Consecutive quarter of Record Free Cash Flow Underpinned by Consistent, Strong Operational and Cost Performance; Upper Beaver Project Study Shows Solid Risk-Adjusted Returns” and dated July 31, 2024. 9. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports First Quarter 2024 Results – Strong Quarterly Gold Production and Cost Performance Drive Record Quarterly Free Cash Flow; 2023 Sustainability Report Released” and dated April 24, 2024. 10. Refer to Agnico Eagle Mines Ltd’s corporate presentation titled “TD Securities Mining Conference January 25-26, 2023” (“Production estimate is based on the assumption of a second shaft at 10,000 to 15,000 tpd and a grade of 2.5 to 2.75 g/t”) https://s21.q4cdn.com/374334112/files/doc_presentations/2023/AEM-TD- Securities-Mining-Conference-JANUARY-2023.pdf 11. Sourced from operator. 12. Refer to Capstone Copper Corp’s press release titled “Capstone Copper Report Second Quarter 2024 Results” and dated August 1, 2024. 13. Sourced from: CAPSTONE MINING CORP. MANTOS BLANCOS MINE NI 43-101 TECHNICAL REPORT, ANTOFAGASTA, CHILE Effective Date: 29 November 2021; https://capstonecopper.com/wp-content/uploads/2023/01/MB-Technical-Report-Final-Jan-5-2022.pdf 14. Sourced from: https://www.researchgate.net/publication/349942804_A_mineral_system_model_for_Cu-Au-Pb-Zn-Ag_systems_of_the_Cobar_Basin_central_Lachlan_Orogen_New_South_Wales_A_mineral_system_model_for_Cu-Au-Pb-Zn-Ag_systems_of_the_Cobar_Basin_central_Lachlan_Orogen_ 15. Refer to Metals Acquisition Limited’s press release titled “Metals Acquisition Limited Announces Updated Resource and Reserve Statement and Production Guidance” and dated April 22, 2024. 16. Refer to Osisko Gold Royalties press release titled “Osisko Announces Closing of CSA Stream Transactions” and dated June 16, 2023. 17. Refer to SolGold plc’s press release titled “SolGold plc Announces Successful Completion of New Cascabel Pre-Feasibility Study with Significantly Reduced Initial Capital Cost and 24% Internal Rate of Return” and dated February 16, 2024. 18. Refer to SolGold plc’s press release titled “SolGold plc Exploitation Contract for Cascabel Project” and dated June 6, 2024. 19. Refer to Osisko Gold Royalties Ltd’s press release titled “Osisko and Franco-Nevada Acquire Gold Stream on SolGold’s Cascabel Project” and dated July 11, 2024. 20. Refer to Osisko Gold Royalties Ltd’s press release titled “Osisko Announces Agreement to Purchase Royalties on Spartan Resources’ Dalgaranga Gold Project in Western Australia” and d dated September 30, 2024. 21. Refer to Spartan Resources Limited’s press release titled “Dalgaranga Gold Project – Exploration Update: “Belt-Scale Potential Confirmed as Pepper Grows Rapidly and New Discoveries Emerge” and dated September 24, 2024. 22. Refer to Osisko Gold Royalties’ MD&A for the three and six months ended June 30, 2024, and published on August 6, 2024. 23. Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While Osisko believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which Osisko holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying Osisko’s royalties, streams, or other interests, this may result in a material and adverse effect on Osisko’s profitability, results of operations, financial condition, and the trading price of Osisko’s securities. The Mineral Resources disclosed are based on the best available information as of April 22, 2024. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 4, 2024. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve. Detailed Resource and Reserve estimation and applicable royalty or stream interests can be found at www.osiskogr.com. 24. The market value corresponds to the quoted price of the investments (including Osisko Gold Royalties’ position in Osisko Development Corp.) in a recognized stock exchange as at March 31, 2024. 25. Including the C$200 million accordion, which is uncommitted and subject to acceptance by the lenders. 26. Dividend per GEO is calculated by dividing total dividends declared per year (CAD$) by the total number of GEOs earned per year. Buybacks per GEO is calculated by dividing total share buybacks per year (CAD$) by GEOs earned per year. 27. Operating cash flow per share is calculated by dividing net cash flows provided by operating activities from the royalties, streams and other interests segment for the year by the average number of basic common shares outstanding for the year. 28. Analyst consensus NAV per share as at December 31st of given year. Historic data retrieved from FactSet on July 10, 2024. 29. Refer to Victoria Gold Corp’s press release titled “Victoria Gold: Eagle Gold Mine Heap Leach Pad Incident” and dated June 24, 2024. 30. Refer to Victoria Gold Corp’s press release titled “Victoria Gold Provides Update on Eagle Gold Mine Incident” and dated July 12, 2024. 31. Refer to Osisko Gold Royalties Ltd’s press release titled “Osisko Announces Q2 2024 GEO Deliveries, Record Cash Margin and Select Asset Updates” and dated July 8, 2024. 32. Refer to Osisko Gold Royalties’ MD&A for three and six months ended June 30, 2024 and published on August 6, 2024. 33. Refer to Victoria Gold Corp’s press release titled “Victoria Gold Announces Appointment of Receiver over Victoria Gold Corp.” and dated August 14, 2024. 34. Refer to Newmont Corporation’s “Newmont 2023 10-K: ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for Fiscal Year Ended December 31, 2023” and dated February 22, 2023. 35. Refer to Newmont Corporation’s press release titled “Newmont Reports Fourth Quarter and Full Year 2023 Results; Provides 2024 Outlook for Integrated Company” and dated February 22, 2024. 36. Please refer to SSR Mining Inc.’s press release titled “SSR Mining Reports Fourth Quarter and Full-Year 2023 Results” and dated February 27, 2024. 37. Refer to Central Asia Metals PLC’s press release titled “2022 Full Year Results” and dated March 29, 2023. 38. Refer to Central Asia Metals PLC’s press release titled “Central Asia Metals PLC Q3 2024 Operations Update” and dated October 9, 2024. 39. Refer to Alamos Gold Inc’s press release titled “Alamos Gold Announces Phase 3+ Expansion of Island Gold to 2,400 tpd, Driving a Larger, More Profitable Operation with Average Annual Gold Production of 287k oz, Industry Low All-in Sustaining Costs of $576/oz, and a 31% Increase in 40. Refer to Alamos Gold Inc.’s press release titled “Alamos Gold Provides Updated Three-Year Production, Operating and Capital Guidance” and dated September 12, 2024. 41. Refer to Taseko Mine’s Limited press released titled “Taseko Announces a 40% Increase in Gibraltar Proven and Probable Reserves” and dated March 30, 2022. 42. Refer to Taseko Mine’s Limited press released titled “Taseko Signs Definitive Agreement to Acquire 12.5% Interest in Gibraltar Copper Mine” and dated February 22, 2023. 43. Refer to Osisko Gold Royalties’ press release titled “Osisko Announces Gibraltar Silver Stream Amendments” and dated June 29, 2023.