1. Gold equivalent ounces includes NSR royalties in gold, silver and other cash royalties and the silver stream. Silver was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Offtake agreements were converted using the financial settlement equivalent divided by the average gold price for the period. Cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. Refer to the portfolio of royalty and stream interests section of the most recent MD&A for average metal prices used. JA

N-20

19

THE WORLD’S PREMIERGROWTH-ORIENTEDROYALTY COMPANY

NYSE & TSX | ORwww.osiskogr.com

Osisko is a world-class precious metals royalty and streaming company

Leading & unparalleled growth profile

Leading & highest margins in the sector- Over 87% cash margins expected in 2018

Investment portfolio in publicly held resource companies as part of its accelerator model:

- 16.7% interest in Osisko Mining Inc.- 32.3% interest in Barkerville Gold Mines Ltd.- 17.8% interest in Falco Resources Ltd.- 10.6% interest in Osisko Metals Inc.- 15.5% interest in Victoria Gold Corp.

HIGHESTGROWTH INTHE GOLDROYALTYSECTOR

UNIQUESTRATEGY OF

VALUE CREATION

DIVIDEND YIELD~1.6%

+130 ASSETS

4 KEY ASSETS

19 PRODUCINGASSETS

PRECIOUSMETAL &

AMERICASFOCUSED

CCanadian Malartic (5% NSR)Canada's largestgold mine

ÉÉléonore (2-3.5% NSR)Long-life gold mine

RRenard (9.6% Diamond Stream)Québec's firstdiamond mine

MMantos (100% Ag Stream)Large Cu mineundergoing expansion

CORNERSTONE ASSETSIN TOP JURISDICTIONS

QUALITY CASH FLOWING ASSETS

- KWALE 1.5% GRR- MATILDA 1.65% Au Stream

Cornerstone Assets in Top Jurisdic�onsOther Cash Flowing Assets

BRAUNA1% GRR

SAN RAMON51% Au O�ake

MANTOS100% Ag Stream

BALD MOUNTAIN1-4% NSR

PARRAL100% Au, Ag O�ake

RENARD9.6% Diamond Stream

ÉLÉONORE2-3.5% NSR

CANADIAN MALARTIC5% NSR

GIBRALTAR75% Ag Stream

SEABEE3% NSR

VEZZA5% NSR40% NPI

ISLAND GOLD1.38-2.55% NSR

PAN MINE4% NSR

- SASA 100% Ag Stream

NORTHAMERICA

SOUTHAMERICA

OTHERS

This document may include certain “forward-looking statements”. All statements other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Osisko Gold Royalties Ltd. (“the Company”) , are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. These statements reflect the

current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements contained in this presentation are qualified by these cautionary statements and the risk factors described above. Furthermore, all such statements are made of the date this document is created.

An investment in the Company is speculative due to the nature of the Company's business. The ability of the Company to carry out its growth initiatives as described in this document is subject to risk factors which are described in more detail in the Company’s Annual Information Form filed with the securities commissions or similar authorities in certain of the provinces of Canada. Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. Investors and others who base themselves on the Company's forward-looking statements should carefully consider such risk factors as well as the uncertainties they represent and the risk they entail. The Company also cautions readers not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Forward Looking Statements

Head office 1100, av. des Canadiens-de-Montréal, Suite 300, P.O. Box 211, Montreal, Qc H3B 2S2 Tel: 514.940.0670 Fax: 514.940.0669 info@osiskogr.com

SIGNIFICANT GROWTH PIPELINEGold Equivalent Ounces (k oz)

STRONG BALANCE SHEET

GROWTH STRATEGY: INVESTING IN THE TROUGHS & MOVING ASSETS ALONG THE CURVE

C$1.85 BMarket Cap as at 01/16/19

C$0.05/shQuarterly Dividend

155.6 MShares Outsanding

C$14.85-C$9.27US$12.04-US$7.00

C$364.5 M Fair Value of Invest. Portfolio (09/30/18)

+C$1 BILLION In Cash , Credit and Investments

OSISKO IS UNIQUELY POSITIONEDAS THE GROWTH ROYALTY COMPANY

12,49930,588

38,27058,933

77,500to

82,500

2014 2015 2016 2017 2018 Guidance

At87% Cash Operating

Margin

52 WeekH/L

EARLY OPPORTUNITIES

Funding exploration Early money in Obtain future rights to

project financing Hybrid equity/royalty

structure

Windfall

Cariboo

Horne 5

DEVELOPMENT OPPORTUNITIES

Funding studies/ construction

Last money in Secured royalty/stream

(milestone-based funding)

PRODUCING OPPORTUNITIES

Funding debt refinancing/M&A

Secured royalty/stream Lowest risk part of the

curve

Eagle

Horne 5

Back Forty

VVaalluu

ee

TTiimmee

SHARE BUYBACKPROGRAM TO

REPURCHASE UPTO C$100 M IN

OSISKO SHARES

OVER $1 B IN CASHRESOURCES, CREDIT

FACILITY ANDINVESTMENTS

IN EQUITIES

Gibraltar

Orion Portfolio

Renard