THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY …...EUROPEAN GOLD FORUM 2018 APRIL 17-19, 2018. ......

THE WORLD’S PREMIERGROWTH-ORIENTED ROYALTY COMPANY

EUROPEAN GOLD FORUM 2018

APRIL 17-19, 2018

Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All statements in this presentation, other than statements of historical fact,that address future events, developments or performance that Osisko Gold Royalties Ltd (the "Corporation” or “Osisko” ) expects to occur, including managements’ expectations regarding the Corporation’s growth, results of operations,estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production costs and revenue, future demand for and prices of commodities,business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions will be realized. Forward looking statements arestatements 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 MineFinance 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 forecastsfor 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 statementsinvolve 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 theactual 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 supportthe 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; theability 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; risksrelated 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 forecastsby 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 orother 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 locatedor 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 toacquire 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 disclosuresmade 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 theCorporation 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 atwww.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 hereinshould 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 assurancecan 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. TheCorporation 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 mineralproperties 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 aregoverned 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 reportingstandards 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 reportestimates 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 resourcesunder 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 ofMeasured 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 legalfeasibility, 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 orother 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 anemployee of Osisko Gold Royalties and is non-independent.

Forward Looking Statements

2

http://www.sedar.com/

3

LEADING & UNPARALLELED GROWTH PROFILEGrowing GEOs from 80k oz in 2018 to over 150k oz within the next 5 years

LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOROver 87% Cash Margins expected in 2018

SIGNIFICATION EXPLORATION UPSIDE~2.5 million meters of drilling announced on our royalty properties since 2016

EXPERIENCED AND PROVEN MANAGEMENT TEAMGlobal Exploration and Mine Building Capabilities In-House

TRADING AT A DISCOUNT TO PEERS

Why Osisko?

4

Osisko’s Business Model

CAPITAL & HUMAN RESOURCES

DEPLOYMENT

TRADITIONAL ROYALTY& STREAMING BUSINESS ACCELERATOR BUSINESS

ORION PORTFOLIO | ~C$1.1B BACK FORTY STREAM | ~C$70M GIBRALTAR STREAM | ~C$50M

OSISKO MININGDeveloping high grade resource in Québec FALCO RESOURCES

Completed feasibility study and advancing development BARKERVILLE

Recording solid exploration results and commencing small-scale mining OSISKO METALS

Creation of new vehicule focused on base metals, recently acquired Pinepoint mining camp

75% 25%

ACH

IEVE

MEN

TS

EAGLE ROYALTY | ~C$98M

2017

2018

5

Tier 1 Jurisdictional Focus – Safe & Stable Asset Base

9

2

3

13

5

Represents total royalty/streaming assets

104

6

Quality Cash Flowing Assets – Strong North American Focus

7

Significant Growth Pipeline & Future Optionality

DOUBLING GEOs WITHIN 5 YEARS AT NO ADDITIONAL COST TO OSISKO

GEOs (k oz)

Dotted box represents contribution from Brucejack stream if not bought-back by the operator

Optionality

1. Refer to February 20, 2018 press release.

Marban NSR Upper Beaver NSR Highland Copper NSR Casino NSR Ollachea NSR Yenipazar Offtake Spring Valley NSR Pan NSR Nimbus Offtake Tijirit NSR

AND PORTFOLIOOF OVER 100 ADDITIONAL ROYALTIES

Source: Osisko management estimates.

77,500 - 82,500

130 - 140

160 - 170

2018 2020E 2023E

19

21

1

Amulsar Stream & Offtake Back Forty Stream Lamaque NSR Brucejack Stream

& Offtake Victoria NSR

Cariboo NSR Windfall NSR Horne 5 NSR Hermosa NSR

+Acce

lera

tor C

ompa

nies

8

GEO Production and Guidance (k oz) – Portfolio of New Mines

1. Royal Gold does not provide 2018 production guidance. Using consensus estimates instead. Calendarizing production and margin – fiscal year end is June 30th.2. Using consensus long-term gold and silver prices to calculate 2018 gold equivalent production guidance for WPM

38

59

80

0

25

50

75

100

2016A 2017A 2018E

OSISKO GOLD ROYALTIES

GEO

(k o

z)

200

300

400

500

2016A 2017A 2018E

Franco-Nevada

GEO

(k o

z)

225

275

325

375

2016A 2017A 2018E

Royal Gold1

GEO

(k o

z)

600

650

700

750

800

2016A 2017A 2018E

Wheaton Precious Metals2

GEO

(k o

z)

9

Osisko Trading at Discount to Peers

1.9x 1.9x1.5x

1.1x

Franco-Nevada Royal Gold Wheaton Precious Metals Osisko Gold Royalties

Consensus P / NAV

$0.00

$3.00

$6.00

$9.00

$12.00

$15.00

$18.00

$21.00

Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18

Shar

e Pr

ice

& C

onse

nsus

NAV

PS (C

$)

ConsensusNAVPS

Share Price

Gold Price(Indexed)

101. Osisko 2017 gross margin is based on cost of sales over sales (excluding offtakes). Consensus estimates.

2017 Gross Margin (%)

92.0%

81.7%79.0%

70.6%

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

Osisko Gold Royalties Royal Gold Franco-Nevada Wheaton Precious Metals

LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR

Source: Research reports and Osisko management estimates. 11

LOW RISK PORTFOLIO

75 %

Canada75%

U.S.9%

Chile8%

Other 8%

Royalty Dominant Portfolio

12Source: Research reports.

Consensus NPV by TypeConsensus NPV by Stage

Consensus NPV by MetalConsensus NPV By Geography

Production60%Development

23%

Construction/Ramp-Up 17%

Royalty51%

Stream47%

Offtake 2%

Gold62%

Silver22%

Diamond12%

Other 4%

ZERO-COST GOLD

4% Au, Ag STREAMS, 50% offtake

First gold pour on June 20, 2017 95.8% gold recovery rate in Q4 2017 Steady state gold production to be

achieved mid-to-late 2018 First year ramp-up total gold

production is forecasted to be 302-352 Koz

9.6% DIAMOND STREAM Fourth quarter production of 398

kcarats – in line with guidance 1.6 mcarats to be produced in

2018 50% of steel erection for ore-

waste sorting facility completed in December

5% NSR Record annual production and mill

throughput The Barnat extension continues to

progress on schedule Exploration programs are ongoing

to evaluate a number of near pit/underground targets

2.2 - 3.5% NSR Improved average recovery by

1.5% in 2017 7% increase in volume of ore

milled for 2017 305 Koz of gold produced in 2017

compared to 275 Koz in 2016

SEABEE

3% NSR

As per recent PEA, estimated gold production would average 100 Koz/year from 2018-2023, 29% higher than 2016 production Record mill throughput for Q4 2017

13

Updates on Cash Flowing Assets

ÉLÉONORE

GIBRALTAR

CANADIANMALARTIC

RENARD

100% Ag STREAM

Production of silver better than expected for Q4 and year 2017 due to change in the mine plan Debottlenecking project expected

to increase processing capacity at the concentrator by 70%

MANTOS

BRUCEJACK1

75% Ag STREAM

Stable level of production despite wild forest fires Further improvements to operating

practices to reduce costs

1. Subject to a 100% buy-back provision by the operator in 2018

SASA

100% Ag STREAM

One of the largest zinc, lead and silver mines in Europe Acquisition by Central Asia Metals

Plc in 2017 Resources to support 20 year mine

life

14

Near & Medium-Term Cash Flowing Assets

UPPER BEAVER KIRKLAND LAKE CAMP

2% NSR

CARIBOO2.25% NSR

MARBAN0.425% NSR

LAMAQUE0.85% NSR

WINDFALL1.5% NSR

HERMOSA1% NSR

HORNE 51% NSR

FARM-IN AGREEMENTJAMES BAY - LABRADOR TROUGH PROPERTIES

1.5% - 3.5% NSR

ODYSSEY NORTH & SOUTH3% & 5% NSR

PANDORA2% NSR

BACK FORTY18.5% Au STREAM75% Ag STREAM

AMULSAR4.22% Au, 62.5% Ag STREAM

82% Au OFFTAKE

1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria

EAGLE5% NSR1

POTENTIAL TO BE THE LARGEST GOLD MINE IN THE YUKON

15

OPERATOR: Victoria Gold Corp. (100%)

LOCATION: 85 km NE of Mayo, Central Yukon, Canada

RESERVES: 123 Mt at 0.67 g/t Au for 2.7 M oz Au

ROYALTY: 5% NSR royalty until 97,5000 ounces of gold have been delivered and 3% thereafter

PRODUCTION: 10,000 avg. royalty-attributable GEO's/year

HIGHLIGHTS:

Fully permitted and construction-ready Top-tier jurisdiction Excellent near-mine and regional exploration

potential Simple flowsheet LOM royalty falling to a 3% after 97.5k

ounces are delivered to Osisko (equivalent to the current life-of-mine plan)

Recent Acquisition - Eagle 5% NSR Royalty1

PERMITTED AND SHOVEL READY WITH MAJOR INFRASTRUCTURE ITEMS IN PLACE1. Subject to the closing of the transaction announced March 8, 2018 between Osisko and Victoria

16

Updates on Near & Medium-Term Cash Flowing Assets

0.85% NSR Maiden reserves by the end of the Q1

2018. CAPEX in 2018 are forecast to be $120

million Eldorado expects to extract 40,000

ounces. Commercial production remains

forecast for 2019 Ramp is advancing, now at C2 Level

LAMAQUE

CARIBOO

AMULSAR

BACK FORTY

4.22% Au, 62.5% Ag STREAMS, 82.5% offtake Engineering ~95% complete,

procurement is approaching 90%, and construction work is over 50% complete

First gold production remains on track for Q3 2018.

Schedule risks are now reduced given that critical earthworks are largely complete and contractor productivities are better known at this stage of the project.

WINDFALL

1.5% NSR

Largest exploration program in Canada recently extended to 800,000 metresMetallurgical program commenced Permit received for dewatering of

ramp

HERMOSAHORNE 5

1% NSR Completed Feasibility in late 2017.

Deposited EIA. 220,000 ounces of Gold production at

$399/oz Au AISC Strong and Experienced management

team.

1% NSR Updated PEA shows US$2.0B NPV and

rapid 1.6 year payback of pre-production capex

29 year mine life Rapid development to production in

2020 at first quartile costs

2.25% NSR

Expect to see near-term cash flow from small-scale operation Started collaring ramp Very good exploration results

18.5% Au,- 75% Ag STREAMS

3 out of 4 permits granted PEA highlights 16 years mine life

and 5,350 tpd throughput Feasibility expected in 2018 Potential for mine life extension

3% & 5% NSR During 2017, a total of 125 holes

(86,051 metres) were completed at the Odyssey property The results have been incorporated

to update the mineral resource for the Odyssey property During Near-term production (2018-

2020) from Odyssey South

ODYSSEYNORTH & SOUTH

150,000 172,000120,000 102,000

65,000119,000

15,000 35,000

368,000

115,000

100,000 130,000

125,00081,000

85,000 54,000 40,00060,000 25,800

282,000

84,000

140,000 120,000

75,00025,000

72,00040,000

40,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

Windfall Island Gold CanadianMalartic

Cariboo Hermosa Lamaque Urban Barry Horne5 Éléonore* Seabee Upper Beaver

2016 2017 2018

OVER 875,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2018OVER 1,700,000 METRES OF DRILLING SINCE 2016

17

The Drills Are Turning – Upside on Growth Portfolio

ZERO-COST TO OSISKO GOLD

ROYALTIES

Notes:- Assumption based on current programs* $10 million budget (assumes $250 per metre)

(2)

Drilling Metres

12,500

18

Accelerator Model: Our Investment Approach

Building an organic pipeline of investments through our Accelerator Model

1 2 3

Timing of Accelerator Investments:1. Prior to exploration success (equity, royalty and/or future rights)2. During de-risking of project (equity, loans, royalty and/or future rights)3. During project financing and construction (royalty, streams and equity)

Size of Accelerator Investments:1. Several smaller investments, payback is generally further away2. Small-to-Medium size investments, better clarity on development timeline3. Medium-to-Large size investments, full understanding on time to production

Exploration Euphoria

Production Ramp-up

ProductionExpansion

Technical Studies and Permitting VA

LUE

OF

PRO

JECT

/ C

OM

PAN

Y

TIME

Exploration Ideas and Generation

Financing, Construction

Production Re-Rating

Optimal investing stage for Accelerator Model

MINERA ALAMOS

OSISKO MININGARIZONA MINING

BARKERVILLEOSISKO METALS

FALCODALRADIAN

3

3

19

Accelerator Model: Case Study

Transferring gains to new investments while keeping exposure to existing assets

1

Exploration Euphoria

Production Ramp-up

ProductionExpansion

Technical Studies and Permitting VA

LUE

OF

PRO

JECT

/ C

OM

PAN

Y

TIME

Financing, Construction

Production Re-Rating

ARIZONA MINING

DALRADIAN

Arizona Mining to Dalradian:1. Osisko makes equity ($5.6M) and royalty ($10M) investment in Arizona Mining2. Discovery made by Arizona Mining on Hermosa project 3. Negative market reaction, Osisko makes further equity investment post further technical diligence 4. Osisko monetizes Arizona Mining equity investments for gains of $22.8M5. Osisko uses Arizona Mining gains and makes investment in Dalradian of $28.5M

2

4

3

5

Important:Maintain exposure

to Hermosa project through

royalty investment

Optimal investing stage for Accelerator Model

Osisko’s History in the Mining Sector

EXPERIENCED MANAGEMENT

TEAM

STRONG TECHNICAL

TEAM

STRONG HISTORY OF VALUECREATION

$0

$2

$4

$6

$8

$10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

In C

$ Bi

llion

s

CREATION OF ACCELERATOR COMPANIES

SALE OF CANADIAN MALARTIC AND SPIN-OUT OF OSISKO GOLD ROYALTIES

ACQUISITION OF VIRGINIA BY OSISKO GOLD ROYALTIES

1ST SALE OF VIRGINIA

SUCCESSFUL DEVELOPMENT, CONSTRUCTION AND FINANCING OF THE CANADIAN MALARTIC GOLD MINE

ACQUISITION OF ORION MINE FINANCE ROYALTY PORTFOLIO BY OSISKO GOLD ROYALTIES

20

21

SUMMARY

THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY

OVER 130ROYALTIES,

STREAMS AND METAL OFFTAKES

16CASH FLOWING

ASSETS

DIVIDEND YIELD

~1.6%5

CORNERSTONE ASSETS

PRECIOUS METAL FOCUSED

AMERICAS FOCUSED

RECORD58,933 GEOs

EARNED FOR 2017

C$439MIN INVESTMENTS

As at Dec. 31, 2017

C$334MIN CASH

As at Dec. 31, 2017

77,500 to 82,500 oz

ATTRIBUTABLE GEOs FOR 2018

APPENDIX

23

OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%)

LOCATION: Malartic, Québec

RESERVES: P&P mineral reserves of 6.38 M oz Au1

ROYALTY:

5% NSR royalty $0.40/tonne on milled ore from outside

the current property area for life of mill starting in June 2021

2017 PRODUCTION (100%): 682.0 K oz2 Au (33,136 oz earned for Osisko)

OPERATORGUIDANCE (Au) (100%):

2018: 650 k oz 2019: 650 k oz 2020: 690 k oz

1. See Appendix for full disclosure on Reserves & Resources.2. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…”

Canadian Malartic Royalty – 5% NSR Royalty

THE LARGESTGOLD MINEIN CANADA

PROVEN & PROBABLEMINERAL RESERVES OF

6.38 M oz Au1

CANADIAN MALARTIC EXTENSIONPROJECT RECEIVES GOVERNMENT

OF QUEBEC APPROVAL

24

Canadian Malartic Exploration Upside| Odyssey & East Malartic

1. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…”

In 2017, an initial inferred mineral resource was declared on the East Malartic property, which was a historical gold producer directly adjacent to the Canadian Malartic Mine. Inferred mineral resources at East Malartic are estimated at 2.4 million ounces of gold (38.0 million tonnes grading 2.02 g/t gold) to a depth of 1,000 metres.

4.08 M ozAu

Combined inferred resources 1

and growing

OSISKO HOLDS A 5% NSR ROYALTYON THE ODYSSEY SOUTH ZONE AND A 3% NSR ROYALTY ON THE ODYSSEY

NORTH ZONE

Updated Inferred mineral resources are estimated at 1.68 Moz of gold (22.4 million tonnes grading 2.32 g/t gold) for the Odyssey property.

During 2017, a total of 125 holes (86,051 metres) were completed at the Odyssey property and the results have been incorporated with previous work to update the mineral resource for the Odyssey property1.

ODYSSEY NORTH & SOUTH

LIES ON THE CANADIAN MALARTIC MINE PROPERTY. OSISKO HOLDS A

5% NSR ROYALTY

EAST MALARTIC

Canadian Malartic Site - Longitudinal

25

261. See Appendix for full disclosure on Reserves & Resources.2. Based on Goldcorp press release dated February 14, 2018, titled “Goldcorp Reports Fourth Quarter 2017 Results”.3. Based on Goldcorp’s Investor Day presentation dated January 18, 2018 and company website

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: P&P mineral reserves of 3.80 M oz Au1

ROYALTY:

2.0% NSR on the first 3 M oz of Au 0.25% increase for every additional

1M oz of production thereafter, to a maximum of 3.50%

+10% if Au is higher than US$500/oz

2017 PRODUCTION: 305 k oz2 (6,390 oz earned for Osisko)

2018 OPERATOR GUIDANCE: 360 k oz3

The mine is on pace to achieve optimum sustainable gold production rates by the second half of 2018.

3.80 M oz Au

Potentialto 1,500mÉléonore Royalty – 2.0 to 3.5% NSR

27

Operator: Stornoway

Primary Commodity: Diamond

Location: North-Central Québec, Canada

Reserves:Resources:1

P&P reserves of 20.0M carats M&I of 2.8M and inferred of 13.1M carats

Stream:

9.6% Stream on diamonds US$50/carat transfer payment

- 1% annual inflation starting 3 years after commercial production

No cap on current reserve pipes

Production: LOM avg. of 1.6M cts/year

9.6% Renard Diamond Stream

P&P RESERVES OF 20.0 M CARATS

QUÉBEC’S FIRST DIAMOND MINE

Producing world class diamond mine in Québec Québec organizations invested (Investissement Quebec, La Caisse

and Fonds) Scarcity of new diamond mines globally Upside from M&I and inferred and all pipes remain open at depth Significant upside potential from recovery of large stones Quality operator Caisse owns separate 4% stream on Renard and Investissement

Quebec owns a 2% NSR royalty

Source: Company disclosure and Osisko management estimates. 1. Exclusive of reserves. See slide 40 for detailed R&R statement.

2018 Guidance: 1.6M carats recovered

- 1.1M carats (+7 DTC) at US$125-165- 0.6M carats (-7 DTC) at US$15-19

28

100% Mantos Silver Stream

Operator: Mantos Copper (private company owned by Orion)

Primary Commodity: Copper

Location: Antofagasta, Chile

Stream:

100% stream on silver production; reducing to 30% after 19.3M oz

Transfer payments based on 25% of the prevailing spot silver price

50% buy-down option exercisable in 2020, 2021, or 2022 for US$70M

Production: 2017-20 avg. payable production of 0.6M oz Ag Avg. payable production of 1M oz Ag from 2021

onwards; sulphide expansion assumed in 2021

Debottlenecking feasibility study underway Well-established operating copper mine in top jurisdiction Ex-Anglo American management team with strong understanding

of the mine and highly incentivized Significant cost reductions and more de-bottlenecking in progress Drilling underway to add resources Limited historical regional exploration

3 BILLION POUND COPPER RESOURCE

WITH A STABLE SILVER BY-PRODUCT

A LARGE COPPER MINE UNDERGOING

EXPANSION

Operator: Pretium

PrimaryCommodity: Gold

Location: 65km north of Stewart BC. Canada

Reserves:Resources:1

P&P reserves of 8.1M oz Au, 5.9M oz AgM&I of 9.1M oz Au, 7.9M oz Ag and inferred of 3.1M oz Au, 4.0M oz Ag

Stream:

4% Stream on Au and Ag US$400/oz Au, US$4.00/oz Ag transfer payment 50% offtake of Au and Ag representing an

effective NSR of 0.9%

Caps /Buy-Down / Buy-Back Options:

Stream capped at 7.067M oz Au and 26.297M oz Ag

Full stream buyback option in 2018 and 2019 for US$119M and US$136M respectively.

Stream buy-down option in 2018 (8%) and 2019 (8%) for US$75M

Offtake buy-down options (50% or 75% buyback) in 2018 and 2019

2017 Production: 152 koz Au; 179.2 koz Ag

2018 Guidance: 150-200 koz Au during H1

29

4% Au/Ag Brucejack Stream, 50% Au Offtake

HIGH GRADE GOLD PRODUCTION IN CANADA

We have assumed stream could be bought-back for US$119M in 2018 Additional upside if stream not repurchased or Pretium undergoes a

change of control

Source: Company disclosure and Osisko management estimates. 1. Inclusive of reserves. See slide 40 for detailed R&R statement.

30

Royalties, Streams and Offtakes – Complete List

Asset Name Operator Country Status Description

Producing Royalties, Streams & Offtakes1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals3 Gibraltar Taseko Mines Canada Production 100% Ag Stream4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream6 SASA Central Asia Metals Macedonia Production 100% Ag Stream7 Brucejack (O) Pretium Resources Canada Production 50% Au offtake8 Matilda Blackham Resources Australia Production 55% Au offtake9 Parral GoGold Resources Mexico Production 100% Au + Ag offtake

10 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake11 Bald Mountain Kinross United States Production 1%-4% GSR12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)13 Hewfran Metanor Resources Canada Production 1.7% NSR14 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property15 Island Gold Mine Alamos Gold Canada Production 1.38%-2.55% NSR16 Kwale Base Resources Kenya Production 2% of GRR on titanium17 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products18 Seabee Santoy SSR Mining Canada Production 3% NSR19 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI

Near-Term Development Royalties, Streams and Offtakes20 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream21 Amulsar (O) Lydian Armenia Development 82% Au offtake22 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream23 Brucejack (S) Pretium Resources Canada Production 4% Au Stream and 4% Ag Stream (stream in 2020)24 Hammond Reef Agnico Eagle Canada Development 1.5% NSR25 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc26 Horne 5 Falco Resources Canada Development 1% NSR27 Lamaque-Rocdor Eldorado Gold Canada Development 1.7% NSR28 Nimbus MacPhersons Resources Australia Development 100% Ag offtake29 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR30 Windfall Osisko Mining Canada Development 1.5% NSR31 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake

Long-Term Development Royalties32 Ambler NovaCopper US United States Development 1% NSR33 Cameron Lake Cameron Gold Operations Canada Development 1% NSR34 Casino Western Copper and Gold Canada Development 2.75% NSR35 Cerro del Gallo Primero Mining Mexico Development 3% NSR36 Copperwood & White Pine Highland Copper Company Inc. United States Development 3% NSR37 Corcoesto Edgewater Exploration Spain Development 1% NSR38 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au39 King Island King Island Scheelite Australia Development 1.5% GRR

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40 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR41 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum42 Ollachea Minera IRL Peru Development 1% NSR on all products43 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag44 Sandman 1 Newmont United States Development 5% NSR45 Sandman 2 Newmont United States Development 1% NSR46 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR47 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)48 Tijirit Algold Resources Mauritania Development 1.5%49 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional

Exploration Royalties50 Abbeytown Erris Resources Ireland Exploration 1% NSR51 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR52 Altar Stillwater Mining San Juan Exploration 1% NSR53 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR54 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR55 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR56 Aurbel QMX Gold Canada Exploration 2.125% NSR57 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR58 Bargold Abcourt Mines Canada Exploration 1.275 % NSR59 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR60 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI61 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR62 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR63 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 2.25% NSR64 Casino B Cariboo Rose Resources Canada Exploration 5% NPI65 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals66 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR67 Croinor Monarques Gold Canada Exploration 0.75% NSR68 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced69 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR70 Destor Explor Resources Canada Exploration 2.125% NSR71 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment72 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals73 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR74 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty75 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR76 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR77 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR78 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals79 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

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80 Gabel Williams Wolfpack Gold United States Exploration 1% NPI81 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals82 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals83 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products84 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI85 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals86 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals87 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products88 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR89 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR90 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR91 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 metals93 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR94 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR95 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals96 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR97 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR98 Moore Lake Denison Mines Canada Exploration 2.5% NSR99 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals

100 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other101 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 102 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals103 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR104 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals105 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR106 Preissac Sphinx Resources Canada Exploration 2% NSR107 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR108 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals109 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR110 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals111 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR112 San Juan Azure Minerals Mexico Exploration 2% NSR113 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals114 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag115 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)116 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR118 Swedish Properties Erris Resources Sweden Exploration 1% NSR119 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR120 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals

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121 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals122 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR123 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR124 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals125 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI126 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals127 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals128 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals129 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals130 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals131 Waihi West Antipodes Gold New Zealand Exploration 2% NSR132 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg133 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR134 Whistler GoldMining United States Exploration 2.75% NSR135 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR

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Mineral Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at February 14, 20172. Goldcorp public disclosure – as at June 30, 20173. Alamos public disclosure – as at February 14, 2017

CANADIAN MALARTIC1

RESERVES

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Proven 0.95 1.52 50.0

Probable 1.15 4.86 131.0

Total Proven & Probable 1.10 6.38 180.8

ÉLÉONORE2

RESERVES


Total Proven & Probable 6.02 3.80 19.61

GLOBAL RESOURCES (EXCLUDING RESERVES)


Total Meas. & Ind. 5.81 1.34 7.16

Inferred 7.31 1.99 8.45

ISLAND GOLD3

RESERVES

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Proven 8.68 159.8 573

Probable 9.31 592.4 1,978

Total Proven & Probable 9.17 752.2 2,551



Measured 4.94 5.35 33.5

Indicated 6.01 86.10 445.5

Total Meas. & Ind. 5.94 91.45 479.0

Inferred 10.18 995.7 3,042

AMULSAR3

CATEGORYAU GRADE

(G/T)AG GRADE

(G/T)AU

(M OZ)AG

(M OZ)TONNES

(MT)Proven 0.8 4.6 1.2 6.6 44.7

Probable 0.8 3.3 1.4 6.1 57.9

Total P&P 0.8 3.9 2.6 12.7 102.7

CATEGORYAU GRADE

(G/T)AG GRADE

(G/T)AU

(M OZ)AG

(M OZ)TONNES

(MT)Measured 0.8 4.7 1.4 7.7 51.5

Indicated 0.7 3.4 2.1 9.8 90.7

Total M&I 0.8 3.8 3.5 17.5 142.2

Inferred 0.6 3.3 1.3 7.6 72.2*Au cut-off grade: 0.24 g/t; gold price - US$1,500/oz, silver price - US$25.00/oz

RESERVES*

GLOBAL RESOURCES (INCLUDING RESERVES)*

BRUCEJACK2

CATEGORYAU GRADE

(G/T)AG GRADE

(G/T)AU

(M OZ)AG

(M OZ)TONNES

(MT)Proven 14.5 12.9 1.6 1.4 3.3

Probable 16.5 11.3 6.5 4.5 12.3

Total P&P 16.1 11.7 8.1 5.9 15.6

CATEGORYAU GRADE

(G/T)AG GRADE

(G/T)AU

(M OZ)AG

(M OZ)TONNES

(MT)Measured 17.0 15.3 1.9 1.7 3.5

Indicated 17.3 15.0 7.2 6.2 13.0

Total M&I 17.2 15.0 9.1 7.9 16.4

Inferred 21.0 26.9 3.1 4.0 4.6

*NSR cut-off of C$180/t; gold Price - US$1,100/oz, silver Price - US$17.00/oz and a CAD:USD FX rate of 0.92

GLOBAL RESOURCES (INCLUDING RESERVES)

RESERVES*

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1. Stornoway public disclosure - as at February 6, 2017.2. Pretium pubic disclosure - as at December 15, 2016. 3. Lydian public disclosure - as at February 27, 2017.

RENARD 1

PROBABLE RESERVES*GRADE (CPHT) CARATS (M) TONNES (MT)

Total Probable 66.3 20.0 30.2

*Estimated at a +1 DTC sieve size cut-off

GLOBAL RESOURCES (EXCLUDING RESERVES)GRADE (CPHT) CARATS (M) TONNES (MT)

Total Indicated 46.0 2.8 6.1Inferred 56.0 13.1 23.4

CASINO3

CATEGORYCU GRADE

(%)AU GRADE

(G/T)CU

(B LBS)AU

(M OZ)TONNES

(MT)Proven 0.26% 0.4 0.7 1.8 123

Probable 0.17% 0.2 3.7 7.1 999

Total P&P 0.18% 0.2 4.5 8.9 1,123

CATEGORYCU GRADE

(%)AU GRADE

(G/T)CU

(B LBS)AU

(M OZ)TONNES

(MT)Measured 0.26% 0.5 0.7 1.8 124

Indicated 0.18% 0.2 4.0 7.1 1,016

Total M&I 0.20% 0.2 4.7 8.9 1,140

Inferred 0.14% 0.2 5.4 9.0 1,713*Au cut-off grade: 0.25% Cu Eq. & 0.25 g/t Au. Table excludes silver and moly.

RESERVES*


BALD MOUNTAIN4

RESERVES*


Proven 0.8 0.3 10.3

Probable 0.6 1.9 100.2

Total P&P 0.6 2.1 110.5

*Gold Price: US$1,200/oz Au

GLOBAL RESOURCES (EXCLUDING RESERVES)*


Measured 0.6 0.5 24.9

Indicated 0.5 3.0 176.1

Total M&I 0.5 3.5 200.9

Inferred 0.4 0.6 49.5*Gold Price: US$1,400/oz Au

BACK FORTY1

GLOBAL RESOURCES*

CATEGORY AG GRADE (G/T) AG (M OZ) TONNES (MT)

Measured 27.3 5.9 6.7

Indicated 22.2 6.0 8.4

Total M&I 24.5 11.9 15.1

Inferred 26.5 2.0 2.3*NSR cut-off : US$27.78/oz Ag

SEABEE2

RESERVES*


Proven 7.0 0.1 0.5

Probable 8.9 0.3 0.9

Total P&P 8.2 0.4 1.4

*Au cut-off grade: 4.92 g/t Seabee & 3.65 g/t Santoy



Measured 7.7 0.2 0.8

Indicated 8.1 0.4 1.4

Total M&I 8.0 0.6 2.2

Inferred 7.7 0.6 2.6*Au cut-off grade: 4.40 g/t Seabee & 3.26 g/t Santoy

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1. Aquila public disclosure - as at March 15, 2017.2. Silver Standard public disclosure - as at March 22, 2017.3. Western Copper and Gold disclosure - as at June 2017. 4. Kinross public disclosure - as at March 31, 2017.

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Eagle1,2

RESERVES

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3

Proven 0.80 685 27

Probable 0.62 1,778 90

Total Proven & Probable 0.66 2,463 116



Measured 0.81 761 29.4

Indicated 0.59 2,870 151.3

Total Meas. & Ind. 0.63 3,631 180.7

Inferred 0.49 276 17.4

1. Victoria Gold Feasibility Study – September 12, 20162. Mineral resources are inclusive of mineral reserves3. Numbers may not add up due to rounding

Olive1,2

RESERVES

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3

Proven 1.02 58 2

Probable 0.93 142 5

Total Proven & Probable 0.95 200 7



Measured 1.19 75 2.0

Indicated 1.05 254 7.5

Total Meas. & Ind. 1.08 329 9.5

Inferred 0.89 210 7.3

THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY …...EUROPEAN GOLD FORUM 2018 APRIL 17-19, 2018. ......

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