THE LEADING INTERMEDIATE ROYALTY COMPANYCorporate Presentation
October 2016
Forward Looking StatementsCertain statements contained in this presentation may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address futureevents, developments or performance that Osisko (the “Corporation”) expect to occur including managements’ expectations regarding the Corporation’s growth, results of operations,estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities are forward looking statements. Forwardlooking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates","projects", "potential", "scheduled" and similar expressions or variations (Including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occurincluding, without limitation, that all conditions precedent to the transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of theCorporation, the view on (i) the quality and the potential of the Corporation’s assets, production forecasts for properties in which the corporation holds a royalty. Although the Corporationbelieves the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and otherfactors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actualresults to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporation;fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty; 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 resourceestimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring,development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgicalconditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting andlicensing 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 interestare located or through which they are held); continued availability of capital and financing and general economic, market or business conditions; business opportunities that becomeavailable to, or are pursued by the Corporation; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained inthis presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holdsa royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners oroperators 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 anysignificant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that arenot 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 onrisks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com. The Corporation cautions that the foregoinglist of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors aswell 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 noassurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. Thesestatements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, other than as required by applicable law.
Safe Harbour Statement:This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. Byaccepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to keep strictly confidential the contentsof this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the contents for any purpose other thanevaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation, other confidential information or any such othermaterial.
Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of the Company.
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As at October 17, 2016
TSX & NYSE:OR
$1.4BMARKET CAP
$45.4M2015 REVENUES
~$425M CASH & CASH EQUIVALENTS(at June 30, 2016)
$150-$200MAVAILABLE CREDIT
34,500-37,200 ozATTRIBUTABLE GOLDOUNCES FOR 2016
TWO OF THE PREMIER
ROYALTY ASSETS IN THE GOLD
SECTOR
STRONG CASH POSITION
QUARTERLY DIVIDEND
OVER 50 ROYALTIES
TRACK RECORD OF SUCCESS GOLD FOCUSED
THE LEADING INTERMEDIATE GOLD ROYALTY COMPANY
$342
$234 $231
$192$164
$143 $138$118
$0
$50
$100
$150
$200
$250
$300
$350
$400
Penasquito Stillwater CanadianMalartic
Detour Lake Cortez Éléonore Gold Quarry Goldstrike
Worldwide Ranking of Gold Royalties - 5% NPV (US$ M)
Osisko holds two of the highest quality gold royalties in the sector
Source: BMO Capital Markets Equity Research. NPV shown using a 5% discount rate and BMO commodity pricing for gold of US$1,292/oz for 2016, US$1,350/oz for 2017,US$1,250/oz for 2018 and US$1,200/oz for 2019 and LT.
High Quality Gold Royalties
4
Strong Gold Market with Upward Momentum
Osisko Quarterly Realized Gold Price (C$/oz)
Best gold prices in CAD since 2014
Max London PM Fixing in CAD:$1,877/oz on Sep. 6 2011
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Producing Royalties
ÉLÉONORE2.0-3.5% NSR
ISLAND GOLD1.7%-2.55% NSR
VEZZA5% NSR – 40% NPI
CANADIAN MALARTIC5% NSR
IRON ORE COMPANY OF CANADA (LIF)0.7% PASS-THROUGH SALES ROYALTY
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OPERATORS: Agnico Eagle / Yamana Gold
LOCATION: Malartic, Québec
RESERVES: Current reserves of 7.72 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
2015 PRODUCTION: 572.0 k oz
H1 2016 PRODUCTION: 292.2 K oz
GUIDANCE: 2016: 560 to 580 k oz 2017: 590 to 600 k oz 2018: 610 k oz
OSISKO ATTRIBUTABLE GOLD OUNCES:
2016: 28.0 to 29.0 k oz 2017: 29.5 to 30.0 k oz 2018: 30.5 k oz
1. See Appendix A for full disclosure on Reserves & Resources.
Canadian MalarticProduction Outlook
(k oz Au)
560-580 k oz
2016E
Osisko Gold Royalties Attributable Royalty
Ounces (k oz Au)
28.0-29.0 k oz
2016E
Key Producing Assets | CANADIAN MALARTIC – 5% NSR
THE LARGEST GOLD MINE IN
CANADA
YTD: 292.2 K oz YTD: 14.4 K oz
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CANADIAN MALARTIC EXPLORATION | ODYSSEY NORTH & SOUTH
57 holes (53,417 metres) completed Showing similarities to the Goldex mine deposit in terms of grade and potential
amenability to underground bulk mining Odyssey North has been traced from a depth of 600 to 1,300 metres below surface
along a strike length of approximately 1.5 kilometres Odyssey South currently has a strike length of 0.5 kilometres, and has been located
between approximately 200 and 550 metres below surface Additional drilling totalling $5.5 million (35,000 metres) has been added to the original
budget of $8.0 million (60,000 metres) for a total of $13.5 million for 2016 An initial inferred mineral resource estimate for the Odyssey zones is expected as of
year-end 2016.
OSISKO HOLDS A 5% NSR ROYALTY ON THE ODYSSEY SOUTH ZONE AND A 3% NSR ROYALTY ON THE ODYSSEY NORTH ZONE
Expanding Canada’s largest gold mine
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CANADIAN MALARTIC EXPLORATION | ODYSSEY NORTH & SOUTH
Source: Agnico Eagle 9
1. See Appendix A for full disclosure on Reserves & Resources.
ÉléonoreProduction Outlook
(k oz Au)
250-280
2016E
Osisko Gold Royalties Attributable Royalty
Ounces (k oz Au)
5.5-6.2
2016E
OPERATOR: Goldcorp (100%)
LOCATION: James Bay, Québec
RESERVES: Current reserves of 5.35 M oz Au1
ROYALTY:
2.0% NSR royalty on the first 3 M ozof Au production
0.25% increase for every additional 1M oz of production thereafter, to a maximum of 3.50%
Adjustment of +10% if Au is higher than US$500/oz
2015 PRODUCTION: 268.1 k oz
H1 2016 PRODUCTION: 140.7 k oz
2016 GUIDANCE: 250-280 k oz
2016 OSISKO ATTRIBUTABLE GOLD OUNCES:
5.5 to 6.2 k oz
Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR
FIRST OUNCES RECEIVED IN
DECEMBER 2015
YTD:140.7 K OZ YTD: 3.7 K OZ
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Source: Goldcorp public disclosure.
Deposit remains open at depth Drilling in 2016 will continue to target
the 494 zone for reserve replacement and test the deep projection of the centre and southern ore bodies and the 494 zone.
Positive results continue in the 494 zone adding confidence to the size and importance of this structure.
ÉLÉONOREEXPLORATION UPDATE
Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR
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Operating since 2007 Recently announced an updated PEA
on Deep resources at the Island Gold Mine
2015 production: 55,040 oz Au 142,000m Phase 2 drilling campaign
underway
9.8% equity position in LIF
Investment in LIF provides exposure to Iron Ore Canada (“IOC”)
– 7.0% top-line royalty
– 15% equity interest in IOC
– $0.10/t commission on all iron ore sales by IOC
Equivalent to 0.7% pass-through sales royalty
Operating since 1954
IRON ORE COMPANY OF CANADA (LIF)
0.7% PASS-THROUGH SALES ROYALTY
ISLAND GOLD 1.7%-2.55%
NSR
Producing Royalties
Operated by Ressources Nottaway inc. (private company)
The property is located 25km from Matagami, Québec
Custom milling at IAMGOLD’s Westwood (Doyon) facility
VEZZA5% NSR40% NPI
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NEW GROWTH
ODYSSEY3% NSR
UPPER BEAVER KIRKLAND LAKE CAMP
2% NSR
CARIBOO1.5% NSR
MARBAN0.425% NSR
LAMAQUE1.7% NSR
PANDORA2% NSR
WINDFALL1.5% NSR
HERMOSA SULFIDES1% NSR
HORNE 51% NSR
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1. See the technical report titled “Technical Report and Updated Preliminary Economic Assessment for the Lamaque Project” dated February 27th 2015 on Integra Gold’s profile at www.sedar.com2. Integra Gold may repurchase 50% of Osisko’s 1.7% NSR royalty for total consideration of $1,000,000
New Growth
ROYALTY: 2% NSR
Potential to add mill feed for Agnico-Eagle Lapa Mine Exploration drift from Lapa
underway 2016 exploration budget:
$4.1M
ROYALTY: 1.7% NSR
PEA stage:- Average annual prod.
109.9 K oz- Mine life: 4.5 years
2016 drill program: 100 km
PANDORA
LAMAQUE1,2
ROYALTY: 2% NSR
2016 exploration budget: $5.2M
ROYALTY: 0.425% NSR
Also includes a right to $5 million payment upon commercial production on the Marban property.
CARIBOO
MARBAN
ROYALTY: 1.5% NSR
2016 exploration budget: $15M
ODYSSEY
ROYALTY: 3% NSR
2016 exploration budget: $8M
UPPER BEAVER -KIRKLAND LAKE
ROYALTY: 1% NSR
Drilling underway to expand Taylor Deposit
HERMOSA
WINDFALL
ROYALTY: 1.5% NSR
55,000 drill program initiated with positive initial results
HORNE 5
ROYALTY: 1% NSR
Positive initial PEA
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The Royalty Model
ROYALTY INCUBATION
Construction Refinancing
OSISKO IS A PROVIDER OF
CAPITAL TO THE MINING SECTOR
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Royalty Incubation Process – Acquiring Royalties at Discounted Valuations
1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost
Net Cost of Royalty Purchase at June 30, 2016 (C$ M)
Purchased a 1.5% NSR in February 2016 Purchased a 1% NSR in April 2016
$25.0
$15.4 1
$9.6
Cost to purchaseroyalty
Unrealized gain onequity investment
Net cost of royalty
$10.0
$14.8 1
($4.8)
Cost to purchaseroyalty
Unrealized gain onequity investment
Net cost of royalty
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Significant Value in Investment Portfolio
Value of Investment Portfolio1 (C$ M)
Unrealized gain2 of approximately $67 million at quarter end (Q2)
1. Fair value of marketable securities in associates and other as at June 30, 2016, excluding Labrador Iron Ore Royalty Corporation2. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost
104.2
171.8
Cost Base Market Value at June 30, 2016
104.9
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Company Key Assets Location % Ownership
• Windfall Lake• Garcon• Marban
Québec, CanadaOntario, Canada 15.9%
• Cariboo Gold Project BC, Canada 17.6%
• Horne 5 Québec, Canada 16.2%
• Hermosa Arizona, US 4.1%
• Neita Dominican Republic 14.8%
Key Portfolio Investments
Key Portfolio Investments at June 30, 2016
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EXPLORATION PROPERTIES
COULON PROJECTPOLYMETALLIC
MINERALIZATION CONFIRMS MINING
POTENTIAL
GUERRERO9,600 KM2 AREA IN
GUERRERO, MEXICO
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Source: Factset
Discounted Value vs Royalty Peers
1.4x
1.8x2.0x
2.1x
2.4x
Osisko Sandstorm Royal Gold Silver Wheaton Franco Nevada
P/NAV Multiple
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Invest in Osisko
OVER 50ROYALTIES
~$625MIN CASH & AVAILABLE
CREDIT
DIVIDEND YIELD
~0.9%
TWO OF THE PREMIER
ROYALTY ASSETS IN THE GOLD
SECTOR
GOLD FOCUSED TRACK RECORD OF SUCCESS
30,125ZERO-COST ozIN CANADA IN
2015
34,500 to 37,200 oz
ATTRIBUTABLE GOLD OUNCES FOR
2016
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APPENDIX
Appendix A – Reserves & Resources
Appendix A – Reserves and Resources
1. Agnico Eagle and Yamana public disclosure – as at December 31, 20152. See Goldcorp press release dated February 25, 2016, titled Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance3. See Richmont press release dated February 9, 2016, titled Richmont Increases Mineral Reserves by 187% and Island Gold Mine Increases Mineral Reserves by 206%, With a 29% Increase in Reserve Grade
CANADIAN MALARTIC1
RESERVES*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
Proven 0.97 1.72 54.9
Probable 1.12 6.00 166.6
Total Proven & Probable 1.08 7.72 221.5
*Cut-off grade: 0.345-0.351 g/t | Gold Price: $1,150/oz Au
GLOBAL RESOURCES (EXCLUDING RESERVES)*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
Measured 1.32 0.15 3.5
Indicated 1.55 1.10 22.2
Total Meas. & Ind. 1.51 1.25 25.7
Inferred 1.47 0.43 9.0*Cut-off grade: 0.34-0.40 g/t and 1.0 g/t below open pit | Gold Price: $1,150/oz Au | exchange rate of CAN$1.24 = US$1.00
ÉLÉONORE2
RESERVES*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
Total Proven & Probable 5.87 5.35 28.32
GLOBAL RESOURCES (EXCLUDING RESERVES)
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
Total Meas. & Ind. 5.49 0.81 4.58
Inferred 7.11 2.28 9.97
ISLAND GOLD3
RESERVES - ABOVE 400M*
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
Proven 7.00 21.80 97.0
Probable 6.88 54.90 248.0
Total Proven & Probable 6.91 76.70 345.0
GLOBAL RESOURCES (EXCLUDING RESERVES) – ABOVE 400M*
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
Measured 5.80 1.35 7.5
Indicated 6.96 52.7 235.5
Total Meas. & Ind. 6.92 54.1 243.0
Inferred 7.44 98.7 412.5
*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.
RESERVES – BELOW 400M*
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
Proven 7.72 66.1 266.5
Probable 8.66 418.9 1,504.0
Total Proven & Probable 8.52 485.0 1,770,5
GLOBAL RESOURCES (EXCLUDING RESERVES) – BELOW 400M*
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
Indicated 5.20 17.65 105.5
Inferred 8.67 669.35 2,402.5
*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.
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