2. Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All statements in this presentation, other than
statements of historical fact, that address future events, developments or performance that Osisko Gold Royalties Ltd (the "Corporation” or “Osisko” ) expects to occur, including managements’ expectations regarding
the Corporation’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production
costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no assurance can be given that
the estimates and assumptions will be realized. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur
including, without limitation, that all conditions precedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipated
benefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties in which the Corporation holds a royalty, stream
or other interest. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks,
uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include, without limitation: acceptance of the Transaction by the Corporation’s shareholders; the completion of a concurrent private placement to fund and
support the Transaction; the ability of the parties to receive, in a timely manner, the necessary regulatory and other third party approvals; the ability of the parties to satisfy, in a timely manner, the conditions to the
closing of the Transaction; the ability of Osisko to realize the assumed benefits of the Transaction; fluctuations in the prices of the commodities that drive royalties held by the Corporation; fluctuations in the value of
the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty or other interest; the unfavorable outcome of litigation relating to any of the
properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest;
rate and timing of production differences from mineral resource estimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with
the business of exploring, development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical
conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation
policies; regulations and political or economic developments in any of the countries where properties in which the Corporation hold a royalty or other interest are located or through which they are held); continued
availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation; the impossibility to acquire royalties and to
fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the
ongoing operation of the properties in which the Corporation holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements
and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect
of any significant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production;
and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions, please refer to
the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive.
Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The
Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking
statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
SAFE HARBOUR STATEMENT
This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd.
Inquiries regarding this confidential presentation can be made to the senior management of the Corporation.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements
for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”). U.S. reporting requirements are governed by the Industry Guide 7 (“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimates of mineral reserves and mineral resources
reported in accordance with NI 43-101. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and
definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the
SEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource” and “Inferred Mineral Resource”
are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of any category in documents filed with the
SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar
information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not to assume that all or any part of Measured Mineral Resources or
Indicated Mineral Resource exists, or is economically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a
reader cannot assume that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility
or other economic studies.
Mr. Luc Lessard is the qualified person for this release as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent.
FORWARD LOOKING STATEMENTS
2
4. MANAGEMENT
MANAGEMENT & BOARD
SEAN ROOSEN
Chair & CEO
BRYAN A. COATES
President
JOSEPH DE LA PLANTE
VP, Corporate Development
LUC LESSARD
SVP, Technical
Services
FRANÇOIS VÉZINA
VP, Technical Services
ELIF LÉVESQUE
CFO & VP, Finance
ANDRÉ LE BEL
VP, Legal Affairs &
Corporate Secretary
FRÉDÉRIC RUEL
VP, Corporate Controller
MICHAEL SPENCER
General Manager,
Osisko Bermuda Limited
IAIN FARMER
Director of Evaluations
BOARD OF DIRECTORS
FRANÇOISE BERTRAND
Director
JOHN BURZYNSKI
Director
CHRISTOPHER C. CURFMAN
Director
JOANNE FERSTMAN
Lead Director
PIERRE LABBÉ
Director
OSKAR LEWNOWSKI
Director
CHARLES E. PAGE
Director
SEAN ROOSEN
Chair
PIERRE CHENARD
Director
ANDRÉ GAUMOND
Director
4
5. TIER 1 JURISDICTIONAL FOCUS – CANADIAN FOCUSED ASSET BASE
Represents total royalty/streaming/offtake assets
TOTAL OF 130+
ROYALTIES, STREAMS
& PRECIOUS METAL
OFFTAKES
103
9
2
13
3
6
5
6. OSISKO HOLDS ROYALTIES OR STREAMS ON A TOTAL OF ~25,000 KM2
IN THE MOST IMPORTANT CANADIAN MINING CAMPS
WESTERN CANADA
5,000 km2 of royalty lands
Historic production of ~27M ozs
EASTERN CANADA
19,000 km2 of royalty lands
Historic production of ~226M ozs
QUÉBEC
ONTARIO
BRITISH
COLUMBIA
YUKON
Tintina Belt
& Selwyn Basin
(~12M ozs)
Cariboo District
(~15M ozs)
Red Lake
(~26M ozs) Kirkland Lake
& Timmins
(~110M ozs)
Rouyn Noranda
& Val d’Or
(~75M ozs)
Lebel sur
Quevillon
& Baie James
(~15M ozs)
500 km
300 mi
PRIME ROYALTY REAL ESTATE IN CANADA
6
7. ACCELERATOR BUSINESS
EARLY OPPORTUNITIES
GROWTH STRATEGY – MOVING ASSETS ALONG THE CURVE
TRADITIONAL ROYALTY & STREAMING BUSINESS
DEVELOPMENT
OPPORTUNITIES
PRODUCING
OPPORTUNITIES
Funding exploration
Early money in
Obtain future rights to
project financing
Hybrid equity/royalty
structure
Funding studies/
construction
Last money in
Secured royalty/stream
(milestone-based
funding)
- WINDFALL
- CARIBOO
- HORNE 5
- EAGLE
- HORNE 5
- BACK FORTY
Debt refinancing/M&A
Lowest risk part of the
curve
Secured royalty/stream
(up-front deposit)
- GIBRALTAR
- ORION PORTFOLIO
- RENARD
CREATING EXCLUSIVE PIPELINE
OF OPPORTUNITIES
TIME
VALUE
8. OSISKO GOLD ROYALTIES TECHNICAL SERVICES
Construction Mining engineering Legal
Favourable
consulting rates
Metallurgy Accounting
Environment Back office
25 employees
200 28138 39
16.8% Ownership 10.6%32.3% 18.1%
~C$750 M
Market Cap
~C$65 M
Market Cap
~C$165 M
Market Cap
~C$340 M
Market Cap
C$2.3 B Market Cap
(US$1.7 B)
ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES
OSISKO PROVIDES CAPITAL TO ACCELERATOR COMPANIES
WITH A COMBINED MARKET CAP OF ~$1.4 B
10
22.7%
~C$70 M
Market Cap
16,0 %
8
9. HERMOSA NSR – AN EXAMPLE OF SUCCESSFUL INVESTING BY OR
1. Net of additional $8M cash investment through market purchases and warrant exercise.
2016: OSISKO SUPPORTED ARIZONA
MINING ON ACQUISITION OF
TAYLOR PROPERTY
– $5.0M in equity + warrants
– $10M for 1% NSR royalty
TAYLOR PROJECT
– World-class zinc-lead-silver
deposit
– $2B NPV
– 101 Mt at 10.4% ZnEq.
– 29 year mine life
– Production expected starting in
2020
ACQUIRED BY SOUTH32 IN 2018
$5.0M
$10.0M
Shares+Warrants Royalty
HERMOSA INVESTMENT
IN NUMBERS
INITIAL INVESTMENT
(C$M)
+
NET GAIN ON INVESTMENT
(C$M)
$34M
Shares+Warrants Royalty
1%
NSR
1%
NSR
+
1
10. QUALITY CASH FLOWING ASSETS – FOCUSED IN NORTH AMERICA
RENARD
9.6%
DIAMOND
STREAM
ÉLÉONORE
2-3.5% NSR
CANADIAN
MALARTIC
5% NSR
VEZZA
5% NSR
40% NPI
ISLAND GOLD
1.38-2.55% NSR
PARRAL
100% Au, Ag OFFTAKE
PAN MINE
4% NSR
BALD
MOUNTAIN
1-4% NSR
GIBRALTAR
75% Ag
STREAM
SEABEE
3% NSR
Cornerstone Asset in Top Jurisdiction
Other Cash Flowing Assets
NORTH AMERICA SOUTH AMERICA
BRUCEJACK
50% Au
OFFTAKE
LAMAQUE
1.7% NSR
MANTOS
100% Ag
STREAM
BRAUNA
1% GRR
OTHERS
SASA
100% Ag STREAM
KWALE
1.5% GRR
MATILDA
1.65% AU STREAM
CORNERSTONE ASSETS WITH A TOTAL OF 20 PRODUCING ASSETS 10
11. STEADY PRODUCTION GROWTH
2019 Guidance of 85,000 to 95,000 GEOs
12,499
30,588
38,270
58,933
80,553
85,000
to
95,000
2014 2015 2016 2017 2018 2019 Guidance
At
89.5% Cash
Operating
Margin1,2
1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues.
Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest.
2. For royalties and streams
At
88% Cash
Operating
Margin1,2
PRODUCTION (GEOs) AND GUIDANCE
11
15. PORTFOLIO ANCHORED BY THE CANADIAN MALARTIC ROYALTY
CANADA’S LARGEST GOLD
MINE
WORLD’S 14TH LARGEST GOLD
MINE
1ST QUARTILE COST PROFILE
ONE OF THE WORLD’S BEST
MINING JURISDICTION
SIGNIFICANT EXPANSION AND
MINE LIFE EXTENSION
POTENTIAL FROM BARNAT,
ODYSSEY AND EAST MALARTIC
ZONES
MINE PRODUCTION
(K oz Au)
ROYALTY DELIVERED TO OR
(K oz Au)
535.5
571.6 585.0
633.5 697.2
2014 2015 2016 2017 2018
12.5
30.1 29.2
33.6 35.4
2014 2015 2016 2017 2018
16. 1. Option to raise the royalty to a total of 5% NSR
NEAR & MEDIUM-TERM CASH FLOWING ASSETS
UPPER BEAVER
KIRKLAND LAKE CAMP
2% NSR
CARIBOO
4% NSR1
WINDFALL
1.5% NSR
HERMOSA
1% NSR
HORNE 5
90-100% Ag
STREAM
ODYSSEY NORTH
& SOUTH
3% & 5% NSR
HAMMOND REEF
1.5% NSR
BACK FORTY
18.5% Au STREAM
75% Ag STREAM
AMULSAR
4.22% Au, 62.5% Ag STREAM
82% Au OFFTAKE
EAGLE
5% NSR
CERRO DEL
GALLO
3% NSR
16
17. EAGLE PROJECT CONSTRUCTION UPDATE – 5% NSR TO OSISKO
LEACH PAD
SECONDARY/TERTIARY CRUSHERS
GOLD RECOVERY PLANT
1. Based on Victoria Management Guidance
Open Pit Mining
Site Management Team Hired
Commissioning 1H19
First Ore to Leach Pad 3Q19
First Gold Pour 2H19
Key Milestones1
MOBILE EQUIPMENT
FIRST Au
POUR
IN H2
2019
OVERALL
PROJECT
IS 85%
COMPLETE
Mechanical and Electrical 55%
Structural 90%
Earthworks 100%
Concrete 100%
Leach Pad Lining 100%
Powerline and Site Distribution 100%
Eagle Construction Completeness 1
17
18. Source: Research reports and Osisko management estimates.
LOW RISK PORTFOLIO
CONSENSUS NPV BY GEOGRAPHY
BEST IN CLASS PORTFOLIO – GROWTH & DIVERSIFICATION
71 % 82%
48%
33% 30%
11%
18%
52%
67% 70%
89%
OSISKO GOLD
ROYALTIES
ROYAL GOLD WHEATON PRECIOUS
METALS
FRANCO NEVADA SANDSTORM
NORTH AMERICA ELSEWHERE
18
19. COMPELLING VALUE PROPOSITION
Source: Street research
CONSENSUS P/NAV TRADING MULTIPLES
2.1x 2.0x
1.6x
1.4x
1.3x
ROYAL GOLD FRANCO NEVADA WHEATON PRECIOUS
METALS
OSISKO GOLD
ROYALTIES
SANDSTORM
19
21. $0.03 $0.04
RETURNING CAPITAL TO SHAREHOLDERS
$1.6 $13.8
$30.8
$55.1
$86.3
$1.8
$1.8
$34.8
$0
$20
$40
$60
$80
$100
$120
$140
2014 2015 2016 2017 2018
Dividend Share Buyback
CUMULATIVE CAPITAL RETURNED
CumulativeCapitalReturned
(C$M)
C$121 MILLION
RETURNED TO
SHAREHOLDERS
SINCE INCEPTION
IN 2014
Quarterly Dividend ($/share)
$0.05
21
22. FINANCIAL POSITION
BALANCE SHEET ITEMS Dec. 31, 2018
Cash and Cash Equivalents
(C$ M)
$174.3
Debt (C$ M) $352.8
Investments (C$ M)1 $397.1
Cumulative Share Capital &
Dividend Returned since
Inception
$121.1
Basic Shares Outstanding (M) 154.9
Quarterly Dividend (C$/Share) $0.05
1. Fair value corresponding to the quoted price of the investments on a recognized stock exchange as at December 31, 2018.
For private investments, an internal or external evaluation is used to determine the fair value.
2. Including the $100 million accordion
Undrawn Credit Facility Drawn Credit Facility
AVAILABLE
CREDIT:
$450 M2
CREDIT FACILITY (C$ M)
IN JANUARY 2019, OSISKO
REPAID C$30.0 MILLION
22
23. STRONG BALANCE SHEET
OVER $1 B in cash resources, credit facility
and investments in equities available for
acquisition of streams and royalties.
23
24. SUMMARY
THE WORLD’S PREMIER GROWTH-ORIENTED
ROYALTY COMPANY
PEER-LEADING
EXPOSURE TO
CANADIAN
ASSETS
GUIDANCE OF
85,000 TO
95,000
ATTRIBUTABLE
GEOs FOR 2019
DIVIDEND YIELD
~1.3%
80,553
ATTRIBUTABLE
GEOs EARNED
FOR 2018
UNIQUE
STRATEGY
FOR VALUE
CREATION
INDUSTRY
LEADING
MARGINS
RE-RATING
OPPORTUNITY
BEST GROWTH
PROFILE
AMONG PEERS
OVER $1 B in
cash resources,
credit facility
and investments
in equities
available
24
28. ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
Producing Royalties, Streams & Offtakes
1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR
2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals
3 Gibraltar Taseko Mines Canada Production 100% Ag Stream
4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream
5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream
6 SASA Central Asia Metals Macedonia Production 100% Ag Stream
7 Brucejack (O) Pretium Resources Canada Production 50% Au offtake
8 Matilda Blackham Resources Australia Production 55% Au offtake
9 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR
10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake
11 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake
12 Bald Mountain Kinross United States Production 1%-4% GSR
13 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)
14 Hewfran Metanor Resources Canada Production 1.7% NSR
15 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property
16 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR
17 Kwale Base Resources Kenya Production 2% of GRR on titanium
18 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products
19 Seabee Santoy SSR Mining Canada Production 3% NSR
20 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI
Near-Term Development Royalties, Streams and Offtakes
21 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream
22 Amulsar (O) Lydian Armenia Construction 82% Au offtake
23 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream
24 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR
25 Eagle Victoria Gold Canada Construction 5% NSR until 97,500; 3% NSR thereafter
26 Hammond Reef Agnico Eagle Canada Development 1.5% NSR
27 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc
28 Horne 5 Falco Resources Canada Development 90-100% Ag stream
29 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals
30 Nimbus MacPhersons Resources Australia Development 100% Ag offtake
31 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
32 Windfall Osisko Mining Canada Development 1.5% NSR
33 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake
Long-Term Development Royalties
34 Ambler NovaCopper US United States Development 1% NSR
35 Cameron Lake Cameron Gold Operations Canada Development 1% NSR
36 Casino Western Copper and Gold Canada Development 2.75% NSR
37 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR
38 Copperwood & White Pine Highland Copper United States Development 3% NSR
39 Corcoesto Edgewater Exploration Spain Development 1% NSR
28
29. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
40 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au
41 King Island King Island Scheelite Australia Development 1.5% GRR
42 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR
43 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum
44 Ollachea Minera IRL Peru Development 1% NSR on all products
45 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag
46 Sandman 1 Newmont United States Development 5% NSR
47 Sandman 2 Newmont United States Development 1% NSR
48 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR
49 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
50 Tijirit Algold Resources Mauritania Development 1.5%
51 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional
Exploration Royalties
52 Abbeytown Erris Resources Ireland Exploration 1% NSR
53 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR
54 Altar Stillwater Mining San Juan Exploration 1% NSR
55 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR
56 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
57 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
58 Aurbel QMX Gold Canada Exploration 2.125% NSR
59 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR
60 Bargold Abcourt Mines Canada Exploration 1.275 % NSR
61 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
62 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
63 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR
64 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR
65 Casino B Cariboo Rose Resources Canada Exploration 5% NPI
66 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
67 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
68 Croinor Monarques Gold Canada Exploration 0.75% NSR
69 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
70 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
71 Destor Explor Resources Canada Exploration 2.125% NSR
72 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
73 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals
74 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR
75 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
76 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
77 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
78 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
79 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
80 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
29
30. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
81 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
82 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals
83 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals
84 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
85 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI
86 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals
87 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals
88 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
89 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR
90 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
91 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
92 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
93 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals
94 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
95 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
96 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR
97 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR
98 Moore Lake Denison Mines Canada Exploration 2.5% NSR
99 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 other
101 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
102 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
103 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
104 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals
105 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
106 Preissac Sphinx Resources Canada Exploration 2% NSR
107 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
108 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals
109 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
110 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals
111 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR
112 San Juan Azure Minerals Mexico Exploration 2% NSR
113 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals
114 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
115 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 metals
117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR
118 Swedish Properties Erris Resources Sweden Exploration 1% NSR
119 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR
120 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
121 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals
122 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
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31. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
123 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR
124 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
125 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI
126 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals
127 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
128 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals
129 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals
130 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals
131 Waihi West Antipodes Gold New Zealand Exploration 2% NSR
132 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
133 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR
134 Whistler GoldMining United States Exploration 2.75% NSR
135 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
31