Osisko Corporate Presentation - PDAC 2017 - March 2017

1. Corporate
Presentation
PDAC 2017 Convention
MARCH 2017

2. Certain statements contained in this presentation may be deemed "forward-looking statements". All statements in this
release, other than statements of historical fact, that address future events, developments or performance
that Osisko (the “Corporation”) expect to occur, including managements’ expectations regarding the Corporation’s
growth, results of operations, estimated future revenues, statements or estimates of mineral resources and reserves,
requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities
are forward looking statements. 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 a
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 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: 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; 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 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. 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 PowerPoint presentation has been prepared for informational purposes only in order to assist prospective
investors in evaluating an investment in Osisko Gold Royalties Ltd. By accepting delivery of this confidential
information or any other material in connection with an investment in the Corporation, the investor agrees: (1) to
keep strictly confidential the contents of 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 than evaluation 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 other material.
Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of the
Corporation.
Cautionary the Use of 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 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.
Forward Looking Statements
2

3. Royalties: Osisko receives a percentage of the precious
metal production generated from a mine at no cost.
3
The Leading Intermediate Gold Royalty Company

4. 4
The Leading Intermediate Gold Royalty Company
We Offer Safe Exposure To Gold & Leverage Through Resource Growth
2 OF THE PREMIER
ROYALTY ASSETS
QUARTERLY DIVIDEND
OVER 50 ROYALTIES
AND ONE STREAM IN
NORTH AMERICA
GOLD FOCUSED

5. 5
Strong Balance Sheet
STRONG ABILITY TO TRANSACT
1. Fair value of marketable securities as at December 31, 2016
STRONG CASH POSITION
TRACK RECORD OF
SUCCESS
~$700M IN CASH &
AVAILABLE CREDIT
$222M1
IN INVESTMENTS

6. 6
The Royalty Model – How it Works
Construction
Refinancing
ROYALTY MODEL ACCELERATOR MODEL

7. 7
How Osisko Shareholder Benefit
 GOLD PRICE LEVERAGE
 100% EXPLORATION UPSIDE FROM ASSET
 0% EXPOSURE OF CONSTRUCTION OR EXPANSION CAPITAL
 0% EXPOSURE TO OPERATING COST
 ZERO-COST TO OSISKO FOLLOWING INVESTMENT
OSISKO GOLD ROYALTIES:
PAYS DIVIDEND TO SHAREHOLDERS
INVEST IN OTHER ROYALTIES

8. 8
Our Performance
$1.5
$6.5
$12.6
$8.4
$9.8
$15.9 $15.0
$0.0
$5.0
$10.0
$15.0
$20.0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
NET CASH FLOWS FROM OPERATING ACTIVITIES ($C M)
~$700M IN CASH &
AVAILABLE CREDIT
$221.7MIN
INVESTMENTS
$0.00
$0.01
$0.02
$0.03
$0.04
$0.05
DIVIDEND ($)
$24.0
$33.2
$0
$5
$10
$15
$20
$25
$30
$35
Nine Months Ended
Sept. 30 2015
Nine Months Ended
Sept. 30 2016
NET EARNINGS ($M)
1. Fair value of marketable securities as at December 31, 2016
1
$45.4
$62.7
$0
$10
$20
$30
$40
$50
$60
$70
Twelve Months Ended
Dec. 31, 2015
Twelve Months Ended
Dec. 31, 2016
REVENUES ($M)

9. 9
 TWO OF THE PREMIER GOLD ROYALTIES IN THE SECTOR
 GOLD FOCUSED
 PORTFOLIO OF OVER 50 EXPLORATION STAGE ROYALTIES PROVIDE GREAT OPTIONALITY
High Quality Portfolio of Producing and Early Stage Royalties & Stream
PRODUCING & CASH
FLOWING ASSETS
IN QUÉBEC,
ONTARIO & BC
GROWTH ASSETS
FOCUSED ON
NORTH AMERICA
ODYSSEY
NORTH
UPPER BEAVER
KIRKLAND LAKE
CAMP
CARIBOO
MARBAN
LAMAQUE
PANDORA
WINDFALL
HERMOSA
HORNE 5
GUERRERO
9,600 KM2 AREA IN
GUERRERO, MEXICO
COULON
POLYMETALLIC
PROJECT
ÉLÉONORE
ISLAND GOLD
VEZZA
CANADIAN
MALARTIC
GIBRALTAR

10. CANADIAN
MALARTIC
5% NSR
ÉLÉONORE
2-3.5% NSR
ISLAND GOLD
1.7-2.55% NSR
VEZZA
5% NSR – 40% NPI
10
High Quality Cash Flow Generating Assets
100%
Of Revenues in
Canada at Zero-
Cost Gold in 2016
2016 GEO PRODUCTION OF 38.3 K OZ
2017:
~2,800 GEOs
EXPECTED
FROM THE
GIBRALTAR
SILVER STREAM
GIBRALTAR
SILVER STREAM
 200 k oz Ag / yr
from 2017-2030
 350 k oz Ag / yr
from 2031-2039+
ROYALTIESSTREAM
37,813
457
GOLD SILVER

11. 11
OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%)
LOCATION: Malartic, Québec
RESERVES: Current P&P reserves of 7.1 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
2016 PRODUCTION: 585 K oz2
OPERATOR
GUIDANCE (Au):
 2017: 600 k oz
 2018: 650 k oz
 2019: 640 k oz
OSISKO
ATTRIBUTABLE
GEOs:
 2017: 30.5 to 31.5 k oz
 2018: 33 k oz
 2019: 32.5 k oz
1. See Appendix for full disclosure on Reserves & Resources.
2. Based on Agnico Eagle’s press release dated February 15, 2017, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results…”
Canadian Malartic Royalty – 5% NSR
THE LARGEST
GOLD MINE
IN CANADA
PROVEN & PROBABLE
RESERVES OF
7.1 M oz Au1

12. 12
Canadian Malartic Exploration Upside| Odyssey North & South
1. Based on Agnico Eagle’s press release dated February 15, 2017, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results…”
 Initial inferred mineral resources of
1.43 Moz (20.7 million tonnes grading
2.15 g/t gold) for North and South
Odyssey Zones.
 155 holes (119,396 metres) completed in 2016
 Osisko holds a 5% NSR royalty on the Odyssey
South zone and a 3% NSR royalty on the
Odyssey North zone
NEAR-TERM PRODUCTION POTENTIAL
(2018-2020) FROM ODYSSEY SOUTH
UNDERGROUND1
FURTHER PRODUCTION GROWTH
POTENTIAL FROM ODYSSEY NORTH
UNDERGROUND
(2021 AND BEYOND)1
1.43MozAu
InferredResources1
andgrowing

13. 13
1. See Appendix for full disclosure on Reserves & Resources.
2. Based on Goldcorp press release dated February 15, 2017, titled “Goldcorp Reports Fourth Quarter and Full Year 2016 Results”.
OPERATOR: Goldcorp (100%)
LOCATION: James Bay, Québec
RESERVES: Current P&P reserves of 4.57 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
2016 PRODUCTION: 278 k oz2
2017 OPERATOR
GUIDANCE:
315 k oz2
2017 OSISKO
ATTRIBUTABLE GOLD
OUNCES:
6.8 to 7.0 k oz
OSISKO ATTRIBUTABLE
GOLD OUNCES AT FULL
PRODUCTION:
GROWING TO > 10,000 - 15,000 OZ RAMP UP TO TO FULL
PRODUCTION BY 2020
4.57MozAuPotentialto1,500m
Éléonore Royalty – 2.0 to 3.5% NSR

14. 14
1. Based on Taseko’s guidance. Taseko does not report silver resources or reserves.
OPERATOR: Taseko (75%)
LOCATION: Cariboo Regional District, British Columbia
MINE PLAN: 23-year mine life
STREAM:
 100% of Taseko’s share of payable
silver for the first 5.9M oz
 35% of payable silver thereafter
 US$2.75/oz silver transfer payment
 Fixed silver payability of 90%
SILVER PRODUCTION:
• 200 k oz from 2017 to 20301
• 350 k oz from 2031 to 2039+
EFFECTIVE DATE: The stream is effective as of Jan 1, 2017
EXPLORATION
POTENTIAL:
In Sept. 2016, Taseko announced a new
high grade copper-gold-silver zone
northwest of the existing pits
LONG LIFE
PRODUCING
ASSET IN CANADA
CONSISTENT SILVER GRADE
IN COPPER CONCENTRATE
Gibraltar Stream – 100% of Attributable Payable Silver
B.-C.

15. 15
 Operating since 2007
 2016 production: 83,323 oz Au
 On February 2, 2017, Richmont
announced a guidance of between
87,000 to 93,000 gold ounces for
2017
 On January 31, 2017, Richmont
announced an increase of 34% in
mineral reserves at the Island Gold
Mine
Other Producing & Cash Flowing Royalties
 Operated by Ressources Nottaway inc.
(private company)
 The property is located 25km from
Matagami, Québec
ISLAND GOLD
1.7%-2.55%
NSR
VEZZA
5% NSR
40% NPI

16. 16
New Growth – Focused on North America
UPPER BEAVER
KIRKLAND LAKE CAMP
2% NSR
CARIBOO
1.5% NSR
MARBAN
0.425% NSR
LAMAQUE
1.7% NSR
WINDFALL
1.5% NSR
HERMOSA
1% NSR
HORNE 5
1% NSR
GUERRERO
9,600 KM2 AREA IN
GUERRERO, MEXICO
FARM-IN AGREEMENT
JAMES BAY - LABRADOR
TROUGH PROPERTIES
1.5% - 3.5% NSR
COULON
POLYMETALLIC
PROJECT
EXPLORATION
PROPERTIES
GROWTH
ROYALTY
ASSETS
ODYSSEY NORTH
3% NSR
PANDORA
2% NSR
OVER 50 ROYALTIES IN THE
PORTFOLIO TO PROVIDE UPSIDE
TO “OR” SHAREHOLDERS

17. 17
Accelerator Model
FUNDAMENTAL
CONCEPT
 Use Osisko Group’s solid experience in exploration, engineering,
construction & financing to advance projects on which Osisko owns
royalties
 Support accelerator companies at board level and key management roles
 Maintain key shareholder position to drive further benefits to OR
 Tax efficient way of deploying capital as investments in flow-through
shares shelter royalty income
KEY ACCELERATOR COMPANIES
OR Representation:
Chairman: Sean Roosen
CEO: Luc Lessard
CFO: Vincent Metcalfe
Equity Investment: $6.7 million
Royalty Investment: $10.0 million
Royalty: 1% NSR
Stream: Ability to apply royalty as
prepayment against a gold/silver stream
OR Representation:
Chairman: Sean Roosen
CEO: John Burzynski
Equity Investment: $29.5 million
Royalty Investment: $9.8 million
Royalties: 1.5% NSR Windfall
0.425% Marban

18. 18
Accelerator Case Study – Osisko Mining Corporation Prior to Acquisition
Source: Company filings, FactSet
1. FactSet basic share market capitalization.
2. Equity financings only; includes bought deals, private placements, non-brokered financings, and subsequent warrant and option exercises.
(1) (2)
--
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
--
$3
$6
$9
$12
$15
$18
$21
Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13
MarketCapitalizationandCumulativeFinancing(C$mm)
SharePrice(C$)
Market Cap. Cumulative Equity Financing Price
> 9 year cycle
FUNDAMENTAL CONCEPT IS
TO SHORTEN THE CREATION
& DEVELOPMENT OF
CASH FLOWING ROYALTIES

19. 19
Accelerator Model – Acquiring Royalties at Discounted Valuations
NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)
PURCHASED A 1.5% NSR IN FEBRUARY 2016 PURCHASED A 1% NSR IN APRIL 2016
1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost
$25.0
$19.0 1
$6.0
Cost to purchase
royalty
Unrealized gain on
equity investment
Net cost of royalty
$10.0
$17.9 1
($7.9)
Cost to purchase
royalty
Unrealized gain on
equity investment
Net cost of royalty

20. 20
Accelerator Model – Acquiring Royalties at Discounted Valuations
NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)
PURCHASED A 1.0% NSR IN MAY 2016 PURCHASED A 1% NSR IN APRIL 2016
1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost
$10.0
$13.2
($3.2)
Cost to purchase
royalty
Unrealized gain on
equity investment
Net cost of royalty
$9.8
$33.6
($23.8)
Cost to purchase
royalty
Unrealized gain on
equity investment
Net cost of royalty

21. $155.3
$205.9
$261.8
Cost Base Market Value at Dec.
31, 2016
Market Value at Feb.
22, 2017
$62.0
21
Significant Value Creation Through Investment Portfolio
VALUE OF INVESTMENT
PORTFOLIO1 (C$ M)
1. Fair value of marketable securities in associates and other as at December 31, 2016. Without investment in Labrador Iron Royalty Corporation.
+
VALUE OF NEW ROYALTY
PURCHASES (C$ M)
Paid Value of New Royalties
EQUITY POSITIONS
HAVE ALLOWED TO
GENERATE OVER $62M
OF NEW ROYALTIES
$35.5M of
Flow-Through

22. 22
Positive Royalty Portfolio Developments within Accelerator Model
HORNE 5
ROYALTY: 1% NSR
 Significant increase in resource: 7.1 M oz AuEq M&I / 1.7 M oz AuEq Inferred
 $36.5 M bought deal financing completed in November 2016
 35,000 m of drilling in 2016 will expand project footprint.
HERMOSA
ROYALTY: 1% NSR
 Maiden resource announced on Taylor deposit:
̵ 31.1 M tons at 10.9% ZnEq Indicated / 82.7 M tons at 11.1% ZnEq Inferred
 Deposit still open in all directions
 Aggressive drilling to continue on the property
WINDFALL
ROYALTY: 1.5% NSR
 150,000 m drilling program ongoing; recently increased drilling program to 250,000 m
 Advanced exploration programs ongoing to define deposit
MARBAN
ROYALTY: 0.425% NSR
 New resource announced in 2016: 1.48 M oz M&I / 0.13 M oz Inferred
 20,000 m drilling in 2016
CARIBOO
ROYALTY: 1.5% NSR
 New mineralized zones discovered on Island Mountain in December 2016

23. 150,000
172,000
102,000
120,000 119,000
65,000
35,000 30,000 15,000
250,000
115,000
130,000 100,000
81,000
50,000
40,000 40,000
30,000
25,800
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Windfall Island Gold Cariboo Canadian
Malartic
Lamaque Hermosa Horne5 Éléonore Urban Barry Upper Beaver
2016 2017
OVER 860,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2017 (> 800,000 m IN 2016)
23
SIGNIFICANT INVESTMENT BY OPERATORS ON OSISKO’S ROYALTY PROPERTIES;
RESERVES & RESOURCES UPSIDE AT NO COST TO OSISKO
The Drills Are Turning – Upside on Growth Portfolio
ZERO-COST TO
OSISKO GOLD
ROYALTIES
1. Assumption based on current program
2. $10 million budget (assumes $250 per metre)
(1)
(2)
Drilling Metres

24. 24
MANAGEMENT TEAM
The Team
Sean Roosen
Chair & CEO
Bryan A. Coates
President
Elif Lévesque
CFO & VP, Finance
 Co-Founder of Osisko
Mining Corporation
 Transformed Osisko
Mining into a leading
intermediate producer
 Transformed Osisko
Mining into a leading
intermediate producer
 Over 30 years of
experience in the
mining industry
 18 years of
experience in
finance, treasury
and financial
reporting
André Le Bel
VP, Legal Affairs &
Corporate Secretary
Vincent Metcalfe
VP, Investor Relations
Joseph de la Plante
VP, Corporate Development
 20 years of
experience
in legal
affairs in
the mining
industry
 10 years of
experience in
the mining
industry
related to
capital
markets and
mergers &
acquisition
 10 years of
experience in
the mining
industry in
corporate
development
and mining
investment
banking
Frédéric Ruel
VP, Corporate Controller
 15 years of
experience
in financial
reporting,
including
over 10
years in the
mining
industry.

25. 25
The Technical Team
• IN-HOUSE TECHNICAL TEAM TO EVALUATE & REVIEW OPPORTUNITIES
• TEAM WITH OVER 200 YEARS OF EXPERIENCE IN GEOLOGY, ENGINERING,
AND MINE BUILDING
Luc Lessard
SVP, Technical Services
Robert Wares
Consultant, Geology
Paul Archer
Chief Geologist
François Vézina
Director, Mining
Christian Laroche
Director, Metallurgy
Chris Lodder
Consultant, Geology,
South America
 Co-Founder of Osisko
Mining Corporation
 Transformed Osisko
Mining into a leading
intermediate
producer
 Transformed Osisko
Mining into a leading
intermediate producer
 VP Construction of
Osisko Mining during
the build of Canadian
Malartic
 More than 25 years
of experience in
mining exploration

26. As at February 21, 2017
$1.6B
MARKET CAP
$40.7M
OPERATING CASH FLOW
YTD-Q3 2016
$499.2M
CASH & CASH EQUIVALENTS
(at December 31, 2016)
$150-$200M
AVAILABLE CREDIT
38,270 oz
ATTRIBUTABLE GOLD EQUIVALENT
OUNCES RECEIVED FOR 2016
QUARTERLY DIVIDEND
DISTRIBUTION OF30.8 $ SINCE INCEPTION
TOP SHAREHOLERS
RESEARCH COVERAGE
Corporate Summary
BANK OF AMERICA MERRILL LYNCH Michael Jalonen
BMO CAPITAL MARKETS Andrew Kaip
CANACCORD GENUITY Peter Bures
CIBC WORLD MARKETS Cosmos Chiu
CORMARK
DESJARDINS
Richard Gray
Michael Parkin
DUNDEE Josh Wolfson
GMP Ian Parkinson
HAYWOOD Tara Hassan
MACQUARIE CAPITAL MARKETS Michael Siperco
NATIONAL BANK FINANCIAL Shane Nagle
PARADIGM CAPITAL Don Blyth
RBC CAPITAL MARKETS Dan Rollins
SCOTIA CAPITAL Trevor Turnbull
TD SECURITIES Carey MacRury
26
VAN ECK ASSOCIATES CORPORATION 18,875,902 17.70%
TOCQUEVILLE ASSET MANAGEMENT, L.P. 5,175,736 4.85%
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 4,983,862 4.67%
MONTRUSCO BOLTON INVESTMENTS, INC 4,846,845 4.54%
BLACKROCK INVESTMENT MANAGEMENT (U.K.), LTD 4,138,362 3.88%
FIRST EAGLE INVESTMENT MANAGEMENT, LLC 3,991,137 3.74%
PSP INVESTMENTS 3,526,232 3.31%
EDGEPOINT INVESTMENT GROUP, INC. 3,206,877 3.01%
T. ROWE PRICE ASSOCIATES, INC. 3,144,900 2.95%
M&G INVESTMENT MANAGEMENT, LTD 2,226,748 2.09%