Osisko Corporate Presentation - September 4, 2018

1. THE WORLD’S PREMIER
GROWTH-ORIENTED
ROYALTY COMPANY
CORPORATE PRESENTATION
SEPTEMBER 2018

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

3. 3
 LEADING & UNPARALLELED GROWTH PROFILE
Growing GEOs from 80k oz in 2018 to over 180k oz within the next 5 years
 LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR
Over 87% Cash Margins expected in 2018
 DELEVERAGING QUICKLY
Repayment of $51.8M on the revolving credit facility in Q2
 EXPERIENCED AND PROVEN MANAGEMENT TEAM
Global Exploration and Mine Building Capabilities In-House
 A SIGNIFICANT DIVIDEND
Currently Yielding 2%
 TRADING AT A DISCOUNT TO PEERS
Why Osisko?

4. 4
Osisko’s Unique
Business Model
CAPITAL & HUMAN
RESOURCES
DEPLOYMENT
 ORION PORTFOLIO | ~C$1.1B
 BACK FORTY STREAM | ~C$70M
 GIBRALTAR STREAM | ~C$50M
 OSISKO MINING
Developing high grade resource in Québec
 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
 FALCO RESOURCES
Completed feasibility study and advancing development
75% 25%
ACHIEVEMENTS
 EAGLE ROYALTY | ~C$98M
 HORNE 5 STREAM | C$180M
20172018
TRADITIONAL ROYALTY
& STREAMING BUSINESS
ACCELERATOR BUSINESS
MEDIUM TO LARGE
NEAR-TERM OR
PRODUCING
STREAM, ROYALTY
LOWER
LOWER
HIGHER
CHEQUE SIZE:
TIMELINE TO
CASH FLOW:
TYPE:
RISK:
RETURN:
COMPETITION:
SMALL TO MEDIUM
MEDIUM TO LONG-TERM
ROYALTY, RIGHTS, EQUITY
HIGHER
HIGHER
LOWER

5. 5
Tier 1 Jurisdictional Focus – Safe & Stable Asset Base
9
2
3
13
6
Represents total royalty/streaming assets
104

6. 6
Quality Cash Flowing Assets – Strong North American Focus

7. 7
Strong producing platform & growth pipeline
CURRENTLY FULLY FUNDED TO MORE THAN DOUBLE GEOS WITHIN 5 YEARS
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.
2. Subject to the closing of the transaction announced June 18, 2018 between Osisko and Falco. Expected closing in September 2018.
Marban NSR
Upper Beaver NSR
Highland Copper NSR
Casino NSR
Ollachea NSR
Yenipazar Offtake
Spring Valley NSR
Nimbus Offtake
Tijirit NSR
AND PORTFOLIO
OF OVER 100
ADDITIONAL ROYALTIES
Source: Osisko management estimates.
77.5 - 82.5
130 - 140
2018 2020E 2023E
19
1
 Amulsar Stream
& Offtake
 Back Forty Stream
 Lamaque NSR
 Brucejack Stream
& Offtake
 Victoria NSR
 Horne 5 Stream2
 Cariboo NSR
 Windfall NSR
 Hermosa NSR
+AcceleratorCompanies
34.2 k oz
180-190
21
Horne 5:
25 k oz
Assets
Currently in
Production:
90 k oz
Assets
Currently in
Production:
115 k oz

8. 8
Delivering Significant Production Growth since Inception
PRODUCTION AND GUIDANCE (GEOs)
WE EXPECT A STRONG PRODUCTION
DURING H2 2018 AND
STEADY PRODUCTION INCREASES
THROUGH 2019 AND 2020
12,499
30,588
38,270
58,933
77,500
to
82,500
2014 2015 2016 2017 2018 Guidance
At
87% Cash
Operating
Margin
THE HIGHEST MARGIN IN THE
METALS AND MINING SECTOR

9. 9
1. Including the $100M accordion
Paying Down Debt
$99.8M
Undrawn Credit Facility Drawn Credit Facility
TOTAL
CREDIT
FACILITY:
$450M1
$148.0
$99.8
$350.0
$350.0
50.0
150.0
250.0
350.0
450.0
Dec. 31, 2017 Jun. 30, 2018
LONG-TERM DEBTCREDIT FACILITY
Debt from Credit Facility Convertible Debt
REPAYMENT OF $51.8 MILLION ON THE REVOLVING CREDIT FACILITY IN 2018

10. 10
GEO Production and Guidance (k oz) – Growing 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(koz)
200
300
400
500
2016A 2017A 2018E
Franco-Nevada
GEO(koz)
225
275
325
375
2016A 2017A 2018E
Royal Gold1
GEO(koz)
600
650
700
750
800
2016A 2017A 2018E
Wheaton Precious Metals2
GEO(koz)

11. 11
Osisko Trading at Discount to Peers
Consensus P / NAV
2.1x
1.9x
1.6x
1.1x
FNV RGLD WPM OR

12. 12
1. 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

13. Source: Research reports and Osisko management estimates. 11
LOW RISK PORTFOLIO
75 %

14. Canada
75%
U.S.
9%
Chile
8%
Other 8%
Royalty Dominant Portfolio
14Source: Research reports.
Consensus NPV by TypeConsensus NPV by Stage
Consensus NPV by MetalConsensus NPV By Geography
Production
60%
Development
23%
Construction/
Ramp-Up 17%
Royalty
51%
Stream
47%
Offtake 2%
Gold
62%
Silver
22%
Diamond
12%
Other 4%
ZERO-COST
GOLD

15. 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
 Q1 recent average diamond price
of US$112/carat
 1.2 mcarats to be produced in
2018
 Commenced ore-waste sorting,
facility completed in Q1 2018
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
 Opened 3rd mining horizon
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
15
Updates on Cash Flowing Assets
ÉLÉONORECANADIAN
MALARTIC
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
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
ISLAND
GOLD
1.38-2.55% NSR
 Significant exploration results
 Increasing throughput at mill

16. 16
Near & Medium-Term Cash Flowing Assets
UPPER BEAVER
KIRKLAND LAKE CAMP
2% NSR
CARIBOO
2.25% NSR
LAMAQUE
1.7% NSR
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
BRUCEJACK
4% AU-AG
STREAM

17. POTENTIAL TO BE
THE LARGEST GOLD
MINE IN THE YUKON
17
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 97,500 ounces of gold have
been delivered and 3% thereafter
PRODUCTION: 10,000 avg. royalty-attributable GEO's/year
HIGHLIGHTS:
 Fully permitted and in construction
 Top-tier jurisdiction
 Excellent near-mine and regional exploration
potential
Q2 Acquisition - Eagle 5% NSR Gold Royalty
PERMITTED AND IN CONSTRUCTION WITH MAJOR INFRASTRUCTURE ITEMS IN PLACE

18. 18
THE NEXT GREAT UNDERGROUND
MINE IN CANADA
OPERATOR: Falco Resources Ltd (100%)
LOCATION: Rouyn-Noranda, Québec
RESERVES: 6.0 M oz at 2.37 g/t Au Eq.
STREAM: 90-100% Ag @ 20% of spot transfer price (up to $6/oz)
PRODUCTION: 25,000 avg. attributable GEO's/year
HIGHLIGHTS:
 Feasibility study completed
 A significant silver streaming interest on an
advanced North American project
 Mid-term cash flow from Québec, one of the best
mining jurisdictions in the world
 Upside potential through further resource
conversion and exploration at Horne 5
CLOSING:
 Closing expected in September 2018 and is subject
to approval by Falco shareholders
 Transaction is subject to ROFR in favor of Glencore
Q2 Acquisition Announcement – Horne 5 Silver Stream
OSISKO LOOKING FORWARD TO SUPPORTING ANOTHER GREAT MINE IN
QUÉBEC, ONE OF THE TOP MINING JURISDICTIONS IN THE WORLD

19. 19
Updates on Near & Medium-Term Cash Flowing Assets
0.85% NSR
 CAPEX in 2018 are forecast to be $120
million
 Mill start-up expected in Q4 2018
 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 expected for Q4
2018
 Schedule risks are now reduced given
that critical earthworks are largely
complete
WINDFALL
1.5% NSR
 Largest exploration program in
Canada recently extended to
800,000 metres
 Announced initial maiden resource
on May 14th, 2.9 M oz @ 6.91 g/t
 Severe capping
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
 Advancing the declines in June 2018
 New copper-rich zone discovered
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
 4 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
 Received final permit
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
ODYSSEY
NORTH & SOUTH

20. 20
Accelerator Model: Case Study
Transferring gains to new investments while keeping exposure to existing assets
1
Exploration
Euphoria
Production
Ramp-up
Production
Expansion
Technical Studies
and Permitting
VALUEOFPROJECT/COMPANY
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 Mining
2. 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 $22.8M
5. 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

21. 21
SUMMARY
THE WORLD’S PREMIER
GROWTH-ORIENTED
ROYALTY COMPANY
137
ROYALTIES,
STREAMS AND
METAL OFFTAKES
19
PRODUCING
ASSETS
DIVIDEND YIELD
2%
5
CORNERSTONE
ASSETS
PRECIOUS METAL
FOCUSED
AMERICAS
FOCUSED
RECORD
58,933 GEOs
EARNED FOR 2017
77,500 to
82,500 oz
ATTRIBUTABLE
GEOs FOR 2018
C$336M
IN INVESTMENTS
As at June 30, 2018
C$188.6M
IN CASH
As at June 30, 2018

22. APPENDIX

23. 23
MANAGEMENT
TEAM
The Team – Over 200 Years of Experience in Geology and Mine Building
Sean Roosen
Chair & CEO
 Co-Founder of
Osisko Mining
Corporation
 Transformed
Osisko Mining
into a leading
intermediate
producer
Bryan A. Coates
President
 Transformed
Osisko Mining
into a leading
intermediate
producer
 Over 30 years of
experience in the
mining industry
Joseph de la Plante
VP, Corporate Development
 10 years of
experience in the
mining industry
in corporate dev.
and mining
investment
banking
Luc Lessard
SVP, Technical Services
Christian Laroche
Director, Metallurgy
 Led the
construction of
the Canadian
Malartic Mine
 Over 17 years of
experience in
mining and
extensive
experience in
open pit and
underground
operations
 Over 16 years of
experience in
engineering,
design and
construction of
mining projects
TECHNICAL
TEAM
Vincent Metcalfe
VP, Investor Relations
 10 years of
experience in the
mining industry
related to capital
markets and
mergers &
acquisition
François Vézina
VP, Technical Services
Elif Lévesque
CFO & VP, Finance
 18 years of
experience in
finance, treasury
and financial
reporting
André Le Bel
VP, Legal Affairs &
Corporate Secretary
 20 years of
experience in
legal affairs in
the mining
industry
Frédéric Ruel
VP, Corporate Controller
 15 years of
experience in
financial
reporting,
including over
10 years in the
mining industry.

24. 24
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)
OPERATOR
GUIDANCE (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 LARGEST
GOLD MINE
IN CANADA
PROVEN & PROBABLE
MINERAL RESERVES OF
6.38 M oz Au1
CANADIAN MALARTIC EXTENSION
PROJECT RECEIVES GOVERNMENT
OF QUEBEC APPROVAL

25. 25
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.
4.08MozAu
Combinedinferred
resources1
andgrowing
OSISKO HOLDS A 5% NSR ROYALTY
ON 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

26. Canadian Malartic Site - Longitudinal
26

27. 27
1. 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.
3.80MozAuPotentialto1,500m
Éléonore Royalty – 2.0 to 3.5% NSR

28. 28
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

29. 29
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

30. Operator: Pretium
Primary
Commodity:
Gold
Location: 65km north of Stewart BC. Canada
Reserves:
Resources:1
P&P reserves of 8.1M oz Au, 5.9M oz Ag
M&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
30
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.

31. 31
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 Parral GoGold Resources Mexico Production 100% Au + Ag offtake
10 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake
11 Bald Mountain Kinross United States Production 1%-4% GSR
12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)
13 Hewfran Metanor Resources Canada Production 1.7% NSR
14 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property
15 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR
16 Kwale Base Resources Kenya Production 2% of GRR on titanium
17 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products
18 Seabee Santoy SSR Mining Canada Production 3% NSR
19 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI
Near-Term Development Royalties, Streams and Offtakes
20 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream
21 Amulsar (O) Lydian Armenia Construction 82% Au offtake
22 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream
23 Brucejack (S) (2020) Pretium Resources Canada Production 4% Au Stream and 4% Ag Stream (stream in 2020)
24 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 2.25% 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 1% NSR
29 Lamaque-Rocdor Eldorado Gold Canada Development 0.85% NSR
30 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals
31 Nimbus MacPhersons Resources Australia Development 100% Ag offtake
32 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
33 Windfall Osisko Mining Canada Development 1.5% NSR
34 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake
Long-Term Development Royalties
35 Ambler NovaCopper US United States Development 1% NSR
36 Cameron Lake Cameron Gold Operations Canada Development 1% NSR
37 Casino Western Copper and Gold Canada Development 2.75% NSR
38 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR
39 Copperwood & White Pine Highland Copper United States Development 3% NSR
40 Corcoesto Edgewater Exploration Spain Development 1% NSR

32. 32
Royalties, Streams and Offtakes – Complete List
Asset Name Operator Country Status Description
41 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au
42 King Island King Island Scheelite Australia Development 1.5% GRR
43 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR
44 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum
45 Ollachea Minera IRL Peru Development 1% NSR on all products
46 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag
47 Sandman 1 Newmont United States Development 5% NSR
48 Sandman 2 Newmont United States Development 1% NSR
49 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR
50 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
51 Tijirit Algold Resources Mauritania Development 1.5%
52 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional
Exploration Royalties
53 Abbeytown Erris Resources Ireland Exploration 1% NSR
54 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR
55 Altar Stillwater Mining San Juan Exploration 1% NSR
56 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR
57 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
58 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
59 Aurbel QMX Gold Canada Exploration 2.125% NSR
60 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR
61 Bargold Abcourt Mines Canada Exploration 1.275 % NSR
62 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
63 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
64 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR
65 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR
66 Casino B Cariboo Rose Resources Canada Exploration 5% NPI
67 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
68 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
69 Croinor Monarques Gold Canada Exploration 0.75% NSR
70 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
71 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
72 Destor Explor Resources Canada Exploration 2.125% NSR
73 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
74 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals
75 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR
76 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
77 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
78 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
79 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
80 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
81 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

33. 33
Royalties, Streams and Offtakes – Complete List
Asset Name Operator Country Status Description
82 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
83 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals
84 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals
85 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
86 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI
87 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals
88 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals
89 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
90 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR
91 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
92 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
93 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
94 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals
95 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
96 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
97 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR
98 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR
99 Moore Lake Denison Mines Canada Exploration 2.5% NSR
100 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
101 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
102 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
103 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
104 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
105 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals
106 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
107 Preissac Sphinx Resources Canada Exploration 2% NSR
108 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
109 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals
110 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
111 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals
112 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR
113 San Juan Azure Minerals Mexico Exploration 2% NSR
114 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals
115 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
116 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
117 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals
118 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR
119 Swedish Properties Erris Resources Sweden Exploration 1% NSR
120 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR
121 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
122 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals
123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR

34. 34
Royalties, Streams and Offtakes – Complete List
Asset Name Operator Country Status Description
124 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR
125 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
126 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI
127 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals
128 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
129 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals
130 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals
131 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals
132 Waihi West Antipodes Gold New Zealand Exploration 2% NSR
133 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
134 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR
135 Whistler GoldMining United States Exploration 2.75% NSR
136 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR

35. 35
Mineral Reserves and Resources
1. Agnico Eagle and Yamana public disclosure – as at February 14, 2017
2. Goldcorp public disclosure – as at June 30, 2017
3. 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
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
Total Proven & Probable 6.02 3.80 19.61
GLOBAL RESOURCES (EXCLUDING RESERVES)
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
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
GLOBAL RESOURCES (EXCLUDING RESERVES)
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
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

36. AMULSAR3
CATEGORY
AU 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
CATEGORY
AU 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
CATEGORY
AU 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
CATEGORY
AU 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*
36
Mineral Reserves and Resources
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 6.1
Inferred 56.0 13.1 23.4

37. CASINO
3
CATEGORY
CU 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
CATEGORY
CU 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*
GLOBAL RESOURCES (INCLUDING RESERVES)*
BALD MOUNTAIN
4
RESERVES*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
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)*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
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
SEABEE
2
RESERVES*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
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
GLOBAL RESOURCES (INCLUDING RESERVES)*
CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)
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
37
Mineral Reserves and Resources
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.

38. 38
Mineral Reserves and Resources
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
GLOBAL RESOURCES (EXCLUDING RESERVES)
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
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, 2016
2. Mineral resources are inclusive of mineral reserves
3. 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
GLOBAL RESOURCES (EXCLUDING RESERVES)
CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)
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