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. WHY INVEST?
UNIQUE BUSINESS MODEL DELIVERS STRONG CASH FLOWS AND
ASSYMETRIC UPSIDE
41% cash flow CAGR since 2015; financial interests in multiple exploration properties
LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONS
Over 135 royalties, streams and precious metals offtakes primarily in North America
STRONG BALANCE SHEET TO FUND GROWTH
Over $1 billion of available liquidity to fund growth opportunities
FOCUSED ON RETURNING VALUE TO SHAREHOLDERS
Dividends paid every quarter since 2014; $139M in dividend stock repurchases since inception
EXPERIENCED AND PROVEN MANAGEMENT TEAM
Global Exploration and Mine Building Capabilities In-House
3
4. SINCE INCEPTION
TODAY
JUNE 2014 ---> CREATION OF OSISKO GOLD ROYALTIES
4
OVER 135
ROYALTIES,
STREAMS
AND METAL
OFFTAKES
TSX &
NYSE:
OR
4
ROYALTIES
C$157 M
IN CASH
As at June 16, 2014
C$500 M
MARKET CAP
C$2.4 B
MARKET CAP
TSX:OR
C$15 M
INVESTMENT
PORTFOLIO
GUIDANCE OF
85,000 TO
95,000
ATTRIBUTABLE
GEOs FOR 2019
DIVIDEND
YIELD
~1.5%
OVER $1 B
in cash
resources,
credit and
investments
2 MAJOR
ACQUISITIONS
C$108.5 M
IN CASH
As at Mar. 31, 2019
THE WORLD’S PREMIER
GROWTH-ORIENTED
ROYALTY COMPANY
5. TIER 1 JURISDICTIONAL FOCUS – QUALITY CASH FLOWING ASSETS
FOCUSED IN NORTH AMERICA
Represents total royalty/streaming/offtake assets
TOTAL OF 135+ ROYALTIES, STREAMS &
PRECIOUS METAL OFFTAKES
104
9
2
13
3
6
5
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
BRUCEJACK
50% Au
OFFTAKE
LAMAQUE
1.7% NSR
MANTOS
100% Ag
STREAM
BRAUNA
1% GRR
SASA
100% Ag
STREAM
KWALE
1.5% GRR
MATILDA
1.65% AU
STREAM
Cornerstone Asset
in Top Jurisdiction
Other Cash Flowing Assets
6. STEADY PRODUCTION GROWTH
OSISKO CONTINUES TO DELIVER SUPERIOR GROWTH
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
6
10. 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
11. VALUE-ADDED SERVICES PROVIDED BY OSISKO GOLD ROYALTIES
OSISKO ACCELERATOR EQUITY INTERESTS
16.6% OWNERSHIP
~C$750M Market cap.
32.7% OWNERSHIP
~C$165M Market cap.
10.6% OWNERSHIP
~C$90M Market cap.
19.9% OWNERSHIP
~C$50M Market cap.
18.7% OWNERSHIP
~C$340M Market cap.
MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL
FINANCIAL LEGAL ACCOUNTING BACK OFFICE
OSISKO ACCELERATOR MODEL
Maintain key shareholder positions to drive
performance of portfolio companies
Leverage experience in exploration,
engineering construction & financing to
advance projects
Encourage strong governance at the board
level and key management roles to oversee
capital spend
Tax efficient way of deploying capital as
investment in flow-through shares shelter
royalty income
Attract additional market capital to invest on
royalty ground
Osisko Mining Inc.
Barkerville Gold Mines Ltd.
Osisko Metals Inc.
Falco Resources Ltd.
Victoria Gold Corp.
ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES
11
12. CASE STUDY: HERMOSA NSR
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
ACQUIRED BY SOUTH32 IN 2018
$5.0M
Shares+Warrants Royalty
HERMOSA INVESTMENT
IN NUMBERS
INITIAL INVESTMENT
(C$M)
+
NET GAIN ON INVESTMENT
(C$M)
$34M
Royalty
1%
NSR
1%
NSR
+
Shares+Warrants 1
12
$10.0M
13. STRONG GROWTH PROFILE
85-95
K GEOs
2019 2020 2021 2022 2023 2023+ 2024 2025
EAGLE 5% NSR
~10 K GEOs/Year
WINDFALL 1.5% NSR
~2-3 K GEOs/Year
BACK FORTY
18.5% Au, 75% Ag Stream
~10-20 K GEOs/Year
AMULSAR
4.22% Au, 62.5% Ag Streams
82% Au Offtake
~7-10 K GEOs/Year
MANTOS BLANCOS EXPANSION
100% Ag STREAM
+ ~10 K GEOs/Year
ODYSSEY
3-5% NSR
OTHER INTERNAL GROWTH
+ ~10-15 K GEOs/Year
HORNE 5
100% Ag Stream
~25-30 K GEOs/Year
CARIBOO
4% NSR
~10 K GEOs/Year
ELEONORE ROYALTY
INCREASE TO 3.5% NSR
~2-4 K GEOs/Year
HERMOSA
1% NSR
~6 K GEOs/Year
UPPER BEAVER
2% NSR
+ +
13
14. EAGLE PROJECT NEARING OPERATIONS – 5% NSR TO OSISKO
1. Based on Victoria Management Guidance
FIRST Au
POUR
IN SEP.
2019
OVERALL
PROJECT
IS 95%
COMPLETE
14
HIGHLIGHTS1:
Construction of the mine is 95% complete
Open Pit benches have been established
and more than 1.3 million tones mined;
Primary crusher, conveying systems, and
ADR are being commissioned;
Secondary-tertiary crushing facility is near
completion;
The 69kV power line from the Yukon grid
is energized.
UPCOMING KEY MILESTONES1:
Ore to leach pad – July 2019
First gold pour – September 2019
15. $0.03 $0.04
RETURNING CAPITAL TO SHAREHOLDERS
$1.6 $13.8
$30.8
$55.1
$86.3
$94.1
$1.8
$1.8
$34.8
$45.0
$0
$20
$40
$60
$80
$100
$120
$140
$160
2014 2015 2016 2017 2018 2019
Dividend Share Buyback
CUMULATIVE CAPITAL RETURNED – AS AT MARCH 31, 2019
CumulativeCapitalReturned
(C$M)
C$139 MILLION
RETURNED TO
SHAREHOLDERS
SINCE INCEPTION
IN 2014
Quarterly Dividend ($/share)
$0.05
15
$20 million of $100 million repurchased under NCIB announced late 2018
852,500
Shares @
$11.96/sh
(in 2019 only)
16. FINANCIAL POSITION
BALANCE SHEET ITEMS Mar. 31, 2019
Cash (C$ M) $108.5
Debt (C$ M) $324.4
Investments (C$ M)1 $403.8
Basic Shares Outstanding (M) 155.1
Quarterly Dividend (C$/Share) $0.05
1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at March 31, 2019 for
public companies. 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)
16
OVER C$1 B IN CASH RESOURCES,
CREDIT AND INVESTMENTS IN
EQUITIES AVAILABLE
17. SUMMARY
PEER-LEADING
EXPOSURE TO
CANADIAN
ASSETS
GUIDANCE OF
85,000 TO
95,000
ATTRIBUTABLE
GEOs FOR 2019
DIVIDEND YIELD
~1.5%
19,753
ATTRIBUTABLE
GEOs EARNED
FOR Q1 2019
UNIQUE
STRATEGY
FOR VALUE
CREATION
RE-RATING
OPPORTUNITY
BEST GROWTH
PROFILE
AMONG PEERS
17
C$403.8 M
IN INVESTMENTS
As at Mar. 31, 2019
C$108.5 M
IN CASH
As at Mar. 31, 2019
19. 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
Managing Director,
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
19
20. BALANCED SHAREHOLDER BASE
20
Orion Mine Finance 19.9%
C D P Q 12.7%
Van Eck 10.0%
EdgePoint 6.8%
Fonds FTQ 5.8%
T. Rowe 3.7%
Vanguard 2.5%
Intact Investment Management 2.4%
Tocqueville 2.4%
Top 10 Osisko Gold Royalties Shareholders MUTUAL
FUNDS
48%
HEDGE FUNDS
5%
PRIVATE
EQUITY
20%
PENSION
FUNDS
23%
INSTITUTIONS
66%
MANAGEMENT
1%
RETAIL
34%
21. 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
21
22. 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
22
23. 23
GEO PRODUCTION
Q1 2018 Q1 2019
GEOs EARNED IN Q1
20,036
GEOs
At 91% cash
operating
margin on
royalty and
streams
interests
19,753
GEOs
At 89% cash
operating
margin on
royalty and
streams
interests
GUIDANCE (GEOs)
2019E
YTD: 19,753
GEOs
85,000 – 95,000 GEOs
Q1 GEO production in-line with expectations.
We anticipate to meet our guidance with stronger GEO deliveries
from our asset base during the remainder of the year.
24. $23.3 $24.8
Q1 2018 Q1 2019
24
Q1 2019 FINANCIAL PERFORMANCE
NET CASH FLOWS FROM
OPERATING ACTIVITIES (C$ M)
REVENUES FROM ROYALTIES
AND STREAMS (C$ M)1
1. $100.7 million including offtakes for Q1 2019 ($125.6 million for Q1 2018)
2. “Adjusted earnings” and “Adjusted earnings per basic share” are non-IFRS financial performance measures which have no standard definition under IFRS.
Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Management’s Discussion and Analysis.
$32.6
$33.5
Q1 2018 Q1 2019
EARNINGS (LOSS) (C$ M)
$2.3
($26.5)
Q1 2018 Q1 2019
The result of the
impairment charge of
$28.6 million, net of
income taxes
25. 2018 YEAR IN REVIEW
25
RECORD 80,553 GEOs earned
(+37% compared to 2017)
Received payment of C$159.4M from
Pretium Exploration Inc. for the
Brucejack gold and silver stream
repurchase
Acquired from Victoria a 5% net
smelter return (“NSR”) royalty for
C$98.0 million on the Eagle Gold
project located in Yukon, Canada
Amended the Renard stream by
investing an additional C$21.6 million,
thereby improving the near-term cash
flow capacity
Acquired an additional 1.75% NSR
royalty for C$20.0 million on the
Cariboo property held by Barkerville,
increasing Osisko’s NSR royalty to a
total of 4% with an option to increase
to 5%
RECORD NET CASH FLOW FROM
OPERATING ACTIVITIES (C$M)
2017 2018
RECORD REVENUES (C$M)
$93.8
Royalties
and
Streams
$127.6
Royalties
and
Streams
(C$490.5M
including offtakes)
$48.7
$82.2
2017 2018
(C$213.2M
including offtakes)
27. 2018 RESULTS
12 MONTHS ENDED
(C$ 000) Dec. 31, 2018 Dec. 31, 2017
GOLD PRODUCTION (oz) 55,848 45,200
SILVER PRODUCTION (oz AuEq) 13,258 8,045
DIAMONDS PRODUCTION (oz AuEq) 8,751 4,887
OTHER METALS (oz AuEq) 2,696 801
REALIZED GOLD PRICE (C$ per oz) $1,649 $1,627
REVENUES $490,472 $213,216
GROSS PROFIT $66,555 $59,506
NET CASH FLOW FROM OPERATING ACTIVITIES $82,158 $48,716
NET EARNINGS (LOSS)1,2 ($105,587) ($42,501)
NET EARNINGS (LOSS)PER SHARE - BASIC1 ($0.67) ($0.33)
1. Attributable to Osisko’s shareholders
2. Reflecting impairment charges 27
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 Newmont 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 Bald Mountain Kinross United States Production 1%-4% GSR
12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)
13 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property
14 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR
15 Kwale Base Resources Kenya Production 2% of GRR on titanium
16 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products
17 Seabee Santoy SSR Mining Canada Production 3% NSR
18 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI
Near-Term Development Royalties, Streams and Offtakes
19 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream
20 Amulsar (O) Lydian Armenia Construction 82% Au offtake
21 Back Forty Aquila Resources United States Development 18.5% Au Stream
22 Back Forty Aquila Resources United States Development 75% Ag Stream
23 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR
24 Eagle Victoria Gold Canada Construction 5% NSR until 97,500; 3% NSR thereafter
25 Hammond Reef Agnico Eagle Canada Development 1.5% NSR
26 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc
27 Horne 5 Falco Resources Canada Development 90-100% Ag stream
28 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals
29 Nimbus MacPhersons Resources Australia Development 100% Ag offtake
30 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
31 Windfall Osisko Mining Canada Development 1.5% NSR
32 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake
Long-Term Development Royalties
33 Ambler NovaCopper US United States Development 1% NSR
34 Cameron Lake Cameron Gold Operations Canada Development 1% NSR
35 Casino Western Copper and Gold Canada Development 2.75% NSR
36 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR
37 Copperwood & White Pine Highland Copper United States Development 3% NSR
38 Corcoesto Edgewater Exploration Spain Development 1% NSR
28
29. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
39 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au
40 King Island King Island Scheelite Australia Development 1.5% GRR
41 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR
42 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum
43 Ollachea Minera IRL Peru Development 1% NSR on all products
44 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag
45 Sandman 1 Newmont United States Development 5% NSR
46 Sandman 2 Newmont United States Development 1% NSR
47 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR
48 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
49 Tijirit Algold Resources Mauritania Development 1.5%
50 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional
Exploration Royalties
51 Abbeytown Erris Resources Ireland Exploration 1% NSR
52 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR
53 Altar Stillwater Mining San Juan Exploration 1% NSR
54 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR
55 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
56 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
57 Aurbel QMX Gold Canada Exploration 2.125% NSR
58 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR
59 Bargold Abcourt Mines Canada Exploration 1.275 % NSR
60 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
61 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
62 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR
63 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR
64 Casino B Cariboo Rose Resources Canada Exploration 5% NPI
65 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
66 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
67 Croinor Monarques Gold Canada Exploration 0.75% NSR
68 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
69 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
70 Destor Explor Resources Canada Exploration 2.125% NSR
71 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
72 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals
73 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR
74 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
75 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
76 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
77 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
78 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
79 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
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30. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
80 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
81 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals
82 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals
83 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
84 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI
85 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals
86 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals
87 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
88 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR
89 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
90 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
91 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
92 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals
93 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
94 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
95 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR
96 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR
97 Moore Lake Denison Mines Canada Exploration 2.5% NSR
98 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
99 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
100 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
101 Pandora Agnico Eagle Canada Exploration 2% NSR on all metals
102 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
103 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals
104 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
105 Preissac Sphinx Resources Canada Exploration 2% NSR
106 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
107 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals
108 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
109 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals
110 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR
111 San Juan Azure Minerals Mexico Exploration 2% NSR
112 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals
113 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
114 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
115 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals
116 South Crofty Strongbow Exploration United Kingdom Exploration 1.5% NSR
117 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR
118 Sunnyside Barksdale Capital Corp. United States Exploration 1% 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
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
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31. 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
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
31