Osisko Gold Royalties - Corporate Presentation, May 2020

1. THE LEADING
GROWTH-ORIENTED
ROYALTY COMPANY
INVESTOR PRESENTATION – MAY 2020

2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking information and forward-looking statements (together, “forward-looking statements“) within the meaning of applicable Canadian securities laws and the United States Private Securities
Litigation Reform Act of 1995. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations
regarding Osisko’s growth, results of operations, estimated future revenue, carrying value of assets, requirements for additional capital, production estimates, production costs and revenue, business prospects and opportunities are
forward-looking statements. In addition, statements relating to gold equivalent ounces (“GEOs”) are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance
can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “is expected” “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations of such words and phrases), or may be identified by statements to the effect that certain
actions, events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of Osisko, the estimate of GEOs to be received in 2019, that the required regulatory and
shareholders approvals will be obtained in connection with the proposed transaction with Barkerville Gold Mines Ltd. (“Barkerville”), that sufficient funding will be available to fund work at Barkerville, that significant value will be
created within the accelerator group of companies and Osisko’s ability to seize future opportunities. Although Osisko 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 deriving from Osisko’s royalties, streams and other interests to differ materially from those in forward-looking statements include, without limitation: influence of political or economic
factors including fluctuations in the prices of the commodities and in value of the Canadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions;
regulations and regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”)
status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks
and hazards associated with the business of exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure,
operating or technical difficulties, unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from
mineral resource estimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko and exercise of third party rights affecting proposed investments.
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 Osisko holds a
royalty, stream 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; Osisko’s ongoing income and assets relating to the determination of its PFIC status, no material changes to existing tax
treatments; no adverse development in respect of any significant property in which Osisko 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. However, there can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future
performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue reliance on forward-looking statements due to the inherent uncertainty
therein.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this presentation, see the section entitled “Risk Factors” in the most recent Annual Information
Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR
at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this presentation and is subject to change after such date. Osisko disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by 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 presentation 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 OWN OSISKO
QUALITY
UPSIDE
OPPORTUNITY
3

4. 4
A QUALITY PORTFOLIO
Over 135 royalties, streams
and precious metals offtakes
Diversified cash flow from 16
producing assets (primarily on
gold mines)
91% cash operating margins2
Lowest geopolitical risk profile
CONSENSUS
NPV BY
GEOGRAPHY
CASH
OPERATING
MARGINS
PREMIER OPERATORS INCLUDING:
86%
51%
36% 27% 20%
52%
14%
49%
64% 73% 80%
48%
OSISKO RoyalGold Wheaton Franco
Nevada
Sandstorm North
American
Majors
North America Elsewhere
1
1
91%
79% 76% 70% 64%
48%
OSISKO Franco
Nevada
Royal Gold Sandstorm Wheaton North
American
Majors

5. 5
Highest dividend in royalty
sector
Significantly undervalued with
opportunity for re-rate
High trading liquidity
(on average $18.5M per day)
Strong balance sheet with
C$243M in cash and C$900M
in total financial capacity
Diversified, supportive
shareholder base
A QUALITY INVESTMENT
TOP QUARTILE “A”
ESG RATING IN 2019
RANKED # 5 OUT OF 100 PRECIOUS METALS
COMPANIES BY SUSTAINALYTICS FOR 2019
1.5%
1.0%
0.9% 0.7%
0.0%
1.4%
OSISKO Wheaton Royal Gold Franco Nevada Sandstorm North
American
Majors
TSX | NYSE: OR
ESG
FOCUSED
DividendYield
3.1x
2.5x 2.4x
1.5x
1.0x
1.9x
Franco Nevada Royal Gold Wheaton
Precious
Metals
Sandstorm OSISKO North
American
Majors
P/NAV TRADING MULTIPLES
1
1

6. 6
UNIQUE COMBINATION OF CORE ROYALTY
BUSINESS STABILITY AND ACCELERATOR
BUSINESS COMPETITIVE ADVANTAGE
HYBRID BUSINESS MODEL
CORE ROYALTY BUSINESS EARLY STAGE
Accelerator Business
CARIBOO
North Spirit Discovery Group
Leverage technical
team to select early
stage stories
In Accelerator
companies, combine
assets/teams/ capital
Obtain high-value
royalties at low price
with limited
competition
Create royalties that
otherwise wouldn’t
exist
Cariboo is a district
camp with decades
of exploration
potential
Seeking external
financing to advance
the Cariboo Gold
Project within NSDG
Providing Osisko
Shareholders with
exposure to private
equity type return as
Cariboo is advanced
75% 25%

7. TIER-1 ROYALTY PORTFOLIO
135+ ROYALTIES,
STREAMS & PRECIOUS
METAL OFFTAKESCash Flowing Assets
75%
ASSET NPV
IN CANADA
86%
IN NORTH
AMERICA
7
108
9
2
6
3
13
Total Assets

8. Flagship royalty asset
Canada’s largest gold mine
A stable producer at first
quartile costs
Significant mine life potential
from underground discovery
5% NSR
Québec, Canada
Agnico Eagle Mines / Yamana Gold
CANADIAN
MALARTIC
OUNCES DELIVERED TO OSISKO
(K oz Au)
30.1 29.2
33.6
35.4
33.5
2015 2016 2017 2018 2019
THE WORLD’S MOST
VALUABLE GOLD
ROYALTY
8

9. OVER 10 MILLION
OUNCES DELINEATED
IN M&I AND INFERRED
CATEGORIES4 9
CANADIAN
MALARTIC
UNDERGROUND
One of the largest new gold
resources globally
Limited drilling thus far and East
Gouldie open in all directions3
Initial production potentially
starting in 20233East Gouldie, 5% NSR
North Odyssey & East Malartic, 3% NSR
South Odyssey, 5% NSR

10. Canada’s newest gold mine
Ramping up to 220,000 ounces
of gold per year
Large land package being
actively explored
Operated by world’s leading gold
company Newmont Corporation
Among the largest mines in Québec
Aggressive exploration campaign
underway
EAGLE
ÉLÉONORE
2-3.5% NSR
Québec, Canada | Newmont Corporation
5% NSR
Yukon, Canada | Victoria Gold Corp.
Progressing mine expansion will
increase deliveries to Osisko
Another long-life asset in a top
mining jurisdiction
MANTOS
100% Ag Stream
Antofagasta, Chile | Mantos Copper S.A.
10

11. ROYALTIES &
STREAMS ON
OVER 25,000 KM2
WESTERN
CANADA
7,200 KM2 OF ROYALTY LANDS
32M OZS MINED HISTORICALLY
EASTERN
CANADA
19,000 KM2 OF ROYALTY LANDS
226M OZS MINED HISTORICALLY
QUÉBEC
ONTARIO
BRITISH
COLUMBIA
YUKON
Tintina Belt
& Selwyn Basin
Cariboo
District
Red Lake
Kirkland Lake
& Timmins Rouyn Noranda
& Val d’Or
Lebel sur Quevillon
& Baie James
Bralorne
PRIME REAL-ESTATE IN CANADA
THE MOST
PROLIFIC
MINING CAMPS
DECADES
OF FUTURE
EXPLORATION
POTENTIAL
11

12. HIGHER
EXPOSURE TO
GOLD
STRONG
DEVELOPMENT
PIPELINE OF
ASSETS
PRODUCTION
& CASH FLOW
GROWTH
UPSIDE
12

13. 12,499
30,588 38,270
58,933
80,553 78,006
140,000
+
2014 2015 2016 2017 2018 2019 Paid-For
Royalty /
Streaming
Ounces7 ROYALTIES +135 ROYALTIES &
STREAMING ASSETS
2 MAJOR
ACQUISITIONS
CREATED THE
ACCELERATOR
BUSINESS
ENTERING INTO THE NEXT
PHASES OF GROWTH WITH
CONTRIBUTION OF CANADA’S
NEXT MAJOR GOLD MINES
SUSTAINED GEO GROWTH
AT 91% CASH
OPERATING
MARGINS
GEO PRODUCTION
13
C$500 M
MARKET CAP C$2.1 B
MARKET CAP

14. Unique combination of size and
high grade
Over 5 million ounce resource5
and growing, all above 1,200m
Additional 250,000 metres of
drilling in 2020, 20+ drills on site
WINDFALL
2.0-3.0% NSR
Québec, Canada | Osisko Mining Inc.
HERMOSA
1.0% NSR
Arizona, USA | South32 Limited
HORNE 5
90-100% Ag Stream
Québec, Canada | Falco Resources Ltd.
World-class polymetallic deposit
South32 is a major diversified operator
Over 100Mt at 10.4% Zn Eq grade and
multi-decade mine life
Pre-feasibility study on-track for H2 20206
6 million GEOs in reserves7
Feasibility complete, permitting and
discussions with Glencore progressing
One of the largest undeveloped gold
projects in Canada
14

15. 4-5% NSR
British Columbia, Canada
RARE EXPOSURE
TO AN ENTIRE
MINING CAMP
4.4 M OZ AU UNDERGROUND
RESOURCE8 AND GROWING
Decades of exploration potential with
current resource sitting on 4 km of a 83 km
trend
100% owned by Osisko
+185,000 ounces of gold per year
Low capex and easily scalable production
Seeking external financing to develop
within the North Spirit Discovery Group
platform
Clear path to permitting
Construction decision in 2022
CARIBOO GOLD
15

16. HIGH EXPOSURE TO GOLD PRICE
OSISKO
PROVIDES
THE HIGHEST
EXPOSURE TO
GOLD
81% 78%
68%
63%
53%
12%
9%
9%
33%
17%
12%
10%
12%
10%
7%
18%
OSISKO Royal Gold Franco Nevada Wheaton
Precious Metals
Sandstorm
Gold Silver Energy Copper PGM Other
BASED ON
2019 REVENUES
16

17. EXPOSURE TO
NEW DISCOVERIES
AND INCREASED
MINE LIFE
TRADING AT
MATERIAL
DISCOUNT
OPPORTUNITY
INCREASED
RETURNS THROUGH
ACCELERATOR
MODEL
17

18. P/NAV TRADING MULTIPLES
As at May 1, 2020
TRADING AT SIGNIFICANT DISCOUNT
TRADING AT A DISCOUNT AND
POSITIONED FOR HIGHER RETURN
18
3.1x
2.5x 2.4x
1.5x
1.0x
1.9x
Franco Nevada Royal Gold Wheaton Precious
Metals
Sandstorm OSISKO North American
Majors
1

19. OPTIONALITY THROUGH ACCELERATOR MODEL
~C$1 B Market cap.
2.0-3.0% NSR on Windfall
~C$70 M Market cap.
1.5% NSR on Pine Point
~C$60 M Market cap.
90-100% Ag stream on Horne 5
~C$40 M Market cap.
1.2% NSR on Bralorne
~C$100 M Market cap.
3-5% NSR on Santana
Leverage technical skillset to find attractive
exploration assets early and provide capital /
expertise
Attract additional market capital to invest on
royalty ground
Osisko shareholders exposed to over 18 million
GEOs in resources through accelerator companies9
Over 400,000 meters drilled on Osisko royalty
ground by Accelerator companies in 20199
Tax efficiency as investment in flow-through shares
shelter royalty income
19
16%
OWNERSHIP
18%
OWNERSHIP
18%
OWNERSHIP
8%
OWNERSHIP
19 %
OWNERSHIP
ACCELERATOR COMPANIES

20. ACCELERATOR CASE STUDIES
HERMOSA
NSR
NET GAIN ON
INVESTMENT
(C$M)
$34M
Royalty
1%
NSR
+
Shares+Warrants10
$65M11
UNREALIZED
GAIN (C$M)13
$87.1M
Royalty
2-3%
NSR15
+
Shares
$75M14
WINDFALL
NSR
$5.0M
Shares+Warrants Royalty
+
$10.0M
INITIAL NVESTMENT
(C$M)
1% NSR
$17.8M
Shares+Warrants Royalty
+
INITIAL INVESTMENT
(C$M)12
1% NSR
$5.0M
INCREASE TO
2-3% NSR
$3.0M
20

21. DISCOVERY THROUGH DRILLING
DRILLING ON OSISKO ROYALTY PROPERTIES16
(METRES)
OPPORTUNITIES OF NEW
DISCOVERIES & RESOURCE
EXPANSION AT ZERO COST
C$230 MILLION INVESTED
IN DRILLING ON OSISKO
PROPERTIES IN 2019
OVER 540,000 METRES OF
DRILLING ON PRODUCING
ASSETS IN 2019
21
642,188
993,772
1,049,098 1,025,667
2016 2017 2018 2019

22. BALANCE SHEET ITEMS Mar. 31, 2020
Cash (C$ M) $158.3
Including $85 M equity financing
with Investissement Québec as at
April 1, 2020
$243.3
Debt (C$ M) $423.5
Investments (C$ M)17 $255.5
Basic Shares Outstanding (M)
(as at Apr. 29, 2020)
165.3
Quarterly Dividend (C$/Share) $0.05
$92.2
Undrawn Credit Facility Drawn Credit Facility
AVAILABLE
CREDIT:
$407.8 M18
CREDIT FACILITY (C$ M)
WELL POSITIONED TO DEPLOY CAPITAL
22
STRONG FINANCIAL POSITION

23. TOP QUARTILE “A” ESG RATING
FROM MSCI IN 2019
RANKED # 5 OUT OF 100 PRECIOUS
METALS COMPANIES BY
SUSTAINALYTICS FOR 2019
ESG DIRECT
EXPOSURE
ESG INDIRECT
EXPOSURE
Limit impact from company’s
offices and facilities
Health & Safety
Diversity Policy
Compensation Policy
Psychological and sexual
harassment Policy
Integrity
Transparency
Code of Ethics
Collaboration
Independence
Internal Whistle Blowing Policy
E
S
G
E S G
PRIOR TO MAKING
AN INVESTMENT,
OSISKO RIGOROUSLY
ADDRESSES ESG
ISSUES THROUGH A
WELL-ROUNDED
DUE DILLIGENCE
PROCESS
DOING THINGS RIGHT – ESG DRIVEN
23

24. DUE DILIGENCE FOCUS ON RESPONSIBLE INVESTING:
ENVIRONMENT
Tailingsmanagement
facilities
Surface and groundwater
Species at risk
Compliance with regulation
Closure plan
SOCIAL
Health and safety
First Nations Relations
Community relations
Alignment with stakeholder
vision/culture
GOVERNANCE
Corporate capability
Company reputation
Legal issues
PRIOR TO MAKING AN INVESTMENT
OUR MAIN ASSETS ARE LOCATED IN TOP MINING
JURSIDICTIONS WITH RESPONSIBLE MINERS
ALIGNING OUR INVESTEES WITH OUR ESG BEST
PRACTICES AND OBJECTIVES
EXPOSURE TO MINING WITH VERY LOW CARBON FOOTPRINT
24

25. QUALITY
UPSIDE
OPPORTUNITY
A BETTER GOLD INVESTMENT
Diversified portfolio of highest-quality royalty assets
World-class operators and mining jurisdictions
Highest dividend in royalty sector
Production & cash flow growth
Strong development pipeline of assets
High exposure to gold
Trading at discount
Increased returns through accelerator model
Exposure to the new discoveries and increased mine life
25

26. APPENDIX

27. 27
ENDNOTES
1. Majors include Barrick Gold, Newmont Corporation, Agnico Eagle, Kinross and Kirland Lake Gold
2. Excluding offtakes
3. Refer to Agnico Eagle press release dated February 13, 2020
4. Agnico Eagle’s mineral reserves and resources disclosure as at December 31, 2019:
M&I mineral resources of 136 Koz, 2,022 Kt @ 2.10 g/t Au on Odyssey
M&I mineral resources of 694 Koz, 9,924 Kt @ 2.18 g/t Au on East Malartic
Inf. mineral resources of 1,666 Koz, 22,368 Kt @ 2.22 g/t Au on Odyssey
Inf. mineral resources of 5,192 Koz, 78,764 Kt @ 2.05 g/t Au on East Malartic
Inf. mineral resources of 2,738 Koz, 25,520 Kt @ 3.34 g/t Au on East Gouldie
5. Osisko Mining’s mineral resources disclosure as at December 31, 2019:
Indicated mineral resources of 1,206 Koz, 4,127 Kt @ 9.1 g/t Au
Inf. mineral resources of 3,938 Koz, 14,532 Kt @ 8.4 g/t Au
6. South32 corporate presentation - 2020 BMO Capital Markets Global Metals and Mining Conference
7. FaLco Resources’ mineral reserves and resources disclosure as at December 31, 2019:
P&P mineral reserves of 5,961 Koz Au Eq., 80.9 Mt @ 2.37 g/t Au Eq.
M&I mineral resources (including reserves) of 7,501 Koz Au Eq., 91.2 Mt @ 2.56 g/t Au Eq.
Inf. mineral resources of 1,736 Koz, 21.5 Mt @ 2.51 g/t Au Eq.
8. Cariboo Gold project resources as at December 31, 2019:
14. Measured resources of 35 Koz, 139 Kt @7.8 g/t
15. Indicated resources of 2,404 Koz, 13,289 Kt @ 5.6 g/t
16. Inferred resources of 1,922 Koz, 11,936 Kt @ 5.0 g/t
9. Includes Windfall, Horne 5, Cariboo and Pine Point.
10. Net of additional $8M cash investment through market purchases and warrant exercise.
11. Consensus NPV, Q4 2019
12. $92.5 million invested in share and warrants between June 2015 and September 2017, including the initial $17.8 million.
13. As at Dec. 31, 2019
14. Consensus NPV, Q4 2019
15. Osisko increased it’s NSR royalty on January 20, 2020 to 2.0 – 3.0%,
16. Company disclosure
17. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at May 1, 2020.
18. Including the C$100 million accordion.

28.  C D P Q 11.9%
 Van Eck 9.0%
 EdgePoint 8.6%
 Fonds FTQ 5.1%
 Investissement Québec 5.0%
 Sprott/Tocqueville 2.8%
 Vanguard 2.3%
 Acadian 1.5%
 Federated 1.5%
 Renaissance 1.4%
Top10 OsiskoGoldRoyaltiesShareholders
AsatApril 28,2020
INVESTMENT
ADVISORS &
MUTUAL
FUNDS
34%
HEDGE FUNDS
11%
PENSION
FUNDS
13%
INSTITUTIONS
62%
INSIDERS
13%
UNIDENTIFIED
INSTITUTIONAL
AND RETAIL
25%
28
BALANCED SHAREHOLDER BASE

29. ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
29
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 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 Eagle Victoria Gold Canada Production 5% NSR until 97,500; 3% NSR thereafter
8 Matilda Blackham Resources Australia Production 55% Au offtake
9 Lamaque-Rocdor Eldorado Gold Canada Production 0.85% NSR
10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake
11 Bald Mountain Kinross United States Production 0-4% GSR depending on claims being mined
12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)
13 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR
14 Kwale Base Resources Kenya Production 2% of GRR on titanium
15 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products
16 Seabee Santoy SSR Mining Canada Production 3% NSR
Near-Term Development Royalties, Streams and Offtakes
17 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream
18 Amulsar (O) Lydian Armenia Development 82% Au offtake
19 Back Forty Aquila Resources United States Development 18.5% Au Stream
20 Back Forty Aquila Resources United States Development 75% Ag Stream
21 Cariboo Gold Project Osisko Gold Royalties Canada Development 4% NSR
22 Ermitaño First Majestic Mexico Development 2% NSR
23 Hammond Reef Agnico Eagle Canada Development 1.5% NSR
24 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc
25 Horne 5 Falco Resources Canada Development 90-100% Ag stream
26 Malartic UG CM Partnership (Agnico Eagle, Yamana) Canada Development East Gouldie 5% NSR, North Odyssey & East Malartic 3% NSR, South Odyssey 5% NSR
27 Pine Point Osisko Metals Canada Development 1.5% NSR
28 Santana Minera Alamos Mexico Development 3-5% NSR
29 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
30 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
31 Windfall Osisko Mining Canada Development 2.0-3.0% NSR
32 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake
Long-Term Development Royalties
33 Ambler Trilogy Metals United States Development 1% NSR
34 Cameron Lake First Mining 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

30. ROYALTIES, STREAMS AND OFFTAKES
30
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 Nimbus MacPhersons Resources Australia Development 100% Ag offtake
43 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum
44 Ollachea Minera IRL Peru Development 1% NSR on all products
45 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag
46 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR
47 Tijirit Algold Resources Mauritania Development 1.5%
Exploration Royalties
48 Abbeytown Erris Resources Ireland Exploration 1% NSR
49 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR
50 Altar Sibanye-Stillwater Argentina Exploration 1% NSR
51 Annamaque Faraday O3 Mining Canada Exploration 1.7% NSR
52 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
53 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
54 Aurbel QMX Gold Canada Exploration 2.125% NSR
55 Ballarat LionGold Australia Exploration 4% GSR
56 Bargold Abcourt Mines Canada Exploration 1.275 % NSR
57 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
58 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
59 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR
60 Candle Lake Adamas Minerals Corp. Cie not found Canada Exploration 3% GOR
61 Casino B Western Copper and Gold Canada Exploration 5% NPI
62 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
63 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
64 Croinor Monarques Gold Canada Exploration 0.75% NSR
65 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
66 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
67 Destor Explor Resources Canada Exploration 2.125% NSR
68 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
69 Duncan (Iron) Automotive Finance Co. Canada Exploration Production royalty (iron), 2% NSR on all other metals
70 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR
71 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
72 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
73 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
74 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
75 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
76 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

31. ROYALTIES, STREAMS AND OFFTAKES
31
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
77 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
78 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals
79 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals
80 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
81 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI
82 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals
83 Jubilee IAMGOLD Canada Exploration 1.7% NSR on all metals
84 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
85 Kliyul Creek Centerra Metals Canada Exploration 1.5% NSR
86 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
87 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
88 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
89 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals
90 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
91 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
92 Malartic Gold Claims Pershimex Resources Corporation Canada Exploration 1% NSR
93 Marban, Nolartic, First Canadian O3 Mining Canada Exploration 0.425%-1.7% NSR
94 Moore Lake Denison Mines Canada Exploration 2.5% NSR
95 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
96 New Jersey Zinc Database Centerra Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
97 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
98 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
99 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
100 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals
101 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
102 Preissac Sphinx Resources Canada Exploration 2% NSR
103 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
104 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals
105 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
106 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals
107 Sagar (Uranium, Gold) Next Source Material Canada Exploration 1.5% NSR
108 Sandman 1 & 2 Newmont United States Exploration 1-5% NSR
109 San Juan Azure Minerals Mexico Exploration 2% NSR
110 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals
111 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR
112 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
113 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
114 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals
115 Stabell (Gold) O3 Mining Canada Exploration 3% NSR
116 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR
117 Swedish Properties Erris Resources Sweden Exploration 1% NSR
118 Talisker Resources Bralorne Canada Exploration 1.2% NSR
119 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR
120 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals

32. ROYALTIES, STREAMS AND OFFTAKES
32
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
121 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals
122 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR
123 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR
124 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
125 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI
126 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals
127 Unicorn Dart Mining Australia Exploration 2% NSR initial, 1% NSR Additional
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 O3 Mining Canada Exploration 2.125% NSR on all metals
131 Valdora O3 Mining Canada Exploration 1.7% NSR on all metals
133 Waihi West Antipodes Gold New Zealand Exploration 2% NSR
134 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
135 Wharekirauponga (WKP) Project OceanaGold New Zealand Exploration 2% NSR
136 Whistler GoldMining United States Exploration 2.75% NSR
137 WO Claims De Beers Canada Exploration 8248567 Canada Limited: 1% GOR