Osisko Gold Royalties - Corporate Presentation, October 2020

1. THE LEADING
GROWTH-ORIENTED
ROYALTY COMPANY
OCTOBER 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, that sufficient funding will be available to fund work on the Cariboo
Project, 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: The impact of the Covid-19 pandemic on Osisko’s business, the 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. 2
FORWARD LOOKING STATEMENTS

3. 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
3

4. 86%
51%
36% 27% 20%
52%
14%
49%
64% 73% 80%
48%
OSISKO RoyalGold Wheaton Franco
Nevada
Sandstorm North
American
MajorsNorth America Elsewhere
91% 79% 76% 70% 64% 48%
OSISKO Franco
Nevada
Royal Gold Sandstorm Wheaton North
American
Majors
4
Over 135 royalties, streams and
precious metals offtakes
Diversified cash flow from 17
producing assets (primarily on
gold mines)
95% cash operating margins1 for
Q2 2020
Lowest geopolitical risk profile
CONSENSUS
NPV BY
GEOGRAPHY
2019 CASH
OPERATING
MARGINS
PREMIER OPERATORS INCLUDING:
2
2
A QUALITY PORTFOLIO

5. 5
Highest dividend in royalty sector
Significantly undervalued with
opportunity for re-rate
High trading liquidity
(on average $23M per day)
Strong balance sheet with C$202M
in cash and over C$900M in total
financial capacity
Diversified, supportive shareholder
base
A QUALITY INVESTMENT TSX | NYSE: OR
DividendYield
1.3%
1.0%
0.8% 0.8%
0.0%
1.3%
OSISKO Royal Gold Wheaton Franco Nevada Sandstorm North American
Majors
2.2x 2.2x
2.0x
1.5x
1.2x
1.5x
Wheaton Franco Nevada Royal Gold Sandstorm OSISKO North American
Majors
P/NAV TRADING MULTIPLES
2
2

6. DUE DILIGENCE FOCUS ON RESPONSIBLE INVESTING:
ENVIRONMENT
Tailings management 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
DOING THINGS RIGHT – ESG DRIVEN
OUR MAIN ASSETS ARE LOCATED IN TOP MINING
JURSIDICTIONS WITH RESPONSIBLE MINERS
EXPOSURE TO GOLD WITH VERY LOW CARBON FOOTPRINT
6
TOP QUARTILE “A” ESG RATING
FROM MSCI IN 2019
RANKED # 5 OUT OF 100 PRECIOUS METALS
COMPANIES BY SUSTAINALYTICS FOR 2019

7. SEEDING A PREMIER NORTH AMERICAN GOLD MINING COMPANY
7
OSISKO DEVELOPMENT CORP. SPIN-OUT
88.0%
11.8% 0.2%
OR Retained Ownership Equity Financing Participants
POST-MONEY
VALUE:
$850 M
Osisko will transfer certain mining assets and marketable
securities to Osisko Development, while retaining royalties and
streams, including:
Equity financing for gross proceeds of $100 M to fund
development costs at Cariboo, San Antonio and for general
corporate purposes
CONCURRENT EQUITY FINANCING
TRANSFERRED ASSETS:
- the Cariboo Gold Project
- the newly acquired San Antonio
Gold Project
- a portfolio of select publicly-listed
equity positions with a current
value of ~$116 M
- other highly prospective exploration
stage assets in Quebec and Mexico
RETAINED ROYALTIES
AND STREAMS:
- Cariboo Gold Project – 5% NSR
- Bonanza Ledge II – 5% NSR
- San Antonio – 15% stream
- James Bay – 3% NSR
- Guerrero – 3% NSR

8. A NORTH AMERICAN INTERMEDIATE
PRODUCER IN THE MAKING 8
DISTINCT COMPANIES, DISTINCT MANDATES
Near-term production and a clear pathway to becoming an
intermediate producer
Developing a mining camp at Cariboo - scarce 6 million
ounce deposit in a Tier-1 jurisdiction
Large, highly-prospective, exploration properties in Canada
and Mexico
Ability to fast track all projects
World class management team with proven track record of
project execution led by Sean Roosen
Technical group better positioned within Osisko
Development to focus on mine building
Peer-leading development pipeline to drive significant
growth
Significant available capital and free cash flow to enhance
core royalty and stream business
Accelerator model continues to provide a competitive
advantage
Significant reduction in G&A
Osisko Development build-out will eventually contribute
~20k GEOs to Osisko
Disciplined approach to reducing ownership in Osisko
Development
Significant re-rate opportunity
A STREAMLINED ROYALTY COMPANY

9. 9
UNIQUE COMBINATION OF CORE ROYALTY
BUSINESS STABILITY AND ACCELERATOR
BUSINESS COMPETITIVE ADVANTAGE
In Accelerator companies,
combine assets/teams/capital
Obtain high-value royalties at
low price with limited
competition
Create royalties that otherwise
wouldn’t exist
CORE ROYALTY BUSINESS EARLY STAGE
Accelerator Business
75% 25%
BUSINESS MODEL

10. ACCELERATOR CASE STUDIES
10
$114
$24 $17
$81
$13 $13
$176
$17 $12
$815
$50 $47
$529
$8
$140
$7
$98
$5 $10
$857
$92
$127
$414
$152
$64
$56
120%
(12%)
121%
30%
222%
348%
62%
Accelerator Returns
Equity Cost Equity Current Value Royalty/Stream Cost Royalty/Stream Value Total Return
$253
$1153
Investment
CurrentValue
OSISKO GENERATING SIGNIFICANTLY HIGHER
RETURNS THROUGH ACCELERATOR MODEL

11. TIER-1 ROYALTY PORTFOLIO
135+ ROYALTIES,
STREAMS & PRECIOUS
METAL OFFTAKESCash Flowing Assets
75%
ASSET NPV
IN CANADA
86%
IN NORTH
AMERICA
11
Total Assets
110
12
2
6
3
13

12. Flagship royalty asset
Canada’s largest gold mine
A stable producer at first quartile costs
Significant additional mine life potential
from new 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
12

13. 13
CANADIAN
MALARTIC
UNDERGROUND
One of the largest new gold resources globally
Construction of underground portal access
commenced with ramp development advancing
through 4Q206
Initial multi-decade production potentially starting
in 20237East Gouldie, 5% NSR
North Odyssey & East Malartic, 3% NSR
South Odyssey, 5% NSR
OVER 10 MILLION
OUNCES DELINEATED IN M&I
AND INFERRED CATEGORIES8
“The underground has the
potential to support a multi-hundred
thousand ounce annual production
platform for decades.”
(Yamana Gold Corporate Summary dated May 19, 2020)

14. 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 expected by mid-2021
Another long-life asset in a top mining jurisdiction
MANTOS BLANCOS
100% Ag Stream
Antofagasta, Chile | Mantos Copper S.A.
14

15. 15
ISLAND GOLD
1.38%-3% NSR
Ontario, Canada | Alamos Gold Inc.
SASA
100% Ag Stream
Macedonia | Central Asia Metals PLC
GIBRALTAR
100% Ag Stream
British Columbia, Canada | Taseko Mines Limited
SEABEE
3% NSR
Saskatchewan, Canada | SSR Mining Inc.
Positive Phase III Expansion Study and proceeding with an
expansion of the operation to 2,000 tonnes per day
Potential average annual gold production of 236,000 ounces/year
starting in 2025
16-year mine life, doubling the current mineral reserve life
One of the largest zinc, lead and silver mines in Europe
Long mine life with proven history of reserve replacement
Ongoing technical work for the Life of Mine study which
currently stands at 18 years
Second largest open pit copper mine in Canada with at least 18
years of reserves remaining
Operated continuously under Taseko ownership for over 16 years
and through multiple economic and commodity cycles
Revised mine plan implemented in April significantly reduced 2020
operating and capital costs without impacting long term mine plan
Phased restart of production in June 2020 and expected ramp
up to full production in Q3 2020
Exploration recommenced in July 2020 focused on infill
drilling and extension

16. 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
16

17. HIGHER
EXPOSURE TO
GOLD
STRONG
PIPELINE OF
DEVELOPMENT
ASSETS
PRODUCTION
& CASH FLOW
GROWTH
UPSIDE
17

18. ENTERING A PHASE
OF MAJOR ORGANIC
GROWTH
SUSTAINED GEO GROWTH
GEO PRODUCTION
18
12,499
30,588
38,270
58,933
80,553 78,006 63,500
to
65,500
140,000
2014 2015 2016 2017 2018 2019 2020 Paid-For
Royalty /
Streaming
Ounces7 ROYALTIES +135 ROYALTIES &
STREAMING ASSETS
2 MAJOR
ACQUISITIONS
CREATED THE
ACCELERATOR BUSINESS
AT 91% CASH
OPERATING
MARGINS
C$500 M
MARKET CAP C$2.7 B
MARKET CAP
20,000
Potential GEO contribution
from Osisko Development’s
assets at full production
COVID-19
IMPACTED

19. Unique combination of size andhigh grade with
over 5 Moz resource9 and growing, all above 1,200m depth
Additional 250k metres of drilling in 2020, 20+ drills on site
Strong support from the Cree Nation
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% ZnEq and multi-decade mine life
Pre-feasibility study on-track for H2 202010
6 million GEOs in reserves11
Feasibility complete, permitting and discussions with Glencore
progressing
One of the largest undeveloped gold projects in Canada
19

20. 5.9 Moz Au underground resource12 and growing
Decades worth of exploration value-add over 83km strike
Clear path to permitting
Construction decision in 2022
Continual optimization work in progress
CARIBOO GOLD
20
5.0% NSR
B.C., Canada | Osisko Development Corp.
Updated NI 43-101 report being finalized highlighting a
significant initial 1.05 Moz Au gold resource13
Highly-prospective 11,338 ha land package
Permitted for mining (permit amendment for gold in progress)
Excellent exploration potential at depth and in nearby pits
highly prospective and untested
SAN ANTONIO
15% Au & Ag Stream
Sonora, Mexico | Osisko Development Corp.
NEW ASSETS DELIVERED TO OR
THROUGH SPINOUT TRANSACTION

21. 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
21

22. EXPOSURE TO
NEW DISCOVERIES
AND INCREASED
MINE LIFE
TRADING AT
MATERIAL
DISCOUNT
OPPORTUNITY
INCREASED
RETURNS THROUGH
ACCELERATOR
MODEL
22

23. TRADING AT SIGNIFICANT DISCOUNT
23
P/NAV TRADING MULTIPLES
As of October 7, 2020
TRADING AT A DISCOUNT AND
POSITIONED FOR HIGHER RETURN
2
2.2x 2.2x
2.0x
1.5x
1.2x
1.5x
Wheaton Franco Nevada Royal Gold Sandstorm OSISKO North American
Majors

24. DISCOVERY THROUGH DRILLING
DRILLING ON OSISKO ROYALTY PROPERTIES14
(METRES)
OPPORTUNITY FOR
RESOURCE EXPANSION
AND NEW DISCOVERIES AT
ZERO COST
C$230 MILLION INVESTED
IN DRILLING ON OSISKO
PROPERTIES IN 2019
OVER 540,000 METERS OF
DRILLING ON PRODUCING
ASSETS IN 2019
24
642,188
993,772
1,049,098 1,025,667
2016 2017 2018 2019

25. $88.6
Undrawn Credit Facility Drawn Credit Facility
AVAILABLE
CREDIT:
$411.4 M
CREDIT FACILITY (C$ M)16
OVER C$900 MILLION OF CAPITAL AVAILABLE FOR GROWTH 25
STRONG FINANCIAL POSITION
BALANCE SHEET ITEMS Jun. 30, 2020
Cash and cash equivalents (C$ M) $202.0
Debt (C$ M) $421.7
Investments (C$ M)15 $318.2
Basic Shares Outstanding (M)
(as at July 31, 2020)
165.6
Quarterly Dividend (C$/Share) $0.05

26. 26
APPENDIX

27. 27
ENDNOTES
1. Cash operating margin, which represents revenues less cost of sales, is a non-IFRS measure. The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of
operating performance and provides a useful comparison with its peers.
2. Majors include Barrick Gold, Newmont Corporation, Agnico Eagle, Kinross and Kirland Lake Gold
3. $25M already disbursed, $115M left to total commitment
4. Based on management estimate
5. Sale done as part of the Orion swap. Cost based on allocation price
6. See press release from Yamana Gold Inc. dated July 23, 2020 titled “Yamana Gold Reports Second Quarter 2020 Financial Results”
7. Refer to Agnico Eagle press release dated February 13, 2020
8. 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
9. 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
10. South32 corporate presentation - 2020 BMO Capital Markets Global Metals and Mining Conference
11. 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.
12. Cariboo Gold project resources as at October 5, 2020:
Measured and indicated resources of 3,200 Koz, 21.4 Mt @ 4.6 g/t
Inferred resources of 2,721 Koz, 21,6 Mt @ 3.9 g/t
13. San Antonio Gold project resources as at October 5, 2019:
Inferred resources of 1,049 Koz, 27,600 Kt @ 1.2 g/t
14. Company disclosure
15. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at June 30, 2020.
16. As at June 30, 2020, including the C$100 million accordion.

28. 28
SIX MONTHS ENDED
DECEMBER 31, 2020*
YEAR ENDED
DECEMBER 31, 2020*
LOW HIGH
CASH
MARGIN
LOW HIGH
CASH
MARGIN
(GEOs) (GEOs) (%) (GEOs) (GEOs) (%)
ROYALTIES 24,800 26,250 100 45,500 46,950 100
STREAMS 8,000 8,450 87 17,150 17,650 81
OFFTAKES 200 300 2 850 900 3
TOTAL 33,000 35,000 63,500 65,500
Osisko has updated its guidance for the six months and the year ended December 31, 2020. This guidance excludes any
potential impact on GEOs and cash margins by the Renard diamond mine, which has restarted its operations in
September 2020.
OUTLOOK
* Excluding any potential revenues from the Renard diamond mine for the six months ending December 31, 2020. The mine has restarted operations in September 2020.

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 1% 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%-3.0% 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
17 Fruta del Norte Lundin Gold Ecuador Production 0.1% NSR Ag, Au
Near-Term Development Royalties, Streams and Offtakes
18 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream
19 Amulsar (O) Lydian Armenia Development 82% Au offtake
20 Back Forty Aquila Resources United States Development 18.5% Au Stream
21 Back Forty Aquila Resources United States Development 75% Ag Stream
22 Cariboo Gold Project Osisko Gold Royalties Canada Development 4% NSR
23 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR
24 Ermitaño First Majestic Mexico Development 2% NSR
25 Gold Rock Monte Fiore Gold United States Development 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
26 Gurupi (Centro Gold) Oz Minerals Brazil Development 0.75% NSR Au
27 Hammond Reef Agnico Eagle Canada Development 1.5% NSR
28 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc
29 Horne 5 Falco Resources Canada Development 90-100% Ag stream
30 Malartic UG CM Partnership (Agnico Eagle, Yamana) Canada Development East Gouldie 5% NSR, North Odyssey & East Malartic 3% NSR, South Odyssey 5% NSR
31 Santana Minera Alamos Mexico Development 3-5% NSR
32 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
33 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
34 Wharekirauponga (WKP) Project OceanaGold New Zealand Development 2% NSR
35 Windfall Osisko Mining Canada Development 2.0-3.0% NSR
36 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake

30. 30
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
Long-Term Development Royalties
37 Akasaba West Agnico Eagle Canada Development 2.5% NSR
38 Ambler South 32 & Trilogy Metals United States Development 1% NSR
39 Cameron Lake First Mining Canada Development 1% NSR
40 Casino Western Copper and Gold Canada Development 2.75% NSR
41 Copperwood & White Pine Highland Copper United States Development 3% NSR
42 Corcoesto Edgewater Exploration Spain Development 1% NSR
43 Nimbus Horizon Minerals Australia Development 100% Ag offtake
44 Marban, Nolartic, First Canadian O3 Mining Canada Development 0.5%-2% NSR
45 Ollachea Minera IRL Peru Development 1% NSR on all products
46 Pine Point Osisko Metals Canada Development 1.5% NSR
47 São Jorge Gold Mining Corp. Brazil Development 1% NSR
Exploration Royalties
48 Abbeytown Erris Resources Ireland Exploration 1% NSR
49 Adel, Hardrock East Argonaut Canada Exploration 2% NSR
51 Altar Sibanye-Stillwater Argentina Exploration 1% NSR
52 Annamaque Faraday O3 Mining Canada Exploration 2% NSR
53 AntaKori (Mina Volare) Regulus Resources Peru Exploration 0.75% or 1.5% NSR
54 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
55 Apple Québec Precious Metals Canada Exploration 2% NSR
56 Aurbel QMX Gold Canada Exploration 2.5% NSR
57 Ballarat LionGold Australia Exploration 4% GSR
58 Bargold Abcourt Mines Canada Exploration 1.5 % NSR
59 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
60 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
61 Bonfortel Yorbeau Resources Canada Exploration 2% NSR
62 Bralorne Talisker Resources Canada Exploration 1.2% NSR
63 Candle Lake TioMin Resources Canada Exploration 3% GOR
64 Casino B Western Copper and Gold Canada Exploration 5% NPI
65 Century / Lawn Hill New Century Mining 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 First Majestic Mexico Exploration 2% NSR
70 Destor Galleon Gold Corp. Canada Exploration 2.5% NSR
71 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
72 Don Julio Cluster Sable Resources Argentina Exploration 2% NSR
73 Duncan (Iron) Automotive Finance Co. Canada Exploration Production royalty (iron), 2% NSR on all other metals
74 Eastbay Duparquet Galleon Gold Corp. Canada Exploration 1% NSR
75 Eastmain (Gold) Dore Copper Mining Canada Exploration 1.15% NSR royalty
76 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
77 El Escarpe Sable Resources Mexico Exploration 2% NSR
78 El Fierro Sable Resources Argentina Exploration 2% NSR
79 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

31. 31
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
80 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
81 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
82 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
83 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
84 Gaffney Manitou Gold Canada Exploration 2% NSR on all metals
85 Gaffney Extension Manitou Gold Canada Exploration 0.125% NSR on all metals
86 Holloway McDermott Kirkland Lake Canada Exploration 15% NPI
87 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.5% NSR on all metals
88 Jubilee IAMGOLD Canada Exploration 2% 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 King Island King Island Scheelite Australia Exploration 1.5% GRR
91 Kliyul Creek Pacific Ridge Canada Exploration 1.5% NSR
92 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
93 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
94 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
95 Leitch Premier Gold Mines Canada Exploration 2% NSR on all metals
96 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
97 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
98 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Exploration 3% GOR
99 Malartic Gold Claims Pershimex Resources Corporation Canada Exploration 1% NSR
100 Margarita Sable Resources Mexico Exploration 2% NSR
101 Mexico Regional Sable Resources Mexico Exploration 2% NSR
102 Moore Lake Denison Mines Canada Exploration 2.5% NSR
103 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
104 New Jersey Zinc Database Centerra Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
105 Northern Dancer Largo Resources Canada Exploration 1% NSR Tungsten-Molybdenum
106 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
107 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
108 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
109 Pipestone Clavos Sage Gold Canada Exploration 2% NSR on all metals
110 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
111 Preissac Sphinx Resources Canada Exploration 2% NSR
112 Rakkurijoki Prospect Hannans Reward Sweden Exploration 1.50% NSR Fe, Cu, Ag
113 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
114 Renault Bay Vantex Resources Canada Exploration 2% NSR on all metals
115 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
116 Sabourin Creek O3 Mining Canada Exploration 2.5% NSR on all metals
117 Sagar (Uranium, Gold) Next Source Material Canada Exploration 1.5% NSR
118 Sandman 1 & 2 Newmont United States Exploration 1-5% NSR
119 San Juan Azure Minerals Mexico Exploration 2% NSR
120 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.5% NSR on all metals
121 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

32. 32
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
122 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
123 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
124 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals
125 Stabell (Gold) O3 Mining Canada Exploration 3% NSR
126 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR
127 Swedish Properties Erris Resources Sweden Exploration 1% NSR
128 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR
129 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
130 Teck Hughes Kirkland Lake Canada Exploration 1% NSR on all metals
131 Tijirit Algold Resources Mauritania Exploration 1.5%
132 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR
133 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR
134 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
135 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI
136 Turgeon Yorbeau Resources Canada Exploration 2% NSR on all metals
137 Unicorn Dart Mining Australia Exploration 2% NSR initial, 1% NSR Additional
138 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
139 Valco O3 Mining Canada Exploration 2% NSR on all metals
140 Val-d'Or O3 Mining Canada Exploration 2.5% NSR on all metals
141 Valdora O3 Mining Canada Exploration 2% NSR on all metals
142 Vinata Sable Resources Mexico Exploration 2% NSR
143 Waihi West OceanaGold New Zealand Exploration 2% NSR
144 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
145 Whistler GoldMining United States Exploration 2.75% NSR
146 WO Claims De Beers Canada Exploration 8248567 Canada Limited: 1% GOR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST