Osisko is a leading growth-oriented royalty company with over 135 royalties, streams and precious metal interests. Its portfolio is diversified across 17 producing assets located primarily in North America, with world-class operators. Osisko has a unique business model that combines a core royalty business with an accelerator business that seeks early stage royalty opportunities. This provides exposure to new discoveries and increased mine life through exploration.

1. THE LEADING
GROWTH-ORIENTED
ROYALTY COMPANY
AUGUST 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 $18.5M per day)
Strong balance sheet with C$202M
in cash and over C$900M in total
financial capacity
Diversified, supportive shareholder
base
DividendYield
A QUALITY PORTFOLIO TSX | NYSE: OR
1.3%
0.8% 0.8% 0.7%
0.0%
1.1%
OSISKO Royal Gold Wheaton Franco Nevada Sandstorm North American
Majors
2.8x
2.6x
2.4x
1.5x
1.1x
1.7x
Franco Nevada Wheaton Royal Gold Sandstorm OSISKO North American
Majors
P/NAV TRADING MULTIPLES
2
2

6. DOING THINGS RIGHT – ESG DRIVEN
6
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

7. 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
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
7

8. 8
UNIQUE COMBINATION OF CORE ROYALTY
BUSINESS STABILITY AND ACCELERATOR
BUSINESS COMPETITIVE ADVANTAGE
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
CORE ROYALTY BUSINESS EARLY STAGE
Accelerator Business
CARIBOO
North Spirit Discovery Group
75% 25%
HYBRID BUSINESS MODEL

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

10. 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
10

11. 11
CANADIAN
MALARTIC
UNDERGROUND
One of the largest new gold resources globally
Initiation of construction of a portal to access the
underground resources at the Canadian Malartic Mine.
Construction of the portal is expected to commence in
August, and construction of the ramp is expected to
commence in the fourth quarter3
Initial multi-decade production potentially starting in 20234
East Gouldie, 5% NSR
North Odyssey & East Malartic, 3% NSR
South Odyssey, 5% NSR
OVER 10 MILLION
OUNCES DELINEATED IN M&I
AND INFERRED CATEGORIES5
“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

12. 12
ROYALTY LIMITS WITH
RESPECT TO THE
MINERAL RESOURCE
ZONES
CANADIAN MALARTIC
UNDERGROUND

13. 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 BLANCOS
100% Ag Stream
Antofagasta, Chile | Mantos Copper S.A.
13

14. 14
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
Production on track to meet full year 2020 guidance
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

15. 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
15

16. HIGHER
EXPOSURE TO
GOLD
STRONG
DEVELOPMENT
PIPELINE OF
ASSETS
PRODUCTION
& CASH FLOW
GROWTH
UPSIDE
16

17. ENTERING INTO THE NEXT
PHASES OF GROWTH WITH
CONTRIBUTION OF CANADA’S
NEXT MAJOR GOLD MINES
SUSTAINED GEO GROWTH
GEO PRODUCTION
17
12,499
30,588
38,270
58,933
80,553 78,006
140,000
+
2014 2015 2016 2017 2018 2019 Paid-For Royalty
/ Streaming
Ounces
7 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

18. 18
SIX MONTHS ENDED
DECEMBER 31, 20206
YEAR ENDED
DECEMBER 31, 20206
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 if the Renard diamond mine would restart its operations in 2020 or if
additional periods of care and maintenance were announced in light of the development of the COVID-19 pandemic.
OUTLOOK

19. Unique combination of size and high grade with
over 5 Moz resource6 and growing, all above 1,200m
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 20207
6 million GEOs in reserves8
Feasibility complete, permitting and discussions with
Glencore progressing
One of the largest undeveloped gold projects in Canada
19

20. British Columbia, Canada
RARE EXPOSURE
TO AN ENTIRE
MINING CAMP
4.4 Moz Au UNDERGROUND RESOURCE9
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
20

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. P/NAV TRADING MULTIPLES
As at August 24, 2020
TRADING AT SIGNIFICANT DISCOUNT
TRADING AT A DISCOUNT AND
POSITIONED FOR HIGHER RETURN
23
2
2.8x
2.6x
2.4x
1.5x
1.1x
1.7x
Franco Nevada Wheaton Royal Gold Sandstorm OSISKO North American
Majors

24. OPTIONALITY THROUGH ACCELERATOR MODEL
~C$1.2 B Market cap.
2.0-3.0% NSR on Windfall
~C$70 M Market cap.
1.5% NSR on Pine Point
~C$110 M Market cap.
90-100% Ag stream on Horne 5
C$70 M Market cap.
1.2% NSR on Bralorne
~C$250 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 companies10
Over 400,000 meters drilled on Osisko royalty ground by
Accelerator companies in 201910
Tax efficiency as investment in flow-through shares shelter
royalty income
15%
OWNERSHIP
19%
OWNERSHIP
18%
OWNERSHIP
7%
OWNERSHIP
19%
OWNERSHIP
ACCELERATOR COMPANIES
24

25. ACCELERATOR CASE STUDIES
HERMOSA
NSR
NET GAIN ON
INVESTMENT
(C$M)
$34M
Royalty
1%
NSR
+
Shares+Warrants11
$65M12
UNREALIZED
GAIN (C$M)14
$87.1M
Royalty
2-3%
NSR16
+
Shares
$75M15
WINDFALL
NSR
$5.0M
Shares+Warrants Royalty
+
$10.0M
INITIAL NVESTMENT
(C$M)
1% NSR
$17.8M
Shares+Warrants Royalty
+
INITIAL INVESTMENT
(C$M)13
1% NSR
$5.0M
INCREASE TO
2-3% NSR
$3.0M
25

26. DISCOVERY THROUGH DRILLING
DRILLING ON OSISKO ROYALTY PROPERTIES17
(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
26
642,188
993,772
1,049,098 1,025,667
2016 2017 2018 2019

27. $88.6
Undrawn Credit Facility Drawn Credit Facility
AVAILABLE
CREDIT:
$411.4 M
CREDIT FACILITY (C$ M)19
OVER C$900 MILLION OF CAPITAL AVAILABLE FOR GROWTH 27
STRONG FINANCIAL POSITION
BALANCE SHEET ITEMS Jun. 30, 2020
Cash and cash equivalents (C$ M) $202.0
Debt (C$ M) $421.7
Investments (C$ M)18 $318.2
Basic Shares Outstanding (M)
(as at July 31, 2020)
165.6
Quarterly Dividend (C$/Share) $0.05

28. 28
APPENDIX

29. 29
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. See press release from Yamana Gold Inc. dated July 23, 2020 titled “Yamana Gold Reports Second Quarter 2020 Financial Results”
4. Refer to Agnico Eagle press release dated February 13, 2020
5. 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
6. 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
7. South32 corporate presentation - 2020 BMO Capital Markets Global Metals and Mining Conference
8. 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.
9. Cariboo Gold project resources as at December 31, 2019:
Measured resources of 35 Koz, 139 Kt @7.8 g/t
Indicated resources of 2,404 Koz, 13,289 Kt @ 5.6 g/t
Inferred resources of 1,922 Koz, 11,936 Kt @ 5.0 g/t
10. Includes Windfall, Horne 5, Cariboo and Pine Point.
11. Net of additional $8M cash investment through market purchases and warrant exercise.
12. Consensus NPV, Q4 2019
13. $92.5 million invested in share and warrants between June 2015 and September 2017, including the initial $17.8 million.
14. As at Dec. 31, 2019
15. Consensus NPV, Q4 2019
16. Osisko increased it’s NSR royalty on January 20, 2020 to 2.0 – 3.0%,
17. Company disclosure
18. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at June 30, 2020.
19. As at June 30, 2020, including the C$100 million accordion.

30. ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
30
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
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

31. 31
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 Argonaut Canada Exploration 2% NSR
50 Akasaba West Agnico Eagle Canada Exploration 2.5% NSR
51 Altar Sibanye-Stillwater Argentina Exploration 1% NSR
52 Annamaque Faraday O3 Mining Canada Exploration 2% NSR
53 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
54 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
55 Aurbel QMX Gold Canada Exploration 2.5% NSR
56 Ballarat LionGold Australia Exploration 4% GSR
57 Bargold Abcourt Mines Canada Exploration 1.5 % NSR
58 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
59 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
60 Bonfortel Yorbeau Resources Canada Exploration 2% NSR
61 Candle Lake Adamas Minerals Corp. Cie not found Canada Exploration 3% GOR
62 Casino B Western Copper and Gold Canada Exploration 5% NPI
63 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
64 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
65 Croinor Monarques Gold Canada Exploration 0.75% NSR
66 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
67 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
68 Destor Galleon Gold Corp. Canada Exploration 2.5% NSR
69 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
70 Duncan (Iron) Automotive Finance Co. Canada Exploration Production royalty (iron), 2% NSR on all other metals
71 Eastbay Duparquet Galleon Gold Corp. Canada Exploration 1% NSR
72 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
73 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
74 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
75 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
76 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
77 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

32. 32
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
78 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
79 Gaffney Manitou Gold Canada Exploration 2% NSR on all metals
80 Gaffney Extension Manitou Gold Canada Exploration 0.125% NSR on all metals
81 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
82 Holloway McDermott Kirkland Lake Canada Exploration 15% NPI
83 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.5% NSR on all metals
84 Jubilee IAMGOLD Canada Exploration 2% NSR on all metals
85 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
86 Kliyul Creek Centerra Metals Canada Exploration 1.5% NSR
87 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
88 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
89 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
90 Leitch Premier Gold Mines Canada Exploration 2% NSR on all metals
91 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
92 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
93 Malartic Gold Claims Pershimex Resources Corporation Canada Exploration 1% NSR
94 Marban, Nolartic, First Canadian O3 Mining Canada Exploration 0.5%-2% NSR
95 Moore Lake Denison Mines Canada Exploration 2.5% NSR
96 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
97 New Jersey Zinc Database Centerra Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
98 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
99 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
100 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
101 Pipestone Clavos Sage Gold Canada Exploration 2% NSR on all metals
102 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
103 Preissac Sphinx Resources Canada Exploration 2% NSR
104 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
105 Renault Bay Vantex Resources Canada Exploration 2% NSR on all metals
106 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
107 Sabourin Creek O3 Mining Canada Exploration 2.5% NSR on all metals
108 Sagar (Uranium, Gold) Next Source Material Canada Exploration 1.5% NSR
109 Sandman 1 & 2 Newmont United States Exploration 1-5% NSR
110 San Juan Azure Minerals Mexico Exploration 2% NSR
111 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.5% NSR on all metals
112 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR
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 Stabell (Gold) O3 Mining Canada Exploration 3% NSR
117 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR
118 Swedish Properties Erris Resources Sweden Exploration 1% NSR
119 Talisker Resources Bralorne Canada Exploration 1.2% 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
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

33. 33
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
122 Teck Hughes Kirkland Lake Canada Exploration 1% NSR on all metals
123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR
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 2% NSR on all metals
128 Unicorn Dart Mining Australia Exploration 2% NSR initial, 1% NSR Additional
129 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
130 Valco O3 Mining Canada Exploration 2% NSR on all metals
131 Val-d'Or O3 Mining Canada Exploration 2.5% NSR on all metals
133 Valdora O3 Mining Canada Exploration 2% NSR on all metals
134 Waihi West Antipodes Gold New Zealand Exploration 2% NSR
135 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
136 Wharekirauponga (WKP) Project OceanaGold New Zealand Exploration 2% NSR
137 Whistler GoldMining United States Exploration 2.75% NSR
138 WO Claims De Beers Canada Exploration 8248567 Canada Limited: 1% GOR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST