Goal: To Build the Best Gold Company

NOVEMBER 2016

Non-Commercial Individual Reference Use Only

• The entire contents of this presentation are protected by copyright and may be used and copied for non-commercial, individual reference only. Any other use of the contents of this presentation is prohibited unless the user first obtains the Company’s written permission.

No Offer to Purchase Securities

• The information in this presentation is intended for use only by persons resident in jurisdictions where such use is lawful. Nothing on this presentation constitutes, and under no circumstances is to be construed as, an offer or solicitation to purchase securities of, or advertisement for, securities of the Company. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended or any state securities laws.

No Warranties

• The information in this presentation is provided “as is” and without warranty of any kind. Although it is believed to be accurate as of this date, the Company disclaims all liability for any failure to update it. This presentation could include inaccuracies, typographical errors, or out-of-date information, and changes to it may be made at any time without prior notice. You are therefore advised to use this presentation at your own risk.

Forward Looking Statements

• Certain statements contained in this presentation (including information incorporated by reference) are "forward looking statements". Our forward-looking statements include, without limitation: The sensitivity of earnings, cash flows and financing to gold and other metal prices; Statements as to the projected exploration and development of certain properties, including estimates of development and other capital costs and financing plans for these projects; Estimates of future production costs and other expenses; Estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; Estimates of future costs and other liabilities for environmental matters; Estimates of reserves, and statements regarding future exploration results and reserve replacement; Statements regarding future transactions relating to portfolio management or rationalization efforts; and Estimates regarding timing of future capital expenditures and exploration, development, production or closure activities. This list is not exhaustive of the factors that may affect our business, our value as a company, and our forward looking statements. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to: the price of gold; currency fluctuations; geological and metallurgical assumptions; the results of exploration; operating performance of equipment, processes and facilities; labor relations; timing of receipt of necessary governmental permits or approvals; domestic and foreign laws or regulations, particularly relating to the environment and mining; domestic and international economic and political conditions; the ability of the Company to obtain or maintain necessary financing; and other risks and hazards associated with mining exploration, development and operations. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Use of Information

• Any information communicated to the Company through this presentation becomes the Company’s exclusive property. the Company shall be entitled to use any such information for any purpose without restriction or compensation to any person. Such information provided by the user shall be deemed to be non-confidential.

Technical Information

• Unless otherwise indicated, the technical information presented herein has been reviewed by the Company’s Chairman, Glenn J. Mullan, P.Geo, a qualified person in accordance with National instrument 43-101 – Standards for Disclosure for Mineral Projects.

Disclaimer

2

3

$40.5 MMSecurities/Cash

NO DEBT

15 Royalties3% NSR

Odyssey North(CDN Malartic)

$91.1 MMMarket

Capitalization

GeneratingCash Flow

11.3 MM SharesBuying Back

Shares

Investment Highlights

To Build “The Best Gold Company”Corporate Philosophy

• Structure: Small Number of Shares – Not Just About Size

• Value: Meaningful Cash Flow per Share

• Gold: Keep on Balance Sheet. Continue to grow

• Buybacks: Share Count not

• Exploration: Exposure to exciting discovery

• Growth: Through Cash Flow/Creative Alternatives

4

To Become The ‘Best Gold Company’RZZ vs. Royalty Co.

*As of November 25, 2016. All performances shown in Canadian Dollars.

2015 PerformanceJan 1, 2014 – Current Performance

5

2016 - Current Performance

(31%)

(27%)

(27%)

(17%)

(9%)

7%

11%

29%

Royal Gold

Silver Wheaton

Altius

Osisko Gold Royalties

Sandstorm

Gold Spot

Franco-Nevada

Abitibi Royalties

(14%)

2%

7%

14%

27%

77%

89%

2197%

Osisko Gold Royalties

Altius

Sandstorm

Silver Wheaton

Gold Spot

Franco-Nevada

Royal Gold

Abitibi Royalties

(6%)

11%

21%

23%

36%

42%

83%

140%

Osisko Gold Royalties

Gold Spot

Franco-Nevada

Altius

Sandstorm

Silver Wheaton

Royal Gold

Abitibi Royalties

To Become The ‘Best Gold Company’RZZ vs. Small Gold Producers

2015 PerformanceJan 1, 2014 – Current Performance

6

2016 - Current Performance

(83%)

(35%)

2%

10%

20%

29%

44%

45%

Timmins Gold

Argonaut

Wesdome Gold

McEwen Mining

Richmont

Abitibi Royalties

Kirkland Lake

Klondex

*As of November 25, 2016. All performances shown in Canadian Dollars.

45%

97%

97%

109%

127%

134%

140%

149%

Kirkland Lake

Richmont

Wesdome Gold

Argonaut

Klondex

Timmins Gold

Abitibi Royalties

McEwen Mining

(61%)

(53%)

74%

174%

299%

331%

717%

2197%

Timmins Gold

Argonaut

McEwen Mining

Kirkland Lake

Klondex

Wesdome Gold

Richmont

Abitibi Royalties

About PerShare Value

Small Share Count: 11,336,243

Authorized Buyback: 566,812*

Repurchased: 77,600/Avg. Cost $3.19**

#1Building Wealth for Our Owners

*Authorized between Oct. 6, 2016 – Oct. 5, 2017**As of Sept. 30, 2016, and repurchased under the Oct. 6, 2015 – Oct. 5, 2016 NCIB

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GOAL:REDUCE SHARE COUNT TO 10 MILLION OVER 3 YEARS

Cash Flow

2017 Estimated CF: $2.4 – 2.9 million

2017 Estimated CF/Share: $0.21 – 0.26

Growth: Barnat Royalty ($1.4 million 2018)

2018 Estimated CF: $4.1 million (Excludes Odyssey North)

#2Reoccurring & Growing Cash Flow

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*Cash flow estimate for 2017 is based on estimated royalty payments from the Canadian Malartic mine, dividend payouts by Agnico Eagle and Yamana Gold, premiums beinggenerated from the sale of covered calls on shares owned by the Company and other investment income. There is no guarantee that the Company will sell the required number ofcovered calls to meet this estimate. Cash flow estimates for the Jeffrey and Barnat royalties are based on Canadian gold price of $1625/oz. and royalty production schedule (seepress release dated March 29, 2016 for further details). The 2018 estimated cash flow is based on mid range of potential covered call premiums and estimated Jeffrey/Barnatroyalties.

Odyssey – New Discovery Canadian Malartic MineC$13.5M Exploration = 95,000 m Drilling (2016)

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Canadian Malartic Mine – Additional UpsideNear Pit / Underground Opportunities

10

$40.5 Million

*Agnico Eagle & Yamana share values based on market prices as at November 25, 2016 **As at September 30, 2016

Yamana Shares$13.9 M*

Agnico Eagle Shares$24.4 M*

Cash$2.2 M**

#3Strong Balance Sheet

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#3Strong Balance Sheet

12

Golden Valley49%

Board / Management(CEO uses all of after-tax salary for share purchases)

4%

Other Shareholders29%

Rob McEwen(Doubled Investment June 2, 2016 to Cdn$4.3 million)

12%

Quebec Labour Funds6%

*As of June 24, 2016

#4Unique Ownership Structure

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#5

14

Exposure to Exciting Discovery

Odyssey North Significant Discovery at Canada’s Largest Gold Mine

“Of note was the drilling on Odyssey and we continue to intersect the zone at Odyssey andwe would expect to be in a good position to put out a resource on Odyssey before the endof this year. It has similarities in terms of thickness and a bit better grade than Goldex andthe intention when we got involved with our partner Yamana with the Canadian Malarticopportunity was certainly we had a sense that Odyssey could be an important component tothat mine and that property going forward. So we are certainly starting to see that.”

Agnico Eagle Q1 – 2016 Results Conference Call(April 29, 2016)

15* There are no assurances that all or any of the recent expansion at Odyssey North has occurred on Malartic CHL where Abitibi Royalties holds a 3% NSR. For full disclosure, see Abitibi Royalties’ press release dated May 6, 2016.

“The Odyssey drill program continues to define the north and south mineral bodies and hasdiscovered two, previously unknown mineralized structures. Geologic and mineralizationmodels have identified two zones within the north zone where cross-cutting structureshave created blow-out zones of mineralization much wider than other portions of thedeposits. Additional focused drilling of these swell zones will follow the initial 100 meter by100 meter program in the third quarter to better define the mineral inventory.”

Yamana Gold Q1 – 2016 Results News Release(May 4, 2016)

Odyssey North Significant Discovery at Canada’s Largest Gold Mine

“Canadian Malartic were still drilling the Odyssey deposit and expect a sizable addition tothe resource base based on that discovery in 2016.”

Yamana Gold Q4 – 2015 Results Conference Call(Feb. 19, 2016)

16* There are no assurances that all or any of the recent expansion at Odyssey North has occurred on Malartic CHL where Abitibi Royalties holds a 3% NSR. For full disclosure, see Abitibi Royalties’ press release dated January 18, 2016 and August 2, 2016.

“Exploration drilling of the Odyssey deposit transitioned to definition drilling in the fourthquarter…(t)he tighter grid spacing will allow for the reclassification of the mineralization asinferred mineral resources, will provide a basis for an in house scoping study(.)”

Yamana Gold Q4 – 2015 Results News Release(Feb. 18, 2016)

“The initial infill program also encountered three unexpected high grade intercepts thatappears to strike north-south, cross-cutting the east-west trending main Odyssey deposit.These structures will also need further drilling to be completely understood.”

Yamana Gold Q2 – 2016 Results Conference Call(July 29, 2016)

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Gold Royalty Ranking (Net Asset Value – CDN$)

Abitibi Royalties Positioned For Organic Growth

Abitibi Royalties 3% NSR AdjoinsOsisko Royalties 5% NSR at Canadian Malartic

Source: BMO Capital Markets Equity Research. NPV shown using a 5% discount rate and BMO commodity pricing for gold of US$1,292/ozfor 2016, US$1,350/oz for 2017, US$1,250/oz for 2018 and US$1,200/oz for 2019 and LT. 1.30 CDN/US Exchange rate used.

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Royalty Company Valuations Potential for Re-rating as Odyssey North Advances

Source: Factset

Odyssey NorthResource Estimate as of

Year-End

Canadian Malartic Mine (Long-Section)Bulk Tonnage Underground Mining – Next Evolution

*Norrie Zone: Osisko Mining drill hole; remaining are historic holes

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Innovation = Organic Growth #620

Surrounding EldoradoEfemcukuru Mine - 3% NSR Drilling Planned

21

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Surrounding EldoradoEfemcukuru Mine - 3% NSR

Red Lake and Madsen PropertiesRed Lake Mine - 1% NSR

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5 KM Southwest Goldcorp Red Lake Mine - 2% NSR / 15% Sale Proceeds

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2 KM West New Gold Rainy River Mine - 2% NSR / 15% Sale Proceeds

25

3 KM East MetanorBachelor Mine - 2% NSR/15% Sale Proceeds

26

South & Southwest Agnico Eagle Lapa Mine- 2% NSR

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$-

$2

$4

$6

$8

$10

$12

2014 2015 2016

Share Structure + Treasury

Share Structure

Price (November 25, 2016) $8.04

52 Week Range $2.55- $10.00

Shares Outstanding 11.3 million

Options 766,003

Restricted Share Units 583,365

Market Cap $91.1 million

GZZ Ownership 49%

Rob McEwen 12%

QC Labour Funds 6%

Treasury

Cash $2.2 million

Long-Term Debt $0

YRI/AEM Share Value $38.3 million

28

Odyssey North

Discovered

Lawsuit Settlement

Odyssey North

Update

Ian Ball Joins

As President Share Buyback

Announced

Odyssey North

Update

APPENDIX

Net Smelter Royalties (NSR)

1. Abitibi Royalties has the right to receive 15% of total proceeds should the property be sold.2. There is a mutual 3 year option for Abitibi Royalties to pay an amount equal to the annual claim maintenance fees whereby the 2% NSR will increase by 1% for each annual payment.

Property Nearest Mine Distance Operator NSR

McDonnelCreek Property Young-Davidson (Alamos - Ontario) ~6 km SW Private 1.5%

Rainy River West Prospect1 Rainy River (New Gold – Ontario) 2 km E Private 2%

Whitehorse Island Property1 Red Lake (Goldcorp – Ontario) 5.5 km NE Frontline Gold 2%

Menderes Efemcukuru (Eldorado – Turkey) adjacent Frontline Gold 3%

Baden Prospect2 Young-Davidson (Alamos - Ontario) 12 km S Private 2%

Smokehead Prospect1,2 Canadian Malartic (Agnico / Yamana – QC) 1 km NW Golden Valley Mines 2%

Bachelor East Prospect1,2 Bachelor (Metanor – Quebec) 3.5 km W Private 2%

VMS Prospect 777 (Hudbay – Manitoba) 5 km NE Private 2%

Bogside & Riverside Lapa (Agnico – Quebec) ~1.5 – 3 km Golden Valley Mines 2%

The Royalty Search – Near Mine Royalties

Canadian Malartic RoyaltiesProperty Status Operator NSR

Jeffrey & Barnat Permitting Agnico / Yamana 3%

Odyssey North Advance Exploration Agnico / Yamana 3%

Norrie Discovery Agnico / Yamana 3%

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Canadian Malartic – Royalty Overview3 Largest Gold Royalty Companies Present

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6 KM Northeast Alamos GoldYoung-Davidson- 1.5%

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12 KM North Alamos Gold Young-Davidson - 2% NSR

Selective Rock Samples 14.15 gpt gold 8.00 gpt gold 21.69 gpt gold 31.61 gpt gold 14.40 gpt gold

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5 KM Southeast Agnico Eagle/Yamana Canadian Malartic - 2% NSR / 15% Sale Proceeds

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5 KM Southwest Hudbay777 Mine - 2% NSR / 15% Sale Proceeds

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