THE LEADINGGROWTH-ORIENTEDROYALTY COMPANY

The BMO 29th Global Metals & Mining Conference

February 2020

FORWARD-LOOKING STATEMENTSThis 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 PrivateSecurities 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 includingmanagement’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 oncertain 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 bythe words “expects”, “is expected” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations of such words andphrases), 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 ofOsisko, 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 Osiskobelieves 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 guaranteesof 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 otherinterests 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 theCanadian 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 StatesInternal 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 businessof 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 resourceestimates 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. Theforward-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 Osiskoholds 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 ofsuch 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, nomaterial 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 thedevelopment 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 thatforward-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 unduereliance 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 AnnualInformation 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 ExchangeCommission 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 anyintention 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 STATEMENTThis 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 ESTIMATESOsisko 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 requirementsfor 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 resourcesreported 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 anddefinitions. 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 atthe 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 theSEC. 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 theSEC. 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 similarinformation 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 orIndicated 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 areader 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 feasibilityor 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 containedherein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent.

FORWARD LOOKING STATEMENTS

2

OSISKO GOLD ROYALTIES

31. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. The

calculation of cash margins excludes offtakes.

PEER-LEADING EXPOSURE TO

CANADIAN ASSETS

76%ASSET NPV IN

NORTH AMERICA

64%ASSET NPV IN

CANADA

OVER 135ROYALTY,

STREAM AND OFFTAKE ASSETS

OVER C$850 MIN FINANCIAL CAPACITY AVAILABLE

FOR DEPLOYMENT INTO HIGH QUALITY OPPORTUNIES

78,006ATTRIBUTABLE GEOs EARNED

FOR 2019

90%CASH MARGIN1

EARNED ON GEOs RECEIVED

IN 2019

HIGHEST DIVIDEND

YIELD IN PEER GROUP

~1.6%

C$91.6 MRECORD

OPERATING CASH FLOW

FOR 2019

C$277.4IN INVESTMENTSAs at Dec. 31, 2019

C$108.2 MIN CASH

As at Dec. 31, 2019

WHY OWN OSISKO?

UNIQUE BUSINESS MODEL DELIVERS STRONG CASH FLOWS AND ASSYMETRIC UPSIDE33% cash flow CAGR since 2015; financial interests in multiple high quality exploration and development properties

LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONSOver 135 royalties, streams and precious metals offtakes primarily in North America

STRONG BALANCE SHEET TO FUND GROWTH Over $850 million of available financial capacity to fund growth opportunities

FOCUSED ON RETURNING VALUE TO SHAREHOLDERS Dividends paid every quarter since 2014; As of today, approximately C$336 M in dividends and stock repurchases since inception; In 2019 alone, approximately C$30 M in dividends and over C$184 M in share buybacks

EXPERIENCED AND PROVEN MANAGEMENT TEAMGlobal exploration and mine building capabilities in-house combined with strong mine-finance expertise

4

DISCOVERYEARLY OPPORTUNITIES

TRADITIONAL ROYALTY & STREAMING BUSINESS

TROUGHDEVELOPMENT OPPORTUNITIES

CONSTRUCTION-PRODUCTIONLOW RISK OPPORTUNITIES

Funding exploration

Early money in

Obtain valuable future rights to project financing

Hybrid equity/royalty structure

Funding studies/ construction

Secured royalty/stream (milestone-based funding)

Debt refinancing/M&A

Lowest risk part of the curve

Secured royalty/stream (up-front deposit)

Last money in

- GIBRALTAR

- MANTOS

CREATING EXCLUSIVE PIPELINEOF OPPORTUNITIES

TIME

VA

LUE

- WINDFALL

- HORNE 5

- TALISKER

- EAGLE

- CARIBOO

INVESTMENT STRATEGY – MOVING ASSETS ALONG THE CURVE

25% 75%

5

6

2019 SUMMARY – AMONG THE MOST ACTIVE ROYALTY COMPANIES

Q4 Santana 3-5% NSR with Minera Alamos (closed in Q1 2020) Pine Point 1.5 % NSR with Osisko Metals (closed in Q1 2020) Bralorne 1.2% NSR royalty with Talisker Acquisition of Barkerville Gold Mines

Q3 First gold pour at Eagle Mine, 5% NSR Sale of Pretivm offtake agreement Renard credit bid, 35.1% ownership in Stornoway Diamonds Mantos Blancos stream enhancement, 100% silver stream Sable Resources strategic investment – 2% NSR

Q2 $175 million share buyback with Orion Mine Finance & concurrent

secondary offering

Q1 Closed silver stream financing with Falco Resources Announced intention to repurchase up to $100 million in common shares

7

P/NAV TRADING MULTIPLES

Source: FactSet, street research

As at Dec. 31, 2019

2.5x2.4x

1.9x

1.5x1.4x

1.0X

FRANCONEVADA

ROYAL GOLD WHEATONPRECIOUS

METALS

SANDSTORM SENIORPRODUCERAVERAGE

OSISKOGOLD

ROYALTIES

CONSENSUS NPVBY GEOGRAPHY

76%

48%33% 30%

11%

24%

52%67% 70%

89%

OSISKOGOLD

ROYALTIES

ROYAL GOLD WHEATONPRECIOUS

METALS

FRANCONEVADA

SANDSTORM

NORTH AMERICA ELSEWHERE

64%

BEST IN CLASS PORTFOLIO TRADING AT DISCOUNT

TIER 1 JURISDICTIONAL FOCUS

Represents total royalty/streaming/offtake assets

TOTAL OF 135+ ROYALTIES, STREAMS & PRECIOUS METAL OFFTAKES

108

9

2

13

36

8

RENARD9.6% DIAMOND STREAM

ÉLÉONORE2-3.5% NSR

CANADIAN MALARTIC5% NSR

ISLAND GOLD1.38-2.55% NSR

PARRAL100% Au, Ag OFFTAKE

PAN MINE4% NSR

BALD MOUNTAIN1-4% NSR

GIBRALTAR75% Ag STREAM

SEABEE3% NSR

LAMAQUE0.85% NSR

MANTOS100% AgSTREAM

BRAUNA1% GRR

SASA100% Ag STREAM

KWALE1.5% GRR

MATILDA1.65% AU STREAM

Asset in Top Jurisdiction

Other Cash Flowing Assets

EAGLE5% NSR

PRODUCTION (GEOs) AND GUIDANCE

1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest.

2. For royalties and streams3. At year end 9

12,499

30,58838,270

58,933

80,55378,006

82,000to

88,000

2014 2015 2016 2017 2018 2019 2020 Guidance

At90% Cash Operating Margin1,2

Atexpected90% Cash Operating Margin1,2

7ROYALTIES3

C$500 MMARKET

CAP

C$2.1 BMARKET CAP

2 MAJORACQUISITIONS

CREATED THE ACCELERATOR

BUSINESS

49ROYALTIES

+50ROYALTIES & STREAMING

ASSETS

+130ROYALTIES & STREAMING

ASSETS

+135ROYALTIES &

STREAMING ASSETS

OSISKO’S ROYALTY AND STREAMING BUSINESS SHOWING

STRENGTH AS IT ENTERS INTO NEXT PHASES OF GROWTH

CORNERSTONE ROYALTY – 5% NSR ON CANADIAN MALARTIC

MINEPRODUCTION(K oz Au)

ROYALTYDELIVEREDTO OR(K oz Au)

12.5

30.1 29.233.6 35.4 33.5

2014 2015 2016 2017 2018 2019

535.5571.6 585.0

633.5 697.2 669.0

2014 2015 2016 2017 2018 2019

10

“EAST GOULDIE OPEN IN ALL

DIRECTIONS”2

11

SIGNIFICANT MALARTIC UNDERGROUND RESOURCE

ODYSSEY EAST MALARTIC EAST GOULDIE

Au(K oz)

Tonnes(Mt)

Grade(g/t)

Au(K oz)

Tonnes(Mt)

Grade(g/t)

Au(K oz)

Tonnes(Mt)

Grade(g/t)

M&I 136 2,022 2.10 694 9,924 2.18 - - -

INFERRED 1,666 22,368 2.22 5,192 78,764 2.05 2,738 25,520 3.34

MINERALRESOURCES1:

1. Agnico Eagle mineral reserves and resources disclosure as at December 31, 20192. Refer to Agnico Eagle press release dated February 13, 20203. East Gouldie 5% NSR, North Odyssey & East Malartic 3% NSR, South Odyssey 5% NSR to Osisko

SYNERGIES BETWEEN CANADIAN MALARTIC, ODYSSEY, EAST MALARTIC AND EAST GOULDIE ARE BEING EVALUATED.INITIAL PRODUCTION POTENTIALLY STARTING IN 2023 2,3

EAGLE PROJECT – 5% NSR ON CANADA’S NEWEST GOLD MINE

OPEN PIT MINING

HEAP LEACH FACILITY

GOLD RECOVERY PLANTMOBILE EQUIPMENT

FIRST GOLD

POURED

RAMPING UP TO

220,000 ozAU PER YEAR

12

PRIMARY CRUSHER

13

NEAR-TERM AND MEDIUM-TERM GROWTH

78 KGEOs

2019 2020 2021 2022 2024 2024+ 2024 2025

EAGLE 5% NSR~10 K GEOs/Year

WINDFALL 2.0-3.0% NSR~4-5 K GEOs/Year

BACK FORTY18.5% Au, 75% Ag Stream~10-20 K GEOs/Year

AMULSAR4.22% Au, 62.5% Ag Streams82% Au Offtake~7-10 K GEOs/Year

MANTOS BLANCOS EXPANSION100% Ag STREAM+ ~10 K GEOs/Year

ODYSSEY/EAST MALARTIC/ EAST GOULDIE3-5% NSR

OTHER INTERNAL GROWTH+ ~10-15 K GEOs/Year

HORNE 590-100% Ag Stream~25-30 K GEOs/Year

CARIBOO5% NSR100% Ownership185 K oz/Year MineNORTH SPIRIT DISCOVERY GROUP ASSET

ELEONORE ROYALTY INCREASE TO 3.5% NSR~2-4 K GEOs/Year

HERMOSA1% NSR~6 K GEOs/Year

UPPER BEAVER2% NSR

+ +

OSISKO HOLDS ROYALTIES OR STREAMS ON A TOTAL OF ~25,000 KM2

IN THE MOST IMPORTANT CANADIAN MINING CAMPS

WESTERN CANADA7,200 km2 of royalty landsHistoric production of ~32M ozs

EASTERN CANADA19,000 km2 of royalty landsHistoric production of ~226M ozs

QUÉBECONTARIOBRITISH

COLUMBIA

YUKON

Tintina Belt& Selwyn Basin

(~12M ozs)

Cariboo District(~15M ozs)

Red Lake(~26M ozs) Kirkland Lake

& Timmins(~110M ozs)

Rouyn Noranda& Val d’Or(~75M ozs)

Lebel sur Quevillon

& Baie James(~15M ozs)

500 km300 mi

PRIME ROYALTY REAL ESTATE IN CANADA

14

Bralorne(~4.5M ozs)

VALUE-ADDED SERVICES PROVIDED BY OSISKO GOLD ROYALTIES

OSISKO ACCELERATOR EQUITY INTERESTS15.9% OWNERSHIP~C$1 B Market cap.2.0-3.0% NSR on Windfall

17.9% OWNERSHIP~C$70 M Market cap.1.5% NSR on Pine Point

19.9% OWNERSHIP~C$60 M Market cap.90-100% Ag stream on Horne 5

MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL

FINANCIAL LEGAL ACCOUNTING BACK OFFICE

OSISKO ACCELERATOR MODEL

Maintain key shareholder positions to drive performance of portfolio companies

Leverage experience in exploration, engineering construction & financing to advance projects

Encourage strong governance at the board level and key management roles to oversee capital spend

Tax efficient way of deploying capital as investment in flow-through shares shelter royalty income

Attract additional market capital to invest on royalty ground

Osisko Mining Inc.

Osisko Metals Inc.

Falco Resources Ltd.

VALUE THROUGH THE ACCELERATOR MODEL

15

7.9% OWNERSHIP~C$40 M Market cap.1.2% NSR on Bralorne

Talisker Resources Ltd.

18.7% OWNERSHIP~C$100 M Market cap.3-5% NSR on Santana

Minera Alamos Inc.

CASE STUDIES

OSISKO SUPPORTED ARIZONA MINING ON ACQUISITION OF TAYLOR PROPERTY IN 2016 $5.0M in equity + warrants $10M for 1% NSR royalty

TAYLOR PROJECT World-class Zn-Pb-Ag deposit $2B NPV 101 Mt at 10.4% ZnEq. 29 year mine life

NET GAIN ONINVESTMENT(C$M)

$34M

Royalty

1 %NSR

+Shares+Warrants 1

$65M2HERMOSA NSR:

1. Net of additional $8M cash investment through market purchases and warrant exercise.

2. Consensus NPV, Q4 2019

$5.0M

Shares+Warrants Royalty

+$10.0M

INITIALINVESTMENT(C$M)

OR FIRST INVESTMENT IN OSK THROUGH OBAN MINING CORPORATION IN 2015 $17.8M in equity $5M for 1% NSR royalty

WINDFALL PROJECT 22 drills on site Ramp progressing Feasibility in 2020

UNREALIZED GAIN (C$M)1

$87.1M

Royalty

2-3%NSR3+

Shares

$75M2

WINDFALL NSR:

1. As at Dec. 31, 20192. Consensus NPV, Q4 20193. Osisko increased it’s NSR royalty on January 20, 2020 to 2.0 – 3.0%,

$17.8M

Shares+Warrants Royalty

+

INITIALINVESTMENT(C$M)1

1% NSR$5.0M

1. $92.5 million invested in share and warrants between June 2015 and September 2017, including the initial $17.8 million.

1% NSR

INCREASE TO2-3% NSR

$3.0M

16

17

NORTH SPIRIT DISCOVERY GROUP

The evolution of Osisko’s Accelerator Model to act privately on project incubation and development that Osisko pioneered over the last five years‒ Project finance

‒ Project engineering

‒ Project management

Positioning to take maximum advantage of pending gold bull market‒ Outsized returns made possible by current equity market conditions for junior resource

companies‒ Timing acquisitions and accelerating development to benefit from strong commodity prices

Focus on surfacing value through project development and late-stage exploration

Strong ability to finance through third-party capital ‒ Joint venture partnerships

‒ Private equity

‒ Project-level debt

Emphasis on Canadian and North American assets

18

CARIBOO GOLD PROJECT

Complete control of historic Cariboo goldfields

District Scale: 2,071 km2 of Mineral Rights

Located in south central BC, Canada

4.5 M oz Au historic gold production

4.4 M1 oz Au underground resource and growing

Low capex, phased growth plan to +185,000 oz Au per year

Gold rich veins and replacement mineralization

Year round access and services

Permitted 1,000 T per day mill and tailings facility

Strong first nations and stakeholder support

1. Including resources at Cariboo, BC Vein, and Bonanza Ledge

19

CARIBOO GOLD PROJECT – PEA SENSITIVITY ANALYSIS

GOLD PRICE US$/OZ 1,100 1,200 1,300 1,325 1,400 1,500 1,600 1,700 1,800

Pre-tax NPV 5% (C$M) 256.7 423.8 591.0 632.7 758.1 925.2 1,092.4 1,259.5 1,426.7

After-tax NPV 5% (C$M) 159.5 268.2 386.0 402.2 482.1 588.4 694.6 800.7 906.6

Pre-tax IRR 18.4% 26.0% 33.2% 34.9% 40.1% 46.7% 53.2% 59.5% 65.7%

After-tax IRR 14.6% 20.9% 26.7% 28.1% 32.3% 37.6% 42.7% 47.8% 52.7%

Pre-tax payback after start of operations (years)

4.9 3.7 3.0 2.9 2.6 2.3 2.0 1.8 1.7

After-tax payback after start of operations (years)

5.1 3.9 3.2 3.1 2.7 2.4 2.2 1.9 1.7

Robust Base Case returns

Excellent leverage to higher gold prices

Significant exploration upside

20

CARIBOO GOLD PROJECT – EXPLORATION POTENTIAL

Barkerville has hit mineralization of +2g/t Au over +3m in ~90% of drill holes

Current resource is only delineated to a depth of 350m.

‒ The deposit has the potential to continue well below 1,000m

Strike length of current exploration area is 16 kilometers

‒ Cariboo project strike is <4 kilometers and contains over 2.3 million ounces Au of indicated resources and 1.9 million ounces Au of inferred resources

Barkerville has recently discovered a parallel trend which could double the current mineralized strike length

POTENTIAL AT DEPTH

21

Responsibility is a core value at Osisko and we are committed to reporting on ESG issues.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES

HIGHLY RANKED AMONG PRECIOUS METAL COMPANIES

TOP QUARTILE “A” ESG RATING FROM MSCI IN 2019

RANKED # 5 OUT OF 100 PRECIOUS METALS COMPANIESBY SUSTAINALYTICS FOR 2019

OUR COMMITMENT HOW DO WE ADDRESS ESG ISSUES AS A ROYALTY COMPANY?

ESG DIRECTEXPOSURE

ESG INDIRECTEXPOSURE

- Limit impact from company’soffices 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

As we do not directly operate most of our mining assets, we

rigorously address ESG issues through our due

diligence process prior to making an investment.

22

MAKING THE RIGHT INVESTMENT

Osisko’s world-class technical team has a successful track-record in mine building and solid expertise. We believe our due diligence process in among the best to mitigate ESG risks.

OSISKO’S DUE DILIGENCE FOCUS:

ENVIRONMENT

Tailings Management Facilitiesdeposition method/structures

Surface and groundwater Water treatment Species at risk Compliance with regulation

and best practices Closure plan

SOCIAL

Health and safety record Safety culture First Nations Relations Community relations Involvement in local

community Stakeholder vision/culture

GOVERNANCE

Corporate capability Company reputation Legal issues

Mayana KissiovaDirector, Tailings and Water ManagementOsisko Gold Royalties

CIM Distinguished Lecturer 2019-2020

“Tailings, waste rock and water are by-products of the mining industry. They have little or no economic interest and important risks are associated with the management of these substances in the long term. We do everything we can to make sure the projects we invest in are safe and following the best practices.”

INHOUSE WORLD-CLASS EXPERTISE

OUR MAIN ASSETS ARE LOCATED IN TOP MINING

JURSIDICTIONS WITH RESPONSIBLE MINERS

Appendix

FINANCIAL POSITION

BALANCE SHEET ITEMS Dec. 31, 2019

Cash (C$ M) $108.2

Debt (C$ M) $349.0

Investments (C$ M)1 $277.4

Basic Shares Outstanding (M)(as at Feb. 14, 2020) 157.5

Quarterly Dividend (C$/Share) $0.05

1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at December 31, 2019.2. Including the C$100 million accordion.

$20

Undrawn Credit Facility Drawn Credit Facility

AVAILABLE CREDIT:

$480 M2

CREDIT FACILITY (C$ M)

24

25

2019 RESULTS

3 MONTHS ENDED YEARS ENDED

(C$ 000) Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

GOLD PRODUCTION (oz) 13,571 14,284 52,750 55,848

SILVER PRODUCTION (oz AuEq) 3,839 3,014 13,243 13,258

DIAMONDS PRODUCTION (oz AuEq) 2,627 12,006 9,949 8,751

OTHER METALS (oz AuEq) 442 701 2,064 2,696

REALIZED GOLD PRICE (C$ per oz) $1,945 $1,638 $1,817 $1,649

REVENUES FROM ROYALTIES AND STREAMS $38,920 $30,738 $140,122 $127,567

GROSS PROFIT $23,924 $15,762 $82,709 $66,555

NET CASH FLOW FROM OPERATING ACTIVITIES $17,204 $18,559 $91,598 $82,158

NET LOSS ($155,175) ($113,882) ($234,195) ($105,587)

NET LOSS PER SHAREBASIC AND DILUTED ($1.04) ($0.73) ($1.55) ($0.67)

ADJUSTED EARNINGS 10,345 13,032 41,895 31,353

ADJUSTED EARNINGS PER BASIC SHARE 0.07 0.08 0.28 0.20

$0.03 $0.04

RETURNING CAPITAL TO SHAREHOLDERS

$1.6 $13.8 $30.8$55.1

$86.3$116.4

$1.8

$1.8

$34.8

$219.6

$0

$50

$100

$150

$200

$250

$300

$350

2014 2015 2016 2017 2018 2019

Dividend Share Buyback

CUMULATIVE CAPITAL RETURNED – AS AT FEBRUARY 20, 2020

Cu

mu

lati

ve C

apit

al R

etu

rned

(C$M

)

C$336 M RETURNED TO

SHAREHOLDERS SINCE INCEPTION

IN 2014

Quarterly Dividend ($/share)

$0.05

26

852,500Shares @ $11.96/sh

(in 2019 only)

12,385,717Shares @ $14.10/sh

+

SHARE REPURCHASE WITH ORION

2020 OUTLOOK

GEO GUIDANCE1

27

LOW HIGH CASH MARGIN

(GEOs) (GEOs) (%)

ROYALTY INTERESTS 57,500 61,700 100

STREAM INTERESTS 23,800 25,500 68

OFFTAKE INTERESTS 700 800 3

82,000 88,000 902

1. For the 2020 guidance, silver, diamonds and cash royalties have been converted to GEOs using commodity prices of US$1,450 per ounce of gold, US$17.00 per ounce of silver and US$70 per carat for diamonds from the Renard mine (blended sales price) and an exchange rate (US$/C$) of 1.30.

2. Excluding offtake interests

HIGHEST MARGIN IN THE GOLD BUSINESS

BALANCED SHAREHOLDER BASE

28

C D P Q 12.5%

Van Eck 10.5%

EdgePoint 9.0%

Orion Mine F inance 5.6%

F o n d s F T Q 5.3%

Tocquevil le 3.0%

V a n g u a r d 2.5%

Acadian 1.6%

F e d e r a t e d G l o b a l I n v e s tm e n t M a n a g e m en t C o r p 1.6%

T. R o w e 1.5%

Top 10 Osisko Gold Royalties ShareholdersAs at February 17, 2020

INVESTMENT ADVISERS &

MUTUAL FUNDS

34%

HEDGE FUNDS

11%

PRIVATE EQUITY

6%

PENSION FUNDS

13%

INSTITUTIONS

62%

INSIDERS

13%

UNIDENTIFIEDINSTITUTIONAL

AND RETAIL

25%

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LISTASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION

Producing Royalties, Streams & Offtakes1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR2 Éleonore Newmont Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals3 Gibraltar Taseko Mines Canada Production 100% Ag Stream4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream6 SASA Central Asia Metals Macedonia Production 100% Ag Stream7 Eagle Victoria Gold Canada Production 5% NSR until 97,500; 3% NSR thereafter8 Matilda Blackham Resources Australia Production 55% Au offtake9 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR

10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake11 Bald Mountain Kinross United States Production 1%-4% GSR12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)13 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR14 Kwale Base Resources Kenya Production 2% of GRR on titanium15 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products16 Seabee Santoy SSR Mining Canada Production 3% NSR

Near-Term Development Royalties, Streams and Offtakes17 Amulsar (S) Lydian Armenia Development 4.22% Au Stream and 62.5% Ag Stream18 Amulsar (O) Lydian Armenia Development 82% Au offtake19 Back Forty Aquila Resources United States Development 18.5% Au Stream20 Back Forty Aquila Resources United States Development 75% Ag Stream21 Cariboo Gold Project Osisko Gold Royalties Canada Development 4% NSR22 Hammond Reef Agnico Eagle Canada Development 1.5% NSR23 Hermosa South 32 United States Development 1% NSR on all sulphide ores of lead and zinc24 Horne 5 Falco Resources Canada Development 90-100% Ag stream25 Malartic UG CM Partnership (Agnico Eagle, Yamana) Canada Development East Gouldie 5% NSR, North Odyssey & East Malartic 3% NSR, South Odyssey 5% NSR

26 Nimbus MacPhersons Resources Australia Development 100% Ag offtake27 Pine Point Osisko Metals Canada Development 1.5% NSR28 Santana Minera Alamos Mexico Development 3-5% NSR29 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR30 Windfall Osisko Mining Canada Development 2.0-3.0% NSR31 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake

Long-Term Development Royalties32 Ambler Trilogy Metals United States Development 1% NSR33 Cameron Lake First Mining Canada Development 1% NSR34 Casino Western Copper and Gold Canada Development 2.75% NSR35 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR36 Copperwood & White Pine Highland Copper United States Development 3% NSR37 Corcoesto Edgewater Exploration Spain Development 1% NSR

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ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION38 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au39 King Island King Island Scheelite Australia Development 1.5% GRR40 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR41 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum42 Ollachea Minera IRL Peru Development 1% NSR on all products43 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag44 Sandman 1 Newmont United States Development 5% NSR45 Sandman 2 Newmont United States Development 1% NSR46 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR47 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)48 Tijirit Algold Resources Mauritania Development 1.5%49 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional

Exploration Royalties50 Abbeytown Erris Resources Ireland Exploration 1% NSR51 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR52 Altar Sibanye-Stillwater Argentina Exploration 1% NSR53 Annamaque Faraday O3 Mining Canada Exploration 1.7% NSR54 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR55 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR56 Aurbel QMX Gold Canada Exploration 2.125% NSR57 Ballarat LionGold Australia Exploration 4% GSR58 Bargold Abcourt Mines Canada Exploration 1.275 % NSR59 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR60 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI61 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR62 Candle Lake Adamas Minerals Corp. Cie not found Canada Exploration 3% GOR63 Casino B Western Copper and Gold Canada Exploration 5% NPI64 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals65 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR66 Croinor Monarques Gold Canada Exploration 0.75% NSR67 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced68 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR69 Destor Explor Resources Canada Exploration 2.125% NSR70 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment71 Duncan (Iron) Automotive Finance Co. Canada Exploration Production royalty (iron), 2% NSR on all other metals72 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR73 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty74 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR75 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR76 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR77 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals78 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

30

ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION79 Gabel Williams Wolfpack Gold United States Exploration 1% NPI80 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals81 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals82 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products83 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI84 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals85 Jubilee IAMGOLD Canada Exploration 1.7% NSR on all metals86 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products87 Kliyul Creek Centerra Metals Canada Exploration 1.5% NSR88 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR89 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR90 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals 91 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals92 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR93 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR94 Malartic Gold Claims Pershimex Resources Corporation Canada Exploration 1% NSR95 Marban, Nolartic, First Canadian O3 Mining Canada Exploration 0.425%-1.7% NSR96 Moore Lake Denison Mines Canada Exploration 2.5% NSR97 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals98 New Jersey Zinc Database Centerra Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other99 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR

100 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals101 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR102 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals103 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR104 Preissac Sphinx Resources Canada Exploration 2% NSR105 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR106 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals107 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR108 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals109 Sagar (Uranium, Gold) Next Source Material Canada Exploration 1.5% NSR110 San Juan Azure Minerals Mexico Exploration 2% NSR111 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals112 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR113 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag114 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 metals116 Stabell (Gold) O3 Mining Canada Exploration 3% NSR117 Sunnyside Barksdale Capital Corp. United States Exploration 1% NSR118 Swedish Properties Erris Resources Sweden Exploration 1% NSR119 Talisker Resources Bralorne Canada Exploration 1.2% NSR120 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR121 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

31

ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION122 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR124 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR125 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals126 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI127 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals128 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals129 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals130 Val-d'Or O3 Mining Canada Exploration 2.125% NSR on all metals131 Valdora O3 Mining Canada Exploration 1.7% NSR on all metals132 Waihi West Antipodes Gold New Zealand Exploration 2% NSR133 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg134 Wharekirauponga (WKP) Project OceanaGold New Zealand Exploration 2% NSR135 Whistler GoldMining United States Exploration 2.75% NSR136 WO Claims De Beers Canada Exploration 8248567 Canada Limited: 1% GOR

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

32