Osisko and Virginia - Business Combination

Creating the Leading Intermediate

Gold Royalty Company

November 17, 2014

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that

address future events, developments or performance that Osisko and Virginia (collectively, the “Corporations”) expect to occur including managements’ expectations regarding

the Corporations’ growth, results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects

and opportunities are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the

words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (Including negative variations),

or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the transaction will be met and the

realization of the anticipated benefits deriving therefrom for shareholders of the Corporations, the view on (i) the quality and the potential of the Corporations’ assets, (ii) the

consideration offered to Virginia’s shareholders, (iii) the potential of the combined entity. Although the Corporations believe 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 to differ materially from

those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporations; fluctuations in the value

of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporations hold a royalty; development, permitting, infrastructure,

operating or technical difficulties on any of the properties in which the Corporations hold a royalty or other interest; rate and timing of production differences from resource

estimates or production forecasts by operators of properties in which the Corporations hold a royalty or other interest; risks and hazards associated with the business of

exploring, development and mining on any of the properties in which the Corporations hold a royalty or other interest, including, but not limited to unusual or unexpected

geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government,

including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in

which the Corporations hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or

business conditions; business opportunities that become available to, or are pursued by the Corporations; the impossibility to acquire royalties and to fund precious metal

streams; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including,

without limitation: the ongoing operation of the properties in which the Corporations hold a royalty 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; no adverse development in respect of any significant property in which the Corporations hold 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. For additional information on risks, uncertainties and assumptions,

please refer to Schedule I to the management information circular of Osisko Mining Corporation which created Osisko and also provides additional general assumptions in

connection with these statements, which is filed on SEDAR at www.SEDAR.com under the profile of Canadian Malartic Corporation (formerly: Osisko Mining Corporation), and

Virginia’s Annual Information Form, also filed on SEDAR at www.SEDAR.com. Please also consult Virginia’s annual report on Form 40-F filed with the U.S. Securities and

Exchange Commission. Risks and uncertainties relating to the Corporations are also discussed under the header "Risks and Uncertainties" in the Corporations’ management's

discussion and analysis for their most recent interim financial statements, which are available on SEDAR at www.sedar.com. The Corporations caution that the foregoing list of

risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above

factors as well as the uncertainties they represent and the risk they entail. The Corporations believe that the expectations reflected in those forward-looking statements are

reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be

unduly relied upon. These statements speak only as of the date of this press release. The Corporations undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

Safe Harbour Statement:

This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd

and Virginia Mines Inc. By accepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to

keep strictly confidential the contents of this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the

contents for any purpose other than evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation,

other confidential information or any such other material.

Inquiries regarding this confidential PowerPoint presentation can be made to the Companies’ financial advisors, or the senior management of the Companies.

2

Forward Looking Statements

Two World-Class Royalties

3

Two cornerstone assets create the new leading intermediate

gold royalty company

Combination of two of the premier royalty

assets in the sector

Large new mines generating cash flow

(two biggest gold mines in Canada)

Long-life assets in mining camps with

significant upside potential

Senior company operators

Québec based

All gold weighting

Canadian Malartic Gold Mine

Éléonore Gold Mine

4

Transaction Summary

Notes: Pro forma private placement. Based on basic shares outstanding.

Proposed

Transaction

Business combination between Osisko and Virginia via a Plan of Arrangement

Total transaction value of approximately C$508 million

Combined entity market capitalization of approximately C$1.3 billion

Pro forma ownership of 61% Osisko and 39% Virginia

C$70 million private placement by the Caisse de dépôt et placement du Québec (“CDPQ”) and the Fonds de

solidarité (“the Fonds”) into both companies (C$42 million into Osisko and C$28 million into Virginia)

Consideration

0.92 of an Osisko common share per Virginia share, representing consideration of C$14.19 per share

41% premium over the November 14, 2014 closing price and 27% premium based on both companies’ 30-

day VWAPs

Deal

Protection

Customary non-solicitation covenants, subject to normal fiduciary outs

Reciprocal C$26 million termination fee payable in certain circumstances if the transaction is not completed

Holders of 27% of the shares of Virginia, in addition to the board and management who beneficially own

3.4%, have agreed to support the transaction and enter into lock-up agreements

Other

Considerations

Virginia shareholder vote (66⅔% of shareholder votes cast)

Osisko shareholder vote (majority of shareholder votes cast)

Customary regulatory and court approvals

Virginia to receive 2 of 8 seats on Osisko Board of Directors

Simultaneous initiation of dividend and NCIB

Timing

Mailing of meeting materials in late November

Shareholder meetings in early January

Closing expected shortly thereafter

5

Guerrero (100% Osisko)

Guerrero, Mexico

Status: Exploration

Kirkland Lake Camp (2% NSR)

Ontario, Canada

Status: Exploration

Hammond Reef (2% NSR)

Ontario, Canada

Status: Permitting

Upper Beaver (2% NSR)

Ontario, Canada

Status: Exploration

Pandora (2% NSR)

Quebec, Canada

Status: Exploration, Contiguous to

Lapa mine

Canadian Malartic (5% NSR)

Quebec, Canada

Status: Producing

Éléonore (2.0 – 3.5% NSR)

Quebec, Canada

Status: Ramp up

Mines Coulon

Quebec, Canada

Status: Exploration

James Bay Area

5,800 km2 land position

Quebec, Canada

Status: Exploration

Royalty – Producing

Royalty – Non-producing

Exploration Project

Portfolio of North American Assets

NioGold Mining (Equity Position)

Quebec, Canada

Status: Exploration, close proximity to

Canadian Malartic

Nighthawk Gold (Equity Position)

Northwest Territories, Canada

Status: Exploration

Falco Resources (Equity Position)

Quebec, Canada

Status: Exploration

NioGold Mining 2.1 M oz

Falco Resources 2.8 M oz

Nighthawk Gold 2.1 M oz

Hammond Reef 7.2 M oz

Kirkland Lake 2.4 M oz

Canadian Malartic 11.9 M oz

Éléonore 8.1 M oz

7.0 M oz

29.6 M oz

36.6 M oz

Equity Interests Royalty Interests Total Exposure to Ounces ThroughEquity or Royalty Interests

6

Total Ounces Under Management

Source: Public disclosure.

(1) See Appendix for full disclosure on Reserves & Resources.

(2) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.

(3) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $2.85/lb.

(2)

Global Gold Equivalent Reserves & Resources (M oz)(1)

(3)

19.5% Interest

15.0% Interest

10.1% Interest

2.2-3.5% NSR

2.0% NSR

2.0% NSR

5.0% NSR

100%

72%61%

27%

28%39%

73%

PF Osisko Royal Gold Franco-Nevada Silver Wheaton

Gold Other

$15.42

$20.11$21.37

$22.63

Current SharePrice

P/NAV @ 1.6x P/NAV @ 1.7x P/NAV @ 1.8x

Re-Rating Potential to PF Osisko (C$)(1)

Re-Rating Potential

7

World-class royalty assets in Québec

Peer-leading growth profile as both

Canadian Malartic and Éléonore ramp-up to

full capacity

Proven management teams with a long

history of significant shareholder value

creation

Initiation of dividend policy

Only intermediate/senior royalty company

with 100% exposure to gold

Robust pipeline of exploration/development

stage assets

Well funded for future growth through the

acquisition of additional precious metals

royalties

Revenue by Commodity (2)

Source: Company disclosure and analyst estimates.

(1) Based on consensus net asset value for Osisko and Virginia.

(2) Based on 2014 YTD revenue where available, otherwise based on 2013 revenue by commodity.

Benefits to Osisko Shareholders

8

Participation in the leading intermediate royalty company with enhanced capital

markets presence, asset diversification and balance sheet strength

Addition of the world-class Éléonore gold royalty to the Osisko portfolio

Accelerated cash flow growth as Canadian Malartic and Éléonore mines ramp up

to full capacity

Significant expansion of Osisko’s asset portfolio with the addition of a premier

producing royalty, 15 earlier-stage NSRs and 20 evaluation and exploration projects

Excellent land position in the James Bay area and distinguished exploration team

Robust re-rate potential as the combined company solidifies its leading

intermediate royalty company status

Amalgamation of two successful management teams with proven track records

of success

Benefits to Virginia Shareholders

9

Significant premium of 41% to the current share price and continued upside

through ownership of Osisko shares

Immediate exposure to substantial free cash flow from the world-class

Canadian Malartic mine

Enhanced market profile with greater liquidity and analyst coverage

Financially stronger combined company with better access to capital and

greater balance sheet flexibility

Robust re-rate potential as the combined company solidifies its leading


Amalgamation of two successful management teams with proven track records

of success

Participation in dividend of pro forma Osisko

3032

29

35

31

2015E 2016E 2017E 2018E 2019E

592 631

588

704

615

2015E 2016E 2017E 2018E 2019E

Canadian Malartic Overview

10

Operators: • Agnico Eagle / Yamana Gold

Location: • Malartic, Québec

Interest: • 5% NSR royalty + $0.40/tonne on milled ore from

outside the current property area for life of mill starting

in June 2021

Commercial

Production:

• May 2011

Property

Description:

• 55k tpd open pit, bulk tonnage operation

• Currently Canada’s largest gold mine

• Mine life expected to last through 2028

• 2014 production guidance of 510-530k oz Au

• Upside potential from throughput optimization, to be

completed in 2015

• Significant exploration potential exists from targets

within the immediate vicinity of the mine

• Current reserves of 8.9 M oz Au (1)

5-Year Production Profile (k oz Au) (2)

Source: Agnico Eagle, Yamana and Osisko Gold Royalties public disclosure.


(2) Based on press release dated March 20, 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on Osisko Mining

Corporation’s profile on www.sedar.com. In the process of being updated by Agnico Eagle / Yamana for February 2015.

5-Year Attributable Royalty Ounces (k oz Au) (2)

http://www.sedar.com/

7

8

12

13 12

2015E 2016E 2017E 2018E 2019E

323

377

527 574 568

2015E 2016E 2017E 2018E 2019E

5-Year Production Profile (k oz Au) (3)

Éléonore Overview

11

Operator: • Goldcorp (100%)

Location: • James Bay, Québec

Interest: • 2.00% NSR royalty on the first 3M oz of Au production,

increasing by 0.25% for every additional 1M oz of

production thereafter, to a maximum of 3.50% (subject

to Au price adjustment of up to +/-10% if Au is higher

than US$500/oz and -10% if Au is below US$350/oz)

Commercial

Production:

• Q1 2015

Property

Description:

• 3.5k tpd underground operation, with development plan

to expand plant throughput to 7k tpd

• First gold poured on October 1, 2014

- 2014 production guidance of 40-60k oz Au

• Average annual production upon ramp-up to full

capacity (expected by 2018) of 575-625k oz Au

according to operator

• Overall construction progress of 99.3% (1)

- Initial capital of C$1.8-1.9 billion

• Currently focused on in-fill drilling and exploration

drilling the lower mine area to expand the current

reserve and resource and extend the mine life to a

minimum of 20 years

- Deposit remains open at depth

• Current reserves of 4.0M oz Au (2)

Source: Goldcorp and Virginia Mines public disclosure.

(1) As of October 1, 2014.


(3) Based on consensus analyst estimates.

5-Year Attributable Royalty Ounces (k oz Au) (3)

Exposure to Dominant

Land Packages

12

Land packages in Québec and Mexico provide significant option value

Seek to maximize value for shareholders through potential divestitures and retained

royalty interests

5,800 km2 + land position in James Bay

- More than estimated C$40B of in-situ value resources in the region

- Government of Québec’s Plan Nord to improve infrastructure over the years

9,600 km2 area in Guerrero Mexico with two new gold trends (130km and 30km long)

- Over 25 million ounces of gold discoveries in the immediate vicinity

Kirkland Lake to Val-d’Or gold trend

- 19.5% equity position in NioGold Mining

- 15% equity position in Falco Resources

- 31% equity position in Mistango River Resources

Units Osisko Virginia Pro Forma

TSX Share Price C$/sh $15.42 $10.07 $15.42

Basic Shares

Outstanding

Issued in Private

Placement

M

47.9

2.8

33.8

2.0

83.6

Cash

CDPQ / The Fonds

Investment

C$M $157

$42

$47

$28 >$270

Long-Term Debt C$M - - -

Strengthened Balance Sheet

13

>C$270M in cash resources pro forma the transaction

Stronger balance sheet through

private placements with leading

Québec financial institutions

CDPQ and the Fonds to invest

C$70M in combined company:

– C$42M private placement

into Osisko at C$15.03/share

– C$28M private placement

into Virginia at $13.83/share

– CDPQ and the Fonds option

to participate up to 15% in

Osisko’s and Virginia future

royalty transactions

The company will have >C$270M

in cash resources and >C$400M of

available liquidity for growth pro

forma the transaction

Creating the Leading Intermediate Royalty Company

14

Creates the leading intermediate royalty company with world-class royalties on the

premier Canadian Malartic and Éléonore gold mines

Enhanced capital markets presence, balance sheet strength, and trading liquidity

Complementary asset portfolios and management teams

Full support of significant long-term shareholders

Tremendous re-rate potential as the combined company solidifies its leading


Significant future cash flow generation provides the foundation for a robust dividend

policy

Supplemental

Information

Share Positions in Junior Mining Companies

16

Source: Public disclosure.

Note: See slide 24 for full disclosure on Reserves & Resources.

(1) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.

Location Quebec

Au Ounces (M oz) 2.13

Au Grade (g/t) 1.36

% Held 19.5%

Location Quebec

Au Eq Ounces (M oz) (1) 2.77

Au Eq Grade (g/t) (1) 3.41

% Held 15.0%

Location Northwest Territories

Au Ounces (M oz) 2.10

Au Grade (g/t) 1.64

% Held 10.1%

Robust Asset Portfolio

17

Asset Current Owner Operator Interest Commodities Jurisdiction Stage

Canadian Malartic Osisko Agnico/Yamana 5% NSR royalty Au Québec Producing

Éléonore Virginia Goldcorp 2.0-3.5% NSR royalty Au Québec Producing

Pandora Osisko Agnico/Yamana 2% NSR royalty Au Québec Development

Hammond Reef Osisko Agnico/Yamana 2% NSR royalty Au Québec Development

Upper Beaver Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration

Kirkland Lake Camp Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration

Guerrero Camp Osisko Osisko 100% Ownership Au Mexico Exploration

Corvet Est Virginia Virginia 50% Ownership Au Québec Exploration

Éléonore Régional Virginia Virginia 100% Ownership Au Québec Exploration

Lac Pau Virginia Virginia 100% Ownership Au Québec Exploration

Poste Lemoyne Virginia Virginia 100% Ownership Au Québec Exploration

Wabamisk-Anatacau Virginia Virginia 100% Ownership Au Québec Exploration

Eastmain Virginia CBay Minerals 1.15% NSR royalty Au Québec Exploration

Apple Virginia Strateco 2% NSR royalty U Québec Exploration

Duncan Virginia Augyva Mining $0.40/tonne ore (1) Fe Québec Exploration

Tantale Virginia Commerce Resources 1% NSR royalty Tantalum Québec Exploration

Stabell Virginia Alexandria Minerals 3% NSR royalty Au Québec Exploration

Dieppe Virginia Agnico Eagle $1M if resources >1M oz Au Québec Exploration

Sagar Virginia Energizer Resources 1.5% NSR royalty U, Au Québec Exploration

Lac Dufault Virginia Nyrstar N.V. 2% NSR Base Metals Québec Exploration

Lac Clark Virginia Chibougamau Ind. Mines 1% gross metal royalty Au, Cu Québec Exploration

Northbelt Virginia Terrax Minerals 2% NSR royalty Au NWT Exploration

Coulon Mines Virginia Virginia 90% Ownership Zn, Cu, Ag Québec Exploration

Lac Gayot Virginia Virginia 100% Ownership (2) Ni, Cu Québec Exploration

Source: Company disclosure.

(1) Virginia is also entitled to a 2% NSR royalty on any metal other than iron.

(2) KGHM International (formerly Quadra FNX) has a 50% earn-in option.

18

Canadian Malartic Target Areas

8.94 million ounces P&P Reserves1

10.8 million ounces M&I Resources1

1.14 million ounces Inferred Resources1

Source: Osisko Gold Royalties public disclosure.


Éléonore Property

19 Source: Goldcorp and Virginia Mines public disclosure.

Éléonore Exploration Potential

20

High quality exploration targets exist, both near the

Roberto deposit and on other parts of the concession

Project remains open at depth

Gaumond exploration shaft completed

Production shaft at a depth of 900m

Exploration ramp 5,500m long (depth 800m)

Current development on seven levels

Currently 8 drills underground to achieve ~140,000m in

2014

Exploration activities during the third quarter of 2014

focused on exploration and in-fill drilling in the lower mine

area

Source: Goldcorp and Virginia Mines public disclosure.

La Grande Properties: A Mining Camp-size Belt

21

La Grande Belt

Kirkland Lake – Val-d’Or at the same scale

David Orfée

(100k oz)

Orfée Est

Contact

Edy

Marco

Zone 32

(350k oz)

Wedding Pari-30

FCI

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Probable 6.49 4.03 19.3

* Cut-off grade: 3.0g/t

Gold Price: $1,300/oz Au

C$/US$ exchange rate of 1.05

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Inferred 9.63 4.10 13.3


Category

Reserves*

Global Resources (Exclusive of Reserves)*

Category

Reserves & Resources

Canadian Malartic (1) Éléonore (2)

(1) See the “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR THE CANADIAN

MALARTIC PROPERTY” dated August 13th 2014 on Agnico Eagle’s profile at www.sedar.com.

(2) See the “TECHNICAL REPORT ON ÉLÉONORE – GOLD PROJECT, QUEBEC, CANADA” dated January 26th 2014 on Goldcorp’s

profile at www.sedar.com.

Reserves*

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Proven 0.91 1.69 57.6

Probable 1.10 7.26 205.6

Total Proven & Probable 1.06 8.94 263.2

* Cut-off grade: 0.28 - 0.35g/t



Global Resources (Including Reserves)*

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Measured 0.98 1.79 56.8

Indicated 1.09 8.97 254.9

Stockpiles (Measured) 0.51 0.04 2.5

Total Measured & Indicated

(Including Reserves)1.07 10.80 314.2

Inferred 0.77 1.14 46.5


Category

Category

22



Upper Beaver (1)

Global Gold Resources*

Au

Grade

Cu

GradeAu Cu Tonnes

(g/t) (%) (M oz) (M lb) (Mt)

Indicated 6.62 0.37 1.46 56.0 6.87

Inferred 4.85 0.32 0.71 32.2 4.57

Category

* Au Cut-off grade: 2.0g/t

Reserves & Resources

Hammond Reef (2)

(1) See the “TECHNICAL REPORT ON THE UPPER BEAVER GOLD – COPPER PROJECT, ONTARIO, CANADA” dated November 5th

2012 on Osisko Mining Corporation’s profile at www.sedar.com.

(2) See press release dated January 28th 2013 titled “Osisko Provides Resource Update for Hammond Reef Project” on Osisko Mining

Corporation’s profile on www.sedar.com.

Global Resources*

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Measured 0.90 3.59 123.5

Indicated 0.78 1.83 72.9

Total Measured & Indicated 0.86 5.43 196.4

Inferred 0.72 1.75 75.7


Category

23



Gold

Grade

Copper

Grade

Zinc

GradeGold Copper Zinc Tonnes

(g/t) (%) (%) (M oz) (M lbs) (M lbs) (Mt)

Inferred 2.64 0.23 0.70 2.2 131.1 393.1 25.3

* Cut-off grade: NSR C$80/t

Commodity Prices: $1,300/oz Au, $3.30/lb Cu; $0.95/lb Zn


Category

Global Gold Resources

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Measured 1.40 0.30 6.6

Indicated 1.50 1.24 25.6

Total Measured & Indicated 1.48 1.53 32.1

Inferred 1.13 0.60 16.5




Category

NioGold Mining – Marban Block Property (1)

Resources – Equity Positions

Nighthawk Gold – Colomac Property

(1) See the “Updated Mineral Resource Technical Report – Marban Block Property” dated August 15, 2013 on NioGold Mining Corporation’s

profile at www.sedar.com.

(2) See the “Technical Report and Mineral Resource Estimate for the Horne 5 Deposit” dated April 16, 2014 on Falco Resources Ltd’s profile

at www.sedar.com.

(3) See the “Technical Report and Mineral Resource Estimate Update on the Colomac Property of the indin Lake Project” dated June 17,

2013 on Nighthawk Gold Corp’s profile at www.sedar.com.

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Falco Resources – Horne 5 Deposit

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Inferred 1.64 2.10 39.8




Category




Osisko and Virginia - Business Combination

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