Osisko Gold RoyaltiesSeptember 2014

This presentation may include certain “forward-looking statements”. All statements other than statements of historical fact,

included herein, including, without limitation, statements regarding future plans and objectives of Osisko Gold Royalties Ltd.

(“the Company”) , are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. These

statements reflect the current internal projections, expectations or beliefs of the Company and are based on information

currently available to the Company. There can be no assurance that such statements will prove to be accurate, and actual

results and future events could differ materially from those anticipated in such statements. All of the forward looking

statements contained in this presentation are qualified by these cautionary statements and the risk factors described above.

Furthermore, all such statements are made of the date this presentation is given.

An investment in the Company is speculative due to the nature of the Company's business. The ability of the Company to

carry out its growth initiatives as described in this PowerPoint presentation is subject to risk factors which are described in

more detail in the Company’s Annual Information Form filed with the securities commissions or similar authorities in certain of

the provinces of Canada. Investors should not place undue reliance on forward-looking statements as the plans, intentions or

expectations upon which they are based might not occur. Investors and others who base themselves on the Company's

forward-looking statements should carefully consider such risk factors as well as the uncertainties they represent and the risk

they entail. The Company also cautions readers not to place undue reliance on these forward-looking statements. The

forward-looking statements contained in this report are expressly qualified by this cautionary statement.

2

Forward Looking Statements

A New North American Royalty Company

3

Guerrero (100% Osisko)

Guerrero, Mexico

Status: Exploration

Kirkland Lake Camp (2% NSR)

Ontario, Canada

Status: Exploration

Hammond Reef (2% NSR)

Ontario, Canada

Status: Permitting

Royalty – Producing

Royalty – Non-producing

Exploration Project

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

Odyssey (5% NSR)

Quebec, Canada

Status: Exploration,

Contiguous to CM mill

Management & Board

4

Management

Board of Directors

Sean Roosen – Chairman & CEO

Bryan Coates – President

Elif Levesque – CFO & VP Finance

Joseph de la Plante – VP Corporate Development

Vic Bradley

Joanne FerstmanSean Roosen

John Burzynski

Charles Page

John Burzynski – Senior VP New Business Development

5

Share Structure & Capitalization

June 30, 2014

Cash1 (C$ M) $156.7

Debt1 (C$ M) --

Shares Outstanding1 (M shares) 47.9M

Market Capitalization (C$ M) ~$725M

1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second

Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com

Portfolio of Producing and Potential Near-Term Royalties

61. See Appendix A for full disclosure on Reserves & Resources

2. See press release dated March 20th 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on

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

Canadian Malartic Royalty: 5% NSR

P&P Reserves1: 8.94 M oz Au

Estimated Mine Life2: 14.2 years

Upside for expansion of mine life / throughput

World-class ~600k ounces per year asset2

Kirkland Lake

Royalty: 2% NSR

Upper Beaver M&I&I Resources1: 2.1 M oz Au

New “Canadian Kirkland” discovery in Feb 2014

7

Portfolio of Producingand Potential Near-Term Royalties

Royalty: 2% NSR

M&I Resources1: 5.4 M oz Au

Inferred Resources1: 1.8 M oz Au

Permitting to be completed in 2014

Hammond Reef

Pandora

Royalty: 2% NSR

Potential to add mill feed for Agnico-Eagle Lapa

Mine (1,500 tpd / 100,000 opy operation adjacent to

Pandora)

1. See Appendix A for full disclosure on Reserves & Resources

Precious Metals Focused Royalty Company

8

Canadian Focused

Portfolio of Gold

Royalties

Strong Free Cash Flow

$156.7M in Cash1

No Debt1

Substantial Land

Position in Guerrero,

Mexico

Potential Upside at all Key Assets

Proven Management

& Board

1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second

Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com

9

Corporate Strategy

Strong balance sheet with significant free cash flow from Canadian Malartic

C$156.7 million in cash and no debt1

Significant access to capital for growth as needed

Opportunity to provide technical assistance to mining companies and to

structure royalties to unlock value for both sets of shareholders

Technical expertise to review opportunities

Proven management team with unparalleled track record of value creation

Grew Osisko from C$1M market cap to C$4B gold producer

Ability to institute a peer-leading dividend policy

Right time to be growing a royalty company: low point in commodity cycle

Accretive opportunities in the sector

Osisko Gold Royalties: mine finders and builders that understand the

business

1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second

Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com

Corporate Objectives

10

Become the Leading Precious

Metals Royalty

Company

Develop Peer Leading

Dividend Policy

Grow Portfolio of High-Quality Royalties &

Streams

Maximize Upside to Operations

and Gold Price While Minimizing Operational Risk

Canadian MalarticThe Premier Royalty in Canada

11

5% NSR Royalty

One of Canada’s largest gold mines

Premier mining jurisdiction

Reserves of 8.9 M oz Au1

Additional $0.40/tonne on milled ore from

outside the current property area for life of

mill starting June 2021

Canadian Malartic Mine Top Canadian Producing Royalties by NPV (C$M)2

1. See Appendix A for full disclosure on Reserves & Resources

2. Includes royalties on assets currently in production.

$76

$145

$154

$185

$193

$195

$317

$373

$548

$1,045

Musslewhite

Sudbury (FNV)

Detour Lake (FNV)

Minto (SLW)

Golden Highway (FNV)

Voisey's Bay (RGLD)

777 (SLW)

Canadian Malartic (OR)

Sudbury (SLW)

Mt. Milligan (RGLD)

5% CM NSR Cash Flow

12

Canadian Malartic 5% NSR After-Tax Cash Flow - $1,350/oz Au1

Source: See press release dated March 20th 2014 titled “Osisko Updates Canadian Malartic Mine

Plan” on Osisko Mining Corporation’s profile on www.sedar.com

1. Excludes corporate G&A expense

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

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13

Canadian Malartic Target Areas

1. See Appendix A for full disclosure on Reserves & Resources

8.94 million ounces P&P Reserves1

10.8 million ounces M&I Resources1

1.14 million ounces Inferred Resources1

Canadian Malartic Upside Potential

14

Exploration Upside on Canadian Malartic Ground

Exploration Upside on Canadian MalarticGround

CM & BarnatDeep

Gouldie

Jeffrey

Future Discoveries

Norrie

Odyssey

Operational/Future Upside

• Potential near term decisions by Yamanaand Agnico

• Addition of Odyssey

Canadian Malartic Mill Expansion

• $0.40/tonne on any custom milled ore from outside the CM property area (existing deposits or new discoveries) for life of mill

Future discoveries outside of

the CM area

Large Land Position in the Guerrero Gold Belt

15

16

Mexico Strategy

Strong Potential for Discoveries

Au – Cu, Porphyry – skarns and sediment hosted Au targets

Over 100 Au follow-up targets identified

Large Land Package

11,800 km2 area covered with dense stream sediment sampling,

reconnaissance field prospecting and partial airborne geophysics

9,600 km2 of tenements

Objective

Maximize value for shareholder through potential divestiture and

retained royalty interest

Two new gold trends identified (130 km and 30 km long)

3 targets are at drill stage - 1 target is being drilled

Share Positions in Junior Mining Companies

17

NioGold Mining Land Position

18Source: www.niogold.com

19

High Quality Portfolio of Assets

1. Source: Company filings

Royal GoldOsisko Gold Royalties Franco-NevadaSilver Wheaton

NP

V b

y G

eo

gra

ph

yN

PV

by S

tag

e

Mexico36%

South America

36%

Canada13%

Europe7% USA

8%

Production78%

Dev't22%

Canada37%

Africa15%

USA22%

South America

17%

Mexico6%

APAC3%

Production57%

Dev't43%

Production73%

Dev't27%

Canada51%

South America

29%

Mexico13%

USA4% Other

3%

Canada98%

Mexico2%

Production90%

Dev't10%

Equity Research Coverage

20

Institution Analyst RecommendationTarget Price

(C$/share)

CIBC World Markets Cosmos Chiu Sector Outperformer $20.00

TD Securities Carey MacRury Buy $20.00

Macquarie Capital Markets Michael Siperco Outperform $19.00

RBC Capital Markets Dan Rollins Outperform $18.00

Scotia Capital Trevor Turnbull Sector Perform $17.00

National Bank Financial Steve Parsons Sector Perform $16.25

Cormark Securities Richard Gray Market Perform $16.00

Dundee Capital Markets Joseph Fazzini Neutral $14.00

Appendix A: Reserves & Resources2

1

Appendix A: Reserves & Resources

Canadian Malartic1 Upper Beaver2

1. See Agnico Eagle’s “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

FOR THE CANADIAN MALARTIC PROPERTY” dated August 13th 2014 on www.sedar.com

2. 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

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

Gold Price: $1,300/oz Au

C$/US$ exchange rate of 1.10

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

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

Category

Category

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

Appendix A: Reserves & Resources

Hammond Reef1

1. See press release dated January 28th 2014 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

* Cut-off grade: 0.5g/t

Category