Osisko Gold Royalties - Q1 2016 Results Conference Call

2016 Q1 Results

MAY 5, 2016

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, thataddress future events, developments or performance that Osisko (the “Corporation”) expects to occur including managements’ expectations regarding the Corporation’s growth,results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities areforward 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 orconditions "will", "would", "may", "could" or "should" occur including, without limitation, the performance of the assets of the Corporation, the realization of the anticipatedbenefits deriving from the Virginia acquisition and its portfolio of investments, production forecasts for properties in which the Corporation holds a royalty. Although theCorporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknownrisks, 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 commoditiesthat drive royalties held by the Corporation; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which theCorporation holds a royalty; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation holds a royalty or otherinterest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which the Corporation holds a royalty or otherinterest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which the Corporation holds 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 economicdevelopments in any of the countries where properties in which the Corporation holds a royalty or other interest are located or through which they are held); continuedavailability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation;the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based uponassumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or otherinterest 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 oroperators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respectof any significant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlyingproperties 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 the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com.The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statementscontained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectationsreflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-lookingstatements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporation undertakes noobligation 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 applicablelaw.

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 RoyaltiesLtd. By accepting delivery of this confidential information or any other material in connection with an investment in the Corporation, the investor agrees: (1) to keep strictlyconfidential 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 contentsfor 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, otherconfidential information or any such other material.Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of the Corporation.

Forward Looking Statements

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Accomplishments in 22 Months

RAISED TOTAL OF ~ $500M IN CAPITAL SECURED $200M IN AVAILABLE CREDIT DEPLOYED ~$235M OF CAPITAL INTO INVESTMENTS AND

OVER $775M IN TRANSACTIONS ADDED 49 ROYALTIES TO PORTFOLIO + 3 ROYALTY OPTIONS TOTAL OF $18M IN DIVIDENDS DECLARED CREATED NEW ROYALTY BUSINESS MODEL

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First 22 Months Key Accomplishments - Positioned for Future Growth

POSITIONED FOR GROWTH WITH ONE OF THE BEST BALANCE SHEETS IN THE SECTOR

DIVERSIFIED REVENUES

ADDITION OF ÉLÉONORE ROYALTY ADDITION OF ISLAND GOLD ROYALTY LIF ROYALTY – RECEIVED $5.8M IN DIVIDENDS IN 2015

EQUIVALENT TO ~5,000 oz Au*

INCREASED ROYALTY PORTFOLIO FROM5 TO 54 ROYALTIES

POSITIONED BALANCE SHEET TO COMPETE

RAISED TOTAL OF $500M IN CAPITAL INCREASED AVAILABLE CREDIT TO $150M-$200M

*Estimate using US$1,200/oz Au and an exchange rate of CAN$1.35 = US$1.00 4

6,985 oz

9,404 oz

Q1 2015 Q1 2016

Q1 2016 Performance

GOLD OUNCES EARNED (oz Au)

ZERO-COST GOLD IN CANADA WITH ADDITIONALGROWTH FROM MAJOR CANADIAN ROYALTIES IN 2016

GUIDANCE (oz Au)

34,500 - 37,200 oz Au

2016E

9,404 oz

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Q1 2016 Performance

NET CASH FLOW FROM OPERATING ACTIVITIES (C$ M)

$5.6

$13.5

Q1 2015 Q1 2016

$10.6

$15.6

Q1 2015 Q1 2016

REVENUES (C$ M)

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2016 Q1 Results

3 MONTHS ENDED

(C$ 000) Mar. 31, 2016 Mar. 31, 2015

GOLD PRODUCTION (oz) 9,404 6,985

CANADIAN MALARTIC 7,122 6,985

ÉLÉONORE 2,070 --

ISLAND GOLD 212 --

SILVER PRODUCTION (oz) 8,092 7,825

REALIZED GOLD PRICE (US$) 1,203 1,200

REVENUES $15,606 $10,632

DIVIDEND INCOME 1,572 1,166

NET EARNINGS (LOSS) (127) 10,243

NET EARNINGS (LOSS) PER SHARE - BASIC 0.00 0.15

ADJUSTED NET EARNINGS1 8,656 6,461

ADJUSTED NET EARNINGS PER SHARE - BASIC1 0.09 0.14

1. “Adjusted earnings” “Adjusted earnings per share” and “value of working capital and marketable securities” are non-IFRS financial performance measures which have no standard definition under IFRS. The fair value of working capital and marketable securities corresponds to the accounting value of the working capital as presented on the consolidated balance sheet and the fair value of the investments in marketable securities using the quoted market price on a recognized stock exchange as at March 31, 2016. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measuressection of this Management and Discussion Analysis.

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(C$ millions) MAR. 31, 2016

CASH & CASH EQUIVALENTS $439.0

WORKING CAPITAL & MARKETABLE SECURITIES1 $607.6

CONVERTIBLE DEBT $45.1

TOTAL ASSETS $1,312.9

EQUITY2 $1,127.5

Financial Position

OSISKO IS WELL POSITIONED TO GROW ITS ROYALTY PORTFOLIO THROUGH THE ADDITION OF A LARGE, HIGH-QUALITY,

PRODUCING, PRECIOUS METALS ROYALTY OR STREAM.

~$640MIN CASH & AVAILABLE

CREDIT

STRONG CASH

POSITION

1. At fair value2. Attributable to Osisko sharehoders

$157

$439

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Inception Current

CASH & CASH EQUIVALENTS ($M)

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$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Returning Capital to Shareholders

SEVENTH CONSECUTIVE QUATERLY DIVIDEND DECLARED

DIVIDEND YIELD ~1.1%

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KEY PRODUCING ASSETS

LABRADOR IRON ORE ROYALTY CORPORATION

9.8% EQUITY POSITION

ÉLÉONORE2.0-3.5% NSR

ISLAND GOLD1.7%-2.55% NSR

VEZZA5% NSR – 40% NPI

CANADIAN MALARTIC5% NSR

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OPERATORS: Agnico Eagle / Yamana Gold

LOCATION: Malartic, Québec

RESERVES: Current reserves of 7.72 M oz Au1

ROYALTY:

5% NSR royalty $0.40/tonne on milled ore from

outside the current property area for life of mill starting in June 2021

2015 PRODUCTION: 572.0 k oz

Q1 2016 PRODUCTION2: 147.2 K OZ

GUIDANCE3: 2016: 560 to 580 k oz 2017: 590 to 600 k oz 2018: 610 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES3:

2016: 28.0 to 29.0 k oz 2017: 29.5 to 30.0 k oz 2018: 30.5 k oz

1. See Appendix A for full disclosure on Reserves & Resources.2. Based on Agnico Eagle’s press release dated April 28th, 2016, titled: “Agnico Eagle Reports First Quarter 2016 Operating and Financial Results - Continued Strong Operational Performance - Amaruq, El

Barqueno and Barsele Drill Programs Yield Positive Results”3. Based on Agnico Eagle’s press release dated February 10th, 2016, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2015 Results” and Yamana Gold’s press release dated February 18, 2016,

and titled “Yamana Gold Announces Fourth Quarter and Full Year 2015 Results”

Canadian MalarticProduction Outlook

(k oz Au)2

560-580 k oz

2016E

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

28.0-29.0 k oz

2016E

Key Producing Assets | CANADIAN MALARTIC – 5% NSR

THE LARGEST GOLD MINE IN

CANADA

YTD: 147.2 K OZ YTD: 7.1 K OZ

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1. See Appendix A for full disclosure on Reserves & Resources.2. See Goldcorp press release date April 27, 2016, titled “Goldcorp Reports First Quarter 2016 Results”3. See Goldcorp press release dated February 25, 2016, titled “Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance”

ÉléonoreProduction Outlook

(k oz Au)2

250-280

2016E

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

5.5-6.2

2016E

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: Current reserves of 5.35 M oz Au1

ROYALTY:

2.0% NSR royalty on the first 3 M ozof Au production

0.25% increase for every additional 1M oz of production thereafter, to a maximum of 3.50%

Adjustment of +10% if Au is higher than US$500/oz

2015 PRODUCTION: 268.1 k oz

Q1 2016 PRODUCTION2: 66.7 k oz

2016 GUIDANCE3: 250-280 k oz

2016 OSISKO ATTRIBUTABLE GOLD OUNCES3:

5.5 to 6.2 k oz

Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR

FIRST OUNCES RECEIVED IN

DECEMBER 2015

YTD: 66.7 K OZ YTD: 2.1 K OZ

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Operating since 2007 Recently announced an updated

PEA1 on Deep resources at the Island Gold Mine

2015 production: 55,040 oz Au 206% increase in reserves:

– 561,700 OZ @ 8.26 g/t2

$7.3M exploration budget in 2016 Osisko received 212 oz Au in royalties

in Q1 2016

1. See Richmont Mines press release dated October 28, 2015 titled: “Richmont Announces Results of a Preliminary Economic Assessment for a Portion of the Deeper Resources of the Island Gold Mine”.2. See Appendix A for full disclosure on Reserves & Resources3. See LIF’s press release dated March 3, 2016 titled: “Labrador Iron Ore Royalty Corporation – 2015 Results of Operations”

Investment in LIF provides exposure to Iron Ore Canada (“IOC”)

– 7.0% top-line royalty

– 15% equity interest in IOC

– $0.10/t commission on all iron ore sales by IOC

Operating since 1954

Reserves to continue operations for 28 years at current production rate3

Osisko received dividends from LIF of $1.6M in Q1 2016

LABRADOR IRON OREROYALTY CORPORATION (LIF)9.8% EQUITY POSITION

ISLAND GOLD 1.7%-2.55%

NSR

Producing Royalties

Operated by Ressources Nottaway inc. (private company)

The property is located 25km from Matagami, Québec

Commercial production forecasted for the first half of 2016.

VEZZA5% NSR40% NPI

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Royalty Incubation Process – Barkerville Gold Mines & Arizona Mining

*As at April 13, 2016 14

Summary

54ROYALTIES &NO STREAMS

~$640MIN CASH & AVAILABLE

CREDIT

DIVIDEND YIELD

~1.1%

TWO OF THE PREMIER

ROYALTY ASSETS IN THE GOLD

SECTOR

GOLD FOCUSED

THE LEADING INTERMEDIATEGOLD ROYALTY COMPANY

TRACK RECORD OF SUCCESS

9,404ZERO-COST ozIN CANADA IN

Q1 2016

34,500 to 37,200 oz

ATTRIBUTABLE GOLD OUNCES FOR

2016

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APPENDIX

Appendix A – Q1 2016 Statement of IncomeAppendix B – Reserves & Resources

3 MONTHS ENDED

(C$ 000) Mar. 31, 2016 Mar. 31, 2015

REVENUES $15,606 $10,632

EXPENSES- DEPLETION OF ROYALTY INTERESTS- GENERAL AND ADMINISTRATIVE- BUSINESS DEVELOPMENT- EXPLORATION AND EVALUATION- COST RECOVERIES FROM ASSOCIATES

(3,022)(3,890)(2,195)

(164)740

--(3,905)(3,685)

(507)111

OPERATING INCOME 7,075 2,646

OTHER INCOME (EXPENSES) - NET (7,966) 9,049

EARNINGS (LOSS) BEFORE INCOME TAXES (891) 11,695

INCOME TAX RECOVERY (EXPENSE) 764 (1,452)

NET EARNINGS (LOSS) (127) 10,243

NET EARNINGS (LOSS) ATRIBUTABLE TO SHAREHOLDERS OF OSISKO (60) 10,273

NET EARNINGS (LOSS) ATRIBUTABLE TO NON-CONTROLLING INTERESTS (67) (30)

NET EARNINGS (LOSS) PER SHARE - BASIC -- 0.15

Appendix A – 2015 Statement of Income

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Appendix B – Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at December 31, 20152. See Goldcorp press release dated February 25, 2016, titled Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance3. See Richmont press release dated February 9, 2016, titled Richmont Increases Mineral Reserves by 187% and Island Gold Mine Increases Mineral Reserves by 206%, With a 29% Increase in Reserve Grade

CANADIAN MALARTIC1

RESERVES*

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Proven 0.97 1.72 54.9

Probable 1.12 6.00 166.6

Total Proven & Probable 1.08 7.72 221.5

*Cut-off grade: 0.345-0.351 g/t | Gold Price: $1,150/oz Au

GLOBAL RESOURCES (EXCLUDING RESERVES)*


Measured 1.32 0.15 3.5

Indicated 1.55 1.10 22.2

Total Meas. & Ind. 1.51 1.25 25.7

Inferred 1.47 0.43 9.0*Cut-off grade: 0.34-0.40 g/t and 1.0 g/t below open pit | Gold Price: $1,150/oz Au | exchange rate of CAN$1.24 = US$1.00

ÉLÉONORE2

RESERVES*



GLOBAL RESOURCES (EXCLUDING RESERVES)


Total Meas. & Ind. 5.49 0.81 4.58

Inferred 7.11 2.28 9.97

ISLAND GOLD3

RESERVES - ABOVE 400M*

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Proven 7,00 21,80 97.0

Probable 6.88 54.90 248.0


GLOBAL RESOURCES (EXCLUDING RESERVES) – ABOVE 400M*


Measured 5.80 1.35 7.5

Indicated 6.96 52.7 235.5

Total Meas. & Ind. 6.92 54.1 243.0

Inferred 7.44 98.7 412.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.

RESERVES – BELOW 400M*


Proven 7.72 66.1 266.5

Probable 8.66 418.9 1,504.0

Total Proven & Probable 8.52 485.0 1,770,5

GLOBAL RESOURCES (EXCLUDING RESERVES) – BELOW 400M*


Indicated 5.20 17.65 105.5

Inferred 8.67 669.35 2,402.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.

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Osisko Gold Royalties - Q1 2016 Results Conference Call

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