Osisko Gold Royalties : Management’s Discussion and Analysis – Q1 2024

Management's Discussion and Analysis

For the three months ended March 31, 2024

The following management discussion and analysis ("MD&A") of the consolidated operations and financial position of Osisko Gold Royalties Ltd and its subsidiaries (together, "Osisko" or the "Company") for the three months ended March 31, 2024 should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and related notes for the three months ended March 31, 2024. The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements. Management is responsible for the preparation of the consolidated financial statements and other financial information relating to the Company included in this report. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting. In furtherance of the foregoing, the Board of Directors has appointed an Audit and Risk Committee composed of independent directors. The Audit and Risk Committee meets with management and the auditors in order to discuss results of operations and the financial condition of the Company prior to making recommendations and submitting the consolidated financial statements to the Board of Directors for its consideration and approval for issuance to shareholders. The information included in this MD&A is as of May 8, 2024, the date when the Board of Directors has approved the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 following the recommendation of the Audit and Risk Committee. All monetary amounts included in this report are expressed in Canadian dollars, the Company's reporting and functional currency, unless otherwise noted. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Forward-Looking Statements" section.

Table of Contents
Description of the Business	2
Highlights	2
Corporate Update	2
Guidance for 2024	3
Portfolio of Royalty, Stream and Other Interests	3
Equity Investments	16
Sustainability Activities	17
Dividends and Normal Course Issuer Bid	18
Gold Market and Currency	18
Selected Financial Information	19
Overview of Financial Results	20
Liquidity and Capital Resources	23
Cash Flows	23
Quarterly Information	24
Segment Disclosure	25
Related Party Transactions	26
Contractual Obligations and Commitments	26
Off-Balance Sheet Items	27
Outstanding Share Data	27
Subsequent Events to March 31, 2024	27
Risks and Uncertainties	28
Disclosure Controls and Procedures and Internal Control over Financial Reporting	28
Basis of Presentation of Consolidated Financial Statements	29
Critical Accounting Estimates and Significant Judgements	30
Financial Instruments	30
Technical Information	30
Non-IFRS Financial Performance Measures	30
Forward-Looking Statements	32
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	33
Corporate Information	34

Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

Description of the Business

Osisko is engaged in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities that fit the Company's risk/reward objectives. The Company owns a portfolio of royalties, streams, offtakes, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects. The Company's cornerstone asset is a 3-5% net smelter return ("NSR") royalty on the Canadian Malartic Complex, located in Québec, Canada.

Osisko is a public company domiciled in the Province of Québec, Canada, whose shares trade on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") and is constituted under the Business Corporations Act (Québec). The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec.

Business Model and Strategy

Osisko is focused on acquiring high-quality,long-life precious metals royalty and stream assets located in favourable jurisdictions and operated by established mining companies. The Company has deployed capital to finance, through the acquisition of metal royalty and stream assets, exploration, development, new mine construction, expansions, counterparty debt reduction and acquisitions. Osisko endeavours to provide investors with lower-risk precious metals exposure via a geographically and operationally diversified asset base. The Company aims to maintain a strong balance sheet to allow it to readily deploy capital into new investment opportunities.

Highlights

First Quarter of 2024

• 22,259 gold equivalent ounces ("GEOs1") earned (23,111 GEOs in Q1 20232);
• Revenues from royalties and streams of $60.8 million ($59.6 million in Q1 2023);
• Cash flows generated by operating activities of $50.4 million ($45.5 million in Q1 2023);
• Net earnings of $15.1 million, $0.08 per basic share ($20.8 million, $0.11 per basic share in Q1 2023);
• Adjusted earnings3 of $29.7 million, $0.16 per basic share ($25.2 million, $0.14 per basic share in Q1 2023);
• Repayment of $43.6 million under the revolving credit facility;
• Cash balance of $70.6 million and debt position of $151.9 million as at March 31, 2024;
• Appointment of Mr. David Smith, former chief financial officer of Agnico Eagle Mines Limited, to the Board of Directors; and
• Declaration of a quarterly dividend of $0.06 per common share paid on April 14, 2024 to shareholders of record as of the close of business on March 28, 2024.

Subsequent to March 31, 2024

• Additional repayments of $18.6 million on the revolving credit facility and extension of the maturity date from September 29, 2026 to April 30, 2028;
• Publication of the fourth edition of the Company's sustainability report, Growing Responsibly and the 2024 Asset Handbook; and
• Declaration of a quarterly dividend of $0.065 per common share payable on July 15, 2024 to shareholders of record as of the close of business on June 28, 2024, an increase of 8%.

Corporate Update

On January 24, 2024, Mr. David Smith was appointed to the Board of Directors. On January 31, 2024, The Honourable Mr. John R. Baird resigned as a director of the Company. On April 1, 2024, Mr. Brendan Pidcock was appointed Vice President, Engineering.

The Company's 2024 Annual General Meeting of shareholders will be held on May 9, 2024 in Montréal, Québec.

1. GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of this MD&A.
2. Three months ended March 31, 2023 ("Q1 2023").
3. "Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards. Refer to the non-IFRS measures provided under the Non-IFRSFinancial Performance Measures section of this MD&A.

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

Guidance for 2024

Osisko expects GEOs earned to range between 82,000 to 92,000 in 2024 at an average cash margin of 97%. The reduction in guided GEOs for 2024 compared to the actual GEOs earned in 2023 is primarily a result of the stoppage of operations at the Renard diamond mine, from which Osisko earned 9,538 GEOs in 2023.

Osisko's 2024 guidance on royalty and stream interests is largely based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

For the 2024 guidance, deliveries of silver, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus price estimates and a gold/silver price ratio of 83:1. The 2024 guidance also assumes the commencement of GEOs earned under the CSA copper stream from June 15, 2024, as well as from G Mining Venture Corp.'s Tocantinzinho project and Shandong Gold Mining Co. Ltd.'s Namdini project later in the year.

Portfolio of Royalty, Stream and Other Interests

The following table details the GEOs earned by the Company's producing royalty, stream and other interests:

			Three months ended
			March 31,
		2024	2023
Gold
Canadian Malartic Complex royalty	9,176	7,602
Eagle Gold royalty	1,654	2,001
Éléonore royalty	1,261	1,568
Island Gold royalty	682	922
Seabee royalty	890	546
Lamaque royalty	530	474
Ermitaño royalty	520	471
Bald Mountain royalty	430	289
Pan royalty	395	420
Fruta del Norte royalty	88	91
San Antonio stream	-	370
Others	268	345
		15,894	15,099
Silver
Mantos Blancos stream	2,927	3,383
CSA stream (i)	1,143	-
Sasa stream	868	957
Gibraltar stream	627	620
Canadian Malartic Complex royalty	44	63
Others	41	40
		5,650	5,063
Diamonds
Renard stream (ii)	697	2,708
Others	1	41
		698	2,749
Other metals
Kwale royalty and others	17	200
Total GEOs		22,259	23,111

1. The CSA silver stream was acquired on June 15, 2023, with an effective date of February 1, 2023. Revenues related to the ounces earned between February 1, 2023 and June 15, 2023 were recognized in the third quarter of 2023 when the silver ounces were received and sold by Osisko Bermuda Limited ("Osisko Bermuda"), a wholly-owned subsidiary of the Company.
2. Until April 30, 2022, GEOs from the Renard diamond stream were excluded when presenting Osisko's total attributable GEOs because cash flows from the Renard diamond stream were reinvested through a bridge loan with the operator until that date. On October 27, 2023, Stornoway Diamonds (Canada) Inc. ("Stornoway"), the operator of the Renard diamond mine, announced it was temporarily suspending operations and placing itself under the protection of the Companies' Creditors Arrangement Act ("CCAA"). In January 2024, Osisko received a partial repayment of $1.9 million from the bridge loan and subsequently recognized the GEOs that were not recognized at the time the proceeds from the diamonds stream were reinvested.

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Osisko Gold Royalties Ltd						Management's Discussion and Analysis
2024 - First Quarter Report
GEOs by Product
		Q1 2024			Q1 2023
3%				12% 1%
25%
						22%
			72%	65%
		Gold			Silver			Gold		Silver
		Diamonds			Other			Diamonds		Other
Metal Prices and Exchange Rate
											Three months ended March 31,
										2024		2023
								Average		Realized	Average	Realized
Gold(i)					$2,070		$2,073	$1,890	$1,890
Silver(ii)					$23.34		$23.78	$22.55	$21.79
Exchange rate (US$/Can$)(iii)		1.3486		n/a	1.3525	n/a

1. The average price represents the London Bullion Market Association's PM price in U.S. dollars per ounce.
2. The average price represents the London Bullion Market Association's price in U.S. dollars per ounce.
3. Bank of Canada daily rate.

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

Royalty, Stream and Other Interests Portfolio Overview

As at May 8, 2024, Osisko owned a portfolio of 171 royalties, 14 streams and 4 offtakes, as well as 7 royalty options. Currently, the Company has 19 producing assets.

Portfolio by asset stage

Asset stage	Royalties	Streams	Offtakes	Total number
of assets

Producing	14
Development	15
Exploration and evaluation	142
	171

5	-	19
9	3	27
-	1	143
14	4	189

Producing assets

Asset	Operator	Interest (i)	Commodity	Jurisdiction
North America
Bald Mtn. Alligator Ridge /	Kinross Gold Corporation	1%	/ 4% GSR (ii) royalty	Au	USA
Duke & Trapper
Canadian Malartic Complex	Agnico Eagle Mines Limited	3 - 5% NSR royalty	Au, Ag	Canada
Eagle Gold	Victoria Gold Corp.	5%	NSR royalty	Au	Canada
Éléonore	Newmont Corporation	1.8 - 3.5% NSR royalty	Au	Canada
Ermitaño	First Majestic Silver Corp.	2%	NSR royalty	Au, Ag	Mexico
Gibraltar	Taseko Mines Limited	87.5% stream	Ag	Canada
Island Gold	Alamos Gold Inc.	1.38 - 3% NSR royalty	Au	Canada
Lamaque	Eldorado Gold Corporation	1%	NSR royalty	Au	Canada
Macassa TH	Agnico Eagle Mines Limited	1%	NSR royalty	Au	Canada
Pan	Calibre Mining Corp.	4%	NSR royalty	Au	USA
Parral	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Santana	Minera Alamos Inc.	3%	NSR royalty	Au	Mexico
Seabee	SSR Mining Inc.	3%	NSR royalty	Au	Canada
Outside of North America
Brauna	Lipari Mineração Ltda	1%	GRR (iii)	Diamonds	Brazil
CSA	Metals Acquisition Limited	100% stream	Ag	Australia
3.0 - 4.875% stream (iv)	Cu
Dolphin Tungsten (v)	Group 6 Metals Limited	1.5% GRR	Tungsten (W)	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador
Mantos Blancos	Capstone Copper Corp.	100% stream	Ag	Chile
Sasa	Central Asia Metals plc	100% stream	Ag	North Macedonia

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Osisko Gold Royalties Ltd		Management's Discussion and Analysis
2024 - First Quarter Report
Key exploration/evaluation and development assets
Asset	Operator	Interest	Commodities	Jurisdiction

Akasaba West	Agnico Eagle Mines Limited
Altar	Aldebaran and Sibanye-
Stillwater
Arctic	South32 / Trilogy Metals Inc.
Antakori	Regulus Resources Inc.
Back Forty	Gold Resource Corporation
Bralorne	Talisker Resources Ltd.
Cariboo	Osisko Development Corp.
Cascabel	SolGold plc
Casino	Western Copper & Gold
Corporation
Cerro del Gallo	Argonaut Gold Inc.
Copperwood	Highland Copper Company
Inc.
Corvette	Patriot Battery Metals Inc.
Hammond Reef	Agnico Eagle Mines Limited
Hermosa	South32 Limited
Horne 5	Falco Resources Ltd.
Kandiolé	Roscan Gold Corp.
Magino(vi)	Argonaut Gold Inc.
Marban	O3 Mining Inc.
Marimaca	Marimaca Copper Corp.
Namdini	Shandong Gold Co Ltd.
	JV between Osisko Metals
Pine Point	Inc. and Appian Natural
	Resources Fund III
San Antonio	Osisko Development Corp.
Spring Valley (vii)	Waterton Global Resource
	Management
Tocantinzinho	G Mining Ventures Corp.
Upper Beaver	Agnico Eagle Mines Limited
West Kenya	Shanta Gold Limited
Wharekirauponga (WKP)	OceanaGold Corporation
White Pine	White Pine Copper LLC
Windfall	Osisko Mining Inc. (50%)
Gold Fields Limited (50%)

2.5% NSR royalty	Au	Canada
1%	NSR royalty	Cu, Au	Argentina
1% NSR royalty	Cu	USA
0.75% - 1.5% NSR royalty	Cu, Au	Peru
18.5% Au / 85% Ag	Au, Ag	USA
streams
1.7% NSR royalty	Au	Canada
5%	NSR royalty	Au	Canada
0.6% NSR royalty	Cu, Au	Ecuador
2.75% NSR royalty	Au, Ag, Cu	Canada
3%	NSR royalty	Au, Ag, Cu	Mexico
1.5% NSR royalty	Cu	USA
3/26th NSR royalty	Ag
2%	NSR royalty	Lithium (Li)	Canada
2%	NSR royalty	Au	Canada
1%	NSR royalty on	Zn, Pb, Ag	USA
sulphide ores
90% - 100% stream	Ag	Canada
1%	NSR royalty	Au	Mali
3%	NSR royalty	Au	Canada
0.435-2% NSR royalty	Au	Canada
1%	NSR royalty	Cu	Chile
1%	NSR royalty	Au	Ghana
3%	NSR royalty	Zn	Canada
15% stream	Au, Ag	Mexico
0.5 - 3.5% NSR royalty	Au	USA
0.75% NSR royalty	Au	Brazil
2%	NSR royalty	Au, Cu	Canada
2%	NSR royalty	Au	Kenya
2%	NSR royalty	Au	New Zealand
1.5% NSR royalty	Cu	USA
3/26th NSR royalty	Ag
2.0 - 3.0% NSR royalty	Au	Canada

1. Excluding tail royalties and streams reduction, when applicable.
2. Gross smelter return ("GSR").
3. Gross revenue royalty ("GRR").
4. Deliveries under the CSA copper stream are expected to commence after June 15, 2024.
5. In July 2023, Group 6 Metals Limited announced that commercial production of tungsten was achieved at the Dolphin Tungsten mine and the first concentrate was produced and exported.
6. The 3% NSR royalty covers a small portion of the currently proposed mine plan. Commercial production was declared at Magino in November 2023, but Osisko does not expect to receive royalty payments in the short term.
7. A 3-3.5% NSR royalty is applicable to the core resource area; a separate 0.5-2% NSR royalty is applicable on the periphery of the property.

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report
Main Producing Assets

Geographical Distribution of Assets

5

139

3

7

19

16

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

Main Producing Assets - Updates

Canadian Malartic Royalty (Agnico Eagle Mines Limited)

The Company holds a 3-5% NSR royalty on the Canadian Malartic mine, which is located in Malartic, Québec. Osisko also holds a 5.0% NSR royalty on the East Gouldie and Odyssey South underground deposits, a 3.0% NSR royalty on the Odyssey North underground deposit and a 3.0-5.0% NSR royalty on the East Malartic underground deposit, which are located adjacent to the Canadian Malartic mine. The Canadian Malartic mine and the Odyssey mine now form the Canadian Malartic Complex. In addition, a $0.40 per tonne milling fee is payable to Osisko on ore processed from any property that was not part of the Canadian Malartic property at the time of the sale of the mine in 2014.

Guidance - 2024

On February 15, 2024, Agnico Eagle Mines Limited ("Agnico Eagle") reported production guidance of 615,000 to 645,000 ounces of gold at Canadian Malartic for the year 2024.

Update on operations

On April 25, 2024, Agnico Eagle reported gold production at the Canadian Malartic Complex of 186,906 ounces in the first quarter of 2024 compared to 161,370 ounces in the first quarter of 2023, as a result of higher mill throughput, higher gold grades resulting from the contribution from Odyssey and higher mill recoveries than planned.

At the Barnat pit, good equipment availability and productivity, together with mining areas with softer ultramafic ore, drove solid operational performance despite challenging weather conditions. At Odyssey South, the mining rate and production were slightly below plan. The underground operations are expected to gain additional flexibility in the second quarter of 2024, with the start of a second mining front and the addition of four 65 tonnes haulage trucks. Stope reconciliation at Odyssey South remains positive, primarily from the contribution of the internal zones, which resulted in approximately 16% more gold ounces produced than anticipated. Mill throughput continued to be above plan due to softer rock conditions.

At the Canadian Malartic pit, Agnico Eagle continued the construction of the central berm (approximately 74% complete) in preparation for in-pit tailings disposal, which is scheduled to start in mid-2024. In the first quarter of 2024 at the Odyssey mine, ramp development continued to exceed targets, with the ramp reaching the first production level of East Gouldie (level 75) in February 2024 and a depth of 765 metres as at March 31, 2024.

Update on reserve and resource estimates

On February 15, 2024, Agnico Eagle reported an initial Probable mineral reserve of 5.2 million ounces of gold at the East Gouldie deposit (47 million tonnes grading 3.42 grams per tonne ("g/t") Au). This resulted in an increase of reported Proven and Probable mineral reserves to 7.9 million ounces of gold at the Canadian Malartic Complex (142.3 million tonnes grading 1.73 g/t Au). Updated Measured and Indicated resources include 1.1 million ounces of gold (17.4 million tonnes grading 1.88 g/t Au) and Inferred resources include 9.5 million ounces of gold (138.9 million tonnes grading 2.12 g/t Au) as at December 31, 2023.

On June 20, 2023, Agnico Eagle provided results from an internal study on the Odyssey underground mine (the "2023 Odyssey Study") and exploration results from the Canadian Malartic Complex. The 2023 Odyssey Study highlighted a 23% increase in life-of-mine payable gold production from the Odyssey mine compared to the internal study from 2020. The 2023 Odyssey Study also outlined an extension of the mine life to 2042 with a mine plan that includes approximately

1. million ounces of gold, including 0.2 million ounces of gold in Probable Mineral Reserves (2.8 million tonnes grading

1. g/t Au), 4.8 million ounces of gold in Indicated Resources (45.5 million tonnes grading 3.31 g/t Au) and 4.0 million ounces of gold in Inferred Resources (53.5 million tonnes grading 2.32 g/t Au). The resource and reserve estimates in the 2023 Odyssey Study are no longer current, however, the provided mine plan is the most recently published by Agnico Eagle and the global mineral inventory is generally consistent with the resource and reserve updated as at December 31, 2023.

Update on Canadian Malartic exploration

On February 15, 2024, Agnico Eagle reported that expansion drilling resulted in the extension of the East Gouldie Inferred mineral resource laterally to the west by approximately 870 metres. On April 25, 2024, Agnico Eagle reported positive results to the east of the East Gouldie mineral resources, including 4.5 g/t Au over 30.0 metres at 1,162 metres depth and 1,060 metres east of the current mineral reserves, and 3.1 g/t Au over 32.8 metres at 1,556 metres depth and 420 metres east of the lower portion of the East Gouldie mineral reserves. Drilling results demonstrate that the corridor remains open to the east with high potential to categorize a large area as Inferred mineral resources by year-end 2024. Highlight intercepts include 6.2 g/t Au over 6.7 metres at 1,300 metres depth to the west and 6.7 g/t Au over 13.5 metres at 1,470 metres depth to the east of the deposit. Agnico Eagle will continue to test the east and west extensions of the East Gouldie deposit in 2024, with the objective of potentially adding a new mining front. Agnico Eagle expects to spend

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

approximately US$20.4 million for 137,000 metres of drilling at the Canadian Malartic Complex in 2024. Exploration plans at the Odyssey mine includes 102,500 metres of drilling with five objectives: continued conversion drilling of East Gouldie Inferred mineral resources to Indicated mineral resources, testing the immediate extensions of East Gouldie, continued conversion drilling of the Odyssey South deposit of Inferred mineral resources to Indicated mineral resources, further investigating the Odyssey internal zones, and converting Inferred mineral resources to Indicated mineral resources in the Odyssey North deposit.

For additional information, please refer to Agnico Eagle's press release dated April 25, 2024 entitled "Agnico Eagle Reports First Quarter 2024 Results - Strong Quarterly Gold Production and Cost Performance Drive Record Quarterly Free Cash Flow; 2023 Sustainability Report released", Agnico Eagle's press releases dated February 15, 2024, entitled "Agnico Eagle Reports Fourth Quarter and Full Year 2023 Results - Record Quarterly and Annual Gold Production and Free Cash Flow; Record Mineral Reserves Increased 10.5%; Updated Three-YearGuidance" and "Agnico Eagle Provides an Update on 2023 Exploration Results and 2024 Exploration Plans - Mineral Reserves Up 10.5% Year-Over-Yearto 54 Moz; Initial Mineral Reserve of 5.2 Moz Declared at East Gouldie; Initial Underground Mineral Resources Declared at Detour Lake of

1.6 Moz" and Agnico Eagle's press release dated June 20, 2023 entitled "Agnico Eagle Provides Update on Canadian

Malartic Complex -Internal Study Demonstrates Improved Value, Extends Mine Life and Supports Potential Future Production Growth in the Abitibi Greenstone Belt; Positive Exploration Results Expected to Result in Increased Mineral

Reserves and Mineral Resources; Additional Property Scale Targets Being Evaluated", all filed onwww.sedarplus.ca.

Mantos Blancos Stream (Capstone Copper Corp.)

Osisko, through Osisko Bermuda, owns a 100% silver stream on the Mantos Blancos mine, an open-pit mine located in the Antofagasta region of Chile. The Mantos Blancos mine is owned and operated by Capstone Copper Corp. ("Capstone").

Under the stream, Osisko Bermuda will receive refined silver equal to 100% of the payable silver from the Mantos Blancos mine until 19.3 million ounces have been delivered (5.8 million ounces have been delivered as at March 31, 2024), after which the stream percentage will be 40%. The purchase price for the silver under the Mantos Blancos stream is 8% of the monthly average silver market price for each ounce of refined silver sold and delivered and/or credited by Capstone to Osisko Bermuda.

Guidance - 2024

On January 24, 2024, Capstone reported that production volumes at Mantos Blancos are forecasted to increase in 2024 due to higher mill throughput. Mantos Blancos is currently focused on reliably achieving the installed capacity of 20,000 tonnes per day ("tpd"). The company is executing on a plan to address plant stability that includes improved maintenance and optimization of the concentrator and tailings system. During the first half of 2024, the focus will be on receiving and installing the engineering and infrastructure upgrades in the tailings dewatering area of the plant. Capstone expects Mantos Blancos to achieve its nameplate operating throughput rates late in the second quarter.

Update on operations

On May 2, 2024, Capstone reported that first quarter production was lower than expected primarily due to a planned mill shutdown in February in order to prepare for installation of new equipment needed to achieve 20,000 tpd capacity and lower feed grades as a result of mine sequence. To a lesser extent, the results were also impacted by unplanned maintenance.

For additional information, please refer to Capstone's press release dated January 24, 2024, entitled "Capstone Copper Provides 2024 Guidance and Announces 2023 Production Results" and Capstone's press release dated May 2, 2024, entitled "Capstone Copper Reports First Quarter 2024 Results", both filed on www.sedarplus.ca.

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Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2024 - First Quarter Report

Eagle Gold Royalty (Victoria Gold Corp.)

Osisko owns a 5% NSR royalty on the Dublin Gulch property, situated in central Yukon Territory, Canada, which hosts the Eagle Gold mine, owned and operated by Victoria Gold Corp. ("Victoria"), on all metals until 97,500 ounces of gold have been delivered to Osisko and a 3% NSR royalty thereafter. As of March 31, 2024, a total of 31,305 ounces of gold have been delivered under the royalty agreement.

Guidance - 2024

On February 20, 2024, Victoria reported production guidance of 165,000 to 185,000 ounces of gold at the Eagle Gold mine for the year 2024.

Update on operations

On April 10, 2024, Victoria reported production of 29,580 ounces of gold in the first quarter of 2024 compared to 37,619 ounces in the first quarter of 2023. Tonnes of ore mined and stacked on the heap leach pad in the first quarter of 2024 was in line with ore mined and stacked in the first quarter of 2023, but gold production was lower year-over-year due to lower grades related to mine sequencing of the Eagle orebody, the timing of placing stacked tonnes under leach, and lower than planned stacking rates in the fourth quarter of 2023. Both gold grade and metallurgical recovery continue to reconcile well against the Eagle Gold reserve model.

Update on exploration

On February 24, 2023, Victoria released an updated technical report on Eagle Gold, including an updated life of mine plan. The updated life of mine plan highlights average gold production of 202,000 ounces per year over the first 8 years, with peak production of 219,000 in 2025 and a throughput increase to steady-state level of 11.5 million tonnes per year during 2025. Ultimate life of mine recovery is projected to be 76.2% and over 2.0 million ounces of gold are forecast to be produced over the remaining mine life.

For additional information, please refer to Victoria's press release dated January 15, 2024, entitled "Victoria Gold: Eagle Gold Mine Annual and Fourth Quarter 2023 Production Results" and Victoria's press release dated February 24, 2023 entitled "Victoria Gold: Eagle Gold Mine Updated Technical Report", both filed on www.sedarplus.ca.

Éléonore Royalty (Newmont Corporation)

Osisko owns a sliding scale 1.8% to 3.5% NSR royalty on the Éléonore gold mine located in the Province of Québec and operated by Newmont Corporation ("Newmont"). Osisko currently receives a NSR royalty of 2.2% on production at the Éléonore mine.

Guidance - 2024

On February 22, 2024, Newmont reported production guidance of 270,000 ounces of gold at the Éléonore mine for the year 2024. Newmont also announced that the company is seeking to divest six non-core assets, including the Éléonore mine.

Update on operations

On April 24, 2024, Newmont announced production at Éléonore of 56,000 ounces of gold compared to 66,000 ounces of gold in the first quarter of 2023. The decrease was mostly the results of lower grades milled in the first quarter of 2024.

Update on reserve and resource estimates

On February 22, 2024, Newmont reported Proven and Probable mineral reserves at Éléonore comprising 8.9 million tonnes grading 5.38 g/t Au for 1.5 million ounces of gold as at December 31, 2023. This result is relatively stable compared to December 31, 2022 despite the 2023 production.

For additional information, please refer to Newmont's press release dated April 25, 2024, entitled "Newmont Reports First Quarter 2024 Results" and Newmont's press release dated February 22, 2024, entitled "Newmont Announces 2023 Mineral Reserves for Integrated Company of 136 Million Gold Ounces with Robust Copper Optionality of 30 Billion Pounds", both filed on www.sedarplus.ca.

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