Osisko Gold Royalties : Présentation

THE LEADING GROWTH-ORIENTED ROYALTY COMPANY

JANUARY 2021

FORWARD LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

This 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 Private Securities 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 including management'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 on certain 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 by the words "expects", "is expected" "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations of such words and phrases), 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 of Osisko, that sufficient funding will be available to fund work on the Cariboo Project, that significant value will be created within the accelerator group of companies and Osisko's ability to seize future opportunities. Although Osisko believes 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 deriving from Osisko's royalties, streams and other interests to differ materially from those in forward-looking statements include, without limitation: The impact of the Covid-19 pandemic on Osisko's business, the influence of political or economic factors including fluctuations in the prices of the commodities and in value of the Canadian 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 States Internal 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 business of 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 resource estimates 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. The forward-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 Osisko holds 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 of such 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, no material 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 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. 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 that forward-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 undue reliance 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 Annual Information 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 Exchange Commission 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 any intention 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 STATEMENT

This 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 ESTIMATES

Osisko 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 requirements for 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 resources reported 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 and definitions. 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 at the 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 the SEC. 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 the SEC. 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 similar information 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 or Indicated 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 a reader 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 feasibility or other economic studies.

Mr. Guy Desharnais, PhD., P.Geo., 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 contained herein. Mr. Guy Desharnais is an
employee of Osisko Gold Royalties and is non-independent.	2

OSISKO BUSINESS MODEL

ROYALTY MODEL	BENEFITS

High leverage to gold

Highly efficient business model (+90% cash margin, sustainable dividend, small team with low G&A, scaleable business)

No capital cost requirements

Predictable operating costs

Free upside to additional ounces found

Significantly higher asset and cash flow diversification versus comparable intermediate mining companies

Accelerator model provides higher returns through small, early-stage investments

3

A QUALITY ROYALTY PORTFOLIO

Over 140 royalties, streams and precious metals offtakes

Diversified cash flow from 17 producing assets (primarily on gold mines)

Lowest geopolitical risk profile

Highest gold weighting

Record 96.4% gross margins1 for Q3 2020

NAV BY COUNTRY RISK

5%			Lower		Medium		High
						29%
	48%					55%
				72%
95%
	50%			70%	34%
	26%
						11%
OSISKO	FNV	WPM	RGLD	SSL

Q3 2020 GROSS MARGINS

NAV BY COMMODITY

Gold Silver PGM Other

18%	15%	5%	12%	18%
7%		16%	6%
	40%
	13%
78%	65%	53%	72%	76%
OSISKO	FNV	WPM	RGLD	SSL

NAV BY CASH COST QUARTILE

Partnered with high quality operators (Agnico, Yamana, Newmont, Victoria Gold, Alamos, SSR, Eldorado, etc)

Highest development weighting in peer	96%	87%	86%	85%	77%
group maturing at the right time
	OSISKOSSL	FNV	RGLD	WPM

		< 50th Percentile		> 50th Percentile
12%	31%	7%			35%
			50%
88%	69%	93%		65%
			50%
OSISKO		FNV	WPM	RGLD	SSL

Source: Broker research and company disclosure

4

A QUALITY INVESTMENT TSX | NYSE: OR

Highest dividend in royalty peer group

High trading liquidity (on average $19.3M per day over the last three months)

DIVIDEND YIELD

Strong balance sheet and significant financial capacity

Diversified, supportive shareholder base

Significantly undervalued with opportunity for re-rate

1.2%

1.1% 1.1%

0.8%

0.0%

P/2021E CF

25.6x

19.7x

15.5x 15.4x 15.2x

FNV

WPM

OSISKO

SSL

RGLD

OSISKO

WPM

RGLD

FNV

SSL

P/NAV TRADING MULTIPLES

2.1x 2.0x 1.8x

1.1x 1.1x

FNV

WPM

RGLD

SSL

OSISKO

5

COMMITTED TO MANAGING RISK - FOCUS ON ESG

OUR APPROACH

ESG due diligence fully integrated into project evaluations

Much like investment community, we use ESG evaluations to price risk

Promote best-in-class practices

Evolving contract structures to ensure risks are efficiently managed

ESG committee responsible for policies and practices

OUR PEOPLE

Actively pursuing diversity across the organization

• 50% of employees are female
• 4 out of 10 board members are female or in a minority group
• Significant board refreshment in 2020 (with three new members) while adding different perspectives and expertise

OUR PORTFOLIO

Largely newer mines in established mining jurisdictions

Quality operators with track records managing mining and ESG risks

Newer royalty/streaming contracts where we have strong rights and protections Production mostly derived from primary gold mines - smaller carbon footprint

TOP QUARTILE "A" ESG RATING

FROM MSCI AS AT OCTOBER 8,

2020

RANKED # 5 OUT OF 112

PRECIOUS METALS COMPANIES

BY SUSTAINALYTICS AS AT

OCTOBER 7, 2020

MORE THAN SIMPLY

RANKINGS AND

COMMITMENTS:

ESG IS IN OSISKO'S DNA

6

TIER-1 ROYALTY PORTFOLIO

GIBRALTAR 75% Ag

STREAM

EAGLE 5% NSR

SEABEE 3% NSR

BALD MOUNTAIN 1-4% NSR

PAN MINE

4% NSR

PARRAL 100% Au, Ag

OFFTAKE

FRUTA DEL NORTE

0.1% NSR

MANTOS BLANCOS 100% Ag STREAM

ÉLÉONORE		SASA
2-3.5% NSR		100% Ag STREAM
RENARD
9.6% DIAMOND
STREAM
LAMAQUE	6
0.85% NSR	3
108
CANADIAN
MALARTIC
5% NSR
ISLAND GOLD	2
1.38-2.55% NSR

9

BRAUNA	13
1% GRR

KWALE	MATILDA
1.5% GRR	1.65% AU
	STREAM

OVER 140

ROYALTIES,

STREAMS &

PRECIOUS METAL

OFFTAKES

Cash Flowing Assets

Total Assets

7

A CATALYST RICH PHASE

EXISTING PRODUCING ASSETS OUTPERFORMING

Operators replacing production, extending mine lives and in certain cases announcing significant expansions Malartic Underground discovery represents a new flagship royalty in the making (Q1 milestones) Continued Eagle ramp up and Mantos expansion provide high quality growth in 2021

DEVELOPMENT ASSETS MATURING AT AN IDEAL TIME

Highest organic growth in the sector (from royalties and streams)

Development company assets benefitting from supportive equity markets and high commodity prices

Equity, royalty and stream contributions from three significant Canadian camps (Osisko Development, Osisko Mining, and Falco Resources)

Allows Osisko to be disciplined in looking for external growth assets

8

CANADIAN

MALARTIC

THE WORLD'S MOST VALUABLE GOLD ROYALTY

5% NSR

Québec, Canada

Agnico Eagle Mines / Yamana Gold

Flagship royalty asset Canada's largest gold mine

A stable producer at first quartile costs

Significant additional mine life potential from new underground discovery

OUNCES DELIVERED TO OSISKO

(K oz Au)

30.1	29.2	33.6	35.4	33.5
2015	2016	2017	2018	2019

9

CANADIAN MALARTIC UNDERGROUND

East Gouldie, 5% NSR

North Odyssey & East Malartic, 3% NSR

South Odyssey, 5% NSR

10 Moz of resources (mostly in the inferred category2) Underground ramp development began in 20203 Revised R&R and PEA study expected in Q1 20213

The underground has the potential to support a multi-hundred thousand ounce annual production platform for decades3

Increased disclosure should help valuation

Current analyst NPV estimates range from zero to C$399 million

10

Source: Agnico Eagle

EAGLE

5% NSR

Yukon, Canada | Victoria Gold Corp.

Ramping up to 220,000 ounces of gold per year

Exploration delivering high grade drill results on the Raven target, expanding strike length to 750 meters

Open in all directions - a 250m step out to the East returned 2.77g/t over 66 meters

MANTOS BLANCOS	Mine expansion from 12.5k to 20k tpd on track for H2 2021

Expected to increase silver stream deliveries by ~80% and extend mine life to 2035

100% Ag Stream

Antofagasta, Chile | Mantos Copper S.A.

Another long-life asset in a top mining jurisdiction

ÉLÉONORE	Among the largest mines in Québec, guidance of
	270,000 ounces in 2021

Steady state seems achieved by Newmont, now seeking further improvements

2-3.5% NSR

Québec, Canada | Newmont Corporation

Aggressive exploration campaign underway

11

ISLAND GOLD	SASA
1.38%-3% NSR	100% Ag Stream
Ontario, Canada | Alamos Gold Inc.	Macedonia | Central Asia Metals PLC
Positive Phase III Expansion Study and proceeding with an	One of the largest zinc, lead and silver mines in Europe
expansion of the operation to 236,000 ounces/year starting in	Long mine life with proven history of reserve replacement
2025
16-year mine life, doubling the current mineral reserve life	Ongoing technical work for the Life of Mine study which
currently stands at 18 years
Top 10 highest grade mines in the world

GIBRALTAR	SEABEE
100% Ag Stream	3% NSR
British Columbia, Canada | Taseko Mines Limited	Saskatchewan, Canada | SSR Mining Inc.
Second largest open pit copper mine in Canada with at least 18	In 2020, the company announced further investment in
years of reserves remaining	exploration. Exploration results include drill intercepts of 7.64
Revised mine plan implemented in April significantly reduced	meters of 14.75 g/t Au and 2.62 meters of 28.92 g/t Au in the
Santoy Gap Hanging Wall
2020 operating and capital costs
New discovery made at Batman Lake including 3.6 meters of
	37.95 g/t Au
	12

SUSTAINED GEO GROWTH

GEO PRODUCTION

EAGLE

RAMP UP

5% NSR

SAN ANTONIO

15% Au-Ag Str.

9.000 GEOs/Year

MALARTIC	UPPER BEAVER
UNDERGROUND	2% NSR
3-5% NSR	2,400 GEOs/Year

						COVID-19		MANTOS EXPANSION4	CARIBOO	HORNE 5	BACK FORTY
						IMPACTED		100% Ag Stream	5% NSR	100% Ag Stream	18.5% Au, 75% Ag Str.
							6,000 GEOs/Year	9,300 GEOs/Year	23,000 GEOs/Year	16,000 GEOs/Year
								SANTANA	WINDFALL		RENARD
				80,553			+	3-5% NSR	2-3% NSR	HERMOSA	9.6% Diamond
				78,006		1,000 GEOs/Year	4,500 GEOs/Year	1% NSR	Stream
			58,933			66,100
		38,270						ERMITANO	CERRO DEL GALLO	PINE POINT	AMULSAR
							2% NSR	3% NSR	2% NSR	4.22% Au, 62.5% Ag Str.
	30,588							1,000 GEOs/Year	1,900 GEOs/Year	4,000 GEOs/Year	10,000 GEOs/Year
12,499
2014	2015	2016	2017	2018	2019	2020

7 ROYALTIES		CREATED THE	+140 ROYALTIES &	ENTERING A PHASE OF
ACCELERATOR BUSINESS	STREAMING ASSETS
C$500 M					MAJOR ORGANIC GROWTH5
	2 MAJOR
MARKET CAP		ACQUISITIONS	C$2.7 B MARKET CAP
		13

BUILT-IN GROWTH

Highest development weighting in peer group maturing at the right time

Over 540,000 meters drilled on our producing assets in 2019

Royalties or streams on ~25,000 km2 in the some of the most important Canadian mining camps

NAV BY STAGE

Producing		Development

12% 6% 18%

57% 51%

DRILLING ON OSISKO ROYALTY PROPERTIES6 (METRES)

88% 94% 82%

43% 49%

993,772

642,188

1,049,098 1,025,667

FNV

WPM

RGLD

OSISKO

SSL

2016

2017

2018

2019

14

GROWTH ASSETS

CARIBOO CAMP

SAN ANTONIO

WINDFALL

HORNE 5

5.0% NSR B.C., Canada

5.9 Moz Au7 and growing

Decades worth of exploration potential over 83km strike

Satellite production in Q1 2021

Fast-tracking permitting of main project for mid 2022

15% Au & Ag Stream Sonora, Mexico

High grade 1.05 Moz Au8

Highly-prospective 11,338 ha land package - underexplored at depth and along strike

Reprocessing of tailings in near term while large project permitted

2.0-3.0% NSR Québec, Canada

Unique combination of size and high grade with over 5 Moz resource9 and growing, all above 1,200m depth

Additional 250k metres of drilling in 2020, 20+ drills on site

Strong support from the Cree First Nation

90-100% Ag Stream Québec, Canada

6 million GEOs in reserves10

Feasibility complete and permitting in progress

Agreements entered into with Glencore (debenture and offtakes)

ADVANCEMENT OF ~50K GEOS OF NORTH AMERICAN PRODUCTION POTENTIAL

15

GROWTH ASSETS (CONT'D)

HERMOSA

PINE POINT

RENARD

AMULSAR

1.0% NSR Arizona, USA

Over 100Mt at 10.4% ZnEq and multi-decade mine life

Pre-feasibility study scheduled for H1 2021, integrating the Taylor and Clark deposits11

World-class polymetallic deposit held by major operator

2.0% NSR NWT, Canada

Rare combination of size and high grade

12.9 Mt @ 6.29% ZnEq in the indicated category and 37.6 Mt @ 6.80% ZnEq in the inferred category.

PEA delivered in 2020 with 30% IRR

Improving zinc prices

9.6% Diamond Stream Quebec, Canada

$1B of well-built infrastructure

Diamond prices rebounding higher than pre-COVID levels

Argyle shutdown removes ~15% of annual diamond supply

4.2% Au & 62.5% Ag streams Armenia

Significant mineral resource of 3.47 Moz Au M&I yielding 2.61 Moz of P&P gold reserves

A valuable gold asset which is more than half built

In-country progress is key to unlocking value

TWO HIGH QUALITY BASE METAL PROJECTS

OPTIONALITY OF LARGE WORK-OUT ASSETS 16

FURTHER IMBEDDED OPTIONALTY

ASSET	ROYALTY	OPERATOR	ASSET UPDATE

Antakori

1.5%-3% NSR

Extension of the mineralized footprint of the project announced on January 7, 2021

Ambler	1% NSR		Feasibility study released and seeking federal 404 permit in H2-21
Back Forty	18.5% Au and 85%		Navigating permitting process
Ag streams
Casino	2.75% NSR		Completing an optimized PEA developing a plan for engineering,
	field investigations, test work, permitting and community relations
			activities
Hammond Reef	2% NSR		Received environmental approvals and evaluating potential mining
	scenarios including ore sorting
Kirkland Lake	2% NSR		Agnico is expected to provide an updated open pit and
	underground resource estimate and economic study in 2021.
Magino	3% NSR		Royalty on small portion of open pit ounces, but more material
	portion of recent underground drilling success

17

STRONG FINANCIAL POSITION

BALANCE SHEET	Sep. 30,
ITEMS	2020
Cash and cash equivalents	$160.7
(C$ M)
Debt (C$ M)	$421.6
Investments (C$ M)12	$1,023.7
As at January 8, 2021
Basic Shares Outstanding (M)	166.1
Quarterly Dividend

(C$/Share)	$0.05
Market Capitalization (C$ B)	$2.7B
As at January 8, 2021

CREDIT FACILITY (C$ M)13

C$86.7

AVAILABLE

CREDIT:

C$413.3 M

Undrawn Credit Facility

Drawn Credit Facility

ANALYST COVERAGE14

		12-MONTH
	RATING	TARGET PRICE
BOFA SECURITIES	BUY	C$18.50
BMO CAPITAL MARKETS	HOLD	C$21.00
CANACCORD GENUITY	BUY	C$26.00
CIBC WORLD MARKETS	BUY	C$21.00
CORMARK SECURITIES	OV.	C$20.00
EIGHT CAPITAL	BUY	C$25.00
HAYWOOD SECURITIES INC.	BUY	C$24.50
INDUSTRIAL ALLIANCE	BUY	C$24.00
NATIONAL BANK FINANCIAL	BUY	C$23.50
PARADIGM CAPITAL	BUY	C$22.00
RAYMOND JAMES	OV.	C$21.50
RBC CAPITAL MARKETS	BUY	C$20.30
SCOTIA CAPITAL	BUY	C$25.00
STIFEL	BUY	C$23.00
TD SECURITIES	BUY	C$20.00
	AVERAGE:	C$22.35

SIGNIFICANT FINANCIAL CAPACITY AVAILABLE FOR GROWTH

18

A SIGNIFICANT OPPORTUNITY

VALUE SPLIT

PRIOR TO BGM TRANSACTION (Fall 201915)

EQUITY

PORTFOLIO:

$353M

ROYALTY

PORTFOLIO:

$1,971M

CURRENT

VALUE SPLIT16

EQUITY

PORTFOLIO:

$1,024M12

ROYALTY

PORTFOLIO:

$1,667M

DEVELOPMENTS SINCE FALL 2019

A streamlined royalty company post development asset spin-out

Gold up ~US$400/oz

Malartic UG advancing steadily

Added 20 koz/yr GEOs via Osisko Development Corp. Partners drilling and finding ounces at a higher pace Reduced G&A by splitting teams

Peer group up significantly since fall 2019 Osisko Gold Royalties essentially flat

19

OSISKO GOLD ROYALTIES

A PORTFOLIO THAT MATTERS

UNLOCKING VALUE

OVER 140	~18,800
ROYALTY,
ATTRIBUTABLE
STREAM AND
GEOs EARNED
OFFTAKE
FOR Q4 2020
ASSETS

PAID-FOR

GROWTH DIVIDEND

WITHYIELD

CATALYSTS ~1.2%

C$160.7 M

IN CASH

+

C$413.3 M UNDRAWN FACILITY

LOW RISK EXPOSURE TO GOLD	POISED TO OUTPERFORM
	DIVERSIFIED			~1X P/NAV
86%	93.5% GROSS	~C$1 BILLION
ASSET NPV IN	WITH 17
MARGINS FOR
NORTH AMERICA	PRODUCING	INVESTMENTS	~15.5x
(80% IN CANADA)	Q4 2020
ASSETS		P/2021E CF

20

APPENDIX

21

ACCELERATOR CASE STUDIES

Equity Cost	Equity Current Value	Royalty/Stream Cost	Royalty/Stream Value	Total Return17
			222%	348%
120%	121%
30%		62%
(12%)

$857

$176
			$140			$152
$114			$127
					$98
	$92
				$81	$8120
					$4119	$50				$47	$56
	$24
$8	$17	$17	$12	$7	$13	$5	$619	$13		$10
			$2518

$529

$11518

Investment

Current Value

Accelerator Returns

OSISKO GENERATING SIGNIFICANTLY HIGHER

RETURNS THROUGH ACCELERATOR MODEL

22

ROYALTIES, STREAMS AND OFFTAKES - COMPLETE LIST

	ASSET NAME	OPERATOR	COUNTRY	STATUS	DESCRIPTION
1	Producing Royalties, Streams & Offtakes
Canadian Malartic	CM Partnership (Agnico Eagle, Yamana)	Canada	Production	5% NSR
2	Éleonore	Newmont	Canada	Production	2-3.5% NSR on Au, 2% NSR on all other metals
3	Gibraltar	Taseko Mines	Canada	Production	100% Ag Stream - US$0.00/oz transfer price
4	Mantos Blancos	Mantos Copper	Chile	Production	100% Ag Stream - 8% of the spot silver price on the date of delivery
5	Renard	Stornoway Diamonds	Canada	Production	9.6% Diamond Stream - Lesser of 40% of realized price or US$40/ct
6	SASA	Central Asia Metals	Macedonia	Production	100% Ag Stream - US$5.00/oz Ag transfer payment
7	Eagle	Victoria Gold	Canada	Production	5% NSR until 97,500; 3% NSR thereafter
8	Matilda	Wiluna Mining	Australia	Production	1.65% Au stream - Transfer price of 30% of spot
9	Lamaque-Rocdor	Eldorado Gold	Canada	Production	1% NSR
10	Parral	GoGold Resources	Mexico	Production	100% Au + Ag offtake
11	Bald Mountain	Kinross	United States	Production	0-4% GSR depending on claims being mined
12	Brauna	Lipari Mineração	Brazil	Production	1% of Gross Sales (Diamond)
13	Island Gold	Alamos Gold	Canada	Production	1.38%-3.0% NSR
14	Kwale	Base Resources	Kenya	Production	1.5% of GRR on titanium
15	Pan	Fiore Gold	United States	Production	2.5-4.0% Au Production Royalty, 2% on all other products
16	Seabee Santoy	SSR Mining	Canada	Production	3% NSR
17	Fruta del Norte	Lundin Gold	Ecuador	Production	0.1% NSR Ag, Au
18	Development Royalties, Streams and Offtakes
Akasaba West	Agnico Eagle	Canada	Development	2.5% NSR
19	Ambler	South 32 & Trilogy Metals	United States	Development	1%	NSR
20	Amulsar (S)	Lydian	Armenia	Development	4.22% Au Stream and 62.5% Ag Stream
21	Amulsar (O)	Lydian	Armenia	Development	82% Au offtake
22	AntaKori (Mina Volare)	Regulus Resources	Peru	Development	0.75% or 1.5% NSR
23	Back Forty	Aquila Resources	United States	Development	18.5% Au Stream
24	Back Forty	Aquila Resources	United States	Development	75% Ag Stream
25	Cameron Lake	First Mining	Canada	Development	1%	NSR
26	Cariboo	Osisko Development	Canada	Development	5%	NSR
27	Casino	Western Copper and Gold	Canada	Development	2.75% NSR
28	Casino B	Western Copper and Gold	Canada	Development	5%	NPI
29	Cerro del Gallo	Argonaut Gold	Mexico	Development	3%	NSR
30	Copperwood & White Pine	Highland Copper	United States	Development	3%	NSR
31	Corcoesto	Edgewater Exploration	Spain	Development	1%	NSR
32	Dolphin Tungsten	King Island Scheelite	Australia	Development	1.5% GRR
33	Ermitaño	First Majestic	Mexico	Development	2%	NSR
34	Gold Rock Monte	Fiore Gold	United States	Development	2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
35	Gurupi (Centro Gold)	Oz Minerals	Brazil	Development	0.75% NSR Au
36	Hammond Reef	Agnico Eagle	Canada	Development	2% NSR
37	Hermosa	South 32	United States	Development	1%	NSR on all sulphide ores of lead and zinc
38	Horne 5	Falco Resources	Canada	Development	90-100% Ag stream

23

ROYALTIES, STREAMS AND OFFTAKES - COMPLETE LIST

	ASSET NAME	OPERATOR	COUNTRY	STATUS	DESCRIPTION
39	Malartic UG	CM Partnership (Agnico Eagle, Yamana)	Canada	Development	East Gouldie 5% NSR, North Odyssey & East Malartic 3% NSR, South Odyssey 5% NSR
40	Magino	Argonaut Gold	Canada	Development	3%	NSR on a small portion of the resource
41	Marban, Nolartic, First Canadian	O3 Mining	Canada	Development	0.5%-2% NSR
42	Nimbus	Horizon Minerals	Australia	Development	100% Ag offtake
43	Ollachea	Minera IRL	Peru	Development	1%	NSR on all products
44	San Antonio	Osisko Development	Mexico	Development	15% Stream Ag, Au
45	Santana	Minera Alamos	Mexico	Development	3-5% NSR
46	Spring Valley	Waterton Global	United States	Development	Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
47	Upper Beaver / Kirkland Lake	Agnico Eagle	Canada	Development	2%	NSR
48	Wharekirauponga (WKP) Project	OceanaGold	New Zealand	Development	2%	NSR
49	Windfall	Osisko Mining	Canada	Development	2.0-3.0% NSR
50	Yenipazar	Aldridge Mineral	Turkey	Development	50% Au offtake
51	Pine Point	Osisko Metals	Canada	Development	2%	NSR
52	São Jorge	Gold Mining Corp.	Brazil	Development	1%	NSR
53	South Crofty	Cornish Metals	United Kingdom	Development	1.5% NSR
54	Exploration Royalties
Abbeytown	Erris Resources	Ireland	Exploration	1%	NSR
55	Adel, Hardrock East	Argonaut	Canada	Exploration	2%	NSR
56	Altar	Stillwater/Aldebaran	Argentina	Exploration	1%	NSR
57	Annamaque Faraday	O3 Mining	Canada	Exploration	2%	NSR
58	Antamina / Recauys	Compañia Minera Antamina	Peru	Exploration	2.5% NSR
59	Apple	Québec Precious Metals	Canada	Exploration	2%	NSR
60	Aurbel	QMX Gold	Canada	Exploration	2.5% NSR
61	Baie James	Osisko Development	Canada	Exploration	3%	NSR
62	Ballarat	LionGold	Australia	Exploration	4%	GSR
63	Bargold	Abcourt Mines	Canada	Exploration	1.5 % NSR
64	Bathurst and Québec Camps	Osisko Metals	Canada	Exploration	1%	NSR
65	Beaufor - Pascalis	Monarques Gold	Canada	Exploration	25% NPI
66	Bonfortel	Yorbeau Resources	Canada	Exploration	2%	NSR
67	Bralorne	Talisker Resources	Canada	Exploration	1.2% NSR
68	Candle Lake	TioMin Resources	Canada	Exploration	3%	GOR
69	Century / Lawn Hill	New Century Mining	Australia	Exploration	AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
70	Clearwater (1 claim)	Fury Gold Mine	Canada	Exploration	2%	NSR
71	Coulon	Osisko Development	Canada	Exploration	3%	NSR
72	Croinor	Monarques Gold	Canada	Exploration	0.75% NSR
73	Crowsnest Pass	Crowsnest Pass Coal Mining	Canada	Exploration	$1.00 per tonne of coal produced
74	Cumobabi	First Majestic	Mexico	Exploration	2%	NSR
75	Destor	Galleon Gold Corp.	Canada	Exploration	2.5% NSR
76	Dieppe (Gold)	Agnico Eagle	Canada	Exploration	Resource Payment
77	Duncan (Iron)	Automotive Finance Co.	Canada	Exploration	Production royalty (iron), 2% NSR on all other metals
78	Eastbay Duparquet	Galleon Gold Corp.	Canada	Exploration	1%	NSR
79	Eastmain (Gold)	Dore Copper Mining	Canada	Exploration	1.15% NSR royalty

24

ROYALTIES, STREAMS AND OFFTAKES - COMPLETE LIST

	ASSET NAME	OPERATOR	COUNTRY	STATUS	DESCRIPTION
80
Eastmain West	Azimut Exploration	Canada	Exploration	1.4% NSR
81	El Tecolote	Minera Piedra Azul, S.A.	Mexico	Exploration	2%	NSR
82	Estacion Llano	Minera Piedra Azul, S.A.	Mexico	Exploration	2%	NSR
83	Exploration Projects	Sable Resources	Mexico/Argentina	Exploration	2%	NSR
84	Gabel	Wolfpack Gold	United States	Exploration	2%	NSR on Precious Metals, 1% NSR on all other metals and minerals
85	Gabel Columbus	Wolfpack Gold	United States	Exploration	1%	NPI
86	Gabel Williams	Wolfpack Gold	United States	Exploration	1%	NPI
87	Gaffney	Manitou Gold	Canada	Exploration	2%	NSR on all metals
88	Gaffney Extension	Manitou Gold	Canada	Exploration	0.125% NSR on all metals
89	Guerrero	Osisko Development	Mexico	Exploration	3%	NSR
90	Holloway McDermott	Kirkland Lake	Canada	Exploration	15% NPI
91	Jonpol-Amos & Paramount	Abcourt Mines	Canada	Exploration	2.5% NSR on all metals
92	Jubilee	IAMGOLD	Canada	Exploration	2%	NSR on all metals
93	Kan Extension	Osisko Mining	Canada	Exploration	1.5%-3.5% NSR on precious metals, 2% NSR on all other products
94	Kliyul Creek	Pacific Ridge	Canada	Exploration	1.5% NSR
95	Lac Clark	Chibougamau Independant Mines	Canada	Exploration	1%	NSR
96	Lac Dufault (Base Metals)	Nyrstar	Canada	Exploration	2%	NSR
97	Landmark	Wolfpack Gold	United States	Exploration	2%	NSR on precious metals, 1% NSR of all other metals and minerals
98	Leitch	Premier Gold Mines	Canada	Exploration	2%	NSR on all metals
99	Lorraine/Dorothy/Jayjay	Lorraine Copper, Teck Resources	Canada	Exploration	2%	NSR
100	Los Chinos	Minera Piedra Azul, S.A.	Mexico	Exploration	2%	NSR
101	Magdalena Basin	Minera Sonora Borax S.A. de C.V.	Mexico	Exploration	3%	GOR
102	Malartic Gold Claims	Pershimex Resources Corporation	Canada	Exploration	1%	NSR
103	Margarita	Magna Gold Corp.	Mexico	Exploration	1%	NSR
104	Moore Lake	Denison Mines	Canada	Exploration	2.5% NSR
105	Mt. Hamilton	Mt. Hamilton	United States	Exploration	2%	NSR on Au and Ag, 0.67% NSR on all other metals and minerals
106	New Jersey Zinc Database	Centerra Metals	Canada	Exploration	0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
107	Northern Dancer	Largo Resources	Canada	Exploration	1%	NSR Tungsten-Molybdenum
108	Oracle Ridge	Oracle Ridge Mining	United States	Exploration	3%	NSR
109	Pandora	CM Partnership (Agnico Eagle, Yamana)	Canada	Exploration	2%	NSR on all metals
110	Peat (Barunga)	Australia Pacific LNG	Australia	Exploration	1.75% GOR
111	Pipestone Clavos	Horby Bay Mineral	Canada	Exploration	2%	NSR on all metals
112	Pozo de Nacho	Azure Minerals	Mexico	Exploration	2%	NSR
113	Preissac	Sphinx Resources	Canada	Exploration	2%	NSR
114	Rakkurijoki Prospect	Hannans Reward	Sweden	Exploration	1.50% NSR Fe, Cu, Ag
115	Rattlesnake Hills	GFG Resources (US)	United States	Exploration	0.5% NSR
116	Renault Bay	Vantex Resources	Canada	Exploration	2%	NSR on all metals
117	Reward / Myrtle	Teck Australia Pty	Australia	Exploration	2%	NSR

25

ROYALTIES, STREAMS AND OFFTAKES - COMPLETE LIST

	ASSET NAME	OPERATOR	COUNTRY	STATUS	DESCRIPTION
118	Sabourin Creek	O3 Mining	Canada	Exploration	2.5%	NSR on all metals
119	Sagar (Uranium, Gold)	Next Source Material	Canada	Exploration	1.5%	NSR
120	Sandman 1 & 2	Gold Bull Resources Corp.	United States	Exploration	1-5% NSR
121	San Juan	Azure Minerals	Mexico	Exploration	2%	NSR
122	Savard/Emerald Lake	Northern Nickel Mining	Canada	Exploration	1.5%	NSR on all metals
123	Shovelnose	Westhaven Ventures Inc.	Canada	Exploration	2%	NSR
124	Silver Swan 1	Poseidon Nickel Atlantis	Australia	Exploration	3%	NSR on Au and Ag
125	Silver Swan 2	Poseidon Nickel Atlantis	Australia	Exploration	1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
126	Sleitat and Coal Creek	Cornish Metals	United States	Exploration	1.75% NSR on all metals
127	Stabell (Gold)	O3 Mining	Canada	Exploration	3%	NSR
128	Sunnyside	Barksdale Capital Corp.	United States	Exploration	1%	NSR
129	Swedish Properties	Erris Resources	Sweden	Exploration	1%	NSR
130	Tantale Erlandson (Rare Earth)	Commerce Resources	Canada	Exploration	1%	NSR
131	Taylor	Silver Predator	United States	Exploration	0.5%-2.0% NSR for precious metals and other minerals
132	Teck Hughes	Kirkland Lake	Canada	Exploration	1%	NSR on all metals
133	Tijirit	Algold Resources	Mauritania	Exploration	1.5%
134	Tintaya (Rifas)	Glencore	Peru	Exploration	1.5%	NSR
135	Tonkin Springs	McEwen Mining	United States	Exploration	1.4%	NSR
136	Trail	Wolfpack Gold	United States	Exploration	2%	NSR on precious metals, 1% NSR on all other metals and minerals
137	Treasure Hill	Silver Predator US Holdings	United States	Exploration	1%	NPI
138	Turgeon	Yorbeau Resources	Canada	Exploration	2%	NSR on all metals
139	Unicorn	Dart Mining	Australia	Exploration	2%	NSR initial, 1% NSR Additional
140	UNR	Wolfpack Gold	United States	Exploration	2%	NSR on precious metals, 1% NSR on all other metals and minerals
141	Valco	O3 Mining	Canada	Exploration	2%	NSR on all metals
142	Val-d'Or	O3 Mining	Canada	Exploration	2.5%	NSR on all metals
143	Valdora	O3 Mining	Canada	Exploration	2%	NSR on all metals
144	Waihi West	OceanaGold	New Zealand	Exploration	2%	NSR
145	West Desert / Crypto	InZinc Mining	United States	Exploration	1.50% NSR Zn, Cu, In, Mg
146	Whistler	GoldMining	United States	Exploration	2.75% NSR
147	WO Claims	De Beers	Canada	Exploration	8248567 Canada Limited: 1% GOR

26

ENDNOTES

1. Cash gross margin, which represents revenues less cost of sales, is a non-IFRS measure. The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of operating performance and provides a useful comparison with its peers.
2. Agnico Eagle's mineral reserves and resources disclosure as at December 31, 2019:

M&I mineral resources of 136 Koz, 2,022 Kt @ 2.10 g/t Au on Odyssey

M&I mineral resources of 694 Koz, 9,924 Kt @ 2.18 g/t Au on East Malartic

Inf. mineral resources of 1,666 Koz, 23,368 Kt @ 2.22 g/t Au on Odyssey

Inf. mineral resources of 5,192 Koz, 78,764 Kt @ 2.05 g/t Au on East Malartic

Inf. mineral resources of 2,738 Koz, 25,520 Kt @ 3.34 g/t Au on East Gouldie

1. See Yamana Gold Corporate Summary presentation dated November 2, 2020
2. Osisko estimate
3. Based on operator's disclosure
4. Company disclosure
5. Cariboo Gold project resources as at October 5, 2020:

Measured and indicated resources of 3,200 Koz, 21.4 Mt @ 4.6 g/t

Inferred resources of 2,721 Koz, 21,6 Mt @ 3.9 g/t

8. San Antonio Gold project resources as at October 5, 2019:

Inferred resources of 1,049 Koz, 27,600 Kt @ 1.2 g/t

1. Osisko Mining's mineral resources disclosure as at December 31, 2019:
   Indicated mineral resources of 1,206 Koz, 4,127 Kt @ 9.1 g/t Au
   Inf. mineral resources of 3,938 Koz, 14,532 Kt @ 8.4 g/t Au
2. Falco Resources' mineral reserves and resources disclosure as at December 31, 2019:
   P&P mineral reserves of 5,961 Koz Au Eq., 80.9 Mt @ 2.37 g/t Au Eq.
   M&I mineral resources (including reserves) of 7,501 Koz Au Eq., 91.2 Mt @ 2.56 g/t Au Eq.
   Inf. mineral resources of 1,736 Koz, 21.5 Mt @ 2.51 g/t Au Eq.
3. South32 corporate presentation - 2020 BMO Capital Markets Global Metals and Mining Conference
4. Based on investments held at the end of Q3 2020, minus value of marketable securities of C$116M transferred to Osisko Development Corp. plus value of investment currently held in Osisko Development Corp.
5. As at Sep. 30, 2020, including the C$100 million accordion
6. Source: Factset
7. As at September 22, 2019
8. As at January 8, 2021
9. The "Total Return" is calculated on the sum of the "Equity Value" and the "Royalty/Stream Value", divided by the sum of the "Equity Cost" and "Royalty/Stream Cost", minus 1. It shows the percentage increase (decrease) in value of our total financial commitment to the company from our cost base.
10. $25M already disbursed, $115M left to total commitment
11. Based on management estimate

20. Sale done as part of the Orion swap. Cost based on allocation price

27