Osisko Gold Royalties : Présentation

Q1 2024 RESULTS

May 9, 2024

CAUTIONARY STATEMENTS

FORWARD-LOOKING STATEMENTS

Certain statements contained in this presentation may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, the ability to complete any announced transaction, production estimates of Osisko's assets (including increase of production), the 2024 guidance on GEOs and cash margin and the 5-year outlook on GEOs included under "Guidance for 2024 and 5-Year Outlook" and other guidance based on disclosure from operators, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management's expectations regarding Osisko's growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under "Guidance for 2024 and 5-Year Outlook", and no assurance can be given that the estimates or related guidance will be realized. Forward-looking statements 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 by statements that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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 or other uninsured risks; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing to Osisko or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko's business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko's Passive Foreign Investment Company ("PFIC") status. The forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company's ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this presentation are not guarantee of future performance and should not be unduly relied upon. In this presentation, Osisko relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this presentation. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

SAFE HARBOUR STATEMENT

This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. The information related to mining operators provided in this presentation has been sourced from public disclosure. Inquiries regarding this presentation can be made to the senior management of Osisko.

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 described by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). In a number of cases Osisko has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the "Acceptable Foreign Codes"). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code.

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. Desharnais is an employee of Osisko Gold Royalties and is non-independent.

2

ON TODAY'S CALL…

Jason Attew	Frédéric Ruel	Heather Taylor
President & CEO	CFO & VP Finance	VP Sustainability & Communications

…Also Available:

André Le Bel	Dr. Guy Desharnais	Iain Farmer	Grant Moenting
VP Legal Affairs &	VP Project Evaluation	VP Corporate Development	VP Capital Markets
Corporate Secretary

3

Q1 2024 & RECENT HIGHLIGHTS

22,259 GOLD

EQUIVALENT OUNCES

("GEOs1") EARNED

(tracking well against

annual guidance range of

82-92k GEOs)

STRONG OPERATING

CASH FLOWS OF

$50.4M & CASH

MARGIN IN Q1 2024

OF 97%2

(vs. $50.7M and 94% in Q4

2023)

CASH BALANCE OF

$70.6 MILLION & NET DEBT(i) OF ~$80 MILLION

As at March 31, 2024

SHAREHOLDER

RETURNS

Declaration of a

Q2 2024 dividend of

$0.065 per common share

(+8.3% increase over Q1

2024 dividend of $0.06)

GROWTH

2028e Outlook represents

+30% growth(ii) in GEOs earned vs. mid-point of 2024e guidance range

1. Defined as total short-term and long-term debt less cash and cash equivalents.
2. Low end of 2028e Delivery Outlook Range of 120-135k GEOs

GROWING

RESPONSIBLY

Publication of fourth Annual Sustainability Report Growing Responsibly outlining key ESG achievements in 2023

4

SUSTAINABILITLY HIGHLIGHTS

• • Excellence in Governance and Oversight
  • • Environmental Stewardship
• Supporting our Employees and Communities
• • Transparency and Recognition

5

Q1 2024 FINANCIAL PERFORMANCE

QUARTERLY REVENUES (C$ M)

NET EARNINGS (C$ M)

$0.11 per

basic share $0.08 per basic share

$59.6 $60.8

$20.8 $15.1

Q1 2023

Q1 2024

Q1 2023

Q1 2024

CASH FLOWS GENERATED BY OPERATING	ADJUSTED EARNINGS3
ACTIVITIES (C$ M)			(C$ M)	$0.16 per
		$0.27 per
$0.25 per	$0.14 per	basic share
basic share
basic share	basic share

	$45.5	$50.4			$29.7
			$25.2
	Q1 2023	Q1 2024
	Q1 2023	Q1 2024

6

PRODUCING ROYALTIES AND STREAMS

		DIAMONDS & OTHERS
Q1 2024	Q1 2024	715
3.2%
GEOs1 BY ASSET	GEOs1 BY COMMODITY

										SILVER
										5,650		22,259
9,176										25.4%
											GEOs1
														GOLD
														15,894
														71.4%
										2,927
1,654	1,261									1,143
	890	682							868	627		697
		530	520	430	395		268
			88			41
											44	18

1. = Royalty
2. = Stream

GOLDSILVER

DIAMONDS & OTHERS

7

A HIGH-QUALITY PORTFOLIO

																																					PRODUCING ASSETS	INTEREST	OPERATING PARTNERS
																																				1	CANADIAN MALARTIC	5% NSR	AGNICO EAGLE
3																																				2	MANTOS BLANCOS	100% Ag Stream	CAPSTONE COPPER
																																				3	EAGLE	5% NSR	VICTORIA GOLD
										7																								4	CSA	100% Ag & 3-4.875% Cu Streams	METALS ACQUISITION LIMITED
	8
			5						5	3
																															5	ÉLÉONORE	2.2-3.5% NSR	NEWMONT
																9
														139																						6	SASA	100% Ag Stream	CENTRAL ASIA METALS
																										6
																		11
						14																						7	SEABEE	3% NSR	SSR MINING
										19
																																		8	GIBRALTAR	87.5% Ag Stream	TASEKO MINES
																				1
		10																																9	ISLAND GOLD	1.38-3% NSR	ALAMOS GOLD
12
																																10	PAN	4% NSR	CALIBRE MINING
18
																																				11	LAMAQUE	1% NSR	ELDORADO GOLD
			17																			7								12	PARRAL	2.4% Au & Ag Streams	GOGOLD RESOURCES
																																				13	DOLPHIN TUNGSTEN	1.5% GRR	GROUP 6 METALS
																																				14	BALD MOUNTAIN	1-4% GSR	KINROSS GOLD
																																	15	FRUTA DEL NORTE	0.1% NSR	LUNDIN GOLD
															15
															19										16	BRAUNA	1% GRR	LIPARI MINERAÇÃO
															16
																																				17	SANTANA	3% NSR	MINERA ALAMOS
	Total Assets																					18	ERMITAÑO	2% NSR	FIRST MAJESTIC SILVER
	2
																															16					19	MACASSA TH	1% NSR	AGNICO EAGLE
																																	4		Assets undergoing expansion, extension or ramp-up
	Producing Asset
																																13

PRECIOUS METALS FOCUS	LOW-COST MINES4	BEST-IN-CLASS PARTNERS
Q1 2024 GEOs BY COMMODITY	NPV BY CASH COST QUARTILE	PRODUCTION, DEVELOPMENT & EXPLORATION
<0.1%
3%	19%

97%				81%
PRECIOUS METALS		DIAMONDS		OTHER	<50TH PERCENTILE		>50TH PERCENTILE	8

HIGHEST EXPOSURE TO TIER 1 MINING JURISDICTIONS(i) vs. PEERS

	100%
	90%
	80%
	70%
	60%
%	50%
NAV
40%
	30%
	20%
	10%
	0%
	OR		TFPM	RGLD	FNV		WPM	SAND
	Canada	USA	Australia	Latin America (Incl. Mexico & Caribbean)	Europe	Africa	Asia

Tier-1 Jurisdictions

Data Source: Canaccord Genuity Capital Markets Precious Metals Research, April 2024	9
(i) Canada, USA, Australia

CANADIAN MALARTIC COMPLEX

Flagship royalty on Canada's 2nd largest operating gold mine

Average of ~580koz Au produced annually over2023-2028 from Barnat Pit and Odyssey Underground5

Underground steady state production plan of 500-600koz of gold per year starting in 2028 once shaft access is complete5

Studying potential to accelerate first production from East Gouldie into 20266

Current Odyssey mine plan from 2023 Internal Study extends to 2042 and only includes approximately 57% of the existing resource ounces7

Complex expected to have ~40ktpd of excess mill capacity starting in 20287:

• Regional synergies and optimizations currently being studied for Upper Beaver (results mid-2024) and Wasamac (late 2024 / early 2025)8
• Potential for 2nd shaft at Odyssey Underground currently in concept phase; additional clarity on potential 2nd shaft likely in 20259

Open Pit, East Gouldie, Odyssey South & western half of East Malartic -
5.0% NSR Royalty
+ Odyssey North and eastern half of East Malartic - 3.0% NSR Royalty
+ Any ore processed from outside CM property - $0.40/t Mill Royalty	Source: Agnico Eagle Mines Ltd. (February 2024)

Quebec, Canada | Agnico Eagle Mines Limited

10