THE WORLD’S PREMIER GROWTH-ORIENTED ROYALTY COMPANY

CORPORATE PRESENTATION

SEPTEMBER 2018 Forward Looking Statements

Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko Royalties Ltd (the "Corporation” or “Osisko” ) expects to occur, including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions will be realized. 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 or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties in which the Corporation holds a royalty, stream or other interest. Although the Corporation 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 to differ materially from those in forward-looking statements include, without limitation: acceptance of the Transaction by the Corporation’s shareholders; the completion of a concurrent private placement to fund and support the Transaction; the ability of the parties to receive, in a timely manner, the necessary regulatory and other third party approvals; the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Transaction; the ability of Osisko to realize the assumed benefits of the Transaction; fluctuations in the prices of the commodities that 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 the Corporation holds a royalty or other interest; the unfavorable outcome of litigation relating to any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from mineral resource estimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring, development and on any of the properties in which the Corporation hold 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 economic developments in any of the countries where properties in which the Corporation hold a royalty or other interest are located or through which they are held); continued availability 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 streams; other uninsured risks. 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 the Corporation holds a royalty 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; no adverse development in respect of any significant property in which the Corporation 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. 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 and on EDGAR at www.sec.gov. The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation 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. 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. Luc Lessard is the qualified person for this release as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent. 2 Why Osisko?

. LEADING & UNPARALLELED GROWTH PROFILE Growing GEOs from 80k oz in 2018 to over 180k oz within the next 5 years

. LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR Over 87% Cash Margins expected in 2018

. DELEVERAGING QUICKLY Repayment of $51.8M on the revolving credit facility in Q2

. EXPERIENCED AND PROVEN MANAGEMENT TEAM Global Exploration and Mine Building Capabilities In-House

. A SIGNIFICANT DIVIDEND Currently Yielding 2%

. TRADING AT A DISCOUNT TO PEERS

3 Osisko’s Unique CAPITAL & HUMAN Business Model RESOURCES 75% DEPLOYMENT 25%

TRADITIONAL ROYALTY ACCELERATOR BUSINESS & STREAMING BUSINESS

. ORION PORTFOLIO | ~C$1.1B . OSISKO MINING Developing high grade resource in Québec . BACK FORTY STREAM | ~C$70M

2017 . BARKERVILLE . GIBRALTAR STREAM | ~C$50M Recording solid exploration results and commencing small-scale mining . OSISKO METALS Creation of new vehicule focused on base metals, . EAGLE ROYALTY | ~C$98M recently acquired Pinepoint mining camp 2018

ACHIEVEMENTS . HORNE 5 STREAM | C$180M . FALCO RESOURCES Completed feasibility study and advancing development

CHEQUE SIZE: MEDIUM TO LARGE SMALL TO MEDIUM TIMELINE TO NEAR-TERM OR MEDIUM TO LONG-TERM CASH FLOW: PRODUCING TYPE: STREAM, ROYALTY ROYALTY, RIGHTS, EQUITY RISK: LOWER HIGHER RETURN: LOWER HIGHER COMPETITION: HIGHER LOWER

4 Tier 1 Jurisdictional Focus – Safe & Stable Asset Base

104 6 3

2

9

13

Represents total royalty/streaming assets

5 Quality Cash Flowing Assets – Strong North American Focus

6 Strong producing platform & growth pipeline

. Horne 5 Stream2 GEOs (k oz) . Cariboo NSR . Windfall NSR . Amulsar Stream . Hermosa NSR & Offtake . Back Forty Stream . Lamaque NSR 180-190 . Brucejack Stream & Offtake . Victoria NSR 21 OPTIONALITY

Horne 5: . 25 k oz Marban NSR 130 - 140 .Upper Beaver NSR

19 CompaniesAccelerator .Highland NSR .Casino NSR .Ollachea NSR .Yenipazar Offtake 77.5 - 82.5 .Spring Valley NSR Assets + . Nimbus Offtake Currently in .Tijirit NSR Assets Production: Currently in 115 k oz Production: AND PORTFOLIO 90 k oz OF OVER 100 ADDITIONAL ROYALTIES 34.2 k oz

2018 1 2020E 2023E Dotted box represents contribution from Brucejack stream if not bought-back by the operator

CURRENTLY FULLY FUNDED TO MORE THAN DOUBLE GEOS WITHIN 5 YEARS

Source: Osisko management estimates.

1. Refer to February 20, 2018 press release. 7 2. Subject to the closing of the transaction announced June 18, 2018 between Osisko and Falco. Expected closing in September 2018. Delivering Significant Production Growth since Inception

PRODUCTION AND GUIDANCE (GEOs)

77,500 to 82,500

58,933 At 38,270 87% Cash 30,588 Operating 12,499 Margin

2014 2015 2016 2017 2018 Guidance

WE EXPECT A STRONG PRODUCTION DURING H2 2018 AND THE HIGHEST MARGIN IN THE STEADY PRODUCTION INCREASES METALS AND MINING SECTOR THROUGH 2019 AND 2020

8 Paying Down Debt

CREDIT FACILITY LONG-TERM DEBT $99.8M

450.0

TOTAL 350.0

CREDIT $350.0 FACILITY: $350.0 250.0 $450M1

150.0

$148.0 $99.8 50.0 Dec. 31, 2017 Jun. 30, 2018

Undrawn Credit Facility Drawn Credit Facility Debt from Credit Facility Convertible Debt

REPAYMENT OF $51.8 MILLION ON THE REVOLVING CREDIT FACILITY IN 2018

1. Including the $100M accordion 9 GEO Production and Guidance (k oz) – Growing Portfolio of New Mines

OSISKO GOLD ROYALTIES Franco-Nevada 100 80 500 75 59 400 50 38 GEO (k oz) GEO (k oz)

300 25

0 200 2016A 2017A 2018E 2016A 2017A 2018E

Royal Gold1 Wheaton Precious Metals2 375 800

750 325

700

GEO (k oz) 275 GEO (k oz) 650

225 600 2016A 2017A 2018E 2016A 2017A 2018E

1. Royal Gold does not provide 2018 production guidance. Using consensus estimates instead. Calendarizing production and margin – fiscal year end is June 30th. 2. Using consensus long-term gold and prices to calculate 2018 gold equivalent production guidance for WPM 10 Osisko Trading at Discount to Peers

Consensus P / NAV

2.1x 1.9x

1.6x

1.1x

FNV RGLD WPM OR

11 2017 Gross Margin (%)

100.0% LEADING & HIGHEST MARGINS IN THE METALS & MINING SECTOR 95.0% 92.0%

90.0%

85.0% 81.7% 80.0% 79.0%

75.0% 70.6% 70.0%

65.0%

60.0%

55.0%

50.0% Osisko Gold Royalties Royal Gold Franco-Nevada Wheaton Precious Metals

1. Osisko 2017 gross margin is based on cost of sales over sales (excluding offtakes). Consensus estimates. 12 75 %

LOW RISK PORTFOLIO

Source: Research reports and Osisko management estimates. 11 Royalty Dominant Portfolio

Consensus NPV by Stage Consensus NPV by Type

Construction/ Offtake 2% Ramp-Up 17% ZERO-COST GOLD Stream Production 47% 60% Development 23% Royalty 51%

Consensus NPV By Geography Consensus NPV by Metal

Other 8% Other 4% Chile Diamond 8% 12%

U.S. 9% Silver 22%

Canada Gold 75% 62%

Source: Research reports. 14 Updates on Cash Flowing Assets

CANADIAN ÉLÉONORE RENARD BRUCEJACK1 MALARTIC

5% NSR 2.2 - 3.5% NSR 9.6% DIAMOND STREAM 4% Au, Ag STREAMS, 50% offtake . Record annual production and mill . Improved average recovery by . Q1 recent average diamond price . First gold pour on June 20, 2017 throughput 1.5% in 2017 of US$112/carat . 95.8% gold recovery rate in Q4 2017 . The Barnat extension continues to . 7% increase in volume of ore . 1.2 mcarats to be produced in . Steady state gold production to be progress on schedule milled for 2017 2018 achieved mid-to-late 2018 . Exploration programs are ongoing . Opened 3rd mining horizon . Commenced ore-waste sorting, . First year ramp-up total gold to evaluate a number of near facility completed in Q1 2018 production is forecasted to be 302- pit/underground targets 352 Koz MANTOS SASA ISLAND SEABEE GOLD

100% Ag STREAM 100% Ag STREAM 1.38-2.55% NSR 3% NSR . Production of silver better than . One of the largest zinc, lead and . Significant exploration results . As per recent PEA, estimated gold expected for Q4 and year 2017 silver mines in Europe . Increasing throughput at mill production would average 100 due to change in the mine plan . Acquisition by Central Asia Metals Koz/year from 2018-2023, 29% higher . Debottlenecking project expected Plc in 2017 than 2016 production to increase processing capacity at . Resources to support 20 year mine . Record mill throughput for Q4 2017 the concentrator by 70% life

15 1. Subject to a 100% buy-back provision by the operator in 2018 Near & Medium-Term Cash Flowing Assets

HORNE 5 HAMMOND 90-100% AG EAGLE REEF STREAM 5% NSR 1.5% NSR

WINDFALL BRUCEJACK CARIBOO 1.5% NSR 4% AU-AG 2.25% NSR STREAM UPPER BEAVER KIRKLAND LAKE CAMP 2% NSR

LAMAQUE HERMOSA 1.7% NSR AMULSAR 1% NSR 4.22% Au, 62.5% Ag STREAM 82% Au OFFTAKE

ODYSSEY NORTH & SOUTH 3% & 5% NSR

BACK FORTY 18.5% Au STREAM 75% Ag STREAM

CERRO DEL GALLO 3% NSR

16 Q2 Acquisition - Eagle 5% NSR Gold Royalty

POTENTIAL TO BE THE LARGEST GOLD MINE IN THE YUKON

OPERATOR: Victoria Gold Corp. (100%)

LOCATION: 85 km NE of Mayo, Central Yukon,

RESERVES: 123 Mt at 0.67 g/t Au for 2.7 M oz Au

5% NSR royalty until 97,500 ounces of gold have ROYALTY: been delivered and 3% thereafter

PRODUCTION: 10,000 avg. royalty-attributable GEO's/year

. Fully permitted and in construction . Top-tier jurisdiction HIGHLIGHTS: . Excellent near-mine and regional exploration potential

PERMITTED AND IN CONSTRUCTION WITH MAJOR INFRASTRUCTURE ITEMS IN PLACE

17 Q2 Acquisition Announcement – Horne 5 Silver Stream

THE NEXT GREAT UNDERGROUND MINE IN CANADA

OPERATOR: Falco Resources Ltd (100%) LOCATION: Rouyn-Noranda, Québec RESERVES: 6.0 M oz at 2.37 g/t Au Eq. STREAM: 90-100% Ag @ 20% of spot transfer price (up to $6/oz) PRODUCTION: 25,000 avg. attributable GEO's/year . Feasibility study completed . A significant silver streaming interest on an advanced North American project HIGHLIGHTS: . Mid-term cash flow from Québec, one of the best mining jurisdictions in the world . Upside potential through further resource conversion and exploration at Horne 5

. Closing expected in September 2018 and is subject CLOSING: to approval by Falco shareholders . Transaction is subject to ROFR in favor of Glencore

OSISKO LOOKING FORWARD TO SUPPORTING ANOTHER GREAT MINE IN QUÉBEC, ONE OF THE TOP MINING JURISDICTIONS IN THE WORLD 18 Updates on Near & Medium-Term Cash Flowing Assets

AMULSAR LAMAQUE HORNE 5 HERMOSA

4.22% Au, 62.5% Ag STREAMS, 0.85% NSR 1% NSR 1% NSR 82.5% offtake . CAPEX in 2018 are forecast to be $120 . Completed Feasibility in late 2017. . Updated PEA shows US$2.0B NPV and million Deposited EIA. rapid 1.6 year payback of pre- . Engineering ~95% complete, . Mill start-up expected in Q4 2018 . 220,000 ounces of Gold production at production capex procurement is approaching 90%, and . Commercial production remains $399/oz Au AISC . 29 year mine life construction work is over 50% complete forecast for 2019 . Strong and Experienced management . Rapid development to production in . First gold production expected for Q4 . Ramp is advancing, now at C2 Level team. 2020 at first quartile costs 2018 . Advancing the declines in June 2018 . Schedule risks are now reduced given . New copper-rich zone discovered that critical earthworks are largely complete

WINDFALL CARIBOO ODYSSEY BACK FORTY NORTH & SOUTH

1.5% NSR 2.25% NSR 3% & 5% NSR 18.5% Au,- 75% Ag STREAMS . Largest exploration program in . Expect to see near-term cash flow . During 2017, a total of 125 holes . 4 out of 4 permits granted Canada recently extended to from small-scale operation (86,051 metres) were completed at . PEA highlights 16 years mine life 800,000 metres . Started collaring ramp the Odyssey property and 5,350 tpd throughput . Announced initial maiden resource . Very good exploration results . The results have been incorporated . Feasibility expected in 2018 on May 14th, 2.9 M oz @ 6.91 g/t to update the mineral resource for . Potential for mine life extension . Severe capping the Odyssey property . Received final permit . During Near-term production (2018- 2020) from Odyssey South 19 Accelerator Model: Case Study

Arizona Mining to Dalradian: 1. Osisko makes equity ($5.6M) and royalty ($10M) investment in Arizona Mining 2. Discovery made by Arizona Mining on Hermosa project 3. Negative market reaction, Osisko makes further equity investment post further technical diligence 4. Osisko monetizes Arizona Mining equity investments for gains of $22.8M 5. Osisko uses Arizona Mining gains and makes investment in Dalradian of $28.5M Production Expansion

Exploration Production Euphoria Re-Rating Important: 4 Maintain exposure to Hermosa 2 DALRADIAN Production project through Technical Studies Ramp-up royalty investment

and Permitting COMPANY / PROJECT OF VALUE Financing, ARIZONA 5 Construction MINING 3 1 TIME

Transferring gains to new investments while keeping exposure to existing assets

Optimal investing stage for Accelerator Model

20 SUMMARY

137 5 19 DIVIDEND YIELD ROYALTIES, CORNERSTONE PRODUCING STREAMS AND % ASSETS ASSETS 2 METAL OFFTAKES

RECORD 77,500 to PRECIOUS METAL AMERICAS 82,500 oz 58,933 GEOs FOCUSED FOCUSED ATTRIBUTABLE EARNED FOR 2017 GEOs FOR 2018

THE WORLD’S PREMIER GROWTH-ORIENTED C$336M C$188.6M IN INVESTMENTS IN CASH ROYALTY COMPANY As at June 30, 2018 As at June 30, 2018

21 APPENDIX The Team – Over 200 Years of Experience in Geology and Mine Building

. Transformed . 20 years of . 10 years of Osisko Mining experience in experience in the into a leading legal affairs in mining industry MANAGEMENT intermediate the mining in corporate dev. TEAM producer industry and mining . Over 30 years of investment experience in the banking mining industry Bryan A. Coates André Le Bel Joseph de la Plante President VP, Legal Affairs & VP, Corporate Development Corporate Secretary . Co-Founder of . 18 years of . 10 years of . 15 years of Osisko Mining experience in experience in the experience in Corporation finance, treasury mining industry financial . Transformed and financial related to capital reporting, Osisko Mining reporting markets and including over into a leading mergers & 10 years in the intermediate acquisition mining industry. producer Sean Roosen Elif Lévesque Vincent Metcalfe Frédéric Ruel Chair & CEO CFO & VP, Finance VP, Investor Relations VP, Corporate Controller

. Led the . Over 17 years of . Over 16 years of construction of experience in experience in TECHNICAL the Canadian mining and engineering, Malartic Mine extensive design and TEAM experience in construction of open pit and mining projects underground Luc Lessard François Vézina operations Christian Laroche SVP, Technical Services VP, Technical Services Director, Metallurgy

23 Canadian Malartic Royalty – 5% NSR Royalty

THE LARGEST GOLD MINE IN CANADA

OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%) CANADIAN MALARTIC EXTENSION PROJECT RECEIVES GOVERNMENT LOCATION: Malartic, Québec OF APPROVAL

RESERVES: P&P mineral reserves of 6.38 M oz Au1

. 5% NSR royalty . ROYALTY: $0.40/tonne on milled ore from outside the current property area for life of mill starting in June 2021

2017 PRODUCTION 682.0 K oz2 Au (33,136 oz earned for Osisko) (100%):

OPERATOR . 2018: 650 k oz PROVEN & PROBABLE GUIDANCE (Au) . 2019: 650 k oz (100%): . 2020: 690 k oz MINERAL RESERVES OF 6.38 M oz Au1

1. See Appendix for full disclosure on Reserves & Resources. 24 2. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…” Canadian Malartic Exploration Upside| Odyssey & East Malartic

ODYSSEY NORTH & SOUTH . Updated Inferred mineral resources are estimated at 1.68 Moz of gold (22.4 million OSISKO HOLDS A 5% NSR ROYALTY tonnes grading 2.32 g/t gold) for the ON THE ODYSSEY SOUTH ZONE AND Odyssey property. A 3% NSR ROYALTY ON THE ODYSSEY . During 2017, a total of 125 holes (86,051 metres) were NORTH ZONE completed at the Odyssey property and the results have been incorporated with previous work to update

1 4.08 the mineral resource for the Odyssey property . Combined and growing r esources EAST MALARTIC . In 2017, an initial inferred mineral M i oz resource was declared on the East nferred 1 LIES ON THE CANADIAN MALARTIC Malartic property, which was a historical Au MINE PROPERTY. OSISKO HOLDS A gold producer directly adjacent to the 5% NSR ROYALTY Canadian Malartic Mine. Inferred mineral resources at East Malartic are estimated at 2.4 million ounces of gold (38.0 million tonnes grading 2.02 g/t gold) to a depth of 1,000 metres.

1. Based on Agnico Eagle’s press release dated February 14, 2018, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2017 Results…” 25 Canadian Malartic Site - Longitudinal

26 Éléonore Royalty – 2.0 to 3.5% NSR 3.80 M oz Au oz M OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: P&P mineral reserves of 3.80 M oz Au1

. 2.0% NSR on the first 3 M oz of Au Potential . 0.25% increase for every additional ROYALTY: 1M oz of production thereafter, to a maximum of 3.50% . +10% if Au is higher than US$500/oz to 1,500m

2017 PRODUCTION: 305 k oz2 (6,390 oz earned for Osisko)

2018 OPERATOR 360 k oz3 GUIDANCE: . The mine is on pace to achieve optimum sustainable gold production rates by the second half of 2018. 1. See Appendix for full disclosure on Reserves & Resources. 2. Based on Goldcorp press release dated February 14, 2018, titled “Goldcorp Reports Fourth Quarter 2017 Results”. 27 3. Based on Goldcorp’s Investor Day presentation dated January 18, 2018 and company website 9.6% Renard Diamond Stream

Operator: Stornoway Primary Commodity: Diamond QUÉBEC’S FIRST P&P RESERVES OF DIAMOND MINE 20.0 M CARATS Location: North-Central Québec, Canada Reserves: . P&P reserves of 20.0M carats Resources:1 . M&I of 2.8M and inferred of 13.1M carats . 9.6% Stream on diamonds . US$50/carat transfer payment Stream: - 1% annual inflation starting 3 years after commercial production . No cap on current reserve pipes Production: . LOM avg. of 1.6M cts/year

 Producing world class diamond mine in Québec  Québec organizations invested (Investissement Quebec, La Caisse and Fonds)  Scarcity of new diamond mines globally  Upside from M&I and inferred and all pipes remain open at depth  Significant upside potential from recovery of large stones  Quality operator  Caisse owns separate 4% stream on Renard and Investissement Quebec owns a 2% NSR royalty

. 1.6M carats recovered 2018 Guidance: - 1.1M carats (+7 DTC) at US$125-165 - 0.6M carats (-7 DTC) at US$15-19

Source: Company disclosure and Osisko management estimates. 28 1. Exclusive of reserves. See slide 40 for detailed R&R statement. 100% Mantos Silver Stream

A LARGE 3 BILLION POUND Operator: Mantos Copper (private company owned by Orion) COPPER MINE COPPER RESOURCE Primary Copper UNDERGOING WITH A STABLE SILVER Commodity: EXPANSION BY-PRODUCT Location: Antofagasta, Chile

. 100% stream on silver production; reducing to 30% after 19.3M oz . Transfer payments based on 25% of the prevailing Stream: spot silver price . 50% buy-down option exercisable in 2020, 2021, or 2022 for US$70M

. 2017-20 avg. payable production of 0.6M oz Ag Production: . Avg. payable production of 1M oz Ag from 2021 onwards; sulphide expansion assumed in 2021

 Debottlenecking feasibility study underway  Well-established operating copper mine in top jurisdiction  Ex-Anglo American management team with strong understanding of the mine and highly incentivized  Significant cost reductions and more de-bottlenecking in progress  Drilling underway to add resources  Limited historical regional exploration

29 4% Au/Ag Brucejack Stream, 50% Au Offtake

Operator: Pretium Primary Gold Commodity: HIGH GRADE GOLD Location: 65km north of Stewart BC. Canada PRODUCTION IN CANADA Reserves: P&P reserves of 8.1M oz Au, 5.9M oz Ag Resources:1 M&I of 9.1M oz Au, 7.9M oz Ag and inferred of 3.1M oz Au, 4.0M oz Ag . 4% Stream on Au and Ag . US$400/oz Au, US$4.00/oz Ag transfer payment Stream: . 50% offtake of Au and Ag representing an effective NSR of 0.9% . Stream capped at 7.067M oz Au and 26.297M oz Ag . Full stream buyback option in 2018 and 2019 Caps / for US$119M and US$136M respectively. Buy-Down / Buy- . Stream buy-down option in 2018 (8%) and Back Options: 2019 (8%) for US$75M . Offtake buy-down options (50% or 75% buyback) in 2018 and 2019 2017 Production: . 152 koz Au; 179.2 koz Ag 2018 Guidance: . 150-200 koz Au during H1

 We have assumed stream could be bought-back for US$119M in 2018  Additional upside if stream not repurchased or Pretium undergoes a change of control

Source: Company disclosure and Osisko management estimates. 1. Inclusive of reserves. See slide 40 for detailed R&R statement. 30 Royalties, Streams and Offtakes – Complete List

Asset Name Operator Country Status Description

Producing Royalties, Streams & Offtakes 1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR 2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals 3 Gibraltar Taseko Mines Canada Production 100% Ag Stream 4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream 5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream 6 SASA Central Asia Metals Macedonia Production 100% Ag Stream 7 Brucejack (O) Pretium Resources Canada Production 50% Au offtake 8 Matilda Blackham Resources Australia Production 55% Au offtake 9 Parral GoGold Resources Mexico Production 100% Au + Ag offtake 10 San Ramon Red Eagle Mining de Colombia Colombia Production 51% Au offtake 11 Bald Mountain Kinross United States Production 1%-4% GSR 12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond) 13 Hewfran Metanor Resources Canada Production 1.7% NSR 14 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property 15 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR 16 Kwale Base Resources Kenya Production 2% of GRR on titanium 17 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products 18 Seabee Santoy SSR Mining Canada Production 3% NSR 19 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI Near-Term Development Royalties, Streams and Offtakes 20 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream 21 Amulsar (O) Lydian Armenia Construction 82% Au offtake 22 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream 23 Brucejack (S) (2020) Pretium Resources Canada Production 4% Au Stream and 4% Ag Stream (stream in 2020) 24 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 2.25% NSR 25 Eagle Victoria Gold Canada Construction 5% NSR until 97,500; 3% NSR thereafter 26 Hammond Reef Agnico Eagle Canada Development 1.5% NSR 27 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc 28 Horne 5 Falco Resources Canada Development 1% NSR 29 Lamaque-Rocdor Eldorado Gold Canada Development 0.85% NSR 30 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals 31 Nimbus MacPhersons Resources Australia Development 100% Ag offtake 32 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR 33 Windfall Osisko Mining Canada Development 1.5% NSR 34 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake Long-Term Development Royalties 35 Ambler NovaCopper US United States Development 1% NSR 36 Cameron Lake Cameron Gold Operations Canada Development 1% NSR 37 Casino Western Copper and Gold Canada Development 2.75% NSR 38 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR 39 Copperwood & White Pine Highland Copper United States Development 3% NSR 40 Corcoesto Edgewater Exploration Spain Development 1% NSR

31 Royalties, Streams and Offtakes – Complete List

Asset Name Operator Country Status Description

41 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au 42 King Island King Island Scheelite Australia Development 1.5% GRR 43 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR 44 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum 45 Ollachea Minera IRL Peru Development 1% NSR on all products 46 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag 47 Sandman 1 Newmont United States Development 5% NSR 48 Sandman 2 Newmont United States Development 1% NSR 49 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR 50 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold) 51 Tijirit Algold Resources Mauritania Development 1.5% 52 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional Exploration Royalties 53 Abbeytown Erris Resources Ireland Exploration 1% NSR 54 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR 55 Altar Stillwater Mining San Juan Exploration 1% NSR 56 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR 57 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR 58 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR 59 Aurbel QMX Gold Canada Exploration 2.125% NSR 60 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR 61 Bargold Abcourt Mines Canada Exploration 1.275 % NSR 62 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR 63 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI 64 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR 65 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR 66 Casino B Cariboo Rose Resources Canada Exploration 5% NPI 67 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals 68 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR 69 Croinor Monarques Gold Canada Exploration 0.75% NSR 70 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced 71 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR 72 Destor Explor Resources Canada Exploration 2.125% NSR 73 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment 74 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals 75 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR 76 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty 77 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR 78 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 79 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 80 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals 81 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

32 Royalties, Streams and Offtakes – Complete List

Asset Name Operator Country Status Description

82 Gabel Williams Wolfpack Gold United States Exploration 1% NPI 83 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals 84 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals 85 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products 86 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI 87 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals 88 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals 89 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products 90 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR 91 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR 92 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR 93 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals 94 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals 95 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR 96 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR 97 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR 98 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR 99 Moore Lake Denison Mines Canada Exploration 2.5% NSR 100 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals 101 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other 102 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 103 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals 104 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR 105 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals 106 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR 107 Preissac Sphinx Resources Canada Exploration 2% NSR 108 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR 109 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals 110 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR 111 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals 112 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR 113 San Juan Azure Minerals Mexico Exploration 2% NSR 114 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals 115 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag 116 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag) 117 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals 118 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR 119 Swedish Properties Erris Resources Sweden Exploration 1% NSR 120 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR 121 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals 122 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals 123 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR

33 Royalties, Streams and Offtakes – Complete List

Asset Name Operator Country Status Description

124 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR 125 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 126 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI 127 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals 128 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals 129 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals 130 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals 131 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals 132 Waihi West Antipodes Gold New Zealand Exploration 2% NSR 133 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg 134 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR 135 Whistler GoldMining United States Exploration 2.75% NSR 136 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR

34 Mineral Reserves and Resources

CANADIAN MALARTIC1 ISLAND GOLD3 RESERVES RESERVES CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Proven 0.95 1.52 50.0 Proven 8.68 159.8 573 Probable 1.15 4.86 131.0 Probable 9.31 592.4 1,978 Total Proven & Probable 1.10 6.38 180.8 Total Proven & Probable 9.17 752.2 2,551

GLOBAL RESOURCES (EXCLUDING RESERVES) 2 CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) ÉLÉONORE Measured 4.94 5.35 33.5 RESERVES Indicated 6.01 86.10 445.5 CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Meas. & Ind. 5.94 91.45 479.0 Total Proven & Probable 6.02 3.80 19.61 Inferred 10.18 995.7 3,042

GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Meas. & Ind. 5.81 1.34 7.16 Inferred 7.31 1.99 8.45

1. Agnico Eagle and Yamana public disclosure – as at February 14, 2017 2. Goldcorp public disclosure – as at June 30, 2017 3. Alamos public disclosure – as at February 14, 2017 35 Mineral Reserves and Resources

RENARD 1 AMULSAR3 PROBABLE RESERVES* RESERVES* AU GRADE AG GRADE AU AG TONNES GRADE (CPHT) CARATS (M) TONNES (MT) CATEGORY Total Probable 66.3 20.0 30.2 (G/T) (G/T) (M OZ) (M OZ) (MT) Proven 0.8 4.6 1.2 6.6 44.7 *Estimated at a +1 DTC sieve size cut-off Probable 0.8 3.3 1.4 6.1 57.9 Total P&P 0.8 3.9 2.6 12.7 102.7 GLOBAL RESOURCES (EXCLUDING RESERVES) GRADE (CPHT) CARATS (M) TONNES (MT) GLOBAL RESOURCES (INCLUDING RESERVES)* AU GRADE AG GRADE AU AG TONNES Total Indicated 46.0 2.8 6.1 CATEGORY Inferred 56.0 13.1 23.4 (G/T) (G/T) (M OZ) (M OZ) (MT) Measured 0.8 4.7 1.4 7.7 51.5 BRUCEJACK2 Indicated 0.7 3.4 2.1 9.8 90.7 Total M&I 0.8 3.8 3.5 17.5 142.2 RESERVES* Inferred 0.6 3.3 1.3 7.6 72.2 AU GRADE AG GRADE AU AG TONNES CATEGORY *Au cut-off grade: 0.24 g/t; gold price - US$1,500/oz, silver price - US$25.00/oz (G/T) (G/T) (M OZ) (M OZ) (MT) Proven 14.5 12.9 1.6 1.4 3.3 Probable 16.5 11.3 6.5 4.5 12.3 Total P&P 16.1 11.7 8.1 5.9 15.6

*NSR cut-off of C$180/t; gold Price - US$1,100/oz, silver Price - US$17.00/oz and a CAD:USD FX rate of 0.92

GLOBAL RESOURCES (INCLUDING RESERVES) AU GRADE AG GRADE AU AG TONNES CATEGORY (G/T) (G/T) (M OZ) (M OZ) (MT) Measured 17.0 15.3 1.9 1.7 3.5 Indicated 17.3 15.0 7.2 6.2 13.0 Total M&I 17.2 15.0 9.1 7.9 16.4 Inferred 21.0 26.9 3.1 4.0 4.6

1. Stornoway public disclosure - as at February 6, 2017. 2. Pretium pubic disclosure - as at December 15, 2016. 3. Lydian public disclosure - as at February 27, 2017. 36 Mineral Reserves and Resources

BACK FORTY1 CASINO3 GLOBAL RESOURCES* RESERVES* CATEGORY AG GRADE (G/T) AG (M OZ) TONNES (MT) CU GRADE AU GRADE CU AU TONNES CATEGORY Measured 27.3 5.9 6.7 (%) (G/T) (B LBS) (M OZ) (MT) Indicated 22.2 6.0 8.4 Proven 0.26% 0.4 0.7 1.8 123 Total M&I 24.5 11.9 15.1 Probable 0.17% 0.2 3.7 7.1 999 Inferred 26.5 2.0 2.3 Total P&P 0.18% 0.2 4.5 8.9 1,123 *NSR cut-off : US$27.78/oz Ag GLOBAL RESOURCES (INCLUDING RESERVES)* CU GRADE AU GRADE CU AU TONNES CATEGORY 2 (%) (G/T) (B LBS) (M OZ) (MT) SEABEE Measured 0.26% 0.5 0.7 1.8 124 RESERVES* Indicated 0.18% 0.2 4.0 7.1 1,016 CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total M&I 0.20% 0.2 4.7 8.9 1,140 Proven 7.0 0.1 0.5 Inferred 0.14% 0.2 5.4 9.0 1,713 Probable 8.9 0.3 0.9 *Au cut-off grade: 0.25% Cu Eq. & 0.25 g/t Au. Table excludes silver and moly. Total P&P 8.2 0.4 1.4 BALD MOUNTAIN4 *Au cut-off grade: 4.92 g/t Seabee & 3.65 g/t Santoy RESERVES* GLOBAL RESOURCES (INCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.8 0.3 10.3 Measured 7.7 0.2 0.8 Probable 0.6 1.9 100.2 Indicated 8.1 0.4 1.4 Total P&P 0.6 2.1 110.5 Total M&I 8.0 0.6 2.2 *Gold Price: US$1,200/oz Au Inferred 7.7 0.6 2.6 *Au cut-off grade: 4.40 g/t Seabee & 3.26 g/t Santoy GLOBAL RESOURCES (EXCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 0.6 0.5 24.9 Indicated 0.5 3.0 176.1 Total M&I 0.5 3.5 200.9 Inferred 0.4 0.6 49.5 1. Aquila public disclosure - as at March 15, 2017. 2. Silver Standard public disclosure - as at March 22, 2017. *Gold Price: US$1,400/oz Au 3. Western Copper and Gold disclosure - as at June 2017. 37 4. Kinross public disclosure - as at March 31, 2017. Mineral Reserves and Resources

Eagle1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 0.80 685 27 Probable 0.62 1,778 90 Total Proven & Probable 0.66 2,463 116

GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 0.81 761 29.4 Indicated 0.59 2,870 151.3 Total Meas. & Ind. 0.63 3,631 180.7 Inferred 0.49 276 17.4 Olive1,2 RESERVES CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (MT)3 Proven 1.02 58 2 Probable 0.93 142 5 Total Proven & Probable 0.95 200 7

GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 1.19 75 2.0 Indicated 1.05 254 7.5 Total Meas. & Ind. 1.08 329 9.5 Inferred 0.89 210 7.3

1. Victoria Gold Feasibility Study – September 12, 2016 2. Mineral resources are inclusive of mineral reserves 3. Numbers may not add up due to rounding 38