Osisko Gold Royalties - 2015 Q4 and Year-End Results

2015 Q4 and Year-End Results

MARCH 14, 2016

Certain statements contained in this press release may be deemed "forw ard-looking statements". All statements in this release, other than statements of historical fact, thataddress future events, developments or performance that Osisko (the “Corporation”) expects to occur including managements’ expectations regarding the Corporation’s grow th,results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodit ies, business prospects and opportunities areforward looking statements. Forw ard looking statements are statements that are not historical facts and are generally, but not alw ays, identif ied by the w ords "expects", "plans","anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (Including negative variations), or that events orconditions "w ill", "w ould", "may", "could" or "should" occur including, w ithout limitation, the performance of the assets of the Corporation, the realization of the anticipatedbenefits deriving from the Virginia acquisition and its portfolio of investments, production forecasts for properties in w hich the Corporation holds a royalty. Although theCorporation believes the expectations expressed in such forw ard-looking statements are based on reasonable assumptions, such statements involve know n and unknow nrisks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forw ard looking statements.Factors that could cause the actual results to differ materially from those in forward-looking statements include, w ithout limitation: f luctuations in the prices of the commodit iesthat drive royalties held by the Corporation; f luctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in w hich theCorporation holds a royalty; development, permitting, infrastructure, operating or technical diff iculties on any of the properties in w hich the Corporation holds a royalty or otherinterest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in w hich the Corporation holds a royalty or otherinterest; risks and hazards associated w ith the business of exploring, development and mining on any of the properties in w hich the Corporation holds a royalty or other interest,including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, f looding 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 polit ical or economicdevelopments in any of the countries where properties in w hich the Corporation holds a royalty or other interest are located or through w hich they are held); continuedavailability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation;the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based uponassumptions management believes to be reasonable, including, w ithout limitation: the ongoing operation of the properties in w hich the Corporation holds a royalty or otherinterest by the ow ners or operators of such properties in a manner consistent w ith past practice; the accuracy of public statements and disclosures made by the ow ners oroperators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respectof any signif icant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlyingproperties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.For addit ional information on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com.The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statementscontained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectationsreflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations w ill prove to be correct and such forward-lookingstatements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporation undertakes noobligation to publicly update or revise any forward-looking statements, w hether as a result of new information, future events or otherwise, other than as required by applicablelaw .

Safe Harbour Statement:This Pow erPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalt iesLtd. By accepting delivery of this confidential information or any other material in connection w ith an investment in the Corporation, the investor agrees: (1) to keep strictlyconfidential the contents of this confidential information presentation and such other material and not to disclose such contents to any third party or otherw ise use the contentsfor any purpose other than evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential Pow erPoint presentation, otherconfidential information or any such other material.Inquiries regarding this confidential Pow erPoint presentation can be made to the senior management of the Corporation.

Forward Looking Statements

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Accomplishments in 20 Months

RAISED TOTAL OF ~ $500M IN CAPITAL SECURED $200M IN AVAILABLE CREDIT DEPLOYED ~$220M OF CAPITAL INTO INVESTMENTS AND

OVER $775M IN TRANSACTIONS ADDED 48 ROYALTIES TO PORTFOLIO + 3 ROYALTY OPTIONS TOTAL OF $13.8M IN DIVIDENDS DECLARED CREATED NEW ROYALTY BUSINESS MODEL

3

First 20 Months Key Accomplishments - Positioned for Future Growth

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

DIVERSIFIED REVENUES

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

EQUIVALENT TO ~5,000 oz Au*

INCREASED ROYALTY PORTFOLIO FROM5 TO 53 ROYALTIES

POSITIONED BALANCE SHEET TO COMPETE

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

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

2015 Performance

PRODUCTION (oz Au Eq.)

OVER 30 K OZ OF ZERO-COST GOLD IN CANADA WITH ADDITIONALGROWTH FROM MAJOR CANADIAN ROYALTIES IN 2016

12,327oz Au

30,125oz Au

12,502 ozAu Eq.*

30,533 ozAu Eq.*

2014A 2015A

29,500---

29,900oz Au

34,500---

37,200oz Au

2015 2016

GUIDANCE (oz Au)

* Total withsilver in gold equivalent

5

$17.2

$57.6

$0

$10

$20

$30

$40

$50

$60

$70

2014A 2015A

REVENUE (C$ M)

Dividends mainly from LIF

Advance royalty payment

$5.9

$45.4

$6.3

2015 Performance

$5.9 2

$32.2

2014 2015

NET CASH FLOW FROM OPERATING ACTIVITIES (C$ M)1

1. Before change in non-cash working capital items2. From continuing operations 6

3 MONTHS ENDED 12 MONTHS ENDED

(C$ 000) Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

GOLD PRODUCTION (oz) 7,989 5,010 30,125 12,327

SILVER PRODUCTION (oz) 8,574 4,902 31,318 11,915

REALIZED GOLD PRICE (US$) 1,098 1,197 1,152 1,229

REVENUES $12,811 $7,608 $45,415 $17,179

DIVIDEND INCOME 1,560 -- 5,855 --

NET EARNINGS (LOSS)1 4,548 (2,182) 28,528 (2,095)

NET EARNINGS (LOSS) PER SHARE1 - BASIC 0.05 (0.04) 0.33 (0.05)

ADJUSTED NET EARNINGS 10,507 3,135 40 416 10,072

ADJUSTED NET EARNINGS PER SHARE - BASIC 0.11 0.06 0.46 0.22

2015 Financial Results

1. From continuing operations 7

2015 Activity

ACQUISITIONS

COMPLETED THE $556M ACQUISITION OF VIRGINIA MINES

INVESTMENTS – OVER $200M IN INVESTMENTS & ROYALTY ACQUISITIONS

1. 9.8% EQUITY INTEREST IN LABRADOR IRON ORE ROYALTY CORPORATION (LIF)2. ACQUISITION OF ISLAND GOLD AND LAMAQUE NSRs FROM TECK ALONG WITH 29 OTHER

ROYALTIES1

3. 1.5% NSR CARIBOO GOLD PROJECT4. 5% NSR – 40% NPI ON VEZZA (NOTTAWAY RESOURCES)5. ADDITIONS TO ROYALTY INCUBATION INVESTMENT PORTFOLIO:

OBAN MINING CORPORATION FALCO RESSOURCES BARKERVILLE GOLD MINES UNIGOLD

6. 3% NSR ON ODYSSEY NORTH

1. Subject to closing of remaining royalties acquired from Teck.

NIOGOLD MINING CORP. TERRAX MINERALS HIGHLAND COPPER COMPANY

8

2015 Activity

FINANCING

$173M BOUGHT DEAL FINANCING

(2016)

$200M BOUGHT DEAL PRIVATE PLACEMENT

SECURED $150M + $50M CREDIT

FACILITY

$50M CONVERTIBLE DEBENTURE WITH INVESTISSEMENT QUÉBEC (2016)

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(C$ millions) DEC. 31, 2015

CASH & CASH EQUIVALENTS $258.5

WORKING CAPITAL & MARKETABLE SECURITIES1 $380.5

DEBT --

TOTAL ASSETS $1,081.4

EQUITY2 $935.8

Year-End Financial Position

OSISKO IS NOW IN A UNIQUE POSITION TO DELIVER ON ITS STRATEGY OF GROWING ITS GOLD ROYALTY PORTFOLIO

~$650MIN CASH & AVAILABLE

CREDIT

STRONG CASH

POSITION

*Estimated as at March 14, 2016

1. At fair value2. Attributable to Osisko sharehoders

$157

~ $450

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Inception Current

CASH & CASH EQUIVALENTS ($M)*

10

Returning Capital to Shareholders

$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

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

SIXTH QUATERLY DIVIDEND DECLARED

DIVIDEND YIELD ~1.1%

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KEY PRODUCING ASSETS

LABRADOR IRON ORE ROYALTY CORPORATION9.8% EQUITY POSITION

ÉLÉONORE2.0-3.5% NSR

ISLAND GOLD1.7%-2.55% NSR

VEZZA5% NSR – 40% NPI

CANADIAN MALARTIC5% NSR

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OPERATORS: Agnico Eagle / Yamana Gold

LOCATION: Malartic, Québec

RESERVES: Current reserves of 7.73 M oz Au1

ROYALTY:

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

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

2015 PRODUCTION2:

572.0 k oz

GUIDANCE2: 2016: 560 to 580 k oz 2017: 590 to 600 k oz 2018: 610 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES2:

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

1. See Appendix A for full disclosure on Reserves & Resources.2. Based on Agnico Eagle’s press release dated February 10th, 2016, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2015 Results” and Yamana Gold’s press release dated February 18, 2016, and

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

Canadian MalarticProduction(k oz Au)2

572.0

2015A

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

29.7

2015A

Key Producing Assets | CANADIAN MALARTIC – 5% NSR

THE LARGEST GOLD MINE IN

CANADA

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

ÉléonoreProduction(k oz Au)2

268.1

2015A

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

4.7

2015A

0.4

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: Current reserves of 5.35 M oz Au1

ROYALTY:

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

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

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

2015 PRODUCTION2:

268.1 k oz

2016 GUIDANCE2: 250-280 k oz

2016 OSISKO ATTRIBUTABLE GOLD OUNCES2:

5.5 to 6.2 k oz

Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR

FIRST OUNCES RECEIVED IN

DECEMBER 2015

Including Ounces Credited Towards Advance Royalty

Payment

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Operating since 2007 Recently announced an updated

PEA1 on Deep resources at the Island Gold Mine

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

– 561,700 OZ @ 8.26 g/t2

$7.3M exploration budget in 2016

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

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

– 7.0% top-line royalty

– 15% equity interest in IOC

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

Operating since 1954

Reserves to continue operations for 28 years at current production rate3

Osisko received dividends from LIF of $5.8M in 2015

LABRADOR IRON OREROYALTY CORPORATION (LIF)9.8% EQUITY POSITION

ISLAND GOLD 1.7%-2.55%

NSR

Producing Royalties

Operated by Ressources Nottaway inc. (private company)

The property is located 25km from Matagami, Québec

Commercial production forecasted for 2016.

VEZZA5% NSR40% NPI

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Royalty Incubation Process – Barkerville Gold Mines

$15.2M IN FLOW-THROUGH SHARES(current market value: ~$26M)

$25M FOR A 1.5% NSR ROYALTY

TECHNICAL ADVISORY

AGREEMENT

Sean ROOSEN, Co-Chairman Chris LODDER, President & DirectorLuc LESSARD, COO

FLOW-THROUGH SHARES TO REDUCE TAX CHARGE16

Summary

53ROYALTIES &NO STREAMS

~$650MIN CASH & AVAILABLE

CREDIT

DIVIDEND YIELD

~1.1%

TWO OF THE PREMIER

ROYALTY ASSETS IN THE GOLD

SECTOR

GOLD FOCUSED

THE LEADING INTERMEDIATEGOLD ROYALTY COMPANY

TRACK RECORD OF SUCCESS

30,125ZERO-COST ozIN CANADA IN

2015

34,500 to 37,200 oz

ATTRIBUTABLE GOLD OUNCES FOR

2016

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APPENDIX

Appendix A – 2015 Statement of IncomeAppendix B – Reserves & Resources

3 MONTHS ENDED 12 MONTHS ENDED

(C$ 000) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014

REVENUES $12,811 $7,608 $45,415 $17,179

EXPENSES- DEPLETION OF ROYALTY INTERESTS- GENERAL AND ADMINISTRATIVE- BUSINESS DEVELOPMENT- EXPLORATION AND EVALUATION- WRITE-OFF OF PROPERTY, PLANT AND EQUIPMENT- GAIN ON DISPOSAL OF EXPLORATION AND EVALUATION ASSETS- COST RECOVERIES FROM ASSOCIATES

(588)(4,240)(3,491)

(964)(192)

--688

--(3,095)(2,711)

(750)(1,444)

----

(588)(15,046)(10,982)

(2,409)(192)

5001,526

--(5,285)(3,344)(6,010)(4,275)

----

OPERATING INCOME (LOSS) 4,024 (392) 18,224 (1,735)

OTHER INCOME (EXPENSES) - NET 2,481 (344) 18,498 2,931

EARNINGS (LOSS) BEFORE INCOME TAXES 6,505 (736) 36,722 1,196

INCOME TAX EXPENSE (1,957) (1,446) (8,194) (3,291)

NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 4,548 (2,182) 28,528 (2,095)

NET EARNINGS FROM DISCONTINUED OPERATIONS -- -- -- 1,675,263

NET EARNINGS (LOSS) FOR THE PERIOD 4,548 (2,182) 28,528 1,673,168

NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS PER SHARE - BASIC 0.05 (0.04) 0.33 (0.05)

Appendix A – 2015 Statement of Income

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Appendix B – Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at December 31, 20152. See Goldcorp press release dated February 25, 2016, titled Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance

3. See Richmont press release dated February 9, 2016, titled Richmont Increases Mineral Reserves by 187% and Island Gold Mine Increases Mineral Reserves by 206%, With a 29% Increase in Reserve Grade

CANADIAN MALARTIC1

RESERVES*

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

Proven 0.97 1.72 54.9

Probable 1.12 6.00 166.6

Total Proven & Probable 1.08 7.72 221.5

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

GLOBAL RESOURCES (EXCLUDING RESERVES)*


Measured 1.32 0.15 3.5

Indicated 1.55 1.10 22.2

Total Meas. & Ind. 1.51 1.25 25.7

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

ÉLÉONORE2

RESERVES*



GLOBAL RESOURCES (EXCLUDING RESERVES)


Total Meas. & Ind. 5.49 0.81 4.58

Inferred 7.11 2.28 9.97

ISLAND GOLD3

RESERVES - ABOVE 400M*

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

Proven 7,00 21,80 97.0

Probable 6.88 54.90 248.0


GLOBAL RESOURCES (EXCLUDING RESERVES) – ABOVE 400M*


Measured 5.80 1.35 7.5

Indicated 6.96 52.7 235.5

Total Meas. & Ind. 6.92 54.1 243.0

Inferred 7.44 98.7 412.5

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

RESERVES – BELOW 400M*


Proven 7.72 66.1 266.5

Probable 8.66 418.9 1,504.0

Total Proven & Probable 8.52 485.0 1,770,5

GLOBAL RESOURCES (EXCLUDING RESERVES) – BELOW 400M*


Indicated 5.20 17.65 105.5

Inferred 8.67 669.35 2,402.5

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

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Osisko Gold Royalties - 2015 Q4 and Year-End Results

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