2014 Q4 and Year End Results February 19, 2015

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko and Virginia (collectively, the “Corporations”) expect to occur including managements’ expectations regarding the Corporations’ growth, results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities are forward looking statements. 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 transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the Corporations, the view on (i) the quality and the potential of the Corporations’ assets, production forecasts for properties in which the corporation holds a royalty. Although the Corporations believe 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: fluctuations in the prices of the commodities that drive royalties held by the Corporations; 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 Corporations hold a royalty; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporations hold a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which the Corporations hold a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which the Corporations 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 Corporations 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 Corporations; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporations hold 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 Corporations hold 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. The Corporations caution 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 Corporations believe 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 press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporations undertake 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 PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. By accepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to keep strictly confidential the contents of this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the contents for 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 PowerPoint presentation, other confidential information or any such other material. Inquiries regarding this confidential PowerPoint presentation can be made to the Companies’ financial advisors, or the senior management of the Companies.

Forward Looking Statements

3

Canadian Malartic The Largest Gold Mine in Canada in 2014

535,470

456,634 452,877414,400

300,000278,300

204,652

128,244100,433 92,622

Source: Public disclosure

2014 Gold Production from Canadian Mines (koz)

2014 Revenues of $17.2 million 12,327 gold ounces earned and sold 11,915 silver ounces earned and sold Net loss of $2.1 million, $0.05 per share Adjusted earnings of $10.1 million, $0.22 per share1

Net cash flows provided by operating activities2,3 of $5.9 million

Announced the friendly acquisition of Virginia Mines (completed Q1 2015) Completed a $42 million private placement of common shares $100 million revolving credit facility obtained with possibility to increase by $50 million Declaration of a first quarterly dividend of $0.03 per common share paid on January 15,

2015

2015 Completed a bought deal private placement of special warrants for total gross proceeds of

approximately $200 million.

4

Full Year 2014 Highlights

1. “Adjusted earnings (loss)” and “Adjusted earnings (loss) per share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this Management and Discussion Analysis.

2. From continuing operations 3. Before change in non-cash working capital items

Q4 2014 Revenues of $7.6 million 5,010 gold ounces earned and 5,484 ounces sold 4,902 silver ounces earned and 5,392 ounces sold Net loss of $2.2 million, $0.04 per share Adjusted earnings of $3.1 million, $0.06 per share1

Net cash flows provided by operating activities2,3 of $2.6 million

5

Q4 2014 Highlights

1. “Adjusted earnings (loss)” and “Adjusted earnings (loss) per share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this Management and Discussion Analysis.

2. From continuing operations 3. Before change in non-cash working capital items

Osisko Gold Royalties is a new legal entity – Must report as a continuation of Osisko Mining Corporation (OMC) under IFRS

Results reflect a 10 to 1 share consolidation which occurred on June 16, 2014

Osisko Mining Corporation Transaction Friendly transaction announced with Yamana and Agnico Eagle on April 16, 2014, approved by the shareholders of OMC on May 31, 2014 and concluded on June 16, 2014. Under the terms of the agreement, each shareholder of OMC received: $2.09 in cash; 0.26471 of a Yamana share; 0.07264 of an Agnico Eagle share; and 1/10th of a share of Osisko Gold Royalties.

Osisko Gold Royalties’ initial asset base included: Cash of $157 million 5% NSR on the Canadian Malartic mine 2% NSR on the Upper Beaver and Kirkland Lake properties 2% NSR on the Hammond Reef Project and other Canadian exploration projects $0.40/tonne Canadian Malartic toll milling royalty (after June 16, 2021) Mexican exploration properties Portfolio of publicly traded securities in exploration companies Canadian tax pool of $50 million related to the 5% NSR on the Canadian Malartic mine to be used to shelter income from

Federal and Québec income taxes

6

Basis of Financial Presentation

3 Months Ended 12 Months Ended

(C$ 000) Dec. 31, 2014 Dec. 31, 2013 Dec. 31,

2014 Dec. 31,

2013

Revenues $7,608 -- $17,179 --

Expenses (8,000) (2,617) (18,914) (16,284)

Operating Loss (392) (2,617) (1,735) (16,284)

Earnings (Loss) Before Income Taxes (736) (8,408) 1,196 (28,558)

Net Loss from Continuing Operations (2,182) (8,468) (2,095) (28,684)

Adjusted Net Earnings 3,135 -- 10,072 --

Adjusted Net Earnings per Share 0.06 -- 0.22 --

7

2014 Q4 and Year End Financial Results

8

Year End Financial Position

(C$ millions) Dec. 31, 2014

Cash $175.2

Working Capital $171.1

Debt --

Total Assets $270.0

Shareholders’ Equity $263.2

Cash position of $175M prior to receiving over $60M from closing of Virginia transaction and gross proceeds of $200M from completion of bought deal

Canadian Malartic Outlook

9

Operators: • Agnico Eagle / Yamana Gold

Location: • Malartic, Québec

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

Commercial Production:

• May 2011

2015 Outlook • 560 koz (Agnico/Yamana)(3)

Property Description:

• Produced 536 koz in 2014 • 55k tpd open pit, bulk tonnage operation • Currently Canada’s largest gold mine • Mine life expected to last through 2028 (2)

• 2015 production guidance of 560k oz Au (100% basis) (3)

• Potential upside from throughput optimization • Significant exploration potential exists from targets within

the immediate vicinity of the mine • Current reserves of 8.9 M oz Au (1)

3-Year Production Outlook (k oz Au) (3)

Source: Agnico Eagle, Yamana and Osisko Gold Royalties public disclosure. (1) See Appendix A for full disclosure on Reserves & Resources. (2) Based on press release dated March 20, 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on Osisko Mining Corporation’s profile on www.sedar.com. (3) Based on Agnico Eagle’s press release dated February 11th, 2015, titled: “Agnico Eagle reports fourth quarter and full year 2014 results”

3-Year Attributable Royalty Ounces (k oz Au) (3)

560 580 580

2015E 2016E 2017E

28 29 29

2015E 2016E 2017E

2015 Outlook and 5-Year Production Profile (k oz Au) (3)

Éléonore Outlook

10

Operator: • Goldcorp (100%)

Location: • James Bay, Québec

Interest: • 2.00% NSR royalty on the first 3M oz of Au production, increasing by 0.25% for every additional 1M oz of production thereafter, to a maximum of 3.50% (subject to Au price adjustment of up to +/-10% if Au is higher than US$500/oz and -10% if Au is below US$350/oz)

Commercial Production:

• Q1 2015

2015 Outlook • 2015 guidance of 290-330koz for Éléonore (Goldcorp)(3)

• Osisko’s 2015 outlook for Éléonore based on: • Feb. 17, 2015 effective date for combination • Ounces due applied against US$5M advanced

royalty payment to Goldcorp

Property Description:

• 3.5k tpd underground operation, with development plan to expand plant throughput to 7k tpd

• First gold poured on October 1, 2014 - 2014 production of 18,300 koz

• Average annual production upon ramp-up to full capacity (expected by 2018) of 575-625k oz Au according to operator

• Initial capital of C$2.0-2.1 billion • Current reserves of 4.97M oz Au (2)

Source: Goldcorp and Virginia Mines public disclosure. (1) As of October 1, 2014. (2) See Appendix A for full disclosure on Reserves & Resources. (3) 2015 based on Goldcorp’s 2015 outlook (see Goldcorp press release dated January 12, 2015). 2016 to 2019 based on consensus analyst estimates.

5-Year Attributable Royalty Ounces (k oz Au) (3)

290-330377

527 574 568

2015E 2016E 2017E 2018E 2019E

2.6-3.48

12 13 12

2015E 2016E 2017E 2018E 2019E

Completion of Osisko and Virginia Combination: Creation of a Leading Intermediate Gold Royalty Company

11

Guerrero (100% Osisko) Guerrero, Mexico Status: Exploration

Kirkland Lake Camp (2% NSR) Ontario, Canada Status: Exploration

Hammond Reef (2% NSR) Ontario, Canada Status: Permitting

Upper Beaver (2% NSR) Ontario, Canada Status: Exploration

Pandora (2% NSR) Quebec, Canada Status: Exploration, Contiguous to Lapa mine

Canadian Malartic (5% NSR) Quebec, Canada Status: Producing

Éléonore (2.0 – 3.5% NSR) Quebec, Canada Status: Ramp up

Mines Coulon Quebec, Canada Status: Exploration

James Bay Area 5,800 km2 land position Quebec, Canada Status: Exploration

NioGold Mining (Equity Position) Quebec, Canada Status: Exploration, close proximity to Canadian Malartic

Nighthawk Gold (Equity Position) Northwest Territories, Canada Status: Exploration

Falco Resources (Equity Position) Quebec, Canada Status: Exploration

White Pine North – Copperwood (3% sliding-scale NSR) Michigan, USA Status: Exploration

Total of 16 royalty assets, including the world-class

Canadian Malartic and Éléonore royalties

Royalty – Producing

Royalty – Non-producing

Exploration Project

Two of the Best Producing Gold Royalties with Potential for Growth

12 Source: National Bank Financial

$304

$199

$304

$252

$224

$179 $171 $166

$139

$107 $106

$78 $77 $68

$55 $38 $34

$277

$143

$115

$46 $36 $35 $34 $32 $30

ORFNVRGLD

National Bank Financial Gold Royalty Ranking Based on NAV (US$ M)

Two of the premier royalty assets in the gold sector

Large new low-cost mines generating significant cash flow

Long-life assets in mining camps with significant upside potential

Senior company operators (incentive for mine expansion)

Additional 14 royalties in development and exploration in Québec and Ontario

Unparalleled land packages with leading in-house exploration and development teams

Peer-leading cash position and no debt

Dividend paying stock

Alignment with large financial institutions

Québec based

All gold weighting

13

Conclusion

Two cornerstone assets create the new leading intermediate gold royalty company

Appendix A: Reserves & Resources

Reserves and Resources

(1) See the “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR THE CANADIAN MALARTIC PROPERTY” dated August 13th 2014 on Agnico Eagle’s profile at www.sedar.com.

(2) See Goldcorp press release dated February 19, 2015, titled Goldcorp Announces Quarterly and Annual Financial Results; Provides Updated Reserves and Resources Estimates

ReservesGold

Grade Gold Tonnes

(g/t) (M oz) (Mt)

Total Proven & Probable 6.30 4.97 24.57

Global ResourcesGold

Grade Gold Tonnes

(g/t) (M oz) (Mt)

Total Measured & Indicated(Excluding Reserves) 6.34 1.06 5.19

Inferred 7.19 2.80 12.09

Category

Category

Canadian Malartic (1) Éléonore (2)

Reserves*Gold

Grade Gold Tonnes

(g/t) (M oz) (Mt)

Proven 0.91 1.69 57.6

Probable 1.10 7.26 205.6

Total Proven & Probable 1.06 8.94 263.2* Cut-off grade: 0.28 - 0.35g/t Gold Price: $1,300/oz Au C$/US$ exchange rate of 1.10

Global Resources (Including Reserves)*Gold

Grade Gold Tonnes

(g/t) (M oz) (Mt)

Measured 0.98 1.79 56.8

Indicated 1.09 8.97 254.9

Stockpiles (Measured) 0.51 0.04 2.5Total Measured & Indicated(Including Reserves) 1.07 10.80 314.2

Inferred 0.77 1.14 46.5* Cut-off grade: 0.28 - 0.35g/t

Category

Category

15

Reserves and Resources

16 (1) See the “TECHNICAL REPORT ON THE UPPER BEAVER GOLD – COPPER PROJECT, ONTARIO, CANADA” dated November 5th 2012 on Osisko Mining Corporation’s profile

at www.sedar.com. (2) See press release dated January 28th 2013 titled “Osisko Provides Resource Update for Hammond Reef Project” on Osisko Mining Corporation’s profile on www.sedar.com.

Upper Beaver (1)

Global Gold Resources*Au

GradeCu

Grade Au Cu Tonnes

(g/t) (%) (M oz) (M lb) (Mt)

Indicated 6.62 0.37 1.46 56.0 6.87

Inferred 4.85 0.32 0.71 32.2 4.57

Category

* Au Cut-off grade: 2.0g/t

Hammond Reef (2)

Global Resources*Gold

Grade Gold Tonnes

(g/t) (M oz) (Mt)

Measured 0.90 3.59 123.5

Indicated 0.78 1.83 72.9

Total Measured & Indicated 0.86 5.43 196.4

Inferred 0.72 1.75 75.7* Cut-off grade: 0.5g/t

Category

Appendix B: Income Statement 17

3 Months Ended 12 Months Ended

(C$ 000) Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Revenues $7,608 -- $17,179 --

Expenses - General and administrative - Business development - Exploration and evaluation - Write-off of property, plant and equipment

(3,095) (2,711)

(750) (1,444)

(192)

-- (1,475)

(950)

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

(903)

-- (7,259) (8,122)

Operating loss (392) (2,617) (1,735) (16,284)

Other income (expenses) - net (344) (5,791) 2,931 (12,274)

Earnings (Loss) before income taxes (736) (8,408) 1,196 (28,558)

Income tax expense (1,446) (60) (3,291) (126)

Net loss from continuing operations (2,182) (8,468) (2,095) (28,684)

Net earnings (loss) from discontinued operations -- 18,956 1,675,263 (426,419)

Net Earnings (Loss) for the Period (2,182) 10,488 1,673,168 (455,103)

Net loss from continuing operations per share (0.04) (0.19) (0.05) (0.66)

18

2014 Statement of Income