About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd (Osisko) engages in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities. Osisko owns a portfolio of royalties, streams, offtakes, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects. The company’s cornerstone asset is a 5% NSR royalty on the Canadian Malartic mine, located in Canada. As of March 24, 2023, Osisko owned directly or indirectly a portfolio of 169 royalties, 12 streams, and 3 offtakes, as well as 7 royalty options. Osisko has 20 producing assets. Business Model and Strategy Osisko's main focus is on making investments in high quality, long-life precious metals royalty and stream assets located in favourable jurisdictions and operated by established mining companies. Osisko also evaluates and invests in opportunities in other commodities and jurisdictions. Cornerstone Asset: Canadian Malartic Royalty (5% NSR) Osisko's cornerstone asset is the 5% Canadian Malartic Royalty, which is located in Malartic, Quebec, and operated by Canadian Malartic GP formed by Agnico (Agnico Eagle Mines Limited) and Yamana (Yamana Gold Inc.). On November 4, 2022, Agnico announced a binding offer to acquire Yamana's interest in its Canadian assets, including the other half of the Canadian Malartic mine. The consolidation of Canadian Malartic, expected to close in the first quarter of 2023, would give Agnico operational control during the remaining development period of the Odyssey underground project and would provide the opportunity to monetize future additional mill capacity at the mine, given Agnico's extensive operations and strategic land position in the region. Osisko also holds a 5.0% NSR (net smelter return) royalty on the East Gouldie and Odyssey South deposits, a 3.0% NSR royalty on the Odyssey North deposit and a 3-5% NSR on the East Malartic deposit, which are located adjacent to the Canadian Malartic mine. In 2023, production is expected to be sourced from the Canadian Malartic pit, the Barnat pit and the Odyssey mine, complemented by ore from the low grade stockpiles. The Canadian Malartic pit is expected to be completed late in the first half of 2023. The Odyssey mine is forecast to gradually ramp-up production in 2023, with an expected start in March 2023. The Odyssey mine is expected to contribute approximately 50,000 ounces of gold in 2023 and 80,000 ounces of gold in 2024 and 2025 to the Canadian Malartic Complex payable production. The mill throughput is forecast to remain at approximately 51,500 tpd (tonnes per day) in 2023. With the depletion of the Canadian Malartic pit in 2023 and the transition to in-pit tailings disposal in the second half of 2024, Agnico is evaluating opportunities to further increase the mill throughput up to 60,000 tpd. Agnico is evaluating a number of near surface and underground opportunities on the Canadian Malartic property to leverage anticipated future excess mill capacity and mining infrastructure. With the potential excess mill capacity at Canadian Malartic, Agnico is evaluating the potential to transport ore from Upper Beaver to Canadian Malartic (approximately 5,000 tpd) starting in 2030. Various scenarios are being evaluated by Agnico to potentially truck ore to the main rail line (a distance of approximately 7.0 kilometres) and then transport it by train to the Canadian Malartic mill for processing (a distance of approximately 130 kilometres). Agnico is also evaluating the potential to utilize the excess mill capacity to process ore from other properties in the Kirkland Lake region, including Upper Canada and Anoki-McBean. The Upper Canada property hosts 722,000 ounces of gold in Measured and Indicated Mineral Resources (10.4 million tonnes grading 2.15 g/t Au) and an additional 1.86 million ounces of gold in Inferred Mineral Resources (18.6 million tonnes grading 3.11 g/t Au). These projects, as well as the AK deposit, which is expected to produce 20,000 to 40,000 ounces of gold per year starting in 2024, are all covered by a 2% NSR royalty in favour of Osisko. Equity Investments Osisko's assets include a portfolio of shares, mainly of publicly traded exploration and development mining companies. Potential CSA Silver Stream In March 2022, OBL entered into a binding agreement with MAC with respect a silver stream (the ‘CSA Silver Stream’) to facilitate MAC's acquisition of the producing CSA mine in New South Wales, Australia (the ‘CSA Mine’). Concurrently, MAC announced the entering into of an agreement to acquire 100% of the shares of the owner of the CSA Mine from a subsidiary of Glencore plc (the ‘CSA Acquisition Transaction’). Metals Stream Tintic Property In September 2022, OBL entered into a definitive agreement with Tintic, a subsidiary of Osisko Development, with respect to a metals stream (the ‘Tintic Stream’) covering the producing Trixie project, as well as mineral claims covering more than 17,000 acres (including over 14,200 acres of which are patented) in Central Utah's historic Tintic Mining District (the ‘Tintic Property’). Marimaca Copper Royalty In September 2022, Osisko acquired a 1.0% NSR royalty covering the known mineralization and prospective exploration areas that constitute the Marimaca copper project located in Antofagasta, Chile, owned and operated by Marimaca Copper Corp. As part of the transaction, Osisko has been granted certain rights, including a right of first refusal with respect to any royalty, stream, or similar interest in connection with financing the Marimaca project. Cascabel Royalty In November 2022, Osisko acquired a 0.6% NSR royalty covering the entire 4,979 hectare Cascabel property, including the Alpala project, located in northeastern Ecuador and operated by SolGold (the ‘Cascabel Royalty’). The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt. The project base is located at 800 metres above sea level in northern Ecuador, an approximately three-hour drive on sealed highway north of Quito, close to water, hydroelectric power supply and Pacific ports. The Cascabel property lies on the margin of the Eocene and Miocene metallogenic belts which are renowned for hosting some of the world's largest porphyry copper and gold deposits. A pre-feasibility study outlined a mill throughput of 25 million tonnes per year fed by a block cave operation. Due to the very efficient mining method and transportation of ore to surface via conveyors and access to hydroelectric power, the Alpala mine has the potential to have a very low carbon footprint. Launch of Osisko Development Osisko Development (Osisko Development Corp.) owns the Cariboo Gold Project in British Columbia, Canada, the Tintic Property in Utah, the United States and the San Antonio project in Sonora, Mexico. The company owns a 5% NSR royalty on the Cariboo Gold Project, a 15% gold and silver stream on the San Antonio Gold Project and a 2.5% metals stream on the Tintic Property. As of December 31, 2022, Osisko held approximately a 39.9% interest in Osisko Development. History Osisko Gold Royalties Ltd was founded in 2014.