JAN

-202

0

NYSE & TSX | ORwww.osiskogr.com

UNLOCKING VALUE FROM THEWORLD’S TOP LOW-RISKJUSRISDICTION ASSETS4TH LARGEST PRECIOUS METALS ROYALTYCOMPANY IN THE WORLD

UNIQUESTRATEGY FOR VALUE CREATION

PEER-LEADING

EXPOSURE TO CANADIAN

ASSETS

STRONGBALANCE

SHEET

INDUSTRY LEADING MARGINS

~1.6%YIELD

PRECIOUSMETALS

AMERICASFOCUSED

+135 ASSETS

16 PRODUCING ASSETS

5 KEY ASSETS

Total royalty/streaming/offtake assets

104

9

2

13

36

RENARD9.6% DIAMOND STREAM

ÉLÉONORE2-3.5% NSR

CANADIAN MALARTIC5% NSR

ISLAND GOLD1.38-2.55% NSR

PARRAL100% Au, Ag OFFTAKE

PAN MINE4% NSR

BALD MOUNTAIN1-4% NSR

GIBRALTAR75% Ag STREAM

SEABEE3% NSR

LAMAQUE0.85% NSR

MANTOS100% AgSTREAM

BRAUNA1% GRR

SASA100% Ag STREAM

KWALE1.5% GRR

MATILDA1.65% AU STREAM

Cornerstone Asset

Other Cash Flowing Assets

EAGLE5% NSR

QUALITY CASH FLOWING ASSETS FOCUSED IN NORTH AMERICA

PRODUCTION (GEOs)AND GUIDANCE

12,499

30,58838,270

58,933

80,553

78,000

2014 2015 2016 2017 2018 2019 Guidance

At89.5% Cash Operating Margin1,2

57,727YTD

At expected88% Cash Operating Margin1,2

7ROYALTIES3

+140ROYALTIES & STREAMING

ASSETS

49ROYALTIES

+50ROYALTIES & STREAMING

ASSETS

+130ROYALTIES & STREAMING

ASSETS

+135ROYALTIES & STREAMING

ASSETS

C$500 MMARKET CAP

C$2.0 BMARKET CAP

2 MAJORACQUISITIONS

CREATED THE ACCELERATOR

BUSINESS

1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest.

2. For royalties and streams3. At year end

OSISKO HOLDS ROYALTIESOR STREAMS ON A TOTAL OF~25,000 KM2 IN THE MOSTIMPORTANT CANADIANMINING CAMPS

PRIME ROYALTY REAL ESTATE IN CANADA

QUÉBECONTARIOBRITISH

COLUMBIA

YUKON

Tintina Belt& Selwyn Basin

(~12M ozs)

Cariboo District(~15M ozs)

Red Lake(~26M ozs) Kirkland Lake

& Timmins(~110M ozs)

Rouyn- Noranda& Val-d’Or(~75M ozs)

Bralorne(~4.5M ozs)

Lebel sur Quevillon

& Baie James(~15M ozs)

WESTERN CANADA7,200 km2 of royalty landsHistoric production of ~32M ozs

EASTERN CANADA19,000 km2 of royalty landsHistoric production of ~226M ozs

500 km300 mi

CREATION OF THENORTH SPIRIT DISCOVERY GROUP

- The evolution of Osisko’s Accelerator Model- Acquisition of the Cariboo Project

Act privately on project incubation anddevelopment that Osisko pioneered overthe last five years

- Project finance- Project engineering- Project management

INVESTMENT STRATEGY - MOVING ASSETS ALONG THE CURVE

ACCELERATOR PORTFOLIOCOMPANIES AND OWNERSHIPBY OSISKO

VALUE-ADDED SERVICES PROVIDEDBY OSISKO GOLD ROYALTIES

Construction Miningengineering

Legal

Favourableconsulting rates Metallurgy

Accounting

Environment Back office

OSISKO PROVIDES CAPITAL TOACCELERATOR COMPANIES WITH ACOMBINED MARKET CAP OF ~C$1.2 B

25% 75%

TRADITIONAL ROYALTY & STREAMING BUSINESSCREATING EXCLUSIVE PIPELINEOF OPPORTUNITIES

TIME

VA

LUE

DISCOVERYEARLY OPPORTUNITIES

TROUGHDEVELOPMENT OPPORTUNITIES

CONSTRUCTION-PRODUCTIONLOW RISK OPPORTUNITIES

Funding exploration

Early money in

Obtain future rights to project financing

Hybrid equity/royalty structure

Funding studies/ construction

Secured royalty/stream (milestone-based funding)

Debt refinancing/M&A

Lowest risk part of the curve

Secured royalty/stream (up-front deposit)

Last money in

- WINDFALL

- HORNE 5

- TALISKER

- EAGLE

- CARIBOO

- GIBRALTAR

- MANTOS

ACCELERATING THE DEVELOPMENTOF CANADA’S NEXT GOLD MINES

15.9% OWNERSHIP~C$1 B Market cap.

Osisko Mining Inc.

17.9% OWNERSHIP~C$70 M Market cap.

Osisko Metals Inc.

19.9% OWNERSHIP~C$60 M Market cap.

Falco Resources Ltd.

7.9% OWNERSHIP~C$40 M Market cap.

Talisker Resources Ltd.

18.7% OWNERSHIP~C$100 M Market cap.

Minera Alamos Inc.

RETURNING CAPITAL TO SHAREHOLDERSCUMULATIVE CAPITAL RETURNED – AS AT JANUARY 15, 2020

This document may include certain “forward-looking statements”. All statements other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Osisko Gold Royalties Ltd. (“the Company”) , are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. These statements reflect the

current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements contained in this presentation are qualified by these cautionary statements and the risk factors described above. Furthermore, all such statements are made of the date this document is created.

An investment in the Company is speculative due to the nature of the Company's business. The ability of the Company to carry out its growth initiatives as described in this document is subject to risk factors which are described in more detail in the Company’s Annual Information Form filed with the securities commissions or similar authorities in certain of the provinces of Canada. Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. Investors and others who base themselves on the Company's forward-looking statements should carefully consider such risk factors as well as the uncertainties they represent and the risk they entail. The Company also cautions readers not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Forward Looking Statements

Head office 1100, av. des Canadiens-de-Montréal, Suite 300, P.O. Box 211, Montreal, Qc H3B 2S2 Tel: 514.940.0670 Fax: 514.940.0669 info@osiskogr.com

STRONGBALANCE SHEET

BALANCE SHEET ITEM Sep 30,2019

Cash (C$ M) $123.7

Debt (C$ M) $347.6

Investments (C$ M) $293.0

Basic Shares Outstanding (M)* 157.2

Quarterly Dividend*Post BGM acquisition (12/02/19)

(C$/Share) $0.05

AVAILABLE CREDIT: $480 M

DividendShare Buyback

52 WEEK RANGE: C$11.00-C$17.47US$8.34-US$13.43

$0.03 $0.04

$1.6 $13.8 $30.8$55.1

$86.3$116.4

$1.8

$1.8

$34.8

$219.6

$0

$50

$100

$150

$200

$250

$300

$350

2014 2015 2016 2017 2018 2019

Cu

mu

lati

ve C

apit

al R

etu

rned

(C$M

)

C$336 M RETURNED TO

SHAREHOLDERS SINCE INCEPTION

IN 2014

Quarterly Dividend ($/share)

$0.05

852,500Shares @ $11.96/sh

(in 2019 only)

12,385,717Shares @ $14.10/sh

+

SHARE REPURCHASE WITH ORION

C$123.7 MIN CASH

As at Sep. 30, 2019

DIVIDENDYIELD

~1.6%($0.05/sh)

OVER C$900 MIN FINANCIAL CAPACITY AVAILABLE

FOR DEPLOYMENT INTO HIGH QUALITY OPPORTUNIES

C$293.0IN INVESTMENTSAs at Sep. 30, 2019

90%YTD CASH MARGIN

EARNED ON GEOs RECEIVED