UNLOCKING VALUE FROMTHE WORLD’S TOP LOW-RISK JUSRISDICTION ASSETS

January 2020

FORWARD-LOOKING STATEMENTSThis presentation contains forward-looking information and forward-looking statements (together, “forward-looking statements“) within the meaning of applicable Canadian securities laws and the United States PrivateSecurities Litigation Reform Act of 1995. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur includingmanagement’s expectations regarding Osisko’s growth, results of operations, estimated future revenue, carrying value of assets, requirements for additional capital, production estimates, production costs and revenue,business prospects and opportunities are forward-looking statements. In addition, statements relating to gold equivalent ounces (“GEOs”) are forward-looking statements, as they involve implied assessment, based oncertain estimates and assumptions, and no assurance can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified bythe words “expects”, “is expected” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations of such words andphrases), or may be identified by statements to the effect that certain actions, events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets ofOsisko, the estimate of GEOs to be received in 2019, that the required regulatory and shareholders approvals will be obtained in connection with the proposed transaction with Barkerville Gold Mines Ltd. (“Barkerville”),that sufficient funding will be available to fund work at Barkerville, that significant value will be created within the accelerator group of companies and Osisko’s ability to seize future opportunities. Although Osiskobelieves 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 guaranteesof future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results deriving from Osisko’s royalties, streams and otherinterests to differ materially from those in forward-looking statements include, without limitation: influence of political or economic factors including fluctuations in the prices of the commodities and in value of theCanadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions; regulations and regulatory changes in national and local government,including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United StatesInternal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks and hazards associated with the businessof exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure, operating or technical difficulties,unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from mineral resourceestimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko and exercise of third party rights affecting proposed investments. Theforward-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 Osiskoholds a royalty, stream 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 ofsuch underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Osisko’s ongoing income and assets relating to the determination of its PFIC status, nomaterial changes to existing tax treatments; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for thedevelopment 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. However,there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned thatforward-looking statements are not guarantees of future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place unduereliance on forward-looking statements due to the inherent uncertainty therein.For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this presentation, see the section entitled “Risk Factors” in the most recent AnnualInformation Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and ExchangeCommission on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this presentation and is subject to change after such date. Osisko disclaims anyintention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

SAFE HARBOUR STATEMENTThis 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 ESTIMATESOsisko 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 requirementsfor 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 resourcesreported 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 anddefinitions. 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 atthe 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 theSEC. 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 theSEC. 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 similarinformation 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 orIndicated 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 areader 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 feasibilityor other economic studies.

Mr. Luc Lessard is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information containedherein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent.

FORWARD LOOKING STATEMENTS

2

OSISKO GOLD ROYALTIES

31. 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. The

calculation of cash margins excludes offtakes.

PEER-LEADING EXPOSURE TO

CANADIAN ASSETS

76%ASSET NPV IN

NORTH AMERICA

64%ASSET NPV IN

CANADA

OVER 135ROYALTY,

STREAM AND OFFTAKE ASSETS

OVER C$900 MIN FINANCIAL CAPACITY AVAILABLE

FOR DEPLOYMENT INTO HIGH QUALITY OPPORTUNIES

57,727ATTRIBUTABLE GEOs EARNED

YTD

90%YTD CASH MARGIN1

EARNED ON GEOs RECEIVED

DIVIDENDYIELD

~1.6%

C$74.4 MOPERATING CASH FLOW

FOR YTD

C$293.0IN INVESTMENTSAs at Sep. 30, 2019

C$123.7 MIN CASH

As at Sep. 30, 2019

DISCOVERYEARLY OPPORTUNITIES

TRADITIONAL ROYALTY & STREAMING BUSINESS

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

- GIBRALTAR

- MANTOS

CREATING EXCLUSIVE PIPELINEOF OPPORTUNITIES

TIME

VA

LUE

- WINDFALL

- HORNE 5

- TALISKER

- EAGLE

- CARIBOO

INVESTMENT STRATEGY – MOVING ASSETS ALONG THE CURVE

25% 75%

OSISKO AT A GLANCE

UNIQUE BUSINESS MODEL DELIVERS STRONG CASH FLOWS AND ASSYMETRIC UPSIDE41% cash flow CAGR since 2015; financial interests in multiple exploration properties

LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONSOver 135 royalties, streams and precious metals offtakes primarily in North America

STRONG BALANCE SHEET TO FUND GROWTH Over $900 million of available financial capacity to fund growth opportunities

FOCUSED ON RETURNING VALUE TO SHAREHOLDERS Dividends paid every quarter since 2014; As of today, approximately C$336 M in dividends and stock repurchases since inception; In 2019 alone, approximately C$30 M in dividends and over C$184 M in share buybacks

EXPERIENCED AND PROVEN MANAGEMENT TEAMGlobal Exploration and Mine Building Capabilities In-House

5

6

2019 SUMMARY – AMONG THE MOST ACTIVE COMPANIES IN THE SECTOR

Q4 Santana Royalty transaction with Minera Alamos Inc. Pine Point 1.5 % NSR with Osisko Metals Bralorne 1.2% NSR royalty with Talisker Acquisition of Barkerville Gold Mines Ltd.

Q3 First gold pour at Eagle Mine – 220,000 oz/yr, 5% NSR to OR Sale of Pretivm offtake agreement Renard credit bid Mantos Blancos stream amendment Sable Resources strategic investment – 2% NSR

Q2 $175 million share buyback with Orion Mine Finance & concurrent

secondary offering

Q1 Closed silver stream financing with Falco Resources Announced intention to repurchase up to $100 million in common shares

TIER 1 JURISDICTIONAL FOCUS – QUALITY CASH FLOWING ASSETSFOCUSED IN NORTH AMERICA

Represents total royalty/streaming/offtake assets

TOTAL OF 135+ ROYALTIES, STREAMS & PRECIOUS METAL OFFTAKES

108

9

2

13

36

7

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

Asset in Top Jurisdiction

Other Cash Flowing Assets

EAGLE5% NSR

OSISKO HOLDS ROYALTIES OR STREAMS ON A TOTAL OF ~25,000 KM2

IN THE MOST IMPORTANT CANADIAN MINING CAMPS

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

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

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)

Lebel sur Quevillon

& Baie James(~15M ozs)

500 km300 mi

PRIME ROYALTY REAL ESTATE IN CANADA

8

Bralorne(~4.5M ozs)

PRODUCTION (GEOs) AND GUIDANCE

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 9

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

C$500 MMARKET CAP

+140ROYALTIES & STREAMING

ASSETS

C$2.0 BMARKET CAP

2 MAJORACQUISITIONS

CREATED THE ACCELERATOR

BUSINESS

49ROYALTIES

+50ROYALTIES & STREAMING

ASSETS

+130ROYALTIES & STREAMING

ASSETS

+135ROYALTIES & STREAMING

ASSETS

DELIVERING CASH FLOW GROWTH

4-YEAR OPERATING CASH FLOW HISTORY

$29.1

$53.4 $48.7

$82.2$74.4

2015 2016 2017 2018 2019 YTD

(C$ millions)

10

CORNERSTONE ROYALTY – 5% NSR ON CANADIAN MALARTIC

MINEPRODUCTION(K oz Au)

ROYALTYDELIVEREDTO OR(K oz Au)

12.5

30.1 29.233.6 35.4

YTD25.0

2014 2015 2016 2017 2018 2019

535.5571.6 585.0

633.5 697.2

YTD499.0

2014 2015 2016 2017 2018 2019

11

12

CANADIAN MALARTIC EXPLORATION UPDATE

ODYSSEY EAST MALARTICAu

(K oz)Tonnes

(Mt)Grade(g/t)

Au(K oz)

Tonnes(Mt)

Grade(g/t)

INDICATED 136 2,018 2.11 722 10,530 2.13

INFERRED 1,618 22,996 2.19 2,806 44,042 1.98

DISCOVERY OF A NEW MINERALIZED ZONE,

EAST GOULDIE

Permit received in December 2018 forthe Odyssey Ramp

RESOURCES:

Source: Research reports and Osisko management estimates.

LOW RISK PORTFOLIO

CONSENSUS NPV BY GEOGRAPHY

BEST IN CLASS PORTFOLIO – GROWTH & DIVERSIFICATION

64 % 76%

48%33% 30%

11%

24%

52%67% 70%

89%

OSISKO GOLDROYALTIES

ROYAL GOLD WHEATON PRECIOUSMETALS

FRANCO NEVADA SANDSTORM

NORTH AMERICA ELSEWHERE

13

14

P/NAV TRADING MULTIPLES

Source: FactSet, street research

AS AT DEC. 31, 2019

15

NEAR-TERM AND MEDIUM-TERM GROWTH

78 KGEOs

2019 2020 2021 2022 2024 2024+ 2024 2025

EAGLE 5% NSR~10 K GEOs/Year

WINDFALL 1.5% NSR~2-3 K GEOs/Year

BACK FORTY18.5% Au, 75% Ag Stream~10-20 K GEOs/Year

AMULSAR4.22% Au, 62.5% Ag Streams82% Au Offtake~7-10 K GEOs/Year

MANTOS BLANCOS EXPANSION100% Ag STREAM+ ~10 K GEOs/Year

ODYSSEY3-5% NSR

OTHER INTERNAL GROWTH+ ~10-15 K GEOs/Year

HORNE 5100% Ag Stream~25-30 K GEOs/Year

CARIBOO100% Ownership185 K oz/Year MineNORTH SPIRIT DISCOVERY GROUP ASSET

ELEONORE ROYALTY INCREASE TO 3.5% NSR~2-4 K GEOs/Year

HERMOSA1% NSR~6 K GEOs/Year

UPPER BEAVER2% NSR

+ +

EAGLE PROJECT - CANADA’S NEWEST GOLD MINE

OPEN PIT MINING

HEAP LEACH FACILITY

GOLD RECOVERY PLANTMOBILE EQUIPMENT

FIRST GOLD

POURED

RAMPING UP TO

220,000 ozAU PER YEAR

16

PRIMARY CRUSHER

VALUE-ADDED SERVICES PROVIDED BY OSISKO GOLD ROYALTIES

OSISKO ACCELERATOR EQUITY INTERESTS

15.9% OWNERSHIP~C$1 B Market cap.

17.9% OWNERSHIP~C$70 M Market cap.

19.9% OWNERSHIP~C$60 M Market cap.

MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL

FINANCIAL LEGAL ACCOUNTING BACK OFFICE

OSISKO ACCELERATOR MODEL

Maintain key shareholder positions to drive performance of portfolio companies

Leverage experience in exploration, engineering construction & financing to advance projects

Encourage strong governance at the board level and key management roles to oversee capital spend

Tax efficient way of deploying capital as investment in flow-through shares shelter royalty income

Attract additional market capital to invest on royalty ground

Osisko Mining Inc.

Osisko Metals Inc.

Falco Resources Ltd.

ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES

17

7.9% OWNERSHIP~C$40 M Market cap.

Talisker Resources Ltd.

18.7% OWNERSHIP~C$100 M Market cap.

Minera Alamos Inc.

18

CASE STUDY

OSISKO SUPPORTED ARIZONA MINING ON ACQUISITION OF TAYLOR PROPERTY IN 2016 $5.0M in equity + warrants $10M for 1% NSR royalty

TAYLOR PROJECT World-class Zn-Pb-Ag deposit $2B NPV 101 Mt at 10.4% ZnEq. 29 year mine life

NET GAIN ONINVESTMENT(C$M)

$34M

Royalty

1 %NSR

+Shares+Warrants 1

HERMOSA NSR:

1. Net of additional $8M cash investment through market purchases and warrant exercise.

$5.0M

Shares+Warrants Royalty

+ 1 %NSR

$10.0M

INITIALINVESTMENT(C$M)

ACQUIRED BY SOUTH32 IN 2018

OR FIRST INVESTMENT IN OSK THROUGH OBAN MINING CORPORATION IN 2015 $17.8M in equity $5M for 1% NSR royalty

WINDFALL PROJECT 22 drills on site Ramp progressing Feasibility in 2020

UNREALIZED GAIN(C$M)1,2

$44.2M

Royalty

1 .5%NSR3

+Shares

WINDFALL NSR:

1. As at Sep. 30, 20192. Unrealized gain calculated using cash cost of the investment, which is a non-IFRS

measure representing the cash paid on the acquisition of the investment. The unrealized gain would amount to $60.5 if the accounting cost would be used.

3. NSR royalty increased by 0.5% following Osisko’s acquisition of Virginia Mines who held a 0.5% NSR royalty on the Windfall project.

$17.8M

Shares+Warrants Royalty

+1 %

NSR

$5.0M

INITIAL INVESTMENT(C$M)1

1. $92.5 million invested in share and warrants between June 2015 and September 2017, including the initial $17.8 million.

BALANCED SHAREHOLDER BASE

19

C D P Q 12.5%

Van Eck 10.4%

EdgePoint 7.6%

Orion Mine F inance 5.6%

F o n d s F T Q 5.4%

T. R o w e 3.3%

Tocquevil le 2.8%

V a n g u a r d 2.7%

Dimensional Fund Advisor 2.1%

Acadian 1.2%

Columbia Wanger 1.0%

Top 10 Osisko Gold Royalties ShareholdersAs at December 27, 2019

MUTUAL FUNDS

59%

HEDGE FUNDS

5%

PRIVATE EQUITY

6%

PENSION FUNDS

18%

INSTITUTIONS

65%

MANAGEMENT

1%

UNIDENTIFIEDINSTITUTIONAL

AND RETAIL

28%

$0.03 $0.04

RETURNING CAPITAL TO SHAREHOLDERS

$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

Dividend Share Buyback

CUMULATIVE CAPITAL RETURNED – AS AT JANUARY 15, 2020

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

20

852,500Shares @ $11.96/sh

(in 2019 only)

12,385,717Shares @ $14.10/sh

+

SHARE REPURCHASE WITH ORION

FINANCIAL POSITION

BALANCE SHEET ITEMS Sep. 30, 2019

Cash (C$ M) $123.7

Debt (C$ M) $347.6

Investments (C$ M)1 $293.0

Basic Shares Outstanding (M) 144.4 (09/30/19) 157.2 (12/02/19)

Post BGM acquisition

Quarterly Dividend (C$/Share) $0.05

1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at September 30, 2019.2. Including the C$100 million accordion.

$20

Undrawn Credit Facility Drawn Credit Facility

AVAILABLE CREDIT:

$480 M2

CREDIT FACILITY (C$ M)

21

Appendix

23

NORTH SPIRIT DISCOVERY GROUP

The evolution of Osisko’s Accelerator Model to act privately on project incubation and development that Osisko pioneered over the last five years‒ Project finance

‒ Project engineering

‒ Project management

Positioning to take maximum advantage of pending gold bull market‒ Outsized returns made possible by current equity market conditions for junior resource

companies‒ Timing acquisitions and accelerating development to benefit from strong commodity prices

Focus on surfacing value through project development and late-stage exploration

Strong ability to finance through third-party capital ‒ Joint venture partnerships

‒ Private equity

‒ Project-level debt

Emphasis on Canadian and North American assets

24

CARIBOO GOLD PROJECT - OVERVIEW

Complete control of historic Cariboo goldfields

District Scale: 2,071 km2 of Mineral Rights

Located in south central BC, Canada

4.5 M oz Au historic gold production

4.4 M1 oz Au underground resource and growing

Low capex, phased growth plan to +185,000 oz Au per year

Gold rich veins and replacement mineralization

Year round access and services

Permitted 1,000 T per day mill and tailings facility

Strong first nations and stakeholder support

1. Including resources at Cariboo, BC Vein, and Bonanza Ledge

25

OSISKO HAS CONSISTENTLY SUPPORTED BARKERVILLE OVER THE EXPLORATION LIFE CYCLE RESULTING IN A LARGE INITIAL RESOURCE BASE AND POSITIVE PEA

PRODUCTION AT BONANZA LEDGE PHASE II

OR buys 1.5% NSR royalty on Cariboo

Osisko buys Eric Sprott's share block

Increases NSR royalty to 2.25%

Bonanza Ledge Mining Permits

Bonanza Ledge & BC Vein resource

update

Maiden 3.8M oz resource at Cariboo

Increases NSR royalty

to 4.0%

PEA Cariboo Gold Project

$50

$100

$150

$200

$250

$300

$350

$400

$450

MA

RK

ET

CA

P (C

$M)

2014 2020

STUDIES / PERMITTING AT CARIBOO

CONSTRUCTION

CARIBOO RAMP-UP

2021 2022

ONGOING REGIONAL AND LOCAL EXPLORATION PROGRAM

♦ Equity financing from OR

2017 2018 201920162015

KEY NEXT STEPS FOR CARIBOO AND TIMELINE TO EXPANDED PRODUCTION

26

CARIBOO GOLD PROJECT – PEA SENSITIVITY ANALYSIS

GOLD PRICE US$/OZ 1,100 1,200 1,300 1,325 1,400 1,500 1,600 1,700 1,800

Pre-tax NPV 5% (C$M) 256.7 423.8 591.0 632.7 758.1 925.2 1,092.4 1,259.5 1,426.7

After-tax NPV 5% (C$M) 159.5 268.2 386.0 402.2 482.1 588.4 694.6 800.7 906.6

Pre-tax IRR 18.4% 26.0% 33.2% 34.9% 40.1% 46.7% 53.2% 59.5% 65.7%

After-tax IRR 14.6% 20.9% 26.7% 28.1% 32.3% 37.6% 42.7% 47.8% 52.7%

Pre-tax payback after start of operations (years)

4.9 3.7 3.0 2.9 2.6 2.3 2.0 1.8 1.7

After-tax payback after start of operations (years)

5.1 3.9 3.2 3.1 2.7 2.4 2.2 1.9 1.7

Robust Base Case returns

Excellent leverage to higher gold prices

Significant exploration upside

27

CARIBOO GOLD PROJECT – EXPLORATION POTENTIAL

Barkerville has hit mineralization of +2g/t Au over +3m in ~90% of drill holes

Current resource is only delineated to a depth of 350m.

‒ The deposit has the potential to continue well below 1,000m

Strike length of current exploration area is 16 kilometers

‒ Cariboo project strike is <4 kilometers and contains over 2.3 million ounces Au of indicated resources and 1.9 million ounces Au of inferred resources1

Barkerville has recently discovered a parallel trendwhich could double the current mineralized strikelength

POTENTIAL AT DEPTH

1. See page 13 for full breakdown of indicated and inferred resources

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LISTASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION

Producing Royalties, Streams & Offtakes1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals3 Gibraltar Taseko Mines Canada Production 100% Ag Stream4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream6 SASA Central Asia Metals Macedonia Production 100% Ag Stream7 Eagle Victoria Gold Canada Production 5% NSR until 97,500; 3% NSR thereafter8 Matilda Blackham Resources Australia Production 55% Au offtake9 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR

10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake11 Bald Mountain Kinross United States Production 1%-4% GSR12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)13 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property14 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR15 Kwale Base Resources Kenya Production 2% of GRR on titanium16 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products17 Seabee Santoy SSR Mining Canada Production 3% NSR18 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI

Near-Term Development Royalties, Streams and Offtakes19 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream20 Amulsar (O) Lydian Armenia Construction 82% Au offtake21 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream22 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR23 Hammond Reef Agnico Eagle Canada Development 1.5% NSR24 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc25 Horne 5 Falco Resources Canada Development 90-100% Ag stream26 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals27 Nimbus MacPhersons Resources Australia Development 100% Ag offtake28 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR29 Windfall Osisko Mining Canada Development 1.5% NSR30 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake

Long-Term Development Royalties31 Ambler NovaCopper US United States Development 1% NSR32 Cameron Lake Cameron Gold Operations Canada Development 1% NSR33 Casino Western Copper and Gold Canada Development 2.75% NSR34 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR35 Copperwood & White Pine Highland Copper United States Development 3% NSR36 Corcoesto Edgewater Exploration Spain Development 1% NSR

28

ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION

37 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au38 King Island King Island Scheelite Australia Development 1.5% GRR39 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR40 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum41 Ollachea Minera IRL Peru Development 1% NSR on all products42 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag43 Sandman 1 Newmont United States Development 5% NSR44 Sandman 2 Newmont United States Development 1% NSR45 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR46 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)47 Tijirit Algold Resources Mauritania Development 1.5%48 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional

Exploration Royalties49 Abbeytown Erris Resources Ireland Exploration 1% NSR50 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR51 Altar Stillwater Mining San Juan Exploration 1% NSR52 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR53 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR54 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR55 Aurbel QMX Gold Canada Exploration 2.125% NSR56 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR57 Bargold Abcourt Mines Canada Exploration 1.275 % NSR58 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR59 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI60 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR61 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR62 Casino B Cariboo Rose Resources Canada Exploration 5% NPI63 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals64 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR65 Croinor Monarques Gold Canada Exploration 0.75% NSR66 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced67 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR68 Destor Explor Resources Canada Exploration 2.125% NSR69 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment70 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals71 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR72 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty73 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR74 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR75 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR76 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals77 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

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ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION

78 Gabel Williams Wolfpack Gold United States Exploration 1% NPI79 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals80 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals81 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products82 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI83 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals84 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals85 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products86 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR87 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR88 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR89 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals 90 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals91 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR92 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR93 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR94 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR95 Moore Lake Denison Mines Canada Exploration 2.5% NSR96 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals97 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other98 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR 99 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals

100 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR101 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals102 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR103 Preissac Sphinx Resources Canada Exploration 2% NSR104 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR105 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals106 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR107 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals108 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR109 San Juan Azure Minerals Mexico Exploration 2% NSR110 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals111 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR112 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag113 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)114 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals115 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR116 Swedish Properties Erris Resources Sweden Exploration 1% NSR117 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR118 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals119 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals120 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

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ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION

121 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR122 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals123 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI124 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals125 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals126 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals127 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals128 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals129 Waihi West Antipodes Gold New Zealand Exploration 2% NSR130 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg131 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR132 Whistler GoldMining United States Exploration 2.75% NSR133 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR

ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST

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