Mr. Vincent Metcalfe of Osisko Gold reports

EARLY WARNING NEWS RELEASE

Osisko Gold Royalties Ltd. has filed an early warning report in respect of its holdings in Aquila Resources Inc.

On Nov. 10, 2017, Osisko Bermuda Ltd., a wholly owned subsidiary of Osisko Royalties, acquired, by way of a non-brokered private placement of Aquila, beneficial ownership of, or control or direction over, 49,173,076 units of Aquila at a purchase price of 26 Canadian cents per unit, representing an aggregate purchase price of approximately $12,785,000 (Canadian). Each unit comprises one common share of Aquila and one-fourth of one common share purchase warrant of Aquila, with each unit warrant entitling the holder thereof to purchase one additional common share of Aquila at a price of 34 Canadian cents per share for a period of 42 months from the closing date of the private placement.

In addition, on Nov. 8, 2017, Osisko Bermuda and Aquila entered into a gold purchase agreement, pursuant to which Osisko Bermuda received on Nov. 10, 2017, an aggregate of 478,781 common shares at a deemed price of approximately 20.9 U.S. cents per share on account of a $100,000 (U.S.) capital commitment payment payable to Osisko Bermuda in connection with the gold purchase agreement.

On Nov. 10, 2017, following the completion of the private placement and the consummation of the first deposit pursuant to the gold purchase agreement, Osisko Bermuda transferred to Osisko Royalties: (i) 49,651,857 common shares (comprising 49,173,076 unit shares and 478,781 capital commitment shares); and (ii) 12,293,269 unit warrants.

Immediately prior to the acquisition of the acquired securities, neither Osisko Bermuda nor Osisko Royalties held, directly or indirectly, or exercised control or direction over, any voting or equity securities of any class of Aquila, or securities convertible into voting or equity securities of any class of Aquila.

Immediately following the acquisition of the acquired securities, Osisko Royalties held beneficial ownership of, or control and direction over: (i) 49,651,857 common shares (comprising 49,173,076 unit shares and 478,781 capital commitment shares), representing approximately 15.0 per cent of the number of common shares outstanding on a basic basis (being 331,002,421 common shares); and (ii) 12,293,269 unit warrants, representing together with the 49,651,857 common shares held by Osisko Royalties, approximately 18.0 per cent of the number of common shares issued and outstanding on a partially diluted basis (assuming only the exercise of the 12,293,269 unit warrants held by Osisko Royalties).

The acquired securities were acquired for investment purposes, and Osisko Royalties has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Aquila. Osisko Royalties reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.

A copy of the early warning report filed by Osisko Royalties and Osisko Bermuda in connection with the acquisition of the acquired securities described above is available on SEDAR under Aquila's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

About Osisko Gold Royalties Ltd.

Osisko Gold Royalties is an intermediate precious metal royalty company focused on the Americas that commenced activities in June, 2014. Osisko holds a North American-focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by five cornerstone assets, including a 5-per-cent net smelter return (NSR) royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including an approximate 15.6-per-cent interest in Osisko Mining Inc., a 12.8-per-cent interest in Osisko Metals Inc., a 13.3-per-cent interest in Falco Resources Ltd. and a 32.8-per-cent interest in Barkerville Gold Mines Ltd.