Mr. Sean Roosen reports

OSISKO PORTFOLIO UPDATE; REALIZES PROCEEDS OF $25.5 MILLION ON AURICO INVESTMENT

Osisko Gold Royalties Ltd. has provided an update on its investment portfolio. The company reports that it has delivered its shares of AuRico Metals Inc. to Centerra Gold Inc. for a cash consideration of $1.80 per share and for proceeds of $25.5-million, generating a gain for Osisko of $15.5-million, based on the cash cost of the shares. The company thus realized a 155-per-cent return on its investment.

Sean Roosen, chair and chief executive officer, noted: "We are very pleased with the return we realized on our investment in AuRico. The investment portfolio is a key part of our business plan and enables the company to create great value for its shareholders."

The company maintains an investment portfolio in publicly held resource companies as part of its accelerator model. Principal holdings include:

• A 15.5-per-cent interest in Osisko Mining Inc.;
• A 32.7-per-cent interest in Barkerville Gold Mines Ltd.;
• A 12.7-per-cent interest in Falco Resources Ltd.;
• A 12.8-per-cent interest in Osisko Metals Inc.

As of Dec. 31, 2017, the investment portfolio had an estimated fair value of $411.3-million in addition to the fair value of the AuRico shares delivered for proceeds of $25.5-million in January, 2018. Since June 16, 2014, the company has grown its investment portfolio from $15.6-million to $436.8-million at the end of Dec. 31, 2017. During the investment period, the company has monetized several investments and crystalized gains of $70-million based on the cash cost of the shares, including the gain on the AuRico shares. In addition, several equity investments have allowed the company to acquire royalty interests and future rights on several strategic exploration properties and development projects located in highly attractive mineral camps and jurisdictions and to shelter royalty income from income taxes. In connection with its investment portfolio, the company has acquired royalties and future rights on properties for a total of approximately $84-million.

Marketable securities                 Number of     Cash cost (1)   Estimated fair value (2)
                                         shares      ($ millions)               ($ millions)

Osisko Mining Inc. (OSK)             32,302,034           $ 72.5                    $ 109.5
Barkerville Gold Mines Ltd. (BGM)   142,309,310             71.3                      106.7
Dalradian Resources Inc. (DNA)       31,717,687             39.7                       42.0
Falco Resources Ltd. (FPC)           23,927,005             15.4                       20.8
Aquila Resources Inc. (AQA)          49,651,857             12.9                       12.9
Osisko Metals Inc. (OM)               9,006,667              5.7                        7.8
Other                                                      127.9                      111.6
Total                                                      345.4                      411.3

(1) Non-IFRS (international financial reporting standards) measure 
representing the cash acquisition cost.
(2) The estimated fair value corresponds to the quoted price of the 
investments in a recognized stock exchange as at Dec. 31, 2017.

About Osisko Gold Royalties Ltd.

Osisko Gold 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 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 a 15.5-per-cent interest in Osisko Mining, a 12.8-per-cent interest in Osisko Metals, a 12.7-per-cent interest in Falco Resources and a 32.7-per-cent interest in Barkerville Gold Mines.

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