Mr. Vincent Metcalfe of Osisko Gold reports

EARLY WARNING RELEASE

Pursuant to the terms of a private share purchase and sale agreement completed on Feb. 28, 2017, Osisko Gold Royalties Ltd. has acquired direct ownership of an aggregate 5.45 million common shares at a price of $3.25 per share of Osisko Mining Inc.

Immediately prior to the closing of the transaction, Osisko held, directly or indirectly, (i) 21,922,709 common shares of Osisko Mining and (ii) warrants entitling Osisko to purchase 800,000 common shares of Osisko Mining. Assuming the exercise of the warrants, Osisko would own 22,722,709 common shares of Osisko Mining, representing approximately 13.85 per cent of Osisko Mining's common shares prior to the closing. Immediately following the closing of the transaction, Osisko owns, directly or indirectly, (i) 27,372,709 common shares of Osisko Mining representing approximately 14.87 per cent of the issued and outstanding common shares of Osisko Mining and (ii) the warrants of Osisko Mining. Assuming the exercise of the warrants, Osisko would own 28,172,709 common shares of Osisko Mining, representing approximately 15.24 per cent of Osisko Mining's common shares that would be issued and outstanding.

Osisko acquired the shares described in this press release for investment purposes and in accordance with applicable securities laws. Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments of Osisko Mining in the open market or otherwise, and reserves the right to dispose of any or all of its securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Osisko Mining and other relevant factors.

A copy of the early warning report to be filed by Osisko in connection with the transaction described above will be available on SEDAR under Osisko Mining's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

About Osisko Gold Royalties Ltd.

Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June, 2014. It holds over 50 royalties, including a 5-per-cent net smelter return royalty on the Canadian Malartic mine (Canada) and a 2.0- to 3.5-per-cent NSR royalty on the Eleonore mine (Canada). It maintains a strong financial position with cash resources of $499.2-million at Dec. 31, 2016, and has distributed $30.8-million in dividends to its shareholders during the past nine consecutive quarters. The company also owns a portfolio of publicly held resource companies, including a 13.5-per-cent interest in Osisko Mining, 13.3 per cent in Falco Resources Ltd. and 16.9-per-cent interest in Barkerville Gold Mines Ltd.