Mr. Sandeep Singh reports

OSISKO DECLARES A 9% INCREASE IN QUARTERLY DIVIDEND

Osisko Gold Royalties Ltd. has declared a second quarter 2023 dividend of six cents per common share, a 9.1-per-cent increase over the first quarter of 2023, for an annualized dividend of 24 cents per share. The dividend will be paid on July 14, 2023, to shareholders of record as of the close of business on June 30, 2023. This dividend is an eligible dividend as defined in the Income Tax Act (Canada). Sandeep Singh, president and chief executive officer of Osisko, commented, "Returns to shareholders remain a priority for Osisko and we are pleased to increase our quarterly dividend, given the ongoing strength of our business."

For shareholders residing in the United States, the U.S.-dollar equivalent will be determined based on the daily rate published by the Bank of Canada on June 30, 2023.

The company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan. Shareholders who are residents of Canada and the United States may elect to participate in the plan in connection with the dividend to be paid on July 14, 2023, to shareholders on record as of June 30, 2023. More details are available on Osisko's website.

Non-registered beneficial shareholders who wish to participate in the plan should contact their financial adviser, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the plan. For more information on how to enroll or any other inquiries, contact the company's transfer agent at 1-800-387-0825 (toll-free in Canada) or shareholderinquiries@tmx.com.

Participation in the plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the plan.

About Osisko Gold Royalties Ltd.

Osisko Gold Royalties is an intermediate precious metal royalty company that holds a North American-focused portfolio of over 180 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 5-per-cent net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko's head office is located at 300, 1100 Ave. des Canadiens-de-Montreal, Montreal, Que., H3B 2S2.

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