Mr. Sandeep Singh reports

OSISKO REPORTS Q1 2023 RESULTS

Osisko Gold Royalties Ltd. today released its consolidated financial results for the first quarter of 2023. Amounts presented are in Canadian dollars, except where otherwise noted.

Highlights -- first quarter of 2023

• 23,111 GEOs (gold equivalent ounces) earned, an increase of 27 per cent over the first quarter of 2022 (Q1 2022 -- 18,251);
• Revenues from royalties and streams of $59.6-million (Q1 2022 -- $50.7-million);
• Cash flows generated by operating activities of $45.5-million (Q1 2022 -- $40.5-million);
• Cash margin of $55.5-million or 93 per cent (Q1 2022 -- $47.5-million or 94 per cent);
• Net earnings of $20.8-million, 11 cents per basic share (Q1 2022 -- $16.8-million, 10 cents per basic share);
• Adjusted earnings of $32.6-million, 18 cents per basic share (Q1 2022 -- $24.8-million, 15 cents per basic share);
• Repayment of $15.0-million under the revolving credit facility;
• Increase in the cash balance to $119.1-million as at March 31, 2023; and
• Declaration of a quarterly dividend of 5.5 cents per common share paid on April 14, 2023, to shareholders of record as of the close of business on March 31, 2023.

Sandeep Singh, president and chief executive officer of Osisko, commented: "We had a good start to 2023 and expect growth in deliveries over the year as we reap the benefits of ramp-ups at some of our core assets, in addition to the anticipated near-term closing of the CSA transaction, positioning Osisko for another record year.

"The catalysts in our portfolio continue to intensify. Agnico Eagle's consolidation of the Canadian Malartic mine provides multiple avenues for further production upside as it studies ways to maximize mill throughput. Further, the partnership between Gold Fields and Osisko Mining on the Windfall project is a tremendous outcome that derisks an important asset in our portfolio. We congratulate the Osisko Mining team on a great result. More globally, our partners continue to unlock significant value across our shared asset base with an average of over 1.1 million meters drilled per year over the past six years. This value is daylighting itself across the entire portfolio highlighting the free upside embedded within our asset base."

Subsequent to March 31, 2023

Declaration of a quarterly dividend of six cents per common share (an increase of 9.1 per cent) payable on July 14, 2023, to shareholders of record as of the close of business on June 30, 2023.

Board renewal

The corporation is pleased to announce that Norman MacDonald is a new independent candidate for election at its upcoming annual meeting of shareholders to be held on June 7, 2023. Mr. MacDonald has over 25 years of experience working at natural-resource-focused institutional investment firms. Mr. Charles E. Page, who is nearing the end of his tenure as per the corporation's policies, will not be standing for re-election. The members of the board of directors and management would like to express their appreciation to Mr. Page for his insight and valuable contribution over the years.

Q1 2023 results conference call and webcast details

Osisko provides notice of first quarter 2023 results and webcast and conference call details.

Results release:  Wednesday, May 10, 2023, after market close

Conference call:  Thursday, May 11, 2023, at 10 a.m. ET

Dial-in numbers:  North American toll-free: 1-888-886-7786; local and international: 1-416-764-8658

Conference ID:  02416869

Replay (available until Sunday, June 11, at 10 a.m. ET):  North American toll-free: 1-877-674-7070 local and international: 1-416-764-8692

Playback passcode:  416869 followed by the pound key

Replay also available on the company's website.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, PhD, PGeo, vice-president, project evaluation, at Osisko Gold Royalties, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties is an intermediate precious metal royalty company which 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, one of Canada's largest gold mines.

Osisko's head office is located at 1100 Avenue des Canadiens-de-Montreal, suite 300, Montreal, Que., H3B 2S2.

We seek Safe Harbor.