Mr. Sandeep Singh reports

OSISKO PROVIDES UPDATE ON CSA STREAM TRANSACTION

Osisko Gold Royalties Ltd. has provided an update regarding the CSA stream transaction.

As previously announced, the corporation's wholly owned subsidiary, Osisko Bermuda Ltd. (OBL), entered into a silver purchase agreement and a backstop copper purchase agreement with Metals Acquisition Corp. (MAC) to partially finance the acquisition by MAC of the producing CSA mine in New South Wales, Australia, from a subsidiary of Glencore PLC.

On June 5, 2023, MAC announced that it had obtained shareholder approval for the acquisition transaction. Closing of the acquisition transaction is expected on or about June 15, 2023.

Additionally, MAC has provided notice to OBL that it will utilize the full amount of the available deposit pursuant to the terms of the copper stream. As a result, OBL will make a cash payment of $190-million (U.S.) to MAC on the closing date pursuant to the terms of the metals streams and associated equity subscriptions in MAC. The upfront cash payment for the investments can increase by $15-million (U.S.) in the event the silver price averages at least $25.50 (U.S.) per ounce over the 10 business days immediately prior to the closing date. Closing of the investments is subject to certain conditions precedent, including completion of the acquisition transaction. Further details on the investments can be found in the corporation's press release dated Dec. 28, 2022.

Sandeep Singh, president and chief executive officer of Osisko, commented: "CSA is a high-grade, long-life asset, with significant upside that can be unlocked by the MAC management team. We are pleased to see this important transaction nearing completion and look forward to having both the silver and copper streams contribute to our near-term cash flows."

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 Ltd., 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.

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