Mr. Sandeep Singh reports

OSISKO ANNOUNCES GIBRALTAR SILVER STREAM AMENDMENTS

Osisko Gold Royalties Ltd. has completed an amendment to its 75-per-cent silver stream with respect to the Gibraltar copper mine, located in British Columbia, Canada, which is operated by a wholly owned subsidiary of Taseko Mines Ltd.

On March 15, 2023, Taseko announced the completion of its acquisition of an additional 12.5-per-cent interest in Gibraltar from Sojitz Corp., giving Taseko an effective 87.5-per-cent interest.

Osisko and Taseko have amended the silver stream to increase Osisko's effective stream percentage by 12.5 per cent to 87.5 per cent. Further to this, Osisko and Taseko have also extended the step-down silver delivery threshold to coincide with Taseko's recently updated mineral reserve estimate for Gibraltar. Osisko will provide total consideration of $10.25-million (U.S.) to Taseko plus $50,000 (Canadian) per year for the following three years to help support continuing ESG (environmental, social and governance) initiatives at Gibraltar.

Sandeep Singh, president and chief executive officer of Osisko, commented: "We are pleased to increase our silver exposure on the long-life Gibraltar mine and enhance our partnership with Taseko. Our shareholders will benefit from the increased silver stream, coupled with the approximately 1.5 million additional ounces of silver to be delivered to Osisko due to the extended threshold."

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, PhD, PGeo, vice-president of 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.

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