Mr. Paul Martin reports

OSISKO ANNOUNCES PRELIMINARY Q2 2023 DELIVERIES AND PROVIDES COMPANY UPDATE

Osisko Gold Royalties Ltd. has provided an update on its second quarter 2023 deliveries, revenues, cash margin and recent asset advancements. All monetary amounts included in this report are expressed in Canadian dollars, unless otherwise noted.

Preliminary Q2 2023 results

Osisko earned approximately 24,645 attributable gold equivalent ounces (GEOs) in the second quarter of 2023, including 1,527 GEOs earned from the recently acquired CSA silver stream, for which revenues are expected to be recognized in the third quarter of 2023.

Osisko recorded preliminary revenues from royalties and streams of $60.5-million during the second quarter and preliminary cost of sales (excluding depletion) of $4.3-million, resulting in a quarterly cash margin of approximately $56.2-million (or 93 per cent).

Paul Martin, interim chief executive officer of Osisko, commented: "It is a privilege to be granted the opportunity to become interim CEO of Osisko, a leading royalty company with an exceptional portfolio of assets. I look forward to overseeing management's continued execution of its successful strategy of originating and delivering high-quality royalty and streaming transactions while the board continues its search for the next leader of the company."

Osisko will provide full production and financial details with the release of its second quarter 2023 results after market close on Wednesday, Aug. 9, 2023, followed by a conference call on Thursday, Aug. 10, at 10 a.m. ET. More details are provided at the end of this release.

Portfolio update

Canadian Malartic mine life extension and update (5-per-cent net smelter return royalty on open pit and 3-to-5-per-cent NSR royalty on underground)

On June 30, Agnico Eagle Mines Ltd. provided results from an internal study on the Odyssey underground mine and exploration results from the Canadian Malartic complex. The 2023 study highlighted a 23-per-cent increase in life-of-mine payable gold production from the Odyssey mine compared with the internal study from 2020. The 2023 study also outlined an extension of the mine life to 2042 with a mine plan that includes approximately nine million ounces of gold, including 200,000 ounces of gold in mineral reserves (2.8 million tonnes grading 2.22 grams per tonne gold), 4.8 million ounces of gold in indicated resources (45.5 million tonnes grading 3.31 g/t gold) and inferred resources of four million ounces of gold (53.5 million tonnes grading 2.32 g/t gold).

Agnico Eagle noted that the potential for further conversion of inferred resources is significant and expected to further add to mine life. With additional exploration, Agnico Eagle believes that mineralization will continue to be added into the overall mine plan in the coming years, with good potential to grow annual gold production and further extend the mine life.

In 2023, Agnico Eagle expects to spend approximately $21.8-million for 164,000 metres of drilling at Canadian Malartic and its adjoining properties. Approximately 95,030 metres were drilled during the first five months of 2023. Up to 15 drills were active on Canadian Malartic and its surrounding properties during the same period, with five underground drills currently completing infill drilling on the Odyssey South deposit, four surface drills focused on completing infill drilling and transitioning to expand East Gouldie mineralization, and up to six drills active in regional exploration.

Drilling from underground in the Odyssey South deposit gradually increased during the first half of 2023 as ramp development provided access to new drill bays to test Odyssey South and Odyssey internal zones. As at May 31, the ramp was 3,645 metres in length, reaching the bottom of the Odyssey South deposit at a depth of 578 metres. Shaft sinking activities started in March, with 55 metres completed as of June 20. Underground infill drilling into Odyssey South continued to confirm the widths and grades of mineralization. With continued infill drilling success, Agnico Eagle's expectation is that probable mineral reserves will continue to grow and replace 2023 production from that zone. Exploration drilling from the Odyssey ramp is also increasing confidence in the adjacent Odyssey internal zones and demonstrating good continuity of gold mineralization within these internal structures. The gold mineralization encountered to date in the Odyssey internal zones has not been included in the current mine plan and could represent an attractive near-term exploration opportunity considering the zone's proximity to existing and planned underground mine infrastructure around the Odyssey South and Odyssey North deposits. Agnico Eagle indicated that positive drill results at Odyssey internal zones show the potential to further increase production during the operation's 2023 to 2028 transition period.

Exploration at the Odyssey mine in 2023 is expected to include $11.8-million for 102,000 metres of drilling focused on the following four objectives:

1. Continued drilling into East Gouldie to convert additional inferred resources to indicated resources toward the outer portions of the deposit;
2. Testing the immediate extensions of East Gouldie to the west and at shallower depths;
3. Continued conversion drilling into extensions of Odyssey South;
4. Further investigate Odyssey internal zones.

Agnico Eagle continues to expect to have 40,000 tonnes per day (tpd) of excess mill capacity starting in 2028 as processing of open-pit ore and low-grade stockpiles gradually decreases and transitions to the higher-grade Odyssey underground mine. This additional mill capacity provides significant optionality for organic growth at Canadian Malartic and the greater land package. Agnico Eagle now controls 16.5 kilometres of continuous ground along the Cadillac-Larder Lake break at its Canadian Malartic and adjoining properties. Agnico Eagle has budgeted approximately $10-million in 2023 for 62,000 metres of regional exploration drilling on the Canadian Malartic, Rand Malartic, Camflo, Midway and East Amphi properties which offer potential opportunities to supplement the existing mine life with additional ore sources. Osisko holds 5-per-cent NSR royalties on East Amphi and Midway.

In addition to near-mill exploration, Agnico continues to explore the possibility of utilizing the excess mill and tailings storage capacity at Canadian Malartic to support other regional projects. Current internal studies include potential sources of ore from the Macassa near-surface deposits and the AK deposit (2-per-cent NSR royalty), the Upper Beaver project (2-per-cent NSR royalty), other Kirkland Lake satellite deposits, including Upper Canada and Anoki-McBean (2-per-cent NSR royalties), as well as the Wasamac project. Osisko holds a 40-cent-per-tonne mill royalty on any ore processed at the Canadian Malartic mill that was not part of the initial Malartic property at the time of the sale to Yamana and Agnico Eagle in 2014.

CSA initial deliveries and update (100-per-cent silver stream and 3-per-cent copper stream)

On June 16, Osisko Bermuda Ltd. (OBL) closed the previously announced silver purchase agreement and copper purchase agreement referenced to production from the CSA mine with Metals Acquisition Ltd. (MAC). Deliveries of refined silver to OBL under the silver stream will include approximately 1,527 GEOs in respect of silver produced at CSA between Feb. 1 and June 15. Deliveries of refined copper to OBL under the copper stream will commence in June, 2024. Production in the first half of 2023 was impacted by planned downtime of the process plant to complete upgrades to the grinding circuit.

On June 27, MAC announced that it had shipped its first shipment of concentrate to customers in Asia containing approximately 2,300 tonnes of copper and 28,000 ounces of silver. MAC has identified multiple opportunities to improve productivity, optimize costs, lower cut-off grade, increase the resource and extend the mine life at CSA.

Costa Fuego royalty acquisition (1-per-cent copper NSR royalty and 3-per-cent gold NSR royalty)

On June 28, Osisko announced a binding agreement to acquire a 1-per-cent copper NSR royalty and a 3-per-cent gold NSR royalty covering Hot Chili Ltd.'s Costa Fuego copper-gold project in Chile.

Costa Fuego is one of the world's largest undeveloped copper projects not currently controlled by a major mining company. It hosts a National Instrument 43-101 indicated resource, including both the open-pit and underground portions of the Cortadera and Productora deposits, of 725 million tonnes grading 0.47 per cent copper equivalent (CuEq), grading 0.38 per cent copper, 0.11 g/t gold, 0.45 g/t silver and 93 parts per million molybdenum and an inferred resource of 202 million tonnes grading 0.30 per cent copper and 0.06 g/t gold. The June, 2023, preliminary economic assessment projects a 16-year mine life with average annual production of 95,000 tonnes of copper and 49,000 ounces of gold in the first 14 years.

Costa Fuego is situated at low altitude and is in close proximity to all key infrastructure requirements. An updated resource is scheduled for late 2023 and will serve as the basis for a prefeasibility study, scheduled for completion in the second half of 2024.

Gibraltar stream increase (87.5-per-cent silver stream)

On June 29, Osisko announced an amendment to its silver stream on the Gibraltar copper mine. Osisko and Taseko Mines Ltd. have amended the silver stream to increase Osisko's effective stream percentage by 12.5 per cent to 87.5 per cent. Further, the stepdown silver delivery threshold has been extended to coincide with Taseko's recently updated mineral reserve estimate for Gibraltar.

Mantos Blancos ramp-up (100-per-cent silver stream)

On May 3, Capstone Copper discussed its progress on the ramp-up at Mantos Blancos, including continued focus on preventative maintenance to increase reliability and reduce downtime. Average throughput during the first quarter was 16,023 tpd (compared with 15,246 tpd in the fourth quarter of 2022). The quarter included 18 days operating at 20,000 tpd and an average throughput rate of 19,000 tpd in February. On its first quarter conference call, Capstone indicated that higher throughput at Mantos Blancos is anticipated over the balance of the year. OBL expects to see stronger deliveries under the stream in the second half of 2023.

Capstone is currently evaluating the potential to further increase throughput of the Mantos Blancos sulphide concentrator plant from 20,000 tpd to 27,000 tpd using idled mill capacity with the potential for additional production through 2032. The Mantos Blancos phase II feasibility study is expected to be released in the second half of 2023.

Eagle ramp-up (5-per-cent NSR royalty)

On July 5, Victoria Gold Corp. reported second quarter production of 45,568 ounces of gold resulting in production of 83,188 ounces of gold during the first half of 2023. This represents a 47-per-cent improvement over the 56,413 ounces of gold produced in the first half of 2022. Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model.

Island exploration success (1.38-to-3-per-cent NSR royalty)

On June 15, Alamos Gold Inc. reported new results from underground drilling at the Island gold mine, further extending high-grade gold across the deposit, including several recently defined hangingwall and footwall structures in close proximity to existing underground infrastructure. Continued exploration success within recently defined subparallel structures demonstrates the significant opportunities to add high-grade ounces near existing mining horizons. This includes the newly defined NS1 zone in the hangingwall which is currently being developed and mined; the zone is beyond existing mineral reserves and resources and outside of the 2023 mine plan.

A total of $14-million is budgeted for exploration at Island in 2023. For the past several years, the exploration focus has been on adding high-grade mineral resources at depth in advance of the phase 3-plus expansion study, primarily through surface directional drilling. This exploration strategy has been successful in tripling the mineral reserve and resource base since 2017. With a 17-year mine life, and with work on the expansion ramping up, the focus has shifted to an expanded underground exploration drilling program that will leverage existing underground infrastructure. The underground exploration drilling program has been expanded from 27,500 metres in 2022 to 45,000 metres in 2023 and is focused on defining new mineral reserves and resources in proximity to existing production horizons and infrastructure, including along strike, and in the hangingwall and footwall. These potential high-grade mineral reserve and resource additions would be low cost to develop and could be incorporated into the mine plan and mined within the next several years.

Seabee update (3-per-cent NSR royalty)

During SSR Mining Inc.'s first quarter conference call, it was mentioned that production during the quarter reflected an issue with underground equipment availability that negatively impacted the mine sequencing at Seabee. The issue was resolved, but grades processed were below expectations.

SSR Mining continues to advance near-mine exploration at Seabee with a focus on prioritizing mineral resource conversion activities to ensure mineral reserve growth and mine life extensions in the future. It continues to evaluate early-stage exploration targets at depth below the existing Santoy mineralization as well as regional targets like Porky and Porky West that could contribute meaningfully to Seabee's longer-term production platform.

Lamaque update (1-per-cent and 2.5-per-cent NSR royalty)

During Eldorado Gold Corp.'s first quarter conference call, management indicated that second quarter processing rates will increase slightly coupled with consistent grade and production for the second half of the year is expected to be stronger than the first half. Additionally, Eldorado is anticipating the delivery of the first electric haul truck in the second quarter and a second in the fourth quarter, which are expected to enhance haulage capabilities and reduce diesel consumption per tonne, lowering greenhouse gas emissions.

Eldorado also highlighted that exploration results at Ormaque continue to demonstrate the potential to increase resources. Partial results from resource conversion drilling will be incorporated in a resource update later in 2023 and a maiden reserve on Ormaque in 2024.

Renard update (9.6-per-cent diamond stream)

On June 23, Stornoway made the decision to evacuate the Renard mine, located in central Quebec, due to forest fires located 50 km to the northwest of the operation. Smoke from the fires as well as the closure of an important access road necessitated the interruption in site activities. Mining operations resumed on July 1 and the diamond recovery plant restarted on July 4 following the reopening of the access road allowing for the resumption of transportation of natural gas and diesel necessary for operations. As a result of the temporary evacuation, the company anticipates a moderate impact on deliveries from Renard in the third quarter of 2023; it also notes a general softening in the diamond market over the second quarter due to high polished inventory levels and a slower economic rebound in China.

Pan mine (4-per-cent NSR royalty)

On June 21, Calibre Mining Corp. announced assay results from the 2023 drill program at the Pan mine in Nevada. Results at the Palomino target, located immediately south of the current open pit, indicate higher grades than the current average reserve grade of 0.4 g/t gold. Currently, a small amount of material at Palomino exists in inferred resources. The potential now exists to materially increase resource ounces, grade and confidence south of the Pan mine and the Palomino deposit remains open to the southeast and at shallow depths. Some highlight intercepts include 3.84 g/t gold over 15.2 metres, 2.08 g/t gold over 27.4 metres and 2.02 g/t gold over 27.4 metres. All drill targets are located near surface in oxidized limestone. Given the proximity to the current open pit, and the fact that Palomino is within the permitted area, Calibre has indicated it could start mining at Palomino as early as 2024.

Windfall joint venture (2-to-3-per-cent NSR royalty)

On June 5, Osisko Mining Inc. announced the suspension of all activities at the Windfall project due to the wildfire situation in Northern Quebec. Facilities were monitored in accordance with local directives.

On May 2, Osisko Mining and Gold Fields Ltd. announced a joint venture partnership to develop and mine the Windfall project in Quebec, Canada. Gold Fields acquired a 50-per-cent interest in the feasibility-stage Windfall project (including exploration potential) on the following key terms:

1. Cash payment of $300-million paid on signing;
2. Cash payment of $300-million payable on issuance of key permits;
3. 50/50 co-share of interim and construction capital expenditures.

Gold Fields believes the Windfall project is on track to become a high-quality, low-cost underground gold mine with a relatively small surface footprint and considerable growth prospects along strike and down plunge, well beyond delineated mineral reserves and the current 10-year projected mine life set out in Osisko Mining's December, 2022, Windfall feasibility study. Drawing on more than 20 years of successful brownfields exploration and reserve growth at its Western Australian operations, Gold Fields sees the potential for a similar path to emerge at the Windfall, Urban Barry and Quevillon belts.

Property-wide regional and near-deposit exploration is already in progress, with six drills exploring targets developed by Osisko over the past seven years, including the Golden Bear, Fox and Shellian prospects. An initial exploration program developed by the partnership includes $20-million dedicated to these and other targets.

Tintic ramp progress and exploration success (2.5-per-cent metals stream)

On May 17, Osisko Development Corp. announced the remaining diamond drilling (DD) and reverse circulation (RC) drill results from its 2022 exploration program, announced new 2023 underground diamond drilling results, and provided an overview of the continuing 2023 exploration program at its 100-per-cent-owned Trixie test mine within the greater Tintic project. Highlights included 23.49 g/t gold and 58.79 g/t silver over 1.37 metres, 62.82 g/t gold and 231.46 g/t silver over 6.86 metres, including 191 g/t gold and 707 g/t silver over 1.07 metres. Currently, there are two underground diamond drill rigs in operation at Trixie conducting exploration activities.

Additionally, as of May 17, approximately 75 per cent of the Trixie portal and underground decline ramp had been completed and completion of the decline ramp to the main 625 level is anticipated by the third quarter of 2023, which is expected to significantly improve underground access for exploration drilling.

During 2022, Osisko Development completed an extensive review and compilation of historical data on the Tintic project. As a result, a number of high-sulphidation epithermal gold-silver targets were identified at North Lily and Eureka Standard. Additionally, copper-molybdenum-gold porphyry targets were identified at Big Hill -- a lithocap approximately two kilometres in strike length and one kilometre wide indicative of an underlying porphyry system. A strong geophysical and geochemical target was also identified to the west and at depth below Trixie. An initial program of surface drilling is planned to test Big Hill, commencing in the third quarter of 2023.

Cariboo permitting update (5-per-cent NSR royalty)

On May 8, Osisko Development announced the signing of two permitting agreements, the process charter and the joint information requirements table, reaffirming the multilateral support of and commitment by the various levels of the government of British Columbia to advance the approval process of the Cariboo gold project. The target timelines established by the process charter, which are contingent on the issuance of the environmental assessment certificate anticipated in the third quarter of 2023, contemplate a final application referral date that is aligned with the anticipated receipt of environmental permits in Q1 2024.

Taylor update (1-per-cent NSR royalty on sulphide ores)

On May 8, South32 Ltd. announced that the Taylor project had been confirmed by the United States Federal Permitting Improvement Steering Council (FPISC), as the first mining project added to the FAST-41 process, enabling a more efficient and transparent process for federal permitting. The Taylor project, located in southern Arizona, is currently the only advanced mine development project in the U.S. that could produce two federally designated critical minerals: zinc and manganese. To qualify for the FAST-41 process, complex critical infrastructure projects must meet rigorous criteria to demonstrate benefit to the United States.

In a recent presentation, South32 indicated that the Taylor feasibility study and a final investment decision are on track for the second half of 2023, incorporating the revised mine development schedule, which is being optimized for the FAST-41 permitting process.

On April 23, along with quarterly results, South32 indicated that $173-million (U.S.) had been invested at the project in the nine months ended March, 2023. Construction of the second water treatment plant progressed and remained on track to be completed in the fourth quarter of 2023.

Casino (2.75-per-cent NSR royalty)

On April 14, Western Copper and Gold Corp. announced the closing of the $21.3-million strategic equity investment by Mitsubishi Materials Corp., representing approximately 5-per-cent interest in Western Copper, to further advance the Casino project. And subsequently, Western Copper also announced the closing of the $2.3-million subscription by Rio Tinto Canada Inc. to maintain its pro rata interest of approximately 7.84 per cent.

Corvette property (2-per-cent NSR royalty on lithium covering the majority of drilled area)

On June 14, Patriot Battery Metals Inc. announced further drill results from the 2023 winter drill program at the Corvette property, located in the Eeyou Istchee James Bay region of Quebec. Core assays for the drill holes reported cover the CV5 pegmatite's recently defined eastward extension, the high-grade Nova zone and the recently defined westward extension. Drill hole CV23-148 targeted the Nova zone and returned a wide and high-grade intercept of 95.3 metres at 1.62 per cent Li2O (lithium oxide), including 47.6 metres at 2.09 per cent Li2O.

The high-grade result affirms the interpretation that the Nova zone extends continuously over a strike length of at least 1.1 kilometres. Strong grades and widths were returned in drilling over the recently defined westward extension, highlighted by drill hole CV23-160A, which returned 127.7 metres at 1.78 per cent Li2O, including 50.1 metres at 2.43 per cent Li2O. Through the 2023 winter drill program, the CV5 pegmatite has been traced continuously by drilling (at approximately 50 to 150 metres spacing) as a principally continuous spodumene-mineralized body over a lateral distance of at least 3.7 kilometres and remains open along strike at both ends and to depth along most of its length. Patriot expects to announce an initial mineral resource estimate at CV5 in the near term.

On June 4, Patriot provided an update on its work programs and the impact of the current forest fire situation in Quebec. Patriot temporarily ceased drilling and surface exploration field activities until the situation improves. Core continues to be processed from holes completed at Corvette in May, 2023.

Tocantinzinho gold project (0.75-per-cent NSR royalty)

On June 13, G Mining Ventures Corp. provided an update on site activities for its Tocantinzinho gold project (TZ) in the state of Para, Brazil. As at June 13, the project was 30 per cent complete and remained on track and on budget for commercial production in the second half of 2024. To date, 1.74 million tonnes of waste material had been excavated from the starter pit. Approximately 2.4 million tonnes of ore will be stockpiled during the preproduction period prior to mill commissioning, providing roughly six months of mill feed. Power line progress has reached 41 per cent.

On June 1, G Mining announced it entered into a power purchase that grants renewable energy certificates as assurance of the supply of renewably generated power. This will enable G Mining to produce gold ounces with scope 1 emissions in the lowest quartile of the carbon dioxide emissions curve when compared with similar operations in the Americas.

Marimaca copper (1-per-cent NSR royalty)

On June 20, Marimaca Copper Corp. announced a $20-million equity investment by Mitsubishi Corp., representing a strong endorsement of the quality of the Marimaca project. Proceeds from the investment will be used to advance and accelerate development and progress toward the feasibility study, as well as on project permitting initiatives.

On May 18, Marimaca announced an updated mineral resource estimate (MRE) for the Marimaca oxide deposit (the MOD). Measured and indicated resources for the MOD are now 200 million tonnes at 0.45 per cent total copper (CuT) for 900,000 tonnes of contained copper, in addition to inferred resources of 37.3 million tonnes at 0.38 per cent CuT for 141,000 tonnes of contained copper. Eighty-six per cent of the MOD's total resource tonnes are now contained in the measured and indicated categories. The 2023 MRE incorporates 28,374 metres of new drilling data completed since the 2022 MRE released in October, 2022. The MOD's unique characteristics were maintained in the 2023 MRE, including a low strip ratio within a single constraining pit shell. Marimaca has completed five phases of extensive metallurgical test work and a sixth phase of metallurgical testing is under way, which is expected to define the optimized process design flowsheet ahead of the planned feasibility study, which is now expected to be released in the first quarter of 2024.

Akasaba West (2.5-per-cent NSR royalty)

On April 27, Agnico Eagle announced that work at the Akasaba West project commenced in September, 2022, and remained on schedule for overburden removal in the first quarter of 2023, with over 670,000 tonnes of material removed to date. Construction of surface infrastructure is also progressing on schedule, including offices, a garage and water treatment facilities.

Altar exploration success (1-per-cent NSR royalty)

On June 14, Aldebaran Resources announced the completion of the previously announced top-up financing with a subsidiary of South32. South32 elected to exercise its anti-dilution rights to maintain a 9.9-per-cent equity interest in Aldebaran following the exercise of warrants announced on May 5, 2023.

On June 7, Aldebaran reported results from its continuing drill campaign at Altar. ALD-23-228 hit the favourable host rock formation at approximately 750 metres depth and thereafter returned some of the highest-grade copper mineralization encountered on the project to date, demonstrating continuity with previously intersected high-grade mineralization. Highlights include 565.6 metres of 0.60 per cent copper equivalent (CuEq) from 676 metres depth in hole ALD-23-228, including 329.6 metres of 0.80 CuEq and 198.5 metres of 0.50 per cent CuEq from 1,040 metres depth in hole ALD-23-227; notably the hole ended in 31.5 metres of 0.69 per cent CuEq. As at June 7, Aldebaran had restarted drilling on hole 228 to see if the higher-grade mineralization continues to depth. Aldebaran indicated that four rigs are actively drilling with assays pending.

On May 31, Aldebaran announced results from hole ALD-23-225B, drilled to test the continuity between mineralization encountered in previously released holes and to provide another pierce point into the promising geophysical anomaly that sits below and lateral to the current resources at Altar. Results included 1,056.2 metres of 0.56 per cent CuEq from 291 metres depth, including 951.20 metres of 0.60 per cent CuEq from 396 metres. This drilling fills a 400-metre gap between previous holes 223 and 224. The results are higher grade than the current average grade of the mineral resource and provide additional confirmation that the mineralized footprint of the Altar system is larger than previously understood.

West Kenya (2-per-cent NSR royalty)

On May 22, Shanta Gold Ltd. announced a company-wide exploration update, including drill plans from the West Kenya project for 2023. Up to 26,000 metres are planned across 80 holes focused around the Isulu and Ramula deposits targeting both conversion to indicated resources plus resource extensions. Third party consultants have been engaged to accelerate technical studies and a workstream toward mining licence application and permitting for West Kenya is under way. The 2023 exploration budget for West Kenya is up to $10-million (U.S.), consistent with previous years. Initial assay results are expected in July, with an updated mineral resource estimate anticipated for the second half of 2023.

WKP (2-per-cent NSR royalty)

On June 19th, Oceanagold Corp. announced results from the 2023 resource conversion drill program at Wharekirauponga (WKP) in New Zealand.

WKP is a low-sulphidation epithermal gold-silver vein system located approximately 10 kilometres to the north of Oceanagold's Waihi gold mine. WKP hosts an indicated resource of 1.7 million tonnes grading 12.3 g/t for 660,000 ounces of gold. Inferred resources total 2.6 million tonnes at a grade of 7.8 g/t for 640,000 ounces of gold, with approximately 90 per cent of the resources contained within the EG vein, a hangingwall splay and three footwall veins (collectively, the EG vein zone). Resource conversion drilling remains a priority in 2023 as Oceanagold works toward growing indicated resources to support a prefeasibility study in 2024.

Opportunities for both up- and down-plunge and along-strike extensions of the EG vein remain, with high-grade intercepts remaining open. Stepout drilling in hole WKP100, the most southerly hole on the EG vein, also confirmed mineralization continues for at least a further 200 metres along strike of the currently defined southern shoot. Highlight intercepts from drilling on the EG vein zone include 60.5 g/t gold over 11.1 metres, 51.3 g/t gold over 5.9 metres, 36.9 g/t gold over eight metres and 53.3 g/t gold over five metres.

Q2 2023 results conference call details

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

Results release: Wednesday, Aug. 9, 2023, after market close

Conference call: Thursday, Aug. 10, 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: 63806714

Replay (available until Sunday, Sept. 10, at 11:59 p.m. ET): North American toll-free: 1-877-674 7070; local and international: 1-416-764-8692

Playback passcode: 806714 followed by pound key

Replay is also available on Osisko'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.

In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third party public disclosure.

About Osisko Gold Royalties Ltd.

Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June, 2014. Osisko 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.

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