Mr. Paul Martin reports

OSISKO CONGRATULATES PATRIOT BATTERY METALS ON ITS MAIDEN MINERAL RESOURCE ESTIMATE AT CORVETTE & SUBSEQUENT STRATEGIC INVESTMENT BY ALBEMARLE CORPORATION

Osisko Gold Royalties Ltd. is congratulating Patriot Battery Metals Inc. on the maiden mineral resource estimate for the CV5 spodumene pegmatite at its wholly owned Corvette property, located in the Eeyou Istchee James Bay region of Quebec.

The MRE at CV5 has established it as the largest lithium pegmatite mineral resource in the Americas, returning 109.2 million tonnes at 1.42 per cent lithium oxide (Li2O) and 160 parts per million tantalum pentoxide (Ta2O5) of inferred resources, at a cut-off grade of 0.40 per cent Li2O, for a total of 3,835,000 tonnes contained lithium carbonate equivalent. Additionally, and as reported by Patriot, the resource and geological modelling have outlined significant potential for growth at CV5, which remains open at both ends along strike and to depth along a significant portion of its length.

Osisko Gold holds a sliding scale net smelter return (NSR) royalty of 1.5 to 3.5 per cent on precious metals, and 2.0 per cent on all other products, including lithium, at Corvette. Osisko Gold estimates that a large majority (approximately 80 to 95 per cent) of the CV5 MRE falls on its 2.0-per-cent-lithium NSR royalty area. The maiden MRE includes only the CV5 spodumene pegmatite and, therefore, does not include any of the other known spodumene pegmatite clusters on the property: CV4, CV8, CV9, CV10, CV12 and CV13, some of which are covered in Osisko Gold's royalty.

In addition, Osisko Gold would like to further congratulate Patriot on its subsequently announced $109-million strategic equity investment by Albemarle Corp. Upon closing of the strategic investment, Albemarle will own approximately 4.9 per cent of Patriot's issued and outstanding common shares on a fully diluted in-the-money basis, or 6.4 per cent on a non-diluted, issued and outstanding basis. The proceeds from the strategic investment will be used to accelerate the development activities at Corvette and for general corporate purposes.

Paul Martin, interim chief executive officer of Osisko Gold, commented: "The consistency at which the Patriot team has been able to achieve remarkable drilling success going back to the discovery hole in the fall of 2021 and now punctuated by yesterday's maiden CV5 MRE speaks to the unique quality of the Corvette property, as well as Patriot's vision and understanding of a highly prospective hardrock lithium camp. The subsequently announced strategic investment be Albemarle only serves to further underpin the quality of this asset on a global scale."

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, 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 is an intermediate precious metal royalty company which holds a North American-focused portfolio of over 180 royalties, streams and precious metal offtakes. Osisko Gold'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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