Mr. Grant Moenting reports

OSISKO REPORTS Q2 2023 RESULTS

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

Highlights - Second Quarter of 2023

• 24,645 GEOs1 earned, an increase of 11% over the second quarter of 2022 (Q2 2022 - 22,243);
• Revenues from royalties and streams of $60.5 million (Q2 2022 - $51.5 million);
• Cash flows generated by operating activities2 of $47.4 million (Q2 2022 - $35.0 million);
• Cash margin3 of $56.2 million or 93% (Q2 2022 - $47.8 million or 93%);
• Net earnings2 of $18.0 million, $0.10 per basic share (Q2 2022 - $18.1 million, $0.10 per basic share);
• Adjusted earnings3 of $32.6 million, $0.18 per basic share (Q2 2022 - $25.7 million, $0.14 per basic share);
• Publication of the 2023 Asset Handbook and third edition of the Company's sustainability report, Growing Responsibly;
• Closing of the CSA silver and copper streams by Osisko Bermuda Limited for US$150.0 million;
• Amendment of the Gibraltar silver stream for US$10.25 million; and
• Declaration of a quarterly dividend of $0.06 per common share, an increase of 9% over the previous quarter, paid on July 14, 2023 to shareholders of record as of the close of business on June 30, 2023.

Paul Martin, Interim CEO of Osisko commented: "Despite challenges faced by our operating partners who were temporarily impacted by the wildfires in northern Ontario and Quebec, Osisko delivered a solid second quarter. As we head into the second half of the year, we are well positioned to meet our 2023 guidance. Osisko remained very active on the corporate development front in the second quarter, having closed the CSA transaction, including the full copper stream which comes into effect in June 2024, and the announced increase to our silver stream at Taseko's Gibraltar mine. Following the quarter, the Company announced the acquisition of copper and gold royalties at Hot Chili's Costa Fuego project".

Subsequent to June 30, 2023

• Closing of the gold and copper royalty investment in relation to the Costa Fuego Project; and
• Declaration of a quarterly dividend of $0.06 per common share payable on October 16, 2023 to shareholders of record as of the close of business on September 29, 2023.

Q2 2023 RESULTS CONFERENCE CALL AND WEBCAST DETAILS

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

Results Release:  Wednesday, August 9th, 2023 after market close

Conference Call:  Thursday, August 10th, 2023 at 10:00 am ET

Dial-in Numbers (option 1):

North American Toll-Free:  1 (888) 886 7786

Local and International:  1 (416) 764 8658

Conference ID:  63806714

Replay (available until Sunday, September 10th at 11:59 pm ET):

North American Toll-Free:  1 (877) 674 7070

Local and International:  1 (416) 764 8692

Playback Passcode:  806714#

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, Ph.D., P.Geo., 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 ("NI 43-101").

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd 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% 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, Quebec, H3B 2S2.

We seek Safe Harbor.