Mr. Grant Moenting reports

OSISKO DECLARES THIRD QUARTER 2023 DIVIDEND

Osisko Gold Royalties Ltd. has declared a third quarter 2023 dividend of six cents per common share. The dividend will be paid on Oct. 16, 2023, to shareholders of record as of the close of business on Sept. 29, 2023. This dividend is an eligible dividend as defined in the Income Tax Act (Canada).

For shareholders residing in the United States, the U.S.-dollar equivalent will be determined based on the daily rate published by the Bank of Canada on Sept. 29, 2023.

The company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan. Shareholders who are residents of Canada and the United States may elect to participate in the plan in connection with the dividend to be paid on Oct. 16, 2023, to shareholders on record as of Sept. 29, 2023. More details are available on Osisko's website.

Non-registered beneficial shareholders who wish to participate in the plan should contact their financial adviser, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the plan. For more information on how to enroll or any other inquiries, contact Osiko's transfer agent at 1-800-387-0825 (toll-free in Canada) or shareholderinquiries@tmx.com.

Participation in the plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the plan. Shareholders should consult their tax advisers concerning the tax implications of their participation in the plan having regard to their particular circumstances.

About Osisko Gold Royalties Ltd.

Osisko is an intermediate precious metal royalty company that 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.

Osisko's head office is located at 1100 Ave. des Canadiens-de-Montreal, Suite 300, Montreal, Que., H3B 2S2.

We seek Safe Harbor.