Mr. Paul Martin reports

OSISKO REPORTS Q3 2023 RESULTS

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

Highlights -- third quarter of 2023

• 23,292 gold equivalent ounces (GEOs) earned (23,850 GEOs in Q3 2022);
• Revenues from royalties and streams of $62.1-million ($53.7-million in Q3 2022);
• Cash flows generated by operating activities of $43.5-million ($51.1-million in Q3 2022);
• Net loss of $20.0-million, 11 cents per basic share (net earnings of $28.0-million, 15 cents per basic share in Q3 2022), mostly as a result of a non-cash impairment charge and a write-off on assets related to the Renard diamond mine, together totalling $32.4-million ($26.2-million, net of income taxes);
• Adjusted earnings of $22.4-million, 12 cents per basic share (of $25.8-million, 14 cents per basic share in Q3 2022);
• Acquisition of a 3-per-cent gold net smelter return (NSR) royalty and 1-per-cent copper NSR royalty on the Costa Fuego copper-gold project held by Hot Chili Ltd. for $15.0-million (U.S.) ($19.9-million);
• Patriot Battery Metals Inc. published its 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, on which Osisko holds a sliding scale 1.5 to 3.5 per cent on precious metals, and 2.0 per cent on all other products, including lithium, on most (estimated at approximately 80 per cent to 95 per cent by Osisko) of the mineral resource estimate;
• Appointment of Paul Martin as interim chief executive officer; and
• Quarterly dividend of six cents per common share paid on Oct. 16, 2023, to shareholders of record as of the close of business on Sept. 29, 2023.

Paul Martin, interim CEO of Osisko, commented: "When factoring in the variety of challenges faced by some of our key operating partners during the third quarter, we are coming away satisfied with our overall performance. As we head into the final three months of the year, and as previously noted, we are now trending toward the lower end of our 2023 GEO guidance range. Of particular note is the Renard diamond stream, where the situation remains fluid. As such, in contrast to what was previously expected, Osisko might now actually expect a GEO contribution from the mine during the fourth quarter, however this will depend largely on rough diamond prices, and will come in materially lower than what was originally budgeted for the period. Finally, Osisko remained very active on the corporate development front both during the third quarter and after it, having first closed the Costa Fuego transaction, and then, just last week, having announced the acquisition of a 1.0-per-cent NSR royalty on Shandong Gold's Namdini project in Ghana, where first gold production is expected in late 2024."

Subsequent to Sept. 30, 2023

• On Oct. 27, 2023, Stornoway Diamonds (Canada) Inc. announced the suspension of operations at the Renard mine due to the growing uncertainty of diamond prices and the placement of Stornoway under the protection of the Companies' Creditors Arrangement Act.
• On Oct. 30, 2023, Osisko announced the acquisition of a 1.0-per-cent NSR royalty covering the Namdini gold project in Ghana. Osisko has closed the transaction with Savannah Mining Ltd., acquiring a direct interest in 50 per cent of Savannah's 2.0-per-cent NSR royalty for total consideration of $35.0-million (U.S.) (excluding applicable taxes and levies).
• Declaration of a quarterly dividend of six cents per common share payable on Jan. 15, 2024, to shareholders of record as of the close of business on Dec. 29, 2023.

Q3 2023 results conference and webcast call details

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

Results release:   Wednesday, Nov. 8, 2023, after market close

Conference call:  Thursday, Nov. 9, 2023, at 10 a.m. ET

Dial-in numbers: (option 1)

North American toll-free:   1-888-886-7786

Local and international:  1-416-764-8658

Conference ID:  61375331

Webcast: (option 2) (link available in original news release)

Replay (available until Saturday, Dec. 9, at 10 a.m. ET):  North American toll-free: 1-877-674-7070; local and international: 1-416-764-8692

Playback pass code:  375331 followed by the pound key

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, 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.

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, including 23 producing assets. 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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