Mr. Grant Moenting reports

OSISKO ANNOUNCES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved Osisko Gold Royalties Ltd.'s notice of intention to make a normal course issuer bid (NCIB). Under the terms of the NCIB program, Osisko may acquire up to 9,258,298 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX.

The NCIB program will be conducted through the facilities of the TSX or through alternative trading systems in Canada, if eligible, and will conform to their regulations. Purchases under the NCIB program will be made by means of open-market transactions or such other means as a securities regulatory authority may permit, including prearranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.

Repurchases under the NCIB program may commence on Dec. 12, 2023, and will terminate on Dec. 11, 2024, or on such earlier date as the NCIB program is completed. Daily purchases will be limited to 94,834 common shares, other than block purchase exemptions, representing 25 per cent of the average daily trading volume of the common shares on the TSX for the six-month period ended Nov. 30, 2023, being 379,338 common shares.

The price that the corporation may pay for any common share purchased in the open market under the NCIB program will be the prevailing market price at the time of purchase (plus brokerage fees) and any common share purchased by the corporation will be cancelled. In the event that the corporation purchases common shares by prearranged crosses, exempt offers, block purchases or private agreements, the purchase price of the common shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the common shares at the time of the acquisition.

The board of directors of Osisko believes that the underlying value of the corporation may not be reflected in the market price of the common shares from time to time and that, accordingly, the purchase of common shares will increase the proportionate interest in the corporation of and be advantageous to all remaining shareholders of the corporation.

As of Nov. 30, 2023, there were 185,165,964 common shares issued and outstanding. The 9,258,298 common shares that may be repurchased under the NCIB program represent approximately 5 per cent of the issued and outstanding common shares of the corporation as of Nov. 30, 2023, being 185,165,964 common shares.

Under the prior NCIB program, the corporation received approval from the TSX to purchase up to 18,293,240 common shares. Given the evolution of the common share price since the implementation of the prior NCIB program and the capital requirement for acquisition of assets throughout the same period, the corporation concluded that no common share purchases were warranted under the prior NCIB program.

About Osisko Gold Royalties Ltd

Osisko Royalties 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, one of Canada's largest gold mines.

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

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