Mr. Grant Moenting reports

OSISKO ANNOUNCES Q4 2023 GEO DELIVERIES, RECORD CASH MARGIN AND REDUCED DEBT BALANCE

Osisko Gold Royalties Ltd. has provided an update on its fourth quarter 2023 deliveries, revenues and cash margin, as well as on its cash and debt positions as of Dec. 31, 2023. All monetary amounts included in this report are expressed in Canadian dollars, unless otherwise noted.

Preliminary Q4 2023 results

Osisko earned 23,275 attributable gold equivalent ounces (1) (GEOs) in the fourth quarter of 2023, for a total of 94,323 GEOs in 2023, representing record annual deliveries for the corporation. Osisko's year-over-year GEOs earned increased by 6 per cent in 2023 but fell slightly short of the low end of the 2023 guidance range of 95,000 to 105,000 GEOs. Osisko recorded preliminary revenues from royalties and streams of $65.2-million during the fourth quarter, and preliminary cost of sales (excluding depletion) of $4.0-million, resulting in a record quarterly cash margin (2) of approximately $61.2-million (or 94 per cent).

For the full year 2023, preliminary revenues from royalties and streams reached a record $247.3-million, and preliminary cost of sales (excluding depletion) are estimated at $16.6-million, resulting in a record annual cash margin (2) of approximately $230.7-million (or 93 per cent), a year-over-year increase of 14 per cent.

As at Dec. 31, 2023, Osisko's cash position was approximately $67.7-million, following the sale of its entire equity position in Osisko Mining Inc. and a subsequent $136.0-million repayment on the corporation's revolving credit facility. The corporation's revolving credit facility was drawn by approximately $191.9-million at the end of 2023, with an additional amount of $358.1-million available to be drawn plus the uncommitted accordion of up to $200-million.

Q4 and year-end 2023 results conference and webcast call details

Osisko provides notice of the fourth quarter and annual 2023 results, and conference and webcast call details.

Results release:  Tuesday, Feb. 20, 2024, after market close

Conference call:  Wednesday, Feb. 21, 2024, at 10 a.m. ET

Dial-in numbers:

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

Local and international:  1-416-764-8658

Conference ID:  57708068

Replay (available until Thursday, March 21, at 11:59 p.m. ET):

North American toll-free:  1-877-674-7070

Local and international:  1-416-764-8692

Playback passcode:  708068 followed by the number sign

Replay is also available on the company's website.

The figures presented in this press release, including revenues and costs of sales, have not been audited and are subject to change. As the corporation has not yet finished its year-end procedures, the anticipated financial information presented in this press release is preliminary, subject to year-end adjustments and may change materially.

(1) gold equivalent ounces

GEOs are calculated on a quarterly basis, and include royalties and streams. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period.

(2) Non-IFRS (international financial reporting standards) measures.

About Osisko Gold Royalties Ltd.

Osisko is an intermediate precious-metal royalty company focused on the Americas that commenced activities in June, 2014. Osisko 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 3-per-cent to 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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