Mr. Jason Attew reports

OSISKO REPORTS RECORD 2023 RESULTS AND PROVIDES 2024 GUIDANCE AND NEW 5-YEAR OUTLOOK

Osisko Gold Royalties Ltd. has released its consolidated financial results for year-end 2023. Amounts presented are unaudited and in Canadian dollars, except where otherwise noted.

2023 Financial Highlights

• 94,323 gold equivalent ounces ("GEOs 1") earned (89,367 GEOs in 2022);
• Record revenues from royalties and streams of $247.3 million ($217.8 million in 2022);
• Record cash flows generated by operating activities2 of $187.0 million ($175.1 million in 2022);
• Net loss2 of $48.3 million, $0.26 per basic share2 (net earnings of $85.3 million, $0.47 per basic share in 2022), mostly due to non-cash impairment charges largely as a result of a fair value assessment of investments and royalty and stream interests of $149.6 million; and
• Adjusted earnings4 of $100.1 million, $0.54 per basic share ($87.3 million, $0.48 per basic share in 2022)

Other Highlights

• Total capital deployed of over $290.0 million across 5 new transactions:
  • Closing of the silver and copper streams on Metals Acquisitions Limited's CSA mine in Australia by Osisko Bermuda Limited for US$150.0 million ($198.8 million);
  • Amendment to increase its effective silver stream from 12.5% to 87.5% on Taseko Mines Ltd.'s Gibraltar mine in BC for US$10.3 million ($13.6 million);
  • Acquisition of a 3% gold net smelter return ("NSR") royalty and 1% copper NSR royalty on Hot Chili Ltd.'s Costa Fuego copper-gold project in Chile for US$15.0 million ($19.9 million);
  • Acquisition of a 1% NSR royalty covering Cardinal Namdini Mining Ltd.'s Namdini gold project in Ghana for US$35.0 million ($48.4 million); and
  • Acquisition of a 1% NSR royalty on Cabral Gold Inc.'s Cuiu Cuiu gold project in Brazil for US$5.0 million ($6.8 million);
• Publication of the 2023 Asset Handbook and third edition of the Corporation's sustainability report, Growing Responsibly;
• Appointment of Mr. Jason Attew as President and Chief Executive Officer ("CEO") of the Corporation and Mr. Norman MacDonald as Chair of the Board of Directors;
• Sale of the equity investment in Osisko Mining Inc. for gross proceeds of $131.6 million, which were used to reduce the revolving credit facility to a drawn balance of $191.9 million; and
• Declaration of quarterly dividends totaling $0.235 per common share in 2023 ($0.22 per common share in 2022).

Subsequent to December 31, 2023

• Additional repayments of $30.2 million on the revolving credit facility to a drawn balance of approximately $164.5 million;
• Declaration of a quarterly dividend of $0.06 per common share payable on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024; and
• Announcement of Mr. David Smith joining the Corporation's Board of Directors as an Independent Director.

Guidance for 2024 and 5-Year Outlook

2024 Guidance 3

Osisko expects GEOs earned to range between 82,000 to 92,000 in 2024 at an average cash margin of 97%. The 2024 guidance assumes the commencement of GEOs earned from the CSA Copper Stream from June 15, as well as the commencement of production from G Mining Ventures Corp.'s Tocantinzinho project and Cardinal Namdini Mining Limited's project later in the year.

Osisko's 2024 guidance on royalty and stream interests is largely based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

5-Year Outlook 3

Osisko expects its portfolio to generate between 120,000 and 135,000 GEOs in 2028. The outlook assumes the commencement of production at The Windfall Mining Group's Windfall and South32 Ltd's Hermosa, amongst others. It also assumes that Capstone Copper Corp's Mantos Blancos will have reached its nameplate capacity following the recent expansion of its activities, as well as increased production from certain other operators that have announced planned expansions, including Alamos Gold Inc.'s Phase 3+ Expansion at Island Gold.

Beyond this growth profile, Osisko owns several other growth assets, which have not been factored in the 5-year outlook, as their timelines are either later, or less clear. As the operators provide further clarity on these assets, Osisko will seek to include them in its long-term outlook.

This 5-year outlook is based on internal judgements of publicly available forecasts and other disclosures by the third-party owners and operators of the Corporation's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

This 5-year outlook replaces the 5-year outlook previously released in 2023, which should be considered withdrawn. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2024-2028).

Management Commentary

Jason Attew, President & CEO of Osisko commented: "2023 was a banner year for Osisko marked by new annual records achieved with respect to GEOs earned, revenues, cash flows and margins, in addition to the closing of several key transactions which will positively contribute to Osisko's cash flow and GEOs earned. The Corporation is now well-positioned with a materially improved balance sheet, and also with having completed recent changes as it relates to both management and the Board.

After working through a full portfolio review as it relates to Osisko's growth trajectory and associated timelines, the Corporation's 2024 guidance and updated 5-year outlook together provide what management believes to be achievable ranges. Concerning the 2024 guidance, it is worth noting that the lack of GEO deliveries resulting from the stoppage of operations at the Renard diamond mine will be partially offset by expected improvements at certain other operating assets within our portfolio, in addition to some new assets moving out of development and into production throughout the year. Furthermore, the Corporation's expected growth trajectory over the next five years remains very much intact as mine expansions and new projects are completed by our partners between now and 2028.

Osisko enters 2024 with a continued focus on simplifying its story to further re-establish itself as a 'pure-play' precious metals royalty and streaming company. We possess an unmatched asset base as defined by exposure to Tier 1 mining jurisdictions and this unique aspect of our portfolio, when combined with our robust organic growth outlook, results in the Corporation being well-positioned to deliver long-term value to our current and future shareholders."

Q4 AND YEAR-END 2023 RESULTS CONFERENCE CALL AND WEBCAST DETAILS

Conference Call: Wednesday, February 21st, 2024 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: 57708068

Replay (available until Thursday, March 21st at 11:59 PM ET):

• North American Toll-Free: 1 (877) 674 7070
• Local and International: 1 (416) 764 8692
• Playback Passcode: 708068#

Replay is also available on our 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, including 19 producing assets. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada's largest gold operations.

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

Notes:

(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) From continuing operations.

(3) For the 2024 guidance, deliveries of silver, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus prices and a gold/silver price ratio of 83:1. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 76:1.

(4) Non-IFRS Measures

We seek Safe Harbor.