THE LEADING INTERMEDIATE ROYALTY COMPANYCorporate Presentation

October 2016

Forward Looking StatementsCertain statements contained in this presentation may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address futureevents, developments or performance that Osisko (the “Corporation”) expect to occur including managements’ expectations regarding the Corporation’s growth, results of operations,estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities are forward looking statements. Forwardlooking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates","projects", "potential", "scheduled" and similar expressions or variations (Including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occurincluding, without limitation, that all conditions precedent to the transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of theCorporation, the view on (i) the quality and the potential of the Corporation’s assets, production forecasts for properties in which the corporation holds a royalty. Although the Corporationbelieves the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and otherfactors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actualresults to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporation;fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty; development, permitting,infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from resourceestimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring,development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgicalconditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting andlicensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which the Corporation hold a royalty or other interestare located or through which they are held); continued availability of capital and financing and general economic, market or business conditions; business opportunities that becomeavailable to, or are pursued by the Corporation; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained inthis presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holdsa royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners oroperators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of anysignificant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that arenot yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information onrisks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com. The Corporation cautions that the foregoinglist of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors aswell as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but noassurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. Thesestatements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, other than as required by applicable law.

Safe Harbour Statement:This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. Byaccepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to keep strictly confidential the contentsof this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the contents for any purpose other thanevaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation, other confidential information or any such othermaterial.

Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of the Company.

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As at October 17, 2016

TSX & NYSE:OR

$1.4BMARKET CAP

$45.4M2015 REVENUES

~$425M CASH & CASH EQUIVALENTS(at June 30, 2016)

$150-$200MAVAILABLE CREDIT

34,500-37,200 ozATTRIBUTABLE GOLDOUNCES FOR 2016

TWO OF THE PREMIER

ROYALTY ASSETS IN THE GOLD

SECTOR

STRONG CASH POSITION

QUARTERLY DIVIDEND

OVER 50 ROYALTIES

TRACK RECORD OF SUCCESS GOLD FOCUSED

THE LEADING INTERMEDIATE GOLD ROYALTY COMPANY

$342

$234 $231

$192$164

$143 $138$118

$0

$50

$100

$150

$200

$250

$300

$350

$400

Penasquito Stillwater CanadianMalartic

Detour Lake Cortez Éléonore Gold Quarry Goldstrike

Worldwide Ranking of Gold Royalties - 5% NPV (US$ M)

Osisko holds two of the highest quality gold royalties in the sector

Source: BMO Capital Markets Equity Research. NPV shown using a 5% discount rate and BMO commodity pricing for gold of US$1,292/oz for 2016, US$1,350/oz for 2017,US$1,250/oz for 2018 and US$1,200/oz for 2019 and LT.

High Quality Gold Royalties

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Strong Gold Market with Upward Momentum

Osisko Quarterly Realized Gold Price (C$/oz)

Best gold prices in CAD since 2014

Max London PM Fixing in CAD:$1,877/oz on Sep. 6 2011

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Producing Royalties

ÉLÉONORE2.0-3.5% NSR

ISLAND GOLD1.7%-2.55% NSR

VEZZA5% NSR – 40% NPI

CANADIAN MALARTIC5% NSR

IRON ORE COMPANY OF CANADA (LIF)0.7% PASS-THROUGH SALES ROYALTY

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OPERATORS: Agnico Eagle / Yamana Gold

LOCATION: Malartic, Québec

RESERVES: Current reserves of 7.72 M oz Au1

ROYALTY:

5% NSR royalty $0.40/tonne on milled ore from

outside the current property area for life of mill starting in June 2021

2015 PRODUCTION: 572.0 k oz

H1 2016 PRODUCTION: 292.2 K oz

GUIDANCE: 2016: 560 to 580 k oz 2017: 590 to 600 k oz 2018: 610 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES:

2016: 28.0 to 29.0 k oz 2017: 29.5 to 30.0 k oz 2018: 30.5 k oz

1. See Appendix A for full disclosure on Reserves & Resources.

Canadian MalarticProduction Outlook

(k oz Au)

560-580 k oz

2016E

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

28.0-29.0 k oz

2016E

Key Producing Assets | CANADIAN MALARTIC – 5% NSR

THE LARGEST GOLD MINE IN

CANADA

YTD: 292.2 K oz YTD: 14.4 K oz

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CANADIAN MALARTIC EXPLORATION | ODYSSEY NORTH & SOUTH

57 holes (53,417 metres) completed Showing similarities to the Goldex mine deposit in terms of grade and potential

amenability to underground bulk mining Odyssey North has been traced from a depth of 600 to 1,300 metres below surface

along a strike length of approximately 1.5 kilometres Odyssey South currently has a strike length of 0.5 kilometres, and has been located

between approximately 200 and 550 metres below surface Additional drilling totalling $5.5 million (35,000 metres) has been added to the original

budget of $8.0 million (60,000 metres) for a total of $13.5 million for 2016 An initial inferred mineral resource estimate for the Odyssey zones is expected as of

year-end 2016.

OSISKO HOLDS A 5% NSR ROYALTY ON THE ODYSSEY SOUTH ZONE AND A 3% NSR ROYALTY ON THE ODYSSEY NORTH ZONE

Expanding Canada’s largest gold mine

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CANADIAN MALARTIC EXPLORATION | ODYSSEY NORTH & SOUTH

Source: Agnico Eagle 9

1. See Appendix A for full disclosure on Reserves & Resources.

ÉléonoreProduction Outlook

(k oz Au)

250-280

2016E

Osisko Gold Royalties Attributable Royalty

Ounces (k oz Au)

5.5-6.2

2016E

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: Current reserves of 5.35 M oz Au1

ROYALTY:

2.0% NSR royalty on the first 3 M ozof Au production

0.25% increase for every additional 1M oz of production thereafter, to a maximum of 3.50%

Adjustment of +10% if Au is higher than US$500/oz

2015 PRODUCTION: 268.1 k oz

H1 2016 PRODUCTION: 140.7 k oz

2016 GUIDANCE: 250-280 k oz

2016 OSISKO ATTRIBUTABLE GOLD OUNCES:

5.5 to 6.2 k oz

Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR

FIRST OUNCES RECEIVED IN

DECEMBER 2015

YTD:140.7 K OZ YTD: 3.7 K OZ

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Source: Goldcorp public disclosure.

Deposit remains open at depth Drilling in 2016 will continue to target

the 494 zone for reserve replacement and test the deep projection of the centre and southern ore bodies and the 494 zone.

Positive results continue in the 494 zone adding confidence to the size and importance of this structure.

ÉLÉONOREEXPLORATION UPDATE

Key Producing Assets | ÉLÉONORE – 2.0 to 3.5% NSR

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Operating since 2007 Recently announced an updated PEA

on Deep resources at the Island Gold Mine

2015 production: 55,040 oz Au 142,000m Phase 2 drilling campaign

underway

9.8% equity position in LIF

Investment in LIF provides exposure to Iron Ore Canada (“IOC”)

– 7.0% top-line royalty

– 15% equity interest in IOC

– $0.10/t commission on all iron ore sales by IOC

Equivalent to 0.7% pass-through sales royalty

Operating since 1954

IRON ORE COMPANY OF CANADA (LIF)

0.7% PASS-THROUGH SALES ROYALTY

ISLAND GOLD 1.7%-2.55%

NSR

Producing Royalties

Operated by Ressources Nottaway inc. (private company)

The property is located 25km from Matagami, Québec

Custom milling at IAMGOLD’s Westwood (Doyon) facility

VEZZA5% NSR40% NPI

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NEW GROWTH

ODYSSEY3% NSR

UPPER BEAVER KIRKLAND LAKE CAMP

2% NSR

CARIBOO1.5% NSR

MARBAN0.425% NSR

LAMAQUE1.7% NSR

PANDORA2% NSR

WINDFALL1.5% NSR

HERMOSA SULFIDES1% NSR

HORNE 51% NSR

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1. See the technical report titled “Technical Report and Updated Preliminary Economic Assessment for the Lamaque Project” dated February 27th 2015 on Integra Gold’s profile at www.sedar.com2. Integra Gold may repurchase 50% of Osisko’s 1.7% NSR royalty for total consideration of $1,000,000

New Growth

ROYALTY: 2% NSR

Potential to add mill feed for Agnico-Eagle Lapa Mine Exploration drift from Lapa

underway 2016 exploration budget:

$4.1M

ROYALTY: 1.7% NSR

PEA stage:- Average annual prod.

109.9 K oz- Mine life: 4.5 years

2016 drill program: 100 km

PANDORA

LAMAQUE1,2

ROYALTY: 2% NSR

2016 exploration budget: $5.2M

ROYALTY: 0.425% NSR

Also includes a right to $5 million payment upon commercial production on the Marban property.

CARIBOO

MARBAN

ROYALTY: 1.5% NSR

2016 exploration budget: $15M

ODYSSEY

ROYALTY: 3% NSR

2016 exploration budget: $8M

UPPER BEAVER -KIRKLAND LAKE

ROYALTY: 1% NSR

Drilling underway to expand Taylor Deposit

HERMOSA

WINDFALL

ROYALTY: 1.5% NSR

55,000 drill program initiated with positive initial results

HORNE 5

ROYALTY: 1% NSR

Positive initial PEA

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The Royalty Model

ROYALTY INCUBATION

Construction Refinancing

OSISKO IS A PROVIDER OF

CAPITAL TO THE MINING SECTOR

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Royalty Incubation Process – Acquiring Royalties at Discounted Valuations

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

Net Cost of Royalty Purchase at June 30, 2016 (C$ M)

Purchased a 1.5% NSR in February 2016 Purchased a 1% NSR in April 2016

$25.0

$15.4 1

$9.6

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$10.0

$14.8 1

($4.8)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

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Significant Value in Investment Portfolio

Value of Investment Portfolio1 (C$ M)

Unrealized gain2 of approximately $67 million at quarter end (Q2)

1. Fair value of marketable securities in associates and other as at June 30, 2016, excluding Labrador Iron Ore Royalty Corporation2. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

104.2

171.8

Cost Base Market Value at June 30, 2016

104.9

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Company Key Assets Location % Ownership

• Windfall Lake• Garcon• Marban

Québec, CanadaOntario, Canada 15.9%

• Cariboo Gold Project BC, Canada 17.6%

• Horne 5 Québec, Canada 16.2%

• Hermosa Arizona, US 4.1%

• Neita Dominican Republic 14.8%

Key Portfolio Investments

Key Portfolio Investments at June 30, 2016

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EXPLORATION PROPERTIES

COULON PROJECTPOLYMETALLIC

MINERALIZATION CONFIRMS MINING

POTENTIAL

GUERRERO9,600 KM2 AREA IN

GUERRERO, MEXICO

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Source: Factset

Discounted Value vs Royalty Peers

1.4x

1.8x2.0x

2.1x

2.4x

Osisko Sandstorm Royal Gold Silver Wheaton Franco Nevada

P/NAV Multiple

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Invest in Osisko

OVER 50ROYALTIES

~$625MIN CASH & AVAILABLE

CREDIT

DIVIDEND YIELD

~0.9%

TWO OF THE PREMIER

ROYALTY ASSETS IN THE GOLD

SECTOR

GOLD FOCUSED TRACK RECORD OF SUCCESS

30,125ZERO-COST ozIN CANADA IN

2015

34,500 to 37,200 oz

ATTRIBUTABLE GOLD OUNCES FOR

2016

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APPENDIX

Appendix A – Reserves & Resources

Appendix A – Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at December 31, 20152. See Goldcorp press release dated February 25, 2016, titled Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance3. See Richmont press release dated February 9, 2016, titled Richmont Increases Mineral Reserves by 187% and Island Gold Mine Increases Mineral Reserves by 206%, With a 29% Increase in Reserve Grade

CANADIAN MALARTIC1

RESERVES*

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Proven 0.97 1.72 54.9

Probable 1.12 6.00 166.6

Total Proven & Probable 1.08 7.72 221.5

*Cut-off grade: 0.345-0.351 g/t | Gold Price: $1,150/oz Au

GLOBAL RESOURCES (EXCLUDING RESERVES)*

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Measured 1.32 0.15 3.5

Indicated 1.55 1.10 22.2

Total Meas. & Ind. 1.51 1.25 25.7

Inferred 1.47 0.43 9.0*Cut-off grade: 0.34-0.40 g/t and 1.0 g/t below open pit | Gold Price: $1,150/oz Au | exchange rate of CAN$1.24 = US$1.00

ÉLÉONORE2

RESERVES*

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Total Proven & Probable 5.87 5.35 28.32

GLOBAL RESOURCES (EXCLUDING RESERVES)

CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT)

Total Meas. & Ind. 5.49 0.81 4.58

Inferred 7.11 2.28 9.97

ISLAND GOLD3

RESERVES - ABOVE 400M*

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Proven 7.00 21.80 97.0

Probable 6.88 54.90 248.0

Total Proven & Probable 6.91 76.70 345.0

GLOBAL RESOURCES (EXCLUDING RESERVES) – ABOVE 400M*

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Measured 5.80 1.35 7.5

Indicated 6.96 52.7 235.5

Total Meas. & Ind. 6.92 54.1 243.0

Inferred 7.44 98.7 412.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.

RESERVES – BELOW 400M*

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Proven 7.72 66.1 266.5

Probable 8.66 418.9 1,504.0

Total Proven & Probable 8.52 485.0 1,770,5

GLOBAL RESOURCES (EXCLUDING RESERVES) – BELOW 400M*

CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT)

Indicated 5.20 17.65 105.5

Inferred 8.67 669.35 2,402.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.

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