Corporate Presentation

JANUARY 2017

Certain statements contained in this presentation may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future events, developments or performancethat Osisko (the “Corporation”) expect to occur including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues, statements or estimates of mineral resources and reserves,requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities are forward looking statements. Forward looking statements are statements that are not historical facts and aregenerally, 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 orconditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent a transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of theCorporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties in which the corporation holds a royalty. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materiallyfrom those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royaltiesheld 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 ortechnical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which theCorporation 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 tounusual or unexpected geological and metallurgical conditions, 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 interest are located or through which they are held);continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation; the impossibility to acquire royalties and to fundprecious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of theproperties in which the Corporation holds a 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 any significant property in which the Corporation holds aroyalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results todiffer from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com. TheCorporation cautions that the foregoing list 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 as well as theuncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to becorrect and such forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update orrevise any forward-looking statements, whether as a result of new information, 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. By accepting delivery of this confidential information or anyother material in connection with an investment in the Corporation, the investor agrees: (1) to keep strictly confidential the contents of this confidential information presentation and such other material and not to disclose such contents toany third party or otherwise use the contents for any purpose other than evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation, other confidentialinformation or any such other material.

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

Cautionary the Use of Note to U.S. Investors Regarding Mineral Reserve and Mineral Resource Estimates

Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineralproperties are governed by NI 43-101. The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). U.S. reporting requirements are governed by the Industry Guide 7(“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimates of mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting standards have similar goals in terms ofconveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination hasbeen made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” underCIM standards differ in certain respects from the standards of the SEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “Mineral Resource,” “Measured Mineral Resource,” “IndicatedMineral Resource” and “Inferred Mineral Resource” are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of anycategory in documents filed with the SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is notcomparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not to assume that all or any part of Measured Mineral Resources orIndicated Mineral Resource exists, or is economically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a reader cannot assumethat all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies.

Forward Looking Statements

2

3

Our Performance

$1.5

$6.5

$12.6

$8.4$9.8

$15.9 $15.0

$0.0

$5.0

$10.0

$15.0

$20.0

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

NET CASH FLOWS FROM OPERATING ACTIVITIES ($C M)

~$700M IN CASH & AVAILABLE CREDIT

$221.7M IN

INVESTMENTS

$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

DIVIDEND ($)

$24.0

$33.2

$0

$5

$10

$15

$20

$25

$30

$35

Nine Months EndedSept. 30 2015

Nine Months EndedSept. 30 2016

NET EARNINGS ($M)

1. Fair value of marketable securities as at December 31, 2016

(1)

$45.4

$62.7

$0

$10

$20

$30

$40

$50

$60

$70

Twelve Months EndedDec. 31, 2015

Twelve Months EndedDec. 31, 2016

REVENUES ($M)

4

TWO OF THE PREMIER GOLD ROYALTIES IN THE SECTOR

GOLD FOCUSED

PORTFOLIO OF OVER 50 EXPLORATION STAGE ROYALTIES PROVIDE GREAT OPTIONALITY

High Quality Portfolio of Producing and Early Stage Royalties

PRODUCING & CASH FLOWING ASSETSIN QUÉBEC ANDONTARIO

GROWTH ASSETSFOCUSED ON NORTH AMERICA

ÉLÉONORE

ISLAND GOLD

VEZZA

CANADIAN MALARTIC

ODYSSEY NORTH

UPPER BEAVER KIRKLAND LAKE

CAMP

CARIBOO

MARBAN

LAMAQUE

PANDORA

WINDFALL

HERMOSA

HORNE 5

GUERRERO9,600 KM2 AREA IN

GUERRERO, MEXICO

COULON POLYMETALLIC PROJECT

37,519

457 294

GOLD SILVER CASH

CANADIANMALARTIC5% NSR

ÉLÉONORE2-3.5% NSR

ISLAND GOLD1.7-2.55% NSR

VEZZA5% NSR – 40% NPI

5

High Quality Cash Flow Generating Assets

25 % YEAR ON YEAR INCREASE IN RECEIVED OUNCES

100%Of Revenues in Canada at Zero-

Cost Gold

2016 GEO PRODUCTION OF 38.3 K OZ

6

OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%)

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

YTD 2016 PRODUCTION: 445.1 K oz2

GUIDANCE:

2015: 572 k oz

2016: 560 to 580 k oz

2017: 590 to 600 k oz

2018: 610 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES:

2015: 30.1 k oz

2016: 28.0 to 29.0 k oz

2017: 29.5 to 30.0 k oz

2018: 30.5 k oz1. See Appendix A for full disclosure on Reserves & Resources.2. Based on Agnico Eagle’s press release dated October 26th, 2016, titled: “Agnico Eagle Reports Third Quarter 2016 Results:…”.

Canadian Malartic Royalty – 5% NSR

THE LARGESTGOLD MINEIN CANADA

RESERVES OF7.72 M oz Au

7

Canadian Malartic Exploration Upside| Odyssey North & South

Source: Agnico Eagle

113 holes (89,774 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 kilometre

Odyssey South currently has a strike length of 0.5 kilometre 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

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

INITIAL INFERRED MINERAL RESOURCE ESTIMATE FOR THEODYSSEY ZONES EXPECTED IN Q1 2017

81. See Appendix A for full disclosure on Reserves & Resources.2. Based on Goldcorp press release dated October 26th, 2016, titled “Goldcorp Reports Third Quarter 2016 Results and Reconfirms Production and Cost Guidance”.

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: Current reserves of 4.57 M oz Au1

ROYALTY:

2.0% NSR on the first 3 M oz of Au

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

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

YTD 2016 PRODUCTION: 208.7 k oz2

2016 GUIDANCE:

2020 GUIDANCE:

250-280 k oz

Expecting 600 k oz

2016 OSISKO ATTRIBUTABLE GOLD OUNCES:

5.5 to 6.2 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES AT FULLPRODUCTION:

GROWING TO > 12,000 OZ

FIRST OUNCES RECEIVED IN DECEMBER 2015

RAMP UP TO 600 K OZ PER YEAR EXPECTED BY 2020

4.5

7 M

oz

Au

Pote

nti

alto

1,5

00

m

Éléonore Royalty – 2.0 to 3.5% NSR

9

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 campaignunderway

1,081 oz of gold earned for the first nine months of 2016

Other Producing & Cash Flowing Royalties

Operated by Ressources Nottaway inc.(private company)

The property is located 25km from Matagami, Québec

Custom milling at IAMGOLD’s Westwood (Doyon) facility

ISLAND GOLD 1.7%-2.55%

NSR

VEZZA5% NSR40% NPI

10

New Growth – Focused on North America

UPPER BEAVER KIRKLAND LAKE CAMP

2% NSR

CARIBOO1.5% NSR

MARBAN0.425% NSR

LAMAQUE1.7% NSR

WINDFALL1.5% NSR

HERMOSA1% NSR

HORNE 51% NSR

GUERRERO9,600 KM2 AREA IN

GUERRERO, MEXICO

FARM-IN AGREEMENTJAMES BAY - LABRADOR TROUGH

PROPERTIES (OSK)1.5% - 3.5% NSR

COULON POLYMETALLIC

PROJECT

EXPLORATIONPROPERTIES

GROWTHROYALTYASSETS

ODYSSEY NORTH3% NSR

PANDORA2% NSR

OVER 50 ROYALTIES IN THE PORTFOLIO TO PROVIDE UPSIDE TO “OR” SHAREHOLDERS

11

Accelerator Model

FUNDAMENTAL CONCEPT

Use Osisko Group’s solid experience in exploration, engineering, construction & financing to advance projects on which Osisko owns royalties

Support accelerator companies at board level and key management roles

Maintain key shareholder position to drive further benefits to OR

Tax efficient way of deploying capital as investments in flow-through shares shelter royalty income

KEY ACCELERATOR COMPANIES

OR Representation:

Chairman: Sean RoosenCEO: Luc LessardCFO: Vincent MetcalfeEquity Investment: $6.7 millionRoyalty Investment: $10.0 millionRoyalty: 1% NSRStream: Ability to apply royalty as

prepayment against a gold/silver stream

OR Representation:

Chairman: Sean RoosenCEO: John BurzynskiEquity Investment: $28.2 millionRoyalty Investment: $9.8 millionRoyalties: 1.5% NSR Windfall

0.425% Marban

12

Accelerator Case Study – Osisko Mining Corporation Prior to Acquisition

Source: Company filings, FactSet1. FactSet basic share market capitalization.2. Equity financings only; includes bought deals, private placements, non-brokered financings, and subsequent warrant and option exercises.

(1) (2)

--

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

--

$3

$6

$9

$12

$15

$18

$21

Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13

Market C

apitalizatio

n an

d C

um

ulative Fin

ancin

g (C$ m

m)

Shar

e P

rice

(C$

)

Market Cap. Cumulative Equity Financing Price

> 9 year cycle

FUNDAMENTAL CONCEPT IS TO SHORTEN THE CREATION

& DEVELOPMENT OF CASH FLOWING ROYALTIES

13

Accelerator Model – Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.5% NSR IN FEBRUARY 2016 PURCHASED A 1% NSR IN APRIL 2016

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

$25.0

$18.1 1

$6.9

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$10.0

$17.9 1

($7.9)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

14

Accelerator Model – Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.0% NSR IN MAY 2016 PURCHASED A 1% NSR IN APRIL 2016

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

$10.0

$13.2

($3.2)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$9.8

$33.6

($23.8)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$62.0

15

Significant Value Creation Through Investment Portfolio

VALUE OF INVESTMENT PORTFOLIO1 (C$ M)

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

$148.6

$262.5

Cost Base Market Value at Sep. 30, 2016

$31M of Flow-Through

+

VALUE OF NEW ROYALTYPURCHASES (C$ M)

Value of New Royalties

EQUITY POSITIONS HAVE ALLOWED TO

GENERATE OVER $62M OF NEW ROYALTIES

16

Positive Royalty Portfolio Developments within Accelerator Model

HORNE 5

ROYALTY: 1% NSR Significant increase in resource: 7.1 M oz AuEq M&I / 1.7 M oz AuEq Inferred $36.5 M bought deal financing completed in November 2016 35,000 m of drilling in 2016 will expand project footprint.

HERMOSA

ROYALTY: 1% NSR Maiden resource announced on Taylor deposit:

31.1 M tons at 10.9% ZnEq Indicated / 82.7 M tons at 11.1% ZnEq Inferred Deposit still open in all directions Aggressive drilling to continue on the property

WINDFALLROYALTY: 1.5% NSR 150,000 m drilling program ongoing; recently increased drilling program to 250,000 m Advanced exploration programs ongoing to define deposit

MARBANROYALTY: 0.425% NSR New resource announced in 2016: 1.48 M oz M&I / 0.13 M oz Inferred 20,000 m drilling in 2016

CARIBOOROYALTY: 1.5% NSR New mineralized zones discovered on Island Mountain in December 2016

17

SIGNIFICANT INVESTMENT BY OPERATORS ON OSISKO’S ROYALTY PROPERTIES;RESERVES & RESOURCES UPSIDE AT NO COST TO OSISKO

The Drills Are Turning – Upside on Growth Portfolio

OVER 800,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2016

250,000

172,000

120,000 119,000

102,000

65,000

35,000 30,00020,000

0

50,000

100,000

150,000

200,000

250,000

300,000

Windfall Island Gold CanadianMalartic

Lamaque Cariboo Hermosa Horne5 Éléonore Marban

18

Royalty vs Stream – Osisko’s Portfolio Warrants Premium Valuation

ZERO-COST TOOSISKO GOLD ROYALTIES

SHAREHOLDERS

+

REGISTRATION ON TITLE OFFER BETTER SECURITY

+

FULL UPSIDE PARTICIPATION

ON-GOING TRANSFER PAYMENTS

BY STREAMERS

+

CONTRACTUAL RIGHTSBETWEEN PARTIES

+

STREAMS TYPICALLY STRUCTURED TO TAPER

OFF

ROYALTY STREAM

19

MANAGEMENT TEAM

The Team

Sean RoosenChair & CEO

Bryan A. CoatesPresident

Elif LévesqueCFO & VP, Finance

Co-Founder of OsiskoMining Corporation

Transformed OsiskoMining into a leading intermediate producer

Transformed OsiskoMining into a leading intermediate producer

Over 30 years of experience in the mining industry

18 years of experience in finance, treasury and financial reporting

André Le BelVP, Legal Affairs &Corporate Secretary

Vincent MetcalfeVP, Investor Relations

Joseph de la PlanteVP, Corporate Development

20 years of experience in legal affairs in the mining industry

10 years of experience in the mining industry related to capital markets and mergers & acquisition

10 years of experience in the mining industry in corporate development and mining investment banking

20

The Technical Team

• IN-HOUSE TECHNICAL TEAM TO EVALUATE & REVIEW OPPORTUNITIES• TEAM WITH OVER 200 YEARS OF EXPERIENCE IN GEOLOGY, ENGINERING,

AND MINE BUILDING

Luc LessardSVP, Technical Services

Robert WaresConsultant, Geology

Paul ArcherChief Geologist

François VézinaDirector, Mining

Christian LarocheDirector, Metallurgy

Chris LodderConsultant, Geology, South America

Co-Founder of OsiskoMining Corporation

Transformed OsiskoMining into a leading intermediate producer

Transformed OsiskoMining into a leading intermediate producer

VP Construction of Osisko Mining during the build of Canadian Malartic

More than 25 years of experience in mining exploration

VAN ECK ASSOCIATES CORP. 19,337 18.1%

MONTRUSCO BOLTON INVESTMENTS, INC. 6,205 5.8%

TOCQUEVILLE ASSET MANAGEMENT LP 5,608 5.3%

THE PUBLIC SECTOR PENSION INVESTMENT BOARD 5,072 4.8%

BLACKROCK INVESTMENT MANAGEMENT (UK) LTD. 4,078 3.8%

T. ROWE PRICE ASSOCIATES, INC. 4,052 3.8%

THE CAISSE DE DEPOT ET PLACEMENT DU QUEBEC 3,926 3.7%

M&G INVESTMENT MANAGEMENT LTD. 2,227 2.1%

EDGEPOINT INVESTMENT GROUP, INC. 2,192 2.1%

FIRST EAGLE INVESTMENT MANAGEMENT LLC 2,111 2.0%

As at January 9, 2016

$1.5BMARKET CAP

$40.7MOPERATING CASH FLOWYTD-Q3 2016

$499.2M CASH & CASH EQUIVALENTS(at December 31, 2016)

$150-$200MAVAILABLE CREDIT

38,270 ozATTRIBUTABLE GOLD EQUIVALENTOUNCES RECEIVED FOR 2016

QUARTERLY DIVIDENDDISTRIBUTION OF26.6 $ SINCE INCEPTION

TOP SHAREHOLERS

RESEARCH COVERAGE

Corporate Summary

BANK OF AMERICA MERRILL LYNCH Michael JalonenBMO CAPITAL MARKETS Andrew KaipCANACCORD GENUITY Peter BuresCIBC WORLD MARKETS Cosmos ChiuCORMARK DESJARDINS

Richard GrayMichael Parkin

DUNDEE Josh WolfsonGMP Ian ParkinsonHAYWOOD Tara HassanMACQUARIE CAPITAL MARKETS Michael SipercoNATIONAL BANK FINANCIAL Shane NaglePARADIGM CAPITAL Don BlythRBC CAPITAL MARKETS Dan RollinsSCOTIA CAPITAL Trevor TurnbullTD SECURITIES Carey MacRury

21

22

Key Objectives – Next 12 Months

Add long life cornerstone cash flow asset

Continue to develop accelerator model through supporting project financing opportunities

Further G&A streamlining

23

NEW NYSE LISTING

July 6, 2016

Appendix A – Q3 Results

25

ZERO-COST GOLD IN CANADA

GOLD EQUIVALENT OUNCES EARNED (oz AuEq)

21% increase in gold equivalent ounces year over year.On track to achieve guidance.

GUIDANCE (oz Au)

34,500 - 37,200 oz Au

2016E

YTD: 28,793

1. Gold equivalent ounces earned is a non-IFRS measure and includes NSR royalties in gold, silver, other cash royalties. Silver was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. For Q3 2016, the average per ounce commodity prices were as follows: $1,742 gold (Q3 2015: $1,472), $25.60 silver (Q3 2015: $19.52).

8,264 oz Au

9,902 oz Au

103 oz AuEq (Ag and cash royalties)

201 oz AuEq (Ag and cash royalties)

Q3 2015 Q3 2016

21% Increase

8,367 oz AuEq

10,103 oz AuEq

$1,379 $1,369

$1,498

$1,467$1,485 $1,491

$1,636 $1,631

$1,743

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

26

A Great Time to Own Canadian Gold

OSISKO QUARTERLY REALIZED GOLD PRICE (C$/OZ)

STRONG UPWARD MOMENTUM IN CANADIAN GOLD PRICE INCREASED INDUSTRY ACTIVITY IN QUÉBEC/CANADIAN EXPLORATION

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

27

2016 Q3 Results

3 MONTHS ENDED

(C$ 000) Sept 30, 2016 Sept 30, 2015

GOLD PRODUCTION (oz) 9,902 8,264

SILVER PRODUCTION (oz) 9,234 7,780

REALIZED GOLD PRICE (C$ per oz) 1,743 1,485

REVENUES $17,570 $11,724

DIVIDEND INCOME $1,572 $1,560

NET CASH FLOW FROM OPERATIONS $14,978 $12,594

NET EARNINGS $17,675 $9,809

NET EARNINGS PER SHARE - BASIC $0.17 $0.10

INVESTMENTS IN FLOW-THROUGH SHARES (ACCELERATOR MODEL) IN 2016HAVE CONTRIBUTED TO OFFSETTING TAXES ON ROYALTY INCOME

Appendix B – Reserves & Resources

29

Appendix B – Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at December 31, 2015

2. See Goldcorp press release dated October 26, 2016, titled “Goldcorp Reports Third Quarter 2016 Results and Reconfirms Production and Cost Guidance”.

3. 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 7.73 221.5

*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 6.07 4.57 23.44

GLOBAL RESOURCES (EXCLUDING RESERVES)

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

Total Meas. & Ind. 5.66 0.93 5.14

Inferred 7.52 2.35 9.73

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.