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Osisko Gold RoyaltiesSeptember 2014
This presentation may include certain “forward-looking statements”. All statements other than statements of historical fact,
included herein, including, without limitation, statements regarding future plans and objectives of Osisko Gold Royalties Ltd.
(“the Company”) , are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. These
statements reflect the current internal projections, expectations or beliefs of the Company and are based on information
currently available to the Company. There can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such statements. All of the forward looking
statements contained in this presentation are qualified by these cautionary statements and the risk factors described above.
Furthermore, all such statements are made of the date this presentation is given.
An investment in the Company is speculative due to the nature of the Company's business. The ability of the Company to
carry out its growth initiatives as described in this PowerPoint presentation is subject to risk factors which are described in
more detail in the Company’s Annual Information Form filed with the securities commissions or similar authorities in certain of
the provinces of Canada. Investors should not place undue reliance on forward-looking statements as the plans, intentions or
expectations upon which they are based might not occur. Investors and others who base themselves on the Company's
forward-looking statements should carefully consider such risk factors as well as the uncertainties they represent and the risk
they entail. The Company also cautions readers not to place undue reliance on these forward-looking statements. The
forward-looking statements contained in this report are expressly qualified by this cautionary statement.
2
Forward Looking Statements
A New North American Royalty Company
3
Guerrero (100% Osisko)
Guerrero, Mexico
Status: Exploration
Kirkland Lake Camp (2% NSR)
Ontario, Canada
Status: Exploration
Hammond Reef (2% NSR)
Ontario, Canada
Status: Permitting
Royalty – Producing
Royalty – Non-producing
Exploration Project
Upper Beaver (2% NSR)
Ontario, Canada
Status: Exploration
Pandora (2% NSR)
Quebec, Canada
Status: Exploration,
Contiguous to Lapa mine
Canadian Malartic (5% NSR)
Quebec, Canada
Status: Producing
Odyssey (5% NSR)
Quebec, Canada
Status: Exploration,
Contiguous to CM mill
Management & Board
4
Management
Board of Directors
Sean Roosen – Chairman & CEO
Bryan Coates – President
Elif Levesque – CFO & VP Finance
Joseph de la Plante – VP Corporate Development
Vic Bradley
Joanne FerstmanSean Roosen
John Burzynski
Charles Page
John Burzynski – Senior VP New Business Development
5
Share Structure & Capitalization
June 30, 2014
Cash1 (C$ M) $156.7
Debt1 (C$ M) --
Shares Outstanding1 (M shares) 47.9M
Market Capitalization (C$ M) ~$725M
1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second
Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com
Portfolio of Producing and Potential Near-Term Royalties
61. See Appendix A for full disclosure on Reserves & Resources
2. See press release dated March 20th 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on
Osisko Mining Corporation’s profile on www.sedar.com
Canadian Malartic Royalty: 5% NSR
P&P Reserves1: 8.94 M oz Au
Estimated Mine Life2: 14.2 years
Upside for expansion of mine life / throughput
World-class ~600k ounces per year asset2
Kirkland Lake
Royalty: 2% NSR
Upper Beaver M&I&I Resources1: 2.1 M oz Au
New “Canadian Kirkland” discovery in Feb 2014
7
Portfolio of Producingand Potential Near-Term Royalties
Royalty: 2% NSR
M&I Resources1: 5.4 M oz Au
Inferred Resources1: 1.8 M oz Au
Permitting to be completed in 2014
Hammond Reef
Pandora
Royalty: 2% NSR
Potential to add mill feed for Agnico-Eagle Lapa
Mine (1,500 tpd / 100,000 opy operation adjacent to
Pandora)
1. See Appendix A for full disclosure on Reserves & Resources
Precious Metals Focused Royalty Company
8
Canadian Focused
Portfolio of Gold
Royalties
Strong Free Cash Flow
$156.7M in Cash1
No Debt1
Substantial Land
Position in Guerrero,
Mexico
Potential Upside at all Key Assets
Proven Management
& Board
1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second
Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com
9
Corporate Strategy
Strong balance sheet with significant free cash flow from Canadian Malartic
C$156.7 million in cash and no debt1
Significant access to capital for growth as needed
Opportunity to provide technical assistance to mining companies and to
structure royalties to unlock value for both sets of shareholders
Technical expertise to review opportunities
Proven management team with unparalleled track record of value creation
Grew Osisko from C$1M market cap to C$4B gold producer
Ability to institute a peer-leading dividend policy
Right time to be growing a royalty company: low point in commodity cycle
Accretive opportunities in the sector
Osisko Gold Royalties: mine finders and builders that understand the
business
1. For full details see press release dated July 30th 2014 titled “Osisko Gold Royalties Reports Second
Quarter Results” on Osisko Gold Royalties’ profile on www.sedar.com
Corporate Objectives
10
Become the Leading Precious
Metals Royalty
Company
Develop Peer Leading
Dividend Policy
Grow Portfolio of High-Quality Royalties &
Streams
Maximize Upside to Operations
and Gold Price While Minimizing Operational Risk
Canadian MalarticThe Premier Royalty in Canada
11
5% NSR Royalty
One of Canada’s largest gold mines
Premier mining jurisdiction
Reserves of 8.9 M oz Au1
Additional $0.40/tonne on milled ore from
outside the current property area for life of
mill starting June 2021
Canadian Malartic Mine Top Canadian Producing Royalties by NPV (C$M)2
1. See Appendix A for full disclosure on Reserves & Resources
2. Includes royalties on assets currently in production.
$76
$145
$154
$185
$193
$195
$317
$373
$548
$1,045
Musslewhite
Sudbury (FNV)
Detour Lake (FNV)
Minto (SLW)
Golden Highway (FNV)
Voisey's Bay (RGLD)
777 (SLW)
Canadian Malartic (OR)
Sudbury (SLW)
Mt. Milligan (RGLD)
5% CM NSR Cash Flow
12
Canadian Malartic 5% NSR After-Tax Cash Flow - $1,350/oz Au1
Source: See press release dated March 20th 2014 titled “Osisko Updates Canadian Malartic Mine
Plan” on Osisko Mining Corporation’s profile on www.sedar.com
1. Excludes corporate G&A expense
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Ca
na
dia
n M
ala
rtic
5%
NS
R R
oya
lty
Aft
er-
Ta
x C
as
h F
low
(C
$ M
)
13
Canadian Malartic Target Areas
1. See Appendix A for full disclosure on Reserves & Resources
8.94 million ounces P&P Reserves1
10.8 million ounces M&I Resources1
1.14 million ounces Inferred Resources1
Canadian Malartic Upside Potential
14
Exploration Upside on Canadian Malartic Ground
Exploration Upside on Canadian MalarticGround
CM & BarnatDeep
Gouldie
Jeffrey
Future Discoveries
Norrie
Odyssey
Operational/Future Upside
• Potential near term decisions by Yamanaand Agnico
• Addition of Odyssey
Canadian Malartic Mill Expansion
• $0.40/tonne on any custom milled ore from outside the CM property area (existing deposits or new discoveries) for life of mill
Future discoveries outside of
the CM area
Large Land Position in the Guerrero Gold Belt
15
16
Mexico Strategy
Strong Potential for Discoveries
Au – Cu, Porphyry – skarns and sediment hosted Au targets
Over 100 Au follow-up targets identified
Large Land Package
11,800 km2 area covered with dense stream sediment sampling,
reconnaissance field prospecting and partial airborne geophysics
9,600 km2 of tenements
Objective
Maximize value for shareholder through potential divestiture and
retained royalty interest
Two new gold trends identified (130 km and 30 km long)
3 targets are at drill stage - 1 target is being drilled
Share Positions in Junior Mining Companies
17
19
High Quality Portfolio of Assets
1. Source: Company filings
Royal GoldOsisko Gold Royalties Franco-NevadaSilver Wheaton
NP
V b
y G
eo
gra
ph
yN
PV
by S
tag
e
Mexico36%
South America
36%
Canada13%
Europe7% USA
8%
Production78%
Dev't22%
Canada37%
Africa15%
USA22%
South America
17%
Mexico6%
APAC3%
Production57%
Dev't43%
Production73%
Dev't27%
Canada51%
South America
29%
Mexico13%
USA4% Other
3%
Canada98%
Mexico2%
Production90%
Dev't10%
Equity Research Coverage
20
Institution Analyst RecommendationTarget Price
(C$/share)
CIBC World Markets Cosmos Chiu Sector Outperformer $20.00
TD Securities Carey MacRury Buy $20.00
Macquarie Capital Markets Michael Siperco Outperform $19.00
RBC Capital Markets Dan Rollins Outperform $18.00
Scotia Capital Trevor Turnbull Sector Perform $17.00
National Bank Financial Steve Parsons Sector Perform $16.25
Cormark Securities Richard Gray Market Perform $16.00
Dundee Capital Markets Joseph Fazzini Neutral $14.00
Appendix A: Reserves & Resources2
1
Appendix A: Reserves & Resources
Canadian Malartic1 Upper Beaver2
1. See Agnico Eagle’s “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
FOR THE CANADIAN MALARTIC PROPERTY” dated August 13th 2014 on www.sedar.com
2. See the “TECHNICAL REPORT ON THE UPPER BEAVER GOLD – COPPER PROJECT, ONTARIO, CANADA” dated
November 5th 2012 on Osisko Mining Corporation’s profile at www.sedar.com
Reserves*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Proven 0.91 1.69 57.6
Probable 1.10 7.26 205.6
Total Proven & Probable 1.06 8.94 263.2
* Cut-off grade: 0.28 - 0.35g/t
Gold Price: $1,300/oz Au
C$/US$ exchange rate of 1.10
Global Resources (Including Reserves)*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.98 1.79 56.8
Indicated 1.09 8.97 254.9
Stockpiles (Measured) 0.51 0.04 2.5
Total Measured & Indicated
(Including Reserves)1.07 10.80 314.2
Inferred 0.77 1.14 46.5
* Cut-off grade: 0.28 - 0.35g/t
Category
Category
Global Gold Resources*
Au
Grade
Cu
GradeAu Cu Tonnes
(g/t) (%) (M oz) (M lb) (Mt)
Indicated 6.62 0.37 1.46 56.0 6.87
Inferred 4.85 0.32 0.71 32.2 4.57
Category
* Au Cut-off grade: 2.0g/t
Appendix A: Reserves & Resources
Hammond Reef1
1. See press release dated January 28th 2014 titled “Osisko Provides Resource Update for Hammond Reef Project” on
Osisko Mining Corporation’s profile on www.sedar.com
Global Resources*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.90 3.59 123.5
Indicated 0.78 1.83 72.9
Total Measured & Indicated 0.86 5.43 196.4
Inferred 0.72 1.75 75.7
* Cut-off grade: 0.5g/t
Category