2015 Q3 ResultsNovember 5th, 2015

Certain statements contained in this presentation may be deemed "forward-looking statements". All statements in this presentation, other than statements of historical fact, that

address future events, 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. Forward looking 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" occur including, without limitation, 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 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 materially from 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 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 resource estimates 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 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 and licensing 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 fund precious metal streams; other uninsured risks. The forward looking statements

contained in this are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties 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 or operators 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 a royalty, 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 to differ 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. The Corporation 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 the uncertainties 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 be correct 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 or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required

by applicable law.

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Forward Looking Statements

Q3 Higlights

Revenues of $11.7 million

Record 8,264 gold ounces earned and 7,795 ounces sold

Net earnings of $9.8 million, $0.10 per share

Adjusted earnings of $15.0 million, $0.16 per share

Net cash flows provided by operating activities of $10.2 million

Total value of working capital and marketable securities of $429.5 million;

Implementation of a Dividend Reinvestment Plan

Declaration of a quarterly dividend of $0.03 per common share paid on October 15, 2015 to

shareholders of record as of the close of business on September 30, 2015.

Subsequent to Quarter End

Announced acquisition of a portfolio of Canadian royalties held by Teck Resources

Increased quarterly dividends to $0.04 per common share (an increase of 33% compared

to previous quarter) payable on January 15, 2016 to shareholders of record as of the close

of business on December 31, 2015

3

Q3 2015 Highlights

1. “Adjusted earnings (loss)” and “Adjusted earnings (loss) per share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-

IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Management and Discussion Analysis.

2. Before change in non-cash working capital items

3 Months Ended 9 Months Ended

(C$ 000)Sep. 30,

2015

Sep. 30,

2014

Sep. 30,

2015

Sep. 30,

2014

Revenues $11,724 $9,571 $32,604 $9,571

Expenses (4,639) (3,675) (18,404) (10,914)

Operating Income (Loss) 7,085 5,896 14,200 (1,343)

Earnings Before Income Taxes 13,280 7,908 30,217 1,932

Net Earnings from Continuing

Operations9,809 5,833 23,980 87

Adjusted Net Earnings 15,041 8,083 29,909 9,160

Adjusted Net Earnings per Share 0.16 0.17 0.35 0.20

4

Q3 Financial Results

Declared fifth consecutive dividend on November 4, 2015

– Increased quarterly dividends to $0.04 per common share

– 33% increase compared to previous quarter

– payable on January 15, 2016 to shareholders of record as of the close of business on

December 31, 2015

Passing on positive developments to shareholders in the form of an increased dividend:

– Commencement of receiving revenue from the Éléonore royalty

– Dividend income from significant equity position in Labrador Iron Ore Royalties

Consistent with strategy of returning capital to shareholders

5

33% Increase in Quarterly Dividend

6

Financial Position

(C$ millions) Sep. 30, 2015

Cash & Cash Equivalents $304.1

Working Capital $298.9

Debt --

Undrawn Credit Facility $100 - $150

Total Assets $1,098.0

Shareholders’ Equity $958.4

Strong cash position to pursue growth activities

Canadian Malartic Update

7

Operators • Agnico Eagle / Yamana Gold

Location • Malartic, Québec

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 Outlook • 560 koz (Agnico/Yamana)(1)

2015 YTD

Production• 425.9 koz Au

Canadian Malartic

Production Outlook

(k oz Au) (1)

Source: Agnico Eagle, Yamana and Osisko Gold Royalties public disclosure.

(1) Based on Agnico Eagle’s press release dated October 28th, 2015, titled: “Agnico Eagle reports third quarter 2015 gold production”

560.0

2015E

YTD | 425.9

Osisko Gold Royalties

Attributable Royalty

Ounces (k oz Au) (1)

28.0

2015E

YTD | 22.1

Q3 Update

• Production records in Q3

– Record tonnes processed of 53,703 tpd

– Record gold production of 153,206 oz

• On September 22nd 2015, the mine poured its

two millionth ounce of gold

• Low cost producer with Q3 cash costs of $544/oz

Au (by-product basis)

– Lower costs due to increased throughput,

higher grades and favourable foreign

exchange rate

• Optimization initiatives ongoing

Éléonore Update

8

Operators Goldcorp (100%)

Location James Bay, Québec

Royalty

2.0% NSR royalty on the first 3M

oz of Au production, increasing by

0.25% for every additional 1M oz

of production thereafter, to a

maximum of 3.50% (subject to Au

price adjustment of up to +/-10% if

Au is higher than US$500/oz and -

10% if Au is below US$350/oz)

2015 Outlook 250-270 koz(1)

YTD Production 163.0 koz Au

Éléonore

Production Outlook

(k oz Au) (1)(2)

Source: Goldcorp and Osisko Gold Royalties public disclosure.

(1) 2015 guidance based on Goldcorp’s September 8th press release. 2016 to 2019 based on consensus analyst estimatesreports third quarter 2015 gold production

(2) Based on Goldcorp’s press release dated October 29th, 2015, titled: “Goldcorp delivers strong free cash flow as third quarter gold production increases 42%””

250-270

2015E

YTD | 163.0

Osisko Gold Royalties

Attributable Royalty

Ounces (k oz Au) (1)(2)

1.5-1.9

2015E

YTD | nil

Q3 Update

• Q3 production of 86.7 koz Au

– 98% increase over Q2 2015 production

– Expansion of underground mining from two

to four horizons

– Successful mine optimization initiatives

• Stoping productivity and mining flexibility

continued to improve

• Average throughput of 6,500 tpd during the

quarter

• Higher than anticipated folding being

encountered

– Resulting in higher dilution

– Éléonore team working to adjust stope

design to minimize impacts

• Osisko expects to begin receiving royalty

ounces in November 2015

Royalty Portfolio Acquisition - Teck Resources

9

• Acquired portfolio of 31 royalties from Teck Resources for total cash consideration of C$28

million with an additional $2.5 million payable on confirmation of certain rights

• The portfolio consists of 31 royalties, most of which are NSR royalties, including the

following key royalties:

– Three NSR royalties from 2% to 3% on the producing Island Gold Mine properties located in

Northern Ontario owned by Richmont Mines Inc.

– 2% NSR royalty on the Lamaque property located in the Abitibi owned by Integra Gold Corp.

– 2% NSR royalty on the Hewfran Block located in Northern Quebec owned by Metanor

Resources Inc.

– 0.5% NSR royalty and right to $5 million payment upon commercial production on the Marban

property owned by NioGold Mining Corp and located near the Canadian Malartic Mine in Malartic,

Quebec.

– 1.5% NSR royalty on a portion of the Fenn-Gib property located in northern Ontario owned by

Lake Shore Gold Corp.

– 1.5% to 2% NSR royalty on the Garrcon property located in northern Ontario and owned by

Northern Gold Mining Inc.

Teck Acquisition – Key Royalties1

Island Gold and Lamaque

10

• ISLAND GOLD MINE (2% to 3% NSR)2

– Operating since 2007

– Recently announced an updated PEA on Deep

resources at the Island Gold Mine:

• 800tpd operation

• Average production of 78koz Au per year from

2017-2022

• Average diluted grade of 8.67g/t

• Average cash costs of $522/oz

– PEA does not take into consideration exploration

potential of the deposit laterally and at depth

– Potential for expanded throughput case at 1,150tpd

• LAMAQUE (2% NSR)3,4

– Updated PEA Completed January 2015

• Average annual gold production: 109.9koz

• Mine life: 4.5 years

• Average cash cost per ounce: C$551/oz

• The Triangle Zone is the Company’s highest grade

and largest deposit and over 88,076 meters of drilling

have already been completed with an additional

25,000 m planned for the remainder of 2015

(1) Subject to closing of transaction with Teck resources announced October 19, 2015

(2) See Richmont Mines press release dated October 28 2015 titled: “Richmont Announces Results of a Preliminary Economic Assessment for a Portion of the Deeper Resources of the Island Gold Mine”.

(3) 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.com

(4) Integra Gold may repurchase 50% of Osisko’s 2% NSR royalty for total consideration of $1,000,000

Royalty Investment in the Vezza Project

– 5% NSR royalty

– 40% NPI royalty

– Total acquisition price of C$10 million

Vezza Project

– The property is located 25km from Matagami, Québec

– Operator: Nottaway Resources (private company)

– Measured and Indicated Resources of 1,244,850 tonnes at 6.5 g/t (261,110 ounces Au)

– Mining currently underway and moving toward commercial production

– Operating permits in place

– Commercial production is forecasted for January 2016

11

Investment in Vezza – Nottaway Resources

Malartic CHL (Odyssey North)

– 28 holes (24,537 metres) of drilling completed on the Odyssey zones

– Drilling and data compilation will continue in the fourth quarter

– Osisko holds a 5% NSR royalty on the Odyssey zone and a 3% NSR royalty on the Odyssey North Zone

Pandora (2% NSR Royalty)

– Drill testing of near surface and underground targets continued

– Construction underway on exploration tunnel from the Lapa mine

– Approximately 691 metres of drifting was completed (out of a total 940 metres planned)

– Underground drilling resumed from the 101-W exploration drift and approximately half of the proposed 2015

program (approximately 7,000 metres) was completed by the end of the third quarter

Kirkland Lake Properties (2% NSR Royalty)

– Upper Beaver

• Internal technical study on Upper Beaver is being reviewed

– Elsewhere in the region, compilation work is ongoing and a select number of targets are being drilled

12

Other Activities

A Leading Intermediate Gold Royalty Company

13

Guerrero (100% Osisko)

Guerrero, Mexico

Status: Exploration

Kirkland Lake Camp (2% NSR)

Ontario, Canada

Status: Exploration

Hammond Reef (2% NSR)

Ontario, Canada

Status: Permitting

Upper Beaver (2% NSR)

Ontario, Canada

Status: Exploration

Pandora (2% NSR)

Québec, Canada

Status: Exploration, Contiguous to

Lapa mine

Canadian Malartic (5% NSR)

Québec, Canada

Status: Producing

Éléonore (2.0 – 3.5% NSR)

Québec, Canada

Status: Ramp up

Mines Coulon

Québec, Canada

Status: Exploration

James Bay Area

4,600 km2 land position

Quebec, Canada

Status: Exploration

White Pine North – Copperwood

(3% sliding-scale NSR)

Michigan, USA

Status: Exploration

Total of 48 royalty assets, including

the world-class Canadian Malartic

and Éléonore royalties

Royalty – Producing

Royalty – Non-producing

Exploration Project

Malartic CHL (3% NSR)

Odyssey North

Québec, Canada

Status: Exploration

Labrador Iron Ore Royalty Corp. - LIORC(9.75% equity position by Osisko)

LIORC has a 7% sales royalty from IOC

LIORC has a 15% equity interest in IOC

Island Gold (2% – 3% NSR)1

Ontario, Canada

Status: Production

Lamaque (2% NSR)1

Québec, Canada

Status: Exploration

Marban (0.5% NSR)1

Québec, Canada

Status: Exploration

1. Subject to closing of transaction with Teck resources announced October 19, 2015

14

A Leading Intermediate Royalty Company

Two cornerstone assets create the new leading intermediate gold royalty company

Two of the premier royalty assets in the gold sector

Large new low-cost mines generating significant cash flow

Long-life assets in mining camps with significant upside potential

Senior company operators (incentive for mine expansion)

Strong cash position and no debt:

$304.1 M in cash & cash equivalents - $100-150 M undrawn credit facility

Acquisition of precious metal royalty portfolio from Teck Resources1

Total of 48 royalties in development and exploration in Eastern Canada, mostly QC and ON

Ownership of 9.75% of the common shares of Labrador Iron Ore Royalty Corporation (“LIORC”)

Large land packages with leading in-house exploration and development teams

Quarterly dividend

Alignment with large financial institutions

Gold focused

Management team has track record of value creation

1. Subject to closing of transaction with Teck resources announced October 19, 2015

Appendix A: Reserves & Resources

Reserves and Resources

(1) Agnico Eagle and Yamana public disclosure – as at December 31, 2014

(2) See Goldcorp press release dated February 19, 2015, titled Goldcorp Announces Quarterly and Annual Financial Results; Provides Updated Reserves and Resources Estimates

Reserves

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Total Proven & Probable 6.30 4.97 24.57

Global Resources

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Total Measured & Indicated

(Excluding Reserves)6.34 1.06 5.19

Inferred 7.19 2.80 12.09

Category

Category

Canadian Malartic (1) Éléonore (2)

16

Reserves*

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Proven 0.92 1.47 49.9

Probable 1.10 7.19 204.0

Total Proven & Probable 1.06 8.66 253.9

* Cut-off grade: 0.28 - 0.35g/t

Gold Price: $1,300/oz Au

C$/US$ exchange rate of 1.10

Global Resources (Excluding Reserves)*

Gold

GradeGold Tonnes

(g/t) (M oz) (Mt)

Measured 0.84 0.15 5.7

Indicated 0.85 1.78 65.4

Total Measured & Indicated

(Excluding Reserves)0.85 1.94 71.1

Inferred 0.76 1.11 45.3

* Cut-off grade: 0.28 - 0.35g/t

Category

Category