MONTREAL - Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) today announced its consolidated financial results for the first quarter of 2022.

Amounts presented are in Canadian dollars, except where otherwise noted.

Q1 2022 Financial Highlights

18,251 GEOs1 earned (Q1 2021 - 19,960 GEOs); Consolidated revenues of $59.4 million ($66.9 million in Q1 2021); Revenues from the royalties and streams segment2 of $50.7 million ($66.9 million in Q1 2021, including $17.9 million from offtakes); Revenues from the mining exploration and development segment3 (i.e. Osisko Development Corp.) of $8.7 million (net of intersegment transactions); Consolidated cash flows from operating activities of $23.6 million (Q1 2021 - $21.3 million); Operating cash flows from the royalties and streams segment of $40.5 million (Q1 2021 - $36.7 million); Operating cash flows from the mining exploration and development segment of ($16.9) million (Q1 2021 - ($15.4) million); Cash margin4 of 94% from royalties and streams (Q1 2021 - 94%); Consolidated net earnings attributable to Osisko's shareholders of $0.3 million, or $0.00 per share (Q1 2021 - $10.6 million or $0.06 per basic share); Consolidated adjusted earnings4 of $2.2 million, or $0.01 per basic share (Q1 2021 - $17.9 million, $0.11 per basic share); Adjusted earnings from the royalty and stream segment of $24.8 million, or $0.15 per basic share (Q1 2021 - $23.4 million, or $0.14 per basic share) and Adjusted loss from the mining exploration and development segment of $22.7 million, or $0.14 per basic share (Q1 2021 - $5.5 million, or $0.03 per basic share).

Sandeep Singh, President and CEO of Osisko commented: 'We achieved record cash margins in the first quarter highlighting the strength of our high-quality asset base coupled with a surge in the gold price. As previously mentioned, GEO deliveries are expected to increase over the course of the year as seasonality impacts dissipate and ramp-ups progress at various assets. We are also excited to announce that stream repayments have been reactivated from the Renard mine, including from a diamond sale in May, and we have received repayment in full of amounts owing on the working capital facility.

Given the current inflationary market dynamics, both globally and specific to the mining sector, we feel Osisko offers a compelling value and growth investment, which is not subject to many of the same inflationary risks.'

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 165 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

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

Contact:

Heather Taylor

Tel: (514) 940-0670 x105

Email: htaylor@osiskogr.com

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