MONTREAL - Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2021.

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

Financial Highlights

Earned 20,178 GEOs1 (Q2 2020 -12,245 GEOs)

Record revenues from royalties and streams of $49.9 million (Q2 2020 - $28.7 million)

Cash margin4 of 94% from royalty and stream interests (Q2 2020 - 95%)

Consolidated cash flows from operating activities of $30.9 million (Q2 2020 - $15.4 million)

Record operating cash flows from the royalties and streams segment2 of $37.3 million

Operating cash flows from the mining exploration and development segment3 (i.e. Osisko Development Corp. - TSX-V:ODV) of ($6.4) million

Net loss attributable to Osisko's shareholders of $14.8 million, or $0.09 per basic share (Q2 2020 - net earnings of $13.0 million, or $0.08 per basic share), as a result of an impairment charge of $36.1 million on the Bonanza Ledge Phase 2 project, operated by Osisko Development

Adjusted earnings5 of $20.2 million, or $0.12 per basic share3 (Q2 2020 - $5.7 million, or $0.03 per basic share)

Adjusted earnings5 from the royalties and streams segment2 of $23.9 million, or $0.14 per basic share5

Adjusted loss5 from the mining exploration and development segment3 of $3.7 million, or $0.02 per basic share5

Quarterly dividend increased by 10% to $0.055 per share (annualized dividend of $0.22 per share), payable on October 15, 2021 to shareholders of record as of the close of business on September 30, 2021

Osisko amended its revolving credit facility and increased the amount available by $150.0 million to $550.0 million, with an additional uncommitted accordion of up to $100.0 million (for a total availability of up to $650.0 million). The maturity date of the facility was extended to July 30, 2025, which can be further extended annually. The applicable margins have also been reduced, therefore reducing the fees on the undrawn and drawn portions of the facility. The drawn portion of the facility remains unchanged.

Sandeep Singh, President and CEO of Osisko commented on the activities of the second quarter of 2021: 'In the second quarter, our royalty and streaming business generated record revenues, cash margins and operating cash flows, as our main assets continue to deliver strong performance. The increase and extension of our credit facility, at a reduced cost of capital, also demonstrates the confidence of our lenders in our business and increases our financial flexibility and ability to pursue growth opportunities. On the back of strong first half 2021 results and our ongoing financial strength, we have prioritized returns to shareholders and increased our quarterly dividend by 10%. Our high margin business affords us the ability to continue, and increase, returns to investors despite a volatile market.'

Financial Highlights by Operating Segment

As a result of its 75% ownership in Osisko Development, the assets, liabilities, results of operations and cash flows of the Company consolidate the activities of Osisko Development and its subsidiaries.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 150 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.

Contact:

Heather Taylor

Tel: (514) 940-0670

Email: htaylor@osiskogr.com

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