Canadian Malartic MINE Initiates Construction of Underground Portal and RAMP
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CANADIAN MALARTIC MINE INITIATES CONSTRUCTION OF
UNDERGROUND PORTAL AND RAMP
Montréal, July 30, 2020 – Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE)
is pleased to report the initiation of construction of a portal to access the underground resources at the
Canadian Malartic Mine (“Canadian Malartic Underground”). Construction of the portal is expected to
commence in August, and construction of the ramp is expected to commence in the fourth quarter.
Sean Roosen, Chair and Chief Executive Officer of the Company declared: “We are extremely pleased
to see the advancement of the Partnership’s vision to explore and develop the underground resources
on the Malartic Property. The geological endowment of this project continues to deliver for the partners
and Osisko. We believe that Canadian Malartic Underground is well on the way to becoming anothe r
cornerstone asset for Osisko and we are keen to see the results of the aggressive exploration campaign
on East Gouldie and the forthcoming development of the portal and ramp.”
Agnico Eagle Mines Limited and Yamana Gold Inc., the operators of the Canadi an Malartic Mine (the
“Partnership”) have defined 830,000 ounces of indicated gold resources (11.9 million tonnes grading
2.16 g/t gold) and 9,600,000 ounces of inferred gold resources (127.7 million tonnes grading 2.34 g/t
gold) for Canadian Malartic Underground (see press release from Agnico Eagle Mines Limited dated
February 13, 2020 titled “ Agnico Eagle Reports Fourth Quarter and Full Year 2019 Results ”). These
resources are distributed between several zones that occur directly beneath the existing pits and to the
east and southeast including the East Malartic, Sladen, Sheehan, Odyssey North, Odyssey South,
Odyssey Jupiter and East Gouldie zones (see Figure 1 below). Osisko has a 5% royalty over the East
Gouldie resources and e ither 3% or 5% on the remai nder of the resources described herein. The
resources occur between surface and a depth of over 1,900 metres (see Figure 2 below). The
Partnership has “now authorized the construction of surface infrastructure and an exploration ramp into
Odyssey and East Malartic, with the purpose of eventually mining their respective upper zones and
providing further exploration access to allow drilling in tighter spac ing to continue studies to a greater
detail. The new ramp will also provide the ability to carry out bulk sampling of up to 40,000 tonnes of
ore.” (see press release from Yamana Gold Inc. dated July 23, 2020 titled “ Yamana Gold Reports
Second Quarter 2020 Financial Results”).
The Partnership also announced that it has increased the exploration budget from C$25 million to
C$30 million due to positive exploration drill results. T he main focus of exploration during the second
quarter was to provide support for an aggressive infill drill program at East Gouldie, with 10 diamond
drill rigs operating to define and expand underground mineral resources.
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Figure 1. Plan map of the Malartic mine showing the royalty limits with respect to the mineral resource
zones.
Figure 2. Long section Canadian Malartic property showing the distribution of underground mineral
resources with respect to the open pits (Image from Agnico Eagle’s February 13, 2020 Press Release).
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Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy
Desharnais, Ph.D., P.Geo., Director of Mineral Resources Evaluation at Osisko Gold Royalties Ltd, who
is a “qualified person” as defined by National Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). These mineral resources described herein are not mineral reserves as they do
not have demonstrated economic viability. Resou rces are exclusive from reserves. Inferred resources
are too speculative geologically to have the economic considerations applied to them. For more
technical details, please refer to Agnico Eagle’s press release dated February 13 , 2020 and titled
“Agnico Eagle Reports Fourth Quarter and Full Year 2019 Results”.
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 Ame rican focused portfolio of over 135
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 also owns the Cariboo gold project in Canada as well as a portfolio of publicly held resource
companies, including a 14.7% interest in Osisko Mining Inc., 17.9% interest in Osisko Metals
Incorporated and an 18.3% interest in Falco Resources Ltd.
Osisko’s hea d office is located at 1100 Avenue des Canadiens -de-Montréal, Suite 300, Montréal,
Québec, H3B 2S2.
For further information, please contact Osisko Gold Royalties Ltd:
Sandeep Singh
President
Tel. (514) 940-0670
Forward-looking Statements
Certain statements contained in this press release may be deemed “forward ‐looking statements” within the meaning of
applicable Canadian and U.S. securities laws including statements that involve predictions, expectations, interpretations,
beliefs, plans, projections, objectives, assumptions, future events or performance. These forward‐looking statements, by their
nature, require Osisko to make certain assumptions and necessarily invo lve known and unknown risks and uncertainties that
could cause actual results to differ materially from those expressed or implied in these forward ‐looking statements. Forward‐
looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”,
“anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in t he
future and the conditional, are intended to identify forward ‐looking statement s. Information contained in forward ‐looking
statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or
projection, including management’s perceptions of historical trends, current conditions and expected future developments, as
well as other considerations that are believed to be appropriate in the circumstances. Osisko considers its assumptions to be
reasonable based on information currently available, but cautions the reader that their assumptio ns regarding future events,
many of which are beyond the control of Osisko, may ultimately prove to be incorrect since they are subject to risks and
uncertainties that affect Osisko and its business; Such risks and uncertainties include, among others, risks relating to the ability
of development and exploration activities carried out by the Partnership (including expected drill results) to accurately predict
mineralization; errors in the Partnership’s geological modelling; the ability of the Partnership to complete further development
exploration activities, including construction of a portal to access the underground resources and exploration drilling activities.
For additional information with respect to these and other factors and assumptions underlyin g the forward‐looking statements
made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which
is filed with the Canadian securities commissions and available electronically under Osisko’s is suer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer
profile on EDGAR at www.sec.gov. The forward ‐ looking information set forth herein reflects Osisko’s expectations as at the
date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update o r
revise any forward ‐looking statements, whether as a result of new information, future events or otherwise, other than as
required by law.