Osisko Announces Gibraltar Silver Stream Amendments
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OSISKO ANNOUNCES GIBRALTAR SILVER STREAM AMENDMENTS
Montreal, June 29, 2023 – Osisko Gold Royalties Ltd ( “Osisko”) (OR: TSX & NYSE) is pleased to
announce that it has completed an amendment to its 75% silver stream (the “ Silver Stream”) with
respect to the Gibraltar copper mine (“ Gibraltar”), located in British Columbia, Canada, which is
operated by a wholly-owned subsidiary of Taseko Mines Limited (“Taseko”).
On March 15th, 2023, Taseko announced the completion of its acquisition of an additional 12.5% interest
in Gibraltar from Sojitz Corporation giving Taseko an effective 87.5% interest.
Osisko and Taseko have amended the Silver Stream to increase Osisko’s effective stream percentage
by 12.5% to 87.5%. Further to this, Osisko and Taseko have also extended the step-down silver delivery
threshold to coincide with Taseko’s recently updated mineral reserve estimate for Gibraltar. Osisko will
provide total consideration of US$10.25 million to Taseko plus C$50,000 per year for the following three
years to help support ongoing ESG initiatives at Gibraltar.
Sandeep Singh, President and CEO of Osisko commented: “We are pleased to increase our silver
exposure on the long- life Gibraltar mine and enhance our partnership with Taseko. Our shareholders
will benefit from the increased silver stream, coupled with the approximately one-and-a-half million
additional ounces of silver to be delivered to Osisko due to the extended threshold.”
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy
Desharnais, Ph.D., P.Geo., Vice President, Project 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”).
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 180 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 m ine,
one of Canada’s largest gold mines.
Osisko’s head 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:
Grant Moenting
Vice President, Capital Markets
Tel: (514) 940-0670 #116
Email: [email protected]
Heather Taylor
Vice President, Sustainability & Communications
Tel: (514) 940-0670 #105
Email: [email protected]
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements c ontained in this press release may be deemed "forward- looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of applicable Canadian securities
legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events,
that one- and-a-half million additional ounces of silver will be delivered to Osisko due to the extended threshold, production estimates of
Osisko’s assets (including increase of production), timely developments of mining properties over which Osisko has royalties, streams, offtakes
and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs,
carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future
demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and
general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold
equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no
assurance can be given that the estimates will be realized. 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", "pr ojects", "potential",
"scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond
the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include,
without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of
the properties, (b) timely development, permitting, construction, commencement of production, ramp -up (including operating and technical
challenges), (c) differences in rate and t iming of production from resource estimates or production forecasts by operators, (d) differences in
conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating
title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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
or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams,
offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes
by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic
developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which
they are held, (d) continued availability of capital and financing and general economic, market or business conditions, and ( e) responses of
relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on
Osisko’s business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become
available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko’s PFIC stat us. The forward-
looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without
limitation: that the Gibraltar mine will maintain its production schedule in a manner consistent with past practice and in accordance wit h its
2022 life-of-mine plan; the accuracy of public statements and disclosures made by Ta seko; no adverse development in respect of Gibraltar;
and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and the
absence of significant change in Osisko’s ongoing income and assets relating to determination of its PFIC status; the absence of any other
factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in
which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties
in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements
and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying
properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates
relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration
of acquired assets.
For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these
statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider
the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those
forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results
and prospective events could materially differ from those anticipated such the forward looking statements and such forward-looking statements
included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, Osisko
relies on information publicly disclosed by Taseko pertaining to the Gibraltar mine and the operation thereof and, therefore, assumes
no liability for such third party public disclosure. These statements speak only as of the date of this press release. Osisko 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.