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Osisko Announces the Election of Its Board of Directors

Shareholder Meetings

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OSISKO ANNOUNCES THE ELECTION OF ITS BOARD OF DIRECTORS

(Montréal, May 5, 2017 ) Osisko Gold Royalties Ltd (the “ Corporation” or “Osisko”) (OR: TSX) (OR:

NYSE) announces that, at the annual and special meeting of shareholders held on May 4 , 2017, each

of the 10 nominees listed in the management information circular filed on April 10, 2017 (the “Circular”)

with regulatory authorities were elected as directors of the Corporation.

Based on the proxies received and the votes on a show of hands, the following individuals were elected

as directors of the Corporation until the next annual shareholders’ meeting. Accordingly, the results are

set out below:

Name of Nominee

Votes cast

FOR

% of votes

cast

FOR

WITHHELD

Percentage (%)

WITHHELD

Françoise Bertrand 76,792,344 99.68 249,833 0.32

Victor H. Bradley 74,614,649 96.85 2,427,528 3.15

John Burzynski 76,220,743 98.93 821,434 1.07

Christopher C. Curfman 76,916,966 99.84 125,211 0.16

Joanne Ferstman 75,133,009 97.52 1,909,168 2.48

André Gaumond 76,957,990 99.89 84,187 0.11

Pierre Labbé 75,562,437 98.08 1,479,740 1.92

Charles E. Page 76,508,504 99.31 533,673 0.69

Jacques Perron 76,958,783 99.89 83,394 0.11

Sean Roosen 73,964,522 96.01 3,077,655 3.99

Appointment of Auditors

Based on the proxies received and the votes on a show of hands, PricewaterhouseCoopers, LLP,

Chartered Accountants, was appointed as independent auditor of the Corporation for the ensuing year

and the directors are authorized to fix their remuneration, with the following results:

RESOLUTION No2

Votes cast

FOR

% of votes

cast

FOR

WITHHELD

Percentage (%)

WITHHELD

Appointment of Auditor 82,002,953 99.73 221,249 0.27

Approval of the Unallocated options under the Stock Option Plan

Based on the proxies received and the votes on a show of hands with respect to the adoption of an

ordinary resolution to approve all unallocated options under the Corporation’s Stock Option Plan, the

results are as follows:

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RESOLUTION No3

Votes cast

FOR

% of votes

cast

FOR

AGAINST

Percentage (%)

AGAINST

Ordinary Resolution for

the approval of the

unallocated options

under the Stock Option

Plan 69,099,713 89.69 7,942,462 10.31

Approval of the Amended and Restated Shareholder Rights Plan

Based on the proxies received and the votes on a show of hands with res pect to the adoption of an

ordinary resolution for the approval of the Amended and Restated Shareholder Rights Plan, the results

are as follows:

RESOLUTION No4

Votes cast

FOR

% of votes

cast

FOR

AGAINST

Percentage (%)

AGAINST

Ordinary Resolution for

the approval of the

Amended and Restated

Shareholder Rights Plan 72,196,093 93.71 4,846,083 6.29

Advisory Resolution on Executive Compensation

Based on the proxies received and the votes on a show of hands with respect to the adoption of an

advisory resolution on executive compensation, the results are as follows:

RESOLUTION No5

Votes cast

FOR

% of votes

cast

FOR

AGAINST

Percentage (%)

AGAINST

Advisory Resolution on

Executive Compensation 72,611,093 94.25 4,431,083 5.75

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About Osisko Gold Royalties Ltd

Osisko is an intermediate precious metal royalty and stream company focused on the Americas that commenced activities in

June 2014. It holds over 50 royalties and streams, including a 5% NSR royalty on the Canadian Malartic Mine (Canada), a

2.0% to 3.5% NSR royalty on the Éléonore Mine (Canada) and a silver stream on the Gibraltar Mine (Canada). It maintains a

strong financial position with cash resources of $423.6 million at March 31, 2017 and has distributed $35.1 million in dividends

to its shareholders during the past ten consecutive quarters . Osisko also owns a portfolio of publicly held resource companies,

including a 15.3% interest in Osisko Mining Inc., 13.3% in Falco Resources Ltd., and 35.2% interest in Barkerville Gold Mines

Ltd.

Osisko’s head office is located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information please contact:

Vincent Metcalfe

Vice President, Investor Relations

Tel. (514) 940-0670

[email protected]

Joseph de la Plante

Vice President, Corporate Development

Tel. (514) 940-0670

[email protected]