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OR.TO ·

Osisko Extends Dividend Reinvestment Plan to Residents of the United States

Corporate Actions

OSISKO EXTENDS DIVIDEND REINVESTMENT PLAN

TO RESIDENTS OF THE UNITED STATES

(Montreal, September 7, 2017) Osisko Gold Royalties Ltd ("Osisko" or the " Company") (TSX:OR)

(NYSE:OR) is pleased to announce that its eligible shareholders who are residents of the United States

can now enroll their common shares in its dividend reinvestment plan (the “Plan”) commencing with the

dividend to be paid on October 16, 2017 to shareholders on record as of September 30, 2017. Since its

launch in September 2015, the Plan has been available to shareholders who were residents of Canada.

The Plan allows shareholders to reinvest their cash dividends into additional common shares either

purchased on the open market through the facilities of the Toronto Stock Exchange (the “TSX”) or the

New York Stock Exchange (the “NYSE”), or issued directly from treasury by the Company, or acquired

by a combination thereof. In the case of a treasury iss uance, the pri ce will be the weighted average

price of the common shares on the TSX or the NYSE during the five (5) trading days immediately

preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company ’s sole

election. No commissions, service charges or brokerage fees are payable by shareholders who elect

to participate in the Plan.

To participate in the Plan, registered shareholders must deliver a properly completed Plan enrolment

form to AST Trust Company (Canada) (the “ Agent”) not less t han five (5) business days before a

dividend record date. Registered shareholders who wish to participate in the Plan for the October 16,

2017 dividend payment must deliver a Plan enrolment form to the Agent no later than 4:00 p.m. Montréal

Time on Friday, September 22, 2017. In connection with the October 16, 2017 dividend payment date,

the dividend to be paid to participants in the Plan will be by way of common shares issued from treasury

at a 3% discount to the Average Market Price (as defined in the Plan).

A complete copy of the P lan and the enrolment form are available on Osisko’s website at

http://osiskogr.com/en/dividends/drip/. Shareholders should carefully read the complete text of the Plan

before making any decisions regarding their participation in the Plan.

Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial

advisor, broker, investment dealer, bank or other financial institution that holds their common shares to

inquire about the applicable enrolment deadl ine and to request enrolment in the Plan. For more

information on how to enroll or any other inquiries, contact the Agent at 1- 800-387-0825 (toll-free in

Canada) or [email protected].

This press release is not an offer or a solicitation of an offer of securities. Osisko has filed a registration

statement (including a prospectus) relating to the Plan with the U.S. Securities and Exchange

Commission. A copy of the registration statement (including a prospectus) is available electronically

from EDGAR (http://www.sec.gov) or by contacting Osisko at [email protected] or 1 (514) 940-0670.

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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. Following the Orion transaction, Osisko now holds a North American focused

portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five

cornerstone assets, including a 5% NSR royalty on the Canadian Malartic m ine, which is the largest gold mine in

Canada. Osisko also owns a portfolio of publicly held resource companies, including a 15. 7% interest in Osisko

Mining Inc., a 14.7% interest in Osisko Metals Incorporated, a 13.3% interest in Falco Resources Ltd. and a 33.4%

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 more information, visit www.osiskogr.com.

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. These forward-looking statements, by their nature, require the Company to make

certain assumptions and necessarily involve 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. In this news release, these forward-looking statements may involve, but are not li mited to,

comments with respect to the directors and officers of the Company , information pertaining to the fact that all conditions for

payment of the dividend will be met and that such dividend will continue to be an “eligible dividend” as defined in the Income

Tax Act (Canada). 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 the future and the conditional , are

intended to identify forward-looking statements. 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 that the financi al

situation of the Company will remain favourable. The Company considers its assumptions to be reasonable based on

information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond

the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the

Company and its business.

For additional information with respect to these and other factors and assumptions underlying 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 issuer profile on SEDA R 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 or

revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as

required by law.

For further information, please contact Osisko Gold Royalties Ltd:

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]

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