<SEC-DOCUMENT>0001062993-17-001945.txt : 20170418
<SEC-HEADER>0001062993-17-001945.hdr.sgml : 20170418
<ACCEPTANCE-DATETIME>20170418162528
ACCESSION NUMBER:		0001062993-17-001945
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170418
FILED AS OF DATE:		20170418
DATE AS OF CHANGE:		20170418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Osisko Gold Royalties LTD
		CENTRAL INDEX KEY:			0001627272
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37814
		FILM NUMBER:		17767248

	BUSINESS ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
		BUSINESS PHONE:		514-940-0670

	MAIL ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Osisko Gold Royalties Ltd: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>April, 2017</b></p>

<p align="center">Commission File Number: <b>001-37814</b></p>

<p align="center"><b><u><font size=5>Osisko Gold Royalties LTD</font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qc H3B 2S2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
  <td width="5%" valign="top">&nbsp;</td><td width="5%" valign="top">
  <a href="exhibit99-1.htm">99.1</a></td><td>
  <a href="exhibit99-1.htm">Stock Option Plan</a></td>
</tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td colspan="2" valign="top"><b>OSISKO GOLD ROYALTIES LTD</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td valign="top">Date: April 18, 2017</td>
		<td valign="top">By:</td>
		<td><i>/s/ Joseph de la Plante</i></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td><hr noshade align="center" width="100%" size=1 color="black"> </td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>Joseph de la Plante</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>
		<td>Vice-President, Corporate Development</td>
	</tr>
</table>

<hr color="#000000" size="5">



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>OSISKO GOLD ROYALTIES LTD </B><BR><B>STOCK OPTION PLAN
</B><BR></P>
<P
align=justify><B>1.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>PURPOSE </B></P>
<P align=justify>The purpose of the Stock Option Plan (the "<B>Plan</B>") of
<B>Osisko Gold Royalties Ltd </B>(the "<B>Corporation</B>") is to advance the
interests of the Corporation and each subsidiary of the Corporation (a
"<B>Subsidiary</B>") by encouraging the Directors, officers, management,
consultants and employees of the Corporation and its Subsidiaries to acquire
shares in the Corporation, thereby increasing their proprietary interest in the
Corporation, encouraging them to remain associated with the Corporation and its
Subsidiaries and furnishing them with additional incentive in their efforts on
behalf of the Corporation and its Subsidiaries. </P>
<P
align=justify><B>2.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>ADMINISTRATION </B></P>
<P align=justify>The Plan shall be administered by the Board of Directors of the
Corporation or by a committee of the Board of Directors.</P>
<P align=justify>Subject to the provisions of the Plan, the Board of Directors
shall have authority to construe and interpret the Plan and all option
agreements entered into thereunder, to define the terms used in the Plan and in
all option agreements entered into thereunder, to prescribe, amend and rescind
rules and regulations relating to the Plan and to make all other determinations
necessary or advisable for the administration of the Plan. All determinations
and interpretations made by the Board of Directors shall be binding and
conclusive on all participants in the Plan and on their legal personal
representatives and beneficiaries. </P>
<P
align=justify><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>&nbsp;</B><B>SHARES SUBJECT TO PLAN </B></P>
<P align=justify>Subject to adjustment as provided in Section 15 hereof, the
shares to be offered under the Plan shall consist of the Corporation's
authorized but unissued common shares. The aggregate number of common shares to
be delivered upon the exercise of all options granted under the Plan shall not
exceed the greater of eight percent (8%) of the issued and outstanding common
shares at the time of granting of Options (on a non-diluted basis) or such other
number as may be approved by the Toronto Stock Exchange ("<B>TSX</B>") and the
shareholders of the Corporation from time to time. </P>
<P align=justify>If any option granted hereunder shall expire or terminate for
any reason without having been exercised in full, the unpurchased shares subject
thereto shall again be available for the purpose of this Plan. </P>
<P
align=justify><B>4.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>ELIGIBILITY AND PARTICIPATION </B></P>
<P align=justify>Executive directors, officers, management, consultants and
employees of the Corporation and its Subsidiaries shall be eligible for
selection to participate in the Plan (such persons hereinafter collectively
referred to as "<B>Participants</B>"). The Board of Directors shall determine to
whom options shall be granted, the terms and provisions of the respective option
agreements, the time or times at which such options shall be granted, and the
number of shares to be subject to each option. An individual who has been
granted an option may, if he is otherwise eligible, and if permitted under the
policies of the stock exchange or stock exchanges on which the shares of the
Corporation are to be listed, be granted an additional option or options if the
Directors shall so determine. </P>
<P
align=justify><B>5.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>EXERCISE PRICE </B></P>
<P align=justify>The exercise price, terms and conditions of the options will be
established by the Board of Directors subject to the rules of the regulatory
authorities having jurisdiction over the securities of the Corporation. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 2</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The exercise price at the time of the grant of the options
shall not be less than the closing market price of the common shares listed on
the TSX on the day prior to their grant. </P>
<P
align=justify><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>&nbsp;</B><B>NUMBER OF OPTIONED SHARES </B></P>
<P align=justify>The number of shares subject to an option to a Participant
shall be determined in the resolution of the Board of Directors and no
Participant shall be granted an option which exceeds 5% of the issued and
outstanding shares of the Corporation at the time of granting of the option.
</P>
<P align=justify>The aggregate number of shares (a) issued to insiders of the
Corporation within any one-year period, and (b) issuable to insiders of the
Corporation at any time, under the Plan, or when combined with all other share
compensation arrangements, cannot exceed 8% of the issued and outstanding
shares. Any entitlement to acquire shares granted pursuant to the Plan or any
other share compensation arrangement prior to the grantee becoming an insider
shall be excluded for the purposes of the limits set out in (a) and (b)
above.</P>
<P
align=justify><B>7.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>DURATION OF OPTION </B></P>
<P align=justify>Each option and all rights thereunder shall be expressed to
expire on the date set out in the option agreements and shall be subject to
earlier termination as provided in Sections 9, 10, 11 and 12. </P>
<P
align=justify><B>8.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>OPTION PERIOD, CONSIDERATION AND PAYMENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The period within which such option shall be exercised
      (the "<B>Option Period</B>") shall be a period of time fixed by the Board
      of Directors, not to exceed seven (7) years from the date the option is
      granted, provided that the Option Period shall be reduced with respect to
      any option as provided in Sections 9, 10, 11, 12 and 15.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Except as set forth in Section 12 and subject to the
      provisions of Section 9, an option shall vest and may be exercised (in
      each case to the nearest full share) during the Option Period in such
      manner as the Board of Directors may fix by resolution. Options which have
      vested may be exercised in whole or in part at any time and from time to
      time during the Option Period. To the extent required by any stock
      exchange or stock exchanges on which the shares of the Corporation are
      listed, no option may be exercised under this Plan until this Plan has
      been approved by a resolution duly passed by the shareholders of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Except as set forth in Sections 9, 10, 11 and 12, no
      option may be exercised unless the Participant is at the time of such
      exercise a director, officer, manager, consultant or employee of the
      Corporation or a Subsidiary; except in the case of a consultant, where the
      option has been granted for a specific service, the option may be
      exercised only upon completion of that service.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The exercise of any option will be contingent upon
      receipt by the Corporation at its head office of a written notice of
      exercise, specifying the number of shares with respect to which the option
      is being exercised, accompanied by cash payment, certified cheque or bank
      draft for the full purchase price of such shares with respect to which the
      option is exercised. No Participant or his legal representatives, legatees
      or distributees will be, or will be deemed to be, a holder of any shares
      subject to an option under this Plan, unless and until the certificates
      for such shares are issued to him or them under the terms of the
    Plan.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 3</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Notwithstanding the foregoing, in the event that the term
      of an option expires during such period of time during which insiders are
      prohibited from trading in shares as provided by the Corporation&#146;s insider
      trading policy, as it may be implemented and amended from time to time
      (the "<B>Blackout Period</B>") or within 10 business days thereafter, the
      option shall expire on the date that is 10 business days following the
      Blackout Period. Although the Blackout Period would only cover insiders of
      the Corporation, the extension would apply to all participants who have
      options which expire during the Blackout Period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>During an Option Period or a period prescribed by Section
      8(e), as the case may be, a Participant may, by sending a notice to the
      Corporation containing the information set out in Section 8(d), elect to
      exercise the Participant&#146;s options in accordance with the mechanism of
      this Section 8(f). In which case, the Participant (i) consents to receive
      a loan payable on demand from the Corporation for a principal amount equal
      to the amount of the exercise price (the "<B>Advance</B>"), (ii) directs
      for the proceeds from the loan to be used to pay for the exercise price of
      the options specified in the notice, (iii) consents to have the
      Corporation sell, or arrange for the sale, in the market or as the
      Corporation may determine, on behalf of any beneficiary, such portion of
      any shares issuable to the Participant on exercise of any option as the
      Corporation may determine, in order to realize net cash proceeds
      sufficient for the Participant to repay the Advance, and (iv) hereby
      directs such net cash proceeds to be paid to the Corporation in
      satisfaction of the Participant&#146;s obligation to repay the Advance to the
      Corporation. If any investment bank or other person sells any shares on
      behalf of a Participant as contemplated in this Section 8(f), any net
      amount after deduction of the Advance and withholding amount shall be paid
      to the Participant.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>CHANGE OF CONTROL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1 </TD>
    <TD>
      <P align=justify>For the purposes of this Section 9, "<B>Change of
      Control</B>" shall mean:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.1 </TD>
    <TD>
      <P align=justify>if a person, by means of a takeover bid made in
      accordance with the applicable provisions of the <I>Securities Act
      </I>(Qu&#233;bec) (the "<B>Securities Act</B>"), directly or indirectly,
      acquires an interest in one of the Corporation&#146;s classes of shares
      conferring 30% or more of the votes entitling him to elect the Directors
      of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.2 </TD>
    <TD>
      <P align=justify>if a person, by means of stock market transactions,
      directly or indirectly, acquires an interest in one of the Corporation&#146;s
      classes of shares conferring 30% or more of the votes entitling him to
      elect the Directors of the Corporation; however, the acquisition of
      securities by the Corporation itself through one of its Subsidiaries or
      affiliates, or by means of an employee benefits plan of the Corporation or
      one of its Subsidiaries or affiliates (or by the trustee of any such
      plan), shall not constitute a takeover;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.3 </TD>
    <TD>
      <P align=justify>the consummation of any transaction including, without
      limitation, any consolidation, amalgamation, merger, arrangement or issue
      of voting securities the result of which is that any person or group of
      persons acting jointly or in concert for purposes of such transaction
      (other than the Corporation and its Subsidiaries) becomes the beneficial
      owner, directly or indirectly, of more than 30% of the voting securities
      of the Corporation or of any such consolidated, amalgamated, merged or
      other continuing-entity, measured by voting power rather than number of
      securities (but shall not include the creation of a holding company or
      similar transaction that does not involve a change in the beneficial
      ownership of the Corporation);</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 4</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9.1.4 </TD>
    <TD>
      <P align=justify>if the individuals making up the Board of Directors of
      the Corporation on the effective date of this agreement, and any new
      director appointed by the Board of Directors or whose candidacy, presented
      by the shareholders of the Corporation, was confirmed by a vote of at
      least three fourths of the Directors then in office or who were in office
      on the effective date of this Plan, or whose nomination or candidacy,
      presented by the shareholders, was confirmed in the same manner
      thereafter, cease for any reason whatsoever to constitute a majority of
      the members of the Board Directors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.5 </TD>
    <TD>
      <P align=justify>if the assets of the Corporation representing 10% or more
      of the net book value of the Corporation&#146;s assets, or if the shares of one
      class carrying 10% or more of all voting rights of the Corporation
      entitling their holders to elect Directors, were transferred after a
      takeover, seizure or dispossession resulting from or relating to (i) a
      nationalization, expropriation, confiscation, coercion, forcing or
      constraint, or any other expense or confiscatory clawback. For the
      purposes of this paragraph, the value of the Corporation&#146;s assets shall be
      established based on the most recent audited financial statements of the
      Corporation on the date of the transfer;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.6 </TD>
    <TD>
      <P align=justify>the sale, lease or exchange of 50% or more of the
      property of the Corporation to another person or entity, other than in the
      ordinary course of business of the Corporation or any of its subsidiaries;
      for greater certainty, the sale, lease or exchange of 50% or more of the
      property of the Corporation to an entity in which the Corporation hold,
      directly or indirectly, 50% or less of the voting securities will be
      considered, for the purposes hereof, a &#147;Change of Control&#148;;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1.7 </TD>
    <TD>
      <P align=justify>any other transaction that is deemed to be a &#147;Change of
      Control&#148; for the purposes of this Plan by the Board of directions in its
      sole discretion.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.2 </TD>
    <TD>
      <P align=justify>Notwithstanding any provisions to the contrary contained
      in this Plan, all options outstanding at the time of a Change of Control
      shall vest and become immediately exercisable.</P></TD></TR></TABLE>
<P
align=justify><B>10.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>CEASING TO BE A DIRECTOR, OFFICER, MANAGER OR EMPLOYEE</B></P>
<P align=justify>If a Participant shall cease to be a director, officer,
manager, consultant or employee of the Corporation or a Subsidiary for any
reason (other than disability, retirement with the consent of the Corporation or
death) the options granted to such Participant may be exercised in whole or in
part by the Participant, during a period commencing on the date of such
cessation and ending 180 days thereafter or on the expiry date, whichever comes
first. </P>
<P align=justify>Nothing contained in the Plan, nor in any option granted
pursuant to the Plan, shall as such confer upon any Participant any right with
respect to continuance as a director, officer, manager, consultant or employee
of the Corporation or of any Subsidiary or affiliate. </P>
<P
align=justify><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>DISABILIY OR RETIREMENT OF PARTICIPANT </B></P>
<P align=justify>If a Participant shall cease to be a director, officer,
manager, consultant or employee of the Corporation or a Subsidiary by reason of
disability or retirement with the consent of the Corporation, the options
granted to such Participant may be exercised in whole or in part by the
Participant, during a period commencing on the date of such termination and
ending one year thereafter or on the expiry date, whichever comes first.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 5</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>DEATH OF PARTICIPANT </B></P>
<P align=justify>In the event of the death of the Participant, the options
previously granted to such Participant shall automatically vest and may be
exercised in whole or in part by the legal person representative of the
Participant during a period commencing on the date of the death and ending one
year thereafter or on the expiry date, whichever comes first. </P>
<P
align=justify><B>13.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>RIGHTS OF OPTIONEE </B></P>
<P align=justify>No person entitled to exercise any option granted under the
Plan shall have any of the rights or privileges of a shareholder of the
Corporation in respect of any shares issuable upon exercise of such option until
certificates representing such shares shall have been issued. </P>
<P
align=justify><B>14.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>PROCEEDS FROM SALE OF SHARES </B></P>
<P align=justify>The proceeds from sale of shares issued upon the exercise of
options shall be added to the general funds of the Corporation and shall
thereafter be used from time to time for such corporate purposes as the Board of
Directors may determine and direct. </P>
<P
align=justify><B>15.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>ADJUSTMENTS </B></P>
<P align=justify>In the event that the outstanding shares of the Corporation are
changed into or exchanged for a different number or kind of shares or other
securities of the Corporation, or in the event that there is a reorganization,
amalgamation, consolidation, subdivision, reclassification, dividend payable in
capital stock or other change in the capital stock of the Corporation, then each
Participant holding an option shall thereafter upon the exercise of the option
granted to him, be entitled to receive, in lieu of the number of shares to which
the Participant was theretofore entitled upon such exercise, the kind and amount
of shares or other securities or property which the Participant would have been
entitled to receive as a result of any such event if, on the effective date
thereof, the Participant had been the holder of the shares to which he was
theretofore entitled upon such exercise. </P>
<P align=justify>In the event the Corporation proposes to amalgamate, merge or
consolidate with any other Corporation (other than with a wholly-owned
subsidiary of the Corporation) or to liquidate, dissolve or wind-up, or in the
event an offer to purchase the shares of the Corporation or any part thereof
shall be made to all holders of shares of the Corporation, the Corporation shall
have the right, upon written notice thereof to each Participant, to require the
exercise of the option granted within the thirty (30) day period next following
the date of such notice and to determine that upon such thirty (30) day period,
all rights of the Participant to exercise same (to the extent not theretofore
exercised) shall ipso facto terminate and cease to have any further force or
effect whatsoever. </P>
<P
align=justify><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>TRANSFERABILITY </B></P>
<P align=justify>All benefits, rights and options accruing to any Participant in
accordance with the terms and conditions of the Plan shall not be transferable
or assignable unless specifically provided herein. During the lifetime of a
Participant any benefits, rights and options may only be exercised by the
Participant. </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 6</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify><B>17.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>AMENDMENT AND TERMINATION OF PLAN </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>The approval of the Board and the requisite approval from
      the TSX and the Shareholders shall be required for any of the following
      amendments to be made to the Plan:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any amendment to the number of shares issuable under the
      Plan, including an increase in the fixed maximum number of shares or a
      change from a fixed maximum number of shares to a fixed maximum
      percentage;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a reduction in the exercise price of an option (for this
      purpose, a cancellation or termination of an option of a Participant prior
      to its expiry for the purpose of reissuing Options to the same Participant
      with a lower exercise price shall be treated as an amendment to reduce the
      exercise price of an option), other than for standard anti-dilution
      purposes;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>an increase in the maximum number of shares that may be
      issued to insiders within any one year period or that are issuable to
      insiders at any time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>an extension of the term of any option beyond the
      original expiry date (except, for greater certainty, pursuant to Section
      8(e));</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>any change to the definition of "Participant" which would
      have the potential of broadening or increasing insider
    participation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the addition of any form of financial
  assistance;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>any amendment to a financial assistance provision which
      is more favourable to optionees;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>the addition of a cashless exercise feature, payable in
      cash or securities, which does not provide for a full deduction of the
      number of underlying securities from the Plan reserve;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify>the addition of a deferred or restricted share unit or
      any other provision which results in optionnees receiving securities while
      no cash consideration is received by the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>any amendment to Section 16;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD>
      <P align=justify>any amendment that may modify or delete any of this
      Section 17(a); and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD>
      <P align=justify>any other amendments that may lead to significant or
      unreasonable dilution in the Corporation&#146;s outstanding securities or may
      provide additional benefits to Participants, especially insiders, at the
      expense of the Corporation and its existing
Shareholders.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Board may, without Shareholder approval but subject
      to receipt of requisite approval from the TSX, in its sole discretion make
      all other amendments to the Plan that are not of the type contemplated in
      Section 17(a) above including, without
limitation:</P></TD></TR></TABLE><BR>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=left>OSISKO GOLD ROYALTIES LTD </TD>
    <TD align=right width="15%">Page 7</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock Option Plan </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="15%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>amendments of housekeeping nature;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a change to the vesting provisions of an option or the
      Plan;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a change to the termination provisions of an option or
      the Plan which does not entail an extension beyond the original expiry
      date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the addition of a cashless exercise feature, payable in
      cash or securities, which provides for a full deduction of the number of
      underlying securities from the Plan reserve.</P></TD></TR></TABLE>
<P
align=justify><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>NECESSARY APPROVALS </B></P>
<P align=justify>The obligation of the Corporation to issue and deliver shares
in accordance with the Plan is subject to any approvals which may be required
from any regulatory authority or stock exchange having jurisdiction over the
securities of the Corporation. If any shares cannot be issued to any Participant
for whatever reason, the obligation of the Corporation to issue such shares
shall terminate and any option exercise price paid to the Corporation will be
returned to the Participant. </P>
<P
align=justify><B>19.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>STOCK EXCHANGE RULES </B></P>
<P align=justify>The rules of any stock exchange upon which the Corporation's
shares are listed shall be applicable relative to options granted to
Participants. </P>
<P
align=justify><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>EFFECTIVE DATE OF PLAN </B></P>
<P align=justify>The Plan has been adopted by the Board of Directors of the
Corporation subject to the approval of the stock exchange or stock exchanges on
which the shares of the Corporation are to be listed and, if so approved, the
Plan shall become effective upon such approvals being obtained. </P>
<P
align=justify><B>21.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>INTERPRETATION </B></P>
<P align=justify>The Plan will be governed by and construed in accordance with
the laws of Canada and of the Province of Qu&#233;bec. </P>
<P align=justify><I>Adopted by the Board of Directors on April 30, 2014 and by
the shareholders of the Corporation on May 30, 2014 and further ratified by the
Board of Directors on June 30, 2014. </I></P>
<P align=justify><I>Amended by the Board of Directors on May 22, 2015.</I></P>
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