<SEC-DOCUMENT>0001062993-17-003471.txt : 20170802
<SEC-HEADER>0001062993-17-003471.hdr.sgml : 20170802
<ACCEPTANCE-DATETIME>20170801174017
ACCESSION NUMBER:		0001062993-17-003471
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170801
FILED AS OF DATE:		20170802
DATE AS OF CHANGE:		20170801

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:		17997736

	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>August, 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" bgcolor="#EEEEEE">&nbsp;</td>
  <td width="5%" valign="top" bgcolor="#EEEEEE">
  <a href="exhibit99-1.htm">99.1</a></td>
  <td bgcolor="#EEEEEE">
  <a href="exhibit99-1.htm">Form 51-102F4 - Business Acquisistion Report</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: August 1, 2017</td>
		<td valign="top">By:</td>
		<td style="BORDER-BOTTOM: #000000 1px solid"><i>/s/ Joseph de la Plante</i></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>
   <META name="HandheldFriendly" content="true">
</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></P>
<P align=center><B>Form 51-102F4 </B></P>
<P align=center><B>Business Acquisition Report </B></P>
<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><B>Item 1</B> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Identity of Company</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>1.1</B> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Name and Address of Company</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left></TD>
    <TD align=left width="90%">
      <P align=justify>Osisko Gold Royalties Ltd. (the "<B>Corporation</B>" or
      "<B>Osisko</B>") </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">
      <P align=justify>1100 avenue des Canadiens-de-Montr&#233;al </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">
      <P align=justify>Suite 300 </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">
      <P align=justify>Montr&#233;al, Qu&#233;bec, H3B 2S2 </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>1.2</B> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Executive Officer</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%">
      <P align=justify>For further information, contact Joseph de la Plante
      (Vice President, Corporate Development) at (514) 940-0670. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Item 2</B> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Details of Acquisition</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2.1</B> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Nature of Business Acquired</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%">
      <P align=justify>On July 31, 2017, the Corporation acquired (the
      "<B>Acquisition</B>") directly or through the acquisition of shares or
      other equity ownership interests of entities owned by Orion Mine Finance
      (Master) Fund I LP, Orion Mine Finance (Master) Fund I-A LP, Orion
      Co-Investments I (Stream) LLC, Orion Co-Investments II LP, Orion
      Co-Investments IV LP, 8248567 Canada Limited and Lynx Metals Limited
      (collectively, the "<B>Orion</B> <B>Parties</B>"), all of the right, title
      and interest of the Orion Parties in 74 royalties, streams and precious
      metal offtakes (the "<B>Acquired Assets</B>"). </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">
      <P align=justify>Certain material assets comprising the Acquired Assets
      include: </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="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the diamond stream on the Renard diamond mine located in
      Qu&#233;bec, Canada (the "<B>Renard Stream</B>");</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the gold and silver stream on the Brucejack gold mine
      located in British Columbia, Canada (the "<B>Brucejack Stream</B>");
      and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the silver stream on the Mantos Blancos copper mine in
      Antofagasta, Chile (the "<B>Mantos Blancos
Stream</B>").</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Pursuant to the Renard Stream, Osisko
will receive 9.6% of diamond production from the Renard diamond mine. Pursuant
to the Brucejack Stream, Osisko will receive 4.0% of gold and silver production
until 7.067 million ounces of gold have been produced and 26.297 million ounces
of silver have been produced from the Brucejack gold mine. Pursuant to the
Mantos Blancos Stream, Osisko will receive 100% of payable silver from the
Mantos Blancos copper mine until 19.3 million ounces of payable silver have been produced at the mine, after which the
      stream percentage will be 30% of payable silver.</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 BCLLIST>

  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>Certain of the Acquired Assets are subject to buy-backs
      or buy-downs.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>For further details regarding the Acquired Assets, please
      refer to Osisko's Management Information Circular dated June 29, 2017, and
      filed on June 30, 2017 under Osisko's issuer profile on SEDAR at <U><FONT
      color=#0000ff>www.sedar.com </FONT></U>and on EDGAR at <U><FONT
      color=#0000ff>www.sec.gov.</FONT></U></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%"><B>2.2 </B></TD>
    <TD >
      <P align=justify><B>Acquisition date</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>July 31, 2017</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%"><B>2.3 </B></TD>
    <TD >
      <P align=justify><B>Consideration</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>Pursuant to the terms of the Acquisition, the Orion
      Parties received total consideration comprised of: (i) C$675 million (the
      "<B>Cash Consideration</B>") and, (ii) 30,906,594 common shares (the
      "<B>Share Consideration</B>") in the capital of Osisko ("<B>Osisko
      Shares</B>").</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify><U>Cash Consideration</U>: In connection with the
      Acquisition, Osisko completed a concurrent private placement to fund a
      portion of the Cash Consideration through the issuance of 18,887,363
      Osisko Shares at a price of C$14.56 per Osisko Share, for aggregate gross
      proceeds of C$275 million (the "<B>Private Placement</B>"). CDP
      Investissements Inc. ("<B>CDP</B>"), an affiliate of Caisse de d&#233;p&#244;t et
      placement du Qu&#233;bec (C$200 million or 13,736,264 Osisko Shares), and the
      Fonds de solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.) (C$75 million or
      5,151,099 Osisko Shares) were the two subscribers under the Private
      Placement. The Private Placement was subject to a seven percent capital
      commitment fee paid by Osisko partially in cash (five percent) and
      partially in 385,457 Osisko Shares (two percent). The aggregate gross
      proceeds of the Private Placement were used, along with a draw under
      Osisko's revolving credit facility with National Bank of Canada and Bank
      of Montr&#233;al and existing cash reserves, to fund the Cash
    Consideration.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify><U>Share Consideration</U>: An aggregate of 30,906,594
      Osisko Shares were issued to the Orion Parties in satisfaction of the
      Share Consideration.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%"><B>2.4 </B></TD>
    <TD >
      <P align=justify><B>Effect on Financial Position</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>The Corporation intends to integrate the operations of
      the Orion Parties into its existing operations in the course of which
      Osisko will realize business synergies.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD >
      <P align=justify>The effect of the Acquisition on the financial position
      of Osisko is outlined in the unaudited <I>pro forma </I>condensed
      consolidated financial statements referred to in Item 3 below, which shows
      the effect of the Acquisition on the results of operations and the
      financial position of the Corporation.</P></TD></TR></TABLE>
<P align=center>-2-</P>
<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></TD>
    <TD align=left width="90%" >
      <P align=justify>The post-Acquisition board of directors of Osisko
      consists of 11 members, consisting of the 10 current directors of Osisko
      (being Sean Roosen, Joanne Ferstman, Fran&#231;oise Bertrand, Victor H.
      Bradley, John Burzynski, Christopher C. Curfman, Andr&#233; Gaumond, Pierre
      Labb&#233;, Charles E. Page and Jacques Perron), together with Oskar Lewnowski,
      the Chief Investment Officer of Orion Resource Partners (USA) LP. In
      addition, CDP has the right to nominate one director to the
      post-Acquisition board of directors of Osisko. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2.5 </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Prior Valuations </B></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" >
      <P align=justify>Not applicable </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2.6 </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Parties to Transaction </B></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The Acquisition and Private Placement were not with an
      informed person, associate or affiliate of Osisko. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2.7 </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Date of report </B></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" >
      <P align=justify>August 1, 2017. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Item 3 </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Financial statements and Other Information
  </B></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The following unaudited <I>pro forma </I>condensed
      consolidated financial statements of Osisko are specifically incorporated
      by reference into and form an integral part of this Business Acquisition
      Report: </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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>the unaudited <I>pro forma </I>consolidated balance sheet
      of Osisko as at March 31, 2017, the unaudited <I>pro forma
      </I>consolidated statements of income of Osisko for the year ended
      December 31, 2016 and the unaudited <I>pro forma </I>consolidated
      statements of income (loss) of Osisko for the three-month period ended
      March 31, 2017 together with the notes thereto.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The above-noted financial statements
of Osisko are included in Osisko's Management Information Circular dated June
29, 2017, and filed on June 30, 2017 under Osisko's issuer profile on SEDAR at
<U><FONT color=#0000ff>www.sedar.com </FONT></U>and on EDGAR at <U><FONT
color=#0000ff>www.sec.gov. </FONT></U></P>
<P style="MARGIN-LEFT: 10%" align=justify>The following financial statements of
the Orion Parties are specifically incorporated by reference into and form an
integral part of this Business Acquisition Report: </P>
<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>the audited combined financial statements of the Orion
      portfolio for the years ended on December 31, 2016, 2015 and 2014,
      together with the notes thereto, the auditor's report thereon;
  and</P></TD></TR>
  </TABLE>
<P align=center>-3-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<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%">ii) </TD>
    <TD>
      <P align=justify>the unaudited condensed combined interim financial
      statements of the Orion portfolio for the three-months ended on March 31,
      2017 and 2016, together with the notes thereto.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The above-noted financial statements of
the Orion Parties are included in Osisko's Management Information Circular dated
June 29, 2017, and filed on June 30, 2017 under Osisko's issuer profile on SEDAR
at <U><FONT color=#0000ff>www.sedar.com </FONT></U>and on EDGAR at <U><FONT
color=#0000ff>www.sec.gov. </FONT></U></P>
<P align=center><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
</B></P>
<P align=justify>Except for the statements of historical fact contained herein,
the information presented in this Business Acquisition Report and the
information incorporated by reference herein, constitutes "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 Laws (together, "<B>forward-looking
information</B>") concerning the business, operations, plans and financial
performance and condition of each of Osisko and the Orion Parties. Often, but
not always, forward-looking information can be identified by words such as
"<I>pro forma</I>", "plans", "expects", "may", "should", "could", "will",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", or variations, including negative variations, thereof that refer to
certain actions, events or results that may, could, would, might or will occur
or be taken or achieved. </P>
<P align=justify>Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual plans, results,
performance or achievements of Osisko or the Acquired Assets to differ
materially from any future plans, results, performance or achievements expressed
or implied by the forward-looking information. Such factors include, among
others: inability to achieve the benefits or synergies anticipated from the
Acquisition; actual operating cash flows, free cash flows, mineral resources,
total cash, transaction costs, and administrative costs of Osisko and the
Acquired Assets differing materially from those anticipated; risks related to
international operations; risks related to the holding of stream or royalty
interests on mineral properties; risks related to partnership or other joint
operations; actual results of current exploration activities; variations in
mineral resources, mineral production, grades or recovery rates or optimization
efforts and sales; delays in obtaining governmental approvals or financing or in
the completion of development or construction activities; uninsured risks;
regulatory changes; defects in title; availability or integration of personnel,
materials and equipment; performance of facilities, equipment and processes
relative to specifications and expectations; unanticipated environmental impacts
on operations; market prices; production, construction and technological risks
related to Osisko and the Acquired Assets; capital requirements and operating
risks associated with the operations of or an expansion of the operations of
Osisko or the Acquired Assets or the operations in respect of which royalty,
stream or offtake interests are held by Osisko or the Acquired Assets;
fluctuations in gold, silver and other metal prices and currency exchange rates;
uncertainty relating to future production and cash resources; inability to
successfully complete new development projects, planned expansions or other
projects within the timelines anticipated; adverse changes to market, political
and general economic conditions or laws, rules and regulations applicable to
Osisko or the Acquired Assets; changes in project parameters; the possibility of
project cost overruns or unanticipated costs and expenses; accidents, labour
disputes, community and stakeholder protests and other risks inherent to the
mining industry; failure of plant, equipment or processes to operate as
anticipated; risk of an adverse claim; factors discussed under the heading
<I>"Risk Factors" </I>in<I> </I>the Management Information Circular dated June
29, 2017 and filed on June 30, 2017 on SEDAR at <U><FONT
color=#0000ff>www.sedar.com </FONT></U>and EDGAR at <U><FONT
color=#0000ff>www.sec.gov; </FONT></U>and those risks set forth in Osisko's
filings with securities authorities, which are available under Osisko's issuer
profiles on SEDAR at <U><FONT color=#0000ff>www.sedar.com </FONT></U>and EDGAR
at <U><FONT color=#0000ff>www.sec.gov</FONT></U>. </P>
<P align=justify>Although Osisko has attempted to identify important factors
that could cause plans, actions, events or results to differ materially from
those described in forward-looking information in this Business Acquisition
Report, and the documents incorporated by reference herein, there may be other
factors that cause plans, actions, events or results not to be as anticipated,
estimated or intended. There is no assurance that such statements will prove to
be accurate as actual plans, results and future events could differ materially
from those anticipated in such statements or information. Accordingly, readers
should not place undue reliance on forward-looking information in this Business
Acquisition Report, nor in the documents incorporated by reference herein. All
of the forward-looking information made in this Business Acquisition Report,
including all documents incorporated by reference herein, are qualified by these
cautionary statements. Osisko undertakes no obligation to update any of the
forward-looking information in this Business Acquisition Report or incorporated
by reference herein, except as required by law. </P>
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<P align=justify>In addition, forward-looking and <I>pro forma</I> information
contained<B> </B>herein is based on certain assumptions and involves risks
related to, among other things, the business and operations of Osisko and the
Acquired Assets. Other assumptions include, but are not limited to: interest and
exchange rates; the price of gold, silver and other metals; competitive
conditions in the mining industry; title to mineral properties; financing and
funding requirements; general economic, political and market conditions; and
changes in laws, rules and regulations applicable to Osisko or the Acquired
Assets. </P>
<P align=justify>Certain of the forward-looking information and other
information contained herein concerning the mining industry and general
expectations of Osisko and the Orion Parties concerning the mining industry,
Osisko, and the Acquired Assets are based on estimates prepared by Osisko using
data from publicly available industry sources, as well as from market research
and industry analysis and on assumptions based on data and knowledge of the
mining industry which Osisko believes to be reasonable. However, although
generally indicative of relative market positions, market shares and performance
characteristics, this data is inherently imprecise. While Osisko is not aware of
any misstatement regarding any industry data presented herein, the mining
industry involves risks and uncertainties that are subject to change based on
various factors.</P>
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