<SEC-DOCUMENT>0001062993-18-000916.txt : 20180220
<SEC-HEADER>0001062993-18-000916.hdr.sgml : 20180220
<ACCEPTANCE-DATETIME>20180220080316
ACCESSION NUMBER:		0001062993-18-000916
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180220
DATE AS OF CHANGE:		20180220

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:		18623115

	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 style="font-size:10pt;">
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><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</B><BR><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B><BR></P>
<P align=center>For the month of <B>February 2018 </B></P>
<P align=center>Commission File Number:<U> </U><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)
<BR></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>[&nbsp;&nbsp; ] Form 20-F&nbsp;&nbsp;&nbsp;&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): [&nbsp;&nbsp; ] </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): [&nbsp;&nbsp;&nbsp;]</P>
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<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">Consolidated Financial
    Statements for the years ended December 31, 2017 and 2016</a></td>
  </tr>
  <tr>
    <td width="5%" valign="top" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#FFFFFF"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#FFFFFF"><a href="exhibit99-2.htm">Management's Discussion and
    Analysis for the year ended December 31, 2017</a></td>
  </tr>
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F1 - CEO Certification of
    annual filings</a></td>
  </tr>
  <tr>
    <td width="5%" valign="top" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#FFFFFF"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#FFFFFF"><a href="exhibit99-4.htm">Form 52-109F1 - CFO Certification of
    annual filings</a></td>
  </tr>
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-5.htm">99.5</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-5.htm">Osisko Gold Royalties
    Reports Fourth Quarter 2017 Results</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><a href="exhibit99-6.htm">99.6</a></td>
    <td><a href="exhibit99-6.htm">Osisko Declares 14th Quarterly Dividend</a></td>
  </tr>
</table>

<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<a name="page_3"></a>
    <P align=center><B><U>SIGNATURES</U></B> </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="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD align=left>&nbsp;</TD>
        <TD align=left width="50%"><B>OSISKO GOLD ROYALTIES LTD</B> </TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;</TD>
        <TD align=left width="50%">(Registrant) </TD>
      </TR>
    </TABLE>
    <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>Date: February 20, 2018 </TD>
        <TD align=left width="5%">By: </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">/s/
          Joseph de la Plante </TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;</TD>
        <TD align=left width="5%">&nbsp;</TD>
        <TD align=left width="45%">Joseph de la Plante </TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;</TD>
        <TD align=left width="5%">Title: </TD>
        <TD align=left width="45%">Vice-President, Corporate Development </TD>
      </TR>
</TABLE><br>
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</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>
<IMG
src="exhibit99-1x1x1.jpg"
border=0 width="281" height="127"> </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=center><B>OSISKO GOLD ROYALTIES LTD </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD align=center><B>..........................................</B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Consolidated Financial Statements </I></B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>For the years </I></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>ended </I></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>December 31, 2017 and 2016
</I></B></TD></TR></TABLE><BR>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Financial Statements </TD></TR></TABLE>
<P align=justify><B><U>Management&#146;s Report on Internal Control over Financial
Reporting</U></B><B> </B></P>
<P align=justify>Osisko Gold Royalties Ltd&#146;s (the &#147;Company&#146;s&#148;) management is
responsible for establishing and maintaining adequate internal control over
financial reporting, as defined in rules 13a-15(f) and 15d-15(f) under the
United States Securities Exchange Act of 1934, as amended. </P>
<P align=justify>The Company&#146;s management assessed the effectiveness of the
Company&#146;s internal control over financial reporting as at December 31, 2017. The
Company&#146;s management conducted an evaluation of the Company&#146;s internal control
over financial reporting based on criteria established in Internal Control -
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Based on the Company&#146;s management&#146;s
assessment, the Company&#146;s internal control over financial reporting is effective
as at December 31, 2017. </P>
<P align=justify>The effectiveness of the Company&#146;s internal control over
financial reporting as at December 31, 2017 has been audited by
PricewaterhouseCoopers LLP, Independent Auditors, as stated in their report
which is located on pages 3 and 4 of these consolidated financial statements.
</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><I>(signed) Sean Roosen</I>, Chief Executive Officer</TD>
    <TD align=right width="50%"><I>(signed) Elif L&#233;vesque</I>, Chief Financial
      Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>February 19, 2018 </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=right>2 </P>
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<P align="left">
<IMG
src="exhibit99-1x3x1.jpg" border=0 width="117" height="93"> </P>
<P align=justify><B>Report of Independent Registered Public Accounting Firm
</B></P>
<P align=justify>To the Board of Directors and Shareholders of Osisko Gold
Royalties Ltd</P>
<P align=justify><B><I>Opinions on the  Financial Statements and
Internal Control over Financial Reporting </I></B></P>
<P align=justify>We have audited the accompanying consolidated balance sheet of
Osisko Gold Royalties Ltd and its subsidiaries, (together, the Company) as of
December 31, 2017 and the related consolidated statements of income (loss),
comprehensive income (loss), cash flows and changes in equity for the year then
ended, including the related notes (collectively referred to as the consolidated
financial statements). We also have audited the Company's internal control over
financial reporting as of December 31, 2017, based on criteria established in
<I>Internal Control - Integrated Framework</I> (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). </P>
<P align=justify>In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial position of the
Company as of December 31, 2017 and their financial performance and their cash
flows for the year then ended in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board
(IFRS). Also in our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2017,
based on criteria established in <I>Internal Control &#150; Integrated Framework</I>
(2013) issued by the COSO. </P>
<p align="justify">The  accompanying consolidated balance sheet of the Company as of December 31, 2016,  and the related consolidated statements of income (loss), comprehensive income  (loss), cash flows and changes in equity for the year then ended were previously  audited in accordance with Canadian Generally Accepted Auditing Standards as  stated in the attached report; pursuant to the exemption provided by  Instructions to paragraphs (b), (c), (d) and (e) of General Instruction B.(6)  of Form 40-F, the 2016 consolidated financial statements were not required to  be audited under the standards of the Public Company Accounting Oversight Board  (United States) (PCAOB) and they are therefore not covered by this report.</p>
<P align=justify><B><I>Basis for Opinions </I></B></P>
<P align=justify>The Company's management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management's Report on
Internal Control over Financial Reporting. Our responsibility is to express
opinions on the Company&#146;s consolidated financial statements and on the Company's
internal control over financial reporting based on our audits. We are a public
accounting firm registered with the PCAOB and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the
PCAOB.</P>
<P align=justify>We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all
material respects.</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><I>P</I><I>ricewaterhouseCoopers
      LLP/s.r.l./s.e.n.c.r.l.</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>1250 Ren&#233;-L&#233;vesque Boulevard West, Suite 2500, Montr&#233;al,
      Quebec, Canada H3B 4Y1</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>T: +1 514 205 5000, F: +1 514 876 1502,
      www.pwc.com/ca</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#147;PwC&#148; refers to PricewaterhouseCoopers
      LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership.
  </TD></TR></TABLE>
<P align=right>3 </P>
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<P align="left">
<IMG
src="exhibit99-1x3x1.jpg" border=0 width="117" height="93"> </P>
<P align=justify>Our audit of the consolidated financial statements included
performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as well as
evaluating the overall presentation of the consolidated financial statements.
Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audits provide a reasonable basis for
our opinions.</P>
<P align=justify><B><I>Definition and limitations of internal control over
financial reporting </I></B></P>
<P align=justify>A company&#146;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of consolidated financial statements for
external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of consolidated financial statements
in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the consolidated financial statements.</P>
<P align=justify>Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. </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>/s/ PricewaterhouseCoopers LLP <sup>(1)</sup></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Montreal, Canada </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 19, 2018 </TD>
  </TR></TABLE>
<P align=justify>We have served as the Company&#146;s auditor since 2006.</P>
<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%">(1) </TD>
    <TD>
      <P align=justify>CPA auditor, CA, public accountancy permit No.
    A122718</P></TD></TR></TABLE>
<P align=right>4 </P>
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<P align="left">
<IMG
src="exhibit99-1x3x1.jpg" border=0 width="117" height="93"> </P>
<P align=justify><B>Independent Auditor&#146;s Report </B></P>
<P align=justify><B>To the Shareholders of <BR>Osisko Gold Royalties Ltd
</B></P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Osisko Gold Royalties Ltd and its subsidiaries, which comprise the
consolidated balance sheet as at December 31, 2016 and the consolidated
statements of income (loss), comprehensive income (loss), cash flows and changes
in equity for the year then ended, and the related notes, which comprise a
summary of significant accounting policies and other explanatory information.
</P>
<P align=justify><B>Management&#146;s responsibility for the consolidated financial
statements <BR></B>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards<SUP> </SUP>as issued by the
International Accounting Standards Board, and for such internal control as
management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to
fraud or error. </P>
<P align=justify><B>Auditor&#146;s responsibility <BR></B>Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit. We conducted our audit in accordance with Canadian generally accepted
auditing standards. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from material
misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor&#146;s judgment, including
the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity&#146;s
preparation and fair presentation of the consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
entity&#146;s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the
consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion. </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><I>P</I><I>ricewaterhouseCoopers
      LLP/s.r.l./s.e.n.c.r.l.</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>1250 Ren&#233;-L&#233;vesque Boulevard West, Suite 2500, Montr&#233;al,
      Quebec, Canada H3B 4Y1</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>T: +1 514 205 5000, F: +1 514 876 1502,
      www.pwc.com/ca</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#147;PwC&#148; refers to PricewaterhouseCoopers
      LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership.
  </TD></TR></TABLE>
<P align=right>5 </P>
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<P align="left">
<IMG
src="exhibit99-1x3x1.jpg" border=0 width="117" height="93"> </P>
<P align=justify><B>Opinion <BR></B>In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of
Osisko Gold Royalties Ltd and its subsidiaries as at December 31, 2016 and their
financial performance and their cash flows for the year then ended in accordance
with International Financial Reporting Standards as issued by the International
Accounting Standards Board. </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>/s/ PricewaterhouseCoopers LLP <SUP>(1)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Montreal, Canada </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 19, 2018 </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%">(1) </TD>
    <TD>
      <P align=justify>CPA auditor, CA, public accountancy permit No.
    A122718</P></TD></TR></TABLE>
<P align=right>6 </P>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Balance Sheets </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>As at December 31,
      2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Notes</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Assets</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current assets</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>8 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>333,705 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>499,249 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Short-term
      investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">9 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,100 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>10 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>8,385 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>8,416 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">11 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">9,859 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Other assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>984 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>974 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">352,933 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">510,739 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Non-current assets</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Investments in
      associates </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">12 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">257,433 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">82,902 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Other investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>115,133 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>108,409 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Royalty, stream
      and other interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,575,772 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">494,768 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Exploration and evaluation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>102,182 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>100,038 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Goodwill </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">16 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">111,204 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">111,204 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>25 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,978 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,686 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">266 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,516,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,416,304 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current liabilities</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accounts payable
      and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">17 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">15,310 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,438 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Dividends payable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,890 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,266 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Provisions and
      other liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">18 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">5,632 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">4,153 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>28,832 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15,857 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Non-current liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Long-term debt </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>464,308 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>45,780 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Provisions and
      other liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">18 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,036 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">12,433 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>25 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>126,762 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>127,930 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">621,938 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">202,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Equity</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,633,013 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">908,890 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Warrants </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>21 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Contributed
      surplus </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">13,265 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">11,411 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Equity component of convertible debentures</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>17,601 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,091 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated other
      comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,878</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,838 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Retained earnings </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>202,503 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>250,306 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Equity attributable to Osisko Gold
      Royalties Ltd shareholders</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,894,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,212,437 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Non-controlling interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,867 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total equity</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,894,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,214,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,516,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,416,304 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><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><B><I>APPROVED ON BEHALF OF THE BOARD</I></B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(signed) Sean Roosen</I>, Director </TD>
    <TD align=right width="50%"><I>(signed) Joanne Ferstman</I>, Director
  </TD></TR></TABLE><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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%">7 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Income (Loss) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Notes</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revenues </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>23 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>213,216 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>62,677 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>24 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(125,645</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(143</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Depletion of royalty, stream and other
      interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(28,065</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(11,291</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Gross profit</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>59,506</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>51,243</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other operating
      expenses</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;General and administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(26,176</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(16,715</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Business
      development </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>26 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(18,706</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8,282</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Impairment of royalty, stream
      and other interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(89,000</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Exploration and
      evaluation, net of tax credits </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>26 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(204</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,240 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Other gains (expenses), net </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,436</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Cost recoveries
      from associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>26 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>4,125 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>3,039 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Operating income (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(70,435</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>29,089</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Interest income
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,255 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,260 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Dividend income </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">4,931 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Finance costs
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8,384</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(3,435</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Foreign exchange loss </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(16,086</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,846</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Share of loss of
      associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>12 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,114</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,623</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Other gains, net </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">30,829 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">30,202 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Earnings (loss) before
      income taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(65,935</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>51,578 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Income tax recovery (expense)
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">23,147 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(9,724</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net earnings (loss)</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(42,788</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>41,854 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net earnings (loss)
      attributable to:</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Osisko Gold Royalties Ltd&#146;s
      shareholders </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(42,501</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">42,113 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Non-controlling
      interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(287</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(259</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net earnings (loss) per
      share attributable to</B> <B>Osisko Gold Royalties Ltd&#146;s shareholders</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>28 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(0.33</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">0.40 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(0.33</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%">8 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Comprehensive Income (Loss)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net earnings (loss)</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(42,788</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>41,854 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other comprehensive income
      (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;<I>Items that will not be
      reclassified to the consolidated statement of income (loss)</I> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
      in fair value of financial assets at fair value through comprehensive
      income </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,139 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>74,914 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income tax effect </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(762</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(4,859</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Changes in fair value of derivative financial instruments &#150;
      cash flow hedges </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(21,072</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income tax effect </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,824 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Share of other comprehensive income (loss) of associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(78</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,645 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;<I>Items that may be
      reclassified to the consolidated statement of income (loss)</I> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Currency translation adjustments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,532 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share of other comprehensive loss of associates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(459</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(382</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other comprehensive
      loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(11,876</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>71,318 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Comprehensive income
      (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(54,664</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>113,172 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Comprehensive income
      (loss) attributable to:</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Osisko Gold
      Royalties Ltd&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(54,377</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">113,431 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Non-controlling interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(287</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(259</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>)
</TD></TR></TABLE><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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%">9 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Cash Flows </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Notes</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Operating activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss)</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(42,788</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">41,854 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Adjustments for: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">10,524 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7,380 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Depletion and
      amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>28,210 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11,509 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Impairment of royalty, stream
      and other interests </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">89,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Share of loss of
      associates </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6,114 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6,623 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Net loss (gain) on acquisition
      of investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,099 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,379</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Net gain on
      dilution of investments in associates </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(30,560</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(12,023</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Net gain on disposal of
      investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(703</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,410</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Change in fair
      value of financial assets at fair value through profit and loss </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,665</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,390</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(24,150</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">8,372 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Settlement of
      restricted share units </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5,539</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Foreign exchange loss </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">16,211 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5,851 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Other </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,403 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,832 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash flows provided by operating
      activities before changes in non-cash working capital items </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">49,156 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">54,219 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Changes in non-cash working
      capital items </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>29 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(440</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(775</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash flows provided by operating
      activities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">48,716 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">53,444 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Investing activities</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net decrease (increase) in
      short-term investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,047 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,800</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Business combination, net of cash acquired
</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">7 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(621,430</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Settlement of derivative
      financial instruments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(21,072</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Acquisition of investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(226,766</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(82,384</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Proceeds on disposal of
      investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>71,090 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>129,183 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Acquisition of royalty and stream interests
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(80,119</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(55,250</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Proceeds on sale of royalty
      interests </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,630 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Property and equipment </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(137</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(105</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exploration and evaluation,
      net of tax credits </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,128</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(8,327</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash flows used in investing activities
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(877,515</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(15,053</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financing activities</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Issuance of long-term debt
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>447,323 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Issuance of common shares and warrants </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">20 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">264,278 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">177,934 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Issue expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(190</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8,066</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Financing fees </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(12,619</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(850</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investment from
      non-controlling interests </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,292 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,499 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Normal course issuer bid purchase of common
      shares </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,822</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dividends paid </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(19,325</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(15,317</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash flows provided by financing
      activities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">678,937 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">208,200 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Increase (decrease) in cash and cash
      equivalents before effects of exchange rate changes on cash and cash
      equivalents </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(149,862</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>246,591 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Effects of exchange rate changes on cash and
      cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(15,682</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(5,851</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Increase (decrease) in cash and cash
      equivalents</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(165,544</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">240,740 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash and cash equivalents
      &#150; January 1</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>499,249 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>258,509 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Cash and cash equivalents &#150; December
      31</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">8 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">333,705 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">499,249 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=justify>Additional information related to the consolidated statements
of cash flows is presented in Note 29. </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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%" >10 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Changes in Equity </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the year ended
      December 31, 2017 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="46%" colSpan=19><B>Equity attributed to Osisko Gold
      Royalties Ltd shareholders</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Equity</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Accumulated</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>common</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>component of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>other</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Non-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>shares</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Share</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Contributed</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>convertible </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right
      width="4%"><STRONG>comprehensive</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Retained</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>controlling</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Notes</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>outstanding</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>capital</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>surplus</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>debentures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>income (loss)</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>interest</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Balance - January 1,
      2017</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>106,497,315 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>908,890 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>11,411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>3,091 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>7,838 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>250,306 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,212,437 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,867 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,214,304 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="4%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(42,501</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(42,501</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(287</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(42,788</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other comprehensive loss </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(11,876</TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(11,876</TD>
    <TD width="2%" align=left vAlign=bottom>) </TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="4%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(11,876</TD>
  <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Comprehensive loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(11,876</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(42,501</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(54,377</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(287</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(54,664</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Business combination </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">7 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">30,906,594 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">445,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">445,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">445,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Private placements </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>19,272,820 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>261,250 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>261,250 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>261,250 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exercise of share exchange rights </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">18, 20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">772,810 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">11,979 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,589 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">13,568 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(1,589</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">11,979 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dividends declared </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(24,274</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(24,274</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(24,274</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Shares issued &#150; Dividends reinvestment plan
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">88,536 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,327 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,327 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">1,327 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Shares issued &#150; Employee
      share purchase plan </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>24,677 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>371 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>371 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>371 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share options: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Shared-based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>3,218 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>3,218 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>3,218 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Fair value of options exercised </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">162 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(162</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Proceeds from exercise
      of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>43,970 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Replacement share options: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Fair value of options
      exercised </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,202 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,202</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">190,471 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">2,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Equity component of
      convertible debentures, net of transaction costs of $789 and taxes of
      $5,232 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>14,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>14,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>14,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Investments from non-controlling interests
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">295 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">295 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">9 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Issue costs, net of taxes of
      $101 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(275</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(275</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(275</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Transfer of realized gain on financial assets
      at fair value through other comprehensive income </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(17,088</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">17,088 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Settlement of derivative
      financial instruments, net of tax of $2,824 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>7 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>18,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>18,248 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="4%" bgColor=#e6efff>18,248 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Balance &#150; December 31, 2017</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">157,797,193 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">1,633,013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">30,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">13,265 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">17,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">(2,878</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">202,503 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">1,894,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="4%">1,894,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As at December 31, 2017,
accumulated other comprehensive loss comprises items that will not be recycled
to the consolidated statement of income (loss) amounting to ($2,182,000) and
items that may be recycled to the consolidated statement of income (loss)
amounting to ($695,000) . </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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%">11 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Changes in Equity </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the year ended
      December 31, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="46%" colSpan=19><B>Equity attributed to Osisko Gold
      Royalties Ltd shareholders</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Equity</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Accumulated</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>common</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>component of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>other</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Non-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>shares</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Share</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Contributed</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>convertible </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right
      width="4%"><STRONG>comprehensive</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Retained</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>controlling</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>Notes</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>outstanding</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>capital</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>surplus</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>debenture</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>income (loss)</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>interest</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="4%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="4%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Balance - January 1,
      2016</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>94,578,280 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>745,007 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>18,072 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>10,164 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(41,203</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>203,800 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>935,840 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,399 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>937,239 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adoption of IFRS 9 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(7,610</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">7,610 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">42,113 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">42,113 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(259</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">41,854 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other comprehensive income
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">71,318 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">71,318 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">71,318 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">71,318 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">42,113 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">113,431 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">(259</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" style="border-top-style: solid; border-top-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" style="border-top-style: solid; border-top-width: 1">113,172 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Issuance of shares and
      warrants </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>11,431,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>159,325 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>13,283 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>172,608 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>172,608 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Dividends declared </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(17,037</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(17,037</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(17,037</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Shares issued &#150; Dividends
      reinvestment plan </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>83,533 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,236 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,236 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,236 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Shares issued &#150; Employee share purchase plan
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">36,411 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">532 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">532 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">532 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Share options: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Shared-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">5,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Fair value of options
      exercised </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>42 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(42</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">12,335 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Replacement share options:
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Fair value of options exercised </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,788 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(3,788</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Proceeds from exercise
      of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>505,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>4,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>4,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>4,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Equity component of convertible debenture,
      net of transaction costs of $66 and taxes of $1,137 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">19 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">3,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investments from
      non-controlling interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>384 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>384 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>727 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>1,111 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Issue costs, net of taxes of $2,003 and $167
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(5,442</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(454</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(5,896</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%">(5,896</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Normal course issuer bid
      purchase of common chares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(150,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(592</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,231</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,823</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff>(1,823</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Transfer of realized gain on financial assets
      at fair value through other comprehensive income </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">(14,667</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">14,667 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Balance &#150; December 31,
      2016</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">106,497,315 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">908,890 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">30,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">11,411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">3,091 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">7,838 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">250,306 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">1,212,437 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">1,867 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bordercolor="#000000">1,214,304 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As at December 31, 2016,
accumulated other comprehensive loss comprises items that will not be recycled
to the consolidated statement of income (loss) amounting to $8,074,000 and items
that may be recycled to the consolidated statement of income (loss) amounting to
($236,000) . </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>The notes are an integral part of these consolidated
      financial statements. </TD>
    <TD align=right width="50%">12 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>1.</B> </TD>
    <TD>
      <P align=justify><B>Nature of activities</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Osisko Gold Royalties Ltd and its subsidiaries (together
      &#147;Osisko&#148; or the &#147;Company&#148;) are engaged in the business of acquiring and
      managing precious metal and other high-quality royalties, streams and
      similar interests in Canada and worldwide. Osisko is a public company
      traded on the Toronto Stock Exchange and the New York Stock Exchange
      constituted under the Business Corporations Act (Qu&#233;bec) and is domiciled
      in the Province of Qu&#233;bec, Canada. The address of its registered office is
      1100, avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al,
  Qu&#233;bec.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company owns a 5% net smelter return (&#147;NSR&#148;) royalty
      on the Canadian Malartic mine, a sliding scale 2.0% to 3.5% NSR royalty on
      the &#201;l&#233;onore mine, a 9.6% diamond stream on the Renard diamond mine, a 4%
      gold and silver stream on the Brucejack gold and silver mine and a silver
      stream on the Gibraltar mine, all of which are in Canada, in addition to a
      100% silver stream on the Mantos Blancos copper mine in Chile. The Company
      also owns a portfolio of royalties, streams, offtakes, options on
      royalty/stream financings and exclusive rights to participate in future
      royalty/stream financings on various projects mainly in Canada. In
      addition, the Company invests in equities of exploration, development and
      royalty companies.</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>2.</B> </TD>
    <TD>
      <P align=justify><B>Basis of presentation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The accompanying consolidated financial statements have
      been prepared in accordance with the International Financial Reporting
      Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
      Board (&#147;IASB&#148;). The accounting policies, methods of computation and
      presentation applied in these consolidated financial statements are
      consistent with those of the previous financial year, except for the
      presentation of depletion of royalty, stream and other interests which is
      now presented before <I>Gross profit </I>instead of under <I>Other
      operating expenses </I>in the consolidated statements of income (loss),
      and except for the adoption of a new accounting standard presented in Note
      3. Certain comparative figures have been reclassified to conform to the
      presentation adopted in the current year for the depletion of royalty,
      stream and other interests.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Board of Directors approved the audited consolidated
      financial statements for issue on February 19,
2018.</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>3.</B> </TD>
    <TD>
      <P align=justify><B>New accounting standard</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>IAS 7, Statement of Cash Flows (&#147;IAS
    7&#148;)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In January 2016, the IASB issued amendments to IAS 7. The
      amendments are intended to clarify IAS 7 to improve information provided
      to users of financial statements about an entity&#146;s financing activities.
      The application of the amendments to IAS 7 resulted in additional
      information on financing activities presented in Note
29.</P></TD></TR></TABLE>
<P align=right>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR></TABLE>
<p><BR>
</p>
<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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The significant accounting policies applied in the
      preparation of the consolidated financial statements are described
      below.</P></TD></TR></TABLE>
<p><BR>
</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%"><I>a)</I> </TD>
    <TD>
      <P align=justify><I>Basis of measurement</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The consolidated financial statements are prepared under
      the historical cost convention, except for the revaluation of certain
      financial assets at fair value.</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%"><I>b)</I> </TD>
    <TD>
      <P align=justify><I>Business combinations</I></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 width="5%"></TD>
    <TD>
      <P align=justify>On the acquisition of a business, the acquisition method
      of accounting is used whereby the purchase consideration is allocated to
      the identifiable assets, liabilities and contingent liabilities
      (identifiable net assets) of the business on the basis of the fair value
      at the date of acquisition. Provisional fair values allocated at a
      reporting date are finalized as soon as the relevant information is
      available, which period shall not exceed twelve months from the
      acquisition date and are adjusted to reflect the transaction as of the
      acquisition date. The Company recognizes any non-controlling interest in
      the acquiree on an acquisition-by-acquisition basis, either at fair value
      or at the non-controlling interest&#146;s proportionate share of the recognized
      amounts of acquiree&#146;s identifiable net assets.</P></TD></TR></TABLE>
<P align=left>&nbsp;</P>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>b)</I> </TD>
    <TD>
      <P align=justify><I>Business combinations (continued)</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The results of businesses acquired during the period are
      consolidated into the consolidated financial statements from the date on
      which control commences (generally at the closing date when the acquirer
      legally transfers the consideration).</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 width="5%"></TD>
    <TD>
      <P align=justify>When a business is acquired in a number of stages, the
      cost of each stage is compared with the fair value of the identifiable net
      assets at the date of that purchase. Any excess is treated as goodwill,
      and any discount is immediately recognized in the consolidated statement
      of income (loss) and comprehensive income (loss). If control is obtained
      or lost as a result of a transaction, the identifiable net assets are
      recognized on the balance sheet at fair value and the difference between
      the fair value recognized and the carrying value as at the date of the
      transaction is recognized in the consolidated statement of income (loss).
      Acquisition costs are expensed as incurred.</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%"><I>c)</I> </TD>
    <TD>
      <P align=justify><I>Consolidation</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s financial statements consolidate the
      accounts of Osisko Gold Royalties Ltd and its subsidiaries. All
      intercompany transactions, balances and unrealized gains or losses from
      intercompany transactions are eliminated on consolidation. Subsidiaries
      are all entities over which the Company has the ability to exercise
      control. The Company controls an entity when the group is exposed to, or
      has rights to, variable returns from its involvement with the entity and
      has the ability to affect those returns through its power over the entity.
      Subsidiaries are fully consolidated from the date on which control is
      transferred to Osisko and are de-consolidated from the date that control
      ceases. Accounting policies of subsidiaries are consistent with the
      policies adopted by Osisko.</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 width="5%"></TD>
    <TD>
      <P align=justify>The principal subsidiaries of the Company and their
      geographic locations at December 31, 2017 were as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    >Entity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="29%">Jurisdiction </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="29%">Economic Interest </TD></TR>
  <TR>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="29%">&nbsp; </TD>
    <TD vAlign=bottom width="29%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >Osisko Bermuda
      Limited </TD>
    <TD vAlign=bottom align=left width="29%" bgColor=#e6efff>Bermuda </TD>
    <TD vAlign=bottom align=left width="29%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Coulon Mines Inc. </TD>
    <TD vAlign=bottom align=left width="29%">Canada </TD>
    <TD vAlign=bottom align=left width="29%">100%<SUP>(i)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >General
      Partnership Osisko James Bay </TD>
    <TD vAlign=bottom align=left width="29%" bgColor=#e6efff>Qu&#233;bec </TD>
    <TD vAlign=bottom align=left width="29%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Osisko Mining (USA) Inc. </TD>
    <TD vAlign=bottom align=left width="29%">Delaware </TD>
    <TD vAlign=bottom align=left width="29%">100% </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 width="5%"></TD>
    <TD>
      <P align=justify>(i) 76% as at December 31, 2016.</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%"><I>d)</I> </TD>
    <TD>
      <P align=justify><I>Non-controlling interests</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Non-controlling interests represent an equity interest in
      a subsidiary owned by an outside party. The share of net assets of the
      subsidiary attributable to the non-controlling interests is presented as a
      component of equity. Their share of net income or loss and comprehensive
      income or loss is recognized directly in equity. Changes in the Company&#146;s
      ownership interest in the subsidiary that do not result in a loss of
      control are accounted for as equity transactions.</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%"><I>e)</I> </TD>
    <TD>
      <P align=justify><I>Foreign currency
translation</I></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>(i)</I> </TD>
    <TD>
      <P align=justify><I>Functional and presentation currency</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Items included in the financial statements of each
      consolidated entity and associate of the Company are measured using the
      currency of the primary economic environment in which the entity operates
      (the &#147;functional currency&#148;). The consolidated financial statements are
      presented in Canadian dollars, which is the functional currency of the
      parent Company and some of its subsidiaries.</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 width="5%"></TD>
    <TD>
      <P align=justify>Assets and liabilities of the subsidiaries that have a
      functional currency other than the Canadian dollar are translated into
      Canadian dollars at the exchange rate in effect on the consolidated
      balance sheet date and revenues and expenses are translated at the average
      exchange rate over the reporting period. Gains and losses from these
      translations are recognized as currency translation adjustment in other
      comprehensive income (loss).</P></TD></TR></TABLE>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>e)</I> </TD>
    <TD>
      <P align=justify><I>Foreign currency translation
  (continued)</I></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>(ii)</I> </TD>
    <TD>
      <P align=justify><I>Transactions and balances</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Foreign currency transactions, including revenues and
      expenses, are translated into the functional currency at the rate of
      exchange prevailing on the date of each transaction or valuation when
      items are re-measured. Monetary assets and liabilities denominated in
      currencies other than the operation&#146;s functional currencies are translated
      into the functional currency at exchange rates in effect at the balance
      sheet date. Foreign exchange gains and losses resulting from the
      settlement of those transactions and from period-end translations are
      recognized in the consolidated statement of income (loss).</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 width="5%"></TD>
    <TD>
      <P align=justify>Non-monetary assets and liabilities are translated at
      historical rates, unless such assets and liabilities are carried at market
      value, in which case, they are translated at the exchange rate in effect
      at the date of the balance sheet. Changes in fair value attributable to
      currency fluctuations of non-monetary financial assets and liabilities
      such as equities held at fair value through profit or loss are recognized
      in the consolidated statement of income (loss) as part of the fair value
      gain or loss. Such changes in fair value of non-monetary financial assets,
      such as equities classified at fair value through other comprehensive
      income, are included in other comprehensive income
  (loss).</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%"><I>f)</I> </TD>
    <TD>
      <P align=justify><I>Financial instruments</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities are recognized when the
      Company becomes a party to the contractual provisions of the instrument.
      Financial assets are derecognized when the rights to receive cash flows
      from the assets have expired or have been transferred and the Company has
      transferred substantially all risks and rewards of ownership.</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 width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities are offset and the net
      amount is reported in the balance sheet when there is a legally
      enforceable right to offset the recognized amounts and there is an
      intention to settle on a net basis, or realize the asset and settle the
      liability simultaneously.</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 width="5%"></TD>
    <TD>
      <P align=justify>All financial instruments are required to be measured at
      fair value on initial recognition. The fair value is based on quoted
      market prices, unless the financial instruments are not traded in an
      active market. In this case, the fair value is determined by using
      valuation techniques like the Black-Scholes option pricing model or other
      valuation techniques.</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 width="5%"></TD>
    <TD>
      <P align=justify>Measurement after initial recognition depends on the
      classification of the financial instrument. The Company has classified its
      financial instruments in the following categories depending on the purpose
      for which the instruments were acquired and their
  characteristics.</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>(i)</I> </TD>
    <TD>
      <P align=justify><I>Financial assets</I></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 width="5%"></TD>
    <TD>
      <P align=justify><U>Debt instruments</U></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 width="5%"></TD>
    <TD>
      <P align=justify>Investments in debt instruments are subsequently measured
      at amortized cost when the asset is held within a business model whose
      objective is to hold assets in order to collect contractual cash flows and
      when the contractual terms of the financial asset give rise on specified
      dates to cash flows that are solely payments of principal and interest on
      the principal amount outstanding.</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 width="5%"></TD>
    <TD>
      <P align=justify>Investments in debt instruments are subsequently measured
      at fair value when they do not qualify for measurement at amortized cost.
      Financial instruments subsequently measured at fair value can be carried
      at fair value with changes in fair value recorded in net income or loss
      unless they are held within a business model whose objective is to hold
      assets in order to collect contractual cash flows or sell the assets and
      when the contractual terms of the financial asset give rise on specified
      dates to cash flows that are solely payments of principal and interest on
      the principal amount outstanding, in which case unrealized gains and
      losses are initially recognized in other comprehensive income (loss) for
      subsequent reclassification to net income or loss through amortization of
      premiums and discounts, impairment or
derecognition.</P></TD></TR></TABLE>
<P align=right>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>f)</I> </TD>
    <TD>
      <P align=justify><I>Financial instruments
(continued)</I></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>(i)</I> </TD>
    <TD>
      <P align=justify><I>Financial assets (continued)</I></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 width="5%"></TD>
    <TD>
      <P align=justify><U>Equity instruments</U></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 width="5%"></TD>
    <TD>
      <P align=justify>Investments in equity instruments are subsequently
      measured at fair value with changes recorded in net income or loss. Equity
      instruments that are not held for trading can be irrevocably designated at
      fair value through other comprehensive income (loss) on initial
      recognition without subsequent reclassification to net income. Cumulative
      gains and losses are transferred from accumulated other comprehensive
      income (loss) to retained earnings upon derecognition of the
      investment.</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 width="5%"></TD>
    <TD>
      <P align=justify>Dividend income on equity instruments measured at fair
      value through other comprehensive income is recognized in the statement of
      income (loss) on the ex-dividend date.</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%"><I>(ii)</I> </TD>
    <TD>
      <P align=justify><I>Financial Liabilities</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Financial liabilities are subsequently measured at
      amortized cost using the effective interest method, except for financial
      liabilities at fair value through profit or loss. Such liabilities,
      including derivatives that are liabilities, shall be subsequently measured
      at fair value.</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 width="5%"></TD>
    <TD>
      <P align=justify><U>Put and call options over non-controlling
      interests</U></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 width="5%"></TD>
    <TD>
      <P align=justify>The terms of a put and/or a call over a non-controlling
      interest is analyzed to assess whether it gives the controlling interest
      in substance, the risks and rewards associated with ownership of the
      shares covered by the instruments. A put and call with a fair value
      exercise price is less likely to convey the risks and rewards of ownership
      to the controlling interest (i.e. the non-controlling shareholders still
      have present access to the associated benefits). In such cases, the
      Company uses the present access method in which the non-controlling
      interest continues to be recognized as such as it still has present access
      to the economic benefits associated with the underlying ownership
      interests. A financial liability is initially recognized against the
      parent&#146;s equity for the repurchase obligation. The transaction is not
      treated as an anticipated acquisition.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has classified its
financial instruments as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left><B><U>Category</U></B> </TD>
    <TD align=left width="50%"><B><U>Financial instrument</U></B> </TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Financial assets at amortized cost </TD>
    <TD align=left width="50%">Bank balances and cash on hand </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Guaranteed investment certificates </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Short-term debt securities </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bonds </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Notes receivable </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Trade receivables </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Interest and dividend income receivable </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="50%">Amounts receivable from associates and other
      receivables </TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Financial assets at fair value through profit or loss </TD>
    <TD align=left width="50%">Investments in derivatives </TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Financial assets at fair value through other comprehensive
      income </TD>
    <TD align=left width="50%">Investments in shares and equity instruments,
      other than in derivatives </TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Financial liabilities at amortized cost </TD>
    <TD align=left width="50%">Accounts payable and accrued liabilities </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Liability related to share exchange rights
  </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Liability component of convertible debentures
    </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Borrowings under revolving credit facilities
  </TD></TR></TABLE>
<P align=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>f)</I> </TD>
    <TD>
      <P align=justify><I>Financial instruments (continued)</I></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 width="5%"></TD>
    <TD>
      <P align=justify><U>Derivatives</U></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 width="5%"></TD>
    <TD>
      <P align=justify>Derivatives, other than warrants held in mining
      exploration, development and royalty companies, are only used for economic
      hedging purposes and not as speculative investments. Derivatives are
      initially recognised at fair value on the date a derivative contract is
      entered into and are subsequently measured to their fair value at the end
      of each reporting period. The accounting for subsequent changes in fair
      value depends on whether the derivative is designated as a hedging
      instrument, and if so, the nature of the item being hedged.</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 width="5%"></TD>
    <TD>
      <P align=justify><U>Cash flow hedges</U></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company applies the hedge accounting requirements of
      IFRS 9, <I>Financial Instruments </I>and to designate certain derivatives
      as cash flow hedges thereunder<I>. </I>The Company documents at the
      inception of the hedging transaction, the economic relationship between
      hedging instruments and hedged items, as well as its risk management
      objective and strategy for undertaking the hedge transactions. The Company
      also documents its assessment, both at the inception of a hedge
      relationship and on an ongoing basis, of whether the derivatives that are
      used as hedging instruments are expected to offset changes in the cash
      flows of hedged items.</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 width="5%"></TD>
    <TD>
      <P align=justify>The fair value of a hedging derivative is classified as a
      non-current asset or liability when the remaining maturity of the hedged
      item is more than 12 months and it is classified as a current asset or
      liability when the remaining maturity of the hedged item is less than 12
      months.</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 width="5%"></TD>
    <TD>
      <P align=justify>The effective portion of changes in the fair value of
      derivatives that are designated and qualify as cash flow hedges is
      recognised in other comprehensive income (loss) and accumulated in equity
      under accumulated other comprehensive income (loss). The gain or loss
      relating to the ineffective portion is recognised immediately in the
      consolidated statement of income (loss) within other gains, net.</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 width="5%"></TD>
    <TD>
      <P align=justify>Amounts accumulated in equity are reclassified to profit
      or loss in the periods when the hedged item affects profit or loss.
      However, when the forecast transaction that is hedged results in the
      recognition of a non-financial asset, the gains and losses previously
      deferred in equity are reclassified from equity and included in the
      initial measurement of the cost of the asset.</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 width="5%"></TD>
    <TD>
      <P align=justify>When a hedging instrument expires, is sold or terminated,
      or when a hedge no longer meets the criteria for hedge accounting, any
      cumulative gain or loss deferred in equity at that time remains in equity
      and is recognised when the forecast transaction is ultimately recognised
      in profit or loss. When a forecast transaction is no longer expected to
      occur, the cumulative gain or loss that was reported in equity is
      immediately reclassified to profit or loss.</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%"><I>g)</I> </TD>
    <TD>
      <P align=justify><I>Impairment of financial assets</I></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 width="5%"></TD>
    <TD>
      <P align=justify>At each reporting date, the Company assesses, on a
      forward-looking basis, the expected credit losses associated with its
      financial assets carried at amortized cost. The impairment methodology
      applied depends on whether there has been a significant increase in the
      credit risk or if a simplified approach has been selected.</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 width="5%"></TD>
    <TD>
      <P align=justify>The Company has two principal types of financial assets
      subject to the expected credit loss model:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="80%">Trade receivables; and </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="80%">Investments in debt instruments measured at
      amortized cost. </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify><U>Accounts receivables</U> </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company applies the simplified
approach permitted by IFRS 9 for trade receivables (including amounts receivable
from associates and other receivables), which requires lifetime expected credit
losses to be recognized from initial recognition of the receivables. </P>
<P align=right>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>g)</I> </TD>
    <TD>
      <P align=justify><I>Impairment of financial assets
  (continued)</I></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 width="5%"></TD>
    <TD>
      <P align=justify><U>Investments in debt instruments</U></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 width="5%"></TD>
    <TD>
      <P align=justify>To the extent that a debt instrument at amortized cost is
      considered to have low credit risk, which corresponds to a credit rating
      within the investment grade category and the credit risk has not increased
      significantly, the loss allowance is determined on the basis of 12-month
      expected credit losses. If the credit risk has increased significantly,
      the lifetime expected credit losses are recognized.</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%"><I>h)</I> </TD>
    <TD>
      <P align=justify><I>Cash and cash equivalents</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents include cash on hand, deposits
      held with banks and other highly liquid short-term investments with
      original maturities of three months or less or that can be redeemed at any
      time without penalties.</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%"><I>i)</I> </TD>
    <TD>
      <P align=justify><I>Refundable tax credits for mining exploration
      expenses</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company is entitled to a refundable tax credit on
      qualified mining exploration and evaluation expenses incurred in the
      province of Qu&#233;bec. The credit is accounted for against the exploration
      and evaluation expenses incurred.</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%"><I>j)</I> </TD>
    <TD>
      <P align=justify><I>Inventories</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Inventories are mainly comprised of gold and silver
      bullions and diamonds in saleable form that have not yet been sold.
      Inventories are valued at the lower of cost and net realizable value. Cost
      is determined on a weighted average basis.</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%"><I>k)</I> </TD>
    <TD>
      <P align=justify><I>Investments in associates</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Associates are entities over which the Company has
      significant influence, but not control. The financial results of the
      Company&#146;s investments in its associates are included in the Company&#146;s
      results according to the equity method. Under the equity method, the
      investment is initially recognized at cost, and the carrying amount is
      increased or decreased to recognize the Company&#146;s share of profits or
      losses of associates after the date of acquisition. The Company&#146;s share of
      profits or losses is recognized in the consolidated statement of income
      (loss) and its share of other comprehensive income or loss of associates
      is included in other comprehensive income (loss).</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 width="5%"></TD>
    <TD>
      <P align=justify>Unrealized gains on transactions between the Company and
      an associate are eliminated to the extent of the Company&#146;s interest in the
      associate. Unrealized losses are also eliminated unless the transaction
      provides evidence of an impairment of the asset transferred. Dilution
      gains and losses arising from changes in interests in investments in
      associates are recognized in the consolidated statement of income
      (loss).</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 width="5%"></TD>
    <TD>
      <P align=justify>The Company assesses at each period-end whether there is
      any objective evidence that its investments in associates are impaired. If
      impaired, the carrying value of the Company&#146;s share of the underlying
      assets of associates is written down to its estimated recoverable amount
      (being the higher of fair value less costs of disposal and value in use)
      and charged to the consolidated statement of income (loss).</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%"><I>l)</I> </TD>
    <TD>
      <P align=justify><I>Royalty, stream and other interests</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Royalty, stream and other interests consist of acquired
      royalty, stream and other interests in producing, development and
      exploration and evaluation stage properties. Royalty, stream and other
      interests are recorded at cost and capitalized as tangible assets. They
      are subsequently measured at cost less accumulated depletion and
      depreciation and accumulated impairment losses. The major categories of
      the Company&#146;s interests are producing, development and exploration and
      evaluation. Producing assets are those that have generated revenue from
      steady-state operations for the Company. Development assets are interests
      in projects that are under development, in permitting or feasibility stage
      and that in management&#146;s view, can be reasonably expected to generate
      steady-state revenue for the Company in the near future. Exploration and
      evaluation assets represent properties that are not yet in development,
      permitting or feasibility stage or that are speculative in nature and are
      expected to require several years to generate revenue, if ever, or are
      currently not active.</P></TD></TR></TABLE>
<P align=right>19 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>l)</I> </TD>
    <TD>
      <P align=justify><I>Royalty, stream and other interests
    (continued)</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Producing and development royalty, stream and other
      interests are recorded at cost and capitalized in accordance with IAS 16,
      <I>Property, Plant and Equipment</I>. Producing royalty, stream and other
      interests are depleted using the units-of-production method over the life
      of the property to which the interest relates, which is estimated using
      available estimates of proven and probable mineral reserves specifically
      associated with the properties and may include a portion of resources
      expected to be converted into mineral reserves. Management relies on
      information available to it under contracts with the operators and / or
      public disclosures for information on proven and probable mineral reserves
      and resources from the operators of the producing royalty, stream and
      other interests.</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 width="5%"></TD>
    <TD>
      <P align=justify>On acquisition of a producing or a development royalty,
      stream and other interest, an allocation of the acquisition cost is made
      for the exploration potential based on its fair value. The estimated fair
      value of this acquired exploration potential is recorded as an asset
      (non-depreciable interest) on the acquisition date. Updated mineral
      reserve and resource information obtained from the operators of the
      properties is used to determine the amount to be converted from
      non-depreciable interest to depreciable interest.</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 width="5%"></TD>
    <TD>
      <P align=justify>Royalty, stream and other interests for exploration and
      evaluation assets are recorded at cost and capitalized in accordance with
      IFRS 6, <I>Exploration for and Evaluation of Mineral Resources </I>(&#147;IFRS
      6&#148;). Acquisition costs of exploration and evaluation royalty, stream and
      other interests are capitalized and are not depleted until such time as
      revenue-generating activities begin.</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 width="5%"></TD>
    <TD>
      <P align=justify>Producing and development royalty, stream and other
      interests are reviewed for impairment if there is any indication that the
      carrying amount may not be recoverable. Impairment is assessed at the
      level of Cash-Generating Units (&#145;&#145;CGU&#146;&#146;) which, in accordance with IAS 36,
      <I>Impairment of Assets</I>, are identified as the smallest identifiable
      group of assets that generates cash inflows, which are largely independent
      of the cash inflows from other assets. This is usually at the individual
      royalty, stream and other interest level for each property from which cash
      inflows are generated.</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 width="5%"></TD>
    <TD>
      <P align=justify>Royalty, stream and other interests for exploration and
      evaluation assets are assessed for impairment whenever indicators of
      impairment exist in accordance with IFRS 6. An impairment loss is
      recognized for the amount by which the asset&#146;s carrying value exceeds its
      recoverable amount, which is the higher of fair value less costs of
      disposal and value-in-use. An interest that has previously been classified
      as exploration and evaluation is also assessed for impairment before
      reclassification to development or producing, and the impairment loss, if
      any, is recognized in net income.</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%"><I>m)</I> </TD>
    <TD>
      <P align=justify><I>Property and equipment</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Property and equipment are stated at cost less
      accumulated depreciation and accumulated impairment losses. Cost includes
      expenditures that are directly attributable to the acquisition of an
      asset. Subsequent costs are included in the asset&#146;s carrying amount or
      recognized as a separate asset, as appropriate, only when it is probable
      that future economic benefit associated with the item will flow to the
      Company and the cost can be measured reliably. The carrying amount of a
      replaced asset is derecognized when replaced.</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 width="5%"></TD>
    <TD>
      <P align=justify>Depreciation is calculated to amortize the cost of the
      property and equipment less their residual values over their estimated
      useful lives using the straight-line method and following periods by major
      categories:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Leasehold improvements </TD>
    <TD align=left width="50%" bgColor=#e6efff>Lease term </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Furniture and office equipment </TD>
    <TD align=left width="50%">3-5 years </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Residual values, method of
depreciation and useful lives of the assets are reviewed annually and adjusted
if appropriate. </P>
<P style="MARGIN-LEFT: 10%" align=justify>Gains and losses on disposals of
property and equipment are determined by comparing the proceeds with the
carrying amount of the asset and are included as part of <I>other gains
(losses)</I> in the consolidated statement of income (loss). </P>
<P align=right>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>n)</I> </TD>
    <TD>
      <P align=justify><I>Exploration and evaluation expenditures</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation assets are comprised of
      exploration and evaluation expenditures and mining properties acquisition
      costs. Expenditures incurred on activities that precede exploration and
      evaluation, being all expenditures incurred prior to securing the legal
      rights to explore an area, are expensed immediately. Exploration and
      evaluation assets include rights in mining properties, paid or acquired
      through a business combination or an acquisition of assets, and costs
      related to the initial search for mineral deposits with economic potential
      or to obtain more information about existing mineral deposits. Mining
      rights are recorded at acquisition cost less accumulated impairment
      losses. Mining rights and options to acquire undivided interests in mining
      rights are depreciated only as these properties are put into commercial
      production.</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 width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation expenditures for each separate
      area of interest are capitalized and include costs associated with
      prospecting, sampling, trenching, drilling and other work involved in
      searching for ore like topographical, geological, geochemical and
      geophysical studies. They also reflect costs related to establishing the
      technical and commercial viability of extracting a mineral resource
      identified through exploration and evaluation or acquired through a
      business combination or asset acquisition.</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 width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation expenditures include the cost
      of:</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%">(i) </TD>
    <TD>
      <P align=justify>establishing the volume and grade of deposits through
      drilling of core samples, trenching and sampling activities;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>determining the optimal methods of extraction and
      metallurgical and treatment processes;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>studies related to surveying, transportation and
      infrastructure requirements;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>permitting activities; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>economic evaluations to determine whether development of
      the mineralized material is commercially justified, including scoping,
      prefeasibility and final feasibility studies.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Exploration and evaluation
expenditures include overhead expenses directly attributable to the related
activities.</P>
<P style="MARGIN-LEFT: 10%" align=justify>Cash flows attributable to capitalized
exploration and evaluation costs are classified as investing activities in the
consolidated statement of cash flows under the heading <I>exploration and
evaluation</I>.<I> </I></P>
<P style="MARGIN-LEFT: 10%" align=justify>Exploration and evaluation assets
under a farm-out arrangement (where a farmee incurs certain expenditures in a
property to earn an interest in that property) are accounted as follows: </P>
<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%">(i) </TD>
    <TD>
      <P align=justify>the Company uses the carrying value of the interest
      before the farm-out arrangement as the carrying value for the portion of
      the interest retained;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Company credits any cash consideration received
      against the carrying amount of the portion of the interest retained, with
      an excess included as a gain in profit or loss;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>in the situation where a royalty interest is retained by
      the Company as a result of an interest earned by the farmee, the Company
      records the royalty interest received at an amount corresponding to the
      carrying value of the exploration and evaluation property at the time of
      the transfer in ownership; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the Company does not record exploration expenditures made
      by the farmee on the property.</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%"><I>o)</I> </TD>
    <TD>
      <P align=justify><I>Goodwill</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Goodwill is recognized in a business combination if the
      cost of the acquisition exceeds the fair values of the identifiable net
      assets acquired. Goodwill is then allocated to the CGU or group of CGUs
      that are expected to benefit from the synergies of the combination. The
      Company performs goodwill impairment tests on an annual basis as at
      December 31 of each year. In addition, the Company assesses for indicators
      of impairment at each reporting period end and, if an indicator of
      impairment is identified, goodwill is tested for impairment at that time.
      If the carrying value of the CGU or group of CGUs to which goodwill is
      assigned exceeds its recoverable amount, an impairment loss is recognized.
      Goodwill impairment losses are not reversed.</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 width="5%"></TD>
    <TD>
      <P align=justify>The recoverable amount of a CGU or group of CGUs is
      measured as the higher of value in use and fair value less costs of
      disposal.</P></TD></TR></TABLE>
<P align=right>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>p)</I> </TD>
    <TD>
      <P align=justify><I>Current and deferred income tax</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The tax expense for the period comprises current and
      deferred tax. Tax is recognized in the consolidated statement of income
      (loss), except to the extent that it relates to items recognized in other
      comprehensive income (loss) or directly in equity. In this case, the tax
      is also recognized in other comprehensive income (loss) or directly in
      equity, respectively.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>Current income taxes</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The current income tax charge is the expected tax payable
      on the taxable income for the year, using the tax laws enacted or
      substantively enacted at the balance sheet date in the jurisdictions where
      the Company and its subsidiaries operate and generate taxable income.
      Management periodically evaluates positions taken in tax returns with
      respect to situations in which applicable tax regulation is subject to
      interpretation. It establishes provisions where appropriate on the basis
      of amounts expected to be paid to the tax authorities.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>Deferred income taxes</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company uses the asset and liability method of
      accounting for income taxes. Under this method, deferred income tax assets
      and liabilities are recognized for future tax consequences attributable to
      temporary differences between the financial statement carrying amounts of
      existing assets and liabilities and their respective tax bases. However,
      the deferred income tax is not accounted for if it arises from initial
      recognition of an asset or liability in a transaction other than a
      business combination that at the time of the transaction affects neither
      accounting nor taxable profit or loss. Deferred income tax assets and
      liabilities are measured using enacted or substantively enacted tax rates
      (and laws) that apply to taxable income in the years in which those
      temporary differences are expected to be recovered or settled.</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 width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax assets are recognized only to the
      extent that it is probable that future taxable profit will be available
      against which the temporary differences can be utilized.</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 width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax is provided on temporary differences
      arising on investments in subsidiaries and associates, except where the
      timing of the reversal of the temporary difference is controlled by the
      Company and it is probable that the temporary difference will not reverse
      in the foreseeable future.</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 width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax assets and liabilities are presented
      as non-current and are offset when there is a legally enforceable right to
      offset current tax assets against current tax liabilities and when
      deferred tax assets and liabilities relate to income taxes levied by the
      same taxation authority on either the same taxable entity or different
      taxable entities where there is an intention to settle the balances on a
      net basis.</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%"><I>q)</I> </TD>
    <TD>
      <P align=justify><I>Convertible debentures</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The liability and equity components of convertible
      debentures are presented separately on the consolidated balance sheet
      starting from initial recognition.</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 width="5%"></TD>
    <TD>
      <P align=justify>The liability component is recognized initially at the
      fair value, by discounting the stream of future payments of interest and
      principal at the prevailing market rate for a similar liability of
      comparable credit status and providing substantially the same cash flows
      that do not have an associated conversion option. Subsequent to initial
      recognition, the liability component is measured at amortized cost using
      the effective interest method; the liability component is increased by
      accretion of the discounted amounts to reach the nominal value of the
      debentures at maturity.</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 width="5%"></TD>
    <TD>
      <P align=justify>The carrying amount of the equity component is calculated
      by deducting the carrying amount of the financial liability from the
      amount of the debentures and is presented in shareholders&#146; equity as
      <I>equity component of convertible debenture</I>. The equity component is
      not re-measured subsequent to initial recognition except on conversion or
      expiry. A deferred tax liability is recognized with respect to any
      temporary difference that arises from the initial recognition of the
      equity component separately from the liability component. The deferred tax
      is charged directly to the carrying amount of the equity component.
      Subsequent changes in the deferred tax liability are recognized through
      the consolidated statement of income (loss).</P></TD></TR></TABLE>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Transaction costs are distributed
between liability and equity on a pro-rata basis of their carrying amounts. </P>
<P align=right>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>r)</I> </TD>
    <TD>
      <P align=justify><I>Share capital</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Common shares are classified as equity. Incremental costs
      directly attributable to the issuance of shares are recognized as a
      deduction from the proceeds in equity in the period where the transaction
      occurs.</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%"><I>s)</I> </TD>
    <TD>
      <P align=justify><I>Warrants</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Warrants are classified as equity. Incremental costs
      directly attributable to the issuance of warrants are recognized as a
      deduction from the proceeds in equity in the period where the transaction
      occurs.</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%"><I>t)</I> </TD>
    <TD>
      <P align=justify><I>Revenue recognition</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Revenue comprises revenues from the sale of commodities
      received under royalty, stream and other interest agreements and revenues
      earned directly from royalty, stream and other interest agreements. For
      royalty agreements paid in-kind and for stream and other interest
      agreements (including offtake agreements), revenue recognition occurs when
      the relevant commodity received from the operator is physically delivered
      and sold by the Company to its third party customers. Significant risks
      and rewards of ownership are passed to the buyer at the time of delivery,
      which also corresponds to the transfer of the title of the property. For
      royalty and stream agreements paid in cash, revenue recognition will
      depend on the related agreement.</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 width="5%"></TD>
    <TD>
      <P align=justify>Revenue is measured at fair value of the consideration
      received or receivable when management can reliably estimate the amount,
      pursuant to the terms of the royalty, stream and other interest
      agreements. In some instances, the Company will not have access to
      sufficient information to make a reasonable estimate of revenue and,
      accordingly, revenue recognition is deferred until management can make a
      reasonable estimate. Differences between estimates and actual amounts are
      adjusted and recorded in the period that the actual amounts are
    known.</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%"><I>u)</I> </TD>
    <TD>
      <P align=justify><I>Operating leases</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Leases in which a significant portion of the risks and
      rewards of ownership are retained by the lessor are classified as
      operating leases. Payments made under operating leases (net of any
      incentives received from the lessor) are charged to the consolidated
      income statement on a straight-line basis over the period of the
    lease.</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%"><I>v)</I> </TD>
    <TD>
      <P align=justify><I>Share-based compensation</I></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 width="5%"></TD>
    <TD>
      <P align=justify><I>Share option plan</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company offers a share option plan for its directors,
      officers, employees and consultants. Each tranche in an award is
      considered a separate award with its own vesting period and grant date
      fair value. Fair value of each tranche is measured at the date of grant
      using the Black-Scholes option pricing model. Compensation expense is
      recognized over the tranche&#146;s vesting period by increasing contributed
      surplus based on the number of awards expected to vest. The number of
      awards expected to vest is reviewed at least annually, with any impact
      being recognized immediately.</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 width="5%"></TD>
    <TD>
      <P align=justify>Any consideration paid on exercise of share options is
      credited to share capital. The contributed surplus resulting from
      share-based compensation is transferred to share capital when the options
      are exercised.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>Deferred and restricted share units</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Deferred share units (&#147;DSU&#148;) and restricted share units
      (&#147;RSU&#148;) may be granted to employees, directors and officers as part of
      their long-term compensation package entitling them to receive payout in
      cash based on the Company&#146;s share price at the relevant time. A liability
      for DSU and RSU is measured at fair value on the grant date and is
      subsequently adjusted at each balance sheet date for changes in fair value
      according to the estimation made by management of the number of DSU and
      RSU that will eventually vest. The liability is recognized over the
      vesting period, with a corresponding charge to <I>share-based
      compensation</I>.</P></TD></TR></TABLE>
<P align=right>24 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>4.</B> </TD>
    <TD>
      <P align=justify><B>Significant accounting policies
      </B><B><I>(continued)</I></B></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%"><I>w)</I> </TD>
    <TD>
      <P align=justify><I>Earnings per share</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The calculation of earnings per share (&#147;EPS&#148;) is based on
      the weighted average number of shares outstanding for each period. The
      basic EPS is calculated by dividing the profit or loss attributable to the
      equity owners of Osisko by the weighted average number of common shares
      outstanding during the 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 width="5%"></TD>
    <TD>
      <P align=justify>The computation of diluted EPS assumes the conversion,
      exercise or contingent issuance of securities only when such conversion,
      exercise or issuance would have a dilutive effect on the income per share.
      It also includes shares issued and held in escrow. The treasury stock
      method is used to determine the dilutive effect of the warrants, share
      options and the if-converted method is used for convertible debentures.
      When the Company reports a loss, the diluted net loss per common share is
      equal to the basic net loss per common share due to the anti-dilutive
      effect of the shares held in escrow, the outstanding warrants, share
      options and convertible debentures.</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%"><I>x)</I> </TD>
    <TD>
      <P align=justify><I>Segment </I>reporting</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 width="5%"></TD>
    <TD>
      <P align=justify>The operating segments are reported in a manner
      consistent with the internal reporting provided to the Chief Executive
      Officer (&#147;CEO&#148;) who fulfills the role of the chief operating
      decision-maker. The CEO is responsible for allocating resources and
      assessing performance of the Company&#146;s operating segments. The Company
      manages its business under a single operating segment, consisting of
      acquiring and managing precious metal and other high- quality royalties,
      streams and similar interests.</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>5.</B> </TD>
    <TD>
      <P align=justify><B>Accounting standards issued but not yet
      effective</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has not yet adopted certain standards,
      interpretations to existing standards and amendments which have been
      issued but have an effective date of later than January 1, 2017. Many of
      these updates are not relevant to the Company and are therefore not
      discussed herein.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>IFRS 15, </U><I><U>Revenue from contracts with
      customers </U></I><U>(&#147;IFRS 15&#148;)</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2014, the IASB issued IFRS 15. IFRS 15 replaces
      all previous revenue recognition standards, including IAS 18,
      <I>Revenue</I>, and related interpretations. The standard sets out the
      requirements for recognizing revenue. Specifically, the new standard
      introduces a comprehensive framework with the general principle being that
      an entity recognizes revenue to depict the transfer of promised goods and
      services in an amount that reflects the consideration to which the entity
      expects to be entitled in exchange for those goods or services. The
      standard introduces more prescriptive guidance than was included in
      previous standards and may result in changes to the timing of revenue for
      certain types of revenues. The new Standard will also result in enhanced
      disclosures about revenue that would result in an entity providing
      comprehensive information about the nature, amount, timing and uncertainty
      of revenue and cash flows arising from the entity&#146;s contracts with
      customers.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The new standard is effective for annual periods
      beginning on or after January 1, 2018, with early adoption permitted.
      Management has evaluated the impact that this standard will have on its
      consolidated financial statements and has concluded that, based on its
      current operations, the adoption of IFRS 15 as of January 1, 2018 will
      have no significant impact on the Company&#146;s consolidated financial
      statements.</P></TD></TR></TABLE>
<P align=right>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>5.</B> </TD>
    <TD>
      <P align=justify><B>Accounting standards issued but not yet effective
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>IFRS 16, </U><I><U>Leases </U></I><U>(&#147;IFRS
      16&#148;)</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In January 2016, the IASB issued IFRS 16. IFRS 16 sets
      out the principles for the recognition, measurement, presentation and
      disclosure of leases for both parties to a contract, which is the customer
      (&#147;lessee&#148;) and the supplier (&#147;lessor&#148;). IFRS 16 replaces IAS 17, <I>Leases
      </I>(&#147;IAS 17&#148;), and related interpretations. All leases result in the
      lessee obtaining the right to use an asset at the start of the lease and,
      if lease payments are made over time, also obtaining financing.
      Accordingly, IFRS 16 eliminates the classification of leases as either
      operating leases or finance leases as is required by IAS 17 and, instead,
      introduces a single lessee accounting model. Applying that model, a lessee
      is required to recognize:</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>assets and liabilities for all leases with a term of more
      than 12 months, unless the underlying asset is of low value; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>depreciation of lease assets separately from interest on
      lease liabilities in the statement of income
(loss).</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%"></TD>
    <TD>
      <P align=justify>The new standard is effective for annual periods
      beginning on or after January 1, 2019. Management has not yet evaluated
      the impact that this standard will have on its consolidated financial
      statements. However, the impact is currently not expected to be
      significant given the limited extent of the Company&#146;s current lease
      commitments, as disclosed in Note 34.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>IFRIC 22, Foreign currency translation and advance
      consideration (&#147;IFRIC 22&#148;)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In December 2016, the IASB issued IFRIC 22 that addresses
      foreign currency transactions or parts of transactions where there is
      consideration that is denominated or priced in a foreign currency; the
      entity recognizes a prepayment asset or a deferred income liability in
      respect of that consideration, in advance of the recognition of the
      related asset, expense or income; and the prepayment asset or deferred
      income liability is non-monetary. The Interpretations Committee came to
      the conclusion that the date of the transaction, for the purpose of
      determining the exchange rate, is the date of initial recognition of the
      non-monetary prepayment asset or deferred income liability. If there are
      multiple payments or receipts in advance, a date of transaction is
      established for each payment or receipt. IFRIC 22 is effective for annual
      reporting periods beginning on or after January 1, 2018. Management has
      evaluated the impact that this standard will have on its consolidated
      financial statements and has concluded that, based on its current
      operations, the adoption of IFRIC 22 as of January 1, 2018 will have no
      significant impact on the Company&#146;s consolidated financial
    statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>Critical accounting estimates and
  judgements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of financial statements in conformity
      with IFRS requires the Company to make estimates and assumptions that
      affect the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements
      and the reported amounts of revenues and expenses during the reporting
      period. The Company also makes estimates and assumptions concerning the
      future. The determination of estimates requires the exercise of judgement
      based on various assumptions and other factors such as historical
      experience and current and expected economic conditions. Actual results
      could differ from those estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Estimates and assumptions are continually evaluated and
      are based on historical experience and other factors, including
      expectations of future events that are believed to be reasonable under the
      circumstances.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>Critical accounting estimates and
      assumptions</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Mineral reserves and resources</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Royalty, stream and other interests comprise a large
      component of the Company&#146;s assets and as such, the mineral reserves and
      resources of the properties to which the interests relate have a
      significant effect on the Company&#146;s consolidated financial statements.
      These estimates are applied in determining the depletion of the Company&#146;s
      royalty, stream and other interests and assessing the recoverability of
      the carrying value of royalty, stream and other interests. For royalty,
      stream and other interests, the public disclosures of mineral reserves and
      resources that are released by the operators of the properties involve
      assessments of geological and geophysical studies and economic data and
      the reliance on a number of assumptions, including commodity prices and
      production costs. These assumptions are, by their very nature, subject to
      interpretation and uncertainty. The estimates of mineral reserves and
      resources may change based on additional knowledge gained subsequent to
      the initial assessment. Changes in the estimates of mineral reserves
      and resources may materially affect the recorded amounts of
depletion and the assessed recoverability of the carrying value of royalty,
stream and other interests. </P></TD></TR></TABLE>
<P align=right>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>6.</B> </TD>
    <TD>
      <P align=justify><B>Critical accounting estimates and judgements
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Impairment of royalty, stream and other
      interests</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The assessment of the fair values of royalty, stream and
      other interests requires the use of estimates and assumptions for
      recoverable production, long-term commodity prices, discount rates,
      mineral reserve/resource conversion, foreign exchange rates, future
      capital expansion plans and the associated production implications. In
      addition, the Company may use other approaches in determining fair value
      which may include estimates related to (i) dollar value per ounce of
      mineral reserve/resource; (ii) cash-flow multiples; and (iii) market
      capitalization of comparable assets. Changes in any of the estimates used
      in determining the fair value of the royalty, stream and other interests
      could impact the impairment analysis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Impairment of goodwill</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company performs goodwill impairment tests on an
      annual basis as at December 31 of each year. In addition, the Company
      assesses for indicators of impairment at each reporting period end and, if
      an indicator of impairment is identified, goodwill is tested for
      impairment at that time. For the purpose of impairment testing, goodwill
      is allocated to each CGU or group of CGUs expected to benefit from the
      synergies of the combination. When completing an impairment test, the
      Company calculates the estimated recoverable amount of CGU or group of
      CGUs, which requires management to make estimates and assumptions with
      respect to items such as future production levels, long-term commodity
      prices, foreign exchange rates, discount rates and exploration
      potential.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These estimates and assumptions are subject to risk and
      uncertainty. Therefore, there is a possibility that changes in
      circumstances will have an impact on these projections, which may impact
      the recoverable amount of the CGU or group of CGUs. Accordingly, it is
      possible that some or the entire carrying amount of goodwill may be
      further impaired with the impact recognized in the consolidated statement
      of income (loss).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company performs annual impairment tests using the
      fair value less cost of disposal of the group of CGUs supporting the
      goodwill and using discounted cash flows with the most recent budgets and
      forecasts available, including information from external sources. The
      periods to be used for the projections are based on the expected
      production from the mines, the proven and probable mineral reserves and a
      portion of the resources. The discount rate to be used takes into
      consideration the different risk factors of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>Critical judgements in applying the Company&#146;s
      accounting policies</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Business combinations</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The assessment of whether an acquisition meets the
      definition of a business, or whether assets are acquired is an area of key
      judgment. The assumptions and estimates with respect to determining the
      fair value of assets acquired and liabilities assumed, and of royalty,
      stream and other interests and exploration and evaluation properties in
      particular, generally requires a high degree of judgment. Changes in the
      judgements made could impact the amounts assigned to assets and
      liabilities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Investee &#150; significant influence</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The assessment of whether the Company has a significant
      influence over an investee requires the use of judgements when assessing
      factors that could give rise to a significant influence. Factors which
      could lead to the conclusion of having a significant influence over an
      investee include, but are not limited to, ownership percentage;
      representation on the board of directors; participation in the
      policy-making process; material transactions between the investor and the
      investee; interchange of managerial personnel; provision of essential
      technical information; and potential voting rights.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Changes in the judgements used in determining if the
      Company has a significant influence over an investee would impact the
      accounting treatment of the investment in the
investee.</P></TD></TR></TABLE>
<P align=right>27 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>6.</B> </TD>
    <TD>
      <P align=justify><B>Critical accounting estimates and judgements
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>Critical judgements in applying the Company&#146;s
      accounting policies (continued)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Impairment of exploration and evaluation assets and
      royalty, stream and other interests on exploration and evaluation
      properties</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Assessment of impairment of exploration and evaluation
      assets (including exploration and evaluation assets under a farm- out
      agreement) and royalty, stream and other interests on exploration and
      evaluation properties requires the use of judgements when assessing
      whether there are any indicators that could give rise to the requirement
      to conduct a formal impairment test on the Company&#146;s exploration and
      evaluation assets and royalty, stream and other interests on exploration
      and evaluation properties. Factors which could trigger an impairment
      review include, but are not limited to, an expiry of the right to explore
      in the specific area during the period or on expiry in the near future,
      with no expectation to renew; substantive exploration and evaluation
      expenditures in a specific area, taking into consideration such
      expenditures to be incurred by a farmee, is neither budgeted nor planned;
      exploration for and evaluation of mineral resources in a specific area
      have not led to the discovery of commercially viable quantities of mineral
      resources and the Company has decided to discontinue such activities in
      the specific area; sufficient data exists to indicate that, although a
      development in a specific area is likely to proceed, the carrying amount
      of the assets is unlikely to be recovered in full from successful
      development or by sale; significant negative industry or economic trends;
      interruptions in exploration and evaluation activities by the Company or
      its farmee; and a significant drop in current or forecast commodity
      prices.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Changes in the judgements used in determining the fair
      value of the exploration and evaluation assets and royalty, stream and
      other interests on exploration and evaluation properties could impact the
      impairment analysis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Impairment of development and producing royalty,
      stream and other interests and goodwill</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Assessment of impairment of development and producing
      royalty, stream and other interests and goodwill requires the use of
      judgment when assessing whether there are any indicators that could give
      rise to the requirement to conduct a formal impairment test on the
      Company&#146;s development and producing royalty, stream and other interests or
      goodwill. Factors which could trigger an impairment review include, but
      are not limited to, a significant market value decline; net assets higher
      than the market capitalization; a significant reduction in mineral reserve
      and resources; significant negative industry or economic trends;
      interruptions in production activities; significantly lower production
      than expected; and a significant drop in current or forecast commodity
      prices.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Changes in the judgements used in determining the fair
      value of the producing royalty, stream and other interests or goodwill
      could impact the impairment analysis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Deferred income tax assets</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management continually evaluates the likelihood that it
      is probable that its deferred tax assets will be realized. This requires
      management to assess whether it is probable that sufficient taxable income
      will exist in the future to utilize these losses within the carry-forward
      period. By its nature, this assessment requires significant
    judgment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>Business combination</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 31, 2017, Osisko acquired a precious metals
      portfolio of assets from Orion Mine Finance Group (&#147;Orion&#148;) consisting of
      61 royalties, 6 streams and 7 precious metal offtakes for $1.1 billion.
      The final acquisition price was comprised of US$504.8 million ($630.1
      million) in cash consideration, representing the agreed upon purchase
      price of US$500.6 million ($625.0 million) plus US$4.2 million ($5.1
      million) for the working capital acquired, and 30,906,594 common shares of
      Osisko issued to Orion (the &#147;Purchase Price&#148;) (the &#147;Transaction&#148;). Any
      sale of the shares issued to Orion is subject to certain restrictions,
      including a 12-month hold period and a broad distribution
    requirement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The combination of Osisko and Orion&#146;s Portfolio resulted
      in Osisko holding a total of 131 royalties, streams and offtakes,
      including 16 revenue-generating assets on July 31, 2017. Through the
      Transaction, the Company acquired a 9.6% diamond stream on the Renard
      diamond mine and a 4% gold and silver stream on the Brucejack gold and
      silver mine, both of which are new mines in Canada, in addition to a 100%
      silver stream on the Mantos Blancos copper mine in
Chile.</P></TD></TR></TABLE>
<P align=right>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>7.</B> </TD>
    <TD>
      <P align=justify><B>Business combination
    </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As part of the Transaction, CDP Investissements Inc., an
      affiliate of Caisse de d&#233;p&#244;t et placement du Qu&#233;bec (&#147;Caisse&#148;) and the
      Fonds de solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.) (&#147;Fonds F.T.Q.&#148;)
      subscribed for $200 million and $75 million in common shares of Osisko,
      respectively, as part of a concurrent private placement (&#147;Private
      Placement&#148;) to fund a portion of the cash consideration and support the
      Transaction. A total of 18,887,363 common shares were issued at a price of
      $14.56 per share under the Private Placement. The Private Placement was
      subject to a 7% capital commitment payment payable partially in shares (2%
      representing 385,457 common shares) and in cash (5% representing $13.8
      million). Additional fees of $376,000 ($275,000 net of income taxes) were
      incurred for the financing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Additionally, Osisko drew US$118.0 million ($147.3
      million) under its revolving credit facility with the National Bank of
      Canada and Bank of Montreal, settled the foreign exchange forward
      contracts (Note 30) by disbursing $275 million to receive US$204.0 million
      and paid US$182.8 million ($228.9 million) from Osisko&#146;s current cash and
      cash equivalents balance.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The acquisition of Orion&#146;s Portfolio meets the definition
      of a business combination. Consequently, the transaction has been recorded
      as a business combination with Osisko as the acquirer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The assets acquired and the liabilities assumed were
      recorded at their estimated fair market values at the time of the closing
      of the acquisition, being July 31, 2017. The transaction costs related to
      the acquisition were expensed under business development expenses and
      amounted to $8.9 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As of the reporting date, the Company has completed the
      purchase price allocation over the identifiable net assets of Orion&#146;s
      Portfolio. Adjustments between the preliminary and final purchase price
      allocation are related to adjustments to the working capital acquired
      (decrease in the consideration paid in cash of $1.0 million) and the final
      fair values of royalty, stream and other interests acquired (decrease of
      $1.0 million).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The table below presents the purchase price
      allocation:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Consideration paid</B> </TD>
    <TD vAlign=bottom align=left width="1%"><B></B></TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash<SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>648,385 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Issuance of
      30,906,594 common shares<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">445,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,093,718 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Net assets acquired</B> </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>8,707 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other current
      assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,217 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Royalty, stream and other interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,116,115 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Current
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(435</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(31,886</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">1,093,718 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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%">(1) </TD>
    <TD>
      <P align=justify>Including the loss on settlement of derivative financial
      instruments (cash flow hedges) of $18.2 million, net of income taxes of
      $2.8 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The fair value of the consideration paid in common shares
      represents the fair value of the shares on July 31, 2017 minus an
      illiquidity discount to take into account the twelve-month restrictions on
      their sales.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2017,
the revenues and net earnings of the acquiree included in the statement of
income (loss) amounted to $139,509,000 and $232,000, respectively.</P>
<P align=right>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>8.</B> </TD>
    <TD>
      <P align=justify><B>Cash and cash
equivalents</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>266,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>404,347 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Cash equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">66,920 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">94,902 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>333,705 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>499,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&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%"></TD>
    <TD>
      <P align=justify>Cash equivalents are comprised of banker&#146;s acceptances
      bearing a weighted average interest rate of 1.25% and having maturity
      dates in January 2018. As at December 31, 2017 and 2016, cash held in U.S.
      dollars amounted respectively to $69.5 million (US$55.4 million) and
      $243.0 million (US$181.0 million).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>Short-term investments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2016, short-term investments included
      two notes receivable (interest rate of 7%) from a gold producer for which
      the Company holds royalty interests. The two notes receivable were repaid
      in 2017. In 2016, short-term investments also included a guaranteed
      investment certificate of $100,000 issued by a Canadian financial
      institution having an interest rate of 2.75% and a maturity date in July
      2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>Accounts receivable</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Tax credits </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,091 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,034 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Interest and dividend income receivable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,508 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">852 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Amounts receivable from
      associates<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,245 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>720 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Revenues receivable from royalty, stream and
      other interests </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">924 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sales taxes and other
      receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>617 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>810 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">8,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">8,416 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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%">(i) </TD>
    <TD>
      <P align=justify>Amounts receivable from associates for cost recoveries
      are mainly related to professional services and office
  rent.</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>11.</B> </TD>
    <TD>
      <P align=justify><B>Inventories</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2017, inventories are mainly comprised
      of unsold ounces of gold bullion acquired from offtake agreements, which
      were sold in January 2018.</P></TD></TR></TABLE>
<P align=right>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>12.</B> </TD>
    <TD>
      <P align=justify><B>Investments in
associates</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>82,902 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>44,011 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Acquisitions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">136,529 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">14,974 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exercise of warrants
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,519 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>775 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Transfer from other investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">13,068 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Share of loss, net </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(6,114</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(6,623</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Share of other comprehensive income
      (loss), net </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(537</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,264 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Net gain on ownership
      dilution </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>30,560 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>12,023 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Disposals </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(426</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Gain on disposal
      <SUP>(i)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,410 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">257,433 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">82,902 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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%">(i) </TD>
    <TD>
      <P align=justify>In March 2016, Osisko Mining Inc. (&#147;Osisko Mining&#148;), an
      associate, acquired NioGold Mining Corp. (&#147;NioGold&#148;), another associate.
      This transaction generated a gain on the disposal of the shares of
      NioGold.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><U>Material investments</U><B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Osisko Mining Inc. </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Osisko Mining is a Canadian focused
gold exploration and development company. In 2016, Osisko acquired a 1% NSR
royalty on properties held by Osisko Mining for $5.0 million, which includes a
1% NSR royalty on the Windfall Lake gold project (bringing the total NSR royalty
on the Windfall Lake gold project to 1.5%, including the 0.5% NSR royalty
acquired in 2015), where Osisko Mining is currently pursuing significant
drilling activities. In March 2016, Osisko Mining acquired all of the
outstanding shares of NioGold. The Company invested $6.8 million in Osisko
Mining in 2016 and an additional $40.1 million in 2017. As at December 31, 2017,
the Company holds 32,302,034 common shares representing 15.5% interest in Osisko
Mining (13.5% as at December 31, 2016). Based on the fact that some officers and
directors of Osisko are also officers and directors of Osisko Mining, and
because of other facts and circumstances, the Company concluded that it
exercises significant influence over Osisko Mining since 2014 and accounts for
its investment using the equity method.<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Barkerville Gold Mines Ltd. </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Barkerville Gold Mines Ltd.
(&#147;Barkerville&#148;) is focused on the development of its extensive land package
located in the historical Cariboo Mining District of central British Columbia,
Canada. In November, 2015, Osisko and Barkerville entered into an agreement for
Osisko to acquire a 1.5% NSR royalty on the Cariboo Gold project for cash
consideration of $25.0 million. In April, 2017, Osisko acquired an additional
0.75% NSR royalty on the Cariboo gold project for cash consideration of $12.5
million, increasing the total NSR royalty held by Osisko to 2.25% . In 2016 and
2017, Osisko acquired common shares of Barkerville for $8.2 million and $52.1
million, respectively. As at December 31, 2017, the Company holds 142,309,310
common shares representing a 32.7% interest in Barkerville (17.3% as at December
31, 2016). Based on the fact that the chair of the Board of Directors and chief
executive officer of Osisko is also the chair of the Board of Directors of
Barkerville, and because of other facts and circumstances, the Company concluded
that it exercises significant influence over Barkerville since 2016 and accounts
for its investment using the equity method.</P>
<P align=right>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>12.</B> </TD>
    <TD>
      <P align=justify><B>Investments in associates
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Material investments
    </U><I><U>(continued)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Dalradian Resources Inc.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Dalradian Resources Inc. (&#147;Dalradian&#148;) is a mineral
      exploration and development company focused on advancing its high- grade
      Curraghinalt Gold Project located in Northern Ireland, United Kingdom. On
      October 10, 2017, Osisko entered into a subscription agreement with
      Dalradian pursuant to which Osisko made an investment of $28.3 million
      into Dalradian by way of a non-brokered private placement to acquire
      19,217,687 common shares. In 2017, Osisko also exercised warrants for $6.5
      million in exchange for 6,250,000 common shares of Dalradian. As at
      December 31, 2017, the Company holds 31,717,687 common shares representing
      an 8.9% interest in Dalradian (2.6% as at December 31, 2016). Based on the
      fact that the chair of the Board of Directors and chief executive officer
      of Osisko is also a director of Dalradian, and because of other facts and
      circumstances, the Company concluded that it exercises significant
      influence over Dalradian since 2012 and accounts for its investment using
      the equity method.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Falco Resources Ltd.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Falco Resources Ltd.&#146;s (&#147;Falco&#148;) main asset is the Horne
      5 gold project, for which a positive feasibility study was released in
      October 2017. In 2016, Osisko entered into a financing agreement of $10.0
      million with Falco, bearing an interest rate of 7%, which will be applied
      against a stream deposit to be negotiated by May 31, 2018 (the original
      maturity date was October 31, 2017, which was subsequently extended by six
      months) or converted into a 1% NSR royalty on the Horne 5 project if no
      stream agreement is concluded. In 2016 and 2017, Osisko acquired common
      shares in Falco for $3.3 million and $4.0 million, respectively. As at
      December 31, 2017, the Company holds 23,927,005 common shares representing
      a 12.7% interest in Falco (14.2% as at December 31, 2016). Based on the
      fact that some officers and directors of Osisko are also officers and
      directors of Falco, and because of other facts and circumstances, the
      Company concluded that it exercises significant influence over Falco since
      2014 and accounts for its investment using the equity method.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The financial information of the individually material
      associates is as follows and includes adjustments to the accounting
      policies of the associates to conform to those of Osisko (in thousands of
      dollars):</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%" colSpan=4><B>Osisko Mining</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%" colSpan=4><B>Barkerville</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%" colSpan=4><B>Dalradian</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%" colSpan=4><B>Falco</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2017<SUP>(i)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2016<SUP>(ii)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2017<SUP>(i)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2016<SUP>(ii)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2017<SUP>(i)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2016<SUP>(ii)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2017<SUP>(iii)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><STRONG>2016<SUP>(iv)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>108,439 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>100,963 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>67,162 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>34,698 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>50,088 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>44,095 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>34,703 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>34,242 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">290,332 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">173,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">31,659 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">16,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">164,310 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">117,894 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">87,300 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">35,657 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>23,657 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,972 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>15,709 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>10,211 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>6,437 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,116 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>25,567 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>16,516 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,941 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,882 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,634 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,229 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">685 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,058 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">8,424 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,315 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revenues </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Net loss from continuing operations </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(19,741</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(10,051</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(6,733</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(9,744</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(8,884</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(7,609</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(6,677</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(8,972</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net loss from discontinued
      operations, net of taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(5</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Other comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(954</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">9,695 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">175 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(19</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Comprehensive loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(20,695</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(361</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(6,558</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(9,763</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(8,884</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(7,609</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(6,677</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(8,972</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Carrying value of
      investment<SUP>(v)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>73,635 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>36,680 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>89,556 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>16,909 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>40,122 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>3,924 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>15,652 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>12,330 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Fair value of investment<SUP>(v)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">109,504 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">53,491 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">106,732 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">24,253 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">42,026 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">7,313 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">20,817 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">18,535 </TD>
    <TD vAlign=bottom align=left
width="2%">&nbsp;</TD></TR></TABLE></DIV><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%">(i) </TD>
    <TD>
      <P align=justify>Information is for the reconstructed twelve months ended
      September 30, 2017 and as at September 30, 2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Information is for the reconstructed twelve months ended
      September 30, 2016 and as at September 30, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Information is for the reconstructed twelve months ended
      December 31, 2017 and as at December 31, 2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Information is for the reconstructed twelve months ended
      December 31, 2016 and as at December 31, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>As at December 31, 2017 and 2016.</P></TD></TR></TABLE>
<P align=right>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>12.</B> </TD>
    <TD>
      <P align=justify><B>Investments in associates
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Investments in immaterial associates</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has interests in a number of individually
      immaterial associates that are accounted for using the equity method. The
      aggregate financial information on these associates is as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate amount of the
      Company&#146;s share of net loss </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,725</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,645</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Aggregate amount of the Company&#146;s share of
      other comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">459 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(382</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate carrying value of
      investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>38,468 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>16,983 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Aggregate fair value of investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">53,061 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">28,176 </TD>
    <TD vAlign=bottom align=left width="2%"
>&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%"><B>13.</B> </TD>
    <TD>
      <P align=justify><B>Other investments</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Fair value through profit
      or loss (warrants)</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; January
      1 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,935 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,578 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Acquisitions </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9,662 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,278 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Exercise </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(14,170</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(311</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Change in fair value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>6,390 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Balance &#150;
      December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">8,092 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">10,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Fair value through other comprehensive
      income (shares)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>97,274 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>93,607 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Acquisitions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">72,719 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">71,137 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>500 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Interests on financial assets at amortized cost paid in shares </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">26 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Change in fair value </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,139 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>74,914 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Disposals </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(69,803</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(129,342</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Transfer to investments in associates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(13,068</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; December
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">106,841 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">97,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Amortized cost</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>200 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>10,300 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Transfer to short-term investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(100</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Conversion to royalty interests <SUP>(i)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(10,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; December
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">115,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">108,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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%">(i) </TD>
    <TD>
      <P align=justify>Conversion of a secured note receivable of $10.0 million
      with Highland Copper Company Inc. (&#147;Highland Copper&#148;) into a 3.0% NSR
      royalty on all metals produced from the mineral rights and leases
      associated with the Copperwood project. Upon closing of the acquisition of
      the White Pine project, Highland Copper will grant Osisko a 1.5% NSR
      royalty on all metals produced from the White Pine project, and Osisko's
      NSR royalty on the Copperwood project will be reduced to
  1.5%.</P></TD></TR></TABLE>
<P align=right>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></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><B>Osisko Gold Royalties Ltd </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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%"></TD>
    <TD>
      <P align=justify>The investments are comprised of common shares, warrants
      and notes receivable, almost exclusively from Canadian publicly traded
      companies.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>14. </B></TD>
    <TD>
      <P align=justify><B>Royalty, stream and other
  interests</B></P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="41%" colSpan=10><B>2017 </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Royalty </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Stream </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Offtake </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="8%"><B>interests </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="8%"><B>interests </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="8%"><B>interests </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Total </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Royalty interests </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; Beginning of period
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>494,768 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>494,768 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>449,439 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Acquisitions<SUP>(i),(ii), </SUP></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26,681 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">53,438 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">80,119 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">50,250 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Business combination<SUP>(iii) </SUP>(Note 7) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>353,314 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>656,602 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>106,199 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,116,115 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Conversion
      of a note receivable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Sale </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(3,630</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Depletion
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(15,475</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,283</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(1,307</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(28,065</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,291</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Impairment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(89,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(89,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Translation
      adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">272 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">770,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">700,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">105,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">494,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Producing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>503,340 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>582,466 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>66,812 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,152,618 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>431,455 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(27,352</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,242</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(1,307</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(39,901</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,879</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Accumulated impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(89,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(89,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>
    <p align="right">&nbsp; - </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">386,988 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">571,224 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">65,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,023,717 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">419,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Development </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>194,535 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>118,094 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>30,793 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>343,422 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Net book value &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>194,535 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>118,094 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>30,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>343,422 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exploration and evaluation
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">189,007 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,760 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,866 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">208,633 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">75,192 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Accumulated depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">189,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">10,760 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">8,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">208,633 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">75,192 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total net book value &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">770,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">700,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">105,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">494,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV><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%">(i) </TD>
    <TD>
      <P align=justify>On April 19, 2017, Osisko acquired an additional 0.75%
      NSR royalty on the Cariboo gold project from Barkerville for cash
      consideration of $12.5 million, increasing the total NSR royalty held by
      Osisko on the Cariboo gold project to 2.25%. The grant of the additional
      royalty cancelled Osisko&#146;s royalty acquisition right which was granted
      pursuant to an investment agreement between Osisko and Barkerville dated
      February 5, 2016. However, Osisko retains a right of first refusal
      relating to any gold stream offer received by Barkerville with respect to
      the Cariboo gold project.</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%">(ii) </TD>
    <TD>
      <P align=justify>On March 3, 2017, Osisko acquired from Gibraltar Mines
      Ltd. (&#147;Gibco&#148;), a wholly-owned subsidiary of Taseko Mines Limited
      (&#147;Taseko&#148;) having a 75% interest in the Gibraltar copper mine
      (&#147;Gibraltar&#148;), a silver stream with reference to silver produced at
      Gibraltar, located in British Columbia, Canada. Osisko paid Taseko cash
      consideration of US$33.0 million ($44.3 million) to purchase a silver
      stream and 3.0 million warrants of Taseko. Each warrant allows Osisko to
      acquire one common share of Taseko at a price of $2.74 until April 1,
      2020. The fair value of the warrants was evaluated at $1,780,000 using the
      Black-Scholes option pricing model and the residual value of $42,678,000
      was attributed to the silver stream (including $175,000 of transaction
      fees).</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%">(iii) </TD>
    <TD>
      <P align=justify>On July 31, 2017, Osisko acquired a precious metals
      portfolio of assets from Orion consisting of 61 royalties, 7 precious
      metal offtakes and 6 streams. Through the Transaction, the Company
      acquired a 9.6% diamond stream on the Renard diamond mine and a 4% gold
      and silver stream on the Brucejack gold and silver mine, both of which are
      new mines in Canada, in addition to a 100% silver stream on the Mantos
      Blancos copper mine in Chile.</P></TD></TR></TABLE>
<P align=right>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>14.</B> </TD>
    <TD>
      <P align=justify><B>Royalty, stream and other interests
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Buy-back and buy-down rights</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Some royalty, stream and offtake interests are subject to
      buy-back and/or buy-down rights held by the operators. The significant
      buy-back and buy-down rights are described below.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Brucejack stream</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The buy-back and buy-down rights held by Pretium
      Resources Inc. on the Brucejack stream are as
follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Right</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="30%"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="23%"><B>Election date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="23%"><B>Total</B> </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="30%">&nbsp; </TD>
    <TD vAlign=bottom width="23%">&nbsp; </TD>
    <TD vAlign=bottom width="23%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Buy-back (2018) </TD>
    <TD vAlign=bottom align=left width="30%" bgColor=#e6efff>Right to
      repurchase the entire stream </TD>
    <TD vAlign=bottom align=left width="23%" bgColor=#e6efff>December 31, 2018
    </TD>
    <TD vAlign=bottom align=left width="23%" bgColor=#e6efff>US$119.0 million
      ($149.3 million) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Buy-down (2018) </TD>
    <TD vAlign=bottom align=left width="30%">Right to reduce the stream
      percentage from 4% to 1.5% </TD>
    <TD vAlign=bottom align=left width="23%">December 31, 2018 </TD>
    <TD vAlign=bottom align=left width="23%">US$75.0 million ($94.1 million)
    </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Buy-back (2019) </TD>
    <TD vAlign=bottom align=left width="30%" bgColor=#e6efff>Right to
      repurchase the entire stream </TD>
    <TD vAlign=bottom align=left width="23%" bgColor=#e6efff>December 31, 2019
    </TD>
    <TD vAlign=bottom align=left width="23%" bgColor=#e6efff>US$136 million
      ($170.6 million) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Buy-down (2019) </TD>
    <TD vAlign=bottom align=left width="30%">Right to reduce the stream
      percentage from 4% to 2% </TD>
    <TD vAlign=bottom align=left width="23%">December 31, 2019 </TD>
    <TD vAlign=bottom align=left width="23%">US$75.0 million ($94.1 million)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><U>Impairment of royalty, stream and
other interests</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>The operator of the &Eacute;l&eacute;onore gold mine in Qu&eacute;bec, Canada reviewed its guidance  on long-term annual gold production to 400,000 ounces, which is significantly  lower compared to the design capacity of 600,000 ounces. This was considered an  indicator of impairment among other facts and circumstances and, accordingly,  management performed an impairment assessment as at December 31, 2017. The  Company recorded an impairment charge of $89.0 million ($65.4 million net of  income taxes) on the &Eacute;l&eacute;onore NSR royalty for the year ended December 31, 2017. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The &#201;l&#233;onore NSR royalty was written
down to its estimated recoverable amount of $300.0 million, which was determined
by the fair value less cost of disposal using a discounted cash-flows approach.
The fair value of the &#201;l&#233;onore NSR royalty is classified as level 3 of the fair
value hierarchy because the main valuation inputs used are significant
unobservable inputs. The main valuation inputs used were the cash flows expected
to be generated by the sale of gold received from the &#201;l&#233;onore NSR royalty based
on the long-term annual gold production of 400,000 ounces over the estimated
life of the &#201;l&#233;onore mine, the long-term gold price of US$1,300 per ounce and a
post-tax real discount rate of 4.2% .</P>
<P style="MARGIN-LEFT: 5%" align=justify>A sensitivity analysis was performed by
management for the long-term gold price and the post-tax real discount rate (in
isolation). If the long-term gold price applied to the cash flow projections had
been 10% lower than management&#146;s estimates (US$1,170 per ounce instead of
US$1,300 per ounce), the Company would have recognized an additional impairment
charge of $30.0 million. If the post-tax real discount rate applied to the cash
flow projections had been 1% higher than management&#146;s estimates (5.2% instead of
4.2%), the Company would have recognized an additional impairment charge of
$35.0 million. </P>
<P align=right>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>15.</B> </TD>
    <TD>
      <P align=justify><B>Exploration and
evaluation</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right
      width="12%"><STRONG>201</STRONG><STRONG>6</STRONG><SUP>(i)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net book value - January 1
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>100,038 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>96,220 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp; Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,745 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">8,245 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp; Disposals </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(812</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp; Investments tax credits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(601</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,430</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp; Share-based
      compensation capitalized </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>483 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp; Impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(668</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net book value - December 31
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>102,182 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>100,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; December 31 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">103,042 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">100,898 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated
      impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(860</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(860</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net book value - December 31
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>102,182 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>100,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&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%">(i) </TD>
    <TD>
      <P align=justify>Effective October 4, 2016, Osisko entered into an earn-in
      agreement with Osisko Mining, which was subsequently amended to create two
      separate earn-in agreements. Under the first earn-in agreement, Osisko
      Mining may earn a 100% interest in 26 of Osisko&#146;s exploration properties
      located in the James Bay area and Labrador Trough (excluding the Coulon
      copper-zinc project and four other exploration properties) upon completing
      expenditures of $26.0 million over a 7-year period; Osisko Mining may earn
      a 50% interest upon completing expenditures totaling $15.6 million over a
      4-year period. Under the second earn-in agreement, Osisko Mining may earn
      a 100% interest in the Kan property upon completing expenditures totaling
      $6.0 million over a 7-year period, which represents the guaranteed
      expenditures to be incurred by Barrick Gold Corporation (&#147;Barrick&#148;),
      following an earn-in agreement signed between Osisko Mining and Barrick
      where Barrick committed to spend $15.0 million on the Kan property; Osisko
      Mining may earn a 50% interest upon completing expenditures totaling $3.6
      million over a 4-year period. Osisko will retain an escalating NSR royalty
      ranging from 1.5% to 3.5% on precious metals and a 2.0% NSR royalty on
      other metals and minerals produced from the 27 properties. New properties
      acquired by Osisko Mining in a designated area during the 7-year term will
      be subject to a royalty agreement in favour of Osisko with similar
      terms.</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>16.</B> </TD>
    <TD>
      <P align=justify><B>Goodwill</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s goodwill is allocated to a group of cash
      generating units, the &#201;l&#233;onore NSR royalty and the Canadian Malartic NSR
      royalty (&#147;CGUs&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company tests whether goodwill has suffered any
      impairment on an annual basis. The recoverable amount of the CGUs is
      determined based on fair value less cost of disposal calculations using a
      discounted cash-flows approach, which require the use of assumptions and
      unobservable inputs, and therefore is classified as level 3 of the fair
      value hierarchy. The calculations use cash flow projections expected to be
      generated by the sale of gold and silver received from the CGUs based on
      annual gold and silver production over their estimated life from publicly
      released technical information by the operators to predict future
      performance.</P></TD></TR></TABLE>
<P align=right>36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>16.</B> </TD>
    <TD>
      <P align=justify><B>Goodwill </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table sets out the key assumptions for the
      CGUs in addition to annual gold and silver production over the estimated
      life of the &#201;l&#233;onore and Canadian Malartic
mines:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Long-term gold price (per
      ounce) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>US$1,300 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>US$1,280 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Long-term silver price (per ounce) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">US$18 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">US$17 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Post-tax real discount rate
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4.2% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5.0% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Management has determined the values
assigned to each of the above key assumptions as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><U>Assumption</U> </TD>
    <TD align=left width="55%"><U>Approach used to determining values</U>
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="55%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Long-term gold price </TD>
    <TD align=left width="55%">Based on current gold market trends consistent
      with external sources of information, such as long-term gold price
      consensus. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="55%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Long-term silver price </TD>
    <TD align=left width="55%">Based on current silver market trends
      consistent with external sources of information, such as long-term silver
      price consensus. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="55%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Post-tax real discount rate </TD>
    <TD align=left width="55%">Reflects specific risks relating to gold mines
      operating in Qu&#233;bec, Canada. </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%"></TD>
    <TD>
      <P align=justify>The Company&#146;s management has considered and assessed
      reasonably possible changes for key assumptions and has not identified any
      instances that could cause the carrying amount of the CGUs to exceed their
      recoverable amounts.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>17.</B> </TD>
    <TD>
      <P align=justify><B>Accounts payable and accrued
  liabilities</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Trade payables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>411 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,394 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Payables on metals received from offtakes </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,710 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accrued interests on
      long-term debt </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,081 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>38 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Other accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,070 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">628 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sale taxes and other payables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>7,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5,378 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">15,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">7,438 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=right>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>18.</B> </TD>
    <TD>
      <P align=justify><B>Provisions and other
liabilities</B></P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="30%" colSpan=7><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="30%" colSpan=7><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Share exchange</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>DSU and</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Share exchange</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>DSU and</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>rights</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>RSU</B><B><SUP>(ii)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>rights</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>RSU</B><B><SUP>(ii)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>10,692 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,894 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>16,586 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,067 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>10,176 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accretion expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">299 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">299 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">236 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">236 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;New liabilities
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>988 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,053 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,041 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,389 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,787 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,176 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Settlement of liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(11,979</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(5,539</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(17,518</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Extinguished
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(59</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(59</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(268</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(268</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Revision of estimates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">319 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">319 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(734</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(734</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7,668 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>10,692 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>5,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>16,586 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,632 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,632 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,153 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,153 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,036 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">10,692 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,741 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">12,433 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7,668 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>10,692 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>5,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>16,586 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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%">(i) </TD>
    <TD>
      <P align=justify>The liability related to share exchange rights
      represented a put option held by the non-controlling shareholders in Mines
      Coulon Inc., a subsidiary of the Company. On October 20, 2017 (or before
      under certain conditions), the non-controlling shareholders had the option
      to convert their shares of Mines Coulon Inc. for an amount corresponding
      to 75% of the cost of their investment, such amount to be settled by the
      issuance of a variable number of common shares of the Company based on the
      fair market value of the Company&#146;s shares at the time of conversion. In
      October 2017, the exercise date of the option was postponed by one month
      to November 20, 2017. In November 2017, the share exchange rights were
      exercised by the non-controlling interests and 772,810 common shares were
      issued. The put option was initially measured at the present value of the
      redemption amount of the option. The financial liability was subsequently
      measured at amortized cost using the effective interest method with any
      differences recognized as finance costs in the consolidated statement of
      income (loss). In 2017, prior to the exercise of the share exchange
      rights, the non-controlling interests had invested $1.3 million in Mines
      Coulon Inc. ($4.5 million in 2016).</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%">(ii) </TD>
    <TD>
      <P align=justify>The Deferred Share Units and Restricted Share Units Plans
      are described in Note 22.</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>19.</B> </TD>
    <TD>
      <P align=justify><B>Long-term debt</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>The movements in the long-term debt are as
      follows:</U></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance - January 1 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>45,780 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;New debt &#150; convertible
      debentures<SUP>(i),(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">279,469 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">45,706 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Transaction costs &#150;
      convertible debentures<SUP>(i),(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(10,735</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(709</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;New debt &#150; revolving credit
      facility<SUP>(iii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">147,323 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Amortization of
      transaction costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>427 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>114 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Accretion expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,336 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">669 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Foreign exchange
      revaluation impact </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>708 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance - December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">45,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=right>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>19.</B> </TD>
    <TD>
      <P align=justify><B>Long-term debt </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>The summary of the long-term debt is as
      follows:</U></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Convertible
      debentures<SUP>(i),(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>350,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Revolving credit facility<SUP>(iii)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">148,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Long-term debt </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>498,031 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Unamortized debt issuance costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(10,903</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(594</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Unamortized accretion on
      convertible debentures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(22,820</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(3,626</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Long-term debt, net of issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">45,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">45,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>45,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&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%">(i) </TD>
    <TD>
      <P align=justify>Convertible debenture (2016)</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 width="5%"></TD>
    <TD>
      <P align=justify>In February 2016, the Company issued a senior
      non-guaranteed convertible debenture of $50.0 million to Ressources
      Qu&#233;bec, a wholly-owned subsidiary of Investissement Qu&#233;bec. The
      convertible debenture bears interest at a rate of 4.0% per annum payable
      on a quarterly basis and has a five-year term maturing on February 12,
      2021. Ressources Qu&#233;bec will be entitled, at its option, to convert the
      debenture into common shares of the Company at a price of $19.08 at any
      time during the term of the debenture. Osisko has paid a 1% financing fee
      to Ressources Qu&#233;bec and has reimbursed its costs incurred in connection
      with the financing.</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 width="5%"></TD>
    <TD>
      <P align=justify>At initial recognition, net proceeds after transaction
      costs of $775,000 amounted to $49,225,000. Of this amount, the liability
      and equity components represented respectively $44,997,000 (net of
      transaction costs of $709,000) and $3,091,000 (net of transaction costs of
      $66,000 and income taxes of $1,137,000). The effective interest rate used
      is 6% representing the estimated market rate at closing that the Company
      would obtain for similar financing without the conversion
option.</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%">(ii) </TD>
    <TD>
      <P align=justify>Convertible debentures (2017)</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 width="5%"></TD>
    <TD>
      <P align=justify>In November 2017, the Company closed a bought-deal
      offering of convertible senior unsecured debentures (the &#147;Debentures&#148;) in
      an aggregate principal of $300.0 million (the &#147;Offering&#148;). The Offering
      was comprised of a public offering, by way of a short form prospectus, of
      $184.0 million aggregate principal amount of Debentures and a private
      placement offering of $116.0 million aggregate principal amount of
      Debentures. The underwriters have received a commission of 3.55% related
      to the Offering. Osisko plans to use the net proceeds from the Offering to
      fund the acquisition of precious metal royalties and streams, working
      capital and general corporate purposes.</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 width="5%"></TD>
    <TD>
      <P align=justify>The Debentures bear interest at a rate of 4.0% per annum,
      payable semi-annually on June 30 and December 31 of each year, commencing
      on June 30, 2018. The Debentures will be convertible at the holder&#146;s
      option into common shares of the Company at a conversion price equal to
      $22.89 per common share. The Debentures will mature on December 31, 2022
      and may be redeemed by Osisko, in certain circumstances, on or after
      December 31, 2020. The Debentures are listed for trading on the TSX under
      the symbol &#147;OR.DB&#148;.</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 width="5%"></TD>
    <TD>
      <P align=justify>At initial recognition, net proceeds after transaction
      costs of $11.5 million amounted to $288.5 million. Of this amount, the
      liability and equity components represented respectively $268.7 million
      (net of transaction costs of $10.7 million) and $14.5 million (net of
      transaction costs of $0.8 million and income taxes of $5.3 million). The
      effective interest rate used is 5.5% representing the estimated market
      rate at closing that the Company would obtain for similar financing
      without the conversion option.</P></TD></TR></TABLE>
<P align=right>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>19.</B> </TD>
    <TD>
      <P align=justify><B>Long-term debt
  </B><B><I>(continued)</I></B></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%">(iii) </TD>
    <TD>
      <P align=justify>Revolving credit facility</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 width="5%"></TD>
    <TD>
      <P align=justify>In November 2017, the Company amended its revolving
      credit facility (the &#147;Facility&#148;) increasing the amount from $150 million
      to $350 million, with an additional uncommitted accordion of up to $100
      million, for a total availability of up to $450 million. The increase is
      subject to standard due diligence procedures and acceptance of the
      lenders. The Facility is to be used for general corporate purposes and
      investments in the mineral industry, including the acquisition of
      royalties, streams and other interests. The Facility is secured by the
      Company&#146;s assets, present and future (including the royalty, stream and
      other interests), and has a four-year term (November 14, 2021), which can
      be extended by one year on each of the first two anniversary dates. The
      deferred financing costs amounting to $1,474,000 are being amortized over
      the term of the facility. Amortization of the deferred financing costs
      related to the Facility on the consolidated statement of income (loss)
      amounted to $224,000 in 2017 ($175,000 in 2016).</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 width="5%"></TD>
    <TD>
      <P align=justify>The Facility is subject to standby fees. Funds drawn will
      bear interest based on the base rate, prime rate or London Inter-Bank
      Offer Rate (&#147;LIBOR&#148;) plus an applicable margin depending on the Company&#146;s
      leverage ratio. As at December 31, 2017, the Facility was drawn for
      US118.0 million ($148.0 million) and the interest rate was 2.96%,
      including the applicable margin. The Facility includes covenants that
      require the Company to maintain certain financial ratios, including the
      Company&#146;s leverage ratios and meet certain non-financial requirements. As
      at December 31, 2017, all such ratios and requirements were
  met.</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>20.</B> </TD>
    <TD>
      <P align=justify><B>Share capital </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD ><STRONG>Shares</STRONG>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Authorized </P>
<P style="MARGIN-LEFT: 15%" align=justify>Unlimited number of common shares,
without par value <BR>Unlimited number of preferred shares, issuable in series
</P>
<P style="MARGIN-LEFT: 10%" align=justify>Issued and fully paid </P>
<P style="MARGIN-LEFT: 15%" align=justify>157,797,193 common shares </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Employee Share Purchase Plan</U>
</P>
<P style="MARGIN-LEFT: 5%" align=justify>In October 2015, the Company
established an employee share purchase plan. Under the terms of the plan, the
Company contributes an amount equal to 60% of the eligible employee&#146;s
contribution towards the acquisition of common shares from treasury on a
quarterly basis. A maximum of 1.0% of the issued and outstanding common shares
are reserved for issuance under the current plan.<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Issuances</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Year ended December 31, 2017
</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>On July 31, 2017, Osisko issued
30,906,594 common shares to Orion as part of the Transaction (Note 7). The
shares were valued at $445.3 million, which represents the fair value of the
shares on July 31, 2017 minus an illiquidity discount to take into account
certain restrictions on the sales of the common shares by Orion, including a
12-month hold period and a broad distribution requirement.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Caisse and Fonds F.T.Q. also subscribed
for $200.0 million and $75.0 million in common shares of Osisko, respectively,
as part of a concurrent Private Placement to fund a portion of the cash
consideration and support the Transaction (Note 7). A total of 18,887,363 common
shares were issued at a price of $14.56 per share under the Private Placement.
The Private Placement was subject to a 7% capital commitment payment payable
partially in shares (2% representing 385,457 common shares) and in cash (5%
representing $13.8 million). Additional fees of $190,000 ($139,000 net of income
taxes) were incurred for the financing. </P>
<P align=right>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>20.</B> </TD>
    <TD>
      <P align=justify><B>Share capital </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Shares </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Issuances </U><I><U>(continued)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Year ended December 31, 2017 (continued)</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2017, the non-controlling interests in Mines
      Coulon (Note 18) exercised their share exchange rights and converted their
      non-controlling interests into 772,810 common shares of Osisko. The number
      of common shares to be issued was based on 75% of the cost of their
      investment, being $12.0 million, and the fair market value of the
      Company&#146;s common shares at the time of conversion.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Year ended December 31, 2016</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On February 26, 2016, the Company closed a bought deal
      public offering (the &#147;Shares Offering&#148;) of 11,431,000 units of Osisko
      (&#147;Units&#148;), including the full exercise of the over-allotment option by the
      underwriters of the Shares Offering, at a price of $15.10 per Unit for
      aggregate gross proceeds of $172,608,000 (net proceeds of
      $164,543,000).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Unit was comprised of one common share of the
      Company and one-half of one common share purchase warrant (each whole
      common share purchase warrant being a &#147;Warrant&#148;) of the Company. Each
      whole Warrant entitles the holder thereof to purchase one common share of
      the Company at a price of $19.08 per common share, for a period of 36
      months following the closing date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The relative fair value of the common shares issued under
      the Shares Offering was evaluated at $159,325,000 and the relative fair
      value of the Warrants was evaluated at $13,283,000 using the Black-Scholes
      option pricing model and the following assumptions: dividend per share of
      1.2%; expected life of 3 years, expected volatility of 42% and risk free
      interest rate of 0.50%. Transaction costs amounted to $8,066,000
      ($5,896,000 net of income taxes) and were allocated to the common shares
      and Warrants based on their pro rata value. As a result, transaction costs
      of $7,445,000 ($5,442,000 net of income taxes) were allocated to the
      common shares and $621,000 ($454,000 net of income taxes) to the
      Warrants.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Normal Course Issuer Bid</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In October 2016, the TSX approved the Company&#146;s notice of
      intention to make a normal course issuer bid (the &#147;2016 NCIB Program&#148;).
      Under the terms of the 2016 NCIB Program, Osisko could acquire up to
      5,330,217 of its common shares from time to time in accordance with the
      normal course issuer bid procedures of the TSX. Repurchases under the 2016
      NCIB Program were authorized until October 23, 2017. During the year ended
      December 31, 2016, the Company purchased for cancellation a total of
      150,000 common shares under the NCIB Program for $1,823,000, which were
      paid in 2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In December 2017, Osisko renewed its normal course issuer
      bid (the &#147;2017 NCIB Program&#148;). Under the terms of the 2017 NCIB Program,
      Osisko may acquire up to 10,567,441 of its common shares from time to time
      in accordance with the normal course issuer bid procedures of the
    TSX.</P></TD></TR></TABLE>
<P align=right>41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></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><B>Osisko Gold Royalties Ltd </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>20. </B></TD>
    <TD>
      <P align=justify><B>Share capital </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Shares </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Normal Course Issuer Bid
      </U><I><U>(continued)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Repurchases under the 2017 NCIB Program will terminate on
      December 10, 2018 or on such earlier date as the 2017 NCIB Program is
      complete. Daily purchases will be limited to 95,695 common shares, other
      than block purchase exemptions, representing 25% of the average daily
      trading volume of the common shares on the TSX for the six month period
      ending November 30, 2017, being 382,781 common shares. As at December 31,
      2017, no common shares were purchased for cancellation under the 2017 NCIB
      Program.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Dividends</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table provides details on the dividends
      declared for the years ended December 31, 2016 and
2017:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>Dividend </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>Dividend </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>Dividend </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%"><B>reinvestment </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Declaration date </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>per share </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>Record date </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>Payment date </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>payable </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%"><B>plan</B><B><SUP>(i) </SUP></B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>February 16, 2016 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>March 31, 2016
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>April 15, 2016
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>4,248,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>7,144,004 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>May 4, 2016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">0.04 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">June 30, 2016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">July 15, 2016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">4,259,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">11,594,125 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>August 4, 2016 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>September 30,
      2016 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>October 14, 2016
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>4,264,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>4,460,148 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>November 9, 2016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">0.04 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">December 31, 2016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">January 16, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">4,266,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">4,591,999 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">0.16 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">17,037,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>March 15, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">0.04 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">March 31, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">April 17, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">4,264,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">8,024,301 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>May 4, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>June 30, 2017
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>July 17, 2017
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>4,270,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>13,498,789 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>August 3, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">0.05 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">September 30, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">October 16, 2017 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">7,850,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">5,683,585 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>November 7, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>December 29,
      2017 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>January 15, 2018
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>7,890,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>6,863,864 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>0.18 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>24,274,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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>Number of common shares held by shareholders
      participating to the dividend reinvestment plan described
  below.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><U>Dividend reinvestment plan</U></P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2015, the Company implemented a
dividend reinvestment plan (&#147;DRIP&#148;). The DRIP allows Canadian shareholders and
U.S. shareholders (commencing with the dividend paid on October 16, 2017) to
reinvest their cash dividends into additional common shares either purchased on
the open market through the facilities of the TSX or the NYSE, or issued
directly from treasury by the Company, or acquired by a combination thereof. In
the case of a treasury issuance, the price 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&#146;s sole election. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2017, the holders of
6,863,864 common shares had elected to participate in the DRIP, representing
dividends payable of $343,000. During the year ended December 31, 2017, the
Company issued 88,536 common shares under the DRIP, at a discount rate of 3%
(83,533 common shares in 2016 at a discount rate of 3%). On January 15, 2018,
24,513 common shares were issued under the DRIP at a discount rate of 3%. </P>
<P align=right>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>20.</B> </TD>
    <TD>
      <P align=justify><B>Share capital </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Capital management</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s primary objective when managing capital is
      to maximize returns for its shareholders by growing its asset base, both
      organically through strategic investments in exploration, evaluation and
      development companies and through accretive acquisitions of high-quality
      royalties, streams and other similar interests, while ensuring capital
      protection. The Company defines capital as long-term debt and total
      equity, including the undrawn portion of the revolving credit facility.
      Capital is managed by the Company&#146;s management and governed by the Board
      of Directors.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Long-term debt </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>464,308 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>45,780 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total equity </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,894,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,214,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Undrawn revolving credit
      facility<SUP>(i)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>201,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>150,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">2,560,682 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">1,410,084 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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>Excluding the potential additional available credit
      (accordion) of $100.0 million as at December 31, 2017 and $50.0 million as
      at December 31, 2016.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>There were no changes in the Company&#146;s
approach to capital management during the year ended December 31, 2017, compared
to the prior year. The Company is not subject to material externally imposed
capital requirements and is in compliance with all its covenants under its
revolving credit facility (Note 19) as at December 31, 2017. </P>
<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>21.</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>average</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>average</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>exercise</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>exercise</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>11,195,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>27.61 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,480,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>18,072 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>36.50 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Issued </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">5,715,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><SUP>(ii)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">12,829 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">19.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>11,195,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>30,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>27.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>11,195,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>30,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>27.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&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%">(i) </TD>
    <TD>
      <P align=justify>Each warrant entitles the holder to purchase one common
      share of Osisko at a price of $36.50 until March 5, 2022.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Each warrant entitles the holder to purchase one common
      share of Osisko at a price of $19.08 until February 26, 2019 (Note
    20).</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>22.</B> </TD>
    <TD>
      <P align=justify><B>Share-based compensation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Share options</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2014, the Company adopted a share option plan (the
      &#147;Plan&#148;) offered to its directors, officers, management, employees and
      consultants. Options may be granted at an exercise price determined by the
      Board of Directors but shall not be less than the closing market price of
      the common shares of the Company on the TSX on the day prior to their
      grant. No participant shall be granted an option which exceeds 5% of the
      issued and outstanding shares of the Company at the time of granting of
      the option. The number of common shares issued to insiders of the Company
      within one year and issuable to the insiders of the Company at any time
      under the Plan or combined with all other share compensation arrangements,
      cannot exceed 8% of the issued and outstanding common shares. The duration
      and the vesting period are determined by the Board of Directors. However,
      the expiry date may not exceed 7 years after the date of
  granting.</P></TD></TR></TABLE>
<P align=right>43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></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><B>Osisko Gold Royalties Ltd </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>22. </B></TD>
    <TD>
      <P align=justify><B>Share-based compensation
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Share options </U><I><U>(continued)</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes information about the
      movement of the share options outstanding:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Number of </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>average </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Number of </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>average </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>options </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>exercise price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>options </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>exercise price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,063,130 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14.25 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,823,333 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13.71 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Granted<SUP>(i) </SUP></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">763,400 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">16.57 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,084,700 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">13.43 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(43,970</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14.22 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(12,335</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15.22 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Exercised &#150; Virginia replacement share
      options<SUP>(ii) </SUP></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(190,471</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">11.28 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(505,756</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">9.50 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Expired </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(4,333</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15.80 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(30,712</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13.77 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(50,633</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14.57 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(296,100</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14.17 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>3,537,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14.90 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>3,063,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14.25 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Options exercisable &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">2,051,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14.57 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,322,729 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">14.04 </TD>
    <TD vAlign=bottom align=left width="2%"
>&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%">(i) </TD>
    <TD>
      <P align=justify>Options were granted to officers, management, employees
      and consultants.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Share options issued as Virginia replacement share
      options following the acquisition of Virginia Mines Inc. in
  2015.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The weighted average share price when
share options were exercised during the year ended December 31, 2017 was $15.83
($15.51 for the year ended December 31, 2016). </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
Company&#146;s share options outstanding as at December 31, 2017: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="42%" colSpan=7><B>Options outstanding </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%" colSpan=4><B>Options exercisable </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>average </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>remaining </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right ><B>Exercise </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>average </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>contractual </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>average </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right ><B>price range </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Number </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>exercise price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>life (years) </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Number </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>exercise price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right ><B>$</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="2%"  >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff >8.35 &#150; 9.98
</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>57,391 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9.77 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4.1 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>57,391 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9.77 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right >10.58 &#150; 10.73 </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">72,075 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10.66 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5.3 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">72,075 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10.66 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff >13.38 &#150; 14.78
    </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>994,860 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13.49 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3.5 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>444,860 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13.49 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right >14.90 &#150; 15.80 </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,680,997 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15.33 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2.1 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,473,664 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15.26 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff >16.66 &#150; 17.84
    </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>731,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>16.68 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4.4 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>17.84 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">3,537,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">14.90 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3.1 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">2,051,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">14.57 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=right>44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>22.</B> </TD>
    <TD>
      <P align=justify><B>Share-based compensation
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Share options &#150; Fair value</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The options, when granted, are accounted for at their
      fair value determined by the Black-Scholes option pricing model based on
      the vesting period and on the following weighted average
    assumptions:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dividend per share </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Expected volatility </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">38% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">41% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Expected life </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">45 months </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">45 months </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Share price </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>$16.57 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>$13.43 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Fair value of options granted </TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">$4.58 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">$3.88 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The expected volatility was estimated
using Osisko&#146;s historical data from the date of grant and for a period
corresponding to the expected life of the options. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Share options issued in 2016 and 2017
are exercisable at the closing market price of the common shares of the Company
on the day prior to their grant. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the share options is
amortized over the vesting period. In 2017, the total share-based compensation
related to share options on the statement of income (loss) amounted to
$3,211,000 ($4,594,000 in 2016) and share-based compensation capitalized to
exploration and evaluation assets amounted to $6,000 ($483,000 in 2016). </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Deferred and restricted share
units</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>In April 2014, Osisko adopted a
Deferred Share Unit Plan and a Restricted Share Unit Plan. Under the plans, DSU
and RSU can be granted to directors, officers and employees as part of their
long-term compensation package, entitling them to receive payout in cash. The
value of the payout would be determined by multiplying the number of DSU and RSU
vested at the payout date by the closing price of the Company&#146;s shares on the
day prior to the payout date. The value to be recognized at each reporting date
is determined based on the closing price of the Company&#146;s shares and based on
applicable terms for performance based and fixed components. The fair value is
recognized over the vesting period.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes
information about the DSU and RSU movements: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>DSU</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>RSU</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>DSU</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>RSU</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>175,446 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>595,076 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>106,408 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>440,166 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">88,600 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">231,300 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">67,602 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">211,300 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Reinvested (dividends
      on common shares) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,396 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,260 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,436 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,674 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Settled </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(225,429</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(7,580</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(62,064</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">266,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">600,627 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">175,446 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">595,076 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; Vested </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>177,405 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>107,573 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The DSU granted vest the day prior to
the next annual general meeting and are payable at the end of the employment
period of each director. The RSU granted vest and are payable three years after
the grant date, one half of which depends on the achievement of certain
performance measures.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The total share-based compensation
expense related to the DSU and RSU plans in 2017 amounted to $7,313,000
($2,786,000 in 2016). </P>
<P align=right>45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>22.</B> </TD>
    <TD>
      <P align=justify><B>Share-based compensation
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Deferred and restricted share units &#150; Fair
      value</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the carrying value of the
      outstanding DSU and RSU and the fair value of the vested DSU and RSU as at
      December 31, 2017 and 2016:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>December 31, 2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="23%" colSpan=4><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Carrying</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Intrinsic value</B>
</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Carrying</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>Intrinsic value</B>
</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>of vested units</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>of vested units</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,632 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,576 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,153 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,741 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>7,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The carrying value of the DSU and RSU
is included in <I>provisions and other liabilities</I> on the consolidated
balance sheets (Note 18). </P>
<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>23.</B> </TD>
    <TD>
      <P align=justify><B>Revenues</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>74,041 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>62,677 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Stream interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">19,751 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Offtake interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>119,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">213,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">62,677 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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%"><B>24.</B> </TD>
    <TD>
      <P align=justify><B>Cost of sales</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>286 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>143 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Stream interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,385 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Offtake interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>117,974 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">125,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">143 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=right>46 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>25.</B> </TD>
    <TD>
      <P align=justify><B>Income taxes</B></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%">(a) </TD>
    <TD>
      <P align=justify>Income tax expense</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current income taxes </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,003 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,352 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Deferred income taxes (Note 25 (b)): </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Origination and
      reversal of temporary differences </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(28,128</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,647 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Impact of changes in tax rates
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,978 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(24,150</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>8,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">(23,147</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">9,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The components that give rise to
deferred income tax assets and liabilities are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B>
      <STRONG></STRONG></TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred tax assets: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Stream interests </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,793 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Share and debt
      issue expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,286 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,824 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Deferred and restricted share
      units </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,032 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,562 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Non-capital
      losses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,015 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Other assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">223 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">25 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Royalty
      interests and exploration and evaluation assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,567 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">13,349 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,978 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred tax liabilities: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Royalty interests and
      exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(123,772</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(118,306</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(10,054</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(8,051</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Convertible debentures </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(6,047</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(975</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Other
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(238</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(598</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(140,111</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(127,930</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(126,762</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(119,952</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Deferred tax assets and liabilities
have been offset in the balance sheet where they relate to income taxes levied
by the same taxation authority and the Company has the legal right and intent to
offset. </P>
<P align=right>47 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>25.</B> </TD>
    <TD>
      <P align=justify><B>Income taxes
  </B><B><I>(continued)</I></B></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 provision for income taxes presented in the
      consolidated financial statements differs from the amount that would arise
      using the statutory weighted average tax rate applicable to income of the
      consolidated entities, as a result of the
following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Earnings (loss) before income
      taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(65,935</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>51,578 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Income tax provision calculated using the
      combined Canadian federal and provincial statutory income tax rate </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(17,671</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">13,874 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Increase (decrease) in income
      taxes resulting from: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Dividends received from a
      taxable Canadian corporation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,326</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Non-deductible
      expenses, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,606 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,265 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Non-taxable portion of capital
      gains, net </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,312</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,341</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Change in tax
      rates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,978</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,725</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Differences in foreign statutory
      tax rates </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(134</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Other, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>342 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(23</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">(23,147</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">9,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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 width="5%"></TD>
    <TD>
      <P align=justify>The 2017 effective tax rate reflects a net income tax
      recovery of $3,978,000, including $4,245,000 related to the reduction of
      the U.S. Federal income tax rate from 35% to 21% for fiscal year 2018
      (enacted on December 22, 2017), and $267,000 of income tax loss related to
      the reduction of the Qu&#233;bec income tax rate from 11.8% to 11.5% in 2020.
      The 2016 effective tax rate reflects an income tax recovery of $1,725,000
      relating to the reduction of the Qu&#233;bec tax rate from 11.8% to 11.5% in
      2020.</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>The 2017 movement for deferred tax assets and deferred
      tax liabilities may be summarized as follows:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Benefit</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Other</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Business</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Transla-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Statement</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>from flow-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>compre-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>combi-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>tion</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Dec. 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>of income</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>through</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>hensive</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>naison</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>adjust-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>Dec. 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>Equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>(Note 7</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>ments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"></TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred tax assets: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Stream interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>294 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>7,499 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>7,793 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Share and debt issue expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">3,824 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(1,639</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">101 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,286 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Deferred and restricted
      share units </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,562 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>470 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,032 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Non-capital losses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,015 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,015 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Royalty interests and
      exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,567 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(2,567</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Other assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">198 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">223 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Deferred tax liabilities: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="6%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Royalty interests and exploration and
      evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(118,306</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">29,041 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">6,416 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(3,241</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(37,576</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(106</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(123,772</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(8,051</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(2,167</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(2,315</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,479 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(10,054</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Convertible debentures </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(975</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">160 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(5,232</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(6,047</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Other liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(598</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">360 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(238</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(119,952</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>24,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>4,101 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(5,131</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(762</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(29,062</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(106</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(126,762</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV>
<P align=right>48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>25.</B> </TD>
    <TD>
      <P align=justify><B>Income taxes
  </B><B><I>(continued)</I></B></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%">(c) </TD>
    <TD>
      <P align=justify>The 2016 movement for deferred tax assets and deferred
      tax liabilities may be summarized as follows:
  <I>(continued)</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Benefit</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Other</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Statement</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>from flow-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>compre-</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>of income</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>through</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>hensive</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >Deferred tax
      assets: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;Other assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">904 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">683 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,587 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff
      >&nbsp;Non-capital losses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,475 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(8,475</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;Royalty interests and
      exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,618 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(3,051</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,567 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >&nbsp;Share and
      debt issue expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,829 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(1,192</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,187 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,824 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >Deferred tax
      liabilities: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;Investments at fair value
      through other comprehensive income </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(1,462</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(1,730</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(4,859</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(8,051</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >&nbsp;Royalty
      interests and exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(127,814</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,543 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,965 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(118,306</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;Other liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(418</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(1,155</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(1,573</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(109,988</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(8,372</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,235 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,032 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(4,859</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(119,952</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>26.</B> </TD>
    <TD>
      <P align=justify><B>Detail of expenses</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Operating expenses by
nature</U></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Professional fees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13,183 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,960 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Employee benefit expenses (see below) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">22,432 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15,295 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depletion and depreciation
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>28,210 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,509 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Travel expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,637 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,174 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Rent and office expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,180 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,536 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Communication and promotional expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,194 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">755 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Public company expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>920 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>680 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Cost recoveries from associates </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(532</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(463</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Recovery of tax credits </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,223</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Other expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">782 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">2,365 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>69,006 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>33,588 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B></B><U>Employee benefit
expenses</U><SUP> </SUP></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries and wages </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15,501 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>10,491 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,524 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,380 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cost recoveries from
      associates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(3,593</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(2,576</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">22,432 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">15,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=right>49 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>26.</B> </TD>
    <TD>
      <P align=justify><B>Detail of expenses
  </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Other gains, net</U></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right
width="12%"><B>$</B>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Change in fair value of
      financial assets at fair value through profit and loss </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,665 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,390 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Net gain on disposal of investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">703 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,410 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net gain on dilution of
      investments in associates </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>30,560 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>12,023 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Gain (loss) on acquisition of
      investments<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,099</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">8,379 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">30,829 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">30,202 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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%">(i) </TD>
    <TD>
      <P align=justify>Represents changes in the fair value of the underlying
      investments between the respective subscription dates and the closing
      dates.</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>27.</B> </TD>
    <TD>
      <P align=justify><B>Key management</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Key management includes directors (executive and
      non-executive) and the executive management team. The compensation paid or
      payable to key management for employee services is presented
  below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries and short-term
      employee benefits </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,921 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,247 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">7,731 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,522 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cost recoveries from
      associates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(449</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(180</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">14,203 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">8,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Key management employees are subject to
employment agreements which provide for payments on termination of employment
without cause or following a change of control providing for payments of between
once to twice base salary and bonus and certain vesting acceleration clauses on
restricted and deferred share units and share options. </P>
<P align=right>50 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>28.</B> </TD>
    <TD>
      <P align=justify><B>Net earnings (loss) per
share</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net earnings (loss)
      attributable to Osisko Gold Royalties Ltd&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(42,501</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>42,113 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Basic weighted average number
      of common shares outstanding (in thousands)<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>127,939 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>104,671 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Dilutive effect of share
      options<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">153 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Dilutive effect
      of warrants<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Dilutive effect of convertible
      debentures<SUP>(ii)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted weighted
      average number of common shares </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>127,939 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>104,824 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net earnings (loss) per share
      attributable to Osisko Gold Royalties Ltd&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(0.33</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.40 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(0.33</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&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%">(i) </TD>
    <TD>
      <P align=justify>As a result of the net loss for the year ended December
      31, 2017, all potentially dilutive common shares are deemed to be
      antidilutive and thus diluted net loss per share is equal to the basic net
      loss per share.</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%">(ii) </TD>
    <TD>
      <P align=justify>For the year ended December 31, 2016, 2,646,665
      outstanding share options, 11,195,500 outstanding warrants and 2,620,545
      common shares underlying the convertible debenture were excluded from the
      computation of diluted earnings per share as their effect was
      anti-dilutive.</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>29.</B> </TD>
    <TD>
      <P align=justify><B>Additional information on the consolidated statements
      of cash flows</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Interests received </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,384 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,699 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Interests paid on long-term debt </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,005 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,221 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dividends received </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>215 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,276 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Income taxes paid </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">132 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Changes in non-cash working capital items </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Decrease (increase) in accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,248</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,037 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Increase in
      inventory </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(8,737</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Increase in other current assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(221</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(565</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Increase
      (decrease) in accounts payable and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">9,766 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,247</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(440</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(775</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts receivable on
      disposal of investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Beginning of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">159 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>159 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable on
      acquisition of investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Beginning of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">819 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>819 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>51 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>29.</B> </TD>
    <TD>
      <P align=justify><B>Additional information on the consolidated statements
      of cash flows </B><B><I>(continued)</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Tax credits receivable
      related to exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Beginning
      of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,238 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,083 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,091 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,238 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities related to exploration and evaluation assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Beginning
      of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">276 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">704 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>22 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>276 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities related to financing fees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Beginning
      of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>379 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities related to share issue expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Beginning
      of year </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;End of year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>186 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company paid $5,000,000 in January
and March 2016 for the acquisition of royalty interests that were included in
accounts payable and accrued liabilities as at December 31, 2015. </P>
<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>30.</B> </TD>
    <TD>
      <P align=justify><B>Financial risks</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s activities expose it to a variety of
      financial risks: market risks (including interest rate risk, foreign
      currency risk and other price risk), credit risk and liquidity risk. The
      Company&#146;s overall risk management program focuses on the unpredictability
      of financial markets and seeks to minimize potential adverse effects on
      the Company&#146;s performance.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Risk management is carried out under policies approved by
      the Board of Directors. The Board of Directors provides principles for
      overall risk management, as well as policies covering specific areas, such
      as foreign exchange risk, interest rate risk, credit risk, the use of
      derivative financial instruments and non-derivative financial instruments,
      and investment in excess liquidities.</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%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Market risks</I></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><U>Interest rate risk</U></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 width="5%"></TD>
    <TD>
      <P align=justify>Interest rate risk is the risk that the fair value of
      future cash flows of a financial instrument will fluctuate as a result of
      changes in market interest rates.</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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s interest rate risk on financial assets is
      primarily related to cash and cash equivalents and short-term investments,
      which bear interest at fixed rates. However, as these investments come to
      maturity within a short period of time, the impact would likely be not
      significant. Other financial assets are not exposed to interest rate risk
      because they are non-interest bearing, except for derivative financial
      instruments (warrants) for which a 0.5% increase (decrease) in interest
      rates would have resulted in a variation of net earnings of approximately
      $54,000 in 2017 ($26,000 in 2016).</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 width="5%"></TD>
    <TD>
      <P align=justify>Financial liabilities are not exposed to interest rate
      risk because they are non-interest bearing or bear a fixed interest rate,
      except for the revolving credit facility which bears a variable interest
      rate. An increase (decrease) of 0.5% in the interest rates would have
      resulted in a variation of net earnings of approximately $312,000
      ($312,000) in 2017 (nil in 2016). The Company does not use derivatives to
      mitigate its exposure to interest rate risk.</P></TD></TR></TABLE>
<P align=right>52 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>30.</B> </TD>
    <TD>
      <P align=justify><B>Financial risks
  </B><B><I>(continued)</I></B></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%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Market risks
(continued)</I></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%">(ii) </TD>
    <TD>
      <P align=justify><U>Foreign exchange risk</U></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company is exposed to foreign exchange risk arising
      from currency volatility, primarily with respect to the US
  dollar.</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 width="5%"></TD>
    <TD>
      <P align=justify>The Company holds balances in cash and cash equivalents
      denominated in U.S. dollars and is therefore exposed to gains or losses on
      foreign exchange. In addition, the Company, in connection with the
      business combination (Note 7), has entered in June 2017 into foreign
      exchange forward contracts to mitigate its exposure to foreign currency
      risks as the Company agreed to pay the cash portion of the acquisition in
      U.S. dollars for a fixed pre-determined amount of US$500.6 million. The
      Company entered into foreign exchange forward contracts to buy US$204.0
      million at a weighted average rate of 1.3480 US$/CA$ and designated these
      contracts as cash flow hedges. These contracts were settled on July 31,
      2017 (acquisition date of the business combination). The amount of
      ineffectiveness recorded in the consolidated statement of income (loss) is
      insignificant.</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 width="5%"></TD>
    <TD>
      <P align=justify>The balance of the cash portion of the acquisition price
      to be paid in U.S. dollars (approximately US$296.6 million) was paid from
      current cash and cash equivalent balances denominated in U.S. dollars and
      the available revolving credit facility. The current cash and cash
      equivalents balances denominated in U.S. dollars held by entities having
      the Canadian dollar as their functional currency (US$43.5 million as at
      December 31, 2017) are not part of any hedging relationship and,
      therefore, foreign exchange gains and losses on these balances continue to
      be presented in the consolidated statement of income (loss).</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 width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2017 and 2016, the balances in US
      dollars held by entities having the Canadian dollar as their functional
      currency were as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="15%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>43,495 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>180,963 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Account receivable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">493 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>412 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(105</TD>
    <TD vAlign=bottom align=left width="2%" style="border-bottom-style: none; border-bottom-width: medium" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(118,000</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%" style="border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net exposure, in US dollars
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(73,705</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-left-style:none; border-left-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>180,963 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%" style="border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD vAlign=bottom width="2%" style="border-style: none; border-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Equivalent in Canadian
      dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-right-style:none; border-right-width:medium" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(92,463</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-left-style:none; border-left-width:medium" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>242,979 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&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 width="5%"></TD>
    <TD>
      <P align=justify>Based on the balances as at December 31, 2017, a 5%
      fluctuation in the exchange rates on that date (with all other variables
      being constant) would have resulted in a variation of net earnings of
      approximately $5,354,000 in 2017 ($8,881,000 in 2016).</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><U>Other price risk</U></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company is exposed to equity price risk as a result
      of holding long-term investments in other mining and royalty companies.
      The equity prices of long-term investments are impacted by various
      underlying factors including commodity prices. Based on the Company's
      long-term investments held as at December 31, 2017, a 10% increase
      (decrease) in the equity prices of these investments would increase
      (decrease) net earnings by $1,297,000 ($1,218,000) and other comprehensive
      income by $9,252,000 ($9,252,000) for the year ended December 31, 2017.
      Based on the Company's long-term investments held as at December 31, 2016,
      a 10% increase (decrease) in the equity prices of these investments would
      increase (decrease) net earnings by $1,944,000 ($1,825,000) and other
      comprehensive income by $9,727,000 ($9,727,000) for the year ended
      December 31, 2016.</P></TD></TR></TABLE>
<P align=right>53 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>30.</B> </TD>
    <TD>
      <P align=justify><B>Financial risks
  </B><B><I>(continued)</I></B></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%"><I>(b)</I> </TD>
    <TD>
      <P align=justify><I>Credit risk</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Credit risk is the risk that one party to a financial
      instrument will fail to discharge its obligation and cause the other party
      to incur a financial loss. Financial instruments that potentially subject
      the Company to credit risk consist of cash and cash equivalents,
      short-term investments, accounts receivable and notes receivable. The
      Company reduces its credit risk by investing its cash and cash equivalents
      and short-term investments (other than notes receivable) in high interest
      savings accounts, banker&#146;s acceptances and guaranteed investments
      certificates issued by Canadian chartered banks. In the case of accounts
      receivable and notes receivable, the Company performs either a credit
      analysis or ensures that is has sufficient guaranties in case of a
      non-payment by the third party to cover the net book value of the
    note.</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 width="5%"></TD>
    <TD>
      <P align=justify>The maximum credit exposure of the Company corresponds to
      the respective instrument&#146;s carrying amount.</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%"><I>(c)</I> </TD>
    <TD>
      <P align=justify><I>Liquidity risk</I></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 width="5%"></TD>
    <TD>
      <P align=justify>Liquidity risk is the risk that the Company will not be
      able to meet the obligations associated with its financial liabilities.
      The Company manages the liquidity risk by continuously monitoring actual
      and projected cash flows, taking into account the requirements related to
      its investment commitments and mining properties and matching the maturity
      profile of financial assets and liabilities. The Board of Directors
      reviews and approves any material transaction out of the ordinary course
      of business, including proposals on mergers, acquisitions or other major
      investment or divestitures. The Company also manages liquidity risk
      through the management of its capital structure and financial leverage as
      outlined in Note 20. As at December 31, 2017, cash and cash equivalents
      and short-term investments (other than notes receivable) are invested in
      high interest savings accounts, banker&#146;s acceptances and guaranteed
      investment certificates issued by Canadian financial institutions. As a
      result, the Company estimates that with the projected cash flows from
      operations and the current liquidity position, it has enough funds
      available to meet its financial liabilities for the next year.</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 width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2017, all financial liabilities to be
      settled in cash or by the transfer of other financial assets mature within
      90 days, except for the convertible debentures and the revolving credit
      facility, which are described below:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="70%" colSpan=19><B>As at December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>Amount</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>payable</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="47%" colSpan=13><B>Estimated annual interest
      payable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>at maturity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Maturity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>2020</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>2021</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>2022</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Conv. debenture (2016) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>February 12,
      2021 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>236 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Conv. debentures (2017) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">300,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">December 31, 2022 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">13,900 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revolving credit
      facility<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>148,031 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>November 14,
      2021 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>3,830 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>498,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>20,280 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>18,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>18,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>16,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>12,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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 maturity date can be extended by one year on each of
      the first two anniversary dates. The interest payable is based on the
      actual interest rate and exchange rate as at December 31,
  2017.</P></TD></TR></TABLE>
<P align=right>54 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>31.</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table provides information about financial
      assets and liabilities measured at fair value in the consolidated balance
      sheets and categorized by level according to the significance of the
      inputs used in making the measurements.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Level 1&#150; Unadjusted quoted prices in
active markets for identical assets or liabilities; <BR>Level 2&#150; Inputs other
than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived
from prices); and <BR>Level 3&#150; Inputs for the asset or liability that are not
based on observable market data (that is, unobservable inputs). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="49%" colSpan=10><B>December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><U>Recurring
      measurements</U></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Financial assets at fair
      value through profit or loss</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Warrants on equity securities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;
      Publicly traded mining exploration and development companies </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,375 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,375 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Other minerals, oil and gas </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,717 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,717 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Financial assets at fair value through
      other</B> <B>comprehensive income</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Equity securities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Publicly traded royalty
      companies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">29,360 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">29,360 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;
      Publicly traded mining exploration and development companies </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">60,286 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">60,286 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Other minerals, oil and gas </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>17,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>17,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">106,841 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">8,092 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">114,933 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="49%" colSpan=10><B>December 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Level 3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><U>Recurring
      measurements</U></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Financial assets at fair
      value through profit or loss</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Warrants on equity securities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;
      Publicly traded mining exploration and development companies </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,227 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,227 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Other minerals, oil and gas </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,708 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,708 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%"></TD>
    <TD vAlign=bottom align=left><B>Financial assets at fair value through
      other</B> <B>comprehensive income</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=left width="10%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#e6efff">Equity securities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp; </TD>
  <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Publicly
      traded royalty companies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">30,338 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">30,338 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#e6efff">&nbsp;&nbsp;&nbsp;&nbsp; Publicly traded
      mining exploration and development companies </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff"></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff"></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff"></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom bgcolor="#e6efff"></TD>
  <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">41,627 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">41,627 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#e6efff">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Other minerals, oil and gas </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">25,309 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">25,309 </TD>
  <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">97,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">10,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">108,209 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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%">(i) </TD>
    <TD>
      <P align=justify>On the basis of its analysis of the nature,
      characteristics and risks of equity securities, the Company has determined
      that presenting them by industry and type of investment is
    appropriate.</P></TD></TR></TABLE>
<P align=right>55 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>31.</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the years ended December 31, 2017 and 2016, there
      were no transfers among Level 1, Level 2 and Level 3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Financial instruments in Level 1</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of financial instruments traded in active
      markets is based on quoted market prices on a recognized securities
      exchange at the balance sheet dates. The quoted market price used for
      financial assets held by the Company is the last transaction price.
      Instruments included in Level 1 consist primarily of common shares trading
      on the TSX or the TSX Venture.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Financial instruments in Level 2</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of financial instruments that are not
      traded in an active market is determined by using valuation techniques.
      These valuation techniques maximize the use of observable market data
      where it is available and rely as little as possible on the Company&#146;s
      specific estimates. If all significant inputs required to measure the fair
      value of an instrument are observable, the instrument is included in Level
      2. Instruments included in Level 2 consist of notes receivable and the
      liability related to share exchange rights. If one or more of the
      significant inputs are not based on observable market data, the instrument
      is included in Level 3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Financial instruments in Level 3</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The warrants held by the Company are not traded on a
      recognized securities exchange. At each balance sheet date, the fair value
      of the investments in warrants is determined using the Black-Scholes
      option pricing model which includes significant inputs not based on
      observable market data. Therefore, investments in warrants are included in
      Level 3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table presents the changes in the Level 3
      investments (warrants) for the years ended December 31, 2017 and
    2016:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; January 1 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>10,935 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,578 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Acquisitions </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">9,662 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,278 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(14,170</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(311</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Change in fair value - investments
      exercised<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">271 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Change in fair value -
      investments expired<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(30</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(88</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Change in fair value - investments held
      at the end of the period<SUP>(i)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,453</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>8,092 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>10,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&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>Recognized in the consolidated statement of income (loss)
      under <I>other gains, net.</I></P></TD></TR></TABLE>
<P align=right>56 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></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><B>Osisko Gold Royalties Ltd </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>31. </B></TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments
      </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table presents the valuation technique and
      data used to evaluate the fair value of the significant financial
      instruments classified as Level 3:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="52%" colSpan=13><B>December
      31, 2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=center width="30%" colSpan=7><B>Inputs
    </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Fair </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Valuation </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Non- </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="8%"><B>value </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="8%"><B>technique </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="8%"><B>observable </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="8%"><B>Range </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=right width="8%"><B>average </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Other investments </U></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Warrants and call options on
      equity </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">Black-Scholes </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;securities of
      publicly traded mining </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>option </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>Expected </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;exploration and development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,092 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">pricing model </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">volatility </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">48% to 100% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73% </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="52%" colSpan=13><B>December 31, 2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=7><B>Inputs </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Fair </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Valuation </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Non- </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Weighted </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>value </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>technique </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>observable </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Range </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>average </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>$</B></TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Other investments </U></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Warrants and call options on
      equity </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">Black-Scholes </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;securities of
      publicly traded mining </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>option </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>Expected </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;exploration and development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,935 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">pricing model </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">volatility </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">36% to 100% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73% </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>An increase (decrease) in the expected
volatility of 10% would lead to an increase (decrease) in the fair value of
$676,000 ($685,000) in 2017 and $170,000 ($163,000) in 2016. </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Financial instruments not measured
at fair value on the balance sheet </U></P>
<P style="MARGIN-LEFT: 5%" align=justify>Financial instruments that are not
measured at fair value on the consolidated balance sheets are represented by
cash and cash equivalents, guaranteed investment certificates, trade
receivables, amounts receivable from associates and other receivables, notes
receivable, accounts payable and accrued liabilities and the long-term debt. The
fair values of cash and cash equivalents, guaranteed investment certificates,
trade receivables, amounts receivable from associates and other receivables and
accounts payable and accrued liabilities approximate their carrying values due
to their short-term nature. The fair value of the non-current notes receivable
approximate their carrying value as there were no significant changes in
economic and risks parameters since the issuance/acquisition or assumption of
those financial instruments. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table presents the
carrying amount and the fair value of long-term debt, categorized under Levels 1
and 2, as at December 31, 2017: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%" colSpan=4><B>December 31, 2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Fair </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Carrying </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>value </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>amount </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Long-term debt </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>509,229 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>464,308 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>57 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>32.</B> </TD>
    <TD>
      <P align=justify><B>Segment disclosure</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The chief operating decision-maker organizes and manages
      the business under a single operating segment, consisting of acquiring and
      managing precious metal and other high-quality royalties, streams and
      similar interests. All of the Company&#146;s assets and revenues are
      attributable to this single operating segment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Geographic revenues from the sale of metals and diamonds
      received or acquired from in-kind royalties, streams and other interests
      are determined by the location of the mining operations giving rise to the
      royalty, stream or other interest. For the years ended December 31, 2017
      and 2016, royalty, stream and other interest revenues were mainly earned
      from the following jurisdictions:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Royalties</U> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Canada </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">72,057 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">62,677 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,984 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>74,041 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>62,677 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Streams</U> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Canada </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,321 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">8,430 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">19,751 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Offtakes</U> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Canada </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">86,303 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Australia </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>22,475 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,646 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">119,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total revenues </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>213,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>62,677 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2017,
one royalty interest generated revenues of $53.8 million ($48.1 million in
2016), which represented 57% of revenues (77% of revenues in 2016) (excluding
revenues generated from the offtakes).</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2017
revenues generated from precious metals and diamonds represented 96% and 4% of
revenues, respectively (90% and 8% excluding offtakes, respectively). For the
year ended December 31, 2016 revenues were exclusively generated from precious
metals. </P>
<P align=right>58 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>32.</B> </TD>
    <TD>
      <P align=justify><B>Segment disclosure
  </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the royalty, stream and
      other interests by country, which is based on the location of the property
      related to the royalty, stream or other
interest:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Royalty interests, net</U>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Canada </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">577,875 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">471,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>United States </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>120,611 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>22,941 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>South America </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">27,047 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Africa </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>12,040 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">32,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>770,530 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>494,768 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Stream interests, net</U> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Canada </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>332,497 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>South America </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">173,591 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asia </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>78,665 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>United States </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">50,189 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>65,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">700,078 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Offtake interests, net</U>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Canada </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">48,919 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Asia </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>26,147 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Australia </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12,606 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>South America </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Rest of the World </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">12,383 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>105,164 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty, stream and other
      interests, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>494,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&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%"><B>33.</B> </TD>
    <TD>
      <P align=justify><B>Related party transactions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In addition to the transactions with the associates
      described in Notes 12, 13 and 14, an amount of $4,125,000 ($4,750,000 in
      2016, including $1,711,000 for professional services related to
      capitalized exploration and evaluation activities) was invoiced by Osisko
      to associates for recoveries of costs related to professional services and
      rental of offices. An amount of $1,245,000 (including sales taxes) is
      receivable from associates and included in accounts receivable as at
      December 31, 2017 ($720,000 as at December 31, 2016).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2017, an amount of $395,000 ($231,000 in 2016) was
      invoiced to Osisko by an associate for professional services and rental of
      offices, including $355,000 ($227,000 in 2016) related to capitalized
      exploration and evaluation activities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2017, interest revenues of $748,000 ($418,000 in 2016)
      were accounted for with regards to a $10.0 million financing completed in
      May 2016 with Falco, an associate of Osisko. As at December 31, 2017,
      interests of $1,166,000 ($418,000 as at December 31, 2016) are receivable
      from Falco.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the years ended December 31, 2017 and 2016,
      certain directors and officers of Osisko have participated in financings
      completed by certain associates.</P></TD></TR></TABLE>
<P align=right>59 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></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><B>Osisko Gold Royalties Ltd </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>34. </B></TD>
    <TD>
      <P align=justify><B>Commitments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company is committed to minimum amounts under
      long-term lease agreements for office space, which expire at the latest in
      2020. As at December 31, 2017, minimum commitments remaining under these
      leases were approximately $2,322,000 over the following
  years:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>2018 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,154 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>2019 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,033 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>2020 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>135 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">2,322 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><U>Streams and offtakes </U></P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
significant commitments to pay for gold, silver and diamonds to which Osisko has
the contractual right pursuant to the associated precious metals and diamond
purchase agreements: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>&nbsp;</TD>
    <TD width="30%"
    colSpan=3 align=center noWrap bgcolor="#eeeeee" style="BORDER-TOP: #000000 1px solid"><B>Attributable Payable Production </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="30%"
    colSpan=3><B>Per Ounce/Carat </B></TD>
    <TD
    width="10%" align=center noWrap bgcolor="#eeeeee" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center
    width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center>&nbsp;</TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#eeeeee"><B>to be Purchased (ounces
      or %) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="30%"
    colSpan=3><B>Cash Payment (US$) </B></TD>
    <TD width="10%" align=center noWrap bgcolor="#eeeeee"><B>Term of </B></TD>
    <TD noWrap align=center width="10%"><B>Date of Contract </B></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap
      align=center><B>Interest </B></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Gold </B></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Silver </B></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Diamond </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="10%"><B>Gold </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="10%"><B>Silver </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="10%"><B>Diamond </B></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Agreement </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="10%">&nbsp;</TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Amulsar stream <SUP>(1),(7) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">142,454 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">694,000 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%">$400 </TD>
    <TD align=center width="10%">$4 </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">40 years </TD>
    <TD align=center width="10%">Nov 25, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Back Forty stream<SUP>(7)&nbsp; </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">(7) 18.5% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">75% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%">30% spot price (max $600) </TD>
    <TD align=center width="10%">$4 </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Life of mine </TD>
    <TD align=center width="10%">Mar 31, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Brucejack offtake<SUP>(7)&nbsp; </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">50% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%">Based on quotational period </TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Until delivery of 7,067,000 ounces Au </TD>
    <TD align=center width="10%">Sept. 21, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Brucejack stream<SUP>(2), </SUP><SUP>(7) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">4% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">4% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%">$400 </TD>
    <TD align=center width="10%">$4 </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Until delivery of 7,067,000 ounces Au </TD>
    <TD align=center width="10%">Sept. 21, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Matilda offtake<SUP>(7)&nbsp; </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">55% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%">Based on quotational period </TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Until delivery of 300,000 ounces Au </TD>
    <TD align=center width="10%">May 18, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Mantos stream<SUP>(3), (7) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">100% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%">25% spot </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Life of mine </TD>
    <TD align=center width="10%">Sept 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Renard stream<SUP>(4), </SUP><SUP>(7) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">9.6% </TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%">$50 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">40 years </TD>
    <TD align=center width="10%">Jul 8, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Sasa stream<SUP>(5), (7) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">100% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%">$5 </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">40 years </TD>
    <TD align=center width="10%">Nov 3, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center bgcolor="#eeeeee"></TD>
    <TD align=center></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center></TD>
    <TD align=center bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="5%"></TD>
    <TD align=center>Gibraltar stream<SUP>(6) </SUP></TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">100% </TD>
    <TD width="10%" align=center bgcolor="#eeeeee"></TD>
    <TD align=center width="10%"></TD>
    <TD align=center width="10%">$2.75 </TD>
    <TD align=center width="10%"></TD>
    <TD width="10%" align=center bgcolor="#eeeeee">Life of mine </TD>
    <TD align=center width="10%">March 3, 2017 </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%">(1) </TD>
    <TD>
      <P align=justify>Stream of 4.22% of gold and 62.5% of silver production up
      to the production maximum. Subject to multiple buyback options: 50% for
      US$31.3 million and US$34.4 million on 2<SUP>nd </SUP>and 3<SUP>rd
      </SUP>anniversary of production start date, respectively, which is
      currently expected to be in the second half of 2018. 1% inflation price
      escalation after 2<SUP>nd </SUP>anniversary.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Stream subject to multiple buyback/buydown options:
      December 31, 2018 buyback for US$119 million or buydown for US$75 million
      + 1.5% ongoing stream; December 31, 2019 buyback for US$136 million or
      buydown for US$75 million + 2% ongoing stream. If buyback/buydown not
      exercised by December 31, 2019, US$10 million make-whole payment + 4%
      ongoing stream.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The stream percentage shall be payable on 100% of silver
      until 19,300,000 ounces have been delivered, after which the stream
      percentage will be 30%.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The stream term shall be automatically extended beyond
      the initial term for successive 10-year periods.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>The stream term shall be automatically extended beyond
      initial term for successive 10-year periods. 3% or consumer price index
      (CPI) per ounce price escalation after 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Under the silver stream, Osisko will make ongoing
      payments of US$2.75 per ounce of silver delivered. Osisko will receive
      from Taseko an amount equal to 100% of Gibco&#146;s share of silver production
      until reaching the delivery to Osisko of 5.9 million ounces of silver, and
      35% of Gibco&#146;s share of silver production thereafter. Silver in respect of
      which a delivery is made after January 1, 2017, is subject to the
      stream.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>The silver stream was acquired through the acquisition of
      Orion&#146;s Portfolio (Note 7). The gold stream will be reduced to 9.25% after
      the delivery of 105,000 gold ounces.</P></TD></TR></TABLE>
<P align=right>60 </P>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the years
      ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </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>34.</B> </TD>
    <TD>
      <P align=justify><B>Commitments </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Back Forty Gold Stream (Aquila Resources
    Inc.)</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2017, Osisko acquired an additional gold
      stream on the Back Forty project, through its wholly-owned subsidiary,
      Osisko Bermuda Limted (&#147;OBL&#148;). OBL will make staged upfront cash deposits
      to Aquila of up to US$55 million for the gold stream, and will make
      ongoing payments equal to 30% of the spot price of gold, to a maximum of
      US$600 per ounce. The gold stream applies to 18.5% of the refined gold
      from the project until 105,000 ounces of gold have been delivered, and to
      9.25% of the refined gold for the remaining life-of-mine.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The deposit will be paid in four installments, as
      follows:</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>US$7.5 million was paid on closing of the gold stream
      transaction;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>US$7.5 million payable upon receipt by Aquila Resources
      Inc. (&#147;Aquila&#148;) of all material permits required for the development and
      operation of the project, and receipt of a positive feasibility
    study;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>US$10 million payable following a positive construction
      decision for the property; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>US$30 million payable upon the first drawdown of an
      appropriate project debt finance facility, subject to the change of
      control provision. In the event of a change of control of Aquila prior to
      the advancement of the fourth deposit, the person or entity acquiring
      control over the project may elect to forego the fourth deposit, in which
      case the stream will be reduced to 9.5% of the refined gold from the project
      until 105,000 ounces of gold have been delivered and to 4.75% of the
      refined gold for the remaining life-of-mine. All other terms and
      conditions will remain unchanged.</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>35.</B> </TD>
    <TD>
      <P align=justify><B>Subsequent event</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Dividends</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On February 16, 2018, the Board of Directors declared a
      quarterly dividend of $0.05 per common share payable on April 16, 2018 to
      shareholders of record as of the close of business on March 30,
    2018.</P></TD></TR></TABLE>
<P align=right>61 </P>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.2 - 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">
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<P align=center>
<IMG src="exhibit99-1x1x1.jpg" border=0 width="281" height="127"> </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=center><B>Management's Discussion and Analysis</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>For the year ended December 31, 2017
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify><I>The following management discussion and analysis
      (&#147;MD&amp;A&#148;) of the consolidated operations and financial position of
      Osisko Gold Royalties Ltd</I> <I>(&#147;Osisko&#148;, &#147;Osisko Gold Royalties&#148; or the
      &#147;Company&#148;) and its subsidiaries for the year ended December 31, 2017
      should be read in conjunction</I> <I>with the Company&#146;s audited
      consolidated financial statements and related notes for the year ended
      December 31, 2017. The audited</I> <I>consolidated financial statements
      have been prepared in accordance with International Financial Reporting
      Standards (&#147;IFRS&#148;) as issued by the</I> <I>International Accounting
      Standards Board (&#147;IASB&#148;). Management is responsible for the preparation of
      the consolidated financial statements and</I> <I>other financial
      information relating to the Company included in this report. The Board of
      Directors is responsible for ensuring that management</I> <I>fulfills its
      responsibilities for financial reporting. In furtherance of the foregoing,
      the Board of Directors has appointed an Audit Committee</I> <I>composed of
      independent directors. The Audit Committee meets with management and the
      auditors in order to discuss results of operations and</I> <I>the
      financial condition of the Company prior to making recommendations and
      submitting the consolidated financial statements to the Board of</I>
      <I>Directors for its consideration and approval for issuance to
      shareholders. The information included in this MD&amp;A is as of February
      19, 2018, the</I> <I>date when the Board of Directors has approved the
      Company's audited consolidated financial statements for the year ended
      December 31, 2017</I> <I>following the recommendation of the Audit
      Committee. All monetary amounts included in this report are expressed in
      Canadian dollars, the</I> <I>Company&#146;s reporting and functional currency,
      unless otherwise noted. Assets and liabilities of the subsidiaries that
      have a functional currency</I> <I>other than the Canadian dollar are
      translated into Canadian dollars at the exchange rate in effect on the
      consolidated balance sheet date and</I> <I>revenues and expenses are
      translated at the average exchange rate over the reporting period. This
      MD&amp;A contains forward-looking statements</I> <I>and should be read in
      conjunction with the risk factors described in the &#147;Forward-Looking
      Statements&#148; section.</I> </P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=center><B>Table of Contents </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 bgColor=#eeeeee><A
      href="#page_2">Description
      of the Business </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_2">Business
      Model and Strategy </A></TD>
    <TD align=right width="10%"><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_2">Highlights
      &#150; 2017 </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_3">Highlights
      &#150; Subsequent to December 31, 2017 </A></TD>
    <TD align=right width="10%"><A
      href="#page_3">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_3">Business
      Combination </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_3">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_4">Impairment
      of &#201;l&#233;onore NSR Royalty Interest </A></TD>
    <TD align=right width="10%"><A
      href="#page_4">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">Portfolio
      of Royalty, Stream and Offtake Interests </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_5">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_15">Portfolio
      of Investments </A></TD>
    <TD align=right width="10%"><A
      href="#page_15">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18">Sustainability
      Activities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_18">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_18">Exploration
      and Evaluation Activities </A></TD>
    <TD align=right width="10%"><A
      href="#page_18">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18">Revolving
      Credit Facility </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_18">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_18">Bought
      Deal of Convertible Senior Unsecured Debentures </A></TD>
    <TD align=right width="10%"><A
      href="#page_18">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_19">Quarterly
      Dividends </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_19">19
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_20">Gold
      Market and Currency </A></TD>
    <TD align=right width="10%"><A
      href="#page_20">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_21">Selected
      Financial Information </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_21">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_21">Overview
      of Financial Results </A></TD>
    <TD align=right width="10%"><A
      href="#page_21">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">Liquidity
      and Capital Resources </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_24">24
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_25">Cash
      Flows </A></TD>
    <TD align=right width="10%"><A
      href="#page_25">25
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28">Quarterly
      Information </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_28">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_29">Fourth
      Quarter Results </A></TD>
    <TD align=right width="10%"><A
      href="#page_29">29
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">Outlook
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_32">32
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_32">Related
      Party Transactions </A></TD>
    <TD align=right width="10%"><A
      href="#page_32">32
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">Contractual
      Obligations and Commitments </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_32">32
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_34">Off-balance
      Sheet Items </A></TD>
    <TD align=right width="10%"><A
      href="#page_34">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34">Outstanding
      Share Data </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_34">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_34">Normal
      Course Issuer Bid </A></TD>
    <TD align=right width="10%"><A
      href="#page_34">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34">Annual
      General Meeting </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_34">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_34">Board
      of Directors </A></TD>
    <TD align=right width="10%"><A
      href="#page_34">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35">Subsequent
      Events to December 31, 2017 </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_35">35
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_35">Risks
      and Uncertainties </A></TD>
    <TD align=right width="10%"><A
      href="#page_35">35
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35">Disclosure
      Controls and Procedures and Internal Control over Financial Reporting
    </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_35">35
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_36">Basis
      of Presentation of Consolidated Financial Statements </A></TD>
    <TD align=right width="10%"><A
      href="#page_36">36
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_36">Critical
      Accounting Estimates and Judgements </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_36">36
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_36">Financial
      Instruments </A></TD>
    <TD align=right width="10%"><A
      href="#page_36">36
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_37">Non-IFRS
      Financial Performance Measures </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_37">37
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_38">Forward-looking
      Statements </A></TD>
    <TD align=right width="10%"><A
      href="#page_38">38
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39">Cautionary
      Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral
      Resource Estimates </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_39">39
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_40">Corporate
      Information </A></TD>
    <TD align=right width="10%"><A
      href="#page_40">40
      </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Description of the Business </B></P>
<P align=justify>Osisko Gold Royalties Ltd was formed following the friendly
acquisition of Osisko Mining Corporation (&#147;OMC&#148;) by Yamana Gold Inc. (&#147;Yamana&#148;)
and Agnico Eagle Mines Limited (&#147;Agnico Eagle&#148;) and commenced active operations
on June 16, 2014. The Company is incorporated under the Business Corporations
Act (Qu&#233;bec) and is focused on acquiring and managing precious metal and other
high-quality royalties, streams and similar interests in Canada and worldwide.
The cornerstone assets include the 5% net smelter return (&#147;NSR&#148;) royalty on the
Canadian Malartic mine, the sliding scale 2.0% -<SUP> </SUP>3.5% NSR royalty on
the &#201;l&#233;onore mine, a 9.6% diamond stream on the Renard diamond mine, a 4% gold
and silver stream on the Brucejack gold and silver mine and a silver stream on
the Gibraltar mine, all located in Canada, in addition to a 100% silver stream
on the Mantos Blancos copper mine in Chile. The Company also owns a portfolio of
royalties, streams, offtakes, options on royalty/stream financings and exclusive
rights to participate in future royalty/stream financings on various projects
mainly in Canada. In addition, the Company invests in equities of exploration,
development and royalty companies. </P>
<P align=justify><B>Business Model and Strategy </B></P>
<P align=justify>The Company&#146;s objective is to maximize returns for its
shareholders by growing its asset base, both organically and through accretive
acquisitions of precious metal and other high-quality royalties, streams and
similar interests, and by returning capital to its shareholders by dividend
payments. The Company believes it can achieve this by putting its team&#146;s strong
technical expertise to work seeking out high margin growth opportunities that
provide exposure to the upside of commodity prices and optionality of mineral
reserve growth and new discoveries. Osisko&#146;s main focus is on high quality gold
assets located in favourable jurisdictions and operated by established mining
companies, as these assets are expected to support a premium valuation in the
marketplace. The Company will also evaluate opportunities in other commodities
and jurisdictions. Given that a core aspect of the Company&#146;s business is the
ability to compete for investment opportunities, Osisko plans to maintain a
strong balance sheet and ability to deploy capital. The Company may also invest
or maintain investments in gold bullion as part of its overall treasury
management, through the acquisition of gold bullion on the market or through
holding in-kind royalties received. </P>
<P align=justify><B>Highlights &#150; 2017 </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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Record gold equivalent ounces (&#147;GEOs&#148;) earned
  of 58,933<SUP>1 </SUP>(54% increase compared to 2016); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Record revenues from royalties and streams of
      $93.8 million ($213.2 million including offtakes) (50% increase compared
  to 2016; 240% increase including offtakes); </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net cash flows provided by operating activities
  of $48.7 million (compared to $53.4 million in 2016); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net loss attributable to Osisko&#146;s shareholders
      of $42.5 million, $0.33 per basic share (compared to net earnings of $42.1
      million, $0.40 per basic share in 2016), reflecting the impairment charge
      of $89.0 million on the &#201;l&#233;onore royalty interest ($65.4 million, net of
  income taxes); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Adjusted earnings<SUP>2 </SUP>of $22.7 million,
      $0.18 per basic share<SUP>2 </SUP>(compared to $34.2 million, $0.33 per
  basic share in 2016); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Proceeds of $71.1 million on sale of
      investments, generating a gain<sup>3</sup> of $35.8 million, based on the cash
  cost<SUP>3 </SUP>of the investments; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Acquisition of a precious metals portfolio of
      assets from Orion Mine Finance Group (&#147;Orion&#148;) for $1.1 billion consisting
      of 74 royalties, streams and precious metal offtakes, including a 9.6%
      diamond stream on the Renard diamond mine and a 4% gold and silver stream
      on the Brucejack gold and silver mine, both of which are new mines in
      Canada, in addition to a 100% silver stream on the Mantos Blancos copper
  mine in Chile; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Acquisition of a US$33.0 million ($44.3
  million) silver stream from Taseko Mines Limited (&#147;Taseko&#148;); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Acquisition of a US$55.0 million ($69.8
      million) gold stream from Aquila Resources Inc. (&#147;Aquila&#148;) by Osisko&#146;s
  wholly-owned subsidiary Osisko Bermuda Limited (&#147;OBL&#148;); </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Acquisition of an additional 0.75% NSR royalty
      on the Cariboo gold project from Barkerville Gold Mines Ltd.
      (&#147;Barkerville&#148;) for cash consideration of $12.5 million, which increased
      the NSR royalty held by Osisko on the Cariboo gold project to a total of
  2.25% NSR; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Completed a bought deal offering of convertible
  senior unsecured debentures of $300.0 million; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Increased the revolving credit facility to
      $350.0 million (with a potential accordion of up to $100.0 million); and
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Declaration of quarterly dividends totalling
      $0.18 per common share for 2017.
</TD></TR></TABLE>
<P align=justify>________________________________</P>
<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%">1 </TD>
    <TD style="text-align: justify">GEOs are calculated on a quarterly basis and include royalties,
      streams and offtakes. Silver earned from royalty and stream agreements was
      converted to gold equivalent ounces by multiplying the silver ounces by
      the average silver price for the period and dividing by the average gold
      price for the period. Diamonds, other metals and cash royalties were
      converted into gold equivalent ounces by dividing the associated revenue
      by the average gold price for the period. Offtake agreements were
      converted using the financial settlement equivalent divided by the average
      gold price for the period. Refer to the portfolio of royalty, stream and
  other interests section for average metal prices used. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">2 </TD>
    <TD style="text-align: justify">&#147;Adjusted earnings&#148; and &#147;Adjusted earnings per basic share&#148; are
      non-IFRS financial performance measures which have no standard definition
      under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS
      Financial Performance Measures section of this Management&#146;s Discussion and
  Analysis. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">3 </TD>
    <TD style="text-align: justify">The cash cost of an investment is a non-IFRS measure representing the
      cash paid on the acquisition of an investment. The gain or the loss is
      calculated by subtracting the cash acquisition cost from the cash proceeds
  on the sale of an investment. </TD></TR></TABLE>
<P align=right>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Highlights &#150; Subsequent to December 31, 2017 </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 width="5%" ></TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Delivered the shares of AuRico Metals Inc. to Centerra
      Gold Inc. for a $1.80 cash consideration per share and for proceeds of
      $25.5 million, generating a gain<sup>1</sup> of $15.5 million, based on the cash
      cost<SUP>1 </SUP>of the shares. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Declared a quarterly dividend of $0.05 per common share
      payable on April 16, 2018 to shareholders of record as of the close of
      business on March 30, 2018. </P></TD></TR></TABLE>
<P align=justify><B>Business Combination </B></P>
<P align=justify>On July 31, 2017, Osisko acquired a precious metals portfolio
of assets from Orion consisting of 61 royalties, 6 streams and 7 precious metal
offtakes for $1.1 billion. The final acquisition price was comprised of US$504.8
million ($630.1 million) in cash consideration, which includes a US$4.2 million
($5.1 million) adjustment for the acquired working capital, and 30,906,594
common shares of Osisko issued to Orion (the &#147;Purchase Price&#148;) (the
&#147;Transaction&#148;). Any sale of the shares issued to Orion is subject to certain
restrictions, including a 12-month hold period and a broad distribution
requirement.</P>
<P align=justify>The combination of Osisko and Orion&#146;s portfolios resulted in
Osisko holding a total of 131 royalties, streams and offtakes, including 16
revenue-generating assets on July 31, 2017. Through the Transaction, the Company
acquired a 9.6% diamond stream on the Renard diamond mine and a 4% gold and
silver stream on the Brucejack gold and silver mine, both of which are new mines
in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine
in Chile. Certain assets are held through an international wholly-owned
subsidiary which was renamed to Osisko Bermuda Limited (&#147;OBL&#148;). On September 1,
2017, Mr. Michael Spencer was hired as Managing Director of OBL. Mr. Spencer was
previously Vice President, Investment and Merchant Banking at Maxit Capital
where he worked from 2014 to 2017. </P>
<P align=justify>As part of the Transaction, CDP Investissements Inc., an
affiliate of Caisse de d&#233;p&#244;t et placement du Qu&#233;bec (&#147;Caisse&#148;) and the Fonds de
solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.) (&#147;Fonds F.T.Q.&#148;) subscribed for
$200 million and $75 million in common shares of Osisko, respectively, as part
of a concurrent private placement (&#147;Private Placement&#148;) to fund a portion of the
cash consideration and support the Transaction. A total of 18,887,363 common
shares were issued at a price of $14.56 per share under the Private Placement.
The Private Placement was subject to a 7% capital commitment payment payable
partially in shares (2% representing 385,457 common shares) and in cash (5%
representing $13.8 million). Additional fees of $190,000 ($139,000 net of income
taxes) were incurred for the financing. </P>
<P align=justify>Following the Transaction, Orion, Caisse and its affiliates and
Fonds F.T.Q. held respectively approximately 19.7%, 12.1% and 5.5% of Osisko&#146;s
issued and outstanding common shares, based on the number of common shares of
Osisko outstanding at the closing of the Transaction on July 31, 2017.</P>
<P align=justify>Osisko also drew US$118 million ($147.3 million) under its
revolving credit facility with the National Bank of Canada and Bank of Montreal,
settled the foreign exchange forward contracts by disbursing $275 million to
acquire US$204.0 million and paid US$182.8 million ($228.9 million) from
Osisko&#146;s current cash and cash equivalents balance. </P>
<P align=justify>The transaction has been recorded as a business combination
with Osisko as the acquirer. The assets acquired and the liabilities assumed
were recorded at their estimated fair market values at the time of the closing
of the acquisition, being July 31, 2017. The transaction costs related to the
acquisition were expensed under business development expenses and amounted to
$8.9 million.</P>
<P align=justify>As of the reporting date, the Company has completed the
purchase price allocation over the identifiable net assets of Orion&#146;s Portfolio.
Adjustments between the preliminary and final purchase price allocation are
related to adjustments to the working capital acquired (decrease in the
consideration paid in cash of $1.0 million) and the final fair values of
royalty, stream and other interests acquired (decrease of $1.0 million).
<P align=justify>________________________________</P>
<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%">1 </TD>
    <TD>The cash cost of an investment is a non-IFRS measure representing the
      cash paid on the acquisition of an investment. The gain or the loss is
      calculated by subtracting the cash acquisition cost from the cash proceeds
      on the sale of an investment. </TD></TR></TABLE>
<P align=right>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The table below presents the purchase price allocation: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left><B>Consideration paid</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"
      ><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash<SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff
      >648,385 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Issuance of
      30,906,594 common shares<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" >445,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff >1,093,718 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Net assets acquired</B> </TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right width="12%"
    ><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff
      >8,707 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other current
      assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >1,217 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Royalty, stream and other interests </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff
      >1,116,115 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Current
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >(435</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff >(31,886</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" >1,093,718 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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%">(1) </TD>
    <TD>Including the net loss on settlement of derivative financial
      instruments (cash flow hedges) of $18.2 million. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>The fair value of the consideration paid in common shares represents
      the fair value of the shares on July 31, 2017 minus an illiquidity
      discount to take into account the twelve-month restrictions on their
      sales. </TD></TR></TABLE>
<P align=justify><B>Impairment of &#201;l&#233;onore NSR Royalty Interest </B></P>
<p align="justify">In  February 2015, Osisko acquired all of the outstanding common shares of Virginia.&nbsp; The assets acquired included a 2.0&#8209;3.5% NSR  royalty on the El&eacute;onore mine discovered by Virginia and owned by Goldcorp Inc. Through  the combination of the two companies, Osisko achieved its objective of creating  a new intermediate royalty company with two world-class gold royalty assets in  Qu&eacute;bec. Operations started at the El&eacute;onore mine in October 2014 and commercial  production was declared in April 2015. </p>
<p align="justify">Gold  production for the year ended December 31, 2017 was higher than the prior years  at 305,000 ounces compared to 274,000 ounces in 2016 and 268,000 ounces in 2015  due to increase in grade and mined tonnes as &Eacute;l&eacute;onore continued its ramp up to  optimized production levels. For 2018, the operator&rsquo;s guidance is at 360,000  ounces.</p>
<p align="justify">Gold  ounces earned from the &Eacute;l&eacute;onore NSR royalty:</p>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2015<sup>(1)</sup></TD>
    <TD align=center vAlign=bottom>&nbsp;</TD>
    <TD align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2016</TD>
    <TD align=center vAlign=bottom>&nbsp;</TD>
    <TD align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2017</TD>
    <TD align=center vAlign=bottom>&nbsp;</TD>
    <TD align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2018 Guidance</TD>
    <TD align=center vAlign=bottom>&nbsp;</TD>
    <TD align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2019+ Guidance<sup>(2)</sup></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center vAlign=bottom bgcolor="#e6efff">402</TD>
    <TD width="2%" align=center vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="18%" align=center vAlign=bottom bgcolor="#e6efff">6,568</TD>
    <TD width="2%" align=center vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="18%" align=center vAlign=bottom bgcolor="#e6efff">6,390</TD>
    <TD width="2%" align=center vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="18%" align=center vAlign=bottom bgcolor="#e6efff">7,920</TD>
    <TD width="2%" align=center vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="18%" align=center vAlign=bottom bgcolor="#e6efff">8,800</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>Osisko started receiving royalties in December 2015 only due to the  royalty advance payment to Virginia.</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>Based on operator&rsquo;s guidance of 400,000 sustainable annual gold  production. As per the sliding scale schedule  of up to 3.5%, Osisko could potentially receive up to 14,000 ounces annually  once 8 million ounces have been produced.</TD>
  </TR>
</TABLE>
<p align="justify">The operator reviewed its guidance on long-term annual  gold production to 400,000 ounces, which is significantly lower compared to the  design capacity of 600,000 ounces. This was considered an indicator of  impairment among other facts and circumstances and, accordingly, management  performed an impairment assessment as at December 31, 2017. </p>
<p align="justify">As a result, the Company recorded an impairment charge  of $89.0 million ($65.4 million net of income taxes) on the &Eacute;l&eacute;onore NSR  royalty for the year ended December 31, 2017.</p>
<P align=justify>The &#201;l&#233;onore NSR royalty was written down to its estimated
recoverable value, which was determined by the fair value less cost of disposal
using a discounted cash-flows approach. The main valuation inputs used were the
cash flows expected to be generated by the sale of gold received from the
&#201;l&#233;onore NSR royalty based on the long-term annual gold production of 400,000
ounces over the estimated life of the &#201;l&#233;onore mine, the long-term gold price of
US$1,300 per ounce and a post-tax real discount rate of 4.2%.</P>
<P align=right>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Portfolio of Royalty, Stream and Offtake Interests </B></P>
<P align=justify>The following table details the GEOs earned from Osisko&#146;s
producing royalty, stream and other interests: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="27%" colSpan=4>Three months
      ended </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="27%" colSpan=4>Years ended </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%" colSpan=4>December 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%" colSpan=4>December 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">2016 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><U>Gold</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Canadian Malartic royalty </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">10,177 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,749 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">33,136 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">28,748 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&#201;l&#233;onore royalty </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,532 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,343 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">6,390 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,568 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Seabee royalty<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">619 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,310 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Island Gold royalty </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">379 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">292 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,706 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,373 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Brucejack offtake<sup>(1)</sup></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">321 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">536 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Vezza royalty </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">274 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">342 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,253 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">830 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">330 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">124 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">869 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">294 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">13,632 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">8,850 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">45,200 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">37,813 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><U>Silver</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Mantos stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,910 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">3,060 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Sasa stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">1,229 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">2,074 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gibraltar stream (3 and 11 months) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">665 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">2,303 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Canadian Malartic royalty </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">138 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">114 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">479 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">456 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">78 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">129 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">4,020 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">114 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">8,045 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">457 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><U>Diamonds</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Renard stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">2,839 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">4,686 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">88 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">201 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">2,927 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">4,887 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><U>Other metals</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Kwale royalty<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">411 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">801 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD
    width="1%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD
    width="1%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total GEOs </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>20,990</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>8,964</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>58,933</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>38,270</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE><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>&nbsp;</TD>
    <TD align=left width="95%">
      <P align=justify>(1) The effective date of the acquisition of Orion&#146;s
      Portfolio was June 1, 2017. However, revenues of royalties, streams and
      offtakes acquired from Orion are only included in revenues from July 31,
      2017 onward, the acquisition date for accounting purposes.
  </P></TD></TR></TABLE>
<P align=justify><U>GEOs by Product</U> </P>
<P align=center>
<IMG src="exhibit99-2x5x1.jpg" border=0 width="676" height="168"></P>
<P align=justify><U>Average Metal Prices and Exchange Rate</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="27%" colSpan=4>Three months ended </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="27%" colSpan=4>Years ended </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="27%"
    colSpan=4>December 31, </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="27%"
    colSpan=4>December 31, </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">2016 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#eeeeee">$</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">1,275 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">1,222 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#eeeeee">$</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">1,257 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">1,251 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#eeeeee">$</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">17 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#eeeeee">$</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">17 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exchange rate (US$/Can$)<SUP>(3)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">1.2713 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1.3341 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#eeeeee">1.2986 </TD>
    <TD width="2%" align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1.3248 </TD>
<TD align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><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%" >(1) </TD>
    <TD>The London Bullion Market Association&#146;s pm price in U.S. dollars
</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(2) </TD>
    <TD>The London Bullion Market Association&#146;s price in U.S. dollars </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(3) </TD>
    <TD>Bank of Canada daily rate </TD></TR></TABLE>
<P align=right>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Summary of Main Royalty, Stream and Other Interests</U><B>
</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap
      align=left><B>Asset </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap align=left
    width="20%"><B>Operator </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap align=left
    width="15%"><B>Interest </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap align=left
    width="15%"><B>Commodities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap align=left
    width="15%"><B>Jurisdiction </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center noWrap align=left
    width="15%"><B>Stage </B></TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B><U>Royalties </U></B></TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Canadian Malartic<SUP>(2) </SUP></TD>
    <TD vAlign=center align=left width="20%">Agnico/Yamana </TD>
    <TD vAlign=center align=left width="15%">5.0% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&#201;l&#233;onore </TD>
    <TD vAlign=center align=left width="20%">Goldcorp Inc. </TD>
    <TD vAlign=center align=left width="15%">2.0-3.5% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Island Gold<SUP>(1) </SUP></TD>
    <TD vAlign=center align=left width="20%">Alamos Gold Inc. </TD>
    <TD vAlign=center align=left width="15%">1.38-2.55% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Hewfran Block <SUP>(1) </SUP></TD>
    <TD vAlign=center align=left width="20%">Metanor Resources Inc. </TD>
    <TD vAlign=center align=left width="15%">1.7% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Vezza </TD>
    <TD vAlign=center align=left width="20%">Ressources Nottaway Inc. </TD>
    <TD vAlign=center align=left width="15%">5% NSR &amp; 40% NPI </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Seabee* </TD>
    <TD vAlign=center align=left width="20%">SSR Mining Inc. </TD>
    <TD vAlign=center align=left width="15%">3% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Bald Mtn. Alligator Ridge / Duke &amp;
      Trapper* </TD>
    <TD vAlign=center align=left width="20%">Kinross Gold Corporation </TD>
    <TD vAlign=center align=left width="15%">1% / 4% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Brauna* </TD>
    <TD vAlign=center align=left width="20%">Lipari Minera&#231;&#227;o </TD>
    <TD vAlign=center align=left width="15%">1% GRR<SUP>(7) </SUP></TD>
    <TD vAlign=center align=left width="15%">Dia </TD>
    <TD vAlign=center align=left width="15%">Brazil </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Kwale* </TD>
    <TD vAlign=center align=left width="20%">Base Resources Limited </TD>
    <TD vAlign=center align=left width="15%">1.5% GRR </TD>
    <TD vAlign=center align=left width="15%">Rutile, Ilmenite, zircon </TD>
    <TD vAlign=center align=left width="15%">Kenya </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Pan* </TD>
    <TD vAlign=center align=left width="20%">Fiore Gold Ltd. </TD>
    <TD vAlign=center align=left width="15%">4% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Casino* </TD>
    <TD vAlign=center align=left width="20%">Western Copper &amp; <BR>Gold
      Corporation </TD>
    <TD vAlign=center align=left width="15%">2.75% NSR </TD>
    <TD vAlign=center align=left width="15%">Au, Ag, Cu </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Ollachea* </TD>
    <TD vAlign=center align=left width="20%">Kuri Kullu / Minera IRL </TD>
    <TD vAlign=center align=left width="15%">1% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Peru </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>King Island* </TD>
    <TD vAlign=center align=left width="20%">King Island Scheelite Limited </TD>
    <TD vAlign=center align=left width="15%">1.5%GRR </TD>
    <TD vAlign=center align=left width="15%">Tungsten </TD>
    <TD vAlign=center align=left width="15%">Australia </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Ambler* </TD>
    <TD vAlign=center align=left width="20%">NovaCopper US Inc. </TD>
    <TD vAlign=center align=left width="15%">1% NSR </TD>
    <TD vAlign=center align=left width="15%">Cu, Zn </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Rakkuri* </TD>
    <TD vAlign=center align=left width="20%">Hannans Reward Ltd. </TD>
    <TD vAlign=center align=left width="15%">1.5% NSR </TD>
    <TD vAlign=center align=left width="15%">Fe, Cu, Ag </TD>
    <TD vAlign=center align=left width="15%">Sweden </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Lamaque<SUP>(1) </SUP></TD>
    <TD vAlign=center align=left width="20%">Eldorado Gold Corp. </TD>
    <TD vAlign=center align=left width="15%">1.7%<SUP>(6) </SUP>NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Development </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Cariboo </TD>
    <TD vAlign=center align=left width="20%">Barkerville </TD>
    <TD vAlign=center align=left width="15%">2.25% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Windfall Lake </TD>
    <TD vAlign=center align=left width="20%">Osisko Mining </TD>
    <TD vAlign=center align=left width="15%">1.5% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Hermosa </TD>
    <TD vAlign=center align=left width="20%">Arizona Mining </TD>
    <TD vAlign=center align=left width="15%">1% NSR </TD>
    <TD vAlign=center align=left width="15%">Zn, Pb, Ag </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Pandora </TD>
    <TD vAlign=center align=left width="20%">Agnico/Yamana<SUP>(2) </SUP></TD>
    <TD vAlign=center align=left width="15%">2% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Malartic &#150; Odyssey North </TD>
    <TD vAlign=center align=left width="20%">Agnico/Yamana </TD>
    <TD vAlign=center align=left width="15%">3% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Malartic &#150; Odyssey South </TD>
    <TD vAlign=center align=left width="20%">Agnico/Yamana </TD>
    <TD vAlign=center align=left width="15%">5% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Copperwood </TD>
    <TD vAlign=center align=left width="20%">Highland Copper <BR>Company Inc.
    </TD>
    <TD vAlign=center align=left width="15%">3% NSR<SUP>(3)</SUP>&nbsp; </TD>
    <TD vAlign=center align=left width="15%">Ag, Cu </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>James Bay properties </TD>
    <TD vAlign=center align=left width="20%">Osisko Mining </TD>
    <TD vAlign=center align=left width="15%">1.5-3.5% NSR <SUP>(4) </SUP></TD>
    <TD vAlign=center align=left width="15%">Au, Ag </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="20%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%"></TD>
    <TD vAlign=center align=left width="15%"></TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD>
    <TD vAlign=center align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>James Bay properties </TD>
    <TD vAlign=center align=left width="20%">Osisko Mining </TD>
    <TD vAlign=center align=left width="15%">2.0% NSR <SUP>(4) </SUP></TD>
    <TD vAlign=center align=left width="15%">Other than Au, Ag </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Bathurst Mining Camp properties </TD>
    <TD vAlign=center align=left width="20%">Osisko Metals </TD>
    <TD vAlign=center align=left width="15%">1% NSR </TD>
    <TD vAlign=center align=left width="15%">Zn and other metals </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Qu&#233;bec Genex projects </TD>
    <TD vAlign=center align=left width="20%">Osisko Metals </TD>
    <TD vAlign=center align=left width="15%">1% NSR </TD>
    <TD vAlign=center align=left width="15%">Zn and other metals </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Spring Valley* </TD>
    <TD vAlign=center align=left width="20%">Waterton Global <BR>Resource
      Management </TD>
    <TD vAlign=center align=left width="15%">0.5% NSR </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">USA </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Neita </TD>
    <TD vAlign=center align=left width="20%">Unigold Inc. </TD>
    <TD vAlign=center align=left width="15%">Option &#150; 2% NSR <BR>($2.0 million
      to exercise) </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Dominican Republic </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>La Fortuna </TD>
    <TD vAlign=center align=left width="20%">Minera Alamos Inc. </TD>
    <TD vAlign=center align=left width="15%">Option &#150; 4% NSR <BR>($9.0 million
      to exercise) </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Mexico </TD>
    <TD vAlign=center align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=left width="20%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD>
    <TD vAlign=center align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Yellowknife City Gold </TD>
    <TD vAlign=center align=left width="20%">TerraX Minerals Inc. </TD>
    <TD vAlign=center align=left width="15%">Option &#150; 3% NSR<BR> ($4.0 million
      to exercise) </TD>
    <TD vAlign=center align=left width="15%">Au </TD>
    <TD vAlign=center align=left width="15%">Canada </TD>
    <TD vAlign=center align=left width="15%">Exploration
</TD></TR></TABLE></DIV>
<P align=right>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Summary of Main Royalty, Stream and Other Interests
</U><I><U>(continued)</U></I><B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Asset
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left
      width="20%"><B>Operator </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left
      width="15%"><B>Interest </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left
      width="15%"><B>Commodities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left
      width="15%"><B>Jurisdiction </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left
      width="15%"><B>Stage </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>Streams </U></B></TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Renard* </TD>
    <TD align=left width="20%">Stornoway Diamond Corporation </TD>
    <TD align=left width="15%">9.6% </TD>
    <TD align=left width="15%">Dia </TD>
    <TD align=left width="15%">Canada </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gibraltar </TD>
    <TD align=left width="20%">Taseko Mines </TD>
    <TD align=left width="15%">100% </TD>
    <TD align=left width="15%">Ag </TD>
    <TD align=left width="15%">Canada </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mantos Blancos* </TD>
    <TD align=left width="20%">Mantos Copper S.A. </TD>
    <TD align=left width="15%">100% </TD>
    <TD align=left width="15%">Ag </TD>
    <TD align=left width="15%">Chile </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brucejack* </TD>
    <TD align=left width="20%">Pretium Resources Inc. </TD>
    <TD align=left width="15%">4% </TD>
    <TD align=left width="15%">Au, Ag </TD>
    <TD align=left width="15%">Canada </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sasa* </TD>
    <TD align=left width="20%">Central Asia Metals plc </TD>
    <TD align=left width="15%">100% </TD>
    <TD align=left width="15%">Ag </TD>
    <TD align=left width="15%">Macedonia </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amulsar* </TD>
    <TD align=left width="20%">Lydian International Ltd. </TD>
    <TD align=left width="15%">4.22% Au / 62.5% Ag </TD>
    <TD align=left width="15%">Au, Ag </TD>
    <TD align=left width="15%">Armenia </TD>
    <TD align=left width="15%">Development </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Back Forty* </TD>
    <TD align=left width="20%">Aquila Resources Inc. </TD>
    <TD align=left width="15%">18.5% Au / 75% Ag </TD>
    <TD align=left width="15%">Au, Ag </TD>
    <TD align=left width="15%">USA </TD>
    <TD align=left width="15%">Development </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Horne 5 <SUP>(5)</SUP> </TD>
    <TD align=left width="20%">Falco </TD>
    <TD align=left width="15%">Stream or 1% NSR royalty </TD>
    <TD align=left width="15%">Au, Ag, Cu </TD>
    <TD align=left width="15%">Canada </TD>
    <TD align=left width="15%">Development </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>White Pine North, <BR>Copperwood and <BR>Keweenaw </TD>
    <TD align=left width="20%">Highland Copper </TD>
    <TD align=left width="15%">Option on stream <BR>(US$26.0 million to
      exercise) </TD>
    <TD align=left width="15%">Ag </TD>
    <TD align=left width="15%">USA </TD>
    <TD align=left width="15%">Exploration </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>Offtakes </U></B></TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brucejack* </TD>
    <TD align=left width="20%">Pretium Resources Inc. </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au, Ag </TD>
    <TD align=left width="15%">Canada </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Matilda* </TD>
    <TD align=left width="20%">Blackham Resources Limited </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au </TD>
    <TD align=left width="15%">Australia </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Parral* </TD>
    <TD align=left width="20%">GoGold Resources Inc. </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au </TD>
    <TD align=left width="15%">Mexico </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>San Ramon* </TD>
    <TD align=left width="20%">Red Eagle Mining Corp. </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au </TD>
    <TD align=left width="15%">Colombia </TD>
    <TD align=left width="15%">Production </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amulsar* </TD>
    <TD align=left width="20%">Lydian International Ltd. </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au, Ag </TD>
    <TD align=left width="15%">Armenia </TD>
    <TD align=left width="15%">Development </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Yenipazar* </TD>
    <TD align=left width="20%">Aldridge Minerals Inc. </TD>
    <TD align=left width="15%">Offtake </TD>
    <TD align=left width="15%">Au </TD>
    <TD align=left width="15%">Turkey </TD>
    <TD align=left width="15%">Development </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>* Acquired through the acquisition of
Orion&#146;s Portfolio </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%">(1) </TD>
    <TD>
      <P align=justify>After the sale of a 15% interest in the royalties
      acquired from Teck Resources Limited to Caisse de d&#233;p&#244;t et placement du
      Qu&#233;bec. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In December 2017, Yamana announced that Agnico Eagle will
      be acquiring its 50% interest in the jointly owned exploration properties
      of the Canadian Malartic Corporation except properties related to the
      Canadian Malartic mine. The transaction is expected to close in the
      beginning of 2018, after which Agnico Eagle will become the sole owner of
      such exploration properties. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>3.0% NSR royalty on the Copperwood project. Upon closing
      of the acquisition of the White Pine project, Highland Copper Company will
      grant Osisko a 1.5% NSR royalty on all metals produced from the White Pine
      project, and Osisko's royalty on Copperwood will be reduced to 1.5%.
    </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Effective October 4, 2016, Osisko entered into an earn-in
      agreement with Osisko Mining, which was amended in 2017 to create two
      earn-in agreements. The amendment was necessitated by the optioning, by
      Osisko Mining, of the Kan Project to Barrick Gold Corporation (&#147;Barrick&#148;).
      Under the first earn-in agreement, Osisko Mining may earn a 100% interest
      in 26 of Osisko&#146;s exploration properties located in the James Bay area and
      Labrador Trough (excluding the Coulon copper-zinc project and four other
      exploration properties) upon completing expenditures of $26.0 million over
      a 7-year period; Osisko Mining may earn a first 50% interest upon
      completing expenditures totaling $15.6 million over a 4-year period. Under
      the second earn-in agreement, Osisko Mining may earn a 100% interest in
      the Kan property (comprised of the Kan and Fosse Au properties) upon
      completing expenditures totaling $6.0 million over a 7-year period, which
      represents the guaranteed expenditures to be incurred by Barrick,
      following an earn-in agreement signed between Osisko Mining and Barrick
      where Barrick committed to spend $15.0 million on the Kan property; Osisko
      Mining may earn a first 50% interest upon completing expenditures totaling
      $3.6 million over a 4-year period. Osisko will retain an escalating NSR
      royalty ranging from 1.5% to 3.5% on precious metals and a 2.0% NSR
      royalty on other metals and minerals produced from the 27 properties. New
      properties acquired by Osisko Mining in a designated area during the
      7-year term will be subject to a royalty agreement in favour of Osisko
      with similar terms. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>In May 2016, Osisko entered into a financing agreement of
      $10.0 million with Falco, which will be applied against a stream deposit
      to be negotiated by October 31, 2017 or converted into a 1% NSR royalty on
      the Horne 5 project if no stream agreement is concluded. On November 29,
      2017, the maturity date of the loan was extended to May 31, 2018.
  </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Eldorado Gold Corp. has an option to buy-back 1% of the
      NSR royalty for $2.0 million. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Gross revenue royalty (&#147;GRR&#148;). </P></TD></TR></TABLE>
<P align=right>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Significant Producing Royalty and Stream Assets</U> </P>
<P align=center>
<IMG
src="exhibit99-2x8x1.jpg"
border=0 width="663" height="389"></P>
<P align=justify><U>Geographical Distribution of Royalty and Stream
Assets</U></P>
<P align=center>
<IMG
src="exhibit99-2x8x2.jpg"
border=0 width="646" height="370"></P>
<P align=right>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Canadian Malartic Royalty (Agnico Eagle and Yamana)</U> </P>
<P align=justify>One of the Company&#146;s cornerstone assets is a 5% NSR royalty on
the Canadian Malartic property which is located in Malartic, Qu&#233;bec, and
operated by the Canadian Malartic General Partnership (the &#147;Partnership&#148;)
created by Agnico Eagle and Yamana (the &#147;Partners&#148;). The Canadian Malartic
property includes the Canadian Malartic mine, which was constructed and
developed by Osisko Mining Corporation and commenced production in April 2011.
Canadian Malartic is Canada&#146;s largest producing gold mine.</P>
<P align=justify>In February 2018, initial inferred mineral resources have been
declared on the East Malartic deposit, which lies on the Canadian Malartic mine
property close to the Odyssey Zone, has inferred mineral resources of 2.4
million ounces of gold (38.0 million tonnes grading 2.02 g/t gold) at
underground depths above the 1,000 metre elevation. </P>
<P align=justify>Osisko also holds a 3% NSR royalty on the Odyssey North zone
and a 5% NSR royalty on the Odyssey South zone. In February 2017, the Partners
have declared initial inferred mineral resources at Odyssey, estimated at 1.4
million ounces of gold (20.7 million tonnes grading 2.15 grams per tonne gold).
</P>
<P align=justify><I>Update on operations </I></P>
<P align=justify>On February 14, 2018, Agnico Eagle announced that Canadian
Malartic exceeded its targets for 2017 and produced 633,462 ounces of gold.</P>
<P align=justify>The Barnat extension project continues to progress on schedule
and on budget. Since the beginning of the fourth quarter of 2017, the following
activities were completed: an acoustic screen (noise barrier) for the road
deviation was put in place, a temporary bridge was constructed and the new road
bed foundation is being prepared. Tree cutting has been completed over the
Barnat deposit and overburden stripping is ongoing. Production activities at
Barnat are scheduled to begin in late 2019. </P>
<P align=justify>At the Canadian Malartic mine, exploration programs will be
focused in 2018 on the Odyssey and East Malartic deposits, drilling 140,000
metres, to evaluate a number of near pit/underground targets. </P>
<P align=justify>Agnico Eagle also released its guidance for gold production at
the Canadian Malartic mine: 650,000 ounces in 2018 and 2019 and 690,000 ounces
in 2020.</P>
<P align=justify>For more information, refer to Agnico Eagle&#146;s press release
dated February 14, 2018 entitled &#147;<I>Agnico Eagles reports fourth quarter and
full year 2017 results</I>&#148; available on <U>www.sedar.com</U>.</P>
<P align=justify><U>&#201;l&#233;onore Royalty (Goldcorp Inc.)</U> </P>
<P align=justify>Through the acquisition of Virginia Mines Inc. (&#147;Virginia&#148;) in
2015, Osisko owns a sliding scale 2.0% to 3.5% NSR royalty on the &#201;l&#233;onore gold
property located in the Province of Qu&#233;bec and operated by Goldcorp Inc.
(&#147;Goldcorp&#148;). Commercial production for the &#201;l&#233;onore mine was declared on April
1, 2015. Current NSR royalty is at 2.2%. </P>
<P align=justify><I>Update on operations</I></P>
<P align=justify>On February 14, 2018, Goldcorp announced that the &#201;l&#233;onore mine
had produced 305,000 ounces of gold in 2017. A total of 460,000 tonnes of ore
were milled, at a an average mill head grade of 6.32 grams per tonne (recovery
rate of 92%), compared to 399,000 tonnes of ore milled in 2016 at a mill head
grade of 5.50 grams per tonne. </P>
<P align=justify>On January 16, 2018, as part of their Investor Day update,
Goldcorp Inc. presented its outlook activities of the &#201;l&#233;onore mine. The new
plan outlined a long-term production profile of the
property to approximately 360,000 ounces of gold in 2018 and 400,000 ounces of
gold thereafter. </P>
<P align=justify>On October 25, 2017, Goldcorp indicated that proven and
probable gold mineral reserves as of September 30, 2017 totaled 3.8 million gold
ounces, compared to 4.6 million gold ounces as of June 30, 2016. Mine depletion
and resource model variance accounted for a decrease of 0.3 million ounces and
0.2 million ounces, respectively, while engineering changes resulted in the
reclassification of 0.3 million ounces into the measured and indicated mineral
resource category. Details of the mineral inventory can be found in the press
release dated October 25, 2017 entitled &#147;<I>Goldcorp reports 2017 reserve and
resource estimates and provides exploration update </I>available on SEDAR at
<U>www.sedar.com</U>.</P>
<P align=justify>For additional information, please refer to Goldcorp&#146;s press
release dated October 25, 2017 entitled <I>Goldcorp reports 2017 reserve and
resource estimates and provides exploration update</I> and Goldcorp&#146;s
Management&#146;s Discussion and Analysis for the year ended December 31, 2017, both
filed on SEDAR at <U>www.sedar.com</U>, as well as the Investor Day 2018
presentation available on <U>www.goldcorp.com</U>.</P>
<P align=right>9 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Renard Stream (Stornoway Diamond Corporation)</U> </P>
<P align=justify>The Renard diamond mine is operated by Stornoway Diamond
Corporation (&#147;Stornoway&#148;) and is Qu&#233;bec's first and Canada's sixth producing
diamond mine. It is located approximately 250 kilometres north of the Cree
community of Mistissini and 350 kilometres north of Chibougamau in the James Bay
region of north-central Qu&#233;bec. Construction on the mine commenced on July 10,
2014, and commercial production was declared on January 1, 2017. The term of the
Renard streaming for the forward sale of diamonds is until July 8, 2054, with
automatic renewals for additional terms of 10 years each, subject to the Renard
buyers' right to terminate. Under the terms of the Renard streaming agreement,
Osisko is entitled to 9.6% of the Renard diamond mine production in exchange for
payments of US$50 per carat, subject to an increase of 1% annually after January
1, 2020. </P>
<P align=justify><I>Update on operations </I></P>
<P align=justify>On January 11, 2018, Stornoway announced that during the fourth
quarter, 518,817 tonnes of ore were processed compared to a plan of 540,000
tonnes resulting in diamond production of 398,267 carats compared to a plan of
415,940 carats (96% and 96% of plan respectively). Recovered grade was 77 carats
per hundred tonnes (&#147;cpht&#148;), in line with the plan. Carat production was lower
than planned due to the unscheduled batch processing of lower grade Renard 65
ore in November for the purpose of obtaining a valuation sample of Renard 65
diamonds. For the full year 2017, 1.96 million tonnes were
processed with diamond production of 1.64 million carats at an attributable
grade of 84 cpht. This compares to 2017 guidance of 2.00 million tonnes for 1.69
million carats at 85 cpht (97%, 98% and 99% of plan respectively). </P>
<P align=justify>The average processing rate of the plant during the fourth
quarter, the second quarter of full production following completion of the
project ramp-up, was 6,014 tonnes per day compared to the nameplate capacity of
the plant of 6,000 tonnes per day.</P>
<P align=justify>Diamond recoveries at the Renard mine through 2017 were
impacted by high levels of diamond breakage, and a higher than expected recovery
of smaller diamonds than planned. In early August, the Stornoway board of
directors approved an extraordinary capital budget of $22.0 million for a
program of plant improvements aimed at improving the quality profile of the
Renard production. At the center of this plan is the introduction of an
ore-waste sorting circuit, rated at 7,000 tonnes per day and expandable,
designed to extract waste rock in the +30mm - 200mm size range immediately prior
to its introduction to the secondary cone crusher.</P>
<P align=justify>In 2018, Stornoway expects to produce 1.6 million carats from
the processing of 2.5 million tonnes of ore at an average grade 65 cpht.</P>
<P align=justify>For additional information, please refer to Stornoway&#146;s press
release dated January 11, 2018 entitled <I>Stornoway Announces Fourth Quarter
and 2017 Production and Sales Results, and 2018 Production and Sales
Guidance</I> and filed on SEDAR at <U>www.sedar.com</U>. </P>
<P align=justify><U>Mantos Blancos Stream (Mantos Copper S.A.)</U> </P>
<P align=justify>Mantos Copper S.A. (&#147;Mantos&#148;) is a private mining company
focused on the extraction and sale of copper. The company owns and operates the
Mantos Blancos mine and Mantoverde project, located in the Antofagasta and
Atacama regions in northern Chile. The Mantos stream agreement is for the life
of mine and is based on 100% of the payable silver from the Mantos Blancos
copper mine until 19,300,000 ounces have been delivered, after which the stream
percentage will be 30%. The purchase price for silver under the Mantos stream is
25% of the average silver market price for each ounce of refined silver sold and
delivered and/or credited by Mantos to OBL. Mantos may elect to reduce the
amount of refined silver to be delivered and sold to OBL by 50% in 2018, 2019 or
2020, provided that Mantos has delivered no less than 1.99 million ounces of
silver to OBL under the stream agreement in which case Mantos shall make a cash
payment of US$70 million to OBL. </P>
<P align=justify>OBL has a right of first refusal in respect of a financing by
Mantos of any royalty, stream, participation or production interest in gold at
the Mantos Blancos copper mine or the Mantoverde mine prior to June 30,
2018.</P>
<P align=justify><I>Update on operations</I> </P>
<P align=justify>Production of silver at the Mantos Blancos mine and
concentrator plant was better than expected at 148,436 ounces of payable silver
for the fourth quarter of 2017 and 557,126 ounces of payable silver for year
ended December 31, 2017. This was the result of changes in the mine plan that
have resulted in phases being mined that have a higher silver grade. </P>
<P align=justify>Work on the Mantos Blancos concentrator debottlenecking project
(&#147;MB-CDP&#148;) is progressing according to the plan and the feasibility study being
developed by Hatch is targeted to be completed in March 2018. The MB-CDP project
is expected to increase processing capacity at the concentrator by
approximately 70%. The key environmental permits have all been received. </P>
<P align=right>10 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Seabee Royalty (SSR Mining Inc.)</U> </P>
<P align=justify>Osisko holds a 3% NSR royalty on the Seabee mine operated by
SSR Mining Inc. (&#147;SSR Mining&#148;).</P>
<P align=justify><I>Update on operations</I> </P>
<P align=justify>On September 7, 2017, SSR Mining reported the results of a
preliminary economic assessment (&#147;PEA&#148;) for the Seabee gold operation in
Saskatchewan, Canada, to evaluate the expansion of the Seabee Gold Operation to
a sustained mining and milling rate of 1,050 tonnes per day for a seven-year
period. As per the PEA, estimated gold production would average 100,000 ounces
per year over the period from 2018 to 2023, a 29% increase from 2016 production,
with a peak production of 120,000 ounces in 2020, 55% higher than 2016 output.
</P>
<P align=justify>On January 15, 2018, SSR Mining reported that, in the fourth
quarter of 2017, the Seabee gold operation achieved record mill throughput of
89,237 tonnes or 970 tonnes per day, which combined with higher milled grades
and improved recovery resulted in record quarterly gold production of 24,227
ounces, a 34% increase compared to the previous quarter. The Seabee gold
operation produced 83,998 ounces of gold in 2017, marking record annual
production in its 27-year history, resulting from an improved milling rate and
higher gold grades. </P>
<P align=justify>Gold production at Seabee is estimated between 85,000 to 92,000
ounces for 2018. </P>
<P align=justify>For more information, refer to SSR Mining&#146;s press release dated
January 15, 2018, titled: &#147;<I>SSR Mining Reports Fourth Quarter and Year-End
2017 Production Results and 2018 Guidance</I>&#148; filed on www.sedar.com.</P>
<P align=justify><U>Brucejack Stream (Pretium Resources Inc.)</U> </P>
<P align=justify>Pretium Resources Inc.&#146;s (&#147;Pretium&#148;) Brucejack gold mine
(&#147;Brucejack&#148;) is located in northwestern British Columbia, approximately 65
kilometres north of Stewart, British Columbia and consists of 122,133 hectares
(301,798 acres). Pretium declared commercial production at Brucejack on July 3,
2017. The Brucejack stream agreement has a delivery start date of January 1,
2020 and provides for an 8% gold and silver stream payable to OBL and BTO Midas
L.P. (together referred to as the &#147;Brucejack Stream Partners&#148;) (4% attributable
to OBL). The term of the Brucejack stream is the date on which Pretium has sold
to the Brucejack Stream Partners 7,067,000 ounces of gold and 26,297,000 ounces
of silver, including deliveries under the offtake agreement.</P>
<P align=justify>The buy-back and buy-down rights held by Pretium are as
follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap
      align=left><B>Right</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="25%"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="25%"><B>Election date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="25%"><B>Total</B> </TD></TR>
  <TR>
    <TD vAlign=top>&nbsp; </TD>
    <TD vAlign=top width="25%">&nbsp; </TD>
    <TD vAlign=top width="25%">&nbsp; </TD>
    <TD vAlign=top width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Buy-back (2018) </TD>
    <TD vAlign=top align=left width="25%">Right to repurchase the entire
      stream </TD>
    <TD vAlign=top align=left width="25%">December 31, 2018 </TD>
    <TD vAlign=top align=left width="25%">US$119.0 million <BR>($149.3
      million) </TD></TR>
  <TR>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Buy-down (2018) </TD>
    <TD vAlign=top align=left width="25%">Right to reduce the stream
      percentage from <BR>4% to 1.5% </TD>
    <TD vAlign=top align=left width="25%">December 31, 2018 </TD>
    <TD vAlign=top align=left width="25%">US$75.0 million <BR>($94.1 million)
    </TD></TR>
  <TR>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Buy-back (2019) </TD>
    <TD vAlign=top align=left width="25%">Right to repurchase the entire
      stream </TD>
    <TD vAlign=top align=left width="25%">December 31, 2019 </TD>
    <TD vAlign=top align=left width="25%">US$136 million <BR>($170.6 million)
    </TD></TR>
  <TR>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD>
    <TD vAlign=top align=left width="25%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left>Buy-down (2019) </TD>
    <TD vAlign=top align=left width="25%">Right to reduce the stream
      percentage from <BR>4% to 2% </TD>
    <TD vAlign=top align=left width="25%">December 31, 2019 </TD>
    <TD vAlign=top align=left width="25%">US$75.0 million <BR>($94.1 million)
    </TD></TR></TABLE>
<P align=justify>The Brucejack stream agreement is subject to certain change of
control provisions. </P>
<P align=justify>If Pretium does not exercise the right to reduce or repurchase
the refined precious metals under the stream by December 31, 2019, US$20 million
will be payable by Pretium (US$10 million attributable to OBL) and an 8% stream
(4% attributable to OBL) will apply beginning January 1, 2020, with ongoing
transfer payments of US$400 per ounce of gold and US$4.00 per ounce of
silver.</P>
<P align=right>11 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Brucejack Offtake (Pretium Resources Inc.)</U> </P>
<P align=justify>The Brucejack Offtake agreement applies to sales from the first
7,067,000 ounces of refined gold (less any delivered ounces pursuant to the
Brucejack Stream Agreement described above). OBL is required to pay for refined
gold based on a market referenced gold price in U.S. dollars per ounce during a
defined pricing period before and after the date of each sale. The offtake
obligation applies to 100% (50% attributable to OBL) of refined gold produced at
the Brucejack project less the percentage of refined gold to be delivered
pursuant to the Brucejack stream agreement (being between 0% and 4% attributable
to OBL), subject to the reduction election described above. Pretium has the
option to reduce the offtake obligation by one of the following options:</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%">
      <P align=justify>(i) </P></TD>
    <TD>
      <P align=justify>On December 31, 2018, Pretium can elect to reduce the
      offtake obligation to either (i) 50% (25% attributable to OBL) by paying
      US$11 per ounce multiplied by 0.50, on the remaining undelivered gold
      ounces, or (ii) 25% (12.5% attributable to OBL) by paying US$11 per ounce
      multiplied by 0.75, on the remaining undelivered gold ounces; or
</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <P align=justify>(ii) </P></TD>
    <TD>
      <P align=justify>On December 31, 2019 Pretium can elect to reduce the
      offtake obligation to either (i) 50% (25% attributable to OBL) by paying
      US$13 per ounce multiplied by 0.50, on the remaining undelivered gold
      ounces, or (ii) 25% (12.5% attributable to OBL) by paying US$13 per ounce
      multiplied by 0.75, on the remaining undelivered gold ounces.
  </P></TD></TR></TABLE>
<P align=justify><I>Update on operations</I> </P>
<P align=justify>On January 23, 2018, Pretium reported fourth quarter 2017
production for the Brucejack mine. During the fourth quarter of 2017, the
Brucejack mine produced 70,281 ounces of gold for a total of 152,484 ounces for
the first six months of production ramp-up. Gold recovery rate averaged 95.8%
for the quarter and 96.2% for the first six months of production ramp-up
respectively. The mill processed a total of 271,501 tonnes of ore for the fourth
quarter for an average of 2,951 tonnes per day and a total of 532,763 tonnes of
ore for an average of 2,895 tonnes per day for the first six months of
production ramp-up.</P>
<P align=justify>As the ramp-up of mining into areas of higher definition
drilling continues, steady state gold production is expected to be achieved in
mid-to-late 2018. Gold production at Brucejack for the first half of 2018 is
expected in the range of 150,000 ounces to 200,000 ounces, for total first year
ramp-up gold production of 302,000 ounces to 352,000 ounces (July 1, 2017 to
June 30, 2018). Grade reconciliation to the reserve model for the period from
August 1, 2017 to December 31, 2017 was approximately 75% to 80%. The
achievement of steady state mining in areas with higher drill density and the
grade control program in full operation will enable Pretium to provide further
production guidance later in 2018. </P>
<P align=justify>For more information on Brucejack, refer to Pretium&#146;s press
release dated January 23, 2018, titled: &#147;<I>Brucejack Mine Production Update;
2018 Guidance</I>&#148; filed on <U>www.sedar.com</U><U>.</U></P>
<P align=justify><U>Sasa Stream (Central Asia Metlas plc)</U> </P>
<P align=justify>The Sasa mine is located in Macedonia and is one of the largest
zinc, lead and silver mines in Europe, producing approximately 30,000 tonnes of
lead, 22,000 tonnes of zinc and 400,000 ounces of silver in concentrates per
annum. OBL&#146;s entitlement under the Sasa stream applies to 100% of payable silver
production in exchange for US$5 per ounce of refined silver increased annually
from 2017 based on inflation. On November 6, 2017, Central Asia Metals plc
completed the acquisition of Lynx Resources. </P>
<P align=justify><U>Amulsar Stream (Lydian International Ltd.)</U> </P>
<P align=justify>The Amulsar project is a gold-bearing quartzite deposit located
in southern Armenia. The Amulsar project is in the development and construction
stage and production is expected to begin in 2018. Amulsar will be Armenia's
largest gold mine, with estimated mineral resources containing 3.5 million
measured and indicated gold ounces and 1.3 million inferred gold ounces. The
details of the mineral inventory can be found under Lydian International Ltd.&#146;s
profile on SEDAR at <U>www.sedar.com. </U>Gold production is targeted to average
approximately 225,000 ounces annually over an initial 10-year mine life. OBL&#146;s
entitlement under the Amulsar stream applies to 4.22% of refined gold production
and 62.5% of refined silver until 142,454 ounces of refined gold and 695,549
ounces of refined silver are delivered. The stream agreement includes ongoing
transfer payments by OBL to Lydian International Ltd. (&#147;Lydian&#148;) of US$400 per
ounce of refined gold and US$4.00 per ounce of refined silver delivered under
the stream subject to a 1% annual increase starting on the third anniversary of
commercial production. Lydian has the option to buy back a portion of the stream
by one of the following options: </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%">(i) </TD>
    <TD style="text-align: justify">the stream percentage may be reduced by 50% on the second anniversary
      of commercial production for US$55M (US$34.38M attributable to OBL); or
  </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD style="text-align: justify">the stream percentage may be reduced by 50% on the third anniversary
      of commercial production for US$50M (US$31.25M attributable to OBL)
  </TD></TR></TABLE>
<P align=right>12 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Back Forty Streams (Aquila Resources Inc.)</U> </P>
<P align=justify>The Back Forty project is a zinc and gold volcanogenic massive
sulfide deposit located in Michigan, United States. The Back Forty project is in
the development stage and advancing toward a feasibility study expected in 2018.
Back Forty is expected to produce 532,000 ounces of gold, 721 million pounds of
zinc, 74 million pounds of copper, 4.6 million ounces of silver, and 21 million
pounds of lead. The details of the mineral inventory can be found under Aquila&#146;s
profile on SEDAR at <U>www.sedar.com. </U>The Back Forty silver stream applies
to 75% of payable silver production over the mine&#146;s operating life and includes
ongoing transfer payments by OBL to Aquila of US$4.00 per ounce of refined
silver delivered under the stream. </P>
<P align=justify>In November 2017, OBL acquired an additional gold stream on the
Back Forty project. OBL will make staged upfront cash deposits to Aquila of up
to US$55 million for the gold stream, and will make ongoing payments equal to
30% of the spot price of gold, to a maximum of US$600 per ounce. The gold stream
applies to 18.5% of the refined gold from the project until 105,000 ounces of
gold have been delivered, and to 9.25% of the refined gold for the remaining
life-of-mine. </P>
<P align=justify>The deposit will be paid in four installments, as follows: </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%">1. </TD>
    <TD>
      <P align=justify>US$7.5 million was paid on closing of the gold stream
      transaction; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>US$7.5 million payable upon receipt by Aquila of all
      material permits required for the development and operation of the
      project, and receipt of a positive feasibility study; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>US$10 million payable following a positive construction
      decision for the property; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>US$30 million payable upon the first drawdown of an
      appropriate project debt finance facility, subject to the change of
      control provision. In the event of a change of control of Aquila prior to
      the advancement of the fourth deposit, the person or entity acquiring
      control over the project may elect to forego the fourth deposit, in which
      case the stream will be reduced to 9.5% of the refined gold from the project
      until 105,000 ounces of gold have been delivered and to 4.75% of the
      refined gold for the remaining life-of-mine. All other terms and
      conditions will remain unchanged. </P></TD></TR></TABLE>
<P align=justify><U>Gibraltar Stream (Taseko Mines Limited)</U> </P>
<P align=justify>On March 3, 2017, Osisko closed the acquisition of a silver
stream with reference to silver produced at the Gibraltar copper mine
(&#147;Gibraltar&#148;), located in British Columbia, Canada from Gibraltar Mines Ltd.
(&#147;Gibco&#148;), a wholly-owned subsidiary of Taseko having a 75% interest in
Gibraltar. Osisko paid Taseko cash consideration of US$33.0 million ($44.3
million) to purchase a silver stream and 3.0 million warrants of Taseko. Each
warrant allows Osisko to acquire one common share of Taseko at a price of $2.74
until April 1, 2020. The fair value of the warrants was evaluated at $1,780,000
using the Black-Scholes option pricing model and the residual value of
$42,678,000 was attributed to the silver stream (including $175,000 of
transaction fees). With regards to the silver stream, Osisko will make ongoing
payments of US$2.75 per ounce of silver delivered. </P>
<P align=justify>Under the stream, Osisko will receive from Taseko an amount
equal to 100% of Gibco&#146;s share of silver production until the delivery to Osisko
of 5.9 million ounces of silver to Osisko and 35% of Gibco&#146;s share of silver
production thereafter. Gibraltar is the second largest open pit copper mine in
Canada and fourth largest in North America. The life of mine yearly average
production from Gibraltar is approximately 140 million pounds (&#147;lbs&#148;) of copper
and 2.6 million lbs of molybdenum. With a large mineral reserve of 3.2 billion
lbs of recoverable copper and 58 million lbs of molybdenum, the estimated mine
life of the project is 23 years (proven and probable mineral reserves as of
January 1, 2016). The details of the mineral inventory can be found under
Taseko&#146;s profile on SEDAR at <U>www.sedar.com.</U>The acquisition is expected to
increase Osisko&#146;s production by approximately 200,000 ounces of silver for the
next 14 years, increasing to an average of 350,000 ounces of silver for the
remainder of the 23-year mineral reserve life of Gibraltar. Any silver in
respect of which a delivery was made after January 1, 2017, was subject to the
stream. </P>
<P align=justify><I>Update on operations</I> </P>
<P align=justify>In July 2017, the production at the Gibraltar mine was affected
by the wild forest fires in the region that forced the mining and milling
operations to be idled or reduced for several days. However, Gibraltar has
maintained a stable level of operations and management continues to focus on
further improvements to operating practices to reduce unit costs. </P>
<P align=justify><U>Island Gold Royalty (Alamos Gold Inc.)</U> </P>
<P align=justify>The Company is receiving in-kind royalties from its Island Gold
NSR royalty (ranging from 1.38% to 2.55%) since the first quarter of 2016,
currently operated by Alamos Gold Inc. (&#147;Alamos&#148;). Alamos acquired Richmont
Mines Inc. (&#147;Richmont&#148;) in November 2017.</P>
<P align=right>13 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><I>Update on operations</I> </P>
<P align=justify>In the fourth quarter of 2017, Alamos reported production at
Island Gold mine of 22,100 ounces of gold for the quarter and 98,600 ounces for
the year. The mine achieved record production level in the third quarter of 2017
and beat annual production guidance previously provided by Richmont. </P>
<P align=justify>For more information, refer to Alamos&#146; press release dated
January 11, 2018, titled &#147;<I>Alamos Reports Fourth Quarter 2017 Production and
Provides 2018 Outlook</I>&#148; filed on <U>www.sedar.com</U><U>.</U></P>
<P align=justify><U>Horne 5 Project (Falco Resources Ltd.)</U> </P>
<P align=justify>In May, 2016, Osisko closed a financing agreement with Falco
Resources Ltd. (&#147;Falco&#148;), an associate of Osisko, whereby Osisko provided a
$10.0 million loan to be used for the advancement of the Horne 5 Project
(Rouyn-Noranda, Qu&#233;bec) and for general corporate purposes. The loan had an
original 18 month maturity, which was extended to 24 months, and bears an
interest of 7%. Under the terms of the financing, Falco and Osisko shall
negotiate, by the end of May 2018, the terms, conditions and form of a silver
and/or gold stream agreement ("Stream Agreement"), which shall be substantially
in the form typical for such transaction in the industry, whereby Osisko may
provide Falco with a portion of the development capital required to build the
Horne 5 Project. In this case, the principal amount of the loan and any accrued
interest will be applied against the stream deposit. At the maturity date, if
Falco and Osisko have not concluded a Stream Agreement, the principal amount of
the loan will be converted into a 1% NSR royalty on the Horne 5 Project and
accrued interests will be paid in cash. Under certain events of default, Osisko
may, at its option, require the repayment of the principal amount and the
accrued interest in cash. </P>
<P align=justify>In October 2017, Falco released a positive feasibility on the
Horne 5 Project. The feasibility study indicated that, at a gold price of
US$1,300/oz and using an exchange rate of C$1.00 = US$0.78, the Horne 5 Project
would generate an after-tax net present value, at a 5% discount rate, of US$602
million and an after-tax internal rate of return of 15.3%. As per Falco, in
this scenario, the mine could become the next significant gold producer in
Qu&#233;bec, with a production profile averaging 219,000 payable ounces annually over
the life of mine, with an all-in sustaining cash cost of US$399 per ounce net of
by-product credits and all-in cost, capital expenditures plus operating
expenditures, estimated at US$643 per ounce. The Environmental Impact Assessment
study was filed with the authorities in December 2017. </P>
<P align=justify>For more information, refer to Falco&#146;s press release dated
October 16, 2017, titled: &#147;<I>Falco Announces Positive Feasibility Study Results
on Horne 5 Gold Project</I>&#148; and filed on www.sedar.com </P>
<P align=justify><U>Cariboo Gold Project (Barkerville Gold Mines Ltd.)</U> </P>
<P align=justify>The Company holds a 2.25% NSR royalty on the Cariboo Gold
Project located in British Columbia, Canada, and owned by Barkerville, an
associate of Osisko, including a 0.75% NSR royalty acquired in April 2017 for
$12.5 million. The grant of the additional royalty cancelled Osisko&#146;s royalty
acquisition right which was granted pursuant to an investment agreement between
Osisko and Barkerville dated February 5, 2016. However, Osisko retains a right
of first refusal relating to any gold stream offer received by Barkerville with
respect to the Cariboo gold project. </P>
<P align=justify><U>Windfall Lake (Osisko Mining Inc.)</U> </P>
<P align=justify>On October 4, 2016, Osisko exercised its option to acquire a 1%
NSR royalty on Osisko Mining Inc.&#146;s (&#147;Osisko Mining&#148;) Windfall Lake property for
$5.0 million. Osisko was already the holder of a 0.5% NSR royalty on Windfall
Lake. Therefore, the royalty on the Windfall Lake property has increased to a
total of 1.5%. Osisko Mining is an associate of Osisko. </P>
<P align=justify>Osisko Mining is currently undergoing an 800,000 meter drill
program at Windfall Lake, where the 400,000 meter milestone was reached in
October 2017. A metallurgical program is ongoing and the construction of the
exploration ramp is progressing. Osisko Mining is planning a resource update in
the first half of 2018. </P>
<P align=justify><U>Hermosa Project (Arizona Mining Inc.)</U> </P>
<P align=justify>In April 2016, Osisko acquired for $10.0 million a 1% NSR
royalty on any lead/zinc/silver sulfide ores mined from the Hermosa Project
owned by Arizona Mining Inc. (&#147;Arizona Mining&#148;) and located in Santa Cruz
County, Arizona.</P>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Portfolio of Investments </B></P>
<P align=justify>The Company&#146;s assets include a portfolio of shares of publicly
traded companies. Osisko invests, and intends to continue to invest, from time
to time in companies where it holds a royalty, stream or similar interest and in
various companies within the mining industry for investment purposes and with
the objective of improving its ability to acquire interests in exploration
assets, future royalties or revenue streams. In addition to investment
objectives, in some cases, the Company may decide to take a more active role,
including providing management personnel, technical and/or administrative
support, as well as nominating individuals to the investee&#146;s board of directors.
These investments are reflected in investments in associates in the consolidated
financial statements and include mainly Osisko Mining, Barkerville, Dalradian
and Falco. </P>
<P align=justify>Osisko may, from time to time and without further notice except
as required by law, increase or decrease its investments at its discretion. </P>
<P align=justify>During the year ended December 31, 2017, Osisko acquired
investments for $226.8 million and sold investments for $71.1 million.</P>
<P align=justify>The following table presents the carrying value and fair value
of the investments in marketable securities as at December 31, 2017 (in
thousands of dollars): </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Marketable securities </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%">Carrying value<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%">Fair value<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%"></TD>
    <TD vAlign=bottom noWrap align=right width="27%">$</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"></TD>
    <TD vAlign=bottom noWrap align=right width="27%">$</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="27%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="27%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%" bgColor=#e6efff>257,433 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%" bgColor=#e6efff>332,140 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="27%">106,841 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="27%">106,841 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%" bgColor=#e6efff>364,274 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%" bgColor=#e6efff>438,981 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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%">
      <P align=justify>(i) </P></TD>
    <TD>
      <P align=justify>The carrying value corresponds to the amount recorded on
      the balance sheet, which is the equity method for the investments in
      marketable securities of associates and the fair value for the other
      investments in marketable securities, as per IFRS 9, </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Financial Instruments</I>. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <P align=justify>(ii) </P></TD>
    <TD>
      <P align=justify>The fair value corresponds to the quoted price of the
      investments in a recognized stock exchange as at December 31, 2017.
  </P></TD></TR></TABLE>
<P align=justify><U>Main Strategic Investments</U> </P>
<P align=justify>The following table presents the main strategic investments of
the Company (in thousands of dollars): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Number of </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Carrying </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Fair </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Company </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">shares held<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">Ownership<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">value<SUP>(i),(ii)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">value<SUP>(i),(ii)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Osisko Mining Inc. </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>32,302,034 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15.5 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>73,635 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>109,504 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Barkerville Gold Mines Ltd. </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">142,309,310 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">32.7 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">89,556 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">106,732 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dalradian Resources Inc. </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>31,717,687 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>8.9 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>40,122 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>42,026 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Falco Resources Ltd. </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">23,927,005 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12.7 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15,652 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">20,817 </TD>
    <TD vAlign=bottom align=left width="2%">&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%">(i) </TD>
    <TD>As at December 31, 2017. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>See table above for definition of carrying value and fair value.
  </TD></TR></TABLE>
<P align=justify><I>Osisko Mining Inc.</I></P>
<P align=justify>In August 2015, Osisko Mining acquired Eagle Hill Exploration
Corporation, Ryan Gold Corp. and Corona Gold Corporation to combine leadership,
treasuries and assets to form a new Canadian focused gold exploration and
development company. In 2015, Osisko invested $17.8 million in shares of Osisko
Mining and was granted a right to acquire a 1% NSR royalty on all properties
held by Osisko Mining at the date of the financing. The right was exercised in
October 2016 for $5.0 million and includes a 1% NSR royalty on the Windfall Lake
gold project (bringing the total NSR royalty on the Windfall Lake gold project
to 1.5%), where Osisko Mining is currently pursuing a 800,000 meter drilling
program. In March 2016, Osisko Mining acquired all of the outstanding shares of
NioGold Mining Corporation. In 2016, Osisko entered into an earn-in agreement
with Osisko Mining, which was amended in 2017 to create two earn-in agreements,
on properties held by Osisko in the James Bay area. The amendment was
necessitated by the optioning of the Kan Project to Barrick. The transaction is
detailed in the <I>Summary of Royalty, Stream and Offtake Interests</I> table of
this MD&amp;A. In 2016, the Company invested $6.8 million in Osisko Mining and
in 2017, invested an additional $40.1 million. As at December 31, 2017, the
Company holds 32,302,034 common shares representing a 15.5% interest in Osisko
Mining (13.5% as at December 31, 2016). As some officers and directors of Osisko
are also officers and directors of Osisko Mining, the Company concluded that it exercises
significant influence over Osisko Mining since 2014 and accounts for its
investment using the equity method. <b></b></P>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><I>Barkerville Gold Mines Ltd. </I></P>
<P align=justify>Barkerville is focused on the development of its extensive land
package located in the historical Cariboo Mining District of central British
Columbia, Canada, where it is executing a 160,000 meter drilling program. In
November, 2015, Osisko and Barkerville entered into an agreement for Osisko to
acquire a 1.5% NSR royalty on the Cariboo Gold project for cash consideration of
$25.0 million. In April, 2017, Osisko acquired an additional 0.75% NSR royalty
on the Cariboo gold project for cash consideration of $12.5 million, increasing
the total NSR royalty held by Osisko to 2.25%. The grant of the additional
royalty cancelled Osisko&#146;s royalty acquisition right which was granted pursuant
to an investment agreement between Osisko and Barkerville dated February 5,
2016. However, Osisko will retain a right of first refusal relating to any gold
stream offer received by Barkerville with respect to the Cariboo gold project.
In 2015 and 2016, Osisko acquired common shares of Barkerville for $11.0 million
and $8.2 million, respectively. In 2017, Osisko invested an additional $52.1
million. As at December 31, 2017, the Company holds 142,309,310 common shares
representing a 32.7% interest in Barkerville (17.3% as at December 31, 2016). As
some officers and directors of Osisko are also officers and directors of
Barkerville, the Company concluded that it exercises significant influence over
Barkerville since 2016 and accounts for its investment using the equity method.
<B></B></P>
<P align=justify><I>Dalradian Resources Inc. </I></P>
<P align=justify>On October 10, 2017, Osisko entered into a subscription
agreement with Dalradian pursuant to which Osisko made an investment of $28.3
million in Dalradian by way of a non-brokered private placement. As at December
31, 2017, Osisko holds 31,717,687 common shares representing an 8.9% interest in
Dalradian (2.6% as at December 31, 2016). The subscription agreement entered
into with Dalradian contains various covenants and rights, including among other
things, a standstill, participation rights to maintain Osisko&#146;s pro rata
interest in Dalradian and rights to match other offers for project financing. As
the Chief Executive Officer of Osisko is also a member of the board of directors
of Dalradian, the Company concluded that it exercises significant influence over
Dalradian and accounts for its investment using the equity method.<B> </B></P>
<P align=justify><I>Falco Resources Ltd. </I></P>
<P align=justify>Falco&#146;s main asset is the Horne 5 gold project, for which a
positive feasibility study was released in October 2017. In 2015 and 2016,
Osisko acquired additional common shares in Falco for $2.4 million and $3.3
million, respectively. In addition, Osisko entered into a financing agreement of
$10.0 million with Falco in 2016, which will be applied against a stream deposit
to be negotiated by May 31, 2018 (the original maturity date was November 30,
2017, which was subsequently extended to May 31, 2018) or converted into a 1%
NSR royalty on the Horne 5 project if no stream agreement is concluded. In 2017,
Osisko acquired additional shares of Falco for $4.0 million. As at December 31,
2017, the Company holds 23,927,005 common shares representing a 12.7% interest
in Falco (14.2% as at December 31, 2016). As some officers and directors of
Osisko are also officers and directors of Falco, the Company concluded that it
exercises significant influence over Falco since 2014 and accounts for its
investment using the equity method. <B></B></P>
<P align=justify><U>Other Significant Investment</U> </P>
<P align=justify><I>Labrador Iron Ore Royalty Corporation</I></P>
<P align=justify>Over the course of the fourth quarter of 2016 and January 2017,
Osisko sold its 9.8% equity interest in Labrador Iron Ore Royalty Corporation
(&#147;LIORC&#148;). The Company received $113.4 million in proceeds (including $98.2
million in 2016 and $15.2 million in 2017). Since the initial investment in
LIORC, the Company received $10.7 million in dividends (including $6.3 million
in 2016 and $0.2 million in 2017). As Osisko&#146;s interest has been completely
liquidated, the Company will not be receiving non-taxable dividend income going
forward. </P>
<P align=right>16 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><I>Arizona Mining Inc. </I></P>
<P align=justify>Over the second half of 2017, Osisko sold its equity interest
in Arizona Mining for proceeds of $47.1 million, including from the sale of
shares following the exercise of warrants in October 2017. Osisko realized a
pre-tax accounting gain of $30.2 million (including the change in fair value of
the warrants) on the transaction and a gain of $34.1 million based on the cash
cost<SUP>1</SUP> of the shares. Osisko still holds a 1% NSR royalty purchased
for $10.0 million in April 2016 on all sulfide ores of lead and zinc (and any
copper, silver or gold recovered from the concentrate from such ores) mined from
Arizona Mining&#146;s Hermosa Project located in Santa Cruz County, Arizona. </P>
<P align=justify>________________________________</P>
<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%">
      <P align=justify>1 </P></TD>
    <TD>
      <P align=justify>The cash cost of an investment is a non-IFRS measure
      representing the cash paid on the acquisition of an investment. The gain
      or the loss is calculated by subtracting the cash acquisition cost from
      the cash proceeds on the sale of an investment. </P></TD></TR></TABLE>
<P align=left>&nbsp;</P>
<P align=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Sustainability Activities </B></P>
<P align=justify>Osisko views sustainability as a key part of its strategy to
create value for its shareholders and other stakeholders. </P>
<P align=justify>The Company focuses on the following key areas: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Promoting the mining industry and its benefits to
      society; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Maintaining strong relationships with Federal,
      Provincial, Municipal and First Nations Governments; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Supporting the economic development with regions where
      Osisko operates (directly or indirectly through its interests); </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Supporting university education in mining fields and
      employee development; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Promoting diversity throughout the organization and the
      mining industry; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Encouraging investee companies to adhere to the same
      areas of focus in sustainability. </P></TD></TR></TABLE>
<P align=justify>As part of its investment analysis process, the Company
evaluates the risk and performance in the sustainability areas. </P>
<P align=justify><B>Exploration and Evaluation Activities </B></P>
<P align=justify>As a result of earn-in agreement with Osisko Mining, which is
described under the <I>Summary of Royalty, Stream and Offtake Interests</I>
table of this MD&amp;A, the exploration and evaluation activities have been
significantly reduced and were concentrated on the Coulon project (James Bay
area). During the year ended December 31, 2017, the investments amounted to $2.0
million, net of tax credits. As at December 31, 2017, the carrying value of the
Coulon project was $59.9 million ($57.8 million as at December 31, 2016) and the
carrying value of the other properties, including those under the earn-in
agreements with Osisko Mining, was $42.3 million ($42.2 million as at December
31, 2016). A 10,000 meter drilling program was completed on the Coulon Project
in 2017. The Company is finalizing its preliminary economic assessment which was
initiated in 2017. </P>
<P align=justify>In November, 2017 the non-controlling shareholders of Mines
Coulon Inc., the subsidiary holding the Coulon project, exercised the option to
convert their shares of Mines Coulon Inc. for an amount corresponding to 75% of
the cost of their investment, representing $12.0 million. The amount was settled
by the issuance of 772,810 common shares of the Company. As such, Osisko is now
the sole owner of the Coulon project. </P>
<P align=justify><B>Revolving Credit Facility </B></P>
<P align=justify>In November 2017, the Company amended its revolving credit
facility (the &#147;Facility&#148;) increasing the amount from $150 million to $350
million, with an additional uncommitted accordion of up to $100 million, for a
total availability of up to $450 million. The increase is subject to standard
due diligence procedures and acceptance of the lenders. The Facility is to be
used for general corporate purposes and investments in the mineral industry,
including the acquisition of royalties, streams and other interests. The
Facility is secured by the Company&#146;s assets (including the royalty, stream and
other interests) and has a four-year term (November 14, 2021), which can be
extended by one year on each of the first two anniversary dates.</P>
<P align=justify>The Facility is subject to standby fees. Funds drawn will bear
interest based on the base rate, prime rate or London Inter-Bank Offer Rate
(&#147;LIBOR&#148;) plus an applicable margin depending on the Company&#146;s leverage ratio.
On July 31, 2017, the Facility was drawn for US$118.0 million (representing
$148.0 million as at December 31, 2017) to fund the acquisition of Orion&#146;s
Portfolio. As at December 31, 2017, the interest rate was 2.96%, including the
applicable margin. The Facility includes covenants that require the Company to
maintain certain financial ratios and meet certain non-financial requirements.
As at December 31, 2017, all such ratios and requirements were met. </P>
<P align=justify><B>Bought Deal of Convertible Senior Unsecured Debentures
</B></P>
<P align=justify>On November 3, 2017, Osisko closed a bought deal offering of
convertible senior unsecured debentures (the &#147;Debentures&#148;) of $300 million (the
&#147;Offering&#148;) with a syndicate of underwriters co-led by National Bank Financial
Inc., BMO Capital Markets and Desjardins Capital Markets (the &#147;Underwriters&#147;).
The Offering was comprised of a $184.0 million public offering of Debentures
(the &#147;Public Offering&#147;) and a $116.0 million private placement of Debentures
(the &#147;Private Offering&#147;). In connection with the Offering, the Public Sector
Pension Investment Board and Ressources Qu&#233;bec inc., a wholly-owned subsidiary
of Investissement Qu&#233;bec, purchased respectively $100.0 million and $16.0
million of Debentures through the Private Offering on the same terms and
conditions as the Public Offering. The Underwriters have received a commission
of 3.55% related to the Offering. Net proceeds amounted to $288.5 million. </P>
<P align=right>18 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The Debentures bear interest at a rate of 4.0% per annum,
payable semi-annually on June 30 and December 31 of each year, commencing on
June 30, 2018. The Debentures are convertible at the holder&#146;s option into Osisko
common shares at a conversion price of $22.89 per common share. The Debentures
will mature on December 31, 2022 and may be redeemed by Osisko, in certain
circumstances, on or after December 31, 2020. The Debentures are listed for
trading on the Toronto Stock  Exchange (&ldquo;TSX&rdquo;)  under the symbol &#147;OR.DB&#148;. The net proceeds from the Offering
will be used to fund the acquisition of precious metal royalties and streams,
working capital, and general corporate purposes. </P>
<P align=justify><B>Quarterly Dividends </B></P>
<P align=justify>The Board of Directors has approved the initiation of the
Company&#146;s quarterly dividend program on November 16, 2014.</P>
<P align=justify>The following table provides details on the dividends declared
and paid or payable: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><B>Dividend</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><B>Dividends paid</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Declaration date</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="17%"><B>per share</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="17%"><B>Record date</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="17%"><B>Payment date</B><SUP>(i)</SUP> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="17%"><B>or payable</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right width="17%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right width="17%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Year 2014 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>n/a </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>n/a </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>1,551,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Year 2015 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">0.13 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">n/a </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">n/a </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">12,229,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Year 2016 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>0.16 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>n/a </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>n/a </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>17,037,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>March 15, 2017 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>March 31, 2017
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>April 17, 2017
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>4,265,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>May 4, 2017 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">0.04 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">June 30, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">July 17, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">4,270,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>August 3, 2017 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>September 30,
      2017 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>October 16, 2017
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>7,850,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>November 7, 2017 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="17%">0.05 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">December 29, 2017 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%">January 15, 2018 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="17%">7,890,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Year 2017 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="17%" bgColor=#e6efff>0.18 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="17%" bgColor=#e6efff>24,275,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="17%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>February 16, 2018 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="17%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>March 30, 2018
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%" bgColor=#e6efff>April 16, 2018
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="17%"
      bgColor=#e6efff>tbd<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Year 2018 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="17%">0.05 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="17%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
>&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%">(i) </TD>
    <TD>Not applicable (&#147;n/a&#148;) for annual summaries. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>To be determined (&#147;tbd&#148;) on March 30, 2018 based on the number of
      shares outstanding and the number of shares participating in the dividend
      reinvestment plan on the record date. </TD></TR></TABLE>
<P align=justify><U>Dividend Reinvestment Plan</U></P>
<P align=justify>In 2015, the Company implemented a dividend reinvestment plan
(&#147;DRIP&#148;). The DRIP allows Canadian shareholders and U.S. shareholders
(commencing with the dividend paid on October 16, 2017) to reinvest their cash
dividends into additional common shares either purchased on the open market
through the facilities of the TSX or the NYSE, or issued directly from treasury
by the Company, or acquired by a combination thereof. In the case of a treasury
issuance, the price 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&#146;s
sole election. No commissions, service charges or brokerage fees are payable by
shareholders who elect to participate in the DRIP. </P>
<P align=justify>As at December 31, 2017, the holders of 6,863,864 common shares
had elected to participate in the DRIP, representing dividends payable of
$343,000. During the year ended December 31, 2017, the Company issued 88,536
common shares under the DRIP, at a discount rate of 3%. On January 17, 2018,
24,513 common shares were issued under the DRIP at a discount rate of 3%.
<B></B></P>
<P align=right>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Gold Market and Currency </B></P>
<P align=justify><U>Gold Market</U> </P>
<P align=justify>The price of gold gained more than 12% since January 2017 after
its initial rebound in 2016, and recorded its best-performing year since 2011
after several consecutive years of declines. It has been driven by a weaker U.S.
dollar, extremely loose monetary policy pursued by nearly all key central banks
and safe-haven buying prompted by global political uncertainties. Despite a
rally in global stock markets and rising U.S. interest rates, gold had a good
performance in 2017. </P>
<P align=justify>Gold prices came under pressure during the fourth quarter of
2017 falling from a high of US$1,357 per ounce to a low of US$1,236 per ounce in
mid-December. Anticipation that Federal Reserve would raise rates at its
December meeting, liquidation by speculators and easing of political tensions
with North Korea have accelerated the bearish sentiment. Overall, gold prices
were almost unchanged in the fourth quarter of 2017 and gained US$8 per ounce
quarter over quarter on the London fix to close at US$1,291 per ounce. The
average price was slightly lower from the third quarter of 2017 at US$1,275 per
ounce and US$53 per ounce higher on a year over year basis. The prices were
volatile during the fourth quarter with a trading range of US$62 per ounce and
closed at US$1,291 per ounce as at December 31, 2017. The average gold price
gained US$6 per ounce in 2017 to US$1,257 compared to US$1,251 in 2016. </P>
<P align=justify>Following the Federal Reserve&#146;s decision to raise interest
rates by 25 basis point in December 2017 and leaving the rates unchanged in
January 2018, U.S. dollar has weakened and gold prices have recovered strongly
to US$1,340 in January 2018. Oil and base metal prices were rallying also into
the year-end and demand has started to increase for the commodity sector.</P>
<P align=justify>The historical price is as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>(US$/ounce of gold) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>High</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Low</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Average</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Close</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2017 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,346 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,151 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,257 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,291 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>2016 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,366 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,251 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,146 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,296 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,049 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,160 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,060 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,385 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,142 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,266 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1,206 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2013 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,694 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,192 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1,205 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>In Canadian dollar terms, the average price per ounce of gold
for the fourth quarter of 2017 averaged $1,621 per ounce compared to $1,601 per
ounce in the third quarter of 2017. The average price in 2017 was $1,632 per
ounce compared to $1,657 per ounce in 2016. </P>
<P align=justify><U>Currency</U> </P>
<P align=justify>The Company is subject to currency fluctuations as its revenues
are mainly in U.S. dollars and its expenses (other than those related to streams
and offtakes agreements) are mainly denominated in Canadian dollars. The Company
can hold cash balances in U.S. dollars to diversify its resources, which can
create volatility in gains and losses on foreign exchange on the consolidated
statement of income (loss) for subsidiaries having the Canadian dollar as their
functional currency. A weaker Canadian dollar increases the revenues presented
in Canadian dollars on the consolidated statement of income (loss) as the sales
of gold and silver are traded in U.S. dollars. To compensate for the risk that a
weaker Canadian dollar would have on the Company&#146;s purchasing power of U.S.
dollar denominated investments, the Company holds a certain percentage of its
cash in U.S. dollars. </P>
<P align=justify>After recovering from its December 2016 decline, the Canadian
dollar performed relatively well against the U.S. dollar in the first months of
2017, before falling again in April and early May to a low of 1.3743 against the
U.S. dollar. From May to the end of September, the Canadian currency recovered
strongly against the U.S. dollar and reached a two-year high of 1.2128 against
the U.S. dollar, supported by the beginning of monetary tightening in Canada and
stronger than expected economic data for the first half of the year. The dollar
traded between a range of 1.2128 and 1.3743 and closed at 1.2545 for an average
of 1.2986 in 2017 compared to 1.3248 in 2016. </P>
<P align=justify>In July and September, 2017, the Bank of Canada increased the
overnight rate target by 0.25% to 1.00%. The Federal Reserve raised the rate by
0.25% in March, June and December to 1.50%.</P>
<P align=justify>The exchange rate for the U.S./Canadian dollar is outlined
below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>High</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Low</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Average</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>Close</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2017 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.3743 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.2128 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.2986 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.2545 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>2016 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.4589 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.2544 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.3248 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.3427 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.3990 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.1728 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.2787 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.3840 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>2014 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.1643 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.0614 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.1045 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">1.1601 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>2013 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.0697 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>0.9839 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.0299 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.0636 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Selected Financial Information</B><B><SUP>(1)</SUP></B><B>
<BR></B>(in thousands of dollars, except figures for ounces and amounts per
ounce and per share)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#ffffff >&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%" bgColor=#ffffff><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%" bgColor=#ffffff><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%" bgColor=#ffffff><B>2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#ffffff >&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=left width="1%"
      bgColor=#eeeeee><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"
      bgColor=#eeeeee><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
      bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"
      bgColor=#ffffff><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"
      bgColor=#ffffff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
      bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"
      bgColor=#ffffff><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"
      bgColor=#ffffff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
      bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Revenues </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>213,216 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>62,677 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>45,415 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Gross profit
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>59,506 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>51,243 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>44,827 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Impairment
      charge on royalty, stream and other interests </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(89,000</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Operating
      income (loss) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(70,435</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>29,089 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>18,224 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Net earnings
      (loss)<I><SUP>(2)</SUP></I> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(42,501</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>42,113 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>28,749 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Basic net
      earnings (loss) per share<I><SUP>(2)</SUP></I> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(0.33</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.33 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Diluted net
      earnings (loss) per share<I><SUP>(2)</SUP></I> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(0.33</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.32 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Total assets
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>2,516,343 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,416,304 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,081,433 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Total long-term
      debt </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>464,308 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>45,780 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Average selling
      price of gold (per ounce sold) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >&nbsp; &nbsp;
      &nbsp;In C$<I><SUP>(3)</SUP></I> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>1,627 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,643 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,486 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >&nbsp; &nbsp;
      &nbsp;In US$ </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>1,277 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,245 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,153 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Operating cash
      flows </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>48,761 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>53,444 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>28,904 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >Weighted
      average shares outstanding <I>(in thousands)</I> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >&nbsp; &nbsp;
      &nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>127,939 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>104,671 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>87,856 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff >&nbsp; &nbsp;
      &nbsp;Diluted<SUP>(4)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>127,939 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>104,824 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>88,938 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#ffffff>&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%">(1) </TD>
    <TD>Unless otherwise noted, financial information is in Canadian dollars
      and prepared in accordance with IFRS. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>Attributable to Osisko&#146;s shareholders. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>Using actual exchange rates at the date of the transactions. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>As a result of the net loss for the year ended December 31, 2017, all
      potentially dilutive common shares are deemed to be antidilutive and thus
      diluted net loss per share is equal to the basic net loss per share.
  </TD></TR></TABLE>
<P align=justify><B>Overview of Financial Results </B></P>
<P align=justify><U>Financial Summary &#150; 2017</U> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Record revenues from royalties and streams of
      $93.8 million ($213.2 million including offtakes) compared to $62.7
  million in 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Gross profit of $59.5 million compared to $51.2
  million in 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Impairment charge of $89.0 million on the
  &#201;l&#233;onore NSR royalty interest ($65.4 million, net of income taxes); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Operating loss of $70.4 million compared to an
  operating income of $29.1 million in 2016;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net loss attributable to Osisko&#146;s shareholders
      of $42.5 million or $0.33 per basic and diluted share, compared to net
      earnings of $42.1 million or $0.40 per basic and diluted share in 2016;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Adjusted earnings<SUP>1 </SUP>of $22.7 million
      or $0.18 per basic share<SUP>1 </SUP>compared to $34.2 million or $0.33
  per basic share in 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net cash flows provided by operating activities
  of $48.7 million compared to $53.4 million in 2016. </TD></TR></TABLE>
<P align=justify>Revenues increased in 2017 mainly as a result of the
acquisition of Orion&#146;s Portfolio.</P>
<P align=justify>Gross profit reached $59.5 million in 2017 compared to $51.2
million in 2016 as a result of higher revenues. Cost of sales increased from
$0.1 million in 2016 to $125.6 million mainly as a result of the offtake
agreements acquired through the acquisition of Orion&#146;s Portfolio. Under the
offtake agreements, the metal is acquired from the producers at the lowest
market price over a certain period of time (quotational period), and is
subsequently sold by Osisko, resulting in a net profit that will usually vary
between 0% and 5% of the sales proceeds. </P>
<P align=justify>________________________________</P>
<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%">
      <P align=justify>1 </P></TD>
    <TD>
      <P align=justify>&#147;Adjusted earnings&#148; and &#147;Adjusted earnings per basic
      share&#148; are non-IFRS financial performance measures which have no standard
      definition under IFRS. Refer to the non-IFRS measures provided under the
      Non-IFRS Financial Performance Measures section of this Management and
      Discussion Analysis. </P></TD></TR></TABLE>
<P align=right>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>In 2017, the Company incurred an operating loss as a result of
an impairment charge of $89.0 million on the &#201;l&#233;onore royalty interest.
Excluding the impairment charge, operating income would have amounted to $18.6
million compared to $29.1 million in 2016. The decrease in operating income in
2017, in addition to the impairment charge, is mainly the result of the
transaction costs related to the acquisition of Orion&#146;s Portfolio, which
amounted to $8.9 million and higher general and administrative expenses
(&#147;G&amp;A&#148;), partially offset by higher gross profit. The increase in G&amp;A
expenses is mainly due to higher salary expenses as a result of higher bonuses
payable to management following the acquisition of Orion&#146;s Portfolio, higher
share-based compensation expenses related to the deferred and restricted share
units (higher number of units outstanding and increase in the objectives
achievements related to 2014 RSUs which vested and were paid in September 2017)
and higher general costs due to the increased activities of the Company in 2017.
The year 2017 is the first year where 3 years of stock options, RSUs and DSUs
are outstanding. Stock options and RSUs vest over a three-year period. Business
development expenses increased by $10.4 million mainly as a result of the
transaction costs related to the acquisition of Orion&#146;s Portfolio, higher
bonuses payable to management, higher share-based compensation expenses related
to the deferred and restricted share units and higher general costs due to
increased activities in 2017. </P>
<P align=justify>The net loss attributable to Osisko&#146;s shareholders in 2017 is
mainly the result of the impairment charge of $89.0 million, a lower operating
income, a higher foreign exchange loss, higher finance costs, the absence of
dividend income following the sale of the shares of LIORC in 2016 and early
2017, partially offset by higher interest income.</P>
<P align=justify>Adjusted earnings decreased to $22.7 million compared to $34.2
million in 2016 as a result of higher G&amp;A, lower dividend income and higher
finance costs, partially offset by higher gross profit. </P>
<P align=justify>Net cash flows provided by operating activities decreased in
2017 as a result of the fees related to the acquisition of Orion&#146;s Portfolio and
the settlement of restricted share units for $5.5 million, partially offset by
higher gross profit.</P>
<P align=justify><U>Consolidated Statements of Income (Loss)</U><B> </B></P>
<P align=justify>The following table presents summarized consolidated statements
of income (loss) for the years ended December 31, 2017 and 2016 (in thousands of
dollars, except amounts per share): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%" bgColor=#ffffff><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%" bgColor=#ffffff><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#eeeeee><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"
      bgColor=#eeeeee><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#ffffff><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"
      bgColor=#ffffff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Revenues</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(a) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee><B>213,216</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff><B>62,677</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(b) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(125,645</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>(143</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Depletion of royalty, stream
      and offtake interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(c) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#eeeeee>(28,065</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#ffffff>(11,291</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Gross profit</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(d) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee><B>59,506</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff><B>51,243</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Other operating
      expenses</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>General and administrative
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(e) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(26,176</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>(16,715</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Business development </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(f) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(18,706</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>(8,282</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Impairment of royalty, stream
      and other interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(g) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(89,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Exploration and evaluation,
      net of tax credits </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(h) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(204</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>1,240 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Other gains (expenses), net
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(i) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>20 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>(1,436</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Cost recoveries from
      associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(j) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#eeeeee>4,125 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#ffffff>3,039 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Operating income
      (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"
bgColor=#eeeeee><B>(70,435</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff><B>29,089</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Other revenues, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(k) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#eeeeee>4,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#ffffff>22,489 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Earnings (loss) before
      income taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"
bgColor=#eeeeee><B>(65,935</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff><B>51,578</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Income tax recovery (expense)
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>(l) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#eeeeee>23,147 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%" bgColor=#ffffff>(9,724</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Net earnings (loss)</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="14%" bgColor=#eeeeee><B>(42,788</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="14%" bgColor=#ffffff><B>41,854</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Net earnings (loss)
      attributable to: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Osisko&#146;s
      shareholders </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(42,501</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>42,113 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; &nbsp;
      &nbsp;Non-controlling interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(287</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>(259</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>Net earnings (loss) per share
      attributable to Osisko&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(0.33</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Diluted
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#eeeeee>(0.33</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%" bgColor=#ffffff>0.40 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#ffffff>&nbsp;</TD></TR></TABLE>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&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%">(a) </TD>
    <TD>Revenues are comprised of the following: </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="65%" colSpan=17><B>Years ended December 31,</B> </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=7><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=7><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">Average </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Average </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">selling price </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">Ounces </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">Total </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">selling price </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Ounces </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Total </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">per ounce / </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">/ Carats </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">revenues </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">per ounce </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">/ Carats </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">revenues </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">carats ($) </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">sold </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">($000&#146;s</TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">($) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">($000&#146;s</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">) </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Gold sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">1,627 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">111,501 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">181,390 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,643 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">37,402 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">61,444 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Silver sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">22 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">887,760 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">19,216 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">23 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">32,836 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">747 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Diamonds sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">106 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">71,150 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">7,560 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Other (paid in cash) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">5,050 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">486 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">213,216 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">62,677 </TD>
<TD vAlign=bottom align=left
width="2%">&nbsp;</TD></TR></TABLE></DIV><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 width="5%"></TD>
    <TD>The effective date of the acquisition of Orion&#146;s Portfolio was June 1,
      2017. However, revenues of royalties, streams and offtakes acquired from
      Orion are only included in revenues from July 31, 2017 onward, the
      acquisition date for accounting purposes. </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>Cost of sales represents mainly the acquisition price of the metals
      and diamonds under the offtake and stream agreements, as well as minimal
      refining, insurance and transportation costs related to the metals
      received under royalty agreements. The significant increase in 2017 is
      mainly the result of the offtakes and streams acquired from Orion on July
      31, 2017. </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>The royalty, stream and other interests are depleted using the
      units-of-production method over the estimated life of the properties or
      the life of the agreement. The significant increase in 2017 is mainly the
      result of the offtakes and streams acquired from Orion on July 31, 2017.
    </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>The breakdown of gross profit per nature of interest is as follows (in
      $000&#146;s): </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="26%" colSpan=4><B>Years ended December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee"><B></B></TD>
    <TD width="12%" align=right vAlign=bottom noWrap bgcolor="#eeeeee"><STRONG>$</STRONG></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Royalty interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">74,041 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">62,677 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(286</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(143</TD>
    <TD vAlign=bottom align=left width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(15,475</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(11,291</TD>
    <TD vAlign=bottom align=left width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">58,280 </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">51,243 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Stream interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">19,751 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(7,385</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(11,283</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">1,083 </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Offtake interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">119,424 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(117,974</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(1,307</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">143 </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total &#150; Gross profit </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">59,506 </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">51,243 </TD>
    <TD vAlign=bottom align=left width="1%">&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 style="text-align: justify">In 2017, G&amp;A expenses were $26.2 million compared to $16.7 million
      in 2016. The increase is mainly due to higher salary expenses as a result
      of higher bonuses payable to management following the acquisition of
      Orion&#146;s Portfolio, higher share- based compensation expenses related to
      the deferred and restricted share units (higher number of units
      outstanding and increase in the objectives achievements related to the
      2014 RSUs which vested and were paid in September 2017) and higher general
  costs due to increased activities in 2017. </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD style="text-align: justify">The increase in G&amp;A expenses was partly offset by an increase in
  cost recoveries from associates. </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD style="text-align: justify">Business development expenses increased to $18.7 million in 2017
      compared to $8.3 million in 2016. The increase is mainly the result of the
      transaction costs related to the acquisition of Orion&#146;s Portfolio, which
      amounted to $8.9 million, higher salary expenses as a result of higher
      bonuses payable to management following the acquisition of Orion&#146;s
      Portfolio, higher share- based compensation expenses related to the
      deferred and restricted share units (higher number of units outstanding
      and increase in the objectives achievements related to the 2014 RSUs which
      vested and were paid in September 2017) and higher general costs due to
  increased activities in 2017. </TD></TR></TABLE>
<P align=right>23 </P>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&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%">(g) </TD>
    <TD>
      <P align=justify>The  operator of the &Eacute;l&eacute;onore gold mine in Qu&eacute;bec, Canada reviewed its guidance on  long-term annual gold production to 400,000 ounces, which is significantly  lower compared to the design capacity of 600,000 ounces. This was considered an  indicator of impairment among other facts and circumstances and, accordingly,  management performed an impairment assessment as at December 31, 2017. As a  result, the Company recorded an impairment charge of $89.0 million ($65.4  million net of income taxes) on the &Eacute;l&eacute;onore NSR royalty for the year ended  December 31, 2017. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The &#201;l&#233;onore NSR royalty was written down to its
      estimated recoverable amount of $300.0 million, which was determined by
      the fair value less cost of disposal using a discounted cash-flows
      approach. The main valuation inputs used were the cash flows expected to
      be generated by the sale of gold received from the &#201;l&#233;onore NSR royalty
      based on the long-term annual gold production of 400,000 ounces over the
      estimated life of the &#201;l&#233;onore mine, the long-term gold price of US$1,300
      per ounce and a post-tax real discount rate of 4.2%. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>In 2016, the use of exploration tax credits of $2.2
      million resulted in a net recovery of $1.2 million in exploration and
      evaluation. Excluding these exploration tax credits, expenses in
      exploration and evaluation amounted to $1.0 million in 2016 compared to
      $0.2 million in 2017. Through the farm-out agreement concluded with Osisko
      Mining in October 2016 and reduction of activities in Mexico, the
      Company&#146;s exploration and evaluation expenses have been significantly
      reduced. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>In 2016, other expenses are comprised of a loss on
      disposal of an exploration and evaluation asset of $0.3 million (the
      Company disposed of an exploration property having a carrying value of
      $0.8 million in exchange for shares in a new associate having a fair value
      of $0.5 million), a write-off of property and equipment of $0.5 million
      and an impairment charge on exploration and evaluation assets of $0.7
      million (the Company wrote-off a grassroots project in the James Bay area
      where it does not expect substantial expenses to be incurred in the
      future). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Cost recoveries from associates represent costs incurred
      by Osisko for professional services rendered to associates as well as
      renting of office space. The number of service agreements and the level of
      services with associates have increased during 2016 and 2017, explaining
      the increase in cost recoveries in 2017. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Other revenues, net, amounted to $4.5 million in 2017 and
      include a net gain on investments of $30.8 million (comprised of a net
      gain on dilution of investments in associates of $30.6 million) and
      interest revenues of $4.3 million, partially offset by a loss on foreign
      exchange of $16.1 million, a share of loss of associates of $6.1 million
      and finance costs of $8.4 million. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Other revenues, net, of $22.5 million in 2016 includes a
      net gain on investments of $30.2 million (including a gain of $3.4 million
      on the disposal of NioGold Mining Corporation, an associate, acquired by
      Osisko Mining, another associate, a gain on dilution of investments of
      $12.0 million and a gain on acquisition of investments of $8.4 million),
      dividend income of $4.9 million and interest revenues of $3.3 million,
      partially offset by a loss on foreign exchange of $5.8 million, a share of
      loss of associates of $6.6 million and finance costs of $3.4 million.
    </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>The effective income tax rate for the year 2017 is 35.1%
      compared to 19% in 2016. The statutory rate is 26.8% in 2017 and 26.9% in
      2016. The elements that impacted the effective income taxes are the
      non-taxable (or deductible) part of capital gains (or losses) (50%),
      non-taxable dividend income, and non-deductible expenses. In 2017, an
      amount of $132,000 is related to cash taxes on royalties earned in foreign
      jurisdictions. In 2016, the income tax expense is only related to deferred
      income taxes. </P></TD></TR></TABLE>
<P align=justify><B>Liquidity and Capital Resources </B></P>
<P align=justify>As at December 31, 2017, the Company&#146;s cash and cash
equivalents amounted to $333.7 million compared to $499.2 million as at December
31, 2016. Significant variations in the liquidity and capital resources in 2017
are explained below under the <I>Cash Flows</I> section. </P>
<P align=justify>The Company has a Facility of $350.0 million as at December 31,
2017, of which US$118.0 million ($148.0 million based on the the Bank of Canada
daily exchange rate of December 31, 2017) was drawn on July 31, 2017 to fund the
acquisition of Orion&#146;s Portfolio. Refer to the <I>Revolving Credit Facility</I>
section of this MD&amp;A for further detail. </P>
<P align=justify>The Company also used US$182.8 million ($228.9 million based on
the Bank of Canada daily exchange rate of July 31, 2017) from its cash and cash
equivalents balance and the cash received from the private placement to Caisse
and Fonds F.T.Q. to fund the balance of the cash portion of Orion&#146;s Portfolio
acquisition. </P>
<P align=justify>As previously discussed in this MD&amp;A, Osisko closed a
bought deal offering of convertible senior unsecured debentures for net proceeds
of $288.5 million. Refer to the <I>Bought Deal of Convertible Senior Unsecured
Debentures</I> section of this MD&amp;A for further detail. </P>
<P align=right>24 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Cash Flows </B></P>
<P align=justify>The following table summarizes the cash flows (in thousands of
dollars): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="27%" colSpan=4><B>Years ended
      December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee"></TD>
    <TD width="12%" align=right vAlign=bottom noWrap bgcolor="#eeeeee"><STRONG>$</STRONG></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash flows </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Operations </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">49,156 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">54,219 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Working capital
      items </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(440</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(775</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B>Operating
      activities</B> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee"><B>48,716</B> </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>53,444</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Investing
      activities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(877,515</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(15,053</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Financing
      activities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">678,937 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">208,200 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Effects of exchange rate changes on cash and
      cash equivalents </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(15,682</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(5,851</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Increase (decrease) in cash and cash
      equivalents </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(165,544</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">240,740 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash and cash equivalents &#150; beginning of year
    </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">499,249 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">258,509 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash and cash equivalents &#150; end of year </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">333,705 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">499,249 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><U>Operating Activities</U><B> </B></P>
<P align=justify>Cash flows provided by operating activities in 2017 amounted
respectively to $48.7 million compared to $53.4 million in 2016.</P>
<P align=justify>Net cash flows provided by operating activities decreased in
2017 as a result of the transaction costs related to the acquisition of Orion&#146;s
Portfolio ($8.9 million) and the settlement of restricted share units for $5.5
million, partially offset by higher gross profit. </P>
<P align=justify><U>Investing Activities</U> </P>
<P align=justify>Cash flows used in investing activities amounted to $877.5
million in 2017 compared to $15.1 million in 2016. In 2017, Osisko paid $621.4
million, net of cash acquired of $8.7 million, for the acquisition of Orion&#146;s
Portfolio, settled foreign exchange forward contracts which generated a cash
loss of $21.1 million, invested $226.8 million in marketable securities,
including $52.1 million for additional shares of Barkerville (an associate),
$40.1 million for additional shares of Osisko Mining (an associate), $34.7
million for additional shares of Dalradian (an associate) and $4.0 million for
additional shares of Falco (an associate). Osisko also invested $80.1 million in
royalty and stream interests, including $42.7 million to acquire a silver stream
on the Gibraltar mine (including transaction costs and net of the fair value of
the warrants received as part of the transaction) and $12.5 million to acquire a
0.75% NSR royalty on the Cariboo project held by Barkerville, and $1.1 million
on exploration and evaluation assets, net of tax credits. Proceeds on the sale
of investments generated $71.1 million and short-term investments were reduced
by $2.0 million. </P>
<P align=justify>The Company had entered into foreign exchange forward contracts
to buy US$204.0 million at a weighted average rate of $1.3480 US$/CA$ and had
designated these contracts as cash flow hedges related to the acquisition of
Orion&#146;s Portfolio, as the cash portion of the purchase price was fixed at a rate
of 1.3485 US$/CA$. These contracts were settled on July 31, 2017 (acquisition
date of Orion&#146;s Portfolio) and generated a cash loss of $21.1 million. </P>
<P align=justify>In 2016, the Company invested $82.4 million in marketable
securities, $55.3 million in royalty interests, including $23.0 million for a
royalty on the Cariboo gold project held by Barkerville (an associate), $10.0
million for a royalty on the Hermosa project held by Arizona Mining and $10.0
million for a royalty or stream financing (to be negotiated) on the Horne 5
project held by Falco (an associate) and $8.3 million in exploration and
evaluation assets (net of investment tax credits), mainly on the Coulon project
and other projects in the James Bay territory. Osisko received proceeds of
$129.2 million from the sale of investments, including $98.2 million from the
sale of shares of LIORC, and $3.6 million from the sale of royalty interests in
2016. </P>
<P align=right>25 </P>
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noShade SIZE=5>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Financing Activities</U> </P>
<P align=justify>In 2017, cash flows provided by financing activities amounted
to $678.9 million compared to $208.2 million in 2016. During the year 2017,
Osisko completed an equity financing with Caisse and Fonds F.T.Q. for $200
million and $75 million in common shares of Osisko, respectively, as part of a
concurrent private placement to fund a portion of the cash consideration and
support the acquisition of Orion&#146;s Portfolio. A total of 18,887,363 common
shares were issued at a price of $14.56 per share. The financing was subject to
a 7% capital commitment payment payable partially in shares (2% representing
385,457 common shares) and in cash (5% representing $13.8 million). Additional
fees of $376,000 were incurred for the financing, of which $190,000 were paid in
2017.</P>
<P align=justify>On November 3, 2017, Osisko closed a bought deal offering of
convertible senior unsecured debentures for net proceeds of $288.5 million.
Refer to the <I>Bought Deal of Convertible Senior Unsecured Debentures</I>
section of this MD&amp;A for further detail. </P>
<P align=justify>Osisko also drew US$118 million ($147.3 million based on the
Bank of Canada daily exchange rate of July 31, 2017) under its revolving credit
facility, also to fund a portion of the acquisition price of Orion&#146;s Portfolio.
The Company paid $19.3 million in dividends to its shareholders and $1.8 million
under the Normal Course Issuer Bid.</P>
<P align=justify>Investments of non-controlling interests in Mines Coulon Inc.
increased liquidities by $1.3 million and the exercise of share options and the
employee share purchase plan that generated $3.0 million. </P>
<P align=justify>In 2016, cash flows provided by financing activities reached
$208.2 million and included a financing with Ressources Qu&#233;bec for a $50.0
million convertible debenture and a bought deal public offering of 11,431,000
units of Osisko for gross proceeds of $172.6 million, both completed during the
first quarter. Investments of non-controlling interests also increased
liquidities by $4.5 million and the exercise of share options and the shares
purchase plan generated $5.3 million. The Company paid $8.9 million in share
issue costs and financing fees and $15.3 million in dividends to its
shareholders during the same period. </P>
<P align=right>26 </P>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The following table summarizes the financings completed since
the creation of Osisko Gold Royalties Ltd: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">No of Shares/ </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Price </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Gross </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Net Cash </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Units </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">($) </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Proceeds </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">Proceeds </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">($000&#146;s</TD>
    <TD vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%">($000&#146;s</TD>
    <TD vAlign=bottom noWrap align=left width="2%">) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><U>2017</U></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Bought deal &#150; convertible
      debentures<SUP>(i)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">300,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">288,476 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Private
      placement<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>19,272,820 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14.27 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>275,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>261,060 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Revolving credit facility<SUP>(ii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">147,323 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">147,323 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exercise of share options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>43,970 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14.21 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exercise of replacement share
      options<SUP>(vi)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">190,471 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">11.28 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Employee share purchase plan
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>15,426 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15.04 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>233 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>233 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Total</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">19,522,687 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">725,329 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">699,865 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><U>2016</U></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Convertible debenture<SUP>(iii)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">50,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">49,225 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Issuance of Units
      (bought-deal financing)<SUP>(iv)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,431,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15.10 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>172,608 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>164,543 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exercise of share options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12,335 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15.22 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exercise of replacement share
      options<SUP>(vi)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>505,756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9.50 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Employee share purchase plan </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">21,762 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">15.27 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">332 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Total</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,970,853 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>227,934 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>219,094 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><U>2015</U></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Issuance of special warrants<SUP>(v)</SUP>
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,960,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">18.25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">200,020 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">189,158 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exercise of replacement share
      options<SUP>(vi)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>750,837 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6.51 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,887 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Total</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">11,710,837 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">204,907 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">194,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B><U>2014 &#150; from June 16</U></B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Private
      placements<SUP>(vii)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,794,411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15.03 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>42,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>39,173 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Total</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,794,411 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">42,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">39,173 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Cumulative cash proceeds </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,200,170 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,152,177 </TD>
    <TD vAlign=bottom align=left width="2%">&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%">(i) </TD>
    <TD>
      <P align=justify>On November 3, 2017, Osisko closed a bought deal offering
      of convertible senior unsecured debentures for net proceeds of $288.4
      million. The debentures bear interest at a rate of 4.0% per annum, payable
      semi-annually on June 30 and December 31 of each year, commencing on June
      30, 2018. The Debentures are convertible at the holder&#146;s option into
      Osisko common shares at a conversion price of $22.89 per share. The
      Debentures will mature on December 31, 2022 and may be redeemed by Osisko,
      in certain circumstances, on or after December 31, 2020. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>On July 31, 2017, Osisko closed a private placement with
      CDP and Fonds F.T.Q. to fund a portion of the acquisition price of Orion&#146;s
      Portfolio. A total of 18,887,363 common shares were issued at a price of
      $14.56 per common share plus a 7% capital commitment payment payable
      partially in shares (2% representing 385,457 common shares) and in cash
      (5% representing $13.8 million). Additionally, Osisko drew US$118 million
      ($147.3 million based on the Bank of Canada daily exchange rate of July
      31, 2017) under its revolving credit facility with the National Bank of
      Canada and Bank of Montreal. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>On February 12, 2016, Osisko closed a convertible
      debenture with Investissement Qu&#233;bec, maturing in February 2021 and
      bearing interest at an annual rate of 4% payable quarterly. The debenture
      is convertible at the holder option into common shares of the Company at a
      price of $19.08 at any time during the term. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>On February 26, 2016, Osisko closed a bought deal public
      offering of 11,431,000 Units, including the full exercise of the over-
      allotment option by the underwriters, at a price of $15.10 per Unit for
      aggregate gross proceeds of $172.6 million (net proceeds of $164.5
      million). </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>On March 5, 2015, the special warrants were converted
      into 10,960,000 common shares and 5,480,000 warrants exercisable at a
      price of $36.50 for a period of 7 years. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>On the date of acquisition of Virginia, the Virginia
      share options were converted into Osisko replacement share options using
      the same exchange rate than for the common shares (0.92 replacement share
      option for each Virginia share option). </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>On November 17, 2014, Osisko closed two private
      placements whereby Osisko issued a total of 2,794,411 common shares to
      Caisse and Fonds F.T.Q. at a price of $15.03 per common share for total
      gross proceeds of $42.0 million. </P></TD></TR></TABLE>
<P align=right>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Quarterly Information </B></P>
<P align=justify>The selected quarterly financial
information<B><SUP>(1)</SUP></B> for the past eight financial quarters is
outlined below: (in thousands of dollars, except for amounts per share) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="37%" colSpan=10><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="37%" colSpan=10><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q1</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>Q1</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash and cash equivalents </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">333,705 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">108,902 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">348,642 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">423,567 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">499,249 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">392,717 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">424,491 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">439,009 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Short-term investments </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,447 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,547 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,547 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,100 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">100 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">100 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">100 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Working capital </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">324,101 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">113,689 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">329,927 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">419,325 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">494,882 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">389,074 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">421,443 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">438,074 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total assets </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">2,516,343 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2,320,930 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,438,511 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,421,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,416,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,399,012 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,354,799 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,312,929 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total long-term debt </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">464,308 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">193,738 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">46,236 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">46,005 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">45,780 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">45,552 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">45,328 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">45,110 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Equity </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">1,894,405 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,931,759 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,218,302 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,218,717 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,214,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,200,734 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,162,225 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,127,542 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">109,552 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">68,179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">18,359 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,126 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">13,709 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,570 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">15,792 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">15,606 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash flows from operating activities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">21,523 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,094 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">14,082 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">12,013 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">12,782 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">14,978 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">15,864 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">9,820 </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Impairment of &#201;l&#233;onore royalty, <BR>net of
      income taxes </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">(65,415</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) attributable to
      <BR>Osisko&#146;s shareholders </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">(64,348</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">6,728 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">11,043 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">4,076 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">8,679 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">17,757 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">15,737 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">(60</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Basic net earnings (loss) per share </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">(0.41</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.05 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.10 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.04 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.08 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.17 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">0.15 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Weighted average shares outstanding (000&#146;s)
    </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;- Basic </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">157,256 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">140,605 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,656 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,543 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,612 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,564 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,374 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">99,093 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;- Diluted </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">157,256 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">140,837 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,771 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,628 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,675 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,757 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">106,570 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">99,093 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share price &#150; TSX - closing<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">14.52 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">16.10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">16.85 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14.78 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">13.09 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14.36 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">16.89 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">13.87 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share price &#150; NYSE &#150; closing<SUP>(3)</SUP>
</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">11.56 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12.91 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12.22 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">11.10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9.72 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">10.94 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">n/a </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Warrant price &#150; TSX - closing<SUP>(4)</SUP>
    </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;OR.WT </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">2.40 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.80 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.75 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.80 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.75 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3.42 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3.08 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1.95 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;OR.WT.A </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">1.41 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.45 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.65 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.70 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3.75 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">2.00 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Price of gold (average US$) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">1,275 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,278 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,257 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,219 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,222 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,335 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,260 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1,183 </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Closing exchange rate<SUP>(5)</SUP>
      (US$/Can$) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee">1.2713 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.2480 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.3449 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.3322 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.3427 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.3117 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.3009 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="7%">1.2971 </TD>
<TD vAlign=bottom align=left width="2%"></TD></TR></TABLE></DIV><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%">(1) </TD>
    <TD style="text-align: justify">Unless otherwise noted, financial information in Canadian dollars and
  prepared in accordance with IFRS. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD style="text-align: justify">Osisko common shares began officially trading on the TSX on June 16,
  2014. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD style="text-align: justify">In US$. Osisko common shares began officially trading on the NYSE on
  July 6, 2016. US$13.35 was the opening price on July 6, 2016. </TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD style="text-align: justify">Osisko warrants began trading on March 5, 2015 and February 26, 2016.
  </TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD style="text-align: justify">Bank of Canada Daily Rate in 2017 (Bank of Canada Noon Rate in 2016
  and 2015). </TD></TR></TABLE>
<P align=justify>During the first quarter of 2016, the Company closed a $172.6
million equity financing and issued a $50.0 million convertible debenture.
During the third quarter of 2017, Osisko acquired Orion&#146;s Portfolio for a total
acquisition price of $1.1 billion, including $621.4 million paid in cash, net of
cash acquired, of which $228.9 million was paid from Osisko&#146;s current cash and
cash equivalents. The balance of the cash portion was paid through an equity
financing and the credit facility. In the fourth quarter of 2017, the Company
issued convertible senior unsecured debentures for net proceeds of $288.5
million. </P>
<P align=justify>During the fourth quarter of 2017, the Company recorded an
impairment charge of $89.0 million ($65.4 million, net of income taxes) on the
&#201;l&#233;onore NSR royalty.</P>
<P align=right>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Fourth Quarter Results </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 width="5%"  ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Revenues from royalties and streams of $32.1
      million ($109.6 million including offtakes) compared to $13.7 million in
  the fourth quarter of 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;&nbsp;&nbsp;</TD>
    <TD width="90%" align=left style="text-align: justify">Gross profit of $15.7 million compared to $10.9
  million in the fourth quarter of 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;&nbsp;&nbsp;</TD>
    <TD width="90%" align=left style="text-align: justify">Impairment charge of $89.0 million on the
  &#201;l&#233;onore NSR royalty interest ($65.4 million, net of income taxes); </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Operating loss of $83.5 million compared to
  operating income of $6.8 million in the fourth quarter of 2016 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net loss attributable to Osisko&#146;s shareholders
      of $64.3 million or $0.41 per basic and diluted share, compared to net
      earnings of $8.7 million or $0.08 per basic and diluted share in the
  fourth quarter of 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Adjusted earnings<SUP>1 </SUP>of $1.0 million
      or $0.01 per basic share<SUP>1 </SUP>compared to $6.9 million or $0.07 per
  basic share in the fourth quarter of 2016; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149; </TD>
    <TD width="90%" align=left style="text-align: justify">Net cash flows provided by operating activities
      of $21.5 million compared to $12.8 million in the fourth quarter of 2016.
  </TD></TR></TABLE>
<P align=justify>Revenues increased in the fourth quarter of 2017 mainly as a
result of the acquisition of Orion&#146;s Portfolio.</P>
<P align=justify>Gross profit reached $15.7 million in the fourth quarter of
2017 compared to $10.9 million in the fourth quarter of 2016 as a result of
higher revenues. Cost of sales increased from $22,000 in the fourth quarter of
2016 to $81.1 million in the fourth quarter of 2017 mainly as a result of the
offtake agreements acquired through the acquisition of Orion&#146;s Portfolio. Under
the offtake agreements, the metal is acquired from the producers at the lowest
market price over a certain period of time (quotational period), and is
subsequently sold by Osisko, resulting in a net profit that will usually vary
between 0% and 5% of the sales proceeds. </P>
<P align=justify>During the fourth quarter of 2017, the Company incurred an
operating loss of $83.5 million as a result of an impairment charge of $89.0
million on the &#201;l&#233;onore NSR royalty interest, compared to $6.8 million in the
corresponding period of 2016. Excluding the impairment charge, the operating
income would have amounted to $5.5 million. The decrease in operating income in
2017, in addition to the impairment charge, is mainly the result of higher
G&amp;A and business development expenses, partially offset by higher gross
profit. The increases in G&amp;A expenses and business development expense are
mainly due to higher salary expenses as a result of higher bonuses payable to
management following the acquisition of Orion&#146;s Portfolio, higher share-based
compensation expenses related to the deferred and restricted share units (higher
number of units outstanding) and higher general costs due to the increased
activities of the Company in 2017. The year 2017 is the first year where 3 years
of stock options, RSUs and DSUs are outstanding. Stock options and RSUs vest
over a three-year period. </P>
<P align=justify>The decrease in net earnings attributable to Osisko&#146;s
shareholders in 2017 is mainly the result of the impairment charge of $65.4
million, net of income taxes, a lower operating income, a foreign exchange loss
(compared to a gain in the fourth quarter of 2016) and higher finance costs.</P>
<P align=justify>Adjusted earnings decreased to $1.0 million compared to $6.9
million in the fourth quarter of 2016 as a result of higher G&amp;A and business
development expenses, higher finance costs and a $2.2 million tax credit on
exploration and evaluation expenses in the fourth quarter of 2016, partially
offset by higher gross profit. </P>
<P align=justify>Net cash flows provided by operating activities increased in
2017 as a result of increased gross profit and a positive impact in the fourth
quarter of 2017 from the non-cash working capital items.</P>
<P align=justify>________________________________</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%" vAlign=top style="text-align: justify">1 </TD>
    <TD style="text-align: justify">&#147;Adjusted earnings&#148; and &#147;Adjusted earnings per basic share&#148; are
      non-IFRS financial performance measures which have no standard definition
      under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS
      Financial Performance Measures section of this Management and Discussion
Analysis. </TD></TR></TABLE>
<P align=right>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The financial results for the fourth quarter are as follows (in
thousands of dollars, except amounts per share): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="31%" colSpan=4><B>Three months
      ended December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="14%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee"><B></B></TD>
    <TD width="14%" align=right vAlign=bottom noWrap bgcolor="#eeeeee"><STRONG>$</STRONG></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="14%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Revenues</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(a) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee"><B>109,552</B> </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"><B>13,709</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cost of sales </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(b) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(81,058</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">(22</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Depletion of royalty and offtake interests
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(c) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="14%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(12,747</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%">(2,828</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Gross profit</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(d) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee"><B>15,747</B> </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"><B>10,859</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Other operating expenses</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>General and administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(e) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(7,342</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">(4,105</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Business development </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(f) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(4,009</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">(1,863</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Impairment of royalty, stream and other
      interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(g) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(89,000</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exploration and evaluation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(h) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(63</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">2,176 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other expenses, net </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(i) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">(1,124</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cost recoveries from associates </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(j) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="14%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">1,215 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%">873 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Operating income (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee"><B>(83,452</B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"><B>6,816</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other revenues (expenses), net </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(k) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="14%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(8,351</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%">3,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Earnings (loss) before income taxes</B>
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee"><B>(91,803</B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%"><B>10,221</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Income tax recovery (expense) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">(l) </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="14%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">27,450 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="14%">(1,568</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Net earnings (loss)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="14%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>(64,353</B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="14%"><B>8,653</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) attributable to: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Osisko&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(64,348</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">8,679 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Non-controlling interests
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(5</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">(26</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) per share attributable to
      Osisko&#146;s shareholders </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=center width="14%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="14%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=left width="14%"></TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(0.41</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">0.08 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="14%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="14%" align=right vAlign=bottom bgcolor="#eeeeee">(0.41</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="14%">0.08 </TD>
    <TD vAlign=bottom align=left width="2%">&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%">(a) </TD>
    <TD>Revenues are comprised of the following: </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="62%" colSpan=16><B>Three months ended December 31,</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="29%" colSpan=7><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=7><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom noWrap bgcolor="#eeeeee" >Average </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Average </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom noWrap bgcolor="#eeeeee" >selling
      price </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">Ounces </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">Total </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">selling price </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Ounces </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">Total </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom noWrap bgcolor="#eeeeee" >per ounce /
    </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">/ Carats </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#eeeeee">revenues </TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">per ounce </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">/ Carats </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%">revenues </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    >&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="7%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >carats ($) </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">sold </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">($000&#146;s</TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">($) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%">($000&#146;s</TD>
    <TD vAlign=bottom noWrap align=left width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" vAlign=bottom bgcolor="#eeeeee" >&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Gold sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee" >1,623 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">56,708 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">92,043 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,549 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,605 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">13,328 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Silver sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee" >21 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">483,192 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">10,411 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">21 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,353 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">179 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Diamonds sold </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee" >106 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">43,550 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">4,603 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Other (paid in cash) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#eeeeee" >- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">2,495 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">202 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="7%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">109,552 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">13,709 </TD>
<TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE></DIV><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%">
      <P align=justify>(b) </P></TD>
    <TD>
      <P align=justify>Cost of sales represents mainly the acquisition price of
      the metals and diamonds under the offtake and stream agreements, as well
      as minimal refining, insurance and transportation costs related to the
      metals received under royalty agreements. The significant increase in 2017
      is mainly the result of the offtakes and streams acquired from Orion on
      July 31, 2017. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">
      <P align=justify>&nbsp;</P></TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">
      <P align=justify>(c) </P></TD>
    <TD>
      <P align=justify>The royalty, stream and other interests are depleted
      using the units-of-production method over the estimated life of the
      properties or the life of the agreement. The significant increase in 2017
      is mainly the result of the offtakes and streams acquired from Orion on
      July 31, 2017. </P></TD></TR></TABLE>
<P align=right>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&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%">(d) </TD>
    <TD>The breakdown of gross profit per nature of interest is as follows (in
      $000&#146;s): </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="25%" colSpan=4><B>Three months
      ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="11%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="11%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="11%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" ><B></B></TD>
    <TD width="11%" align=right vAlign=bottom noWrap bgcolor="#eeeeee"><STRONG>$</STRONG></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="11%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left ><U>Royalty interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">21,359 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">13,709 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">(130</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(22</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(4,305</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(2,828</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">16,924 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">10,859 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left ><U>Stream interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">10,855 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">(4,378</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(7,452</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(975</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left ><U>Offtake interests</U> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">77,338 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Cost of sales </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" align=right vAlign=bottom bgcolor="#eeeeee">(76,550</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Depletion </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(990</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">(202</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="11%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >Total &#150; Gross profit </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="11%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">15,747 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="11%">10,859 </TD>
    <TD vAlign=bottom align=left width="2%"
>&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 style="text-align: justify">During the fourth quarter of 2017, G&amp;A expenses were $7.3 million
      compared to $4.1 million in the fourth quarter of 2016. The increase is
      mainly due to higher salary expenses as a result of higher bonuses payable
      to management following the acquisition of Orion&#146;s Portfolio, higher
      share-based compensation expenses related to the deferred and restricted
      share units and higher general costs due to increased activities in 2017.
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD style="text-align: justify">The increase in G&amp;A expenses was partly offset by an increase in
  cost recoveries from associates. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD style="text-align: justify">Business development expenses increased to $4.0 million in the fourth
      quarter of 2017 compared to $1.9 million in the fourth quarter of 2016.
      The increase is mainly due to higher salary expenses as a result of higher
      bonuses payable to management following the acquisition of Orion&#146;s
      Portfolio, higher share-based compensation expenses related to the
      deferred and restricted share units and higher general costs due to
  increased activities in 2017. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD style="text-align: justify">The  operator of the &Eacute;l&eacute;onore gold mine in Qu&eacute;bec, Canada reviewed its guidance on  long-term annual gold production to 400,000 ounces, which is significantly  lower compared to the design capacity of 600,000 ounces. This was considered an  indicator of impairment among other facts and circumstances and, accordingly,  management performed an impairment assessment as at December 31, 2017. As a  result, the Company recorded an impairment charge of $89.0 million ($65.4  million net of income taxes) on the &Eacute;l&eacute;onore NSR royalty for the three months  ended December 31, 2017. </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD style="text-align: justify">The &#201;l&#233;onore NSR royalty was written down to its estimated recoverable
      amount of $300.0 million, which was determined by the fair value less cost
      of disposal using a discounted cash-flows approach. The main valuation
      inputs used were the cash flows expected to be generated by the sale of
      gold received from the &#201;l&#233;onore NSR royalty based on the long-term annual
      gold production of 400,000 ounces over the estimated life of the &#201;l&#233;onore
      mine, the long-term gold price of US$1,300 per ounce and a post-tax real
  discount rate of 4.2%. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD style="text-align: justify">In the fourth quarter of 2016, the use of exploration tax credits of
      $2.2 million resulted in a net recovery of $2.2 million in exploration and
      evaluation. Excluding these exploration tax credits, expenses in
      exploration and evaluation amounted to $47,000 in the fourth quarter of
  2016 compared to $63,000 in the fourth quarter of 2017. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD style="text-align: justify">In the fourth quarter of 2016, other expenses are comprised of a
      write-off of property and equipment of $0.5 million and an impairment
      charge on exploration and evaluation assets of $0.7 million (the Company
      wrote-off a grassroots project in the James Bay area where it does not
  expect substantial expenses to be incurred in the future). </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD style="text-align: justify">Cost recoveries from associates represent costs incurred by Osisko for
      professional services rendered to associates as well as renting of office
      space. The number of service agreements and the level of services with
      associates have increased during 2016 and 2017, explaining the increase in
  cost recoveries in 2017. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  <TD style="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD style="text-align: justify">Other expenses, net, amounted to $8.4 million in the fourth quarter of
      2017 and include finance costs of $4.8 million, a share of loss of
      associates of $3.5 million and a loss on foreign exchange of $0.6 million,
      partially offset by interest income of $1.1 million and finance costs of
  $1.6 million. </TD></TR></TABLE>
<P align=right>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&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 width="5%"></TD>
    <TD>
      <P align=justify>Other revenues, net, of $3.4 million in the fourth
      quarter of 2016 includes a net gain on investments of $0.7 million,
      dividend income of $0.2 million, interest revenues of $1.0 million and a
      foreign exchange gain of $5.3 million, partially offset by a share of loss
      of associates of $2.9 million and finance costs of $0.9 million.
</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>The effective income tax rate for the fourth quarter of
      2017 is 29.9% compared to 15% in the fourth quarter of 2016. The elements
      that impacted the effective income taxes are the non-taxable (or
      deductible) part of capital gains (or losses) (50%), non-taxable dividend
      income, and non-deductible expenses. In the fourth quarter of 2017, an
      amount of $132,000 is related to cash taxes on royalties earned in foreign
      jurisdictions. In the fourth quarter of 2016, the income tax expense is
      only related to deferred income taxes. </P></TD></TR></TABLE>
<P align=justify><B>Outlook </B></P>
<P align=justify>Osisko&#146;s 2018 outlook on royalty, stream and precious metal
offtake interests is based on publicly available forecasts, in particular the
forecasts for the Canadian Malartic mine published by Yamana and Agnico Eagle,
for the &#201;l&#233;onore mine published by Goldcorp, for the Renard mine published by
Stornoway, for the Brucejack mine published by Pretium, and for the Island Gold
mine published by Alamos. When publicly available forecasts on properties are
not available, Osisko obtains internal forecasts from the producers, which is
the case for the Sasa mine and the Mantos Blancos mine, or uses management&#146;s
best estimate. </P>
<P align=justify>Attributable gold equivalent ounces for 2018 are estimated
between 77,500 and 82,500. For the 2018 guidance, silver and cash royalties have been
converted to GEOs using commodity prices of US$1,300 per ounce of gold, US$18
per ounce of silver and US$110 per carat for diamonds from the Renard mine and
an exchange rate (US$/C$) of 1.25. </P>
<P align=justify><B>Related Party Transactions </B></P>
<P align=justify>In 2017, an amount of $4,125,000 ($4,750,000 in 2016, including
$1,711,000 for professional services related to capitalized exploration and
evaluation activities) was invoiced by Osisko to associates for recoveries of
costs related to professional services and rental of offices. An amount of
$1,245,000 (including sales taxes) is receivable from associates and included in
accounts receivable as at December 31, 2017 ($720,000 as at December 31, 2016).
</P>
<P align=justify>In 2017, an amount of $395,000 ($231,000 in 2016) was invoiced
to Osisko by an associate for professional services and rental of offices,
including $355,000 ($227,000 in 2016) related to capitalized exploration and
evaluation activities.</P>
<P align=justify>In 2017, interest revenues of $748,000 ($418,000 in 2016) were
accounted for with regards to a $10.0 million financing completed in May 2016
with Falco, an associate of Osisko. As at December 31, 2017, interests of
$1,166,000 ($418,000 as at December 31, 2016) are receivable from Falco.</P>
<P align=justify>During the years ended December 31, 2017 and 2016, certain
directors and officers of Osisko have participated in financings completed by
certain associates. Each of these transactions were concluded under the same
terms and conditions offered to the other participants. </P>
<P align=justify>Please refer to the sections <I>Portfolio of Investments</I> of
this MD&amp;A for other material related party transactions with associates.
</P>
<P align=justify><B>Contractual Obligations and Commitments </B></P>
<P align=justify>The Company is committed to minimum amounts under long-term
lease agreements for office space, which expire at the latest in 2020. As at
December 31, 2017, minimum commitments remaining under these leases were
approximately $2,322,000 over the following years: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%"
      ><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="27%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="27%">(in thousands of dollars)
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  >&nbsp;</TD>
    <TD vAlign=bottom width="27%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >2018 </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%" bgColor=#e6efff>1,154 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >2019 </TD>
    <TD vAlign=bottom align=left width="1%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=right width="27%">1,033 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >2020 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="27%" bgColor=#e6efff>135 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="27%">2,322 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE></DIV>
<P align=right>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></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><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>As at December 31, 2017, the payments related to the debt
agreements are described below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="74%" colSpan=19><B>As at December 31, 2017 </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Amount </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="63%" colSpan=16>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>payable </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="52%" colSpan=13><B>Estimated annual interest payable
      </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>at maturity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Maturity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2018 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2019 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2020 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2021 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>2022 </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>Conv. debenture (2016) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff>February 12, 2021    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>236 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>Conv. debentures (2017) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">300,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap>December 31, 2022 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">13,900 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>Revolving credit
      facility<SUP>(i) </SUP></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>148,031 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom nowrap bgColor=#e6efff>November 14, 2021    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,380 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,830 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD width="1%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>498,031 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>20,280 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>18,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>18,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>16,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>12,000 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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%">(i) </TD>
    <TD>US$118.0 million. The maturity date can be extended by one year on
      each of the first two anniversary dates. The interest payable is based on
      the actual interest rate and exchange rate as at December 31, 2017.
  </TD></TR></TABLE>
<P align=justify>The following table summarizes the significant commitments to
pay for gold, silver and diamonds to which Osisko has the contractual right
pursuant to the associated precious metals and diamond purchase agreements: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD
    width="30%" colSpan=3 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-TOP: #000000 1px solid"><B>Attributable Payable Production </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="30%" colSpan=3><B>Per Ounce/Carat </B></TD>
    <TD
    width="10%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD width="30%" colSpan=3 align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>to be
      Purchased (ounces or %) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=3><B>Cash Payment (US$) </B></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Term of </B></TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Date of Contract
    </B></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left><B>Interest </B></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Gold </B></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Silver </B></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Diamond </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Gold </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Silver </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Diamond </B></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid"><B>Agreement </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%">&nbsp; </TD>
  </TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD width="10%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="10%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="10%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD width="10%" vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Amulsar <BR>&nbsp; stream <SUP>(1),(7)
    </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">142,454 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">694,000 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%">$400 </TD>
    <TD vAlign=bottom align=center width="10%">$4 </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">40 years </TD>
    <TD vAlign=bottom align=center width="10%">Nov 25, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Back Forty <BR>&nbsp; stream<SUP>(7)
</SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">18.5% <SUP>(7) </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">75% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%">30% spot price <BR>
      (max $600)
    </TD>
    <TD vAlign=bottom align=center width="10%">$4 </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">Life of mine </TD>
    <TD vAlign=bottom align=center width="10%">Mar 31, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Brucejack&nbsp;<SUP> <BR></SUP>&nbsp;
      offtake<SUP>(7)</SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">50% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%">Based on quotational period </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">Until delivery of <BR>
      7,067,000
      ounces Au </TD>
    <TD vAlign=bottom align=center width="10%">Sept. 21, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom>Brucejack <BR>&nbsp; stream<SUP>(2),</SUP> <SUP>(7)
      </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">4% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">4% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%">$400 </TD>
    <TD vAlign=bottom align=center width="10%">$4 </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">Until delivery of <BR>
      7,067,000
      ounces Au </TD>
    <TD vAlign=bottom align=center width="10%">Sept. 21, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Matilda&nbsp; <BR>&nbsp;
      offtake&nbsp;<SUP>(7) </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">55% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%">Based on quotational period </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">Until delivery of 300,000
      ounces Au </TD>
    <TD vAlign=bottom align=center width="10%">May 18, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Mantos <BR>&nbsp; stream<SUP>(3),</SUP>
      <SUP>(7) </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">100% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%">25% spot&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">Life of mine </TD>
    <TD vAlign=bottom align=center width="10%">Sept 11, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Renard <BR>&nbsp; stream<SUP>(4),</SUP>
      <SUP>(7) </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">9.6% </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%">$50 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">40 years </TD>
    <TD vAlign=bottom align=center width="10%">Jul 8, 2014 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Sasa <BR>&nbsp; stream<SUP>(5),
      </SUP><SUP>(7) </SUP></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">100% </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee"></TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD vAlign=bottom align=center width="10%">$5 </TD>
    <TD vAlign=bottom align=center width="10%"></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">40 years </TD>
    <TD vAlign=bottom align=center width="10%">Nov 3, 2015 </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#eeeeee">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Gibraltar <BR>&nbsp; stream<SUP>(6) </SUP></TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">100% </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">$2.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"></TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">Life of mine </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">March 3, 2017 </TD>
  </TR></TABLE></DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Stream of 4.22% of gold and 62.5% of silver production up
      to the production maximum. Subject to multiple buyback options: 50% for
      US$31.3 million and US$34.4 million on 2<SUP>nd </SUP>and 3<SUP>rd
      </SUP>anniversary of production start date, respectively, which is
      currently expected to be in the second half of 2018. 1% inflation price
      escalation after 2<SUP>nd </SUP>anniversary. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Stream subject to multiple buyback/buydown options:
      December 31, 2018 buyback for US$119 million or buydown for US$75 million
      + 1.5% ongoing stream; December 31, 2019 buyback for US$136 million or
      buydown for US$75 million + 2% ongoing stream. If buyback/buydown not
      exercised by December 31, 2019, US$10 million make-whole payment + 4%
      ongoing stream. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The stream percentage shall be payable on 100% of silver
      until 19,300,000 ounces have been delivered, after which the stream
      percentage will be 30%. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The stream term shall be automatically extended beyond
      the initial term for successive 10-year periods. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>The stream term shall be automatically extended beyond
      initial term for successive 10-year periods. 3% or consumer price index
      (CPI) per ounce price escalation after 2016. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Under the silver stream, Osisko will make ongoing
      payments of US$2.75 per ounce of silver delivered. Osisko will receive
      from Taseko an amount equal to 100% of Gibco&#146;s share of silver production
      until reaching the delivery to Osisko of 5.9 million ounces of silver, and
      35% of Gibco&#146;s share of silver production thereafter. Silver in respect of
      which a delivery is made after January 1, 2017, is subject to the stream.
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>The silver stream was acquired through the acquisition of
      Orion&#146;s Portfolio. The gold stream will be reduced to 9.25% after the
      delivery of 105,000 gold ounces. </P></TD></TR></TABLE>
<P align=right>33 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><U>Back Forty Gold Stream (Aquila Resources Inc.)</U> </P>
<P align=justify>In November 2017, OBL acquired an additional gold stream on the
Back Forty project where OBL will make staged upfront cash deposits to Aquila of
up to US$55 million for the gold stream, and will make ongoing payments equal to
30% of the spot price of gold, to a maximum of US$600 per ounce. The gold stream
applies to 18.5% of the refined gold from the project until 105,000 ounces of
gold have been delivered, and to 9.25% of the refined gold for the remaining
life-of-mine. The deposit will be paid in four installments, of which the first
was made in November 2017 for US$7.5 million, as described in the <I>Portfolio
of Royalty, Stream and Offtake Interests</I> section of this MD&amp;A. </P>
<P align=justify><B>Off-balance Sheet Items </B></P>
<P align=justify>There are no off-balance sheet arrangements. </P>
<P align=justify><B>Outstanding Share Data</B></P>
<P align=justify>As of February 19, 2018, 157,832,805  common shares were issued and
outstanding. A total of 3,534,413  share options and 11,195,500  warrants were outstanding to
purchase common shares. A convertible debenture of $50.0 million with Ressources
Qu&#233;bec is also outstanding, which entitles the holder to convert the debenture,
at its option, into 2,620,545 common shares of the Company (conversion price of
$19.08) at any time during the term of the debenture.</P>
<P align=justify>On November 3, 2017, Osisko closed a bought deal offering of
convertible senior unsecured debentures of $300 million. The Debentures are
convertible at the holder&#146;s option into Osisko common shares at a conversion
price of $22.89 per common share, representing a total of 13,106,160 common
shares if all the debentures were converted. </P>
<P align=justify><B><U>Normal Course Issuer Bid</U></B><B> </B></P>
<P align=justify>In October 2016, the TSX approved the Company&#146;s notice of
intention to make a normal course issuer bid (the &#147;2016 NCIB Program&#148;). Under
the terms of the 2016 NCIB Program, Osisko could acquire up to 5,330,217 of its
common shares from time to time in accordance with the normal course issuer bid
procedures of the TSX. Repurchases under the 2016 NCIB Program were authorized
until October 23, 2017. During the year ended December 31, 2016, the Company
purchased for cancellation a total of 150,000 common shares under the NCIB
Program for $1,823,000, which were paid in 2017. </P>
<P align=justify>In December 2017, Osisko renewed its normal course issuer bid
(the &#147;2017 NCIB Program&#148;). Under the terms of the 2017 NCIB Program, Osisko may
acquire up to 10,567,441 of its common shares from time to time in accordance
with the normal course issuer bid procedures of the TSX.</P>
<P align=justify><B>Annual General Meeting </B></P>
<P align=justify>On May 4, 2017, Osisko held its Annual General Meeting where
each of the 10 nominees listed in the Management Information Circular filed on
April 10, 2017 with regulatory authorities were elected as directors of the
Company. All other resolutions provided for in the Management Information
Circular were duly passed, including the Amended and Restated Shareholder Rights
Plan approved at 93.7% and the advisory resolution on executive compensation
approved at 94.2%. </P>
<P align=justify><B>Board of Directors </B></P>
<P align=justify>On July 31, 2017, Mr. Oskar Lewnowski, Orion&#146;s Chief Investment
Officer, was nominated to Osisko&#146;s board of directors. Mr. Lewnowski is the
founder of Orion and has more than 20 years of experience in mine financing,
metals trading, and mergers and acquisitions.</P>
<P align=justify>As part of the investment agreement between la Caisse and
Osisko, la Caisse has the right to nominate a director to Osisko&#146;s board of
directors. On September 18, 2017, Mr. Pierre D. Chenard was appointed to the
Board of Directors of Osisko. Since 2011, Mr. Chenard is the Vice President,
Business Development and General Counsel, Aluminium at Rio Tinto Aluminum. </P>
<P align=right>34 </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Subsequent Events to December 31, 2017 </B></P>
<P align=justify><U>Dividends</U> </P>
<P align=justify>On February 16, 2018, the Board of Directors declared a
quarterly dividend of $0.05 per common share payable on April 16, 2018 to
shareholders of record as of the close of business on March 30, 2018.</P>
<P align=justify><B>Risks and Uncertainties </B></P>
<P align=justify>The Company is a royalty, stream, and offtake interests holder
and investor that operates in an industry that is dependent on a number of
factors that include environmental, legal and political risks, the discovery of
economically recoverable resources and the conversion of these mineral resources
to mineral reserves and the ability of third-party partners to maintain an
economic production. An investment in the Company&#146;s common shares is subject to
a number of risks and uncertainties. An investor should carefully consider the
risks described in Osisko&#146;s most recent Annual Information Form and the other
information filed with the Canadian securities regulators and the SEC before
investing in the Company's securities. If any of such described risks occur, or
if others occur, the Company's business, operating results and financial
condition could be seriously harmed and investors may lose a significant
proportion of their investment. </P>
<P align=justify>There are important risks which management believes could
impact the Company&#146;s business. For information on risks and uncertainties,
please also refer to the &#147;Risk Factors&#148; section of Osisko&#146;s most recent Annual
Information Form filed on SEDAR at <U>www.sedar.com</U> and on EDGAR at
<U>www.sec.gov</U>.</P>
<P align=justify><B>Disclosure Controls and Procedures and Internal Control over
Financial Reporting</B> </P>
<P align=justify><U>Disclosure Controls and Procedures</U><B> </B></P>
<P align=justify>The Chief Executive Officer (the &#147;CEO&#148;) and the Chief Financial
Officer (the &#147;CFO&#148;) of the Company are responsible for establishing and
maintaining the Company&#146;s disclosure controls and procedures (&#147;DCP&#148;) including
adherence to the Disclosure Policy adopted by the Company. The Disclosure Policy
requires all staff to keep senior management fully apprised of all material
information affecting the Company so that they may evaluate and discuss this
information and determine the appropriateness and timing for public disclosure.
</P>
<P align=justify>The Company maintains DCP designed to ensure that information
required to be disclosed in reports filed under applicable Canadian securities
laws and the U.S. Securities Exchange Act of 1934, as amended, (the &#147;Exchange
Act&#148;), is recorded, processed, summarized and reported within the appropriate
time periods and that such information is accumulated and communicated to the
Company&#146;s management, including the CEO and CFO, to allow for timely decisions
regarding required disclosure.</P>
<P align=justify>As required by applicable Canadian securities laws and Rule
13a-15(b) under the Exchange Act, the Company conducted an evaluation, under the
supervision and with the participation of the management, including the CEO and
CFO, of the effectiveness of the design and operation of the Company&#146;s DCP as of
December 31, 2017. Based on that evaluation, the CEO and CFO concluded that, as
of December 31, 2017, the design and operation of the Company&#146;s DCP provide
reasonable assurance that they are effective. </P>
<P align=justify>In designing and evaluating DCP, the Company recognizes that
any disclosure controls and procedures, no matter how well conceived or
operated, can only provide reasonable, not absolute, assurance that the
objectives of the control system are met, and management is required to exercise
its judgment in evaluating the cost-benefit relationship of possible controls
and procedures. </P>
<P align=justify><U>Internal Control over Financial Reporting</U><B> </B></P>
<P align=justify>The Company&#146;s management, including the CEO and the CFO, are
responsible for establishing and maintaining adequate internal control over
financial reporting (&#147;ICFR&#148;) for the Company to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with IFRS. The
fundamental issue is ensuring all transactions are properly authorized and
identified and entered into a well-designed, robust and clearly understood
accounting system on a timely basis to minimize risk of inaccuracy, failure to
fairly reflect transactions, failure to fairly record transactions necessary to
present financial statements in accordance with IFRS, unauthorized receipts and
expenditures, or the inability to provide assurance that unauthorized
acquisitions or dispositions of assets can be detected. </P>
<P align=right>35 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>The CEO and CFO have evaluated whether there were changes to
the ICFR during the three months and the year ended December 31, 2017 that have
materially affected, or are reasonably likely to materially affect, the ICFR. No
such changes were identified through their evaluation.</P>
<P align=justify>The CEO and CFO have also evaluated the effectiveness of the
Company&#146;s ICFR as required by National Instrument 52-109 issued by the Canadian
Securities Administrators and rules 13a-15 and 15d-15 under the Exchange Act
based on the framework and criteria established in Internal Control &#150; Integrated
Framework (2013) as issued by the Committee of Sponsoring Organizations (COSO)
of the Treadway Commission. Based on this evaluation, the CEO and CFO concluded
that the Company&#146;s ICFR was effective as of December 31, 2017.</P>
<P align=justify>The Company&#146;s ICFR may not prevent or detect all misstatements
because of inherent limitations. Additionally, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because changes in conditions or deterioration in the degree of
compliance with the Company&#146;s policies and procedures. </P>
<P align=justify>The Company's independent registered public accounting firm,
PricewaterhouseCoopers LLP, have audited the Company&#146;s consolidated financial
statements for the year ended December 31, 2017 and have issued an attestation
report dated February 19, 2018 on the Company's ICFR based on the framework and criteria
established in Internal Control &#150; Integrated Framework (2013) as issued by COSO
of the Treadway Commission.<B> </B></P>
<P align=justify><B>Basis of Presentation of Consolidated Financial Statements
</B></P>
<P align=justify>The consolidated financial statements have been prepared in
accordance with the IFRS as issued by the IASB. The accounting policies, methods
of computation and presentation applied in the consolidated financial statements
are consistent with those of the previous financial year, except for the
presentation of depletion of royalty, stream and other interests which is now
presented before <I>Gross profit</I> instead of under <I>Other operating
expenses</I> in the consolidated statements of income (loss). Certain
comparative figures have been reclassified to conform to the presentation
adopted in the current year for the depletion of royalty, stream and other
interests.</P>
<P align=justify>The accounting policies, methods of computation and
presentation applied to each of the 2017 quarterly unaudited condensed interim
consolidated financial statements are consistent with those applied by the
Company to the audited consolidated financial statements for the year ended
December 31, 2017.</P>
<P align=justify>The significant accounting policies of Osisko are detailed in
the notes to the audited consolidated financial statements for the year ended
December 31, 2017 filed on SEDAR at <U>www.sedar.com</U> and EDGAR at
<U>www.sec.gov</U>. </P>
<P align=justify><B>Critical Accounting Estimates and Judgements </B></P>
<P align=justify>Estimates and assumptions are continually evaluated and are
based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. The
determination of estimates requires the exercise of judgement based on various
assumptions and other factors such as historical experience and current and
expected economic conditions. Actual results could differ from those estimates.
</P>
<P align=justify>Critical judgements in applying the Company&#146;s accounting
policies are detailed in the audited consolidated financial statements for the
year ended December 31, 2017 filed on SEDAR at <U>www.sedar.com</U> and EDGAR at
<U>www.sec.gov</U>.</P>
<P align=justify><B>Financial Instruments </B></P>
<P align=justify>All financial instruments are required to be measured at fair
value on initial recognition. The fair value is based on quoted market prices,
unless the financial instruments are not traded in an active market. In this
case, the fair value is determined by using valuation techniques like the
Black-Scholes option pricing model or other valuation techniques. Measurement in
subsequent periods depends on the classification of the financial instrument. A
description of financial instruments and their fair value is included in the
audited consolidated financial statements for the year ended December 31, 2017
filed on SEDAR at <U>www.sedar.com</U> and EDGAR at <U>www.sec.gov</U>. </P>
<P align=right>36 </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Non-IFRS Financial Performance Measures </B></P>
<P align=justify>The Company has included certain non-IFRS measures including
<I>&#147;Adjusted Earnings&#148; </I>and<I> &#147;Adjusted Earnings per basic share&#148; </I>to
supplement its consolidated financial statements, which are presented in
accordance with IFRS.</P>
<P align=justify>The Company believes that these measures, together with
measures determined in accordance with IFRS, provide investors with an improved
ability to evaluate the underlying performance of the Company. Non-IFRS measures
do not have any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other companies. The data
is intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance
with IFRS. </P>
<P align=justify>To determine its method of calculation, the Company has
reviewed, during the first quarter of 2016, similar adjusted earnings
calculations by its peers. Following this review, the Company has decided to
exclude the gains and losses on foreign exchange from its adjusted earnings and
adjusted earnings per basic share as they do not reflect the operating
performance of the Company.</P>
<P align=justify><U>Adjusted Earnings and Adjusted Earnings per Basic Share</U>
</P>
<P align=justify><I>&#147;Adjusted earnings&#148; is defined as &#147;Net earnings (loss)
attributable to Osisko&#146;s shareholders&#148; less certain items: &#147;Foreign exchange
gain (loss)&#148;, &#147;Impairment charges&#148;, &#147;Gains (losses) on disposal of evaluation
and evaluation assets&#148;, &#147;Write-off of property and equipment&#148;, &#147;Unrealized gain
(loss) on investments&#148;, &#147;Impairment on financial assets and investments in
associates&#148;, &#147;Share of income (loss) of associates&#148;, &#147;Deferred income tax
expense&#148; and other unusual items such as transaction costs. </I></P>
<P align=justify><I>Adjusted earnings per basic share is obtained from the
&#147;adjusted earnings&#148; divided by the &#147;Weighted average number of common shares
outstanding&#148; for the period. </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="27%" colSpan=4><B>Three months
      ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>Years ended</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap
    align=right width="12%"><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap
    align=right width="12%"><B>2016</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap >&nbsp; </TD>
    <TD width="1%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" vAlign=bottom noWrap style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left ><I>(in thousands of dollars,
      except per</I> <I>share amounts)</I> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ><B></B></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee"><STRONG>$</STRONG> </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right width="12%"><STRONG>$</STRONG> </TD>
    <TD vAlign=bottom align=left width="2%" ></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ><B></B></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee"><STRONG>$</STRONG> </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ><B></B></TD>
    <TD vAlign=bottom align=right width="12%"><STRONG>$</STRONG> </TD>
    <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Net earnings (loss)
      attributable to Osisko&#146;s shareholders </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(64,348</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">8,679 </TD>
    <TD vAlign=bottom align=left width="2%" ></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(42,501</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">42,113 </TD>
    <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Adjustments: </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp;Foreign exchange
      loss (gain) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">763 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(5,319</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">16,211 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5,851 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp;Unrealized loss
      (gain) on investments </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">507 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(660</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(30,829</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(30,202</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp;Share of loss of
      associates </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">3,482 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,893 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">6,114 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,623 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp;&nbsp; Impairment of
      royalty, stream and other interests </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">89,000 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">-</TD>
    <TD vAlign=bottom align=left width="2%" ></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">89,000 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">-</TD>
  <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp;&nbsp; Impairment of
      exploration and evaluation assets </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">668 </TD>
    <TD vAlign=bottom align=left width="2%" ></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">668 </TD>
    <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp;&nbsp; Loss (gain) on
      disposal of exploration and evaluation assets </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" ></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" ></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(20</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" ></TD>
    <TD vAlign=bottom align=right width="12%">312 </TD>
    <TD vAlign=bottom align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp;Write-off of
      property and equipment </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">456 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">456 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp;Deferred income
      tax expense </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(28,453</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">216 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">(24,150</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">8,372 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp;&nbsp; Transaction costs
      &#150; acquisition of Orion&#146;s Portfolio </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ></TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">8,870 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ></TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Adjusted earnings </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">951 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,934 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">22,695 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">34,194 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Weighted average number of
      common shares outstanding (000&#146;s) </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">157,256 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">106,612 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ></TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid">127,939 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">104,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" ></TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Adjusted earnings per basic
      share </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">0.01 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.07 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#eeeeee">0.18 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.33 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=right>37 </P>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Forward-looking Statements </B></P>
<P align=justify>Certain statements contained in this MD&amp;A may be deemed
"forward-looking statements" within the meaning of applicable Canadian and U.S.
securities laws. All statements in this MD&amp;A, other than statements of
historical fact, that address future events, developments or performance that
Osisko expects to occur including management&#146;s expectations regarding Osisko&#146;s
growth, results of operations, estimated future revenues, requirements for
additional capital, mineral reserve and mineral resource estimates, production
estimates, production costs and revenue estimates, future demand for and prices
of commodities, business prospects and opportunities and outlook on gold and
currency markets are forward-looking statements. In addition, statements
(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", "projects", "potential", "scheduled" and similar
expressions or variations (including negative variations), or that events or
conditions "will", "would", "may", "could" or "should" occur including, without
limitation, the performance of the assets of Osisko, the realization of the
anticipated benefits deriving from Osisko&#146;s investments and transactions and the
estimate of gold equivalent ounces to be received in 2018. Although Osisko
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve known and unknown risks,
uncertainties and other factors, most of which are beyond the control of Osisko,
and are not guarantees of future performance and actual results may accordingly
differ materially from those in forward-looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include, without limitation: fluctuations in the prices of the
commodities that drive royalties, streams, offtakes and investments held by
Osisko; fluctuations in the value of the Canadian dollar relative to the U.S.
dollar; 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; risks related to the operators of the properties in which
Osisko holds a royalty, stream or other interests; the unfavorable outcome of
litigation relating to any of the properties in which Osisko holds a royalty,
stream or other interests; business opportunities that become available to, or
are pursued by Osisko; continued availability of capital and financing and
general economic, market or business conditions; litigation; title, permit or
license disputes related to interests on any of the properties in which Osisko
holds a royalty, stream or other interest; development, permitting,
infrastructure, operating or technical difficulties on any of the properties in
which Osisko holds a royalty, stream or other interest; rate and timing of
production differences from resource estimates or production forecasts by
operators of properties in which Osisko holds a royalty, stream or other
interest; risks and hazards associated with the business of exploring,
development and mining on any of the properties in which Osisko holds a royalty,
stream or other interest, 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. The
forward-looking statements contained in this MD&amp;A are based upon assumptions
management believes to be reasonable, including, without limitation: the ongoing
operation of the properties in which Osisko holds a royalty, stream or other
interest by the owners or operators of such properties in a manner consistent
with past practice; the accuracy of public statements and disclosures made by
the owners or operators of such underlying properties; no material adverse
change in the market price of the commodities that underlie the asset portfolio;
no adverse development in respect of any significant property in which Osisko
holds a royalty, stream or other interest; the accuracy of publicly disclosed
expectations for the development of underlying properties that are not yet in
production; and the absence of any other factors that could cause actions,
events or results to differ from those anticipated, estimated or intended. For
additional information on risks, uncertainties and assumptions, pleas e refer to
the 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 correct and such forward-looking statements included in this
MD&amp;A should not be unduly relied upon. These statements speak only as of the
date of this MD&amp;A. 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. </P>
<P align=right>38 </P>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Cautionary Note to U.S. Investors Regarding the Use of
Mineral Reserve and Mineral Resource Estimates </B></P>
<P align=justify>Osisko is subject to the reporting requirements of the
applicable Canadian securities laws, and as a result reports its mineral
reserves according to Canadian standards. Canadian reporting requirements for
disclosure of mineral properties are governed by National Instrument 43-101,
<I>Standards of Disclosure for Mineral Properties</I> (&#147;NI 43-101"). The
definitions of NI 43-101 are adopted from those given by the Canadian Institute
of Mining, Metallurgy and Petroleum (&#147;CIM&#148;). U.S. reporting requirements are
governed by the SEC&#146;s Industry Guide 7 (&#147;Guide 7&#148;). This MD&amp;A includes
estimates of mineral reserves and mineral resources reported in accordance with
NI 43-101. These reporting standards have similar goals in terms of conveying an
appropriate level of confidence in the disclosures being reported, but embody
different approaches and definitions. For example, under Guide 7, mineralization
may not be classified as a &#147;reserve&#148; unless the determination has been made that
the mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. Consequently, the definitions of
&#147;Proven Mineral Reserves&#148; and &#147;Probable Mineral Reserves&#148; under CIM standards
differ in certain respects from the standards of the SEC. Osisko also reports
estimates of &#147;mineral resources&#148; in accordance with NI 43-101. While the terms
&#147;Mineral Resource,&#148; &#147;Measured Mineral Resource,&#148; &#147;Indicated Mineral Resource&#148;
and &#147;Inferred Mineral Resource&#148; are recognized by NI 43-101, they are not
defined terms under standards of the SEC and, generally, U.S. companies are not
permitted to report estimates of mineral resources of any category in documents
filed with the SEC. As such, certain information contained in this MD&amp;A
concerning descriptions of mineralization and estimates of mineral reserves and
mineral resources under Canadian standards is not comparable to similar
information made public by United States companies subject to the reporting and
disclosure requirements of the SEC. Readers are cautioned not to assume that all
or any part of Measured Mineral Resources or Indicated Mineral Resources will
ever be converted into Mineral Reserves. Readers are also cautioned not to
assume that all or any part of an Inferred Mineral Resource exists, or is
economically or legally mineable. Further, an &#147;Inferred Mineral Resource&#148; has a
great amount of uncertainty as to its existence and as to its economic and legal
feasibility, and a reader cannot assume that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the basis of
feasibility or other economic studies. </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><I><U>(Signed) Sean Roosen</U></I></B> </TD>
    <TD align=left width="50%"><B><I><U>(Signed) Elif L&#233;vesque</U></I></B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sean Roosen </TD>
    <TD align=left width="50%">Elif L&#233;vesque </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chair and Chief Executive Officer </TD>
    <TD align=left width="50%">Vice President, Finance and Chief Financial
      Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>February 19, 2018</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=right>39 </P>
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<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>Osisko Gold Royalties</B> </TD>
    <TD align=right width="45%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2017 &#150;</B>
      <B>Annual Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&nbsp;
    </TD></TR></TABLE>
<P align=justify><B>Corporate Information </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 colSpan=2><B>Corporate Office</B> </TD>
    <TD align=left width="50%" colSpan=2><B>Osisko Bermuda Limited</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>1100 av. des Canadiens-de-Montr&#233;al </TD>
    <TD align=left width="50%" colSpan=2>Cumberland House </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Suite 300 </TD>
    <TD align=left width="50%" colSpan=2>1 Victoria Street </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Montr&#233;al, Qu&#233;bec, Canada H3B 2S2 </TD>
    <TD align=left width="50%" colSpan=2>Hamilton HM11 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tel.: </TD>
    <TD align=center width="40%">(514) 940-0670 </TD>
    <TD align=left width="50%" colSpan=2>Bermuda </TD></TR>
  <TR vAlign=top>
    <TD align=left >Fax: </TD>
    <TD align=center width="40%">(514) 940-0669 </TD>
    <TD align=left width="10%" >Tel.: </TD>
    <TD align=center width="40%">(441) 824-7474 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Email: <U>info@osiskogr.com</U> </TD>
    <TD align=left width="10%" >Fax: </TD>
    <TD align=center width="40%">(441) 292-6140 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Web site: <U>www.osiskogr.com</U> </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Michael Spencer, Managing Director
  </TD></TR></TABLE><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><B>Directors</B> </TD>
    <TD align=left width="50%"><B>Officers</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sean Roosen, Chair and Chief Executive Officer </TD>
    <TD align=left width="50%">Sean Roosen, Chair and Chief Executive Officer
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joanne Ferstman, Lead Director </TD>
    <TD align=left width="50%">Bryan A. Coates, President </TD></TR>
  <TR vAlign=top>
    <TD align=left>Fran&#231;oise Bertrand </TD>
    <TD align=left width="50%">Luc Lessard, Senior Vice President, Technical
      Services </TD></TR>
  <TR vAlign=top>
    <TD align=left>Victor H. Bradley </TD>
    <TD align=left width="50%">Elif L&#233;vesque, Vice President, Finance and
      Chief </TD></TR>
  <TR vAlign=top>
    <TD align=left>John Burzynski </TD>
    <TD align=left width="50%">&nbsp; &nbsp;Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pierre D. Chenard </TD>
    <TD align=left width="50%">Joseph de la Plante, Vice President, Corporate
      Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Christopher C. Curfman </TD>
    <TD align=left width="50%">Andr&#233; Le Bel, Vice President, Legal Affairs and
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Andr&#233; Gaumond </TD>
    <TD align=left width="50%">&nbsp; &nbsp;Corporate Secretary </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pierre Labb&#233; </TD>
    <TD align=left width="50%">Vincent Metcalfe, Vice President, Investor
      Relations </TD></TR>
  <TR vAlign=top>
    <TD align=left>Oskar Lewnowski </TD>
    <TD align=left width="50%">Fr&#233;d&#233;ric Ruel, Vice President and Corporate
      Controller </TD></TR>
  <TR vAlign=top>
    <TD align=left>Charles E. Page </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jacques Perron </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=justify><B>Qualified Person </B><B>(as defined by NI 43-101)</B> </P>
<P align=justify>Guy Desharnais, Director of Mineral Resources Evaluation </P>
<P align=justify><B>Exchange listings </B></P>
<P align=justify>Toronto Stock Exchange </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left >- Common shares: </TD>
    <TD align=left width="70%">OR </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >- Warrants: </TD>
    <TD align=left width="70%">OR.WT (Exercise price: $36.50 / Expiry date:
      March 5, 2022) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="70%">OR.WT.A (Exercise price: $19.08 / Expiry date:
      February 25, 2019) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >- Convertible debentures: </TD>
    <TD align=left width="70%">OR.DB (Conversion price: $22.89 / Maturity
      date: December 31, 2022) </TD></TR></TABLE>
<P align=justify>New York Stock Exchange </P>
<P style="MARGIN-LEFT: 10%" align=justify>- Common shares: OR </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>Dividend Reinvestment Plan</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Information available at
      <U>http://osiskogr.com/en/dividends/drip/</U> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Transfer Agents</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Canada: AST Trust Company (Canada) </TD></TR>
  <TR vAlign=top>
    <TD align=left>United States of America: American Stock Transfer &amp;
      Trust Company, LLC </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Auditors</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Legal Counsels</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bennett Jones LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lavery, de Billy LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP
  </TD></TR></TABLE>
<P align=right>40 </P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>

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   <TITLE> Osisko Gold Royalties Ltd. : Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>FORM 52-109F1 CERTIFICATION OF ANNUAL FILINGS FULL
    <br>
CERTIFICATE </B></P>
<P align=justify>I, Sean Roosen, Chair and Chief Executive Officer of Osisko
Gold Royalties Ltd, certify the following: </P>
<P align=justify>1. <B><I>Review: </I></B>I have reviewed the AIF, if any,
annual financial statements and annual MD&amp;A, including, for greater
certainty, all documents and information that are incorporated by reference in
the AIF (together, the "annual filings") of Osisko Gold Royalties Ltd<B><I>
</I></B>(the "issuer") for the financial year ended December 31, 2017. </P>
<P align=justify>2. <B><I>No misrepresentations: </I></B>Based on my knowledge,
having exercised reasonable diligence, the annual filings do not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated or that is necessary to make a statement not misleading in light of
the circumstances under which it was made, for the period covered by the annual
filings. </P>
<P align=justify>3. <B><I>Fair presentation: </I></B>Based on my knowledge,
having exercised reasonable diligence, the annual financial statements together
with the other financial information included in the annual filings fairly
present in all material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods presented in
the annual filings. </P>
<P align=justify>4. <B><I>Responsibility: </I></B>The issuer&#146;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (DC&amp;P) and internal control over financial reporting
(ICFR), as those terms are defined in Regulation 52-109 respecting Certification
of Disclosure in Issuers&#146; Annual and Interim Filings (c. V-1.1, r. 27), for the
issuer. </P>
<P align=justify>5. <B><I>Design: </I></B>Subject to the limitations, if any,
described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s)
and I have, as at the financial year end </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
designed DC&amp;P, or caused it to be designed under our supervision, to provide
reasonable assurance that </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
material information relating to the issuer is made known to us by others,
particularly during the period in which the annual filings are being prepared;
and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
information required to be disclosed by the issuer in its annual filings,
interim filings or other reports filed or submitted by it under securities
legislation is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
designed ICFR, or caused it to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with the
issuer&#146;s GAAP. </P>
<P align=justify>5.1 <B><I>Control framework: </I></B>The control framework the
issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is
<I>Internal Control-Integrated Framework (2013) </I>(COSO Framework) published
by <I>The Committee of Sponsoring Organizations of the Treadway Commission
</I>(COSO). </P>
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<P align=justify>5.2 <B><I>ICFR &#150; material weakness relating to design:
</I></B>N/A </P>
<P align=justify>5.3 <B><I>Limitation on scope of design: </I></B>N/A<B>
</B></P>
<P align=justify>6. <B><I>Evaluation: </I></B>The issuer&#146;s other certifying
officer(s) and I have</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
evaluated, or caused to be evaluated under our supervision, the effectiveness of
the issuer&#146;s DC&amp;P at the financial year end and the issuer has disclosed in
its annual MD&amp;A our conclusions about the effectiveness of DC&amp;P at the
financial year end based on that evaluation; and </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
evaluated, or caused to be evaluated under our supervision, the effectiveness of
the issuer&#146;s ICFR at the financial year end and the issuer has disclosed in its
annual MD&amp;A </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
our conclusions about the effectiveness of ICFR at the financial year end based
on that evaluation; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
N/A </P>
<P align=justify>7. <B><I>Reporting changes in ICFR: </I></B>The issuer has
disclosed in its annual MD&amp;A any change in the issuer&#146;s ICFR that occurred
during the period beginning on October 1<SUP>st</SUP>, 2017<B><I> </I></B>and
ended on December 31, 2017<B><I> </I></B>that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P align=justify>8. <B><I>Reporting to the issuer&#146;s auditors and board of
directors or audit committee: </I></B>The issuer&#146;s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of ICFR, to the
issuer&#146;s auditors, and the board of directors or the audit committee of the
board of directors any fraud that involves management or other employees who
have a significant role in the issuer&#146;s ICFR. </P>
<P align=justify>Date: February 20, 2018 </P>
<P align=justify><U>/s/ Sean Roosen </U><BR>Sean Roosen <BR>Chair and Chief
Executive Officer </P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>


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<P align=center><B>FORM 52-109F1 CERTIFICATION OF ANNUAL FILINGS FULL
CERTIFICATE </B></P>
<P align=justify>I, Elif L&#233;vesque, Chief Financial Officer and Vice President,
Finance of Osisko Gold Royalties Ltd, certify the following: </P>
<P align=justify>1. <B><I>Review: </I></B>I have reviewed the AIF, if any,
annual financial statements and annual MD&amp;A, including, for greater
certainty, all documents and information that are incorporated by reference in
the AIF (together, the "annual filings") of Osisko Gold Royalties Ltd<B><I>
</I></B>(the "issuer") for the financial year ended December 31, 2017. </P>
<P align=justify>2. <B><I>No misrepresentations: </I></B>Based on my knowledge,
having exercised reasonable diligence, the annual filings do not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated or that is necessary to make a statement not misleading in light of
the circumstances under which it was made, for the period covered by the annual
filings. </P>
<P align=justify>3. <B><I>Fair presentation: </I></B>Based on my knowledge,
having exercised reasonable diligence, the annual financial statements together
with the other financial information included in the annual filings fairly
present in all material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods presented in
the annual filings. </P>
<P align=justify>4. <B><I>Responsibility: </I></B>The issuer&#146;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (DC&amp;P) and internal control over financial reporting
(ICFR), as those terms are defined in Regulation 52-109 respecting Certification
of Disclosure in Issuers&#146; Annual and Interim Filings (c. V-1.1, r. 27), for the
issuer. </P>
<P align=justify>5. <B><I>Design: </I></B>Subject to the limitations, if any,
described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s)
and I have, as at the financial year end </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
designed DC&amp;P, or caused it to be designed under our supervision, to provide
reasonable assurance that </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
material information relating to the issuer is made known to us by others,
particularly during the period in which the annual filings are being prepared;
and</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
information required to be disclosed by the issuer in its annual filings,
interim filings or other reports filed or submitted by it under securities
legislation is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
designed ICFR, or caused it to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with the
issuer&#146;s GAAP. </P>
<P align=justify>5.1 <B><I>Control framework: </I></B>The control framework the
issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is
<I>Internal Control-Integrated Framework (2013) </I>(COSO Framework) published
by <I>The Committee of Sponsoring Organizations of the Treadway Commission
</I>(COSO). </P>
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<P align=justify>5.2 <B><I>ICFR &#150; material weakness relating to design:
</I></B>N/A </P>
<P align=justify>5.3 <B><I>Limitation on scope of design: </I></B>N/A<B>
</B></P>
<P align=justify>6. <B><I>Evaluation: </I></B>The issuer&#146;s other certifying
officer(s) and I have</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
evaluated, or caused to be evaluated under our supervision, the effectiveness of
the issuer&#146;s DC&amp;P at the financial year end and the issuer has disclosed in
its annual MD&amp;A our conclusions about the effectiveness of DC&amp;P at the
financial year end based on that evaluation; and </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
evaluated, or caused to be evaluated under our supervision, the effectiveness of
the issuer&#146;s ICFR at the financial year end and the issuer has disclosed in its
annual MD&amp;A </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
our conclusions about the effectiveness of ICFR at the financial year end based
on that evaluation; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
N/A </P>
<P align=justify>7. <B><I>Reporting changes in ICFR: </I></B>The issuer has
disclosed in its annual MD&amp;A any change in the issuer&#146;s ICFR that occurred
during the period beginning on October 1<SUP>st</SUP>, 2017<B><I> </I></B>and
ended on December 31, 2017<B><I> </I></B>that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P align=justify>8. <B><I>Reporting to the issuer&#146;s auditors and board of
directors or audit committee: </I></B>The issuer&#146;s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of ICFR, to the
issuer&#146;s auditors, and the board of directors or the audit committee of the
board of directors any fraud that involves management or other employees who
have a significant role in the issuer&#146;s ICFR. </P>
<P align=justify>Date: February 20, 2018 </P>
<P align=justify><U>/s/ Elif L&#233;vesque </U><BR>Elif L&#233;vesque <BR>Chief Financial
Officer and Vice President, Finance</P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<IMG src="exhibit99-5x1x1.jpg" border=0 width="232" height="105"> </P>
<P align=center><B>OSISKO GOLD ROYALTIES REPORTS <BR>FOURTH QUARTER AND FULL
YEAR 2017 RESULTS </B></P>
<P align=justify><B>(Montreal, February 20, 2018)</B> Osisko Gold Royalties Ltd
(the &#147;Company&#148; or &#147;Osisko&#148;) (OR: TSX &amp; NYSE) is pleased to report its
results for the fourth quarter and full year 2017 and provide 2018 guidance.
Amounts are in Canadian dollars unless otherwise noted. </P>
<P align=justify>Sean Roosen, Chair of the Board and Chief Executive Officer,
commenting on the 2017 performance: &#147;2017 has been a transformational year for
Osisko with the acquisition of the Orion portfolio, which was a significant step
forward for our company in terms of building a dominant, Canada-focused,
precious metals royalty and streaming platform. At the same time, we have
continued to mature our accelerator business and to create value for our
shareholders by helping to create great Canadian gold projects. Today, not only
does Osisko have the greatest growth profile amongst its peers, it has uniquely
positioned itself with a quality pipeline of growth projects that will derive
benefits for Osisko&#146;s shareholders for years to come.&#148; </P>
<P align=justify><B><U>Highlights &#150; Q4 2017</U></B><B> </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Record quarterly gold equivalent ounces (&#147;GEOs&#148;)<SUP>1 </SUP>earned of
  20,990 (134% increase compared to Q4 2016);
  <LI>Record quarterly revenues from royalties and streams of $32.2 million
  ($109.6 million including offtakes) (135% increase compared to Q4 2016; 699%
  increase including offtakes);
  <LI>Net cash flows provided by operating activities of $21.5 million (compared
  to $12.8 million in Q4 2016);
  <LI>Net loss attributable to Osisko&#146;s shareholders of $64.3 million, $0.41 per
  basic share reflecting an impairment charge of $89.0 million on the &#201;l&#233;onore
  royalty interest ($65.4 million, net of income taxes) (compared to net
  earnings of $8.7 million, $0.08 per basic share in Q4 2016); and
  <LI>Adjusted earnings<SUP>2 </SUP>of $1.0 million, $0.01 per basic share<SUP>2
  </SUP>(compared to $6.9 million, $0.07 per basic share in Q4 2016). </LI></UL>
<P align=justify><B><U>Highlights &#150; 2017</U></B><B> </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Record GEOs earned of 58,933 (54% increase compared to 2016);
  <LI>Record revenues from royalties and streams of $93.8 million ($213.2
  million including offtakes) (50% increase compared to 2016; 240% increase
  including offtakes);
  <LI>Net cash flows provided by operating activities of $48.7 million (compared
  to $53.4 million in 2016);
  <LI>Net loss attributable to Osisko&#146;s shareholders of $42.5 million, $0.33 per
  basic share (compared to net earnings of $42.1 million, $0.40 per basic share
  in 2016);
  <LI>Adjusted earnings<SUP>2 </SUP>of $22.7 million, $0.18 per basic
  share<SUP>2 </SUP>(compared to $34.2 million, $0.33 per basic share in 2016);
  <LI>Proceeds of $71.1 million on sale of investments, generating a gain<SUP>3
  </SUP>of $35.8 million, based on the cash cost<SUP>3 </SUP>of the investments.
  Subsequent to December 31, 2017, Osisko made a gain of $15.5 million from the
  delivery of the AuRico Metals Inc. shares to Centerra Gold Inc. bringing the
  total gain<SUP>3 </SUP>from monetizing investments since 2015 to $70.1
  million, based on the cash cost<SUP>3 </SUP>of the investments;
  <LI>Acquisition of a precious metals portfolio of assets from Orion Mine
  Finance Group (&#147;Orion&#148;) for $1.1 billion consisting of 74 royalties, streams
  and precious metal offtakes, including a 9.6% diamond stream on the Renard
  diamond mine and a 4% gold and silver stream on the Brucejack gold and silver
  mine, both of which are new mines in Canada, in addition to a 100% silver
  stream on the Mantos Blancos copper mine in Chile;
  <LI>Acquisition of royalty and stream interests for $127.6 million ($80.1
  million paid in 2017);
  <LI>Completed a bought deal offering of convertible senior unsecured
  debentures of $300.0 million;
  <LI>Increased the revolving credit facility to $350.0 million (with a
  potential accordion of up to $100.0 million); and
  <LI>Declaration of quarterly dividends totalling $0.18 per common share for
  2017. </LI></UL>
<P>__________________________</P>
<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%"><font size="1">1 </font></TD>
    <TD>
      <P align=justify><font size="1">GEOs are calculated on a quarterly basis and include
      royalties, streams and offtakes. Silver earned from royalty and stream
      agreements was converted to gold equivalent ounces by multiplying the
      silver ounces by the average silver price for the period and dividing by
      the average gold price for the period. Diamonds, other metals and cash
      royalties were converted into gold equivalent ounces by dividing the
      associated revenue by the average gold price for the period. Offtake
      agreements were converted using the financial settlement equivalent
      divided by the average gold price for the period. Refer to the portfolio
      of royalty, stream and other interests section for average metal prices
  used.</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">2 </font></TD>
    <TD>
      <P align=justify><font size="1">&#147;Adjusted earnings&#148; and &#147;Adjusted earnings per basic
      share&#148; are non-IFRS financial performance measures which have no standard
      definition under IFRS. Refer to the non-IFRS performance measures section
  of this press release.</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">3 </font></TD>
    <TD>
      <P align=justify><font size="1">The cash cost of an investment is a non-IFRS measure
      representing the cash paid on the acquisition of an investment. The gain
      or the loss is calculated by subtracting the cash acquisition cost from
  the cash proceeds on the sale of an investment.</font></P></TD>
  </TR></TABLE>
<P align=right>1 </P>
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<P align=justify><B>Acquisition of Orion&#146;s Portfolio </B></P>
<P align=justify>On July 31, 2017, Osisko acquired a precious metals portfolio
of assets from Orion consisting of 61 royalties, 6 streams and 7 precious metal
offtakes for $1.1 billion. The final acquisition price was comprised of US$504.8
million ($630.1 million) in cash consideration, which includes a US$4.2 million
($5.1 million) adjustment for the acquired working capital, and 30,906,594
common shares of Osisko issued to Orion (the &#147;Purchase Price&#148;) (the
&#147;Transaction&#148;). Any sale of the shares issued to Orion is subject to certain
restrictions, including a 12-month hold period and a broad distribution
requirement.</P>
<P align=justify>The combination of Osisko and Orion&#146;s portfolios resulted in
Osisko holding a total of 131 royalties, streams and offtakes, including 16
revenue-generating assets on July 31, 2017. Through the Transaction, the Company
acquired a 9.6% diamond stream on the Renard diamond mine and a 4% gold and
silver stream on the Brucejack gold and silver mine, both of which are new mines
in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine
in Chile. Certain assets are held through an international wholly-owned
subsidiary which was renamed Osisko Bermuda Limited (&#147;OBL&#148;). The Brucejack
stream is subject to certain buyback rights held by Pretium Resources Inc. which
could result in the stream being repurchased on December 31, 2018 and other
specific dates. </P>
<P align=justify>As part of the Transaction, CDP Investissements Inc., an
affiliate of Caisse de d&#233;p&#244;t et placement du Qu&#233;bec (&#147;Caisse&#148;) and the Fonds de
solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.) (&#147;Fonds F.T.Q.&#148;) subscribed for
$200 million and $75 million in common shares of Osisko, respectively, as part
of a concurrent private placement (&#147;Private Placement&#148;) to fund a portion of the
cash consideration and support the Transaction. A total of 18,887,363 common
shares were issued at a price of $14.56 per share under the Private Placement.
The Private Placement was subject to a 7% capital commitment payment payable
partially in shares (2% representing 385,457 common shares) and in cash (5%
representing $13.8 million). </P>
<P align=justify>Following the Transaction, Orion, Caisse and its affiliates and
Fonds F.T.Q. held respectively approximately 19.7%, 12.1% and 5.5% of Osisko&#146;s
issued and outstanding common shares, based on the number of common shares of
Osisko outstanding at the closing of the Transaction on July 31, 2017.</P>
<P align=justify>Osisko also drew US$118 million ($147.3 million) under its
revolving credit facility with the National Bank of Canada and Bank of Montreal,
settled the foreign exchange forward contracts by disbursing $275 million to
acquire US$204.0 million and paid US$182.8 million ($228.9 million) from
Osisko&#146;s then current cash and cash equivalents balance. </P>
<P align=justify>The transaction has been recorded as a business combination
with Osisko as the acquirer. The assets acquired and the liabilities assumed
were recorded at their estimated fair market values at the time of the closing
of the acquisition, being July 31, 2017. The transaction costs related to the
acquisition were expensed under business development expenses and amounted to
$8.9 million.</P>
<P align=justify>The table below presents the purchase price allocation (in
thousands of dollars): </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>Consideration paid</B> </TD>
    <TD align=right width="15%"><B>$</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Cash<SUP>(1)</SUP> </TD>
    <TD align=right width="15%" bgColor=#e6efff>648,385 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Issuance of 30,906,594 common
      shares<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">445,333 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>1,093,718 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net assets acquired</B> </TD>
    <TD align=right width="15%"><B>$</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=right width="15%">8,707 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Other current
      assets </TD>
    <TD align=right width="15%" bgColor=#e6efff>1,217 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Royalty, stream and other
      interests </TD>
    <TD align=right width="15%">1,116,115 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Current
      liabilities </TD>
    <TD align=right width="15%" bgColor=#e6efff>(435) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Deferred income tax liability
</TD>
    <TD align=right width="15%" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">(31,886) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" align=right width="15%"
    bgColor=#e6efff bordercolor="#000000">1,093,718 </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%">(1) </TD>
    <TD>
      <P align=justify>Including the net loss on settlement of derivative
      financial instruments (cash flow hedges) of $18.2 million.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The fair value of the consideration paid in common shares
      represents the fair value of the shares on July 31, 2017 minus an
      illiquidity discount to take into account the twelve-month restrictions on
      their sales.</P></TD></TR></TABLE>
<P align=right>2 </P>
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<P align=justify><U>Summary of Main Royalty, Stream and Other Interests
Acquired</U> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="18%" align=left style="BORDER-BOTTOM: #000000 1px solid"><B>Asset</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="23%"><B>Operator</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="20%"><B>Interest</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="13%"><B>Commodities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="14%"><B>Jurisdiction</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="12%"><B>Stage</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Renard </TD>
    <TD width="23%" align=left bgcolor="#E6EFFF">Stornoway Diamonds Corporation </TD>
    <TD width="20%" align=left bgcolor="#E6EFFF">9.6% Stream </TD>
    <TD width="13%" align=left bgcolor="#E6EFFF">Diamond </TD>
    <TD width="14%" align=left bgcolor="#E6EFFF">Canada </TD>
    <TD width="12%" align=left bgcolor="#E6EFFF">Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mantos Blancos </TD>
    <TD align=left width="23%">Mantos Copper S.A. </TD>
    <TD align=left width="20%">100% Stream </TD>
    <TD align=left width="13%">Ag </TD>
    <TD align=left width="14%">Chile </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Brucejack </TD>
    <TD width="23%" align=left>Pretium Resources Inc. </TD>
    <TD width="20%" align=left>4% Stream / Offtake </TD>
    <TD width="13%" align=left>Au, Ag </TD>
    <TD width="14%" align=left>Canada </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sasa </TD>
    <TD align=left width="23%">Central Asia Metals plc </TD>
    <TD align=left width="20%">100% Stream </TD>
    <TD align=left width="13%">Ag </TD>
    <TD align=left width="14%">Macedonia </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Matilda </TD>
    <TD width="23%" align=left>Blackham Resources Limited </TD>
    <TD width="20%" align=left>Offtake </TD>
    <TD width="13%" align=left>Au </TD>
    <TD width="14%" align=left>Australia </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Parral </TD>
    <TD align=left width="23%">GoGold Resources Inc. </TD>
    <TD align=left width="20%">Offtake </TD>
    <TD align=left width="13%">Au </TD>
    <TD align=left width="14%">Mexico </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>San Ramon </TD>
    <TD width="23%" align=left>Red Eagle Mining Corp. </TD>
    <TD width="20%" align=left>Offtake </TD>
    <TD width="13%" align=left>Au </TD>
    <TD width="14%" align=left>Colombia </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Seabee </TD>
    <TD align=left width="23%">SSR Mining Inc. </TD>
    <TD align=left width="20%">3% NSR<SUP>(1) </SUP>Royalty </TD>
    <TD align=left width="13%">Au </TD>
    <TD align=left width="14%">Canada </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Bald Mtn. Alligator Ridge </TD>
    <TD width="23%" align=left>Kinross Gold Corporation </TD>
    <TD width="20%" align=left>1% NSR Royalty </TD>
    <TD width="13%" align=left>Au </TD>
    <TD width="14%" align=left>USA </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bald Mtn. Duke/ Trapper </TD>
    <TD align=left width="23%">Kinross Gold Corporation </TD>
    <TD align=left width="20%">4% NSR Royalty </TD>
    <TD align=left width="13%">Au </TD>
    <TD align=left width="14%">USA </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Brauna </TD>
    <TD width="23%" align=left>Lipari Minera&#231;&#227;o </TD>
    <TD width="20%" align=left>1% GRR<SUP>(2) </SUP>Royalty </TD>
    <TD width="13%" align=left>Diamond </TD>
    <TD width="14%" align=left>Brazil </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kwale </TD>
    <TD align=left width="23%">Base Resources Limited </TD>
    <TD align=left width="20%">1.5% GRR Royalty </TD>
    <TD align=left width="13%">Rutile, Ilmenite, zircon </TD>
    <TD align=left width="14%">Kenya </TD>
    <TD align=left width="12%">Production </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Pan </TD>
    <TD width="23%" align=left>Fiore Gold Ltd. </TD>
    <TD width="20%" align=left>4% NSR Royalty </TD>
    <TD width="13%" align=left>Au </TD>
    <TD width="14%" align=left>USA </TD>
    <TD width="12%" align=left>Production </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amulsar </TD>
    <TD align=left width="23%">Lydian International Ltd. </TD>
    <TD align=left width="20%">4.22% Au Stream, 62.5%<br>      &nbsp;Ag Stream /
    Offtake&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="13%">Au, Ag </TD>
    <TD align=left width="14%">Armenia </TD>
    <TD align=left width="12%">Development </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Back Forty </TD>
    <TD width="23%" align=left>Aquila Resources Inc. </TD>
    <TD width="20%" align=left>75% Stream </TD>
    <TD width="13%" align=left>Ag </TD>
    <TD width="14%" align=left>USA </TD>
    <TD width="12%" align=left>Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Casino </TD>
    <TD align=left width="23%">Western Copper &amp; Gold Corporation </TD>
    <TD align=left width="20%">2.75% NSR Royalty </TD>
    <TD align=left width="13%">Au, Ag, Cu </TD>
    <TD align=left width="14%">Canada </TD>
    <TD align=left width="12%">Exploration </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Spring Valley </TD>
    <TD width="23%" align=left>Waterton Global Resource Management </TD>
    <TD width="20%" align=left>0.5% NSR Royalty </TD>
    <TD width="13%" align=left>Au </TD>
    <TD width="14%" align=left>USA </TD>
    <TD width="12%" align=left>Exploration </TD></TR>
  <TR vAlign=top>
    <TD align=left>Yenipazar </TD>
    <TD align=left width="23%">Aldridge Minerals Inc. </TD>
    <TD align=left width="20%">Offtake </TD>
    <TD align=left width="13%">Au </TD>
    <TD align=left width="14%">Turkey </TD>
    <TD align=left width="12%">Exploration </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%"><font size="1">(1) </font></TD>
    <TD>
  <P align=justify><font size="1">Net Smelter Return (&#147;NSR&#148;)</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">(2) </font></TD>
    <TD>
  <P align=justify><font size="1">Gross Revenue Royalty (&#147;GRR&#148;)</font></P></TD>
  </TR></TABLE>
<P align=justify><B>Acquisition of Back-Forty Gold Stream </B></P>
<P align=justify>The Back Forty project is a zinc and gold volcanogenic massive
sulfide deposit located in Michigan, United States, owned by Aquila Resources
Inc. (&#147;Aquila&#148;). The Back Forty project is in the development stage and
advancing toward a feasibility study expected in 2018. Back Forty is expected to
produce 532,000 ounces of gold, 721 million pounds (&#147;lbs&#148;) of zinc, 74 million
lbs of copper, 4.6 million ounces of silver, and 21 million lbs of lead. The
details of the mineral inventory can be found under Aquila&#146;s profile on SEDAR at
<U>www.sedar.com.</U><U> </U>Through the acquisition of Orion&#146;s Portfolio,
Osisko acquired the Back Forty silver stream, which applies to 75% of payable
silver production over the mine&#146;s operating life and includes ongoing transfer
payments by OBL to Aquila of US$4.00 per ounce of refined silver delivered under
the stream. </P>
<P align=justify>In November 2017, OBL acquired an additional gold stream on the
Back Forty project. OBL will make staged upfront cash deposits to Aquila of up
to US$55 million for the gold stream, and will make ongoing payments equal to
30% of the spot price of gold, to a maximum of US$600 per ounce. The gold stream
applies to 18.5% of the refined gold from the project until 105,000 ounces of
gold have been delivered, and to 9.25% of the refined gold for the remaining
life-of-mine. </P>
<P align=justify>The deposit will be paid in four installments, as follows: </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%">1. </TD>
    <TD>
      <P align=justify>US$7.5 million was paid on closing of the gold stream
      transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>US$7.5 million payable upon receipt by Aquila of all
      material permits required for the development and operation of the
      project, and receipt of a positive feasibility study;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>US$10 million payable following a positive construction
      decision for the property; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>US$30 million payable upon the first drawdown of an
      appropriate project debt finance facility, subject to the change of
      control provision. In the event of a change of control of Aquila prior to
      the advancement of the fourth deposit, the person or entity acquiring
      control over the project may elect to forego the fourth deposit, in which
      case the stream will be reduced to 9.5% of the refined gold from the
      project until 105,000 ounces of gold have been delivered and to 4.75% of
      the refined gold for the remaining life-of-mine. All other terms and
      conditions will remain unchanged.</P></TD></TR></TABLE>
<P align=right>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B>Gibraltar Stream (Taseko Mines Limited)</B></P>
<P align=justify>On March 3, 2017, Osisko closed the acquisition of a silver
stream with reference to silver produced at the Gibraltar copper mine
(&#147;Gibraltar&#148;), located in British Columbia, Canada from Gibraltar Mines Ltd.
(&#147;Gibco&#148;), a wholly-owned subsidiary of Taseko having a 75% interest in
Gibraltar. Osisko paid Taseko cash consideration of US$33.0 million ($44.3
million) to purchase a silver stream and 3.0 million warrants of Taseko. Each
warrant allows Osisko to acquire one common share of Taseko at a price of $2.74
until April 1, 2020. The fair value of the warrants was evaluated at $1,780,000
using the Black-Scholes option pricing model and the residual value of
$42,678,000 was attributed to the silver stream (including $175,000 of
transaction fees). With regards to the silver stream, Osisko will make ongoing
payments of US$2.75 per ounce of silver delivered.</P>
<P align=justify>Under the stream, Osisko will receive from Taseko an amount
equal to 100% of Gibco&#146;s share of silver production until the delivery to Osisko
of 5.9 million ounces of silver to Osisko and 35% of Gibco&#146;s share of silver
production thereafter. Gibraltar is the second largest open pit copper mine in
Canada and fourth largest in North America. The life of mine yearly average
production from Gibraltar is approximately 140 million lbs of copper and 2.6
million lbs of molybdenum. With a large mineral reserve of 3.2 billion lbs of
recoverable copper and 58 million lbs of molybdenum, the estimated mine life of
the project is 23 years (proven and probable mineral reserves as of January 1,
2016). The acquisition is expected to increase Osisko&#146;s production by
approximately 200,000 ounces of silver for the next 14 years, increasing to an
average of 350,000 ounces of silver for the remainder of the 23-year mineral
reserve life of Gibraltar. Any silver in respect of which a delivery was made
after January 1, 2017, was subject to the stream. </P>
<P align=justify><B>Revolving Credit Facility </B></P>
<P align=justify>In November 2017, the Company amended its revolving credit
facility (the &#147;Facility&#148;) increasing the amount from $150 million to $350
million, with an additional uncommitted accordion of up to $100 million, for a
total availability of up to $450 million. The accordion is subject to standard
due diligence procedures and acceptance of the lenders. The Facility is to be
used for general corporate purposes and investments in the mineral industry,
including the acquisition of royalties, streams and other interests. The
Facility is secured by the Company&#146;s assets (including the royalty, stream and
other interests) and has a four-year term (November 14, 2021), which can be
extended by one year on each of the first two anniversary dates.</P>
<P align=justify>The Facility is subject to standby fees. Funds drawn will bear
interest based on the base rate, prime rate or London Inter-Bank Offer Rate
(&#147;LIBOR&#148;) plus an applicable margin depending on the Company&#146;s leverage ratio.
On July 31, 2017, the Facility was drawn for US$118.0 million (representing
$148.0 million as at December 31, 2017) to fund the acquisition of Orion&#146;s
Portfolio. As at December 31, 2017, the interest rate was 2.96%, including the
applicable margin. The Facility includes covenants that require the Company to
maintain certain financial ratios and meet certain non-financial requirements.
As at December 31, 2017, all such ratios and requirements were met. </P>
<P align=justify><B>Bought Deal of Convertible Senior Unsecured Debentures
</B></P>
<P align=justify>On November 3, 2017, Osisko closed a bought deal offering of
convertible senior unsecured debentures (the &#147;Debentures&#148;) for $300 million (the
&#147;Offering&#148;) with a syndicate of underwriters co-led by National Bank Financial
Inc., BMO Capital Markets and Desjardins Capital Markets (the &#147;Underwriters&#147;).
The Offering was comprised of a $184.0 million public offering of Debentures
(the &#147;Public Offering&#147;) and a $116.0 million private placement of Debentures
(the &#147;Private Offering&#147;). In connection with the Offering, the Public Sector
Pension Investment Board and Ressources Qu&#233;bec inc., a wholly-owned subsidiary
of Investissement Qu&#233;bec, purchased respectively $100.0 million and $16.0
million of Debentures through the Private Offering on the same terms and
conditions as the Public Offering. The Underwriters have received a commission
of 3.55% in relation to the Offering. Net proceeds amounted to $288.5 million.
</P>
<P align=justify>The Debentures bear interest at a rate of 4.0% per annum,
payable semi-annually on June 30 and December 31 of each year, commencing on
June 30, 2018. The Debentures are convertible at the holder&#146;s option into Osisko
common shares at a conversion price of $22.89 per common share. The Debentures
will mature on December 31, 2022 and may be redeemed by Osisko, in certain
circumstances, on or after December 31, 2020. The Debentures are listed for
trading on the Toronto Stock Exchange under the symbol &#147;OR.DB&#148;. The net proceeds
from the Offering will be used to fund the acquisition of precious metal
royalties, streams, working capital, and general corporate purposes. </P>
<P align=right>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B><U>Record Gold Equivalent Ounces Earned</U></B><B> </B></P>
<P align=justify>The Company&#146;s portfolio of producing royalty, stream and
offtake interests delivered a record 20,990 GEOs in the fourth quarter of 2017
for a total record of 58,933 GEOs for the full year 2017. The assets acquired
from Orion were the major contributors to the record quarterly GEOs earned by
the Company, while Canadian Malartic continued to generate strong results. </P>
<P align=justify><B><I>Royalties Earned (in GEOs) </I></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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4>Three months ended </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="23%" colSpan=4>Years ended </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="23%"
    colSpan=4>December 31, </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="23%"
    colSpan=4>December 31, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2016 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2016 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Gold</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Canadian Malartic royalty </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">10,177 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,749 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">33,136 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">28,748 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&#201;l&#233;onore royalty </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,532 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,343 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">6,390 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,568 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Seabee royalty<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">619 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,310 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Island Gold royalty </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">379 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">292 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,706 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,373 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Brucejack offtake<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">321 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">536 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Vezza royalty </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">274 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">342 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,253 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">830 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">330    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">124
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">869    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">294
    </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">13,632 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,850 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">45,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">37,813 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Silver</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mantos stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,910 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">3,060 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sasa stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">1,229 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2,074 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gibraltar stream (3 and 11 months) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">665 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2,303 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Canadian Malartic royalty </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">138 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">114 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">479 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">456 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">78</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">129    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">1 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">4,020 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">114 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">8,045 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">457 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Diamonds</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Renard stream<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2,839 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">4,686 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other<SUP>(1)</SUP> </TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">88</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">201    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">2,927 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">4,887 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Other metals</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Kwale royalty<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">411 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">801 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total GEOs </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"><B>20,990</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>8,964</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"><B>58,933</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>38,270</B> </TD>
    <TD align=left width="2%">&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%"><font size="1">(1) </font></TD>
    <TD>
      <P align=justify><font size="1">The effective date of the acquisition of Orion&#146;s
      Portfolio was June 1, 2017. However, revenues of royalties, streams and
      offtakes acquired from Orion are only included in revenues from July 31,
      2017 onward, the acquisition date for accounting
  purposes.</font></P></TD>
  </TR></TABLE>
<P align=justify><U>GEOs by Product</U> </P>
<P align=center>
<IMG src="exhibit99-5x5x1.jpg"
border=0 width="718" height="179"></P> <BR>
<P align=right>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B><I>Revenues</I></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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="30%"
    colSpan=7><B>Three months ended December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Average </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Average </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">selling price </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Ounces </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Total </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">selling price </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Ounces </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Total </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">per ounce / </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">/ Carats </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">revenues </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">per ounce </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">/ Carats </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">revenues </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">carats
      ($) </TD>
    <TD
    width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">sold    </TD>
    <TD
    width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">($000&#146;s)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">($)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">sold    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">($000&#146;s)</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">1,623 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">56,708 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">92,043 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,549 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">8,605 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">13,328 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">21 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">483,192 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">10,411 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">21 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">8,353 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">179 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Diamonds sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">106 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">43,550 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">4,603 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other (paid in cash) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">- </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">- </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">2,495    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">202</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">109,552 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">13,709 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="19%"
    colSpan=4><B>Years ended December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Average </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Average </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">selling price </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Ounces </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">Total </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">selling price </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Ounces </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">Total </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">per ounce / </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">/ Carats </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">revenues </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">per ounce </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">/ Carats </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">revenues </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">carats
      ($) </TD>
    <TD
    width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">sold    </TD>
    <TD
    width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">($000&#146;s)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">($)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">sold    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">($000&#146;s)</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">1,627 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">111,501 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">181,390 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,643 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">37,402 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">61,444 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">22 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">887,760 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">19,216 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">23 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">32,836 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">747 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Diamonds sold </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">106 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">71,150 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">7,560 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other (paid in cash) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">- </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">- </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">5,050    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">486</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#F2F2F2">213,216 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">62,677 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Gross Profit ($000) </I></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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Years ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="23%"
    colSpan=4><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2"><b>$</b></TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><b>$</b></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2"><b>$</b></TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><b>$</b></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Royalties</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">21,359 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">13,709 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">74,041 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">62,677 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(130</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(22</TD>
    <TD align=left width="2%" >) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(286</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(143</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(4,305</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(2,828</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(15,475</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(11,291</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">16,924 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">10,859 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">58,280 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">51,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Streams</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">10,855 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">19,751 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(4,378</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(7,385</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(7,452</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(11,283</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(975</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">1,083    </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Offtakes</U> </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">77,338 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">119,424 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(76,550</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(117,974</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(990</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(1,307</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">(202</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid">143    </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total &#150; Gross profit </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid">15,747 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">10,859 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid">59,506 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">51,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=right>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B><U>Overview of 2017 Financial Results</U></B><B> </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Record revenues from royalties and streams of $93.8 million ($213.2
  million including offtakes) compared to $62.7 million in 2016;
  <LI>Gross profit of $59.5 million compared to $51.2 million in 2016;
  <LI>Impairment charge of $89.0 million on the &#201;l&#233;onore NSR royalty interest
  ($65.4 million, net of income taxes);
  <LI>Operating loss of $70.4 million compared to an operating income of $29.1
  million in 2016;
  <LI>Net loss attributable to Osisko&#146;s shareholders of $42.5 million or $0.33
  per basic and diluted share, compared to net earnings of $42.1 million or
  $0.40 per basic and diluted share in 2016;
  <LI>Adjusted earnings<SUP>4 </SUP>of $22.7 million or $0.18 per basic
  share<SUP>4 </SUP>compared to $34.2 million or $0.33 per basic share in 2016;
  <LI>Net cash flows provided by operating activities of $48.7 million compared
  to $53.4 million in 2016. </LI></UL>
<P align=justify>Revenues increased in 2017 mainly as a result of the
acquisition of Orion&#146;s Portfolio.</P>
<P align=justify>Gross profit reached $59.5 million in 2017 compared to $51.2
million in 2016 as a result of higher revenues. Cost of sales increased from
$0.1 million in 2016 to $125.6 million mainly as a result of the offtake
agreements acquired through the acquisition of Orion&#146;s Portfolio. Under the
offtake agreements, the metal is acquired from the producers at the lowest
market price over a certain period of time (quotational period), and is
subsequently sold by Osisko, resulting in a net profit that will usually vary
between 0% and 5% of the sales proceeds. </P>
<P align=justify>In 2017, the Company incurred an operating loss as a result of
an impairment charge of $89.0 million on the &#201;l&#233;onore royalty interest.
Excluding the impairment charge, operating income would have amounted to $18.6
million compared to $29.1 million in 2016. The decrease in operating income in
2017, in addition to the impairment charge, is mainly the result of the
transaction costs related to the acquisition of Orion&#146;s Portfolio, which
amounted to $8.9 million and higher general and administrative expenses
(&#147;G&amp;A&#148;), partially offset by higher gross profit. The increase in G&amp;A
expenses is mainly due to higher salary expenses as a result of higher bonuses
payable to management following the acquisition of Orion&#146;s Portfolio, higher
share-based compensation expenses related to the deferred and restricted share
units (higher number of units outstanding and increase in the objectives
achievements related to 2014 RSUs which vested and were paid in September 2017)
and higher general costs due to the increased activities of the Company in 2017.
The year 2017 is the first year where 3 years of stock options, RSUs and DSUs
are outstanding. Stock options and RSUs vest over a three-year period. Business
development expenses increased by $10.4 million mainly as a result of the
transaction costs related to the acquisition of Orion&#146;s Portfolio, higher
bonuses payable to management, higher share-based compensation expenses related
to the deferred and restricted share units and higher general costs due to
increased activities in 2017. </P>
<P align=justify>The net loss attributable to Osisko&#146;s shareholders in 2017 is
mainly the result of the impairment charge of $89.0 million, a lower operating
income, a higher foreign exchange loss, higher finance costs, the absence of
dividend income following the sale of the shares of Labrador Iron Ore Royalty
Corporation in 2016 and early 2017, partially offset by higher interest
income.</P>
<P align=justify>Adjusted earnings decreased to $22.7 million compared to $34.2
million in 2016 as a result of higher G&amp;A, lower dividend income and higher
finance costs, partially offset by higher gross profit. </P>
<P align=justify>Net cash flows provided by operating activities decreased in
2017 as a result of the fees related to the acquisition of Orion&#146;s Portfolio and
the settlement of restricted share units for $5.5 million, partially offset by
higher gross profit.</P>
<P align=justify>________________________</P>
<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%"><SUP>4</SUP> </TD>
    <TD>
      <P align=justify><font size="1">&#147;Adjusted earnings&#148; and &#147;Adjusted earnings per basic
      share&#148; are non-IFRS financial performance measures which have no standard
      definition under IFRS. Refer to the non-IFRS performance measures section
    of this press release.</font></P></TD>
  </TR></TABLE>
<P align=right>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify><B><U>Investment Portfolio Update</U></B><B> </B></P>
<P align=justify>During the year ended December 31, 2017, Osisko acquired
investments for $226.8 million and sold investments for $71.1 million. </P>
<P align=justify>The following table presents the carrying value and fair value
of the investments in marketable securities as at December 31, 2017 (in
thousands of dollars): </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Marketable
      securities </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="30%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Carrying value<SUP>(i)</SUP> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="30%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Fair
      value<SUP>(ii)</SUP> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"></TD>
    <TD width="30%" align=right valign="bottom">$</TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"></TD>
    <TD width="30%" align=right valign="bottom">$</TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="30%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="30%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Associates </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="30%" align=right valign="bottom" bgColor=#e6efff>257,433 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="30%" align=right valign="bottom" bgColor=#e6efff>332,140 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Other </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="30%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">106,841 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="30%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">106,841 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="30%" align=right valign="bottom" bgColor=#e6efff>364,274 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="30%" align=right valign="bottom" bgColor=#e6efff>438,981 </TD>
    <TD width="2%" align=left valign="bottom"
bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE></DIV><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%"><font size="1">(i) </font></TD>
    <TD>
      <P align=justify><font size="1">The carrying value corresponds to the amount recorded on
      the balance sheet, which is the equity method for the investments in
      marketable securities of associates and the fair value for the other
      investments in marketable securities, as per IFRS 9, <I>Financial
      Instruments</I>.</font></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">(ii) </font></TD>
    <TD>
      <P align=justify><font size="1">The fair value corresponds to the quoted price of the
      investments in a recognized stock exchange as at December 31,
  2017.</font></P></TD></TR></TABLE>
<P align=justify><B><I>Main Strategic Investments </I></B></P>
<P align=justify>The following table presents the main strategic investments of
the Company (in thousands of dollars): </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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">Number of </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">Carrying </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">Fair </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Company </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">shares
      held<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">Ownership<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">value<SUP>(i),(ii)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">value<SUP>(i),(ii)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">% </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Osisko Mining Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>32,302,034 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>15.5 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>73,635 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>109,504 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Barkerville Gold Mines Ltd. </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">142,309,310 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">32.7 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">89,556 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">106,732 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Dalradian Resources Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>31,717,687 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>8.9 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>40,122 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>42,026 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Falco Resources Ltd. </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">23,927,005 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">12.7 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">15,652 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">20,817 </TD>
    <TD align=left width="1%" >&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%"><font size="1">(i) </font></TD>
    <TD>
  <P align=justify><font size="1">As at December 31, 2017.</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">(ii) </font></TD>
    <TD>
      <P align=justify><font size="1">See table above for definition of carrying value and fair
  value.</font></P></TD>
  </TR></TABLE>
<P align=justify><U>Osisko Mining Inc.</U> </P>
<P align=justify>The Company owns a 1.5% NSR royalty on the Windfall Lake gold
project (&#147;Windfall Lake&#148;). Osisko Mining Inc. (&#147;Osisko Mining&#148;) is currently
undergoing an 800,000 meter drill program at Windfall Lake, where the 400,000
meter milestone was reached in October 2017. A metallurgical program is ongoing
and the construction of the exploration ramp is progressing. Osisko Mining is
planning a resource update in the first half of 2018. </P>
<P align=justify><U>Barkerville Gold Mines Ltd.</U><SUP> 5</SUP> </P>
<P align=justify>Barkerville Gold Mines Ltd. (&#147;Barkerville&#148;) is currently
carrying out a 160,000 meter exploration drilling program in the Cariboo Mining
District of central British Columbia and reported that it has received all
permits to initiate production from its Bonanza Ledge underground project at an
initial rate of 150,000 tonnes per year. In April 2017, Barkerville announced a
new discovery from its ongoing 160,000 metres Phase II Island Mountain and
Valley Zone exploration drilling program at its Cariboo Gold Project. </P>
<P align=justify>Osisko holds a 2.25% NSR royalty on the Cariboo gold project
and has a right of first refusal relating to any gold stream offer received by
Barkerville with respect to the Cariboo gold project.</P>
<P align=justify>____________________</P>
<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%"><font size="1">5 </font></TD>
    <TD>
      <P align=justify><font size="1">Refer to Barkerville&#146;s press release dated April 17,
      2017, titled &#147;BGM intersects 19.20 g/t AU over 54.40 meters and 11.42 g/t
      AU over 28.55 meters at shaft zone&#148; and Barkerville&#146;s website at
      www.barkervillegold.com and on SEDAR for additional
  information.</font></P></TD>
  </TR></TABLE>
<P align=right>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify><U>Falco Resources Ltd.</U><SUP> </SUP></P>
<P align=justify>In October 2017, Falco Resources Ltd. (&#147;Falco&#148;)
released<SUP>6</SUP> a positive feasibility on the Horne 5 project. The
feasibility study indicated that, at a gold price of US$1,300/oz and using an
exchange rate of C$1.00 = US$0.78, the Horne 5 Project would generate an
after-tax net present value, at a 5% discount rate, of US$602 million and an
after-tax internal rate of return of 15.3% . As per Falco, in this scenario, the
mine could become the next significant gold producer in Qu&#233;bec, with a
production profile averaging 219,000 payable ounces annually over the life of
mine, with an all-in sustaining cash cost of US$399 per ounce net of by-product
credits and all-in cost, capital expenditures plus operating expenditures,
estimated at US$643 per ounce. The Environmental Impact Assessment study was
filed with the authorities in December 2017. </P>
<P align=justify><U>Dalradian Resources Inc.</U> </P>
<P align=justify>On October 10, 2017, Osisko entered into a subscription
agreement with Dalradian Resources Inc (&#147;Dalradian&#148;) pursuant to which Osisko
made an investment of $28.3 million in Dalradian by way of a non-brokered
private placement. The subscription agreement entered into with Dalradian
contains various covenants and rights, including among other things, a
standstill, participation rights to maintain Osisko&#146;s pro rata interest in
Dalradian and rights to match other offers for project financing.</P>
<P align=justify><B><I>Other Significant Investments</I></B><B> </B></P>
<P align=justify><U>Arizona Mining Inc.</U> </P>
<P align=justify>Over the second half of 2017, Osisko sold its equity interest
in Arizona Mining Inc, (&#147;Arizona Mining&#148;) for proceeds of $47.1 million,
including from the sale of shares following the exercise of warrants in October
2017. Osisko realized a pre-tax accounting gain of $30.2 million (including the
change in fair value of the warrants) on the transaction and a gain of $34.1
million based on the cash cost<SUP>7</SUP> of the shares. Osisko still holds a
1% NSR royalty purchased for $10.0 million in April 2016 on all sulfide ores of
lead and zinc (and any copper, silver or gold recovered from the concentrate
from such ores) mined from Arizona Mining&#146;s Hermosa project located in Santa
Cruz County, Arizona. </P>
<P align=justify><B><U>Dividends</U></B><B> </B></P>
<P align=justify>Osisko has declared dividends for the last 14 consecutive
quarters for a total of $55.1 million.</P>
<P align=justify>On November 7, 2017, Osisko declared a quarterly dividend of
$0.05 per common share paid on January 15, 2018 to shareholders of record as of
the close of business on December 29, 2017. </P>
<P align=justify>On February 16, 2018, the Board of Directors declared a
quarterly dividend of $0.05 per common share payable on April 16, 2018 to
shareholders of record as of the close of business on March 30, 2018. </P>
<P align=justify><B><U>2018 Guidance</U></B><B> </B></P>
<P align=justify>Osisko&#146;s 2018 outlook on royalty, stream and precious metal
offtake interests is based on publicly available forecasts, in particular the
forecasts for the Canadian Malartic mine published by Yamana Gold Inc. and
Agnico Eagle Mines Limited, for the &#201;l&#233;onore mine published by Goldcorp Inc.,
for the Renard mine published by Stornoway Diamonds Corporation, for the
Brucejack mine published by Pretium Resources Inc., and for the Island Gold mine
published by Alamos Gold Inc. When publicly available forecasts on properties
are not available, Osisko obtains internal forecasts from the operators, which
is the case for the Sasa and Mantos Blancos mines, or uses management&#146;s best
estimate. </P>
<P align=justify>Attributable gold equivalent ounces for 2018 are estimated
between 77,500 and 82,500. For the 2018 guidance, silver and cash royalties have
been converted to GEOs using commodity prices of US$1,300 per ounce of gold,
US$18 per ounce of silver and US$110 per carat for diamonds from the Renard mine
and an exchange rate (US$/C$) of 1.25. </P>
<P align=justify>_______________________</P>
<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%"><SUP>6</SUP> </TD>
    <TD>
      <P align=justify><font size="1">Refer to Falco&#146;s press release dated October 16, 2017,
      titled: &#147;Falco Announces Positive Feasibility Study Results on Horne 5
  Gold Project&#148;.</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>7</SUP> </TD>
    <TD>
      <P align=justify><font size="1">The cash cost of an investment is a non-IFRS measure
      representing the cash paid on the acquisition of an investment. The gain
      or the loss is calculated by subtracting the cash acquisition cost from
  the cash proceeds on the sale of an investment.</font></P></TD>
  </TR></TABLE>
<P align=right>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B><U>&#201;l&#233;onore NSR Royalty Interest</U></B><B> </B></P>
<P align=justify>In February 2015, Osisko acquired all of the outstanding common
shares of Virginia Mines Inc. (&#147;Virginia&#148;). The assets acquired included a 2.0
-3.5% NSR royalty on the El&#233;onore mine discovered by Virginia and owned by
Goldcorp Inc. Through the combination of the two companies, Osisko achieved its
objective of creating a new intermediate royalty company with two world-class
gold royalty assets in Qu&#233;bec. Operations started at the El&#233;onore mine in
October 2014 and commercial production was declared in April 2015.</P>
<P align=justify>Gold production for the year ended December 31, 2017 was higher
than the prior years at 305,000 ounces compared to 274,000 ounces in 2016 and
268,000 ounces in 2015 due to increase in grade and mined tonnes as &#201;l&#233;onore
continued its ramp up to optimized production levels. For 2018, the operator&#146;s
guidance is at 360,000 ounces. </P>
<P align=justify>Gold ounces earned from the &#201;l&#233;onore NSR royalty: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=right>2015<SUP>(1)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">2016
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">2017
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">2018
      Guidance </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">2019+
      Guidance<SUP>(2)</SUP> </TD>
    <TD align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>402 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>6,568 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>6,390 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>7,920 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>8,800 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&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%"><font size="1">(1) </font></TD>
    <TD>
      <P align=justify><font size="1">Osisko started receiving royalties in December 2015 only
  due to the royalty advance payment to Virginia.</font></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><font size="1">(2) </font></TD>
    <TD>
      <P align=justify><font size="1">Based on operator&#146;s guidance of 400,000 sustainable
      annual gold production. As per the sliding scale schedule of up to 3.5%,
      Osisko could potentially receive up to 14,000 ounces annually once 8
  million ounces have been produced.</font></P></TD>
  </TR></TABLE>
<P align=justify>For accounting purposes, Osisko is required to monitor
indicators of impairment, which can trigger an impairment review of its assets.
The operator of the &#201;l&#233;onore gold mine announced a sustainable annual gold
production level at 400,000 ounces of gold compared to its design capacity of
600,000 ounces annually. This announcement was considered as an indicator of
impairment and, accordingly, management performed an impairment assessment as at
December 31, 2017. The Company recorded an impairment charge of $89.0 million
($65.4 million net of income taxes) on the &#201;l&#233;onore NSR royalty during the
fourth quarter of 2017. This impairment charge may be reversed subsequently if
there is a sustainable increase in annual production levels. </P>
<P align=justify><B><U>2017 Year-End Results Conference Call</U></B><B> </B></P>
<P align=justify>Osisko will host a conference call on Tuesday, February 20,
2018 at 11:00 EST to review and discuss its 2017 results. </P>
<P align=justify>Those interested in participating in the conference call should
dial in at 1-(647) 788-4922 (international), or 1-(877) 223-4471 (North American
toll free). An operator will direct participants to the call. </P>
<P align=justify>The conference call replay will be available from 2:00pm EST on
February 20, 2018 until 11:59 pm EST on February 27, 2018 with the following
dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416)
621-4642, access code 2868047. </P>
<P align=right>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=justify><B><U>Non-IFRS Financial Performance Measures</U></B><B>
</B></P>
<P align=justify>The Company has included certain non-IFRS measures including
<I>&#147;Adjusted Earnings&#148; </I>and<I> &#147;Adjusted Earnings per basic share&#148; </I>to
supplement its consolidated financial statements, which are presented in
accordance with IFRS.</P>
<P align=justify>The Company believes that these measures, together with
measures determined in accordance with IFRS, provide investors with an improved
ability to evaluate the underlying performance of the Company. Non-IFRS measures
do not have any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other companies. The data
is intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance
with IFRS. </P>
<P align=justify>To determine its method of calculation, the Company has
reviewed, during the first quarter of 2016, similar adjusted earnings
calculations by its peers. Following this review, the Company has decided to
exclude the gains and losses on foreign exchange from its adjusted earnings and
adjusted earnings per basic share as they do not reflect the operating
performance of the Company.</P>
<P align=justify><U>Adjusted Earnings and Adjusted Earnings per Basic Share</U>
</P>
<P align=justify><I>&#147;Adjusted earnings&#148; is defined as &#147;Net earnings (loss)
attributable to Osisko&#146;s shareholders&#148; less certain items: &#147;Foreign exchange
gain (loss)&#148;, &#147;Impairment charges&#148;, &#147;Gains (losses) on disposal of evaluation
and evaluation assets&#148;, &#147;Write-off of property and equipment&#148;, &#147;Unrealized gain
(loss) on investments&#148;, &#147;Impairment on financial assets and investments in
associates&#148;, &#147;Share of income (loss) of associates&#148;, &#147;Deferred income tax
expense&#148; and other unusual items such as transaction costs. </I></P>
<P align=justify><I>Adjusted earnings per basic share is obtained from the
&#147;adjusted earnings&#148; divided by the &#147;Weighted average number of common shares
outstanding&#148; for the period. </I></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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="23%" colSpan=4><B>Years ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="23%"
    colSpan=4><B>December 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(in thousands of dollars, except per
      share</I> <I>amounts)</I> </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2></TD>
    <TD width="10%" align=right bgColor=#F2F2F2><STRONG>$</STRONG> </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><STRONG>$</STRONG></TD>
    <TD align=left width="2%"></TD>
    <TD width="1%" align=left  bgColor=#F2F2F2></TD>
    <TD width="10%" align=right bgColor=#F2F2F2><STRONG>$</STRONG> </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><STRONG>$</STRONG></TD>
  <TD align=left width="2%"></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) attributable to </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=left bgColor=#F2F2F2>&nbsp; </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=left bgColor=#F2F2F2>&nbsp; </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Osisko&#146;s shareholders </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(64,348</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,679 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(42,501</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">42,113 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%"  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD width="2%"  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD width="2%"  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
  <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Foreign exchange loss (gain)    </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>763 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(5,319</TD>
    <TD align=left width="2%">) </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>16,211 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">5,851 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Unrealized loss (gain) on investments </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">507 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(660</TD>
    <TD align=left width="2%" >) </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(30,829</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(30,202</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Share of loss of associates</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>3,482 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2,893 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>6,114 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,623 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Impairment of royalty, stream and other
      interests </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">89,000 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">89,000 </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Impairment of exploration
      and evaluation assets </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>- </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">668 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>- </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">668 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of exploration
      and evaluation assets </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">- </TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(20</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">312 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Write-off of property and
      equipment </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>- </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">456 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>- </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">456 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Deferred income tax expense </TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(28,453</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">216 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#F2F2F2">(24,150</TD>
    <TD width="2%" align=left bgcolor="#F2F2F2" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,372 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Transaction costs &#150;
      acquisition of Orion&#146;s Portfolio </TD>
    <TD width="1%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">8,870 </TD>
    <TD width="2%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted earnings </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>951 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">6,934 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>22,695 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">34,194 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares
      outstanding (000&#146;s) </TD>
    <TD width="1%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">157,256 </TD>
    <TD width="2%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">106,612 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right
    bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">127,939 </TD>
    <TD width="2%" align=left
     bgColor=#F2F2F2 style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">104,671 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="10%" bgcolor="#F2F2F2">&nbsp; </TD>
    <TD width="2%" bgcolor="#F2F2F2" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted earnings per basic share </TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>0.01 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0.07 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD width="10%" align=right bgColor=#F2F2F2>0.18 </TD>
    <TD width="2%" align=left  bgColor=#F2F2F2>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0.33 </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR></TABLE>
<P align=right>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify><B>About Osisko Gold Royalties Ltd</B></P>
<P align=justify>Osisko Gold Royalties Ltd is an intermediate precious metal
royalty company focused on the Americas that commenced activities in June 2014.
Following the acquisition of the Orion portfolio, it now holds a North American
focused portfolio of over 130 royalties, streams and precious metal offtakes.
Osisko&#146;s portfolio is anchored by five cornerstone assets, including a 5% NSR
royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada.
Osisko also owns a portfolio of investments in publicly held resource companies,
including a 15.5% interest in Osisko Mining Inc., a 32.7% in Barkerville Gold
Mines Ltd. and a 12.7% interest in Falco Resources Ltd. </P>
<P align=justify>Osisko&#146;s head office is located at 1100 Avenue des
Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec, H3B 2S2. </P>
<P align=justify><B>For further information please contact, please contact
Osisko Gold Royalties:</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>Vincent Metcalfe </TD>
    <TD align=left width="50%">Joseph de la Plante </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Investor Relations </TD>
    <TD align=left width="50%">Vice President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tel. (514) 940-0670 </TD>
    <TD align=left width="50%">Tel. (514) 940-0670 </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>vmetcalfe@osiskogr.com</U> </TD>
    <TD align=left width="50%"><U>jdelaplante@osiskogr.com</U>
</TD></TR></TABLE>
<P align=justify><B><I>Forward-looking Statements </I></B></P>
<P align=justify>Certain statements contained in this press release may be
deemed &#147;forward-looking information&#148; and "forward-looking statements" within the
meaning of applicable Canadian Securities Laws and the United States Private
Securities Litigation Reform Act of 1995 (collectively, the &#147;forward-looking
statements&#148;). All statements in this release, other than statements of
historical fact, that address future events, developments or performance that
Osisko expects to occur including management&#146;s expectations regarding Osisko&#146;s
growth, results of operations, estimated future revenues, requirements for
additional capital, mineral reserve and mineral resource estimates, production
estimates, production costs and revenue, future demand for and prices of
commodities, business prospects and opportunities are forward-looking
statements. In addition, statements (including data in tables) relating to
mineral reserves and mineral 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", "projects",
"potential", "scheduled" and similar expressions or variations (including
negative variations), or that events or conditions "will", "would", "may",
"could" or "should" occur including, without limitation, the performance of the
assets of Osisko, the realization of the anticipated benefits deriving from
Osisko&#146;s investments and transactions and the estimate of gold equivalent ounces
to be received in 2018. Although Osisko believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such
statements involve known and unknown risks, uncertainties and other factors and
are not guarantees of future performance and actual results may accordingly
differ materially from those in forward-looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include, without limitation: fluctuations in the prices of the
commodities that drive royalties, streams and other interests (the &#147;Interests&#148;)
held by Osisko (gold, silver and diamonds); fluctuations in the value of the
Canadian dollar, and any other currency in which revenue is generated, relative
to the U.S. dollar; regulatory changes in national and local government,
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 an Interest are located or through which they are held;
risks related to the operators of the properties in which Osisko holds an
Interest, influence of macroeconomic developments; business opportunities that
become available to, or are pursued by Osisko; continued availability of capital
and financing and general economic, market or business conditions; litigation;
title, permit or license disputes related to interests on any of the properties
in which Osisko holds an Interest; whether or not Osisko is determined to have
&#147;passive foreign investment company&#148; (&#147;PFIC&#148;) status as defined in Section 1297
of the United States Internal Revenue Code of 1986, as amended; potential
changes in Canadian tax treatments of offshore streams or other interests;
development, permitting, infrastructure, operating or technical difficulties on
any of the properties in which Osisko holds an Interest; rate and timing of
production differences from mineral resource estimates or production forecasts
by operators of properties in which Osisko holds an Interest; risks and hazards
associated with the business of exploring, development and mining on any of the
properties in which Osisko holds an Interest, including, but not limited to
unusual or unexpected geological and metallurgical conditions, slope failures or
cave-ins, flooding and other natural disasters, terrorism, or civil unrest or
other uninsured risks and the integration of acquired assets. The
forward-looking statements contained in this press release are based upon
assumptions management believes to be reasonable, including, without limitation:
the ongoing operation of the properties in which Osisko holds an Interest by the
owners or operators of such properties in a manner consistent with past
practice; the accuracy of public statements and disclosures made by the owners
or operators of such underlying properties; no material adverse change in the
market price of the commodities that underlie the asset portfolio; Osisko&#146;s
ongoing income and assets relating to the determination of its PFIC status, no
material changes to existing tax treatments, no adverse development in respe ct
of any significant property in which Osisko holds an Interest; the accuracy of
publicly disclosed expectations for the development of underlying properties
that are not yet in production; and the absence of any other factors that could
cause actions, events or results to differ from those anticipated, estimated or
intended.<I> </I></P>
<P align=justify><I>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 SEDAR
at </I><I><U>www.sedar.com</U></I><I> and with the U.S. Securities and Exchange
Commission on EDGAR at </I><I><U>www.sec.gov</U></I><I>. The forward-looking
statements set forth herein reflects Osisko&#146;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. </I></P>
<P align=right>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Balance Sheets </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>As at December 31,
      2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><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 valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>December 31,</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>December 31,</B> </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2017</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" ><B></B></TD>
    <TD width="12%" align=right valign="bottom"><STRONG>$</STRONG></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" ><B></B></TD>
    <TD width="12%" align=right valign="bottom"><STRONG>$</STRONG></TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Assets</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Current assets</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>333,705 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>499,249 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Short-term investments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,100 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accounts
      receivable </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>8,385 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>8,416 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">9,859 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">984 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">974 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">352,933 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">510,739 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Non-current assets</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Investments in associates </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">257,433 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">82,902 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Other
      investments </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>115,133 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>108,409 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Royalty, stream and other
      interests </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,575,772 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">494,768 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Exploration and
      evaluation </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>102,182 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>100,038 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Goodwill </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">111,204 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">111,204 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Deferred income
      taxes </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,978 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,686    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">266    </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">2,516,343 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,416,304 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Liabilities</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Current liabilities</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">15,310 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,438 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Dividends
      payable </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,890 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>4,266 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Provisions and other liabilities    </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,632    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,153    </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>28,832 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>15,857 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Non-current liabilities</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Long-term debt    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>464,308 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>45,780 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Provisions and other liabilities    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,036 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">12,433 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Deferred income
      taxes </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">126,762 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">127,930 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">621,938 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">202,000 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Equity</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Share capital </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,633,013 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">908,890 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Warrants </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>30,901 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>30,901 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Contributed surplus </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">13,265 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">11,411 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Equity component
      of convertible debentures </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>17,601 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>3,091 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Accumulated other comprehensive
      income (loss) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(2,878</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,838 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Retained
      earnings </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">202,503 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">250,306 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Equity attributable to Osisko Gold Royalties Ltd
      shareholders</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,894,405 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,212,437 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Non-controlling
      interests </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,867 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Total equity</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,894,405 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,214,304 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">2,516,343 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,416,304 </TD>
  <TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=right>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></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><B>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Income (Loss)</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months and the years ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR></TABLE><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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Years ended</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>December 31,</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>December 31,</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="10%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><I>(unaudited)</I> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%"><B></B></TD>
    <TD align=right width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><B></B></TD>
    <TD align=right width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><B></B></TD>
    <TD align=right width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><B></B></TD>
    <TD align=right width="10%"><STRONG>$</STRONG>&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Revenues</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>109,552</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>13,709</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>213,216</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>62,677</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cost of sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(81,058</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(22</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(125,645</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(143</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Depletion of royalty, stream and other interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(12,747</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(2,828</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(28,065</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(11,291</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Gross profit</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>15,747</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>10,859</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>59,506</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>51,243</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other operating expenses</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;General and administrative </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(7,342</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(4,105</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(26,176</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(16,715</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Business development </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(4,009</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,863</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(18,706</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(8,282</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Impairment of royalty, stream and other interests </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(89,000</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(89,000</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exploration and evaluation,
      net of tax credits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(63</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,176 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(204</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,240 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Other gains (expenses), net </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,124</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">20 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,436</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cost recoveries from
      associates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,215 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>873 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>4,125 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,039 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating income (loss)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>(83,452</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>6,816</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>(70,435</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>29,089</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest income </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,098 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,011 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>4,255 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,260 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Dividend income </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">215 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">4,931 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Finance costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(4,825</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(919</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(8,384</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(3,435</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Foreign exchange gain (loss) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(635</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">5,331 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(16,086</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(5,846</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share of loss of associates
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(3,482</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(2,893</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(6,114</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(6,623</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Other gains (losses), net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(507</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">660
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">30,829 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">30,202 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings (loss) before income taxes</B>
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(91,803</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>10,221</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(65,935</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>51,578</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">27,450 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(1,568</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">23,147 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(9,724</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net earnings (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>(64,353</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>8,653</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>(42,788</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>41,854</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net earnings (loss) attributable to:</B>
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Osisko Gold Royalties Ltd&#146;s shareholders </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(64,348</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,679 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(42,501</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">42,113 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Non-controlling interests </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(5</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(26</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(287</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(259</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net earnings (loss) per share
      attributable to</B>&nbsp;<BR><B>&nbsp;&nbsp;Osisko Gold Royalties Ltd&#146;s
      shareholders</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Basic </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.41</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0.08 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.33</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0.40 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;Diluted </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.41</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>0.08 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.33</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>0.40 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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>Osisko Gold Royalties Ltd</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Cash Flows </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>For the three
      months and the years ended December 31, 2017 and 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="42%" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right colSpan=4><B>Three months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>Years ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>December 31,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>December 31,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="13%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><I>(unaudited)</I> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>2017</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>2016</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2017</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2016</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right><b>$</b></TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="13%" align=right><b>$</b></TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><b>$</b></TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><b>$</b></TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Operating activities</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Net earnings (loss) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(64,353</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">8,653 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(42,788</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">41,854 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Adjustments for: </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Share-based compensation </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">1,267 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">1,659 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">10,524 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">7,380 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Depletion and amortization </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">12,787 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">2,862 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">28,210 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">11,509 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Impairment of royalty, stream and other
      interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">89,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">89,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Share of loss of associates </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">3,482 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">2,893 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">6,114 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">6,623 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Net loss (gain) on acquisition of
      investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(36</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">536 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">2,099 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(8,379</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Net gain on dilution of investments in
      associates </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(241</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(5,114</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(30,560</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(12,023</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Net gain on disposal of investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(703</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(3,410</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of
      financial assets at fair&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value
      through profit and loss </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom"><BR>784 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom"><BR>3,919 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>(1,665</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>(6,390</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Deferred income tax expense (recovery)    </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(28,453</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">216 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(24,150</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">8,372 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Settlement of restricted share units</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(5,539</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Foreign exchange loss (gain) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">763 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(5,319</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">16,211 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">5,851 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;Other </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,225    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,455    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,403    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,832    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Net cash flows provided by operating activities
      <BR>&nbsp;&nbsp; before changes in non-cash working capital items </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom"><BR>16,225 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom"><BR>11,760 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>49,156 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>54,219 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Changes in non-cash working capital items </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,298    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,022    </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(440</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(775</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Net cash flows provided by operating
      activities </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">21,523 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">12,782 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">48,716 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">53,444 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom"><B>Investing activities</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Net increase (decrease) in short-term investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">1,447 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(1,000</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">2,047 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(1,800</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Business combination, net of cash acquired </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">990 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(621,430</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Settlement of derivative financial instruments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(21,072</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Acquisition of investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(76,678</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(18,922</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(226,766</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(82,384</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Proceeds on disposal of investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">21,613 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">116,979 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">71,090 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">129,183 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Acquisition of royalty and stream interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(23,455</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(5,000</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(80,119</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(55,250</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Proceeds on sale of royalty interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">3,630 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Property and equipment </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(48</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(12</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(137</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(105</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Exploration and evaluation, net of tax credits </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(247</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(710</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,128</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(8,327</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Net cash flows provided by (used in) investing activities    </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(76,378</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">91,335 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(877,515</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(15,053</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom"><B>Financing activities</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Issuance of long-term debt </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">300,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">447,323 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">50,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Issuance of common shares and warrants </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">77 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">326 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">264,278 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">177,934 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Issue expenses </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(190</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(8,066</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Financing fees </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(12,619</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">(6</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(12,619</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(850</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Investment from non-controlling interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">862 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,292 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">4,499 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Normal course issuer bid purchase of common shares </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(1,822</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Dividends paid </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(7,566</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(4,086</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(19,325</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(15,317</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Net cash flows provided by (used in) financing activities    </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">279,892 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(2,904</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">678,937 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">208,200 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Increase (decrease) in cash and cash </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;equivalents before effects of exchange
      rate </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;changes on cash and cash equivalents</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">225,037 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">101,213 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(149,862</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">246,591 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">Effects of exchange rate changes on cash and </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;cash equivalents </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(234</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,319    </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(15,682</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(5,851</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="13%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom"><B>Increase (decrease) in cash and cash equivalents</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">224,803 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">106,532 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(165,544</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">240,740 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Cash and cash equivalents &#150; beginning of period</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">108,902 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">392,717 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">499,249 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">258,509 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left valign="bottom"><B>Cash and cash equivalents &#150; end of period</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">333,705 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">499,249 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">333,705 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">499,249 </TD>
    <TD
    width="2%" align=left valign="bottom">&nbsp;</TD></TR></TABLE>
<P align=right>15 </P>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-6x1x1.jpg" border=0> </P>
<P align=center><B>OSISKO DECLARES 14</B><B><SUP>TH</SUP></B><B> QUARTERLY
DIVIDEND </B></P>
<P align=justify><B>(Montreal, February 20, 2018)</B> Osisko Gold Royalties Ltd
("Osisko" or the "Company") (TSX:OR) (NYSE:OR) is pleased to announce a first
quarter 2018 dividend of C$0.05 per common share. The dividend will be paid on
April 16, 2018 to shareholders of record as of the close of business on March
30, 2018. </P>
<P align=justify>For shareholders residing in the United States, the U.S. dollar
equivalent will be determined based on the daily rate published by the Bank of
Canada on March 30, 2018. This dividend is an "eligible dividend" as defined in
the <I>Income Tax Act</I> (Canada).</P>
<P align=justify>The Company also wishes to remind its shareholders that it has
implemented a dividend reinvestment plan (the &#147;Plan&#148;). Shareholders who are
residents of Canada and the United States may elect to participate in the Plan
in connection with the dividend to be paid on April 16, 2018 to shareholders on
record as of March 30, 2018. If a shareholder elects to participate in the Plan,
the Company will issue to the shareholder, in lieu of a cash dividend, common
shares from treasury at a 3% discount to the weighted average price of the
common shares during the five (5) trading days immediately preceding the
dividend payment date. Participation in the Plan is optional and will not affect
a shareholders&#146; cash dividends if the shareholder elects not to participate in
the Plan. Quarterly dividends are only payable as and when declared by Osisko&#146;s
Board of Directors.</P>
<P align=justify>A complete copy of the Plan and the enrolment form are
available on Osisko&#146;s website at <U>http://osiskogr.com/en/dividends/drip/</U>.
Shareholders should carefully read the complete text of the Plan before making
any decisions regarding their participation in the Plan. </P>
<P align=justify>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 deadline 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 <U>inquiries@canstockta.com</U>. </P>
<P align=justify>Participation in the Plan does not relieve shareholders of any
liability for taxes that may be payable in respect of dividends that are
reinvested in common shares under the Plan. Shareholders should consult their
tax advisors concerning the tax implications of their participation in the Plan
having regard to their particular circumstances. </P>
<P align=justify>This press release is not an offer or a solicitation of an
offer of securities. </P>
<P align=right>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_2></A>
<P align=justify><B>About Osisko Gold Royalties Ltd</B></P>
<P align=justify>Osisko Gold Royalties Ltd is an intermediate precious metal
royalty company focused on the Americas that commenced activities in June 2014.
Following the acquisition of the Orion portfolio, it now holds a North American
focused portfolio of over 130 royalties, streams and precious metal offtakes.
Osisko&#146;s portfolio is anchored by five cornerstone assets, including a 5% NSR
royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada.
Osisko also owns a portfolio of publicly held resource companies, including a
15.5% interest in Osisko Mining Inc., a 32.7% in Barkerville Gold Mines Ltd. and
a 12.7% interest in Falco Resources Ltd. </P>
<P align=justify>Osisko&#146;s head office is located at 1100 Avenue des
Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec, H3B 2S2. </P>
<P align=justify><B>Forward-looking statements </B></P>
<P align=justify><I>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 limited to,
comments with respect to the directors and officers of the Company, information
pertaining to the fact</I><I> </I><I>that all conditions for payment of the
dividend will be met and that such dividend will continue to be an &#147;eligible
dividend&#148; 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 financial
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. </I></P>
<P align=justify><I>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 &#147;Risk Factors&#148; in the most recent Annual
Information Form of Osisko which is filed with the Canadian securities
commissions and available electronically under Osisko&#146;s issuer profile on SEDAR
at </I><I><U>www.sedar.com</U></I><I> and with the U.S. Securities and Exchange
Commission and available electronically under Osisko&#146;s issuer profile on EDGAR
at </I><I><U>www.sec.gov</U></I><I>. The forward-looking information set forth
herein reflects Osisko&#146;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. </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For further information, please contact Osisko Gold
      Royalties Ltd:</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vincent Metcalfe </TD>
    <TD align=right width="50%">Joseph de la Plante </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Investor Relations </TD>
    <TD align=right width="50%">Vice President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tel. (514) 940-0670 </TD>
    <TD align=right width="50%">Tel. (514) 940-0670 </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>vmetcalfe@osiskogr.com</U> </TD>
    <TD align=right width="50%"><U>jdelaplante@osiskogr.com</U>
</TD></TR></TABLE>
<P align=right>2 </P>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>exhibit99-1x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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