<SEC-DOCUMENT>0001062993-18-001892.txt : 20180503
<SEC-HEADER>0001062993-18-001892.hdr.sgml : 20180503
<ACCEPTANCE-DATETIME>20180503091231
ACCESSION NUMBER:		0001062993-18-001892
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20180503
FILED AS OF DATE:		20180503
DATE AS OF CHANGE:		20180503

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:		18802027

	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;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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>May 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>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>

<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">Condensed Interim
    Consolidated Financial Statements For the three months ended March 31, 2018</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 three months ended March 31, 2018</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 First Quarter 2018 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 15th Quarterly Dividend</a></td>
  </tr>
</table>

<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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: May 3, 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>
<HR noshade align="center" width="100%" size=5 color="black">
</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>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG
src="ologo.jpg"
border=0 width="274" height="123"> </P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=5>OSISKO GOLD ROYALTIES LTD </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><I><FONT size=3>. . . . . . . . . . . . . . . . . . . . . .
</FONT><BR><FONT size=3>Unaudited Condensed Interim
</FONT></I></B><BR><B><I><FONT size=3>Consolidated Financial Statements
</FONT></I></B><BR></P>
<P align=center><B><I><FONT size=3>For the three months
</FONT></I></B><BR><B><I><FONT size=3>ended </FONT></I></B><BR><B><I><FONT
size=3>March 31, 2018</FONT></I></B><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Balance Sheets </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>March 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>December 31,</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 align=center width="7%" >&nbsp; </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>2018</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>2017</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 align=center width="7%" ><B>Notes</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Assets</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current assets</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>332,617 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>333,705 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Short-term investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accounts
      receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>8,718 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>8,385 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">9,962 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">9,859 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>910 </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="13%"
    bgColor=#e6efff>984 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>352,707 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>352,933 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current assets</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Investments in
      associates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>257,878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>257,433 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >6 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">84,288 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">115,133 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Royalty, stream
      and other interests </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >7 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,592,240 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,575,772 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exploration and evaluation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">102,346 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">102,182 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Goodwill </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>111,204 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>111,204 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">1,570
    </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%">1,686
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&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="13%">2,502,233 </TD>
    <TD align=left width="2%" >&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="13%">2,516,343 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Liabilities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current liabilities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accounts payable
      and accrued liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>14,308 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>15,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Dividends payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">7,811 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">7,890 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Provisions and
      other liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >8 </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="13%"
    bgColor=#e6efff>5,382 </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="13%"
    bgColor=#e6efff>5,632 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>27,501 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>28,832 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current liabilities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  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="13%"  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="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Long-term debt </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >9 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">467,483 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">464,308 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Provisions and
      other liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >8 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,181 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,036 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Deferred income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">126,663 </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%">126,762 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">623,828 </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%">621,938 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Equity attributable to Osisko Gold
      Royalties Ltd shareholders</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Share capital
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,621,867 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,633,013 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Warrants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">30,901 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">30,901 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Equity reserve
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >11 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>990 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Contributed surplus </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">14,029 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">13,265 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Equity component
      of convertible debentures </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>17,601 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>17,601 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated other comprehensive
      loss </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(9,025</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(2,878</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Retained
      earnings </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>202,042 </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="13%"
    bgColor=#e6efff>202,503 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>1,878,405 </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="13%"
    bgColor=#e6efff>1,894,405 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>2,502,233 </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="13%"
    bgColor=#e6efff>2,516,343 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements. </P>
<P align=right>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Statements of Income
</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR>
  <TR vAlign=top>
    <TD align=left></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 align=center width="7%" >&nbsp; </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>2018</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>2017</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 align=center width="7%" ><B>Notes</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&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=center width="7%" bgColor=#e6efff >12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>125,614</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>17,126</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cost of sales
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(93,667</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(102</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Depletion of royalty, stream and
      other interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">(13,230</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="13%">(3,319</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Gross profit</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>18,717</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>13,705</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Other operating expenses</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  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="13%"  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="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;General and administrative </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >17 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(4,382</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(5,651</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Business
      development </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,192</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,779</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exploration and evaluation, net
      of tax credits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">(44</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="13%">(42</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating income</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>13,099</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>6,233</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Interest income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,492 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,278 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Finance costs
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(6,634</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(949</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange gain (loss) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">187 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(1,420</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Share of loss of
      associates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,397</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,445</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other gains (losses), net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >12 </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%">(2,581</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="13%">2,024
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Earnings before income taxes</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>4,166</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>5,721</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">(1,856</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="13%">(1,721</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net earnings</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&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="13%"><B>2,310</B> </TD>
    <TD align=left width="2%" >&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="13%"><B>4,000</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net earnings (loss) attributable to:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Osisko Gold
      Royalties Ltd&#146;s shareholders </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4,076 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Non-controlling interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(76</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net earnings per share attributable to Osisko Gold
      Royalties</B> <B>Ltd&#146;s shareholders</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >13 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%"></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>0.01 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>0.04 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">0.04 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements.</P>
<P align=right>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Statements of Comprehensive
      Income </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>&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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net earnings</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other comprehensive income</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;<I>Items that
      will not be reclassified to the consolidated statement of income</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Change in fair value of financial assets at fair value through
      comprehensive income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(13,975</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,747 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income tax effect </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,941 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(404</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share of other comprehensive loss of associates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(498</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(649</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;<I>Items that
      may be reclassified to the consolidated statement of income</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Currency translation adjustments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,096 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share of other comprehensive loss of 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="12%"
    bgColor=#e6efff>- </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="12%"
    bgColor=#e6efff>(229</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other comprehensive income</B> </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="12%"
    bgColor=#e6efff>7,564 </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="12%"
    bgColor=#e6efff>2,465 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Comprehensive income</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="12%"
    bgColor=#e6efff>9,874 </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="12%"
    bgColor=#e6efff>6,465 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Comprehensive income attributable
      to:</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Osisko Gold Royalties Ltd&#146;s
      shareholders </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,874 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,541 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Non-controlling
      interests </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(76</TD>
    <TD align=left width="2%"  bgColor=#e6efff>)
</TD></TR></TABLE>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements.</P>
<P align=right>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Statements of Cash Flows
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" ><B>Notes</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>2018</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>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="13%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Operating activities</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Adjustments for: </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>673 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,662 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Depletion and amortization </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">13,272 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">3,352 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Finance costs
</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,618 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>345 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Share of loss of associates </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,397 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,445 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Net loss (gain)
      on acquisition of investments </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,908</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,598 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Net gain on dilution of
      investments in associates </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(4,833</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Change in fair
      value of financial assets at fair value through profit or loss </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4,489 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>211 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Deferred income tax expense </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,667 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,721 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange
      loss </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>898 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,415 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Other </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">46
</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%">105
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net cash flows provided by operating
      activities before changes in non-cash working capital items </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff ></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>24,462 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>13,021 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Changes in non-cash working capital items </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >14 </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%">(1,159</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="13%">(1,008</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net cash flows provided by operating
      activities </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>23,303 </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="13%"
    bgColor=#e6efff>12,013 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Investing activities</B> </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" 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="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net increase in short-term investments </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(500</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(500</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Acquisition of investments </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(13,629</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(62,819</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Proceeds on disposal of investments </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">25,578 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">22,512 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Acquisition of royalty and stream interests
    </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(9,970</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(42,928</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Property and equipment </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(18</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(44</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Exploration and evaluation tax credits, net
      of expenses </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>1,094 </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="13%"
    bgColor=#e6efff>1,242 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net cash flows provided by (used in) investing activities
    </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&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="13%">2,555
    </TD>
    <TD align=left width="2%" >&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="13%">(82,537</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Financing activities</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Issuance of common shares </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>114 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>869 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Issue expenses </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(186</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(41</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Financing fees </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(379</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Investments from non-controlling interests </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,333 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Normal course issuer bid purchase of common
      shares </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(20,333</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,822</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Dividends paid </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">(7,547</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="13%">(4,082</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net cash flows used in financing activities
    </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </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="13%"
    bgColor=#e6efff>(28,331</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </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="13%"
    bgColor=#e6efff>(3,743</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Decrease in cash and cash equivalents
      before effects of exchange rate changes on cash and cash equivalents </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff ></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(2,473</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(74,267</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Effects of exchange rate changes on cash and cash
      equivalents </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </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%">1,385
    </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%">(1,415</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Decrease in cash and cash
      equivalents</B> </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,088</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(75,682</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash and cash equivalents &#150; beginning of period</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >4 </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%">333,705 </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%">499,249 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash and cash equivalents &#150; end of
      period</B> </TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >4 </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="13%"
    bgColor=#e6efff>332,617 </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="13%"
    bgColor=#e6efff>423,567 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Additional information related to the consolidated statements
of cash flows is presented in Note 14.</P>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements. </P>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Statements of Changes in Equity
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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 align=center>
    <p style="text-indent: -15pt; margin-left: 15pt"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp; </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=left width="6%">&nbsp;    </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=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&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="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Number of</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Equity</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Accumulated</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
  <TD align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>common</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>component of</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>other</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
  <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>shares</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Share</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Equity </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><STRONG>Contributed</STRONG> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>convertible </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><STRONG>comprehensive</STRONG></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Retained</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
  <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="2%"><B>Notes</B> </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="6%"><B>outstanding</B> </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="6%"><B>capital</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>Warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>reserve</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>surplus</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>debentures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>loss</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
  <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Balance - January 1, 2018</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>157,797,193 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,633,013 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>13,265 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>17,601 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(2,878</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>202,503 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,894,405 </TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
  <TD vAlign=bottom width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,310 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,310 </TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other comprehensive income </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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 vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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%">7,564 </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="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="1%">&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%">7,564 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Comprehensive income </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>7,564 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,310 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>9,874 </TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Dividends declared </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">10 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(7,811</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(7,811</TD>
  <TD vAlign=bottom align=left width="1%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Shares issued &#150; Dividends reinvestment plan
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>10 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>24,513 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>343 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>343 </TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Shares issued &#150; Employee share purchase plan </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">8,389 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">122 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">122 </TD>
  <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Share options: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Shared-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">777 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">777 </TD>
  <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Fair value of options exercised </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Replacement share options: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Fair value of options exercised </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">13 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(13</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,710 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>38 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>38 </TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Restricted share units to be settled in common shares </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">990 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">990 </TD>
  <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Normal course issuer bid purchase of common
      shares </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>10 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(1,607,099</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(11,662</TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(8,671</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(20,333</TD>
  <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">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=center width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&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 vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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%">(13,711</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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">13,711 </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="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="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
  <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Balance &#150; March 31, 2018</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="2%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&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="6%">156,225,706 </TD>
    <TD vAlign=bottom align=left width="1%">&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="6%">1,621,867 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">30,901 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">990 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">14,029 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">17,601 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(9,025</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">) </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="6%">202,042 </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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">1,878,405 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
  </TR></TABLE>
<P align=justify>(i)&nbsp;&nbsp; As at March 31, 2018, accumulated other
comprehensive loss comprises items that will not be recycled to the consolidated
statement of income amounting to ($29,958,000) and items that may be recycled to
the consolidated statement of income amounting to $20,933,000. </P>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements. </P>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Consolidated Statements of Changes in Equity
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2017
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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 align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%">&nbsp;&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD colspan="19" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Equity attributed to Osisko Gold Royalties Ltd
    shareholders</B>     </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Number of</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Equity</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Accumulated</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="6%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>common</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>component of</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>other</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Non-</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>shares</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Share</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Contributed</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>convertible </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><STRONG>comprehensive</STRONG>&nbsp;&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>Retained</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="6%"><B>controlling</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="6%"><B>outstanding</B> </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="6%"><B>capital</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%">W<B>arrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>surplus</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>debentures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>income (loss)</B><B><SUP>(i)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="6%"><B>Total</B> </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="6%"><B>interest</B> </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="6%"><B>Total</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">$</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Balance - January 1, 2017</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>106,497,315 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>908,890 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>30,901 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>11,411 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>3,091 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>7,838 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>250,306 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,212,437 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,867 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,214,304 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings (loss) </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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,076 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,076 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(76</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,000 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other comprehensive income </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 vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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%">2,465 </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="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="1%">&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%">2,465 </TD>
    <TD vAlign=bottom align=left width="1%">&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 vAlign=bottom align=left width="1%">&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%">2,465 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Comprehensive income (loss) </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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,465 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>4,076 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>6,541 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(76</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>6,465 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Dividends declared </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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(4,264</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(4,264</TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(4,264</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Shares issued &#150; Dividends reinvestment plan </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">13,417 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">185 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">185 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">185 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Shares issued &#150; Employee share purchase
      plan </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>6,554 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>84 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>84 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>84 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Share options: </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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Shared-based compensation </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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>824 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>824 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>824 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Fair value of options exercised </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">14 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(14</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>3,733 </TD>
    <TD vAlign=bottom align=left width="1%" 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 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Replacement share options: </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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Fair value of options exercised </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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>486 </TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(486</TD>
    <TD vAlign=bottom align=left width="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Proceeds from exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">72,331 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">765 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&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="1%">&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="1%">&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="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">765 </TD>
    <TD vAlign=bottom align=left width="1%">&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="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">765 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Investments from non-controlling 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>295 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>295 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>304 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>
    <p style="text-indent: -15pt; margin-left: 15pt">Transfer of realized gain on financial
      assets at fair&nbsp;value through other comprehensive income </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="6%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&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="6%" bgColor=#ffffff>- </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>- </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>- </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>- </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>(1,222</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#ffffff>) </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="6%" bgColor=#ffffff>1,222 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&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="6%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&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="6%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Balance &#150; March 31, 2017</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="6%" bgColor=#ffffff>106,593,350 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</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="6%" bgColor=#ffffff>910,474 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>30,901 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>11,735 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>3,091 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>9,081 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>251,635 </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=left
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#ffffff>1,216,917 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</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="6%" bgColor=#ffffff>1,800 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</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="6%" bgColor=#ffffff>1,218,717 </TD>
    <TD vAlign=bottom align=left width="1%"
  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>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(i) </TD>
    <TD align=left width="90%">As at March 31, 2017, accumulated other
      comprehensive income relates mainly to items that will not be recycled to
      the statement of income. </TD></TR></TABLE>
<P align=justify>The notes are an integral part of these unaudited condensed
interim consolidated financial statements. </P>
<P align=right>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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><B>1.</B> </TD>
    <TD align=left width="95%"><B>Nature of activities</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="95%">
      <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>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="95%">
      <P align=justify>The Company 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. The cornerstone assets include 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. In addition, the Company invests in equities of exploration,
      development and royalty companies. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B>Basis of presentation</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="95%">
      <P align=justify>These unaudited condensed interim consolidated financial
      statements have been prepared in accordance with the <I>International
      Financial Reporting Standards </I>(&#147;IFRS&#148;) as issued by the
      <I>International Accounting Standards Board </I>(&#147;IASB&#148;) applicable to the
      preparation of interim financial statements, including <I>International
      Accounting Standard </I>(&#147;IAS&#148;) 34, <I>Interim</I> <I>Financial
      Reporting</I>. The condensed interim consolidated financial statements
      should be read in conjunction with the Company&#146;s annual consolidated
      financial statements for the year ended December 31, 2017, which have been
      prepared in accordance with IFRS as issued by the IASB. The accounting
      policies, methods of computation and presentation applied in these
      condensed interim consolidated financial statements are consistent with
      those of the previous financial year, except for the adoption of new
      accounting standards (Note 3) and the presentation of the general and
      administrative expenses and the business development expenses, which are
      now presented net of the cost recoveries from associates instead of the
      cost recoveries from associates being presented on a separate line on the
      consolidated statements of income (cost recoveries from associates). The
      comparative figures have been reclassified to conform to the presentation
      adopted in the current fiscal year. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">
      <P align=justify>The Board of Directors approved the interim condensed
      consolidated financial statements on May 3, 2018. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="95%">&nbsp;    </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>3.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B>New accounting standards</B> </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">
      <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>&nbsp; </TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="95%">
      <P align=justify>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. As of January 1, 2018, the Company has adopted
      IFRS 15 on a full retrospective basis and as such, has revised its revenue
      recognition policy based on the requirements of IFRS 15. Management has
      concluded that, based on its current operations, the adoption of IFRS 15
      had no significant impact on the Company&#146;s consolidated financial
      statements. </P></TD></TR></TABLE>
<P align=right>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>3.</B> </TD>
    <TD>
      <P align=justify><B>New accounting standards
      </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 15, </U><I><U>Revenue from contracts with
      customers </U></I><U>(&#147;IFRS 15&#148;) </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>Revenue recognition policy</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Revenue comprises revenues from the sale of commodities
      received and revenues directly earned from 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>For royalty and stream agreements paid in-kind and for
      offtake agreements, the Company&#146;s performance obligations relate primarily
      to the delivery of gold, silver or other products to the customers.
      Revenue is recognized when control is transferred to the customers, which
      is achieved when a product is delivered, the customer has full discretion
      over the product and there is no unfulfilled obligation that could affect
      the customer&#146;s acceptance of the product. Control over the refined gold,
      silver and other products is transferred to the customers when the
      relevant product received (or purchased) from the operator is physically
      delivered and sold by the Company (or its agent) to the third party
      customers. 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>&nbsp;</TD></TR>
  <TR>
    <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>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>IFRIC </U><I><U>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>IFRIC 22 addresses foreign currency transactions or parts
      of transactions where there is consideration that is denominated or priced
      in a foreign currency and where the entity recognizes a non-monetary asset
      or liability in respect of that consideration, in advance of the
      recognition of the related asset, expense or income. The date of the
      transaction, for the purpose of determining the exchange rate, is the date
      of initial recognition of the non-monetary asset or liability. If there
      are multiple payments or receipts in advance, a date of transaction is
      established for each payment or receipt. As of January 1, 2018, the
      Company has adopted IFRIC 22 retrospectively and has concluded that, based
      on its current operations, it had 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>4.</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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>March 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>322,622 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>266,785 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Cash equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,995
    </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="12%">66,920 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>332,617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>333,705 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As at March 31, 2018, cash equivalents
are comprised of a banker&#146;s acceptance bearing an interest rate of 1.42% and
maturing in April 2018. As at March 31, 2018 and December 31, 2017, cash held in
U.S. dollars amounted respectively to $108.3 million (US$84.0 million) and $69.5
million (US$55.4 million). </P>
<P align=right>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>March 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><B>2018</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><B>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>257,433 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,902 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Acquisitions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,340 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">136,529 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Exercise of warrants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,519 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Share of loss, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,397</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(6,114</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Share of other comprehensive loss,
      net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(498</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(537</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Net gain on ownership dilution </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">30,560 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Disposals </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>(426</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; End of period </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="12%"
    bgColor=#e6efff>257,878 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>257,433 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>6.</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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>March 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><B>2018</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1"><B>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Fair value through profit or loss
      (warrants)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; Beginning of period</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,092 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,935 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Acquisitions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,375 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,662 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Exercise</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(14,170</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Change in fair value </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="12%"
    bgColor=#e6efff>(4,489</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%"
    bgColor=#e6efff>1,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; End of period    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,978    </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="12%">8,092    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Fair value through other comprehensive income
      (shares)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150;
      Beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>106,841 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>97,274 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Acquisitions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">72,719 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Exercise of warrants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Interests on
      financial assets at amortized cost paid in shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Change in fair value </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(13,975</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,139 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Disposals </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">(25,578</TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >) </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">(69,803</TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >) </TD></TR>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150; End of period </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">79,110 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">106,841 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Amortized cost</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Balance &#150;
      Beginning and end of period </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="12%"
    bgColor=#e6efff>200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Total</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="12%"
    bgColor=#e6efff>84,288 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>115,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The investments comprise common shares,
warrants and notes receivable, almost exclusively from Canadian publicly traded
companies. </P>
<P align=right>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>Royalty, stream and other
  interests</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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%">&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="12%">&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="12%">&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="12%"><B>March 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Royalty</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Stream</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Offtake</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>interests</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="12%"><B>interests</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="12%"><B>interests</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="12%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>770,530 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>700,078 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>105,164 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,575,772 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Acquisitions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,970 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,970 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,637</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,806</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,787</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(13,230</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,621    </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="12%">14,216 </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="12%">2,891    </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="12%">19,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">776,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">709,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">106,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">1,592,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Producing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>504,237 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>593,142 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>68,670 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,166,049 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated depletion and
      impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(123,012</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(16,236</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(3,166</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(142,414</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </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="12%"
    bgColor=#e6efff>381,225 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>576,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>65,504 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>1,023,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Development </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" 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="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">195,025 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">132,582 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">31,650 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">359,257 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depletion </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150; End of period    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">195,025 </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="12%">132,582 </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="12%">31,650 </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="12%">359,257 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Exploration and evaluation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>200,234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,114 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>209,348 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </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="12%">- </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="12%">- </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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </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="12%"
    bgColor=#e6efff>200,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>209,348 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total net book value &#150; End of period </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="12%"
    bgColor=#e6efff>776,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>709,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>106,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>1,592,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>Royalty, stream and other interests
    (continued)</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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Royalty</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Stream</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Offtake</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>interests</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="12%"><B>interests</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="12%"><B>interests</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="12%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$&nbsp;</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>494,768 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>494,768 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Acquisitions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,681 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">53,438 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">80,119 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Business combination</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>353,314 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>656,602 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>106,199 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,116,115 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15,475</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(11,283</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,307</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(28,065</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(89,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(89,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">242    </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="12%">1,321    </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="12%">272    </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="12%">1,835    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">770,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">700,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">105,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Producing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>503,340 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>582,466 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>66,812 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,152,618 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated depletion and
      impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(116,352</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(11,242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(1,307</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%">(128,901</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </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="12%"
    bgColor=#e6efff>386,988 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>571,224 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>65,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>1,023,717 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Development </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" 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="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">194,535 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">128,854 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">30,793 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">354,182 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depletion </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150; End of period    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">194,535 </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="12%">128,854 </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="12%">30,793 </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="12%">354,182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Exploration and evaluation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>189,007 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,866 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>197,873 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Accumulated depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </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="12%">- </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="12%">- </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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Net book value &#150;
      End of period </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="12%"
    bgColor=#e6efff>189,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>8,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>197,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total net book value &#150; End of period </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="12%"
    bgColor=#e6efff>770,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>700,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>105,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>Provisions and other
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 width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Three months ended </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>March 31, 2018 </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=left width="12%">&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 colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>DSU and </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Share exchange </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>DSU and </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>RSU</B><B><SUP>(i) </SUP></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="12%"><B>rights</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="12%"><B>RSU</B><B><SUP>(i) </SUP></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="12%"><B>Total </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,668 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,692 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,894 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accretion expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">299 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">299 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;New liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,298 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>988 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,053 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,041 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Settlement of liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(11,979</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,539</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(17,518</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Extinguished liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(59</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(59</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Revision of estimates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,403</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="12%">- </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="12%">319    </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="12%">319    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance &#150; End of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">7,563    </TD>
    <TD align=left width="2%" >&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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">7,668    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">7,668    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Current portion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,382 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,632 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,632 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Non-current portion </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="12%"
    bgColor=#e6efff>2,181 </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>2,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>2,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>7,563 </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>7,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>7,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>Deferred Share Units (&#147;DSU&#148;) and Restricted Share Units
      (&#147;RSU&#148;).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9. </B></TD>
    <TD>
      <P align=justify><B>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 width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>Three months ended </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>Year ended </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>March 31, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>December 31, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="17%"><B>2018 </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="17%"><B>2017 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="17%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance &#150; Beginning of period
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>464,308 </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>45,780 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;New debt &#150; convertible
      debentures<SUP>(ii) </SUP></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">279,469 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Transaction costs &#150;
      convertible debentures </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </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>(10,735</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;New debt &#150; revolving credit
      facility<SUP>(iii) </SUP></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">147,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Amortization of
      transaction costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>499 </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>427 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;Accretion expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,028 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,336 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Foreign exchange
      revaluation impact </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="17%"
    bgColor=#e6efff>1,648 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="17%"
    bgColor=#e6efff>708 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance &#150; End of period </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="17%"
    bgColor=#e6efff>467,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="17%"
    bgColor=#e6efff>464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     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>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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><B>9.</B> </TD>
    <TD align=left width="95%" ><B>Long-term debt
      </B><B><I>(continued)</I></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%" ><U>The summary of the long-term
      debt is as follows:</U> </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="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>March 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Convertible debentures<SUP>(i),(ii)</SUP>
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>350,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>350,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving credit facility<SUP>(iii)</SUP> </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">149,679 </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">148,031 </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>499,679 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>498,031 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Unamortized debt issuance costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(10,404</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(10,903</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Unamortized accretion on convertible
      debentures </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="12%"
    bgColor=#e6efff>(21,792</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%"
    bgColor=#e6efff>(22,820</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Long-term debt, net</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="12%"
    bgColor=#e6efff>467,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Non-current portion </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="12%"
    bgColor=#e6efff>467,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>467,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>464,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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.</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.</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 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 $150.0 million
      to $350.0 million, with an additional uncommitted accordion of up to
      $100.0 million, for a total availability of up to $450.0 million. The
      uncommitted 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 royalty, stream 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.</P></TD></TR></TABLE>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>9.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Long-term debt </B><B><I>(continued)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Revolving credit facility <I>(continued)</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></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 March 31, 2018, the Facility was drawn in two
      tranches for a total of $149.7 million: $62.0 million at an effective
      interest rate of 3.37% and US$68.0 million ($87.7 million) at an effective
      interest rate of 3.12%, including the applicable margins. 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 March 31, 2018, 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>10.</B> </TD>
    <TD>
      <P align=justify><B>Share capital and warrants</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></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.
      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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2018, 1,607,099
      common shares were purchased for cancellation under the 2017 NCIB Program
      for an aggregate acquisition price of $20,333,000 (average acquisition
      price per share of $12.65).</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 January 15, 2018, the Company issued 24,513 common
      shares under the Dividend reinvestment plan (&#147;DRIP&#148;), at a discount rate
      of 3%.</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. As
      at March 31, 2018, the holders of 27,302,917 common shares had elected to
      participate in the DRIP, representing dividends payable of $1,365,000.
      Therefore, 113,459 common shares were issued on April 16, 2018 at a
      discount rate of 3%.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Warrants</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 Company&#146;s warrants
      outstanding as at March 31, 2018:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD align=right><B>Number of</B> </TD>
    <TD align=right width="33%"><B>Exercise</B> </TD>
    <TD align=right width="33%"><B>Expiry</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>warrants</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="33%"><B>price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="33%"><B>date</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="33%"><B>$</B> </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>5,715,500 </TD>
    <TD align=right width="33%" bgColor=#e6efff>19.08 </TD>
    <TD align=right width="33%" bgColor=#e6efff>February 26, 2019 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,480,000 </TD>
    <TD align=right width="33%">36.50 </TD>
    <TD align=right width="33%">March 5, 2022 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      bgColor=#e6efff>11,195,500 </TD>
    <TD align=left width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="33%" bgColor=#e6efff>&nbsp;
</TD></TR></TABLE></DIV>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>11. </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>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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <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="12%">&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="12%"><B>March 31, 2018 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2017 </B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Weighted </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Weighted </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Number of </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>average </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Number of </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>average </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <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="12%"><B>options </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="12%"><B>exercise price </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="12%"><B>options </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="12%"><B>exercise price </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,537,123 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.90 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,063,130 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.25 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Granted<SUP>(i) </SUP></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>94,900 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12.35 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>763,400 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16.57 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Exercised </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(43,970</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14.22 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Exercised &#150; Virginia replacement
      share options<SUP>(ii) </SUP></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,710</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13.93 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(190,471</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11.28 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Expired </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(4,333</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">15.80 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Forfeited </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="12%"
    bgColor=#e6efff>(11,200</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15.83 </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="12%"
    bgColor=#e6efff>(50,633</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.57 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; End of period </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="12%"
    bgColor=#e6efff>3,618,113 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.83 </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="12%"
    bgColor=#e6efff>3,537,123 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.90 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Options exercisable &#150; End of period </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="12%"
    bgColor=#e6efff>2,294,045 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.45 </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="12%"
    bgColor=#e6efff>2,051,323 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14.57 </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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Options were granted to officers, management, employees
      and/or consultants.</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>Share options issued as 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 three months ended March 31, 2018 was
$14.71. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
Company&#146;s share options outstanding as at March 31, 2018: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid">    <B>Options outstanding </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Options exercisable </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>Weighted </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </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 align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>average </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </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 align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>Weighted </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>remaining </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>Weighted </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right><B>Exercise </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>average </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>contractual </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>average </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>price range
      </B></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>Number </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="13%"><B>exercise price </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="13%"><B>life (years) </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="13%"><B>Number </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="13%"><B>exercise price </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>$</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">$</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">$</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>8.35 &#150; 9.98 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>57,391 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>9.77 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>3.88 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>57,391 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>9.77 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>10.58 &#150; 12.35 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">166,975 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">11.62 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">4.96 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">72,075 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">10.66 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>13.38 &#150; 14.78 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>990,017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>13.49 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>3.28 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>687,582 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>13.48 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>14.90 &#150; 15.80 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">1,678,330 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">15.33 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">1.82 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">1,473,664 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">15.26 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>16.66 &#150; 17.84 </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="13%"
    bgColor=#e6efff>725,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>16.68 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4.17 </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="13%"
    bgColor=#e6efff>3,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>17.84 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="13%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left 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="13%"
    bgColor=#e6efff>3,618,113 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>14.83 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2.87 </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="13%"
    bgColor=#e6efff>2,294,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>14.45 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=right>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>11.</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 width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="20%"><B>Three months ended</B> </TD>
    <TD align=right width="20%"><B>Year ended</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="20%"><B>March 31, 2018</B> </TD>
    <TD align=right width="20%"><B>December 31, 2017</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="20%">&nbsp; </TD>
    <TD width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Dividend per share </TD>
    <TD align=right width="20%" bgColor=#e6efff>1% </TD>
    <TD align=right width="20%" bgColor=#e6efff>1% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Expected volatility </TD>
    <TD align=right width="20%">36% </TD>
    <TD align=right width="20%">38% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Risk-free interest rate </TD>
    <TD align=right width="20%" bgColor=#e6efff>2% </TD>
    <TD align=right width="20%" bgColor=#e6efff>1% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Expected life </TD>
    <TD align=right width="20%">43 months </TD>
    <TD align=right width="20%">45 months </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Weighted average share price
    </TD>
    <TD align=right width="20%" bgColor=#e6efff>$12.35 </TD>
    <TD align=right width="20%" bgColor=#e6efff>$16.57 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Weighted average fair value of options
      granted </TD>
    <TD align=right width="20%">$3.32 </TD>
    <TD align=right width="20%">$4.58 </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. Share options 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. For the three months ended March 31, 2018,
the total share-based compensation related to share options on the consolidated
statement of income amounted to $777,000 ($820,000 for the three months ended
March 31, 2017) and share-based compensation capitalized to exploration and
evaluation assets amounted to $4,000 for the three months ended March 31, 2017.
</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Deferred and restricted share
units</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes
information about the DSU and RSU movements: </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 width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right 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 align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="10%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp; </TD>
    <TD align=left width="2%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1" >&nbsp;</TD>
    <TD colspan="4" align=right style="border-bottom-style: solid; border-bottom-width: 1"><B>March 31, 2018</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31 ,2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>DSU </B><B><SUP>(i)</SUP></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>RSU</B><B><SUP>(ii)</SUP></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>RSU</B><B><SUP>(iii)</SUP></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>DSU</B><B><SUP>(i)</SUP></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>RSU</B><B><SUP>(ii)</SUP></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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>(cash)</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>(cash)</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>(equity)</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>(cash)</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>(cash)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance &#150; Beginning of period    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>266,442 </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>600,627 </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>- </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>175,446 </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>595,076 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Granted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </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>23,700 </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>68,162 </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>88,600 </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>231,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Reinvested (dividends
      on common shares) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>895 </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>2,019 </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>- </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>2,396 </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>7,260 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Settled </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </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>- </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>- </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>- </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>(225,429</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;Forfeited </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>(7,580</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance &#150; End of period </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>267,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>626,346 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>68,162 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>266,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>600,627 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance &#150; Vested </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>178,002 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>68,162 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>177,405 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 DSU granted vest the day prior to the next annual
      general meeting and are payable in cash at the end of the employment
      period of each director.</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 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></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>50% of the short-term incentive (2017 annual bonus)
      attributed to management in connection with the acquisition of a precious
      metals portfolio of assets from Orion Mine Finance Group was paid in RSU
      instead of cash representing a value at the date of grant of $990,000.
      These RSU vested on the grant date and will be settled in equity on
      December 31, 2019 (or at the end of the employment period, if earlier). On
      the settlement date, one common share will be issued for each
  RSU.</P></TD></TR></TABLE>
<P align=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>11.</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
      </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 total share-based compensation recovery related to
      the DSU and RSU plans for the three months ended March 31, 2018 amounted
      to $104,000 (expense of $1,842,000 for the three months ended March 31,
      2017).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD>
      <P align=justify><B>Additional information on the consolidated statements
      of income</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 width="5%"  >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><U>Revenues</U> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Royalty interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,944 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,615 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Stream interests </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,641 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>511 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Offtake 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="12%">93,029 </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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>125,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="12%"
    bgColor=#e6efff>17,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><U>Cost of sales</U> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalty interests </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>32 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Stream interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,031 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">80 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Offtake interests </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="12%"
    bgColor=#e6efff>90,604 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&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="12%">93,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">102
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><U>Other gains (losses), net</U> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Change in fair value of financial assets at fair value
      through profit and loss </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,489</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(211</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net gain on dilution of investments in
      associates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,833 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Net gain (loss) on acquisition of investments<SUP>(i)</SUP>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,908
    </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="12%">(2,598</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>(2,581</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%"
    bgColor=#e6efff>2,024 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>Represents changes in the fair value of the underlying
      investments between the respective subscription dates and the closing
      dates.</P></TD></TR></TABLE>
<P align=right>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>13.</B> </TD>
    <TD>
      <P align=justify><B>Net earnings 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 width="5%"  >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net earnings attributable to Osisko Gold
      Royalties Ltd&#146;s shareholders </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,076 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Basic weighted average number of common shares outstanding
      (in thousands) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">157,665 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">106,543 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Dilutive effect of share
      options<SUP>(i)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>85 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Dilutive effect of warrants<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Dilutive effect of convertible
      debentures<SUP>(i)</SUP> </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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Diluted weighted average number of common
      shares </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">157,695 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&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="12%">106,628 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net earnings per share attributable to
      Osisko Gold Royalties Ltd&#146;s shareholders </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.01 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.04 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.01 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.04 </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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>For the three months ended March 31, 2018, 3,488,647
      outstanding share options, 11,195,500 outstanding warrants and 15,726,705
      common shares underlying the convertible debentures were excluded from the
      computation of diluted earnings per share as their effect was
      anti-dilutive. For the three months ended March 31, 2017, 2,586,765
      outstanding share options, 11,195,500 outstanding warrants and 2,620,545
      common shares underlying the convertible debentures 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>14.</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 width="5%"  >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(</B><B>$</B><B>)</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(</B><B>$</B><B>)</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Interests received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,277 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,118 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Interests paid on long-term debt </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,880 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">604 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Dividends received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>215 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Income taxes paid </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">189 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Changes in non-cash working capital items </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Decrease
      (increase) in accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,591</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>423 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Decrease (increase) in
      inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(103</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Decrease
      (increase) in other current assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(18</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>123 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Increase (decrease) in accounts
      payable and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">553
    </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="12%">(1,554</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left 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="12%"
    bgColor=#e6efff>(1,159</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%"
    bgColor=#e6efff>(1,008</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Tax credits receivable related to
      exploration and evaluation assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,091 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,162 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;End of period
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,903 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,585 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
      related to financing fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">379 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;End of period
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
      related to share issue expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">186 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;End of period
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>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><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="5%"  >&nbsp;</TD>
    <TD align=left >Level 1&#150; </TD>
    <TD align=left width="88%" >
      <P align=justify>Unadjusted quoted prices in active markets for identical
      assets or liabilities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Level 2&#150; </TD>
    <TD align=left width="88%" >
      <P align=justify>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 </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Level 3&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="88%"
    >
      <P align=justify>Inputs for the asset or liability that are not based on
      observable market data (that is, unobservable inputs).
</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="5%"  >&nbsp;</TD>
    <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="12%">&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="12%">&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="12%">&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="12%"><B>March 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>Level 1</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="12%"><B>Level 2</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="12%"><B>Level 3</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="12%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD 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="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 width="5%" >&nbsp;</TD>
    <TD align=left><B>Financial assets at fair value through profit or
      loss</B><SUP>(i)</SUP> </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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warrants and call options on equity
      securities </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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicly traded mining
      exploration
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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=left 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=left 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=left width="12%"></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </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>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,855 </TD>
    <TD vAlign=bottom align=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>3,855 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other
      minerals, oil and gas </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>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,123 </TD>
    <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%">1,123 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><STRONG>Financial assets at fair value
      through
      other</STRONG>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>comprehensive
      income</STRONG><SUP>(i)</SUP> </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>
    <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>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Equity securities </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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Publicly traded royalty
      companies </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,197 </TD>
    <TD vAlign=bottom align=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>
    <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>3,197 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicly traded mining
      exploration
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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=left 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=left 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=left width="12%"></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>54,808 </TD>
    <TD vAlign=bottom align=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>
    <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>54,808 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">21,105 </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>
    <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%">21,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD 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>79,110 </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>- </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>4,978 </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>84,088 </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 width="5%"  >&nbsp;</TD>
    <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="12%">&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="12%">&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 colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <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="12%"><B>Level 1</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="12%"><B>Level 2</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="12%"><B>Level 3</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="12%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">$</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">$</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">$</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">$</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD 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="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 width="5%" >&nbsp;</TD>
    <TD align=left><B>Financial assets at fair value through profit or
      loss</B><SUP>(i)</SUP> </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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warrants and call options on equity
      securities </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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicly traded mining
      exploration
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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=left 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=left 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=left width="12%"></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </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>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,375 </TD>
    <TD vAlign=bottom align=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>3,375 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other
      minerals, oil and gas </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>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,717 </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="12%">4,717 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Financial assets at fair value through
      other</B>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>comprehensive
      income</B><SUP>(i)</SUP> </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>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left>Equity securities </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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Publicly traded royalty
      companies </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>29,360 </TD>
    <TD vAlign=bottom align=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>
    <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>29,360 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicly traded mining
      exploration
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;development
      companies </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left 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=left 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=left 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=left width="12%"></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Precious metals </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>60,286 </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>- </TD>
    <TD vAlign=bottom align=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>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>60,286 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">17,195 </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>
    <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%">17,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD 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>106,841 </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>- </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>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>114,933 </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>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>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>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 Company has no financial liabilities measured at fair
      value in the consolidated balance sheets as at March 31, 2018 and December
      31, 2017.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2018 and 2017,
      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>The following table presents the changes in the Level 3
      investments (warrants and call options) for the three months ended March
      31, 2018 and 2017:</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="5%" >&nbsp;</TD>
    <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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; Beginning of period </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,092 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,935 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Acquisitions </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,375 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,924 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(399</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Change in fair value - investments
      exercised<SUP>(i)</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">238 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Change in fair value - investments
      expired<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(495</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Change in fair value - investments held at the end of
      the period<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">(3,994</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" style="border-bottom-style: solid; border-bottom-width: 1">(449</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; End of period </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="12%"
    bgColor=#e6efff>4,978 </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="12%"
    bgColor=#e6efff>14,249 </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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Recognized in the consolidated statement of income under
      <I>other gains (losses), net.</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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>
<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="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; </TD>
    <TD colspan="2" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2018</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>Inputs</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="13%"><B>Fair</B> </TD>
    <TD align=right width="13%"><B>Valuation</B> </TD>
    <TD align=right width="13%"><B>Non-</B> </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=right width="13%"><B>Weighted</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>technique</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>observable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>Range</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>average</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="13%">$&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B><U>Other
      investments</U></B> </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Warrants and
      call options on equity </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="13%" bgColor=#e6efff>Black-Scholes </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;securities of
      publicly traded mining </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="13%" bgColor=#e6efff>option </TD>
    <TD align=right width="13%" bgColor=#e6efff>Expected </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;exploration and
      development companies </TD>
    <TD align=right width="13%" bgColor=#e6efff>4,978 </TD>
    <TD align=right width="13%" bgColor=#e6efff>pricing model </TD>
    <TD align=right width="13%" bgColor=#e6efff>volatility </TD>
    <TD align=right width="13%" bgColor=#e6efff>44% to 100% </TD>
    <TD align=right width="13%" bgColor=#e6efff>76% </TD></TR></TABLE>
</DIV>
<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
$497,000 ($501,000) as at March 31, 2018. </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, short-term investments, 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, short-term investments, 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 notes receivable approximate their carrying values
as there were no significant changes in economic and risks parameters since the
issuance/acquisition or assumption of those financial instruments. </P>
<P align=right>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>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><U>Financial instruments not measured at fair value on
      the balance sheet </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 presents the carrying amount and the
      fair value of the long-term debt, categorized as Levels 1 and 2, as at
      March 31, 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>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <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="12%">&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="12%"><B>March 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Carrying</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <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="12%"><B>amount</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="12%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>467,483 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>496,715 </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%"><B>16.</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><U>Geographic revenues</U></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 three months ended March 31,
      2018 and 2017, royalty, stream and other interest revenues were mainly
      earned from the following jurisdictions:</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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>North</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>South</B> </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 align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&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 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 width="5%">&nbsp;</TD>
    <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>America</B><B><SUP>(i)</SUP></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>America</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>Australia</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>Africa</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>Europe</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>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="10%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left><B><U>2018</U></B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&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 align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&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 align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalties </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>22,633 </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>91 </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>- </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>1,220 </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>- </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>23,944 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Streams </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">3,992 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2,672 </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%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,977 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,641 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Offtakes </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>72,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>943 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>19,294 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>93,029 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left 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>99,417 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>3,706 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>19,294 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>1,220 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>1,977 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>125,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff><B><U>2017</U></B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalties </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>16,616 </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>- </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>- </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>- </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>- </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>16,616 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>Streams </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>510 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>510 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Offtakes </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="10%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left 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>17,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>17,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>92% of revenues from North America were generated from
      Canada and the United States for the three months ended March 31, 2018
      (100% for the three months ended March 31, 2017).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For the three months ended March 31,
2018, one royalty interest generated revenues of $15.0 million ($12.4 million
for the three months ended March 31, 2017), which represented 46% of revenues
(72% of revenues for the three months ended March 31, 2017) (excluding revenues
generated from the offtake interests).</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the three months ended March 31,
2018, revenues generated from precious metals and diamonds represented 96% and
3% of revenues, respectively (85% and 11% excluding offtakes, respectively). For
the three months ended March 31, 2017, revenues were exclusively generated from
precious metals. </P>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>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><U>Royalty, stream and other interests, net</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 royalty, stream and
      other interests by country, as at March 31, 2018 and December 31, 2017,
      which is based on the location of the property related to the royalty,
      stream or other interest:</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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%"><B>North</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%"><B>South</B> </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=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=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"><B>America</B><B><SUP>(i)</SUP></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="8%"><B>America</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="8%"><B>Australia</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="8%"><B>Africa</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="8%"><B>Asia</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="8%"><B>Europe</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="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%"><B>&nbsp;</B></TD>
    <TD align=right width="1%"><B>&nbsp;</B></TD>
    <TD align=right width="8%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD width="8%"><B>&nbsp; </B></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B><U>March 31, 2018</U></B> </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=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=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=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalties </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>708,641 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>27,109 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>10,024 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>13,995 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>16,715 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>776,484 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Streams </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">386,051 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">176,661 </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%">80,853 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">65,923 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">709,488 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Offtakes </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="8%"
    bgColor=#e6efff>57,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>4,453 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>12,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>31,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>106,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <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>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left 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="8%"
    bgColor=#e6efff>1,152,198 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>208,223 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>22,683 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>13,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>112,503 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>82,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>1,592,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <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>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B><U>December 31, 2017</U></B> </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=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=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=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalties </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>713,376 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>27,047 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>10,024 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>12,040 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>8,043 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>770,530 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Streams </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">382,686 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">173,591 </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%">78,665 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">65,136 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">700,078 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Offtakes </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="8%"
    bgColor=#e6efff>56,698 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>5,109 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>12,606 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>30,751 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="8%"
    bgColor=#e6efff>105,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <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>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left 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="8%"
    bgColor=#e6efff>1,152,760 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>205,747 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>22,630 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>12,040 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>109,416 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>73,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="8%"
    bgColor=#e6efff>1,575,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>98% of net interests from North America are located in
      Canada and the United States as at March 31, 2018 (98% as at December 31,
      2017).</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>17.</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>During the three months ended March 31, 2018, an amount
      of $1,280,000 ($990,000 for the three months ended March 31, 2017) was
      invoiced by Osisko to associates for recoveries of costs related to
      professional services and rental of offices, of which $460,000 ($504,000
      for the three months ended March 31, 2017) is reflected as a reduction of
      general and administrative expenses and $820,000 ($486,000 for the three
      months ended March 31, 2017) is reflected as a reduction of business
      development expenses in the consolidated statements of income.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>An amount of $1,269,000 (including sales taxes) is
      receivable from associates and included in accounts receivable as at March
      31, 2018 ($1,245,000 as at December 31, 2017).</P></TD></TR></TABLE>
<P align=right>23 </P>
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  <TR vAlign=top>
    <TD align=left><FONT size=3><B>Osisko Gold Royalties Ltd</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Notes to the Condensed Interim Consolidated
      Financial Statements </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>For the three months ended March 31, 2018 and
      2017 </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>(Unaudited) </FONT></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>Subsequent events</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Victoria Gold Corp.</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On April 13, 2018, Osisko completed a $148.0 million
      financing transaction with Victoria Gold Corp. (&#147;Victoria&#148;), pursuant to
      which Osisko acquired from Victoria a 5% NSR royalty for $98.0 million on
      the Dublin Gulch property (the &#147;Property&#148;) which hosts the Eagle Gold
      project located in Yukon, Canada, and subscribed to a private placement of
      100 million common shares of Victoria at a price of $0.50 per common
      share.</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, Osisko has purchased a 5% NSR
      royalty on all metals and minerals produced from the Property, until an
      aggregate of 97,500 ounces of refined gold has been delivered to Osisko,
      and a 3% NSR royalty thereafter. The purchase price for the royalty is an
      aggregate of $98.0 million, of which a first tranche of $49.0 million was
      paid on the closing of the transaction, and the second tranche of $49.0
      million will be funded pro rata to drawdowns under the subordinated debt
      facilities provided by Orion Mine Finance Group (or a third
  party).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><U>Revolving credit facility</U></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On April 16, 2018, Osisko reimbursed $32.0 million on its
      revolving credit facility from cash on hand.</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 May 3, 2018, the Board of Directors declared a
      quarterly dividend of $0.05 per common share payable on July 16, 2018 to
      shareholders of record as of the close of business on June 29,
  2018.</P></TD></TR></TABLE>
<P align=right>24 </P>
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<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">
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<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="ologo.jpg" border=0 width="274" height="123"> </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><FONT size=4><B>Management's Discussion and Analysis</B>
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><FONT size=4>For
      the three months ended March 31, 2018 </FONT></TD></TR></TABLE><BR>
<TABLE
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  <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; or the &#147;Company&#148;) and its
      subsidiaries for the three months ended March 31, 2018 should be read in
      conjunction with the Company&#146;s</I> <I>unaudited condensed interim
      consolidated financial statements and related notes for the three months
      ended March 31, 2018. The</I> <I>unaudited condensed interim consolidated
      financial statements have been prepared in accordance with International
      Financial Reporting</I> <I>Standards (&#147;IFRS&#148;) as issued by the
      International Accounting Standards Board (&#147;IASB&#148;). Management is
      responsible for the preparation of the</I> <I>consolidated financial
      statements and other financial information relating to the Company
      included in this report. The Board of Directors is</I> <I>responsible for
      ensuring that management fulfills its responsibilities for financial
      reporting. In furtherance of the foregoing, the Board of Directors</I>
      <I>has appointed an Audit Committee composed of independent directors. The
      Audit Committee meets with management and the auditors in order</I> <I>to
      discuss results of operations and the financial condition of the Company
      prior to making recommendations and submitting the consolidated</I>
      <I>financial statements to the Board of Directors for its consideration
      and approval for issuance to shareholders. The information included in
      this</I> <I>MD&amp;A is as of May 3, 2018, the date when the Board of
      Directors has approved the Company's unaudited condensed interim
      consolidated</I> <I>financial statements for the three months ended March
      31, 2018 following the recommendation of the Audit Committee. All monetary
      amounts</I> <I>included in this report are expressed in Canadian dollars,
      the Company&#146;s reporting and functional currency, unless otherwise noted.
      Assets and</I> <I>liabilities of the subsidiaries that have a functional
      currency other than the Canadian dollar are translated into Canadian
      dollars at the exchange</I> <I>rate in effect on the consolidated balance
      sheet date and revenues and expenses are translated at the average
      exchange rate over the reporting</I> <I>period. This MD&amp;A contains
      forward-looking statements and should be read in conjunction with the risk
      factors described in the &#147;Forward-Looking</I> <I>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="5%" 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="5%" ><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_2">Highlights
      &#150; First Quarter of 2018 </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_2">Highlights
      &#150; Subsequent to March 31, 2018 </A></TD>
    <TD align=right width="5%" ><A
      href="#page_2">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_3">Portfolio
      of Royalty, Stream and Offtake Interests </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_3">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_11">Portfolio
      of Investments </A></TD>
    <TD align=right width="5%" ><A
      href="#page_11">11
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">Sustainability
      Activities </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_13">Exploration
      and Evaluation Activities </A></TD>
    <TD align=right width="5%" ><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">Quarterly
      Dividends </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_14">Normal
      Course Issuer Bid </A></TD>
    <TD align=right width="5%" ><A
      href="#page_14">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14">Gold
      Market and Currency </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_14">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_15">Selected
      Financial Information </A></TD>
    <TD align=right width="5%" ><A
      href="#page_15">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_16">Overview
      of Financial Results </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_16">16
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_19">Liquidity
      and Capital Resources </A></TD>
    <TD align=right width="5%" ><A
      href="#page_19">19
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_19">Cash
      Flows </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_19">19
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_21">Quarterly
      Information </A></TD>
    <TD align=right width="5%" ><A
      href="#page_21">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_22">Outlook
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_22">22
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_22">Related
      Party Transactions </A></TD>
    <TD align=right width="5%" ><A
      href="#page_22">22
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_22">Contractual
      Obligations and Commitments </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_22">22
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_23">Off-balance
      Sheet Items </A></TD>
    <TD align=right width="5%" ><A
      href="#page_23">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_23">Outstanding
      Share Data </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_23">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_23">Subsequent
      Events to March 31, 2018 </A></TD>
    <TD align=right width="5%" ><A
      href="#page_23">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">Risks
      and Uncertainties </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_24">24
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_24">Disclosure
      Controls and Procedures and Internal Control over Financial Reporting
    </A></TD>
    <TD align=right width="5%" ><A
      href="#page_24">24
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_25">Basis
      of Presentation of Consolidated Financial Statements </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_25">25
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_26">Critical
      Accounting Estimates and Judgements </A></TD>
    <TD align=right width="5%" ><A
      href="#page_26">26
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26">Financial
      Instruments </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_26">26
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_27">Non-IFRS
      Financial Performance Measures </A></TD>
    <TD align=right width="5%" ><A
      href="#page_27">27
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28">Forward-looking
      Statements </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_28">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_29">Cautionary
      Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral
      Resource Estimates </A></TD>
    <TD align=right width="5%" ><A
      href="#page_29">29
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30">Corporate
      Information </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_30">30
      </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B>
      <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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 Company 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. The cornerstone
assets include a 5% net smelter return (&#147;NSR&#148;) royalty on the Canadian Malartic
mine, a 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 and a 4% gold and silver stream
on the Brucejack mine, all located in Canada, in addition to a 100% silver
stream on the Mantos Blancos copper mine in Chile. 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 through share
repurchases and/or 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
to the 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; First Quarter of 2018 </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Quarterly gold equivalent ounces (&#147;GEOs&#148;) earned of 20,036<SUP>1
  </SUP>(92% increase compared to Q1 2017<SUP>2 </SUP>);
  <LI>Record quarterly revenues from royalties and streams of $32.6 million (90%
  increase compared to Q1 2017);
  <LI>Record net cash flows provided by operating activities of $23.3 million
  (compared to $12.0 million in Q1 2017);
  <LI>Net earnings attributable to Osisko&#146;s shareholders of $2.3 million, $0.01
  per basic share (compared to $4.1 million, $0.04 per basic share in Q1 2017);
  <LI>Adjusted earnings<SUP>3 </SUP>of $8.9 million, $0.06 per basic share<SUP>3
  </SUP>(compared to $6.6 million, $0.06 per basic share in Q1 2017);
  <LI>Delivery of 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>4 </SUP>of $15.5 million, based on the cash cost<SUP>4
  </SUP>of the shares;
  <LI>Acquisition for cancellation of 1,607,099 common shares for $20.3 million
  (average acquisition cost of $12.65 per share);
  <LI>Converted  the gold offtake agreement on the Matilda property operated
  by Blackham Resources Limited into a 1.65% gold stream, effective
  April 1, 2018;
  <LI>Agreement to acquire from Victoria Gold Corp. (&#147;Victoria&#148;) a 5% net
  smelter return (&#147;NSR&#148;) royalty for $98.0 million on the Dublin Gulch property
  which hosts the Eagle Gold project located in Yukon, Canada; and
  <LI>Declared a quarterly dividend of $0.05 per common share to shareholders of
  record as of the close of business on March 30, 2018, paid on April 16, 2018.  </LI></UL>
<P align=justify><B>Highlights &#150; Subsequent to March 31, 2018 </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Disbursement of the first tranche of the 5% NSR royalty acquired from
  Victoria for $49.0 million and subscribed to 100 million common shares of
  Victoria for $50.0 million;
  <LI>Repayment of $32.0 million on the revolving credit facility in April; and
  <LI>Declaration of a quarterly dividend of $0.05 per common share payable on
  July 16, 2018 to shareholders of record as of the close of business on June
  29, 2018. </LI></UL>_________________________________________________
<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>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.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2 </TD>
    <TD>
      <P align=justify>Three months ended March 31, 2017 or first quarter of
      2017 (&#147;Q1 2017&#148;).</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3 </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&#146;s
      Discussion and Analysis.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4 </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 cost from the cash
      proceeds on the sale of an investment. </P></TD></TR></TABLE>
<P align=right>2 </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">Three months 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=left width="22%">&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="22%">March
      31, </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="22%">2018
    </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="22%">2017
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Gold</U> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">8,077 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">7,483 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">1,768 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">1,582 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">1,126 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">373 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">416 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Brucejack offtake </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">515 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Vezza royalty </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">327 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">349 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Other </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1,712    </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="22%">150
    </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">13,898 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">9,980 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Mantos stream </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">1,592 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Sasa stream </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">1,176 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Gibraltar stream (2 months in Q1 2017) </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">322 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">309 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">125 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">127 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Other </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">91</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="22%">2 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">3,306 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">438 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Renard stream </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">2,052 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Other </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">54</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="22%">- </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">2,106 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">- </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="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Kwale royalty </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">726    </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="22%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total GEOs </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="22%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>20,036</B> </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="22%"><B>10,418</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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 vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Effective January 1, 2018, Osisko elected to receive the
      Seabee royalty in-kind. During the first three months ended March 31,
      2018, Osisko received the cash royalty related to the delivery of the
      fourth quarter of 2017 as well as the in-kind royalty related to the
      production of the first quarter of 2018.</P></TD></TR></TABLE>
<P align=justify><U>GEOs by Product</U> </P>
<P align=center>
<IMG
src="exhibit99-2x3x1.jpg" width="393" height="156"></P>
<P align=justify><U>Average Metal Prices and Exchange Rate</U> </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right>For the three months ended </TD>
    <TD align=right 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="22%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="22%">March
      31, </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="22%">2018    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="22%">2017    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&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" >$</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">1,329 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="22%">1,219 </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" >$</TD>
    <TD width="22%" align=right bgcolor="#EEEEEE">17 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="22%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="22%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&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="22%" align=right bgcolor="#EEEEEE">1.2647 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%">1.3238 </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>
      <P align=justify>The London Bullion Market Association&#146;s pm price in U.S.
      dollars</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The London Bullion Market Association&#146;s price in U.S.
      dollars</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Bank of Canada daily rate</P></TD></TR></TABLE>
<P align=right>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Summary of Main Royalty, Stream and Other Interests</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 align=left><B>Asset</B> </TD>
    <TD align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Operator</B> </TD>
    <TD align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Interest</B> </TD>
    <TD align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Commodities</B> </TD>
    <TD align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Jurisdiction</B> </TD>
    <TD align=left width="16%"><B>Stage</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="16%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><U>Royalties</U></B> </TD>
    <TD align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD align=left width="16%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Canadian Malartic </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Agnico
      Eagle/Yamana </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">5.0% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&#201;l&#233;onore </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Goldcorp Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">2.0-3.5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Kwale </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Base Resources
      Limited </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5% GRR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Rutile, Ilmenite,
      zircon </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Kenya </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Seabee </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">SSR Mining Inc.
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">3% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Island Gold<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Alamos Gold Inc.
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.38-2.55% NSR
</TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Vezza </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ressources
      Nottaway Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">5% NSR &amp; 40%
      NPI </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Brauna </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Lipari Minera&#231;&#227;o
      Ltda </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1%
      GRR<SUP>(8)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Diamonds </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Brazil </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Hewfran Block <SUP>(1)</SUP>
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Metanor Resources
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.7% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Bald Mtn. Alligator Ridge /
      Duke &amp; Trapper </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Kinross Gold
      Corporation </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% / 4% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Pan </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Fiore Gold Ltd.
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">4% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Casino </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Western Copper
      &amp; Gold Corporation </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">2.75% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag, Cu </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Ollachea </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Kuri Kullu /
      Minera IRL </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Peru </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>King Island </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">King Island
      Scheelite Limited </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5% GRR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Tungsten </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Australia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Ambler </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">NovaCopper US
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Cu, Zn </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Rakkuri </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Hannans Reward
      Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Fe, Cu, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Sweden </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Lamaque<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Eldorado Gold
      Corp. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.7%<SUP>(6)
      </SUP>NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Dublin Gulch </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Victoria </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">5.0% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Cariboo </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Barkerville Gold
      Mines Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">2.25% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Windfall Lake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Osisko Mining
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Hermosa </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Arizona Mining
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Zn, Pb, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Pandora </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Agnico
      Eagle/Yamana <SUP>(2)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">2% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Malartic &#150; Odyssey North </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Agnico
      Eagle/Yamana </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">3% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Malartic &#150; Odyssey South </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Agnico
      Eagle/Yamana </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Copperwood </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Highland Copper
      Company Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">3% NSR
      <SUP>(3)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ag, Cu </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>James Bay properties </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Osisko Mining
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5-3.5% NSR
      <SUP>(4)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>James Bay properties </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Osisko Mining
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">2.0% NSR
      <SUP>(4)</SUP> </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Other than Au, Ag
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Bathurst Mining Camp
      properties </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Osisko Metals
      Incorporated </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Zn and other
      metals </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Qu&#233;bec Genex projects </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Osisko Metals
      Incorporated </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Zn and other
      metals </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Spring Valley </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Waterton Global
      Resource Management </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">0.5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Neita </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Unigold Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Option &#150; 2% NSR
      ($2.0 million to exercise) </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Dominican
      Republic </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>La Fortuna </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Minera Alamos
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Option &#150; 4% NSR
      ($9.0 million to exercise) </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Mexico </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left >&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >
    <p style="margin-left: 2; margin-right: 2">&nbsp;</TD>
    <TD vAlign=center align=left width="16%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Yellowknife City Gold </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">TerraX Minerals
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Option &#150; 3% NSR
      ($4.0 million to exercise) </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Tijirit </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Algold Resources
      Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.5% NSR </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Mauritania </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
  </TD></TR></TABLE></DIV>
<P align=right>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Summary of Main Royalty, Stream and Other Interests
</U><I><U>(continued)</U></I></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=center align=left><B>Asset </B></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Operator </B></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Interest </B></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Commodities </B></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"><B>Jurisdiction </B></TD>
    <TD vAlign=center align=left width="16%"><B>Stage </B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="16%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=center align=left></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff><B><U>Streams </U></B></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=center align=left bgColor=#e6efff>Renard </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Stornoway Diamond
      Corporation </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">9.6% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Diamonds </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Mantos Blancos </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Mantos Copper
      S.A. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">100% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Chile </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Sasa </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Central Asia
      Metals plc </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">100% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Macedonia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Gibraltar </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Taseko Mines
      Limited </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">100% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Matilda </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Blackham
      Resources Limited </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">1.65% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Australia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Brucejack </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Pretium Resources
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">4% </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Amulsar </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Lydian
      International Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">4.22% Au / 62.5%
      Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Armenia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Back Forty </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Aquila Resources
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">18.5% Au / 75% Ag
    </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Horne 5 <SUP>(7) </SUP></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Falco Resources
      Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Stream or 1% NSR
      royalty </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag, Cu </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>White Pine North, Copperwood
      and Keweenaw </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Highland Copper
      Company Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Option on stream
      (US$26.0 million to exercise) </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">USA </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Exploration
</TD></TR>
  <TR>
    <TD vAlign=center align=left></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff><B><U>Offtakes </U></B></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2"></TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff></TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Brucejack </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Pretium Resources
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Offtake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Canada </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Parral </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">GoGold Resources
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Offtake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Mexico </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>San Ramon </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Red Eagle Mining
      Corp. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Offtake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Colombia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Production </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Amulsar </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Lydian
      International Ltd. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Offtake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au, Ag </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Armenia </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
</TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">
    <p style="margin-left: 2; margin-right: 2">&nbsp; </TD>
    <TD vAlign=center align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Yenipazar </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Aldridge Minerals
      Inc. </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Offtake </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Au </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>
    <p style="margin-left: 2; margin-right: 2">Turkey </TD>
    <TD vAlign=center align=left width="16%" bgColor=#e6efff>Development
  </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>
      <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 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 has closed in the beginning of
      2018 and Agnico Eagle has now became the sole owner of such exploration
      properties.</P></TD></TR>
  <TR>
    <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 vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Osisko entered into earn-in agreements with Osisko Mining
      Inc. (&#147;Osisko Mining&#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; 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 vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>In March 2018, Osisko and Blackham Resources Limited
      entered into an agreement to restructure the gold offtake (which was
      applicable on 55% of the gold production from the Matilda mine) into a
      1.65% gold stream.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Eldorado Gold Corp. has an option to buyback 1% of the
      NSR royalty for $2.0 million.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>In May 2016, Osisko entered into a financing agreement of
      $10.0 million with Falco Resources Ltd., 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 vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Gross revenue royalty (&#147;GRR&#148;).</P></TD></TR></TABLE>
<P align=right>5 </P>
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  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Significant Producing Assets</U></P>
<P align=center>
<IMG
src="exhibit99-2x6x1.jpg"
border=0 width="686" height="845">&nbsp;<BR></P>
<P align=right>6 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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 and the world&#146;s 12<SUP>th </SUP>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. Inferred mineral resources are estimated at
2.4 million ounces of gold (38.0 million tonnes grading 2.02 grams of gold per
tonne) 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, which are located adjacent to
the Canadian Malartic mine on Osisko&#146;s royalty ground. In February 2017, the
Partners have declared initial inferred underground mineral resources at
Odyssey, estimated at 1.4 million ounces of gold (20.7 million tonnes grading
2.15 grams of gold per tonne). </P>
<P align=justify><I>Update on operations </I></P>
<P align=justify>In February 2018, Agnico Eagle released its guidance for gold
production at the Canadian Malartic mine to 650,000 ounces in 2018 and 2019 and
690,000 ounces in 2020.</P>
<P align=justify>On April 26, 2018, Agnico Eagle reported its first quarter
results and announced record quarterly gold production of 166,806 ounces at
Canadian Malartic. Gold production in the first quarter of 2018 increased when
compared to the prior-year period due to higher throughput and higher grades.
The Barnat extension project continues to progress on schedule and on budget and
production activities are scheduled to begin in late 2019. </P>
<P align=justify>Agnico Eagle reported that the 2018 exploration program will
consist of 140,000 metres of drilling, including 80,000 metres for valuation in
the upper and middle parts of the East Malartic Zone. There are currently three
drill rigs at the East Malartic project and six rigs at the Odyssey project. In
the first quarter of 2018, 22,089 metres of drilling (46 holes) were completed
at the Odyssey project and 13,600 metres (18 holes) were completed at the East
Malartic project.</P>
<P align=justify>For more information, refer to Agnico Eagle&#146;s press release
dated February 14, 2018 entitled &#147;<I>Agnico Eagle reports fourth quarter and
full year 2017 results</I>&#148; and Agnico Eagle&#146;s press release dated April 26,
2018 entitled &#147;<I>Agnico Eagle Reports First Quarter 2018 Results; Nunavut
Development Projects Progressing on Budget and on Schedule; Exploration Drilling
Yields Favourable Results at Multiple Projects&#148;</I>, both 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>In January 2018, as part of their Investor Day update, Goldcorp
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 April 25, 2018, Goldcorp released its results for the first
quarter of 2018 and reported that, as planned, gold production was lower than
the same period in the prior year reflecting the optimized mine sequence.
&#201;l&#233;onore's tonnes milled were planned to be lower in the first half of 2018 and
are expected to increase in the second half of the year as part of the mine
sequence and ramp up process. Goldcorp also reported that during the first
quarter of 2018, &#201;l&#233;onore advanced the ramp to the bottom of the shaft in
Horizon 5, ahead of schedule, creating access to Horizon 5 as an additional area
for active mining. The additional mining fronts will add mining flexibility and
support lower mining unit costs. Goldcorp reported that, with the completion of
this key piece of infrastructure, the mine is on pace to achieve optimum
sustainable gold production rates by the second half of 2018. </P>
<P align=justify>For additional information, please refer to Goldcorp&#146;s
Management and Discussion Analysis of Financial Condition and Results of
Operations for the three months ended March 31, 2018 and filed on SEDAR at
<U><FONT color=#0000ff>www.sedar.com</FONT></U><U>, </U>as well as the Investor
Day 2018 presentation available on <U><FONT
color=#0000ff>www.goldcorp.com</FONT></U>.</P>
<P align=right>7 </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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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. Commercial production was declared on January 1,
2017. 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 April 11, 2018, Stornoway reported first quarter diamond
production from the Renard mine of 285,851 carats produced from the processing
of 562,520 tonnes of ore at an average grade of 51 carats per hundred tonnes
(&#147;cpht&#148;). Grade and carat recoveries during the quarter reflected the processing
of lower grade production ore and ore stockpiles as the Renard mine transitions
from open pit to underground mining. Stornoway expects to complete the
transition by the end of the second quarter of 2018. </P>
<P align=justify>During the first quarter of 2018, Stornoway reported sales of
399,135 carats sold at an average price of US$112 per carat ($141 per carat)
from three tender sales. The third sale will be recognized in the second quarter
of 2018 as deliveries to the clients were made in April. Therefore, revenues and
GEOs earned from this sale will be recorded by Osisko in the second quarter of
2018, estimated at $1.7 million and 1,000 GEOs.</P>
<P align=justify>Stornoway mentioned that sales pricing achieved during the
first quarter was within or above 2018 financial year guidance provided in
January 2018. Carat production during the first quarter was lower than planned.
As a result, higher than budgeted carat production in the remainder of the year
will be required to achieve Stornoway&#146;s full year production guidance of 1.6
million carats produced and 1.6 million carats sold. </P>
<P align=justify>For additional information, please refer to Stornoway&#146;s press
release dated April 11, 2018 entitled &#147;<I>Stornoway Reports First Quarter 2018
Production and Sales Results&#148; </I>and filed on SEDAR at <U><FONT
color=#0000ff>www.sedar.com. </FONT></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 the silver under the Mantos
stream is 25% of the monthly average silver market price for each ounce of
refined silver sold and delivered and/or credited by Mantos to Osisko Bermuda
Limited (&#147;OBL&#148;), a wholly-owned subsidiary of Osisko. 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$70.0 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 for the first quarter of 2018 was 143,671 ounces of payable
silver, which was slightly lower than the corresponding period of 2017, due to
phases being mined that had a lower silver grade. </P>
<P align=justify>Work on the Mantos Blancos concentrator debottlenecking project
(&#147;MB-CDP&#148;) is proceeding according to the plan and the feasibility study being
developed by Hatch was completed in April 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>8 </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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<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 approximately
122,000 hectares. 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 another
partner (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 buyback and buydown rights held by Pretium in respect to
OBL&#146;s portion of the stream 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" align=left><B>Right </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="34%"><B>Description </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="21%"><B>Election date </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="21%"><B>Total </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="34%">&nbsp; </TD>
    <TD width="21%">&nbsp; </TD>
    <TD width="21%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Buyback (2018) <BR></TD>
    <TD align=left width="34%" bgColor=#e6efff>Right to repurchase the entire
      stream <BR></TD>
    <TD align=left width="21%" bgColor=#e6efff>December 31, 2018 <BR></TD>
    <TD align=left width="21%" bgColor=#e6efff>US$119.0 million <BR>($149.3
      million) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Buydown (2018) <BR></TD>
    <TD align=left width="34%">Right to reduce the stream percentage from
      <BR>4% to 1.5% </TD>
    <TD align=left width="21%">December 31, 2018 <BR></TD>
    <TD align=left width="21%">US$75.0 million <BR>($94.1 million) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Buyback (2019) <BR></TD>
    <TD align=left width="34%" bgColor=#e6efff>Right to repurchase the entire
      stream <BR></TD>
    <TD align=left width="21%" bgColor=#e6efff>December 31, 2019 <BR></TD>
    <TD align=left width="21%" bgColor=#e6efff>US$136 million <BR>($170.6
      million) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Buydown (2019) <BR></TD>
    <TD align=left width="34%">Right to reduce the stream percentage from
      <BR>4% to 2% </TD>
    <TD align=left width="21%">December 31, 2019 <BR></TD>
    <TD align=left width="21%">US$75.0 million <BR>($94.1 million)
  </TD></TR></TABLE>
<P align=justify>The Brucejack stream agreement is also 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$20.0
million will be payable by Pretium (US$10.0 million attributable to OBL) and an
8% stream (4% attributable to OBL) will become payable 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=justify><U>Brucejack Offtake (Pretium Resources Inc.) </U></P>
<P align=justify>The Brucejack Offtake agreement applies to the sales from the
first 7,067,000 ounces (of which 3,533,500 ounces are attributable to OBL) 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%">(i) </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%">(ii) </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 April 11, 2018, Pretium reported gold production of 75,689
ounces for the first quarter of 2018 as gold production improved steadily
through the first quarter, with 32,910 ounces of gold produced in March.
Management reported that the grade control program had been fully integrated
into the mining process and the rate of underground development had increased to
provide for additional stopes in inventory. Pretium mentioned that they are
focused on continuing to increase grade to the mill in the second quarter of
2018, and that they remain on track to deliver on their 2018 first semester
production guidance of 150,000 to 200,000 ounces of gold. Steady-state
production is expected to be achieved by mid-to-late 2018. </P>
<P align=justify>For more information on Brucejack, refer to Pretium&#146;s press
release dated April 11, 2018, entitled &#147;<I>Brucejack Mine Q1 2018 Production
Update</I>&#148; filed on <U><FONT color=#0000ff>www.sedar.com.</FONT></U></P>
<P align=right>9 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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 April 11, 2018, SSR Mining reported record quarterly
throughput at the Seabee mine to 93,269 tonnes, for a total of 23,717 ounces of
gold production. As per SSR Mining&#146;s management, with the commissioning of the
new gravity circuit at the end of the first quarter, in circuit gold inventory
increased by approximately 2,400 ounces of gold, which is expected to positively
impact gold production through the remainder of 2018.</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
April 11, 2018, entitled &#147;<I>SSR Mining Reports First Quarter 2018 Production
Results</I>&#148; filed on <U><FONT color=#0000ff>www.sedar.com.</FONT></U></P>
<P align=justify><U>Sasa Stream (Central Asia Metals 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 the payable
silver production in exchange for US$5 per ounce (plus refining costs) of
refined silver increased annually from 2017 based on inflation. On November 6,
2017, Central Asia Metals plc (&#147;Central Asia&#148;) completed the acquisition of Lynx
Resources. </P>
<P align=justify><I>Update on operations </I></P>
<P align=justify>On April 12, 2018, Central Asia reported sales of 108,680
ounces of payable silver for the first quarter of 2018. </P>
<P align=justify>For more information on the Sasa mine, refer to Central Asia&#146;s
press release dated April 12, 2018, entitled &#147;<I>Q1 2018 Operations Update</I>&#148;
available on their website at <U><FONT
color=#0000ff>www.centralasiametals.com</FONT></U>.</P>
<P align=justify><U>Kwale Royalty (Base Resources Limited) </U></P>
<P align=justify>The Kwale mine, operated by Base Resources Limited (&#147;Base
Resources&#148;) is located 10 kilometres inland from the Kenyan coast and 50
kilometres south of Mombasa, the principal port facility for East Africa. Osisko
holds a 1.5% gross return royalty on the rutile, ilmenite and zircon produced
from the mine. </P>
<P align=justify><I>Update on operations </I></P>
<P align=justify>On April 18, 2018, Base Resources reported highlights of its
first quarter operations and noted strengthening of prices in all products, the
successful commissioning of the Kwale phase 2 optimization project and the
commencement of a next phase of exploration drilling at Kwale. </P>
<P align=justify>For more information on the Kwale mine, refer to Base
Resources&#146; quarterly activities report dated April 18, 2018 available on their
website at <U><FONT color=#0000ff>www.baseresources.com.au.</FONT></U></P>
<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. Osisko
will make ongoing payments under the stream 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.</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>10 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<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 the second half of 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><FONT
color=#0000ff>www.sedar.com</FONT></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>
      <P 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</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P 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).</P></TD></TR></TABLE>
<P align=justify><I>Update on development and construction activities </I></P>
<P align=justify>On February 22, 2018, Lydian announced that construction
activities at Amulsar continued to progress well in key areas: engineering was
essentially complete, procurement was approaching 90%, and construction work was
more than 50% complete.</P>
<P align=justify>Lydian&#146;s management reported that first gold production
remained on track for the third quarter of 2018, although some areas had
progressed slower than planned, due, in large part, to unfavorable geotechnical
conditions in several areas that required mitigation and pushed certain
construction activities into the winter season. Lost work days due to weather
are within the scheduled allowance.</P>
<P align=justify>For more information on the Amulsar project, refer to Lydia&#146;s
press release dated February 22, 2018, entitled &#147;<I>Lydian Provides Construction
Update for Its Amulsar Gold Project</I>&#148; filed on <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></P>
<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 future royalties, revenue
streams or similar interests. 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 Inc. (&#147;Osisko Mining&#148;), Barkerville
Gold Mines Ltd. (&#147;Barkerville&#148;), Dalradian Resources Inc. (&#147;Dalradian&#148;) and
Falco Resources Ltd. (&#147;Falco&#148;). 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 three months ended March 31, 2018, Osisko acquired
investments for $13.6 million and disposed investments for $25.6 million,
including $25.5 million from the delivery of its AuRico Metals Inc. shares
following the acquisition of the company by Centerra Gold Inc. </P>
<P align=justify>The following table presents the carrying value and fair value
of the investments in marketable securities as at March 31, 2018 (in thousands
of dollars): </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Marketable securities </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="22%">Carrying value<SUP>(i) </SUP></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="22%">Fair
      value<SUP>(ii) </SUP></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="2%"  >&nbsp;</TD>
    <TD align=right width="22%">$&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="22%">$&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Associates </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>257,878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>271,859 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Other </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="22%">79,110 </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="22%">79,110 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>336,988 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>350,969 </TD>
    <TD 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 vAlign=top align=left width="5%">
      <P align=justify>(i) </P></TD>
    <TD align=left>
      <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, <I>Financial
      Instruments</I>.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>The fair value corresponds to the quoted price of the
      investments in a recognized stock exchange as at March 31,
  2018.</P></TD></TR></TABLE>
<P align=right>11 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</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 as at March 31, 2018 (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="2%"  >&nbsp;</TD>
    <TD align=right width="14%">Number of </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">Cash </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">Fair </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Company </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">shares held<SUP>(i)</SUP> </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="14%">Ownership<SUP>(i)</SUP> </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="14%">cost<SUP>(iii)</SUP> </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="14%">value<SUP>(i),(ii)</SUP> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="14%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="14%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Osisko Mining Inc. </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>32,302,034 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>15.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>73,383 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>82,370 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Barkerville Gold Mines Ltd. </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="14%">142,309,310 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">32.6 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">71,286 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">88,232 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Dalradian Resources Inc. </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>31,717,687 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>8.9 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>39,733 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>30,449 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Falco Resources Ltd. </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="14%">23,927,005 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">12.7 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">15,432 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">18,902 </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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>As at March 31, 2018.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>See table above for definition of fair value.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </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.</P></TD></TR></TABLE>
<P align=justify><I>Osisko Mining Inc.</I></P>
<P align=justify>The Company holds a 1.5% NSR royalty on Osisko Mining&#146;s
Windfall Lake property, where Osisko Mining is pursuing an 800,000 meter
drilling program as well as a metallurgical program. The construction of an
exploration ramp is progressing and Osisko Mining is planning a resource update
as well as a preliminary economic assessment in the second quarter of 2018 on
the Windfall Lake property.</P>
<P align=justify>In 2016 and 2017, Osisko entered into earn-in agreements with
Osisko Mining on properties held by Osisko in the James Bay area. The
transactions are detailed in the <I>Summary of Royalty, Stream and Offtake
Interests</I> table of this MD&amp;A. As at March 31, 2018, the Company holds
32,302,034 common shares representing a 15.5% interest in Osisko Mining (15.5%
as at December 31, 2017). Based on the fact that some directors of Osisko are
also 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 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 has completed a 157,000 meter drilling program.
Osisko holds a 2.25% NSR royalty and 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>On May 2, 2018, Barkerville announced the maiden mineral  resource estimate for Cow and Island Mountain deposits at its 100% owned  Cariboo gold project. The underground mineral resource estimate incorporates  the Cow Mountain and Valley Zones on Cow Mountain and Shaft Zone and Mosquito  Creek on Island Mountain at a cut-off grade of 3.0 grams per metric tonne (&ldquo;g/t&rdquo;)  Au. A mineral resource on Bonanza Ledge and BC Vein is also included. The  resource is defined over 6 kilometers of Barkerville&rsquo;s 67-kilometer-long land  package. Infill and exploration drilling is ongoing and resource updates will  be presented annually. The mineral resource estimate was conducted by Talisker  Exploration Services Inc. and validated by InnovExplo Inc., an independent  consulting firm based out of Val-d&rsquo;Or, Qu&eacute;bec. Barkerville indicated that  mineral resources at the Cariboo gold project was estimated at 1.60 million  ounces of gold in the measured and indicated category (8.1 million tonnes  grading 6.1 g/t Au) and 2.16 million ounces of gold in the inferred category  (12.7 million tonnes grading 5.2 g/t Au).</P>
<P align=justify>For more  information, refer to Barkerville&rsquo;s press release dated May 2, 2018 entitled: &ldquo;<i>BGM Defines Cow and Island Moutains Maiden  Underground Resource and Barkerville Mountain Update</i>&rdquo; and filed on <u>www.sedar.com</u>. </P>
<P align=justify>As at March 31, 2018, the Company holds 142,309,310 common
shares representing a 32.6% interest in Barkerville (32.7% as at December 31,
2017). 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=justify><I>Dalradian Resources Inc. </I></P>
<P align=justify>Dalradian is focused on advancing its high-grade Curraghinalt
Gold project located in Northern Ireland. As at March 31, 2018, Osisko holds
31,717,687 common shares representing an 8.9% interest in Dalradian (8.9% as at
December 31, 2017). A subscription agreement between Osisko and Dalradian
completed in 2017 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.
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.<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. Under a $10.0 million
financing completed in 2017 between Osisko and Falco, the Companies must
negotiate a stream (against which the $10.0 financing will be applied) by May
31, 2018. If no stream agreement is concluded, the financing will be converted
into a 1% NSR royalty on the Horne 5 project. As at March 31, 2018, the Company
holds 23,927,005 common shares representing a 12.7% interest in Falco (12.7% as
at December 31, 2017). 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>
<P align=right>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<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 <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></P>
<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>
<UL style="TEXT-ALIGN: justify">
  <LI>Promoting the mining industry and its benefits to society;
  <LI>Maintaining strong relationships with Federal, Provincial, Municipal and
  First Nations Governments in Qu&#233;bec;
  <LI>Supporting the economic development with regions where Osisko operates
  (directly or indirectly through its interests);
  <LI>Supporting university education in mining fields and employee development;

  <LI>Promoting diversity throughout the organization and the mining industry;
  <LI>Encouraging investee companies to adhere to the same areas of focus in
  sustainability. </LI></UL>
<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. During the three months ended March 31, 2018, the
investments amounted to $0.1 million, net of tax credits. During this period,
the Company also received previously claimed tax credits of $1.2 million. As at
March 31, 2018, the carrying value of the Coulon project was $60.0 million
($59.9 million as at December 31, 2017) and the carrying value of other
properties, including those under the earn-in agreements with Osisko Mining, was
$42.3 million ($42.3 million as at December 31, 2017). </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 align=left>&nbsp; </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="17%"><B>Dividend </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>Dividends paid </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Declaration
      date </B></TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>per share </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="17%"><B>Record date</B><SUP>(i) </SUP></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%"><B>Payment date</B><SUP>(i) </SUP></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%"><B>or
      payable </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>$&nbsp;</B></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>$&nbsp;</B></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Year 2014 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="17%">0.03 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">n/a </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">n/a </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,551,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Year 2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>0.13 </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>n/a </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>n/a </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>12,229,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Year 2016 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="17%">0.16 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">n/a </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">n/a </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">17,037,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Year 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>0.18 </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>n/a </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>n/a </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>24,275,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="17%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>February 16, 2018 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=right width="17%">0.05 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">March 30, 2018 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">April 16, 2018 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">7,811,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>May 3, 2018 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>0.05 </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>June 29, 2018 </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>July 16, 2018 </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>tbd<SUP>(ii) </SUP></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Year-to-date 2018 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%">0.10
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Not applicable (&#147;n/a&#148;) for annual summaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>To be determined (&#147;tbd&#148;) on June 29, 2018 based on the
      number of shares outstanding and the number of shares participating in the
      dividend reinvestment plan on the record date.</P></TD></TR></TABLE>
<P align=right>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Dividend Reinvestment Plan</U></P>
<P align=justify>The Company has a dividend reinvestment plan (&#147;DRIP&#148;) that
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 March 31, 2018, the holders of 27,302,917 common shares
had elected to participate in the DRIP, representing dividends payable of
$1,365,000. During the three months ended March 31, 2018, the Company issued
24,513 common shares under the DRIP, at a discount rate of 3%. On April, 2018,
113,459 common shares were issued under the DRIP at a discount rate of 3%.</P>
<P align=justify><B>Normal Course Issuer Bid </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. As at March 31, 2018,
Osisko has acquired and cancelled a total of 1,607,099 common shares under the
2017 NCIB Program for $20.3 million (average acquisition cost of $12.65 per
share) as Osisko&#146;s Management considered the value of Osisko&#146;s common shares
undervalued. </P>
<P align=justify><B>Gold Market and Currency </B></P>
<P align=justify><U>Gold Market</U> </P>
<P align=justify>Commodity prices increased in early 2018 supported by a boost
in global economic growth and depreciation in the U.S. dollar. Gold had a
positive start building on gains made in late December 2017 with the prices
rising above US$1,366 in January 2018 surpassing the previous high of US$1,357
reached in September 2017. The price of gold has rallied 10% from the December
2017 lows and has recorded its best-performing quarter since the third quarter
of 2016. Metal prices were under pressure in February 2018 and since then, gold
has continued to trade sideways in a US$1,300 to US$1,350 range. The activity
has been driven by a softer U.S. dollar, extremely loose monetary policy pursued
by nearly all key central banks, geopolitical tensions and fear of potential
trade wars. </P>
<P align=justify>Gold prices rose 2.6% during the first quarter of 2018 and
gained US$33 per ounce quarter over quarter on the London fix to close at
US$1,324 per ounce. The average price was higher from the fourth quarter of 2017
at US$1,329 per ounce and US$110 per ounce higher on a year over year basis.
</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 align=left >(US$/ounce of gold) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="19%">&nbsp;<B>High</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="19%">&nbsp;<B>Low</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="19%"><B>Average</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="19%"><B>Close</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="19%">&nbsp; </TD>
    <TD width="19%">&nbsp; </TD>
    <TD width="19%">&nbsp; </TD>
    <TD width="19%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2018 (Q1) </TD>
    <TD align=right width="19%" bgColor=#e6efff>$1,355 </TD>
    <TD align=right width="19%" bgColor=#e6efff>$1,308 </TD>
    <TD align=right width="19%" bgColor=#e6efff>$1,329 </TD>
    <TD align=right width="19%" bgColor=#e6efff>$1,324 </TD></TR>
  <TR vAlign=top>
    <TD align=left >2017 </TD>
    <TD align=right width="19%">1,346 </TD>
    <TD align=right width="19%">1,151 </TD>
    <TD align=right width="19%">1,257 </TD>
    <TD align=right width="19%">1,291 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2016 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,366 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,077 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,251 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,146 </TD></TR>
  <TR vAlign=top>
    <TD align=left >2015 </TD>
    <TD align=right width="19%">1,296 </TD>
    <TD align=right width="19%">1,049 </TD>
    <TD align=right width="19%">1,160 </TD>
    <TD align=right width="19%">1,060 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2014 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,385 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,142 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,266 </TD>
    <TD align=right width="19%" bgColor=#e6efff>1,206
</TD></TR></TABLE></DIV>
<P align=justify>In Canadian dollar terms, the average price per ounce of gold
for the first quarter of 2018 averaged $1,681 per ounce compared to $1,621 per
ounce in the fourth quarter of 2017. Gold price closed at $1,707 per ounce on
March 31, 2018 compared to $1,620 as at December 31, 2017 as a result of a
higher gold price in U.S. dollars and a weaker Canadian currency. The Canadian
dollar was under pressure reacting to a more cautious tone taken by the Bank of
Canada concerned by residential markets and the NAFTA negotiations. </P>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Currency</U> </P>
<P align=justify>The Canadian dollar continued its appreciation versus the U.S.
dollar in January 2018 after the central bank lifted the overnight rate to
1.25%, but lost momentum since then to reach an 8-month low at 1.31 in March
2018. During the first quarter of 2018, the dollar lost almost 3% against the
U.S. dollar delivering the worst performing returns among major currencies. The
Canadian dollar has been negatively affected by the outcome of negotiations on
NAFTA with a possible dissolution of the agreement with the rise of U.S.
protectionism. The Canadian dollar was also affected by Canada-U.S. real
interest rate spreads. The dollar traded between a range of 1.3088 and 1.2288,
closed on March 31, 2018 at 1.2894 and averaged 1.2647 during the first quarter
of 2018.</P>
<P align=justify>In January 2018, the Bank of Canada increased the overnight
rate target by 0.25% to 1.25%, but maintained it unchanged in March and took a
more cautionary language for future policy adjustments including concerns about
the housing market, the economy&#146;s sensitivity to higher rates and the increase
risks of protectionism and inflation. </P>
<P align=justify>The exchange rate for the U.S./Canadian dollar is outlined
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 align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>High</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>Low</B> </TD>
    <TD width="19%" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Average</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>Close</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2018 (Q1) </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.3088 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.2288 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.2647 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.2894 </TD></TR>
  <TR vAlign=top>
    <TD align=left >2017 </TD>
    <TD align=center width="19%">1.3743 </TD>
    <TD align=center width="19%">1.2128 </TD>
    <TD align=center width="19%">1.2986 </TD>
    <TD align=center width="19%">1.2545 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2016 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.4589 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.2544 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.3248 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.3427 </TD></TR>
  <TR vAlign=top>
    <TD align=left >2015 </TD>
    <TD align=center width="19%">1.3990 </TD>
    <TD align=center width="19%">1.1728 </TD>
    <TD align=center width="19%">1.2787 </TD>
    <TD align=center width="19%">1.3840 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >2014 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.1643 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.0614 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.1045 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.1601
</TD></TR></TABLE></DIV>
<P align=justify><B>Selected Financial Information</B><B><SUP>(1)</SUP></B><B>
</B><BR>(in thousands of dollars, except figures for ounces and amounts per
ounce and per share) <BR></P>
<DIV align=center>
<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 >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right 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="17%">&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="17%"><B>March 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="17%"><B>2018</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="17%"><B>2017</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=right bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">$</TD>
    <TD width="2%" align=right bgcolor="#EEEEEE"
    >&nbsp;</TD>
    <TD align=right width="1%"
    >&nbsp;</TD>
    <TD align=right width="17%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Revenues </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">125,614 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">17,126 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Cash margin<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">31,947 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">17,024 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Gross profit </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">18,717 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">13,705 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating income </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">13,099 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">6,233 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings<SUP>(3)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">2,310 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">4,076 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Basic net earnings per share<SUP>(3)</SUP></TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">0.01 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">0.04 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Diluted net earnings per
      share<SUP>(3</SUP><I><SUP>)</SUP></I> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">0.01 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">0.04 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total assets </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">2,502,233 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,421,569 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Total long-term debt </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">467,483 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">46,005 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Average selling price of gold (per ounce
      sold) </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;In C$<SUP>(4)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">1,688 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,620 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;In US$ </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">1,333 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,228 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Operating cash flows</B> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE"><B>23,303</B> </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>12,013</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Weighted average shares outstanding <I>(in
      thousands)</I> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">157,665 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">106,543 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">157,695 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">106,628 </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>
      <P align=justify>Unless otherwise noted, financial information is in
      Canadian dollars and prepared in accordance with IFRS.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Cash margin is a non-IFRS financial performance measure
      which has no standard definition under IFRS. It is calculated by deducting
      the cost of sales from the revenues. Please refer to the Overview of
      Financial Results section of this MD&amp;A for a reconciliation of the
      cash margin per interest.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Attributable to Osisko&#146;s shareholders.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Using actual exchange rates at the date of the
      transactions.</P></TD></TR></TABLE>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Overview of Financial Results </B></P>
<P align=justify><U>Financial Summary</U> </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Record revenues from royalties and streams of $32.6 million ($125.6 million
  including offtakes) compared to $17.1 million in Q1 2017; </P>
  <LI>
  <P>Gross profit of $18.7 million compared to $13.7 million in Q1 2017; </P>
  <LI>
  <P>Operating income of $13.1 million compared to $6.2 million in Q1 2017; </P>
  <LI>
  <P>Net earnings attributable to Osisko&#146;s shareholders of $2.3 million or $0.01
  per basic and diluted share, compared to $4.0 million or $0.04 per basic and
  diluted share in Q1 2017; </P>
  <LI>
  <P>Adjusted earnings<SUP>1 </SUP>of $8.9 million or $0.06 per basic
  share<SUP>1 </SUP>compared to $6.6 million or $0.06 per basic share in Q1
  2017; </P>
  <LI>
  <P>Record net cash flows provided by operating activities of $23.3 million
  compared to $12.0 million in Q1 2017. </P></LI></UL>
<P align=justify>Revenues increased in 2018 mainly as a result of the
acquisition of Orion&#146;s portfolio on July 31, 2017.</P>
<P align=justify>Gross profit reached $18.7 million in the first quarter of 2018
compared to $6.2 million in the first quarter of 2017 as a result of higher
revenues, partially offset by higher cost of sales and depletion of royalty,
stream and other interests. Cost of sales increased from $0.1 million to $93.7
million mainly as a result of the offtake agreements acquired through the
acquisition of a portfolio of assets from Orion Mine Finance Group (&#147;Orion&#148;).
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. The depletion expense increased mainly
as a result of the producing assets acquired in 2017 which are depleted using
the units-of-production method. </P>
<P align=justify>The increase in operating income in the first quarter of 2018
compared to the corresponding period of 2017 is mainly the result of higher
gross profit and lower general and administrative (&#147;G&amp;A&#148;) expenses and
business development expenses. The decrease in G&amp;A expenses and business
development expenses is mainly due to a share-based compensation recovery
related to the deferred and restricted share units resulting from the lower
share price at March 31, 2018, compared to an increase in the share price for
the same period in 2017. </P>
<P align=justify>The decrease in net earnings attributable to Osisko&#146;s
shareholders in the first quarter of 2018 is mainly the result of higher finance
costs of $5.7 million (which are related to the convertible debentures of $300.0
million issued in November 2017 and the revolving credit facility outstanding
during the quarter, which was drawn to finance the acquisition of Orion&#146;s
portfolio in July 2017) and other net losses of $2.6 million on financial assets
(compared to other net gains of $2.0 million during the first quarter of
2017).</P>
<P align=justify>Adjusted earnings increased to $8.9 million in the first
quarter of 2018 compared to $6.6 million in the first quarter of 2017 as a
result of a higher gross profit, lower G&amp;A expenses and business development
expenses and a positive realized foreign expense impact, partially offset by
higher finance costs. </P>
<P align=justify>Net cash flows provided by operating activities reached a
quarterly record during the first quarter of 2018 to $23.3 million compared to
$12.0 million during the first quarter of 2017, as a result of higher gross
profit before depletion of royalty, stream and other interest, partially offset
by higher finance costs paid. </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>&#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>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Consolidated Statements of Income</U></P>
<P align=justify>The following table presents summarized consolidated statements
of income for the three months ended March 31, 2018 and 2017 (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 align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>2018</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>2017</B> </TD>
  <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=right bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE"><B>$</B></TD>
    <TD width="2%" align=right bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="1%" align=right bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="2%" align=right bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Revenues</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(a) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE><B>125,614</B> </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff><B>17,126</B> </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Cost of sales </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(b) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>(93,667</TD>
    <TD align=left width="2%" bgColor=#EEEEEE>) </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(102</TD>
    <TD align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Depletion of royalty, stream and other
      interests </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(c) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#EEEEEE>(13,230</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#EEEEEE>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(3,319</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Gross profit</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(d) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE><B>18,717</B> </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff><B>13,705</B> </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Other operating expenses</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>General and administrative </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(e) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>(4,382</TD>
    <TD align=left width="2%" bgColor=#EEEEEE>) </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(5,651</TD>
    <TD align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Business development </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(f) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>(1,192</TD>
    <TD align=left width="2%" bgColor=#EEEEEE>) </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(1,779</TD>
    <TD align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Exploration and evaluation, net of tax
      credits </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#EEEEEE>(44</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#EEEEEE>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(42</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Operating income</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE><B>13,099</B> </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff><B>6,233</B> </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Other expenses, net </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(g) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#EEEEEE>(8,933</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#EEEEEE>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(512</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Earnings before income taxes</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE><B>4,166</B> </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff><B>5,721</B> </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Income tax expense </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>(h) </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#EEEEEE>(1,856</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#EEEEEE>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(1,721</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Net earnings</B> </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#EEEEEE><B>2,310</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff><B>4,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Net earnings attributable to: </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Osisko&#146;s shareholders
    </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>2,310 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>4,076 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Non-controlling
      interests </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>- </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(76</TD>
    <TD align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Net earnings per share attributable to </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; Osisko&#146;s
      shareholders </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>0.01 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>0.04 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#EEEEEE>0.01 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>0.04 </TD>
    <TD 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%">(a) </TD>
    <TD>
      <P align=justify>Revenues are comprised of the
following:</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 width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="16" align=center style="BORDER-BOTTOM: #000000 1px solid">    <B>Three months ended March 31,</B>         </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <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=center width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">Average </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">Average </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">selling price </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">Ounces </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">Total </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">selling price </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">Ounces </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">Total </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">per ounce / </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">/ Carats </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE">revenues </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">per ounce </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">/ Carats </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">revenues </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">carats
      ($) </TD>
    <TD
    width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">sold    </TD>
    <TD
    width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="9%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">($000&#146;s</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">($)</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="9%">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="9%">($000&#146;s</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="9%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>Gold sold </TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>1,688 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>63,375 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>106,953 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>1,620 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>9,417 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>15,402 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>Silver sold </TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>21 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>499,362 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>10,564 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>24 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>8,100 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>160 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>Diamonds sold<SUP>(i)</SUP> </TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>132 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>26,066 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>3,450 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>Other (paid in cash) </TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>- </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>- </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#EEEEEE>4,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>- </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#ffffff>44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#EEEEEE>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#EEEEEE>125,614 </TD>
    <TD align=left width="2%" bgColor=#EEEEEE>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#ffffff>15,606 </TD>
    <TD align=left width="2%"
bgColor=#ffffff>&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 diamonds are sold by an agent for
  Osisko.</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>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 the
      first quarter of 2018 is mainly the result of the offtake and stream
      interests acquired from Orion on July 31, 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 vAlign=top width="5%">(c) </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 the
      first quarter of 2018 is mainly the result of the offtakes and streams
      acquired from Orion on July 31, 2017.</P></TD></TR></TABLE>
<P align=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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>
      <P align=justify>The breakdown of gross profit per nature of interest is
      as follows (in $000&#146;s):</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="10%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>Three months ended March 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>2018</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="17%"><B>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=right bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE"><B>$</B></TD>
    <TD width="2%" align=right bgcolor="#EEEEEE" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="17%"><B>$</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><U>Royalty interests</U> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">23,944 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">16,616 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(32</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">(22</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cash margin </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">23,912 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">15,594 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(6,637</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">(3,163</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">17,275 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">13,431 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><U>Stream interests</U> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">8,641 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">510 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(3,031</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">(80</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cash margin </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">5,610 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">430 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(4,806</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">(156</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">804    </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">274    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><U>Offtake interests</U> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Revenues </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">93,029 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cost of sales </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(90,604</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Cash margin </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE">2,425 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Depletion </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(1,787</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">638    </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="17%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Total &#150; Gross profit </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="17%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">18,717 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="17%">13,705 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>
      <P align=justify>During the first quarter of 2018, G&amp;A expenses
      decreased to $4.4 million (net of cost recoveries from associates of $0.5
      million) compared to $5.7 million during the first quarter of 2017 (net of
      cost recoveries from associates of $0.5 million). The decrease is mainly
      due to a share-based compensation recovery of $0.1 million related to the
      deferred and restricted share units resulting from the lower share price
      at March 31, 2018, compared to an expense of $1.6 million in the first
      quarter of 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 vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>During the first quarter of 2018, business development
      expenses decreased to $1.2 million (net of cost recoveries from associates
      of $0.8 million) compared to $1.8 million (net of cost recoveries from
      associates of $0.5 million) during the first quarter of 2017. The decrease
      is mainly due to lower share-based compensation expense related to the
      deferred and restricted share units resulting from the lower share price
      at March 31, 2018.</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%">(g) </TD>
    <TD>
      <P align=justify>Other expenses, net, of $8.9 million in the first quarter
      of 2018 include finance costs of $6.6 million, a net loss on investments
      of $2.6 million and a share of loss of associates of $1.4 million,
      partially offset by interest income of $1.5 million.</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>Other expenses, net, of $0.5 million in the first quarter
      of 2017 include a loss on foreign exchange of $1.4 million, a share of
      loss of associates of $1.4 million and finance costs of $0.9 million,
      partially offset by a net gain on investments of $2.0 million and interest
      income of $1.3 million.</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%">(h) </TD>
    <TD>
      <P align=justify>The effective income tax rate for the first quarter of
      2018 is 44.6% compared to 30.1% for the first quarter of 2017. The
      statutory rate is 26.7% in 2018 and 26.8% in 2017. The elements that
      impacted the effective income taxes are the non- taxable (or deductible)
      part of capital gains (or losses) (50%) and non-deductible expenses. In
      the first quarter of 2018, an amount of $0.2 million is related to cash
      taxes on royalties earned in foreign jurisdictions. In the first quarter
      of 2017, the income tax expense was only related to deferred income
      taxes.</P></TD></TR></TABLE>
<P align=right>18 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Liquidity and Capital Resources </B></P>
<P align=justify>As at March 31, 2018, the Company&#146;s cash and cash equivalents
amounted to $332.6 million compared to $333.7 million as at December 31, 2017.
Significant variations in the liquidity and capital resources in the first
quarter of 2018 are explained below under the <I>Cash Flows</I> section. </P>
<P align=justify>The Company has a facility of $350.0 million (with an
additional uncommitted accordion of up to $100.0 million, for a total
availability of up to $450.0 million) as at March 31, 2018, of which $149.7
million (based on the Bank of Canada daily exchange rate of March 31, 2018) was
drawn in two tranches: $62.0 million at an effective interest rate of 3.37% and
US$68.0 million ($87.7 million) at an effective interest rate of 3.12%,
including the applicable margins. 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 March 31,
2018, all such ratios and requirements were met. </P>
<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 align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three months ended March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right 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="12%"><B>2018</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="12%"><B>2017</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=right bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE"><B>$&nbsp;</B></TD>
    <TD width="2%" align=right bgcolor="#EEEEEE" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$&nbsp;</B></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash flows </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Operations </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">24,462 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,021 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Working capital items </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">(1,159</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="12%">(1,008</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B>Operating activities</B> </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE"><B>23,303</B> </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>12,013</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Investing activities </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">2,555 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(82,537</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Financing activities </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">(28,331</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,743</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Effects of exchange rate changes on cash and cash
      equivalents </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1,385    </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="12%">(1,415</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Decrease in cash and cash equivalents </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">(1,088</TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(75,682</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents &#150; beginning of year </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">333,705 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" 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="12%">499,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents &#150; end of year </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">332,617 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">423,567 </TD>
    <TD 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 during the first
quarter of 2018 amounted to $23.3 million compared to $12.0 million during the
first quarter of 2017.</P>
<P align=justify>Net cash flows provided by operating activities increased in
2018 as a result of higher revenues, partly offset by higher cost of sales and
interests paid on long-term debt. </P>
<P align=justify><U>Investing Activities</U> </P>
<P align=justify>Cash flows provided by investing activities amounted to $2.6
million during the first quarter of 2018 compared to cash flows used of $82.5
million in the first quarter of 2017.</P>
<P align=justify>During the first quarter of 2018, Osisko invested $13.6 million
in investments, $10.0 million in royalty interests and $0.5 million in
short-term investments. Proceeds on the sale of investments generated $25.6
million, mainly from the disposal of its AuRico Metals Inc. shares to Centerra
Gold Inc. for a $1.80 cash consideration per share for proceeds of $25.5
million. Exploration and evaluation activities generated $1.1 million as the
Company received payments of previously claimed governmental tax credits. </P>
<P align=justify>During the first quarter of 2017, Osisko invested $62.8 million
in investments, $42.9 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 increased its short-term investments by $0.5 million. Proceeds
on the sale of investments generated $22.5 million and exploration and
evaluation activities generated $1.2 million as the Company received payments of
governmental tax credits. </P>
<P align=justify><U>Financing Activities</U> </P>
<P align=justify>During the first quarter of 2018, cash flows used in financing
activities amounted to $28.3 million compared to $3.7 million in the first
quarter of 2017. </P>
<P align=justify>During the first quarter of 2018, the Company paid $20.3
million under the 2017 NCIB Program to acquire and cancel a total of 1,607,099
common shares as Osisko&#146;s management considered the value of Osisko&#146;s common
shares undervalued. The Company also paid $7.5 million in dividends to its
shareholders.</P>
<P align=right>19 </P>
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<A name=page_20></A>
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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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>During the first quarter of 2017, the Company paid $4.1 million
in dividends to its shareholders and $1.8 million under the 2016 NCIB Program.
The cash outflows were partially offset by investments of non-controlling
interests in Mines Coulon Inc., which increased liquidities by $1.3 million, and
by the exercise of share options and the employee share purchase plan that
generated $0.9 million. </P>
<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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="12%">No of Shares/ <BR>Units </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="12%">Price <BR>($) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="12%">Gross <BR>Proceeds <BR>($000&#146;s)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%"><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="12%">Net Cash <BR>Proceeds <BR>($000&#146;s)</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%"><BR><BR></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>2018</U></B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of replacement share
      options<SUP>(vi)</SUP> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,710 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13.93 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Employee share purchase plan </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,389
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14.50 </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="12%">76
</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="12%">76
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff><B>Total</B> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,099 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>114 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>114 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>2017</U></B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Bought deal &#150; convertible
      debentures<SUP>(i)</SUP> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>300,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>288,476 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Private placement<SUP>(ii)</SUP> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="12%">19,272,820 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14.27 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">275,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">261,060 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revolving credit facility<SUP>(ii)</SUP>
</TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>147,323 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>147,323 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of share options </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="12%">43,970 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14.21 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">625 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">625 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of replacement share
      options<SUP>(vi)</SUP> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>190,471 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11.28 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,148 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,148 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Employee share purchase plan </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">15,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">15.04 </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="12%">233
    </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="12%">233
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff><B>Total</B> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>19,522,687 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>725,329 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>699,865 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>2016</U></B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Convertible debenture<SUP>(iii)</SUP> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>50,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>49,225 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Issuance of Units (bought-deal financing)<SUP>(iv)</SUP>
</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="12%">11,431,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">15.10 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">172,608 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">164,543 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of share options </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,335 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15.22 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>188 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>188 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of replacement share options<SUP>(vi)</SUP> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="12%">505,756 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9.50 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,806 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,806 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Employee share purchase plan </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>21,762 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15.27 </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="12%"
    bgColor=#e6efff>332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="12%"
    bgColor=#e6efff>332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right><B>Total</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="12%">11,970,853 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">227,934 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">219,094 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>2015</U></B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Issuance of special warrants<SUP>(v)</SUP>
    </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,960,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18.25 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>200,020 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>189,158 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of replacement share options<SUP>(vi)</SUP> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">750,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">6.51 </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="12%">4,887
    </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="12%">4,887
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff><B>Total</B> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,710,837 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>204,907 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>194,045 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><U>2014 &#150; from June 16</U></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" 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="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Private placements<SUP>(vii)</SUP> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">2,794,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">15.03 </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="12%">42,000 </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="12%">39,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff><B>Total</B> </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,794,411 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>42,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>39,173 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#e6efff>Cumulative cash proceeds </TD>
    <TD align=left width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,200,284 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,152,291 </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 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 $288.5
      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>&nbsp;</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
      Caisse de d&#233;p&#244;t et placement du Qu&#233;bec and Fonds de solidarit&#233; FTQ 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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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>&nbsp;</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 de d&#233;p&#244;t et placement du Qu&#233;bec and Fonds de solidarit&#233; FTQ at a
      price of $15.03 per common share for total gross proceeds of $42.0
      million.</P></TD></TR></TABLE>
<P align=right>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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: <BR>(in thousands of dollars, except for amounts per share)
<BR></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 align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&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="6%"><B>2018</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=center width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="6%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">&nbsp;    </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="6%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">&nbsp;    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&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="6%"><B>Q1</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="6%"><B>Q4</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="6%"><B>Q3</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="6%"><B>Q2</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="6%"><B>Q1</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="6%"><B>Q4</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="6%"><B>Q3</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="6%"><B>Q2</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="1%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">GEOs </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">20,036 </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="6%">20,990 </TD>
    <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%">16,664 </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="6%">10,863 </TD>
    <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%">10,416 </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%">8,964 </TD>
    <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%">10,102 </TD>
    <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%">9,671 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Cash and cash equivalents </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">332,617 </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="6%">333,705 </TD>
    <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%">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="6%">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="6%">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="6%">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="6%">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="6%">424,491 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Short-term investments </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">500 </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="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%">1,447 </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="6%">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="6%">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="6%">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="6%">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="6%">100 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Working capital </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">325,206 </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="6%">324,101 </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%">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="6%">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="6%">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="6%">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="6%">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="6%">421,443 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">2,502,233 </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="6%">2,516,343 </TD>
    <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%">2,320,930 </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="6%">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="6%">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="6%">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="6%">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="6%">1,354,799 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Total long-term debt </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">467,483 </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="6%">464,308 </TD>
    <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%">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="6%">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="6%">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="6%">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="6%">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="6%">45,328 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Equity </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">1,878,405 </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="6%">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="6%">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="6%">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="6%">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="6%">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="6%">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="6%">1,162,225 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Revenues </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">125,614 </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="6%">109,552 </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="6%">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="6%">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="6%">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="6%">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="6%">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="6%">15,792 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Net cash flows from operating activities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">23,303 </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="6%">21,523 </TD>
    <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%">1,094 </TD>
    <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%">14,082 </TD>
    <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%">12,013 </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="6%">12,782 </TD>
    <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%">14,978 </TD>
    <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%">15,864 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment of &#201;l&#233;onore royalty, net of income
      taxes </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" 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="6%">(65,415</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>
    <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 align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings (loss) attributable to Osisko&#146;s
      shareholders </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">2,310 </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="6%">(64,348</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%">6,728 </TD>
    <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%">11,043 </TD>
    <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%">4,076 </TD>
    <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%">8,679 </TD>
    <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%">17,757 </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="6%">15,737 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Basic net earnings (loss) per share </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" 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="6%">(0.41</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%">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="6%">0.10 </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="6%">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="6%">0.08 </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="6%">0.17 </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="6%">0.15 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Weighted average shares outstanding (000&#146;s)    </TD>
    <TD width="1%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE"></TD>
    <TD width="2%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%"></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%"></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%"></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%"></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%"></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%"></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%"></TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;- Basic </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">157,665 </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="6%">157,256 </TD>
    <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%">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="6%">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="6%">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="6%">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="6%">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="6%">106,374 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;- Diluted </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">157,695 </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="6%">157,256 </TD>
    <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%">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="6%">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="6%">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="6%">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="6%">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="6%">106,570 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Share price &#150; TSX - closing<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">12.44 </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="6%">14.52 </TD>
    <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%">16.10 </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="6%">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="6%">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="6%">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="6%">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="6%">16.89 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Share price &#150; NYSE &#150; closing<SUP>(3)</SUP></TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">9.67 </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="6%">11.56 </TD>
    <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%">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="6%">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="6%">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="6%">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="6%">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="6%">n/a </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Warrant price &#150; TSX - closing<SUP>(4)</SUP>    </TD>
    <TD width="1%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;OR.WT </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">1.50 </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="6%">2.40 </TD>
    <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%">2.80 </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="6%">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="6%">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="6%">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="6%">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="6%">3.08 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;OR.WT.A </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">0.61 </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="6%">1.41 </TD>
    <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%">2.45 </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="6%">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="6%">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="6%">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="6%">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="6%">3.75 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Price of gold </TD>
    <TD width="1%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;(average US$) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">1,329 </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="6%">1,275 </TD>
    <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%">1,278 </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="6%">1,257 </TD>
    <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%">1,219 </TD>
    <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%">1,222 </TD>
    <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%">1,335 </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="6%">1,260 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Closing exchange rate<SUP>(5)</SUP> </TD>
    <TD width="1%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=right vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&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="6%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;(US$/Can$) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#EEEEEE">1.2894 </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="6%">1.2713 </TD>
    <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%">1.2480 </TD>
    <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%">1.3449 </TD>
    <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%">1.3322 </TD>
    <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%">1.3427 </TD>
    <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%">1.3117 </TD>
    <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%">1.3009 </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%">(1) </TD>
    <TD>
      <P align=justify>Unless otherwise noted, financial information in Canadian
      dollars and prepared in accordance with IFRS.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Osisko common shares began officially trading on the TSX
      on June 16, 2014.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P 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.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Osisko warrants began trading on March 5, 2015 and
      February 26, 2016.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Bank of Canada Daily Rate in 2017 and 2018 (Bank of
      Canada Noon Rate in 2016).</P></TD></TR></TABLE>
<P align=justify>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>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</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, diamonds 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>During the three months ended March 31, 2018, an amount of
$1,280,000 ($990,000 for the three months ended March 31, 2017) was invoiced by
Osisko to associates for recoveries of costs related to professional services
and rental of offices, of which $460,000 ($504,000 for the three months ended
March 31, 2017) is reflected as a reduction of general and administrative
expenses and $820,000 ($486,000 for the three months ended March 31, 2017) is
reflected as a reduction of business development expenses in the consolidated
statements of income.</P>
<P align=justify>An amount of $1,269,000 (including sales taxes) is receivable
from associates and included in accounts receivable as at March 31, 2018
($1,245,000 as at December 31, 2017). </P>
<P align=justify><B>Contractual Obligations and Commitments</B></P>
<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>
<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=center
      align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD colspan="3" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-TOP: #000000 1px solid"><B>Attributable Payable Production</B> </TD>
    <TD colspan="3" align=center vAlign=center style="BORDER-TOP: #000000 1px solid"> <B>Per Ounce/Carat</B> </TD>
    <TD
    width="15%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=center align=center
    width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD colspan="3" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>to be Purchased (ounces or %)</B> </TD>
    <TD colspan="3" align=center vAlign=center style="BORDER-BOTTOM: #000000 1px solid"><B>Cash Payment (US$)</B> </TD>
    <TD
    width="15%" rowSpan=2 align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"><B>Term of</B> <B>Agreement</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="15%" rowSpan=2><B>Date of Contract</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Interest</B> </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"><B>Gold</B> </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"><B>Silver</B> </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"><B>Diamond</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="10%"><B>Gold</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="10%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Silver</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="10%"><B>Diamond</B> </TD></TR>
  <TR>
    <TD>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="15%" align=center bgcolor="#EEEEEE">&nbsp; </TD>
    <TD align=center width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Amulsar stream <SUP>(1),(7)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">142,454 </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">694,000 </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%">$400 </TD>
    <TD vAlign=center align=center width="10%">$4 </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">40 years </TD>
    <TD vAlign=center align=center width="15%">Nov 25, 2015 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Back Forty stream </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">18.5% <SUP>(7)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">75% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%">30% spot price (max $600) </TD>
    <TD vAlign=center align=center width="10%">$4 </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">Life of mine </TD>
    <TD vAlign=center align=center width="15%">Mar 31, 2015 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Brucejack offtake </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">50% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%">Based on quotational period </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">Until delivery of <BR>7,067,000
      ounces Au<SUP>(8)</SUP> </TD>
    <TD vAlign=center align=center width="15%">Sept. 21, 2015 </TD></TR>
  <TR>
    <TD vAlign=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp; </TD>
    <TD vAlign=center align=center width="10%">&nbsp; </TD>
    <TD vAlign=center align=center width="10%">&nbsp; </TD>
    <TD vAlign=center align=center width="10%">&nbsp; </TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp; </TD>
    <TD vAlign=center align=center width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Brucejack stream<SUP>(2)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">4% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">4% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%">$400 </TD>
    <TD vAlign=center align=center width="10%">$4 </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">Until delivery of <BR>7,067,000
      ounces Au<SUP>(8)</SUP> </TD>
    <TD vAlign=center align=center width="15%">Sept. 21, 2015 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Mantos stream<SUP>(3)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">100% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD vAlign=center align=center width="10%">25% spot </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">Life of mine </TD>
    <TD vAlign=center align=center width="15%">Sept 11, 2015 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Renard stream<SUP>(4)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">9.6% </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD vAlign=center align=center width="10%">$50 </TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">40 years </TD>
    <TD vAlign=center align=center width="15%">Jul 8, 2014 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Sasa stream<SUP>(5)</SUP> </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">100% </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE"></TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD vAlign=center align=center width="10%">$5 </TD>
    <TD vAlign=center align=center width="10%"></TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">40 years </TD>
    <TD vAlign=center align=center width="15%">Nov 3, 2015 </TD></TR>
  <TR>
    <TD vAlign=center align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD width="10%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD vAlign=center align=center width="10%">&nbsp;</TD>
    <TD width="15%" align=center vAlign=center bgcolor="#EEEEEE">&nbsp;</TD>
    <TD vAlign=center align=center width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gibraltar stream<SUP>(6)</SUP> </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">100% </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="10%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="10%">$2.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="10%">&nbsp;&nbsp;</TD>
    <TD
    width="15%" align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Life of mine </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="15%">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></TABLE>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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%">(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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>The Brucejack offtake applies to the sales from the first
      7,067,000 ounces of refined gold, of which 3,533,500 ounces are
      attributable to OBL (less any delivered ounces pursuant to the Brucejack
      stream).</P></TD></TR></TABLE>
<P align=justify><U>Back Forty Gold Stream (Aquila Resources Inc.)</U> </P>
<P align=justify>In November 2017, OBL acquired a gold stream on the Back Forty
project where OBL will make staged upfront cash deposits to Aquila of up to
US$55.0 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. </P>
<P align=justify><U>Long-term lease agreements</U> </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 2029. As at
March 31, 2018, minimum commitments remaining under these leases were
approximately $13.7 million over the following years ending March 31: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="32%" ><B>$&nbsp;</B></TD>
    <TD align=right width="2%" ><B>&nbsp;</B></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="32%" >(in thousands of dollars) </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="32%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2019 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="32%" bgColor=#e6efff >1,234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2020 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="32%" >1,305 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2021 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="32%" bgColor=#e6efff >1,213 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>2022 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="32%" >1,120 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>2023-2029 </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="32%"
    bgColor=#e6efff >8,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&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="32%"
    >13,712 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<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 May 3, 2018, 156,213,783 common shares were issued and
outstanding. A total of 3,609,780 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 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. Convertible senior unsecured
debentures of $300 million are outstanding and 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>Subsequent Events to March 31, 2018 </B></P>
<P align=justify><U>Victoria Gold Corp.</U> </P>
<P align=justify>On April 13, 2018, Osisko completed a $148.0 million financing
transaction with Victoria, pursuant to which Osisko acquired from Victoria a 5%
NSR royalty for $98.0 million on the Dublin Gulch property which hosts the Eagle
Gold project located in Yukon, Canada, and subscribed to a private placement
basis, 100 million common shares of Victoria at a price of $0.50 per common
share. </P>
<P align=right>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>As part of the transaction, Osisko has purchased a 5% NSR
royalty on all metals and minerals produced from the Property, until an
aggregate of 97,500 ounces of refined gold have been delivered to Osisko, and a
3% NSR royalty thereafter. The purchase price for the royalty is an aggregate of
$98.0 million, of which a first tranche of $49.0 million was paid on the closing
of the transaction, and the second tranche of $49.0 million will be funded pro
rata to drawdowns under the subordinated debt facilities provided by Orion Mine
Finance Group (or a third party). </P>
<P align=justify><U>Revolving credit facility </U></P>
<P align=justify>On April 16, 2018, Osisko reimbursed $32.0 million on its
revolving credit facility from cash on hand. </P>
<P align=justify><U>Dividends </U></P>
<P align=justify>On May 3, 2018, the Board of Directors declared a quarterly
dividend of $0.05 per common share payable on July 16, 2018 to shareholders of
record as of the close of business on June 29, 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 securities 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 U.S Securities
and Exchange Commission (&#147;SEC&#148;) 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><FONT color=#0000ff>www.sedar.com
</FONT></U>and on EDGAR at <U><FONT color=#0000ff>www.sec.gov.</FONT></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>The CEO and CFO have evaluated whether there were changes to
the DCP during the three months ended March 31, 2018 that have materially
affected, or are reasonably likely to materially affect, the DCP. No such
changes were identified through their evaluation.</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=right>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><U>Internal Control over Financial Reporting</U></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=justify>The CEO and CFO have evaluated whether there were changes to
the ICFR during the three months ended March 31, 2018 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 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><B>Basis of Presentation of Consolidated Financial Statements
</B></P>
<P align=justify>The unaudited condensed interim consolidated financial
statements for the three months ended March 31, 2018 have been prepared in
accordance with the IFRS as issued by the IASB applicable to the preparation of
interim financial statements, including <I>International Accounting Standard
</I>(&#147;IAS&#148;) 34, <I>Interim Financial Reporting</I>. The unaudited condensed
interim consolidated financial statements should be read in conjunction with the
Company&#146;s annual consolidated financial statements for the year ended December
31, 2017, which have been prepared in accordance with IFRS as issued by the
IASB. The accounting policies, methods of computation and presentation applied
in these condensed interim consolidated financial statements are consistent with
those of the previous financial year, except for the adoption of new accounting
standards (presented below) and the presentation of the general and
administrative expenses and the business development expenses, which are now
presented net of the cost recoveries from associates instead of the cost
recoveries from associates being presented on a separate line on the
consolidated statements of income (cost recoveries from associates). The
comparative figures have been reclassified to conform to the presentation
adopted in the current fiscal year. The Board of Directors approved the
unaudited condensed interim consolidated financial statements on May 3, 2018.
</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 and the unaudited condensed interim consolidated financial
statements for the three months ended March 31, 2018 (for the new revenue
recognition policy, which is also disclosed below), both filed on SEDAR at
<U><FONT color=#0000ff>www.sedar.com</FONT></U>, EDGAR at <U><FONT
color=#0000ff>www.sec.gov </FONT></U>and on Osisko&#146;s website at <U><FONT
color=#0000ff>www.osiskogr.com</FONT></U>. </P>
<P align=justify><U>IFRS 15, </U><I><U>Revenue from contracts with
customers</U></I><U> (&#147;IFRS 15&#148;) </U></P>
<P align=justify>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. As of January 1, 2018, the Company has adopted IFRS 15 on a full
retrospective basis and as such, has revised its revenue recognition policy
based on the requirements of IFRS 15. Management has concluded that, based on
its current operations, the adoption of IFRS 15 had no significant impact on the
Company&#146;s consolidated financial statements. </P>
<P align=justify><I>Revenue recognition policy </I></P>
<P align=justify>Revenue comprises revenues from the sale of commodities
received and revenues directly earned from royalty, stream and other
interests.</P>
<P align=right>25 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>For royalty and stream agreements paid in-kind and for offtake
agreements, the Company&#146;s performance obligations relate primarily to the
delivery of gold, silver or other products to the customers. Revenue is
recognized when control is transferred to the customers, which is achieved when
a product is delivered, the customer has full discretion over the product and
there is no unfulfilled obligation that could affect the customer&#146;s acceptance
of the product. Control over the refined gold, silver and other products is
transferred to the customers when the relevant product received (or purchased)
from the operator is physically delivered and sold by the Company (or its agent)
to the third party customers. For royalty and stream agreements paid in cash,
revenue recognition will depend on the related agreement. </P>
<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>
<P align=justify><U>IFRIC</U><I><U> 22, Foreign currency translation and advance
consideration (&#147;IFRIC 22&#148;)</U></I></P>
<P align=justify>IFRIC 22 addresses foreign currency transactions or parts of
transactions where there is consideration that is denominated or priced in a
foreign currency and where the entity recognizes a non-monetary asset or
liability in respect of that consideration, in advance of the recognition of the
related asset, expense or income. The date of the transaction, for the purpose
of determining the exchange rate, is the date of initial recognition of the
non-monetary asset or liability. If there are multiple payments or receipts in
advance, a date of transaction is established for each payment or receipt. As of
January 1, 2018, the Company has adopted IFRIC 22 retrospectively and has
concluded that, based on its current operations, it had no significant impact on
the Company&#146;s consolidated financial statements.<B> </B></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><FONT
color=#0000ff>www.sedar.com</FONT></U>, EDGAR at <U><FONT
color=#0000ff>www.sec.gov </FONT></U>and on Osisko&#146;s website at <U><FONT
color=#0000ff>www.osiskogr.com.</FONT></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
and in the unaudited condensed interim consolidated financial statements for the
three months ended March 31, 2018, both filed on SEDAR at <U><FONT
color=#0000ff>www.sedar.com</FONT></U>, EDGAR at <U><FONT
color=#0000ff>www.sec.gov </FONT></U>and on Osisko&#146;s website at <U><FONT
color=#0000ff>www.osiskogr.com. </FONT></U></P>
<P align=right>26 </P>
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<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><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 colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right 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="12%">&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="12%"><B>March 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="12%"><B>2018</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="12%"><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(in thousands of dollars, except per share amounts)</I>    </TD>
    <TD width="1%" align=right bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE"><B>$</B></TD>
    <TD width="2%" align=right bgcolor="#EEEEEE" ><B>&nbsp;</B></TD>
    <TD align=right width="1%" ><B>&nbsp;</B></TD>
    <TD align=right width="12%"><B>$</B></TD>
    <TD align=right 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></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings attributable to Osisko&#146;s shareholders </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">2,310 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,076 </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></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Foreign exchange loss </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">898 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,415 </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="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">2,581 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,024</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="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">1,397 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,445 </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="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1,667 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">1,721 </TD>
  <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&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></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted earnings </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">8,853 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,633 </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></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares outstanding
      (000&#146;s) </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">157,665 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">106,543 </TD>
  <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&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></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted earnings per basic share </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">0.06 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.06 </TD>
<TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=right>27 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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,
silver, diamonds, other commodities 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,
please 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>28 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Osisko Gold Royalties Ltd</B> </TD>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&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>May 3, 2018</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=right>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<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>
    <TD align=right width="50%"><B>Management&#146;s Discussion and Analysis</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>2018 &#150;</B> <B>First Quarter Report</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>Corporate Information </B></P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>Corporate Office</B>	</TD>
	<TD width=45% align=left>
<B>Osisko Bermuda Limited</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
1100 av. des Canadiens-de-Montr&eacute;al	</TD>
	<TD width=45% align=left>
Cumberland House	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Suite 300	</TD>
	<TD width=45% align=left>
1 Victoria Street	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Montr&eacute;al, Qu&eacute;bec, Canada H3B 2S2	</TD>
	<TD width=45% align=left>
Hamilton HM11	</TD>
</TR>
<TR valign="top">
	<TD align=left> Tel.: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) 940-0670 </TD>
	<TD width=45% align=left>
Bermuda	</TD>
</TR>
<TR valign="top">
	<TD align=left> Fax: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) 940-0669 </TD>
	<TD width=45% align=left>
Tel.: (441) 824-7474	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Email: <U><font color="#0000FF">info@osiskogr.com</font></U>	</TD>
	<TD width=45% align=left>
Fax: (441) 292-6140	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Web site: <U><font color="#0000FF">www.osiskogr.com</font></U>	</TD>
	<TD width=45% align=left>&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;		</TD>
	<TD width=45% align=left>
Michael Spencer, Managing Director	</TD>
</TR>
<TR>
	<TD>&nbsp;		</TD>
<TD width="45%">&nbsp;	</TD>
</TR>
<TR>
	<TD>&nbsp;		</TD>
<TD width="45%">&nbsp;	</TD>
</TR>
<TR>
	<TD>&nbsp;		</TD>
<TD width="45%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Directors</B>		</TD>
	<TD width=45% align=left>
<B>Officers</B>	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Sean Roosen, Chair and Chief Executive Officer	</TD>
	<TD width=45% align=left>
Sean Roosen, Chair and Chief Executive Officer	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Joanne Ferstman, Lead Director	</TD>
	<TD width=45% align=left>
Bryan A. Coates, President	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Fran&ccedil;oise Bertrand	</TD>
	<TD width=45% align=left>
Luc Lessard, Senior Vice President, Technical Services	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Victor H. Bradley	</TD>
	<TD width=45% align=left>
Elif L&eacute;vesque, Vice President, Finance and Chief	</TD>
</TR>
<TR valign="top">
	<TD align=left>
John Burzynski	</TD>
	<TD width=45% align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;&nbsp;Financial Officer	</div></TD>
</TR>
<TR valign="top">
	<TD align=left>
Pierre D. Chenard	</TD>
	<TD width=45% align=left>
Joseph de la Plante, Vice President, Corporate Development	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Christopher C. Curfman	</TD>
	<TD width=45% align=left>
Andr&eacute; Le Bel, Vice President, Legal Affairs and	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Andr&eacute; Gaumond	</TD>
	<TD width=45% align=left>
 &nbsp; &nbsp;Corporate Secretary	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Pierre Labb&eacute;	</TD>
	<TD width=45% align=left>
Vincent Metcalfe, Vice President, Investor Relations	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Oskar Lewnowski	</TD>
	<TD width=45% align=left>
Fr&eacute;d&eacute;ric Ruel, Vice President and Corporate Controller	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Charles E. Page	</TD>
	<TD width=45% align=left>&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Jacques Perron	</TD>
	<TD width=45% align=left>&nbsp;	</TD>
</TR>
</TABLE>
<P align="justify">
<B>Qualified Person </B><B>(as defined by NI 43-101)</B> <BR>
Guy Desharnais, Director of Mineral Resources Evaluation <BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
	<TD align=left>
<B>Exchange listings</B>
	</TD>
	<TD width=80% align=left>&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left>
Toronto Stock Exchange
	</TD>
	<TD width=80% align=left>&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Common shares:
	</TD>
	<TD width=80% align=left>
OR	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Warrants:
	</TD>
	<TD width=80% align=left>
OR.WT (Exercise price: &#36;36.50 / Expiry date: March 5, 2022)	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD width=80% align=left>
OR.WT.A (Exercise price: &#36;19.08 / Expiry date: February 25, 2019)	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Convertible debentures:
	</TD>
	<TD width=80% align=left>
OR.DB (Conversion price: &#36;22.89 / Maturity date: December 31, 2022)	</TD>
</TR>
<TR>
	<TD nowrap>&nbsp;

	</TD>
<TD width="80%">&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
New York Stock Exchange
	</TD>
	<TD width=80% align=left>&nbsp;	</TD>
</TR>
<TR valign="top">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Common shares:
	</TD>
	<TD width=80% align=left>
OR	</TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="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<font color="#0000FF"> <U>http://osiskogr.com/en/dividends/drip/</U></font>	</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">
30 </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<HEAD>
   <TITLE> Osisko Gold Royalties Ltd. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>FORM 52-109F2 </B><BR><B>CERTIFICATION OF INTERIM FILINGS
</B><BR><B>FULL CERTIFICATE</B> <BR></P>
<P align=justify>I, Sean Roosen, Chair of the Board of Directors and Chief
Executive Officer of Osisko Gold Royalties Ltd, certify the following: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Review:</I></B> I have reviewed the interim financial report and interim
MD&amp;A (together, the &#147;interim filings&#148;) of Osisko Gold Royalties Ltd (the
&#147;issuer&#148;) for the interim period ended March 31, 2018. </P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>No
misrepresentations:</I></B> Based on my knowledge, having exercised reasonable
diligence, the interim 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, with respect to the period covered by the interim filings. </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Fair
presentation:</I></B> Based on my knowledge, having exercised reasonable
diligence, the interim financial report together with the other financial
information included in the interim 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 interim filings.
</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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, for the issuer. </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<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 end of the period covered by the interim filings </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
material information relating to the issuer is made known to us by others,
particularly during the period in which the interim 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;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;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;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<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>
<P align=justify>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>ICFR &#150; material
weakness relating to design:</I></B> N/A </P>
<P align=justify>5.3&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<B><I>Limitation on scope of
design:</I></B> N/A </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Reporting
changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any
change in the issuer&#146;s ICFR that occurred during the period beginning on January
1<SUP>st</SUP>, 2018 and ended on<B><I> </I></B>March 31, 2018 that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s
ICFR. </P>
<P align=justify>Date: May 3rd, 2018 </P>
<P align=justify>&nbsp;</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ Sean Roosen </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sean Roosen </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chair of the Board of Directors and Chief Executive Officer
    </TD>
    <TD align=left width="50%"
>&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
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</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>FORM 52-109F2 </B><BR><B>CERTIFICATION OF INTERIM FILINGS
</B><BR><B>FULL CERTIFICATE</B> <BR></P>
<P align=justify>I, Elif L&#233;vesque, Vice President, Finance and Chief Financial
Officer of Osisko Gold Royalties Ltd, certify the following: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Review:</I></B> I have reviewed the interim financial report and interim
MD&amp;A (together, the &#147;interim filings&#148;) of Osisko Gold Royalties Ltd (the
&#147;issuer&#148;) for the interim period ended March 31, 2018. </P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>No
misrepresentations:</I></B> Based on my knowledge, having exercised reasonable
diligence, the interim 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, with respect to the period covered by the interim filings. </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Fair
presentation:</I></B> Based on my knowledge, having exercised reasonable
diligence, the interim financial report together with the other financial
information included in the interim 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 interim filings.
</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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, for the issuer. </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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 end of the period covered by the interim filings </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;material information relating to the issuer is made known to us by others,
particularly during the period in which the interim 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;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;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;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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>
<P align=justify>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>ICFR &#150; material
weakness relating to design:</I></B> N/A </P>
<P align=justify>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Limitation on scope of
design:</I></B> N/A </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Reporting
changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any
change in the issuer&#146;s ICFR that occurred during the period beginning on January
1<SUP>st</SUP>, 2018 and ended on<B><I> </I></B>March 31, 2018 that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s
ICFR. </P>
<P align=justify>Date: May 3<SUP>rd</SUP>, 2018 </P>
<P align=justify>&nbsp;</P>
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  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ Elif L&#233;vesque </TD>
  <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Elif L&#233;vesque </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Finance and Chief Financial Officer </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center>
<IMG src="exhibit99-5x1x1.jpg" border=0 width="222" height="102"> </P>
<P align=center><B>OSISKO REPORTS FIRST QUARTER 2018 RESULTS <BR></B><B>94%
INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES </B></P>
<P align=justify><B>Montr&#233;al, May 3, 2018 &#150;</B> Osisko Gold Royalties Ltd (the
&#147;Company&#148; or &#147;Osisko&#148;) (OR: TSX &amp; NYSE) today announced its consolidated
financial results for the first quarter ended March 31, 2018 and an update on
matters following quarter-end.<B> </B></P>
<P align=justify><B><U>Highlights</U></B><B> </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 align=left width="90%">Earned 20,036 gold equivalent ounces<SUP>1
      </SUP>(&#147;GEOs&#148;), in-line with the 2018 annual guidance of 77,500 to 82,500
      GEOs; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Generated cash flows from operating activities
      of $23.3 million, a record which represents a 94% increase compared to the
      first quarter of 2017; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Recorded cash operating<SUP> </SUP>margins<SUP>2</SUP> of 91% from
      royalty and stream interests, maintaining the highest margin in the metals
      and mining sector, generating $29.5 million in addition to a cash
      operating margin of $2.4 million from offtake interests; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>Invested $148 million in Victoria Gold Corp.&#146;s near-term
      Eagle Gold project located in Yukon, Canada, of which $98 million was for
      a 5% net smelter return royalty on the project. ($49 million will be
      funded pro rata to other debt facilities). The project is permitted, fully
      financed and in construction. Osisko expects to receive an average of
      10,000 GEOs annually from the project once in production expected by 2020;
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Converted the Matilda gold offtake into a 1.65%
      gold stream; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Sold investments for gross proceeds of $25.6
      million, generating a cash gain<SUP>3 </SUP>of $15.5 million; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Repaid $32 million on the revolving credit
      facility in April; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Held $205 million in cash and cash equivalents
      and $382 million in equity investments<SUP>4 </SUP>as at April 30, 2018;
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Distributed $7.8 million in dividends to
      shareholders through its 14<SUP>th </SUP>consecutive dividend payment,
      bringing the total to $62.9 million since inception in 2014; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Repurchased 1,607,099 shares during the first
      quarter of 2018 at a total cost of $20.3 million, or at an average price
      of $12.65. </TD></TR></TABLE>
<P align=justify>For more details, please refer to the Management&#146;s Discussion and
Analysis for the three months ended March 31, 2018. </P>
<P align=justify><B><U>Recent Performance</U></B><B> </B></P>
<P align=justify>&#147;While the current environment remains challenging in the
global metals and mining sector, Osisko has had a very good start to the year
being able to announce and close the Eagle Gold royalty acquisition, which
further strengthens our Canadian-focused portfolio. Our value creation approach
to investing in both near-term and long-term opportunities keeps
us focused on finding the right opportunities for Osisko and its
shareholders.</P>
<P align=right>1 </P>
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<P align=justify>Osisko is in an excellent position to continue to invest in the
opportunities that present themselves in the current market environment. We have
nearly a billion dollars of available financial capacity to deploy into new
investments and are actively reviewing new opportunities. </P>
<P align=justify>In addition to our financial capacity, we are continuously
discussing with other capital providers within the global metals and mining
sector to develop strategic relationships and alliances to further increase our
capacity, enhance our suites of financial products and offer complete financing
solutions to our mining partners&#148;, said Sean Roosen, Chair and Chief Executive
Officer. </P>
<P align=justify><B><U>Q1 2018 Results Conference Call</U></B><B> </B></P>
<P align=justify>Osisko will host a conference call on Friday, May 4, 2018 at
10:00 EDT to review and discuss its Q1 2018 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 1:00pm EDT on
May 4, 2018 until 11:59 pm EST on May 11, 2018 with the following dial in
numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access
code 6387003. </P>
<P align=justify><B>For further information, please contact Osisko Gold
Royalties Ltd: </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=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=justify>Notes: </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>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.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="33%" colSpan=4><B>For the
      three months ended</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" bgColor=#ffffff><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Gold<SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>1,329 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>1,219 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Silver<SUP>(2)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>17 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>17 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Exchange rate
      (US$/Can$)<SUP>(3)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>1.2647 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>1.3238 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#ffffff>&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%">(1) </TD>
    <TD>
      <P align=justify>The London Bullion Market Association&#146;s pm price in U.S.
      dollars</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The London Bullion Market Association&#146;s price in U.S.
      dollars</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Bank of Canada daily rate</P></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 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Cash operating margin, which represents revenues less
      cost of sales, is not a recognized measure under International Financial
      Reporting Standards (&#147;IFRS&#148;). The Company believes that this non-IFRS
      generally accepted industry measure provides a realistic indication of
      operating performance and provides a useful comparison with its peers. The
      following table reconciles the cash margin to the revenues and cost of
      sales presented in the consolidated statements of income and related
      notes:</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="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="27%" colSpan=4><B>Three months ended March 31,</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2018</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" bgColor=#ffffff><B>2017</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%"
  bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" bgColor=#F2F2F2><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"
      bgColor=#F2F2F2><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" bgColor=#ffffff><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"
      bgColor=#ffffff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right width="2%"
  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Revenues </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>125,614 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>17,126 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Less: Revenues from offtake
      interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>(93,029</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">) </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="12%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Revenues from royalty and
      stream interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>32,585 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">&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="12%" bgColor=#ffffff>17,126 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>(93,667</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>(102</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Less: Cost of sales of
      offtake interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>(90,604</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">) </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="12%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Cost of sales of royalty and
      stream interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>(3,063</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">) </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="12%" bgColor=#ffffff>(102</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">) </TD></TR>
  <TR>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Revenues from royalty and
      stream interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>32,585 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>17,126 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Less: Cost of sales of
      royalty and stream interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>(3,063</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">) </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="12%" bgColor=#ffffff>(102</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Cash margin from royalty
      and stream interests</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2><B>29,522</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">&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="12%" bgColor=#ffffff><B>17,024</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2><B>91%</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">&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="12%" bgColor=#ffffff><B>99%</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#F2F2F2>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Revenues from offtake
      interests </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#F2F2F2>93,029 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>Less: Cost of sales of
      offtake interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2>(90,604</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">) </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="12%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff><B>Cash margin from offtake
      interests</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2><B>2,425</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">&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="12%" bgColor=#ffffff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#ffffff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#F2F2F2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#F2F2F2><B>3%</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#F2F2F2 style="border-bottom-style: solid; border-bottom-width: 1">&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="12%" bgColor=#ffffff>- </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#ffffff style="border-bottom-style: solid; border-bottom-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%">(3) </TD>
    <TD>
      <P align=justify>The cash gain or loss is calculated by subtracting the
      cash cost from the cash proceeds on the sale of an investment. The cash
      cost of an investment is a non-IFRS measure representing the cash paid of
      an investment on the acquisition date.</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%">(4) </TD>
    <TD>
      <P align=justify>Represents the estimated fair value based on the quoted
      prices of the investments in a recognized stock exchange as at April 30,
      2018.</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><I>Forward-looking Statements </I></B></P>
<P align=justify>This news release contains forward-looking information and
forward-looking statements (together, "forward-looking statements") within the
meaning of applicable Canadian securities laws and the United States Private
Securities Litigation Reform Act of 1995. 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 revenue,
requirements for additional capital, production estimates, production costs and
revenue, business prospects and opportunities are forward-looking statements. In
addition, statements relating to gold equivalent ounces ("GEOs") are
forward-looking statements, as they involve implied assessment, based on certain
estimates and assumptions, and no assurance can be given that the GEOs will be
realized. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects", "is
expected" "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential", "scheduled" and similar expressions or variations
(including negative variations of such words and phrases), or may be identified
by statements to the effect that certain actions, 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 GEOs 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 deriving from Osisko&#146;s royalties, streams and other interests
to differ materially from those in forward-looking statements include, without
limitation: influence of political or economic factors including fluctuations in
the prices of the commodities and in value of the Canadian dollar relative to
the U.S. dollar, continued availability of capital and financing and general
economic, market or business conditions; regulations and regulatory changes in
national and local government, including permitting and licensing regimes and
taxation policies; 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, litigation, title, permit
or license disputes; risks and hazards associated with the business of
exploring, development and mining on the properties in which Osisko holds a
royalty, stream or other interest including, but not limited to development,
permitting, infrastructure, operating or technical difficulties, unusual or
unexpected geological and metallurgical conditions, slope failures or cave-ins,
flooding and other natural disasters or civil unrest, rate, grade and timing of
production differences from mineral resource estimates or production forecasts
or other uninsured risks; risk related to business opportunities that become
available to, or are pursued by Osisko. 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 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; 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 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. However, there can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Investors are cautioned that forward-looking statements are not guarantees of
future performance. Osisko cannot assure investors that act ual results will be
consistent with these forward-looking statements and investors should not place
undue reliance on forward-looking statements due to the inherent uncertainty
therein. </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
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>
<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 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>(Unaudited) </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=right>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B>March 31,</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>December 31,</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2018</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right 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=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right 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="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><B>Current assets</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 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>332,617 </TD>
    <TD vAlign=bottom align=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>333,705 </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="12%">500 </TD>
    <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;Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>8,718 </TD>
    <TD vAlign=bottom align=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>8,385 </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="12%">9,962 </TD>
    <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%">9,859 </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 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>910 </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>984 </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=right width="12%">352,707 </TD>
    <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%">352,933 </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="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;Investments in
      associates </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">257,878 </TD>
    <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%">257,433 </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;Other investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>84,288 </TD>
    <TD vAlign=bottom align=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>115,133 </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="12%">1,592,240 </TD>
    <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%">1,575,772 </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="12%" bgColor=#e6efff>102,346 </TD>
    <TD vAlign=bottom align=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>102,182 </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="12%">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="12%">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="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 align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other assets </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%">1,570 </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%">1,686 </TD>
    <TD vAlign=bottom align=left 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="12%" bgColor=#e6efff>2,502,233 </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="12%" bgColor=#e6efff>2,516,343 </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="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><B>Current liabilities</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;Accounts payable
      and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">14,308 </TD>
    <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%">15,310 </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="12%" bgColor=#e6efff>7,811 </TD>
    <TD vAlign=bottom align=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>7,890 </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 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%">5,382 </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%">5,632 </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="12%" bgColor=#e6efff>27,501 </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>28,832 </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="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;Long-term debt </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>467,483 </TD>
    <TD vAlign=bottom align=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>
  <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="12%">2,181 </TD>
    <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%">2,036 </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 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>126,663 </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>126,762 </TD>
    <TD 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 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">623,828 </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%">621,938 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Equity attributable to
      Osisko Gold Royalties Ltd shareholders</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;Share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,621,867 </TD>
    <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%">1,633,013 </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="12%" 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="12%" 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;Equity reserve </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">990 </TD>
    <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;Contributed surplus </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,029 </TD>
    <TD vAlign=bottom align=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>13,265 </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;Equity component
      of convertible debentures </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">17,601 </TD>
    <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%">17,601 </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;Accumulated other comprehensive loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(9,025</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>(2,878</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Retained earnings
    </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%">202,042 </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%">202,503 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left 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>1,878,405 </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>1,894,405 </TD>
    <TD 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="12%">2,502,233 </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%">2,516,343 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<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><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 </TD></TR>
  <TR vAlign=top>
    <TD align=left>For the three months ended March 31, 2018 and 2017 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Unaudited) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(tabular amounts expressed in thousands of Canadian
      dollars, except per share amounts) </TD></TR>
  <TR vAlign=top>
    <TD align=left></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=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2018</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right 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=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right 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>
    <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>Revenues</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>125,614</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="12%" bgColor=#e6efff><B>17,126</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="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>&nbsp; &nbsp; &nbsp;
      &nbsp;Cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(93,667</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>(102</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Depletion of
      royalty, stream and other interests </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%">(13,230</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%">(3,319</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=right width="12%" bgColor=#e6efff><B>18,717</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="12%" bgColor=#e6efff><B>13,705</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="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 operating
      expenses</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;General and
      administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(4,382</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%">(5,651</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Business development </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" 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="12%" bgColor=#e6efff>(1,779</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exploration and
      evaluation, net of tax credits </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%">(44</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%">(42</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Operating income</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>13,099</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="12%" bgColor=#e6efff><B>6,233</B> </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;Interest income
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,492 </TD>
    <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%">1,278 </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;Finance costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(6,634</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>(949</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange
      gain (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">187 </TD>
    <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%">(1,420</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &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="12%" bgColor=#e6efff>(1,397</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>(1,445</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other gains
      (losses), net </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%">(2,581</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%">2,024 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Earnings before income
      taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,166</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="12%" bgColor=#e6efff><B>5,721</B> </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;Income tax expense
    </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%">(1,856</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%">(1,721</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net earnings</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><B>2,310</B> </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="12%" bgColor=#e6efff><B>4,000</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="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) 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%">2,310 </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%">4,076 </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>- </TD>
    <TD vAlign=bottom align=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>(76</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="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 per share
      attributable to Osisko Gold Royalties</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;<B>Ltd&#146;s shareholders</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 align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Basic </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>0.01 </TD>
    <TD vAlign=bottom align=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>0.04 </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;Diluted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.01 </TD>
    <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%">0.04 </TD>
    <TD vAlign=bottom 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><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 align=left>For the three months ended March 31, 2018 and 2017 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Unaudited) </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=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>2018</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right 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=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=right>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><B></B></TD>
    <TD vAlign=bottom noWrap align=right width="12%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom noWrap align=right 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>Operating activities</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>Net earnings </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,310 </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%">4,000 </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="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;Share-based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">673 </TD>
    <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%">2,662 </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;Depletion and amortization </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13,272 </TD>
    <TD vAlign=bottom align=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>3,352 </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;Finance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,618 </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="12%">345 </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;Share of loss of associates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,397 </TD>
    <TD vAlign=bottom align=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>1,445 </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;Net loss (gain) on
      acquisition of investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,908</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%">2,598 </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;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>- </TD>
    <TD vAlign=bottom align=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>(4,833</TD>
    <TD 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 width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,489 </TD>
    <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%">211 </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 tax expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,667 </TD>
    <TD vAlign=bottom align=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>1,721 </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;Foreign exchange
      loss </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">898 </TD>
    <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%">1,415 </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 </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>46 </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>105 </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=right width="12%">24,462 </TD>
    <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%">13,021 </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 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>(1,159</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>(1,008</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 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%">23,303 </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%">12,013 </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></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="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>Net increase in short-term
      investments </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>) </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>) </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=right width="12%">(13,629</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%">(62,819</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=right width="12%" bgColor=#e6efff>25,578 </TD>
    <TD vAlign=bottom align=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>22,512 </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=right width="12%">(9,970</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%">(42,928</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Property and equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(18</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>(44</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exploration and evaluation tax credits, net
      of 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%">1,094 </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%">1,242 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net cash flows provided by
      (used) in investing activities </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>2,555 </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="12%" bgColor=#e6efff>(82,537</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="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>Financing activities</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>Issuance of common shares </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 vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">869 </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=right width="12%" bgColor=#e6efff>(186</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</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=right width="12%">(379</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 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=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>1,333 </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=right width="12%">(20,333</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%">(1,822</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dividends paid </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>(7,547</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>(4,082</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 financing activities
    </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%">(28,331</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="12%">(3,743</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="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>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%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,473</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%">(74,267</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Effects of exchange rate
      changes on cash and cash equivalents </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>1,385 </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>(1,415</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Decrease in cash and cash equivalents</B>
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,088</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(75,682</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash and cash equivalents
      &#150; beginning of period</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>333,705 </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>499,249 </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; end of
      period</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%">332,617 </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%">423,567 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=right>7 </P>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
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<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
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<P align=center>
<IMG src="exhibit99-5x1x1.jpg" border=0 width="222" height="102"> </P>
<P align=center><B>OSISKO DECLARES 15</B><B><SUP>TH</SUP></B><B> QUARTERLY
DIVIDEND </B></P>
<P align=justify><B>(Montreal, May 3, 2018)</B> Osisko Gold Royalties Ltd
("Osisko" or the "Company") (TSX:OR) (NYSE:OR) is pleased to announce a second
quarter 2018 dividend of $0.05 per common share. The dividend will be paid on
July 16, 2018 to shareholders of record as of the close of business on June 29,
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 June 29, 2018. This dividend is an "eligible dividend" as defined in
the <I>Income Tax Act</I> (Canada). </P>
<P align=justify>Sean Roosen, Chair and Chief Executive Officer of Osisko,
commented: &#147;We are happy to declare our 15<SUP>th</SUP> consecutive dividend
payment. We are proud of our achievement having already returned a total to
$62.9 million to shareholders since inception of the Company in 2014.&#148; </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 July 16, 2018 to shareholders on
record as of June 29, 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>
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<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.
Osisko 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 12.7%
interest in Falco Resources Ltd. and a 32.6% in Barkerville Gold Mines 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 colspan="2"><B>For further information, please contact Osisko Gold
      Royalties Ltd:</B> &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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