<SEC-DOCUMENT>0001062993-25-008805.txt : 20250507
<SEC-HEADER>0001062993-25-008805.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507172713
ACCESSION NUMBER:		0001062993-25-008805
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Osisko Gold Royalties LTD
		CENTRAL INDEX KEY:			0001627272
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		25922860

	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 style="text-align: center;" width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-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 style="text-align: center;"><b><font size="5">FORM 6-K </font></b></p>
    <p style="text-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></p>
    <p style="text-align: center;">For the month of <b><u>May 2025</u></b></p>
    <p style="text-align: center;">Commission File Number: <u><b>001-37814</b></u></p>
    <p style="text-align: center;"><b><u><font size="5">OSISKO GOLD ROYALTIES LTD</font></u></b><br>(Translation of registrant's name into English)</p>
    <p style="text-align: center;"><b><u>1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qc H3B 2S2 </u></b><br>(Address of principal executive offices)</p>
    <p style="text-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 style="text-align: center;">[&#160;&#160; ] Form 20-F&#160;&#160;&#160;&#160;&#160; [X] Form 40-F</p>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: left;"><u>Exhibits</u></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); width: 8%; white-space: nowrap;"><b>Exhibit</b></td>
            <td style="width: 5%; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); white-space: nowrap;"><b>Description</b></td>
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        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Interim Consolidated Financial Statements for the three months ended March 31, 2025</a></td>
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            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the three months ended March 31, 2025</a></td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-3.htm">99.3</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate </a><a href="exhibit99-4.htm">&#8211;</a><a href="exhibit99-3.htm"> CEO</a></td>
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        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate &#8211; CFO</a></td>
        </tr>
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            <td><a href="exhibit99-5.htm">99.5</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-5.htm">Press Release of Dividends</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-6.htm">99.6</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-6.htm">Press Release of Q1 2025 results</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><b><u>SIGNATURES</u></b></p>
    <p style="text-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; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr style="vertical-align: top;">
            <td style="text-align: left;">&#160;</td>
            <td style="text-align: left; width: 50%;"><b>OSISKO GOLD ROYALTIES LTD</b></td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left;">&#160;</td>
            <td style="text-align: left; width: 50%;">(Registrant)</td>
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    </table>
    <br>
    <table style="border-color: black; font-size: 10pt; border-collapse: collapse; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr style="vertical-align: top;">
            <td style="text-align: left;">Date: May 7, 2025</td>
            <td style="text-align: left; width: 5%;">By:</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left; width: 45%;">/s/ Andr&#233; Le Bel</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left;">&#160;</td>
            <td style="text-align: left; width: 5%;">&#160;</td>
            <td style="text-align: left; width: 45%;">Andr&#233; Le Bel</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left;">&#160;</td>
            <td style="text-align: left; width: 5%;">Title:</td>
            <td style="text-align: left; width: 45%;">Vice President, Legal Affairs and Corporate Secretary</td>
        </tr>
    </table>
    <br>
    <hr style="text-align: center;" width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>Osisko Gold Royalties Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-1x001.jpg" style="width: 374px;" height="157"><b> </b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><font style="font-size: 12pt;"><b>Unaudited Condensed Interim</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 12pt;"><b>Consolidated Financial Statements</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><font style="font-size: 12pt;"><b>For the three months</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>ended</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 12pt;"><b>March 31, 2025</b></font></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Balance Sheets</font><br><font style="font-size: 12pt;">(Unaudited)</font></td>
        </tr>
        <tr>
            <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars)</td>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 1.96532%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0231%; white-space: nowrap;"><b>December 31,</b></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 1.96532%; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1.04046%; white-space: nowrap; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; white-space: nowrap;"><b>Notes</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.0231%; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; width: 1.96532%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12.0231%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Assets</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Cash</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">3</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Other assets</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">85,403</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">74,043</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">77,284</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">1,388,729</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">1,377,634</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">3,923</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">5,331</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">8,457</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">8,433</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;"><font style="color: #4f81bd;"><i><b>&#160;</b></i></font></td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;"><font style="color: #4f81bd;"><br></font></td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">1,132</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">852</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12.0231%; text-align: right;">13,512</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12.0231%; text-align: right;">14,616</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">4,539</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">3,931</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">7</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">74,346</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">93,900</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 9.13295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right;">82,438</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right;">76,234</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">174,835</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">188,681</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">8</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">1,680,514</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">1,675,940</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">65,003</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">63,567</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">(141,841</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9.13295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 1.96532%; text-align: left;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right;">(408,713</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 1.96532%; text-align: left;">)</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">1,213,894</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">1,188,953</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9.13295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 12.0231%; text-align: right;">1,388,729</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; width: 12.0231%; text-align: right;">1,377,634</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; width: 1.96532%; text-align: left;">&#160;</td>
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    <div id="footer_page_2">
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                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
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            <tr>
                <td>&#160;</td>
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        </table>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
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            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statements of Income</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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        <tr>
            <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12.0231%; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; width: 1.96532%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12.0231%; white-space: nowrap;"><b>2024</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; width: 1.96532%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; white-space: nowrap;"><b>Notes</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.0231%; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; width: 1.96532%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.04046%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.0231%; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; width: 1.96532%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 12.0231%; white-space: nowrap;">Restated (Note 2)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 1.96532%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Revenues</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; background-color: #e6efff;">10</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;"><b>54,916</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;"><b>45,047</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; background-color: #e6efff;">10</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">(1,359</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; border-bottom: 0.75pt solid #000000;">(7,744</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; border-bottom: 0.75pt solid #000000;">(8,546</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;"><b>45,553</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;"><b>35,142</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Other operating expenses</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt;">General and administrative</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(4,959</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(4,544</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Business development</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(2,079</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(1,011</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Operating income</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>38,515</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>29,587</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Interest income</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">598</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">934</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt;">Finance costs</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(1,730</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(2,767</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Foreign exchange gain (loss)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">160</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">(2,411</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt;">Share of loss of associates</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(3,752</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(10,053</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Other (losses) gains, net</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; background-color: #e6efff;">10</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(286</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,737</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Earnings before income taxes</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>33,505</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>17,027</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Income tax expense</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: rgb(230, 239, 255); border-bottom: 0.75pt solid rgb(0, 0, 0);">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: rgb(230, 239, 255); border-bottom: 0.75pt solid rgb(0, 0, 0);">(7,865</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: rgb(230, 239, 255); border-bottom: 0.75pt solid rgb(0, 0, 0);">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: rgb(230, 239, 255); border-bottom: 0.75pt solid rgb(0, 0, 0);">(5,858</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Net earnings</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>25,640</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;"><b>11,169</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.3295%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12.0231%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>Net earnings per share</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 11.3295%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Basic and diluted</td>
            <td style="vertical-align: bottom; width: 11.3295%; background-color: #e6efff; text-align: right;">11</td>
            <td style="vertical-align: bottom; text-align: center; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">0.14</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #e6efff;">0.06</td>
            <td style="vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #e6efff;">&#160;</td>
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    <div id="footer_page_3">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
                <td style="width: 5%; text-align: right;">&#160;</td>
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            <tr>
                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">3</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statements of Comprehensive Income (Loss)</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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        <tr>
            <td style="width: 100%; text-align: justify;">(tabular amounts expressed in thousands of U.S. dollars)</td>
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    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2024</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap;">Restated (Note 2)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>11,169</b></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">161</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(234</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(211</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">887</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(16,383</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">700</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(1,797</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;"><b>1,965</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;"><b>(16,949</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; width: 2%; text-align: left; background-color: #e6efff;"><b>)</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;"><b>27,605</b></td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid transparent; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;"><b>(5,780</b></td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid transparent; width: 2%; text-align: left; background-color: #e6efff;"><b>)</b></td>
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                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
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                <td>&#160;</td>
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            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statements of Cash Flows</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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            <td style="width: 100%; text-align: justify;">(tabular amounts expressed in thousands of U.S. dollars)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2024</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;"><b>Notes</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 10%; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right;">Restated (Note 2)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">25,640</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">11,169</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,032</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,790</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,752</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,053</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">286</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(92</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,437</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">7,242</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">5,463</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">104</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">116</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">47,053</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">37,858</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">46,079</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">37,362</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(667</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Acquisitions of investments</td>
            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(11,364</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,847</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(5,285</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(17</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(3</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">3,177</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,437</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(30,000</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(32,394</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,587</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,609</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(7,610</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(7,680</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,204</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(210</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(288</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(25,449</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(38,957</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Increase in cash before effects of exchange rate changes</td>
            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,964</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,582</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">10</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,974</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">900</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">59,096</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">51,204</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 10%; background-color: #e6efff;">3</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">63,070</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">52,104</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additional information on the consolidated statements of cash flows is presented in Note 12.</p>
    <div id="footer_page_5">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
                <td style="width: 5%; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">5</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statement of Changes in Equity</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025</font></td>
        </tr>
        <tr>
            <td style="width: 100%; text-align: justify;">(tabular amounts expressed in thousands of U.S. dollars)</td>
        </tr>
    </table>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Number of</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>common</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;"><b> Contributed<br>surplus</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>other</b><b> </b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><sup><b>&#160;</b></sup></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>shares</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Share</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>comprehensive</b><b> </b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><sup><b>&#160;</b></sup></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>outstanding</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>capital</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>loss </b><sup><b>(i)</b></sup></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Deficit </b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>186,679,202</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>1,675,940</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>63,567</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(141,841</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">1,965</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">1,965</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">27,605</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-right: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">.</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">.</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">.</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">835</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">835</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">67</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">67</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">263</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">263</font></td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">1,611</font></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; padding-right: 3pt;" colspan="1"><font style="font-size: 8pt;">Settlements</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">27,519</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">356</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(703</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(150</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(497</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">608</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">608</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-right: 3pt;" colspan="1"><font style="font-size: 8pt;">Deferred share units to be settled in common shares:</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; background-color: #e6efff; padding-right: 3pt;" colspan="1"><font style="font-size: 8pt;">Share-based compensation</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">215</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">215</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">6,980</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">88</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(195</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(49</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(156</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">323</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">323</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; padding-right: 3pt;" colspan="1"><font style="font-size: 8pt;">Transfer of realized loss on financial assets at fair value through other comprehensive income, net of income taxes</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">239</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">(239</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; padding-right: 3pt;" colspan="1"><font style="font-size: 8pt;"><b>Balance - March 31, 2025</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>187,032,324</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>1,680,514</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>65,003</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(139,637</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(391,986</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>1,213,894</b></font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i) As at March 31, 2025, accumulated other comprehensive loss comprises items that will not be recycled to the consolidated statements of income amounting to ($12.1) million and items that may be recycled to the consolidated statements of income amounting to ($127.5) million.</p>
    <div id="footer_page_6">
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                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
                <td style="width: 5%; text-align: right;">&#160;</td>
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            <tr>
                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">6</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
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            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statement of Changes in Equity</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2024</font></td>
        </tr>
        <tr>
            <td style="width: 100%; text-align: justify;">(tabular amounts expressed in thousands of U.S. dollars)</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Number of</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Accumulated</b><b> </b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>common</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;"><b> Contributed<br>surplus</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" rowspan="3"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>other</b><b> </b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><sup><b>&#160;</b></sup></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>shares</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Share</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>comprehensive</b><b> </b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><sup><b>&#160;</b></sup></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>outstanding</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>capital</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>loss </b><sup><b>(i)</b></sup></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Deficit </b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;"><b>1,247,931</b></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">11,169</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%;"><font style="font-size: 8pt;">(16,949</font></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">(16,949</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">11,169</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">(5,780</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; padding-right: 3pt; text-indent: -10pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 9%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i) As at March 31, 2024, accumulated other comprehensive loss comprises items that will not be recycled to the consolidated statements of income amounting to ($6.5) million and items that may be recycled to the consolidated statements of income amounting to ($95.2) million.</p>
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            <tr>
                <td>The notes are an integral part of these unaudited condensed interim consolidated financial statements.</td>
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            <tr>
                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">7</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
            </tr>
            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>1.</b><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Nature of activities</b></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko Gold Royalties Ltd and its subsidiaries (together, "Osisko" or the "Company") are engaged in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities that fit the Company's risk/reward objectives. Osisko is a public company domiciled in the Province of Qu&#233;bec, Canada, whose shares trade on the Toronto Stock Exchange and the New York Stock Exchange and is constituted under the <i>Business Corporations Act</i> (Qu&#233;bec). The address of its registered office is 1100, avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec. 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. The Company's main asset is a 3-5% net smelter return ("NSR") royalty on the Canadian Malartic Complex, located in Qu&#233;bec, Canada.</p>
    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>2.</b><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Material accounting policy information</b></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Basis of presentation</b></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the <i>International Accounting Standards Board</i> ("IASB") applicable to the preparation of interim financial statements under IAS 34, <i>Interim Financial Reporting</i>. The condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended December 31, 2024 and 2023, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The accounting policies, methods of computation and presentation applied in these unaudited condensed interim consolidated financial statements are consistent with those of the previous financial year. The Board of Directors approved these condensed interim consolidated financial statements for issue on May 7, 2025.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The financial statements included herein reflect all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Change in presentation currency </u></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the year ended December 31, 2024, the Company elected to change its presentation currency from Canadian dollars ("C$") to U.S. dollars. The change in presentation currency is to improve investors and other stakeholders' ability to compare the Company's financial results with other precious metals royalty and streaming companies, who mostly report their results in U.S. dollars.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In accordance with IAS 8, <i>Accounting Policies, Changes in Accounting Estimates and Errors</i>, this change in presentation currency was applied retrospectively as if the new presentation currency had always been the Company's presentation currency and, accordingly, the comparative figures for 2024 have been restated (including in the notes to the consolidated financial statements).</p>
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                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">8</td>
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        </table>
    </div>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
            </tr>
            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>2.</b><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Material accounting policy information </b><i><b>(continued)</b></i></p>
    <p style="text-indent: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Accounting standards issued but not yet effective</u></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has not yet adopted certain standards, interpretations to existing standards and amendments which have been issued but have an effective date of later than December 31, 2025. These standards, interpretations to existing standards and amendments, other than <i>IFRS 18 Presentation and Disclosure in Financial Statements</i> and the amendments to <i>IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures</i>, which are presented below, are not expected to have any significant impact on the Company or are not considered material and are therefore not discussed herein.</p>
    <p style="text-indent: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>IFRS 18 Presentation and Disclosure in Financial Statements</i></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In April 2024, the IASB issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. IFRS 18 was issued in response to investors' concerns about the comparability and transparency of entities' performance reporting. The new requirements introduced in IFRS 18 will help to achieve comparability of the financial performance of similar entities, especially related to how 'operating profit or loss' is defined. The new disclosures required for some management-defined performance measures will also enhance transparency. The key new concepts introduced in IFRS 18 relate to:</p>
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        <li style="margin-left: 36.14pt; text-align: justify; padding-left: 8.86pt;">the structure of the statement of profit or loss;</li>
        <li style="margin-left: 36.14pt; text-align: justify; padding-left: 8.86pt;">required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and</li>
        <li style="margin-left: 36.14pt; text-align: justify; padding-left: 8.86pt;">enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.</li>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its 'operating profit or loss'.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. Management has not yet evaluated the impact that this new standard will have on its consolidated financial statements.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Amendments - IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures</i></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7, which respond to recent questions arising in practice. The amendments were issued to:</p>
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        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;</li>
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;</li>
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">add new disclosures for certain instruments with contractual terms that can change cash flows; and</li>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The new requirements will apply from January 1, 2026, with early application permitted. Management has not yet evaluated the impact that this new standard will have on its consolidated financial statements.</p>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also makes estimates and assumptions concerning the future. The areas of judgement and estimation are consistent with those reported in the annual consolidated financial statements for the years ended December 31, 2024 and 2023.</p>
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                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>December 31,</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2025 </b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>March 31,</b><br><b>2025 </b></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">463</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <div id="footer_page_10">
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                <td>&#160;</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">343</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">(561</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">55,313</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">63,569</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,564</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">386</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">(4,778</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; padding-left: 25pt;">Disposals</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,448</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(110</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,030</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; padding-left: 10pt;">Balance - End of period</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">66,153</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">55,313</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">12,182</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">800</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,399</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; padding-left: 25pt;">Change in allowance for expected credit loss and write-offs</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,399</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">12,182</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">12,982</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">12,182</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">74,043</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="margin-left: 14.2pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Other investments comprise common shares, warrants and convertible instruments, mostly from companies publicly traded in Canada and in the United States of America, as well as loans receivable (notes) from certain associates (private companies), which were partially provisioned as at March 31, 2025 and December 31, 2024.</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>Total</b></td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$ </b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">637,413</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">465,671</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,113,855</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">5,285</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">5,285</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(5,034</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(7,744</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">934</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">63</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">997</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <tr>
                <td style="margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000;">640,922</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000;">460,700</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000;">10,771</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000;">1,112,393</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Cost</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">390,882</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">561,850</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">952,732</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(306,524</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(228,403</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(534,927</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Net book value - March 31</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">84,358</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">333,447</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">417,805</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt;">Cost</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">353,098</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">160,039</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">20,842</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(58,531</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(20,842</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">284,204</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">101,508</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">385,712</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">279,931</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">26,268</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">316,970</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(7,571</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(523</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(8,094</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Net book value - March 31</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">272,360</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">25,745</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">308,876</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">640,922</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">460,700</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">1,112,393</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
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    <div id="footer_page_12">
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                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">12</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <div id="header_page_13">
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>6.</b><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Royalty, stream and other interests</b><i><b> (continued)</b></i></p>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="7"><b>Year ended</b><br><b>December 31, 2024</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$ </b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,771</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">465,671</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">1,113,855</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">390,283</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">561,690</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">951,973</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(303,757</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(223,253</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(527,010</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">86,526</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">338,437</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">424,963</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">352,216</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">160,017</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">20,842</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">533,075</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(68,832</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(58,531</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(20,842</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(148,205</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(7,894</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">25,748</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">10,771</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">304,022</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 1.5pt solid #000000;">10,771</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">93,900</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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    <p style="text-align: justify; margin-left: 14.4pt; margin-top: 10pt; margin-bottom: 10pt;"><u>Revolving credit facility</u></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A total amount of C$550.0 million ($382.6 million) is available under the credit facility (the "Facility"), with an additional uncommitted accordion of up to C$200.0 million ($139.1 million).</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The maturity date of the Facility is April 30, 2028 and the uncommitted accordion is subject to acceptance by the lenders. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalties, streams and other interests, and is secured by the Company's assets.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate, Canadian Overnight Repo Rate Average ("CORRA") or Secured Overnight Financing Rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. As at March 31, 2025, the effective interest rate on the drawn balance was 5.3%, including the applicable margin.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Facility includes quarterly covenants that require the Company to maintain certain financial ratios, including leverage ratios, and to meet certain non-financial requirements. As at March 31, 2025, all such ratios and requirements were met.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>8.</b><font style="width: 6.69pt; display: inline-block;">&#160;</font><b>Share capital </b></p>
    <p style="text-indent: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Shares</b></p>
    <p style="margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">Authorized</p>
    <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-indent: 14.4pt; text-align: justify;">Unlimited number of common shares, without par value</p>
    <p style="margin-top: 0pt; margin-left: 21.6pt; text-indent: 14.4pt; text-align: justify; margin-bottom: 10pt;">Unlimited number of preferred shares, issuable in series</p>
    <p style="margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">Issued and fully paid</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-align: justify; margin-bottom: 10pt;">187,032,324 common shares</p>
    <p style="margin-left: 14.2pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Normal Course Issuer Bid</u></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In December 2024, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, Osisko may acquire up to 9,331,275 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2024 NCIB program are authorized from December 12, 2024 until December 11, 2025. Daily purchases will be limited to 73,283 common shares, other than block purchase exemptions.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three months ended March 31, 2025, the Company did not purchase any common shares under the NCIB program.</p>
    <div id="footer_page_14">
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                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">14</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
            </tr>
            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 19, 2025, the Board of Directors declared a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025. Total dividends payable amounted to $8.5 million, including $0.9 million payable in shares through the dividend reinvestment program (43,289 common shares were issued on April 15, 2025 at a discount rate of 3%).</p>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>average</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>options</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>C$</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,452,542</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">15.41</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,122,006</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14.50</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">287,300</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">18.72</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(269,066</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13.59</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(956,758</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13.44</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(6,666</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">18.61</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(6</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13.93</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">15.62</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">2,452,542</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">15.41</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,657,342</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">15.12</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14.51</td>
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    <p style="text-align: justify; margin-left: 14.4pt; margin-top: 10pt; margin-bottom: 10pt;">The weighted average share price when share options were exercised during the three months ended March 31, 2025 was C$27.54 (C$23.59 for the year ended December 31, 2024).</p>
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    <div style="margin-left: 14.4pt;">
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 14.0309%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 31.0345%;" colspan="4"><b>Options exercisable </b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>Weighted</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>average</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>Weighted</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>remaining</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>Weighted</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: right;"><b>Exercise</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>average</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>contractual</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>average</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;"><b>price range </b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 14.0309%;"><b>Number</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 14.0309%;"><b>exercise price</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 14.0309%;"><b>life (years)</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 14.0309%;"><b>Number</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 14.0309%;"><b>exercise price</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: right;"><b>C$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>C$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 14.0309%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;"><b>C$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; background-color: #e6efff;">12.70 - 14.50</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; background-color: #e6efff; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">1,208,543</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">13.54</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">1.3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">1,042,776</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">13.43</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom;">15.97 - 22.20</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;">968,267</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;">18.22</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;">3.5</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;">614,566</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%;">18.00</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; background-color: #e6efff; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 14.0309%; background-color: #e6efff;">2,176,810</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">15.62</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">2.3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 14.0309%; background-color: #e6efff;">1,657,342</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 14.0309%; background-color: #e6efff;">15.12</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
        </table>
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    <br>
    <div id="footer_page_15">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td>&#160;</td>
                <td style="width: 5%; text-align: right;">15</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
            </tr>
            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>9.</b><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Share-based compensation </b><i><b>(continued)</b></i></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Share options </b><i><b>(continued)</b></i></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The fair value of the share options is recognized as compensation expense over the vesting period. During the three months ended March 31, 2025, the total share-based compensation related to share options amounted to $0.3 million ($0.5 million during the three months ended March 31, 2024).</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Deferred and restricted share units</b></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company offers a deferred share unit ("DSU") plan and a restricted share unit ("RSU") plan, which allow DSUs and RSUs to be granted to directors, officers and/or employees as part of their long-term compensation package.</p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table summarizes information about the DSUs and RSUs movements:</p>
    <div style="margin-left: 18pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,792</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,578</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,247</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">1,022,687</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">435,505</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">742,202</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">366,789</td>
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                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">381,246</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,018</td>
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                <td style="vertical-align: bottom; padding-left: 20.45pt; text-indent: -14.15pt;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">54,916</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">45,047</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">145</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">78</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,281</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,359</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">2,710</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">4,104</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5,034</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,442</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">7,744</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">8,546</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">338</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,737</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">11,169</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">185,761</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,009</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">437</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">381</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><sup>&#160;</sup></td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><sup>&#160;</sup></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">395</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">296</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 11.9385%;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 11.9385%;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.945627%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.945627%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 11.9385%;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.945627%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 11.9385%;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.00946%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9527%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
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            <tr>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%;">&#160;</td>
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            <tr>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 0.945627%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 11.9385%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; width: 2.00946%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;"><sup>&#160;</sup></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.00946%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">6,260</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">6,260</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">7</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">8</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
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            <tr>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.945627%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9385%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.00946%; text-align: left;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff; width: 39.9527%;">Publicly traded mining companies</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">14,525</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">138</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%;">14,663</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">51,490</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.945627%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9385%; background-color: #e6efff;">51,490</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.00946%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9527%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9385%;">66,022</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9385%;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9385%;">6,399</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2.00946%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.945627%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9385%;">72,421</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2.00946%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; white-space: nowrap;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; white-space: nowrap;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.0214%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12.0095%; white-space: nowrap;"><b>Level 2</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12.0095%; white-space: nowrap;"><b>Level 3</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12.0095%; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 12.0095%; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 12.0095%; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 12.0095%; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.0214%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.951249%; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 12.0095%; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%; background-color: #e6efff;"><u><b>Recurring measurements</b></u><u><b> </b></u></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%;"><b>Financial assets at fair value through profit</b> <b>or loss </b><sup>(i)</sup></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 39.9524%; background-color: #e6efff;">Warrants on equity securities and convertible debentures<br>and notes</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 10pt; width: 39.9524%;">Publicly traded mining companies</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;"><sup>&#160;</sup></td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 25pt; width: 39.9524%; background-color: #e6efff;">Precious metals</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">6,534</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">6,534</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 25pt; width: 39.9524%;">Other minerals</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">11</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">14</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 39.9524%; background-color: #e6efff;"><b>Financial assets at fair value through other</b><b> comprehensive (loss) income </b><sup>(i)</sup></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%;">Equity securities</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.951249%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0095%; text-align: right;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2.0214%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 10pt; width: 39.9524%; background-color: #e6efff;">Publicly traded mining companies</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 25pt; width: 39.9524%;">Precious metals</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">1,822</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">138</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%;">1,960</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 25pt; width: 39.9524%; background-color: #e6efff;">Other minerals <sup>(ii)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">53,353</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.951249%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0095%; background-color: #e6efff;">53,353</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.0214%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 39.9524%;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12.0095%;">55,186</td>
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    <div id="footer_page_19">
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                <td>&#160;</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2024 </b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="2">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)&#160; Recognized in the consolidated statements of income under <i>other (losses) gains, net</i>.</p>
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    <div id="footer_page_20">
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                <td>&#160;</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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                <td style="width: 100%;">(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)</td>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Geographic revenues from the sale of precious metals and other commodities 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, 2025 and 2024, royalty, stream and other interest revenues were earned from the following jurisdictions:</p>
    <div style="margin-left: 14.4pt;">
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,452</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,866</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,018</td>
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                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,866</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For the three months ended March 31, 2025, revenues generated from precious metals represented 96% of total revenues (almost 100% for the three months ended March 31, 2024).</p>
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                <td>&#160;</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Notes to the Consolidated Financial Statements</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font></td>
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    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table summarizes the royalty, stream and other interests by jurisdiction, as at March 31, 2025 and December 31, 2024, which is based on the location of the properties related to the royalty, stream or other interests:&#160;</p>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">390,147</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">49,950</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">5,002</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">10,342</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">640,922</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">145,972</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">126,055</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">134,454</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">31,919</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">460,700</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">7,067</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">3,704</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">10,771</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">536,119</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">252,908</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">200,149</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">49,950</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">31,006</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">42,261</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1,112,393</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">146,408</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">127,974</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">136,386</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">22,300</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">32,603</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">465,671</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,067</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">3,704</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">10,771</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">538,928</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">254,982</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">201,099</td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">49,906</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">26,004</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">42,936</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 8%;">1,113,855</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>15. Related party transactions</b></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three months ended March 31, 2025, the Company advanced additional funds to an associate ($0.8 million). As at March 31, 2025, a note receivable from an associate of $13.0 million is included in other investments ($12.2 million as at December 31, 2024). The note receivable is secured by the assets of the associate.</p>
    <p style="margin-left: 14.4pt; text-indent: -14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>16.</b><font style="width: 1.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Subsequent events</b></p>
    <p style="text-indent: 14.2pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Revolving credit facility</u></p>
    <p style="margin-left: 14.2pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Subsequent to March 31, 2025, the Company repaid a total amount of $30.0 million on its revolving credit facility.</p>
    <p style="text-indent: 14.2pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Dividend</u></p>
    <p style="margin-left: 14.4pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 7, 2025, the Board of Directors declared a quarterly dividend of US$0.055 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025.</p>
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<DESCRIPTION>EXHIBIT 99.2
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    <title>Osisko Gold Royalties Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com</title>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-2x001.jpg" style="width: 374px;" height="157"><b> </b></p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><font style="font-size: 14pt;"><b>Management's</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 14pt;"><b>Discussions and Analysis</b></font></p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><font style="font-size: 12pt;"><b>For the three months</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>ended</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 12pt;"><b>March 31, 2025</b></font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 12pt;">&#160;</font></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><font style="font-size: 12pt;">&#160;</font></p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <div style="clear: both; border-bottom: 0.75pt solid #000000;">
        <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>The following management discussion and analysis ("MD&amp;A") of the consolidated operations and financial position of Osisko Gold Royalties Ltd ("Osisko" or the "Company") and its subsidiaries for the three months ended March 31, 2025 should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and related notes for the three months ended March 31, 2025. The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements. Management is responsible for the preparation of the unaudited condensed interim consolidated financial statements and other financial information relating to the Company included in this report. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting. In furtherance of the foregoing, the Board of Directors has appointed an Audit and Risk Committee composed of independent directors. The Audit Committee meets with management and the auditors in order to discuss results of operations and the financial condition of the Company prior to making recommendations and submitting the unaudited condensed interim consolidated financial statements to the Board of Directors for its consideration and approval for issuance to shareholders. The information included in this MD&amp;A is as of May 7, 2025, the date when the Board of Directors has approved the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 following the recommendation of the Audit and Risk Committee. <b>All monetary amounts included in this report are expressed in U.S. dollars, the Company's reporting currency, unless otherwise noted</b>. During the three months ended December 31, 2024, the Company elected to change its presentation currency from Canadian dollars ("C$") to U.S. dollars. In accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this change in presentation currency was applied retrospectively as if the new presentation currency had always been the Company's presentation currency and, accordingly, the comparative figures for 2024 have been restated. This MD&amp;A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Forward-Looking Statements" section.</i></p>
    </div>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 10pt;"><b>Table of Contents</b></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_3">Description of the Business</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_3">3</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_3">Highlights</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_3">3</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_4">Annual General Meeting of Shareholders and Proposed Name Change</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_4">4</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_4">Guidance for 2025 and 5-Year Outlook</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_4">4</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_5">Portfolio of Royalty, Stream and Other Interests</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_5">5</a></td>
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            <td style="text-align: left;"><a href="#page_20">Equity Investments</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_20">20</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_22">Sustainability Activities</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_22">22</a></td>
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            <td style="text-align: left;"><a href="#page_22">Dividends and Normal Course Issuer Bid</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_22">22</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_23">Gold Market and Currency</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_23">23</a></td>
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            <td style="text-align: left;"><a href="#page_23">Selected Financial Information</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_23">23</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_24">Overview of Financial Results</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_24">24</a></td>
        </tr>
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            <td style="text-align: left;"><a href="#page_27">Liquidity and Capital Resources</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_27">27</a></td>
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        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_28">Cash Flows</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_28">28</a></td>
        </tr>
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            <td style="text-align: left;"><a href="#page_29">Quarterly Information</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_29">29</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_30">Segment Disclosure</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_30">30</a></td>
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            <td style="text-align: left;"><a href="#page_31">Related Party Transactions</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_31">31</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_32">Contractual Obligations and Commitments</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_32">32</a></td>
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            <td style="text-align: left;"><a href="#page_33">Off-Balance Sheet Items</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_33">33</a></td>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_33">Outstanding Share Data</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_33">33</a></td>
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            <td style="text-align: left;"><a href="#page_33">Subsequent Events to March 31, 2025</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_33">33</a></td>
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        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_34">Risks and Uncertainties</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_34">34</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_34">Disclosure Controls and Procedures and Internal Control over Financial Reporting</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_34">34</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_35">Basis of Presentation of Consolidated Financial Statements</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_35">35</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_36">Critical Accounting Estimates and Significant Judgements</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_36">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_36">Financial Instruments</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_36">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_36">Technical Information</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_36">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_36">Non-IFRS Financial Performance Measures</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_36">36</a></td>
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            <td style="text-align: left;"><a href="#page_38">Forward-Looking Statements</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_38">38</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_39">Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_39">39</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_40">Corporate Information</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_40">40</a></td>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of the Business </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko is engaged in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities that fit the Company's risk/reward objectives. 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. The Company's cornerstone asset is a 3-5% net smelter return ("NSR") royalty on the Canadian Malartic Complex, located in Qu&#233;bec, Canada.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko is a public company domiciled in the Province of Qu&#233;bec, Canada, whose shares trade on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") and is constituted under the <i>Business Corporations Act </i>(Qu&#233;bec). The address of its registered office is 1100, avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Business Model and Strategy</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko is focused on acquiring high-quality, long-life precious metals royalty and stream assets located in favourable jurisdictions and operated by established mining companies. The Company deploys capital through the acquisition of royalty and stream assets on metal mining projects at various stages of operation and development. Osisko endeavours to provide investors with lower-risk precious metals exposure via a geographically and operationally diversified asset base. Osisko's objective is to deploy capital into new and accretive investment opportunities to further enhance its growth profile.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Highlights</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>First Quarter of 2025</u></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 26.76pt; text-align: justify; padding-left: 8.94pt;">19,014 gold equivalent ounces ("GEOs<sup>1</sup>") earned (22,259 GEOs in Q1 2024<sup>2</sup><a style="text-decoration: none;" href="#_ftn2"><font style="color: #000000;">&#160;</font></a>);</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Revenues from royalties and streams of $54.9 million ($45.0 million in Q1 2024);</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Cash flows generated by operating activities of $46.1 million ($37.4 million in Q1 2024);</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Net earnings of $25.6 million, $0.14 per basic share ($11.2 million, $0.06 per basic share in Q1 2024);</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Adjusted earnings<sup>3</sup><a style="text-decoration: none;" href="#_ftn3"><font style="color: #000000;">&#160;</font></a> of $29.5 million, $0.16 per basic share ($22.0 million, $0.12 per basic share in Q1 2024);</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Net repayments of $19.6 million under the revolving credit facility;</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Cash balance of $63.1 million and debt outstanding of $74.3 million as at March 31, 2025;</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Acquisition of a 1.5% NSR royalty from Japan Gold Corp. ("Japan Gold") on Japan Gold's wholly-controlled properties in Japan for cash consideration of $5.0 million; and</li>
        <li style="margin-left: 26.76pt; text-align: justify; padding-left: 8.94pt;">Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Subsequent to March 31, 2025</u></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Additional repayments of $30.0 million under the revolving credit facility;</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources Ltd. ("Sable Resources") for consideration of C$3.8 million, as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;</li>
        <li style="margin-left: 26.91pt; text-align: justify; padding-left: 9.09pt;">Publication of the fifth edition of the Company's sustainability report, <i>Growing Responsibly</i>; and</li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Declaration of a quarterly dividend of US$0.055 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025, an increase of 20% over the previous quarterly dividend, based on the foreign currency rate (C$/US$) on the declaration date of the first quarter dividend.</li>
    </ul>
    <div id="ftn_page_3">
        <hr style="width: 33%; height: 1px; background-color: #000000; text-align: left; margin-left: 0px; border: medium;">
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            <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-top: 0px; margin-bottom: 0px;"><sup>1<font style="display: inline-block; width: 10pt;">&#160;</font></sup>GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. For average metal prices used, refer to the <i>Portfolio of Royalty, Stream and Other Interests </i>section of this MD&amp;A.</p>
        </div>
        <div id="_ftn2">
            <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-top: 0px; margin-bottom: 0px;"><sup>2<font style="display: inline-block; width: 10pt;">&#160;</font></sup>Three months ended March 31, 2024 ("Q1 2024").</p>
        </div>
        <div id="_ftn3">
            <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-top: 0px; margin-bottom: 10pt;"><sup>3</sup><font style="display: inline-block; width: 10pt;">&#160;</font>"Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the <i>Non-IFRS Financial Performance Measures</i> section of this MD&amp;A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.</p>
        </div>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Annual and Special Meeting of Shareholders and Proposed Name Change </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's 2025 Annual and Special Meeting ("2025 AGM") of shareholders will be held on May 8, 2025 in Montr&#233;al, Qu&#233;bec. As part of the 2025 AGM, the Company will ask its shareholders to consider, and if deemed advisable, to adopt a special resolution approving the amendment to the articles of the Company to change its name to "OR Royalties Inc. / Redevances OR Inc.".</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Guidance for 2025 and 5-Year Outlook</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>2025 Guidance</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko expects GEOs earned to range between 80,000 to 88,000 in 2025 at an average cash margin<sup>4</sup><a style="text-decoration: none;" href="#_ftn4"><font style="color: #000000;">&#160;</font></a> of approximately 97%. For the 2025 guidance, deliveries of silver, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus prices and a gold/silver price ratio of 83:1. The 2025 guidance assumes Capstone Copper Corp's Mantos Blancos mine will continue to operate at its Phase I nameplate throughput capacity of 20,000 tonnes per day ("tpd"), as well as the commencement of payments associated with GEOs earned from Cardinal Namdini Mining Ltd.'s Namdini mine in the second half of 2025. In addition, the guidance assumes a full year of GEOs earned from the copper stream from MAC Copper Ltd.'s CSA mine and the NSR royalty on G Mining Ventures Corp.'s Tocantinzinho mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko's 2025 guidance on royalty and stream interests is largely based on publicly available forecasts from its operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>5-Year Outlook</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko expects its portfolio to generate between 110,000 and 125,000 GEOs in 2029. The outlook assumes the commencement of production at Gold Fields Limited's Windfall project and South32 Limited's Hermosa/Taylor project, amongst others. It also assumes increased production from certain other operators that are advancing expansions, including Alamos Gold Inc.'s Phase 3+ Expansion at its Island Gold District. The 5-year outlook assumes there will be no GEOs contribution from the Eagle Gold mine, which is currently in receivership.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Beyond this growth profile, Osisko owns several other growth assets, which have not been factored in the 5-year outlook, as their development timelines are either longer, or difficult to reasonably forecast at this time. As these operators provide additional clarity on these respective assets, Osisko will seek to include them in future long-term outlooks.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This 5-year outlook is based on internal judgements of publicly available forecasts and other disclosure by the third-party owners and operators of the Company's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the operators or uses management's best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 80:1.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This 5-year outlook, originally published on February 19, 2025, replaces the 5-year outlook previously released in February 2024, the latter of which should be considered as withdrawn. Investors should not use the current 5-year outlook to extrapolate forecast results to any year within the 5-year period (2025-2029).</p>
    <div id="ftn_page_4">
        <hr style="width: 33%; height: 1px; background-color: #000000; text-align: left; margin-left: 0px; border: medium;">
        <div id="_ftn4">
            <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-top: 0px; margin-bottom: 10pt;"><sup>4</sup><font style="display: inline-block; width: 10pt;">&#160;</font>Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of this MD&amp;A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.</p>
        </div>
    </div>
    <div id="footer_page_4">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Portfolio of Royalty, Stream and Other Interests</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table details the GEOs earned by the Company's producing royalty, stream and other interests:</p>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="4">Three months ended<br>March 31,</td>
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            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">2025</td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Canadian Malartic Complex royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">7,198</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">9,176</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#201;l&#233;onore royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">1,657</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,261</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">958</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">890</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Island Gold royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">883</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">682</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">571</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">530</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Ermita&#241;o royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">512</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">520</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Pan royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">363</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">395</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Tocantinzinho royalty <sup>(i)</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">279</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Fruta del Norte royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">121</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">88</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Bald Mountain royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">17</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">430</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Eagle Gold royalty <sup>(</sup><sup>i</sup><sup>i)</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,654</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Others</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">304</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">268</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">12,863</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">15,894</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><u>Silver</u></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Mantos Blancos stream</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">2,580</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,927</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Sasa stream</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">1,214</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">868</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">CSA stream</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">881</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,143</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Gibraltar stream</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">623</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">627</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Canadian Malartic Complex royalty</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">38</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">44</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Others</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">57</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">41</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">5,393</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">5</p>
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    <div id="header_page_6">
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>GEOs by Product</u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-2xu004.jpg"></p>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Realized</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Average</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">$2,863</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">$2,860</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">$2,073</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">$32.71</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">$9,783</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Royalty, Stream and Other Interests Portfolio Overview</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at May 7, 2025, Osisko owned a portfolio of 178 royalties, 14 streams and 4 offtakes, as well as 8 royalty options. Currently, the Company has 21 producing assets.</p>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;"><b>Royalties</b></td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;"><b>Streams</b></td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;"><b>Offtakes</b></td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-width: 0.75pt 0.75pt 1.5pt; border-style: solid; border-color: #ffffff #ffffff #000000; text-align: right; white-space: nowrap;"><b>Total number</b><br><b> of assets</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Producing</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">16</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Development</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">16</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">8</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">26</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Exploration and evaluation</td>
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            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: right; width: 12%; background-color: #e6efff;">1</td>
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            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: right; width: 12%; background-color: #e6efff;">2</td>
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            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #000000; border-top-style: solid; border-top-color: #ffffff; text-align: right; width: 12%; background-color: #e6efff;">149</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: right; width: 12%;">178</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: right; width: 12%;">14</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: right; width: 12%;">4</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: right; width: 12%;">196</td>
            <td style="vertical-align: bottom; border-top-width: 0.75pt; border-bottom: 0.75pt solid #ffffff; border-top-style: solid; border-top-color: #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Producing assets </i><sup><i>(i)</i></sup></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Asset</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Operator</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Interest </b><sup><b>(</b></sup><sup><b>i</b></sup><sup><b>i)</b></sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Commodity</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><u><b>North America</b></u></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><b>&#160;</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Akasaba West <sup>(ii</sup><sup>i</sup><sup>)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">2.5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Cu</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; background-color: #e6efff; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">Bald Mtn. Alligator Ridge /<br>&#160; &#160; Duke &amp; Trapper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Kinross Gold Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1% / 4% GSR <sup>(</sup><sup>i</sup><sup>v</sup><sup>)</sup> royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Bralorne <sup>(v)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Talisker Resources Ltd.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1.7% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canadian Malartic Complex</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">3 - 5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#201;l&#233;onore</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Ermita&#241;o</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">First Majestic Silver Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Mexico</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Gibraltar</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Taseko Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">100% stream</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="vertical-align: top; background-color: #e6efff; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">Island Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Alamos Gold Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1.38 - 3% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Lamaque</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Eldorado Gold Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Macassa TH</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Pan</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Calibre Mining Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">4% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Parral</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">GoGold Resources Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">2.4% stream</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Mexico</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Santana</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Minera Alamos Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">3% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Mexico</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Seabee</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">SSR Mining Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">3% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;"><u><b>Outside of North America</b></u></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Brauna</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Lipari Minera&#231;&#227;o Ltda</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1% GRR <sup>(</sup><sup>v</sup><sup>i</sup><sup>)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Diamonds</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Brazil</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">CSA</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">MAC Copper Limited</td>
            <td style="width: 20%; vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">100% stream<br>3.0 - 4.875% stream</td>
            <td style="width: 20%; vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Ag<br>Cu</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Australia</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; border-top: 0.75pt solid #ffffff; border-bottom: 0.75pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Dolphin Tungsten</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Group 6 Metals Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">1.5% GRR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Tungsten (W)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Australia</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Fruta del Norte</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Lundin Gold Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">0.1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Ecuador</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Mantos Blancos</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Capstone Copper Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">100% stream</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Chile</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Sasa</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Central Asia Metals plc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">100% stream</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">North Macedonia</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Tocantinzinho</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">G Mining Ventures Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">0.75% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Brazil</td>
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    <br>
    <div id="footer_page_7">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">7</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Key exploration/evaluation and development assets</i></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Asset</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Operator</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Interest</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Commodities</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Jurisdiction</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Altar</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Aldebaran Resources Inc. and Sibanye-Stillwater Ltd.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cu, Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Argentina</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Arctic</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">South32 Limited / Trilogy Metals Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cu</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">AntaKori</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Regulus Resources Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">0.75% - 1.5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cu, Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Peru</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Back Forty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Gold Resource Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">18.5% Au / 85% Ag streams</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cariboo</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Osisko Development Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cascabel</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">SolGold plc</td>
            <td style="width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">6% stream<br>0.6% NSR royalty</td>
            <td style="width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au<br>Cu, Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Ecuador</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Casino</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Western Copper &amp; Gold Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2.75% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au, Ag, Cu</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Copperwood</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Highland Copper Company Inc.</td>
            <td style="width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1.5% NSR royalty<br>0.115% NSR royalty</td>
            <td style="width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cu<br>Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Dalgaranga</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Spartan Resources Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1.8% GRR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Australia</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Eagle Gold <sup>(</sup><sup>v</sup><sup>i</sup><sup>i</sup><sup>)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Victoria Gold Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Hammond Reef</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Hermosa (Taylor)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">South32 Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty on sulphide ores</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Zn, Pb, Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Horne 5</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Falco Resources Ltd.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">90% - 100% stream</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Ag</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Magino <sup>(</sup><sup>viii</sup><sup>)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Alamos Gold Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">3% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Marban</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">0.435-2% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Marimaca MOD</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Marimaca Copper Corp.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cu</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Chile</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Namdini</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Cardinal Namdini Mining Ltd.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Ghana</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Pine Point</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Pine Point Mining Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">3% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Zn</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Shaakichiuwaanaan</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Patriot Battery Metals Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Lithium (Li)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Canada</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Spring Valley <sup>(</sup><sup>i</sup><sup>x</sup><sup>)</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Solidus Resources LLC</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">0.5 - 3.5% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">USA</td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Agnico Eagle Mines Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Saturn Resources Ltd.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">OceanaGold Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2% NSR royalty</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">White Pine Copper LLC</td>
            <td style="margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">1.5% NSR royalty<br>0.115% NSR royalty</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Gold Fields Limited</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">2.0 - 3.0% NSR royalty</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">Au</td>
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    <p style="margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify; margin-top: 10pt;">(i)<font style="width: 13.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Renard diamond stream is excluded from producing assets as deliveries received since 2023 are only related to residual production from the mine.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(ii)<font style="width: 10.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>Excluding tail royalties and streams reduction, when applicable.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(iii)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>The royalty covers less than half of the planned open-pit mine surface area.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(iv)<font style="width: 8.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Gross smelter return ("GSR").</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(v)<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>In April 2025, Talisker Resources Ltd. announced that it has begun lateral development on the Alhambra Vein at the Bralorne gold project. The Company received its first royalty payment in April 2025.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(vi)<font style="width: 8.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Gross revenue royalty ("GRR").</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(vii)<font style="width: 5.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>On June 24, 2024, Victoria announced a slope failure of its heap leach facility at the Eagle Gold mine and operations have since been suspended. Please refer to the <i>Portfolio of Royalty, Stream and Other Interests</i> section of this MD&amp;A for more details.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(viii)<font style="width: 3pt; text-indent: 0pt; display: inline-block;">&#160;</font>The 3% NSR royalty covers a small portion of the currently proposed mine plan. Commercial production was declared at Magino in November 2023, but Osisko does not expect to receive royalty payments in the short term.</p>
    <p style="margin-top: 0pt; margin-left: 40pt; text-indent: -24pt; text-align: justify; margin-bottom: 10pt;">(ix)<font style="width: 8.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>A 3-3.5% NSR royalty is applicable to the core resource area; a separate 0.5-2% NSR royalty is applicable on the periphery of the property.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Main Producing Assets</u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-2x006.jpg" style="width: 641px;" height="411"></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Geographical Distribution of Assets</u></p>
    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: center;"><u><img src="exhibit99-2xu002.jpg" style="width: 621px;" height="322"></u></p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Main Producing Assets - Updates</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Canadian Malartic Royalty (Agnico Eagle Mines Limited)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company holds a 3-5% NSR royalty on the Canadian Malartic mine, which is located in Malartic, Qu&#233;bec and is operated by Agnico Eagle Mines Limited ("Agnico Eagle"). Osisko also holds a 5.0% NSR royalty on the East Gouldie and Odyssey South underground deposits, a 3.0% NSR royalty on the Odyssey North underground deposit and a 3.0-5.0% NSR royalty on the East Malartic underground deposit, which are located adjacent to the Canadian Malartic mine. The Canadian Malartic mine and the Odyssey mine now form the Canadian Malartic Complex. In addition, a C$0.40 per tonne milling fee is payable to Osisko on ore processed from any property that was not part of the Canadian Malartic property at the time of the sale of the mine in 2014.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 13, 2025, Agnico Eagle reported production guidance of 575,000 to 605,000 ounces of gold at Canadian Malartic for the year 2025, compared to 655,654 ounces of gold produced in 2024. The production forecast is lower in 2025 when compared to previous guidance primarily due to the company's decision to defer the reintroduction of pre-crushed low-grade ore, to accommodate modifications to the in-pit tailings approach and ramp-up. Production is forecast to be in line with previous guidance in 2026 (545,000 to 575,000 ounces) and increase by approximately 95,000 ounces of gold in 2027 (635,000 to 665,000 ounces), with the contribution from East Gouldie at Odyssey. From 2025 to 2027, production is expected to be sourced from the Barnat pit and increasingly complemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 85,000 ounces of gold in 2025, approximately 120,000 ounces of gold in 2026 and approximately 240,000 ounces of gold in 2027. In 2025, Canadian Malartic has planned quarterly shutdowns of four to five days for the regular maintenance at the mill.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 24, 2025, Agnico Eagle reported payable gold production at the Canadian Malartic Complex of 159,773 ounces in the first quarter of 2025, compared to 186,906 ounces of gold in the first quarter of 2024. Canadian Malartic performed better-than-planned in the first quarter of 2025; the decrease in gold production when compared to the prior-year period was primarily due to lower gold grades at the Barnat pit.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 24, 2025, Agnico Eagle reported that ramp development in the first quarter of 2025 reached the bottom of the first mining horizon at East Gouldie. Excavation of the mid-shaft loading station between levels 102 and 114 commenced and the temporary service hoist was commissioned. Exploration drilling continued to extend the East Gouldie deposit to the east and extend the newly discovered, sub-parallel Eclipse zone. Agnico Eagle also completed the acquisition of O3 Mining Inc. in the first quarter of 2025 - additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 metres of drilling at the Marban deposit, which is located immediately northeast of the Canadian Malartic property.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Agnico Eagle continues to work on several opportunities with a vision to potentially grow annual production to one million ounces per year in the 2030s. These opportunities include the potential for a second shaft at Odyssey, the development of a satellite open pit at Marban and the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Odyssey </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 24, 2025, Agnico Eagle reported that, in the first quarter of 2025, ramp development continued to progress ahead of schedule. The ramp towards the mid-shaft loading station reached a depth of 1,012 metres as at March 31, 2025 and is expected to connect to the mid-shaft loading station at level 102 in the third quarter of 2025. The main ramp towards the shaft bottom reached a depth of 965 metres.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, the shaft reached level 111 at a depth of 1,113 metres on schedule. Excavation of the mid-shaft loading station was initiated and is expected to continue through the remainder of 2025. The level 111 station was excavated and is being prepared for steel installation, while excavation of the loading pocket at level 112 commenced.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, construction progressed on schedule and on budget. Construction of the temporary loading station at level 64 and the commissioning of the service hoist were completed. The service hoist, which will support the transportation of people, materials and waste, is expected to ramp-up to its design capacity of 3,500 tpd in the second quarter of 2025. At the main hoist building, the concrete foundation for the production hoist was poured. The structural steel and exterior cladding of the main office and service building was completed in the quarter and work shifted to the interior and to the mechanical and electrical installation. Construction of the main office building is expected to be completed by the first quarter of 2026.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on exploration</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Agnico Eagle reported that at Odyssey, exploration drilling ramped up at Odyssey during the first quarter of 2025. Thirteen underground rigs and fourteen surface rigs drilled a total of 53,376 metres that targeted the eastern and depth extensions of the East Gouldie deposit, the new Eclipse zone and portions of the Odyssey deposit near the Odyssey shaft. Regional exploration continued to investigate several targets along the 16-kilometre long land package around the mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Drilling into the lower eastern extension of the East Gouldie deposit at the edge of the current mineralized envelope was highlighted by hole MEX24-322WAZ intersecting 5.3 g/t Au over 27.4 metres at 1,840 metres depth, including 9.9 g/t Au over 8.5 metres at 1,842 metres depth, and hole MEX24-322WA intersecting 6.6 g/t Au over 17.7 metres at 1,886 metres depth. Follow-up drilling at a 300 metre drill spacing is underway to further assess the eastward potential of the deposit between approximately 1,700 and 2,000 metres depth.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The drilling program is also investigating the interpreted junction at depth of the East Gouldie mineralized envelope and the Sladen Fault in what has been named the Keel structure, with hole UGEG-075-038 intersecting 2.2 g/t Au over 58.2 metres at 1,948 metres depth within the Keel structure, including 3.2 g/t Au over 21.7 metres at 1,976 metres depth, approximately 200 metres below the current planned maximum depth of the Odyssey shaft. Additional drilling is underway to further test the north-south and east-west continuities of the Keel structure.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Follow-up drilling into the newly discovered, sub-parallel Eclipse zone, which is located 50 to 100 metres north of the eastern portion of the East Gouldie mineralized corridor and extends from approximately 1,200 metres to 1,900 metres below surface, was highlighted by hole MEX24-325Z intersecting 3.7 g/t Au over 59.7 metres at 1,413 metres depth, including 6.3 g/t Au over 6.0 metres at 1,384 metres depth and 7.8 g/t Au over 7.8 metres at 1,398 metres depth.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Underground conversion drilling into the upper eastern extension of the East Gouldie deposit was highlighted by hole UGEG-071-009 intersecting 3.7 g/t Au over 17.3 metres at 766 metres depth. Agnico Eagle believes this area has the potential to add indicated mineral resources and potentially mineral reserves to East Gouldie by year-end.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Mineral Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 13, 2025, Agnico Eagle reported that successful exploration over the past year has continued to extend the limits of the East Gouldie Inferred Mineral Resource laterally to the west and to the east. Diamond drilling will continue in 2025 with over 20 drill rigs active on surface and underground to further assess the full potential of the Odyssey mine area and throughout the Canadian Malartic property package. Inferred Mineral Resources increased by 37% (1.2 million ounces of gold) year over year at the East Gouldie deposit to 4.6 million ounces of gold (61.2 million tonnes grading 2.32 g/t Au). The Odyssey mine now hosts a total of 5.55 million ounces of gold in Proven and Probable Mineral Reserves (52.6 million tonnes grading 3.28 g/t Au), 3.2 million ounce of gold in Measured and Indicated Mineral Resources (52.9 million tonnes grading 1.90 g/t Au) and 9.7 million ounces of gold in Inferred Mineral Resources (138.8 million tonnes grading 2.18 g/t Au).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For additional information, please refer to Agnico Eagle's press release dated February 13, 2025 titled <i>"Agnico Eagle Reports Fourth Quarter And Full Year 2024 Results - Record Annual Gold Production And Free Cash Flow; Balance Sheet Strengthened By Further Debt Reduction; Updated Three-Year Guidance",</i> Agnico Eagle's press release dated February 13, 2025 titled <i>"Agnico Eagle Provides An Update On 2024 Exploration Results And 2025 Exploration Plans - Mineral Reserves Increase 1% Year-Over-Year To 54.3 Moz; Updated Mineral Reserves Of 2.8 Moz Declared At Upper Beaver; Inferred Mineral Resources Increase 9%"</i> and Agnico Eagle's press release dated April 24, 2025 titled <i>"Agnico Eagle Reports First Quarter 2025 Results - Strong Quarterly Operational and Financial Performance; Balance Sheet Further Strengthened by Strong Free Cash Flow Generation; 16</i><sup><i>th</i></sup><i> Annual Sustainability Report Released"</i>, all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Mantos Blancos Stream (Capstone Copper Corp.)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko, through Osisko Bermuda Limited ("Osisko Bermuda"), owns a 100% silver stream on the Mantos Blancos mine, an open-pit mine located in the Antofagasta region of Chile. The Mantos Blancos mine is owned and operated by Capstone Copper Corp. ("Capstone").</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Under the stream, Osisko Bermuda will receive refined silver equal to 100% of the payable silver from the Mantos Blancos mine until 19.3 million ounces have been delivered (6.6 million ounces have been delivered as at March 31, 2025), after which the stream percentage will be reduced to 40%. The purchase price for the silver under the Mantos Blancos stream is 8% of the monthly average silver market price for each ounce of refined silver sold and delivered and/or credited by Capstone to Osisko Bermuda.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On January 20, 2025, Capstone announced that copper production at Mantos Blancos is forecasted to increase in 2025 (43,000 to 51,000 tonnes from its sulphides business and 6,000 to 8,000 tonnes from its cathode business) due to higher mill throughput. Production is weighted towards the second half of the year driven by higher throughput as a planned maintenance shutdown is scheduled in the first quarter of 2025. Osisko receives deliveries from Mantos Blancos production with a two-month lag.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 1, 2025, Capstone Copper reported production of 13,846 tonnes of copper at Mantos Blancos in the first quarter of 2025, which was 26% higher than in the first quarter of 2024. The increased copper production was due to higher sulphide mill throughput as a result of the successful concentrator ramp-up in 2024 and higher sulphides feed grades due to mine sequence. Since the installation of new equipment in the tailings handling area in the third quarter of 2024, Mantos Blancos sulphide operations have exceeded the plant's nameplate milling capacity in November (average of 20,271 tpd), December (average of 20,007 tpd), January (average of 20,628 tpd), and March (average of 20,005 tpd). Operations in February (average of 16,540 tpd) were impacted by a planned maintenance shutdown and the nationwide power outage in Chile.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the last months, silver grades have been tracking lower than expected. Capstone Copper's management has indicated that the issues have been isolated, and the grade should rebound, as supported by the second quarter early results noted by management.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Capstone Copper is currently evaluating the next phase of growth for Mantos Blancos, which is analyzing the potential to increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the underutilized SX-EW plant. The sulphide concentrator plant expansion is expected to utilize existing and unused or underutilized process equipment, such as two idled ball mills, plus additional equipment for concentrate filtration, thickening and filtering of tailings. The Mantos Blancos Phase II study is expected toward the end of 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For additional information, please refer to Capstone's press release dated January 20, 2025, titled <i>"Capstone Copper Provides 2024 Production Results and Provides 2025 Guidance"</i> and Capstone's press release dated May 1, 2025 titled "<i>Capstone Copper Reports First Quarter 2025 Results</i>", both filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Eagle Gold Royalty</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko owns a 5% NSR royalty on the Dublin Gulch property, situated in central Yukon Territory, Canada, which hosts the Eagle Gold mine, on all metals until 97,500 ounces of gold have been delivered to Osisko and a 3% NSR royalty thereafter. As of December 31, 2024, a total of 32,667 ounces of gold have been delivered under the royalty agreement.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Heap leach facility failure </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On June 24, 2024, Victoria announced that the heap leach facility at the Eagle Gold mine experienced a failure. Operations were suspended while the site operations team, along with management and the Yukon government officials continued to assess the situation and gathered information. Victoria confirmed that there had been some damage to infrastructure and a portion of the failure had left containment. Subsequently, on July 4, 2024, Victoria advised that it had received notices of default from its lenders under the credit agreement dated December 18, 2020. A default under the Eagle Royalty Agreement dated April 13, 2018 was also triggered and, consequently, Osisko provided a notice of default to Victoria on July 4, 2024. On July 12, 2024 and July 30, 2024, Victoria reported that there can be no assurance that the company will have the financial resources necessary to repair the damage to the equipment and facilities, to remediate the impacts caused by the incident or to restart production.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On August 14, 2024, the Ontario Superior Court of Justice appointed PricewaterhouseCoopers Inc. as receiver and manager, at the direction of the Yukon Government and under the supervision of the court, of all assets, undertakings and properties of Victoria, which properties include but is not limited to the Eagle Gold mine. A copy of the appointment order (the &#8220;Appointment Order&#8221;) is available on the receivership website provided below.</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">An independent review board ("IRB") has been created to identify the causes of the failure by performing an independent review of the design, construction, operation, maintenance and monitoring of the heap leach facility. The IRB will include a timeline for the event, a conclusion about why the failure occurred and any contributing factors. The report will be made available to the public and may inform requirements or conditions that may be implemented for any future re-start of the Eagle Gold mine. The Receiver Report from November 2024 indicated that the IRB will provide the report to the Receiver, the First Nation of Na-cho Nyak Dun and the Minister of Energy, Mines and Resources by June 15, 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For additional information, please refer to Victoria's press release dated June 24, 2024 titled <i>"Victoria Gold: Eagle Gold Mine Heap Leach Pad Incident",</i> Victoria's press release dated July 4, 2024 titled <i>"Victoria Gold Provides Update on Eagle Gold Mine Incident"</i>, Victoria's press release dated July 12, 2024, titled <i>"Victoria Gold: Update on Eagle Gold Mine"</i> and Victoria's press release dated July 30, 2024, titled <i>"Victoria Gold: Update on HLF Incident Management"</i>,<i> </i>all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>, and refer to the receivership website: <font style="color: #0000ff;"><u>www.pwc.com/ca/victoriagold</u></font><font style="color: #0000ff;">.</font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>&#201;l&#233;onore Royalty (Dhilmar Ltd.)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko owns a sliding scale 1.8% to 3.5% NSR royalty on the &#201;l&#233;onore gold mine ("&#201;l&#233;onore") located in the Province of Qu&#233;bec and operated by Dhilmar Ltd. ("Dhilmar"). Dhilmar acquired &#201;l&#233;onore from Newmont Corporation ("Newmont") in the first quarter of 2025 for a cash consideration of $795 million. Osisko currently receives a NSR royalty of 2.2% on production at the &#201;l&#233;onore mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 20, 2025, Newmont announced production at &#201;l&#233;onore of 69,000 ounces of gold in the fourth quarter of 2024 for a total of 240,000 ounces in 2024, compared to 232,000 ounces in 2023.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Reserve and Resource Estimates </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 20, 2025, Newmont reported Proven and Probable Mineral Reserves at &#201;l&#233;onore comprising 10.1 million tonnes grading 5.05 g/t Au for 1.6 million ounces of gold as at December 31, 2024, an increase of 7%, net of depletion.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For additional information, please refer to Newmont's press release dated February 20, 2025, titled "<i>Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance"</i> and Newmont's press release dated February 20, 2025 titled <i>"Newmont Reports 2024 Mineral Reserves of 134.1 Million Gold Ounces and 13.5 Million Tonnes of Copper"</i>, both filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Sasa Stream (Central Asia Metals plc)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko, through Osisko Bermuda, owns a 100% silver stream on the Sasa mine, operated by Central Asia Metals plc ("Central Asia") and located in North Macedonia. The Sasa mine is one of the largest zinc, lead and silver mines in Europe. Osisko Bermuda's entitlement under the Sasa stream applies to 100% of the payable silver production in exchange for $5 per ounce (plus refining costs) of refined silver delivered, increased for inflation annually from 2017 ($6.545 per ounce in 2025).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Sasa's guidance for 2025 is forecast at 790,000 to 810,000 tonnes of ore mined and processed, and metal-in-concentrate production is estimated to 19,000 to 21,000 tonnes of zinc and 27,000 to 29,000 tonnes of lead.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 8, 2025, Central Asia reported sales of 105,453 ounces of payable silver to Osisko in the first quarter of 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the first quarter of 2025, Sasa continued to place paste-fill in the cut-and-fill production stopes on the 800-metre and 750-metre levels. Long-hole stoping using fill also continued, with additional stopes to follow over the course of 2025. As in 2024, previously mined voids were filled during the first quarter of 2025 to provide the necessary ground stability for current and future mining, as well as allowing a significant proportion of Sasa's tailings to be stored permanently underground.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Construction of the dry stack tailings ("DST") plant is complete. The plant has produced its first filter cake, which has been placed in the dedicated area prepared for the commissioning process within the boundaries of the DST landform. Expansion of the landform will continue over the rest of 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information on the Sasa mine, refer to Central Asia's press release dated April 8, 2025, titled <i>"Q1 2025 Operations Update", </i>available on their website at <font style="color: #0000ff;"><u>www.centralasiametals.com</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Island Gold Royalty (Alamos Gold Inc.)</i></u><i> </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko owns NSR royalties ranging from 1.38% to 3.00% on the Island Gold mine property (all of the current Island Gold Mineral Reserves and Resources are covered by the royalties), operated by Alamos Gold Inc. ("Alamos") and located in Ontario, Canada.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On January 13, 2025, Alamos released its 2025 guidance for the Island Gold District, which includes the Island Gold mine and the Magino mine, of 275,000 - 300,000 ounces of gold. Alamos provided a 2025 processed tonnage range of 1,200-1,400 tpd and a processed grade of between 10 and 13 g/t Au for the Island Gold mine, without specifically providing a guidance range for produced gold. Osisko does not have a royalty on the near-term Magino mine production.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 30, 2025, Alamos reported first quarter production at the Island Gold District of 59,200 ounces of gold compared to 33,400 ounces in the first quarter of 2024. The 77% increase from the prior year period was driven by the inclusion of the Magino mine (Osisko has no royalty interest in Magino's current producing area), which was acquired in July 2024, as well as an increase in tonnes and grades processed from Island Gold. At Island Gold, underground mining rates averaged 1,225 tpd in the first quarter, consistent with guidance; grades mined averaged 11.50 g/t Au in the first quarter, 9% higher than in the prior year period and consistent with annual guidance. Mill throughput averaged 1,212 tpd and mill recoveries averaged 98% during the first quarter, also consistent with guidance.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Island Gold Phase 3+ Expansion</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In 2022, Alamos announced the Phase 3+ Expansion at Island Gold to 2,400 tpd from the current rate of 1,200 tpd, which will involve various infrastructure investments. These include the installation of a shaft, paste plant, as well as accelerated development to support the higher mining rates. Following the completion of the expansion in 2026, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface through the new shaft infrastructure, driving production higher and costs significantly lower.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On September 4, 2024, Island Gold announced an update to the Phase 3+ Expansion. As of March 31, 2025, 75% of the total initial capital has been spent and committed on the project. The Phase 3+ Expansion remains on schedule to be completed in the first half of 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 18, 2025, Alamos announced that Mineral Reserves and Resources increased by 9% as at December 31, 2024, including an increase of Mineral Reserves of 32% to 2.3 million ounces with grades increasing by 11% (6.2 million tonnes grading 11.4 g/t Au), driven by significantly higher-grade additions across the main structure and an increase in Measured and Indicated Mineral Resources, which stood at 601,000 ounces (2.1 million tonnes grading 8.76 g/t Au) while Inferred Mineral Resources reached 3.8 million ounces (7.1 million tonnes grading 16.52 g/t Au).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The increase in Island Gold's Mineral Reserves, net of depletion, marked the 12<sup>th</sup> consecutive year of growth. Grades also increased 11% to 11.40 g/t Au, an impressive outcome given the higher grades mined during 2024, which averaged 12.47 g/t Au. The increase was driven by higher-grade additions across the main structure (C/E1E-zones), particularly in the Island Main and East areas. With the main structure open laterally and at depth, and several recently defined high-grade zones in the hanging wall and footwall, this long-term pace of growth is expected to continue.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on exploration</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 18, 2025, Alamos announced that a total of $27 million is budgeted for exploration at the Island Gold District in 2025, up from the $20 million spent in 2024. The exploration program will build on the success from 2024, with high-grade gold mineralization extended across the Island Gold deposit, as well as within multiple structures within the hanging wall and footwall.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A total of 41,500 metres of underground drilling is planned in 2025 with a focus on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure. This includes drilling across the strike extent of the main Island Gold deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additionally, 18,000 metres of surface exploration drilling has been budgeted targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 metres. Included within sustaining capital, 30,800 metres of underground delineation drilling is planned and focused on the conversion of the large Mineral Resource base to Mineral Reserves.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Drilling will also be completed at the Island Gold North Shear target, and to the east and along strike from the Island Gold mine to test the extension of the E1E-zone. Field work in 2025 will include till sampling, geological mapping, prospecting, and trenching at several regional targets. A comprehensive data compilation project will also continue into 2025 across the large 60,000 hectare land package in support of future exploration targeting.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 30, 2025, Alamos announced that during the first quarter at Island Gold, 8,504 metres of underground exploration drilling was completed in 32 holes, and 3,492 metres of surface drilling was completed in six holes. Additionally, a total of 7,416 metres of underground delineation drilling was completed in 26 holes, focused on in-fill drilling to convert Mineral Resources to Mineral Reserves. A total of 72 metres of underground exploration drift development was also completed during the first quarter.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer to Alamos' press release dated January 13, 2025 titled <i>"Alamos Gold Continues to Define High-Grade Mineralization Across the Island Gold Deposit; Ongoing Success Expected to Drive Additional Growth in Mineral Reserves and Resources"</i>, Alamos' press release dated February 18, 2025 titled <i>"Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2024"</i> <i> </i>and Alamos' press release dated April 30, 2025 titled <i>"Alamos Gold Reports First Quarter 2025 Results</i>", all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>CSA Streams (MAC Copper Limited)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko, through Osisko Bermuda, holds a silver stream and a copper stream on the CSA copper mine, operated by MAC Copper Limited ("MAC Copper"). Osisko Bermuda will purchase an amount of refined silver equal to 100% of the payable silver produced from CSA for the life of the mine and will make ongoing payments for refined silver delivered equal to 4% of the spot silver price at the time of delivery. Osisko Bermuda will also be entitled to purchase refined copper equal to 3.0% of payable copper produced from CSA until the 5<sup>th</sup> anniversary of the closing date (June 15, 2023), then 4.875% of payable copper produced from CSA until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from CSA for the remaining life of the mine. Osisko Bermuda will make ongoing payments for refined copper delivered equal to 4% of the spot copper price at the time of delivery. On the 5<sup>th</sup> anniversary of the closing date, MAC Copper will have the option to exercise certain buy-down rights on the copper stream by paying a one-time cash payment to Osisko Bermuda of $20.0 million to $40.0 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In July 2023, Osisko Bermuda received its first delivery of silver. The first delivery of copper under the CSA copper stream occurred in the first week of July 2024. As of March 31, 2025, a total of 972 tonnes of copper have been delivered to Osisko Bermuda under the stream agreement.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2024 to 2026</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 24, 2025, MAC Copper maintained its production guidance for the next two years, which was originally&#160; released on July 22, 2024. Copper production is expected to range between 43,000 to 48,000 tonnes in 2025 and 48,000 to 53,000 tonnes in 2026. This two-year production guidance is based primarily on Mineral Reserves, but also on Measured and Indicated Mineral Resources (as at December 31, 2024). Given that all the deposits are open and a large drill program is underway, MAC Copper considers it likely that there will be changes over the relevant period as the company's overall plan to continue operational and production improvement continues to develop.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The CSA copper mine is high grade in general, but a small number of very high-grade stopes (plus 8% copper) comprise an outsized proportion of annual production. The sequencing of these can have a significant impact on month-to-month production and along with typical summer storms and power interruptions, the March quarters are typically the weakest quarter in a year. This trend is continuing in 2025 and the company expects the March 2025 quarter production to be down on the prior quarter and the weakest quarter for 2025 as seen with the 2024 trend.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 29, 2025, MAC Copper announced quarterly copper production of 8,644 tonnes at the CSA mine, compared to 8,786 tonnes in the first quarter of 2024. Management noted that the March quarters are always the seasonally lowest production quarter at the CSA copper mine and this is what was seen again in 2025. First quarter production followed a very strong December 2024 quarter and MAC Copper expects to see production rates increase again during the year, as it was the case in 2024. Copper production is driven by small numbers of large tonnage, high grade stopes and the timing of when these are sequenced in the year. As a result, copper production in the first quarter of 2025 decreased by 24% at 4.1% Cu with a higher grade stope only accessed in the latter part of March.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on exploration</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 24, 2025, MAC Copper noted that it has identified significant mineralization in the upper parts of the CSA copper mine (above the 900 metres below surface level) that has previously been referred to as a series of deposits (including QTSS Upper) and levels. In order to identify this as a separate operation, the company is calling all mineralization above the 900 metres below surface level the "Merrin Mine".</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">MAC Copper is now able to quote an Inferred Mineral Resource for a portion of the known zinc mineralization in this area. In addition, there is substantial copper mineralization that is not currently in a format able to be quoted as a Mineral Resources, but for which MAC Copper has sufficient information and confidence to commence mine planning to extract both the zinc and copper in the Merrin Mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Mineral Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 24, 2025, MAC Copper announced an updated 2024 Mineral Resources and Mineral Reserves statement, including:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Updated life-of-mine of 12 years based on Mineral Reserves only;</li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Mineral Reserves of 545,000 tonnes of copper and 6.8 million ounces of silver (15.9 million tonnes grading 3.4% Cu and 13.3 g/t Ag);</li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Measured and Indicated Mineral Resources of 286,000 tonnes of copper and 3 million ounces of silver (5.6 million tonnes grading 5.1% Cu and 16.7 g/t Ag);</li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Inferred Mineral Resources of 178,000 tonnes of copper and 3.9 million ounces of silver (5.4 million tonnes grading 3.3% Cu and 22 g/t Ag); and</li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">2024 Mineral Reserves only extends 70 metres vertically below the current decline position requiring only minimal annual development.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer to MAC Copper's press release dated February 24, 2025 titled <i>"MAC Copper Limited Announces 2024 Resource and Reserve Statement and Production Guidance"</i> and MAC Copper's press release dated April 29, 2025 titled <i>"MAC Copper Limited Announces March 2025 Quarterly Report"</i>, both filed on <font style="color: #0000ff;"><u>www.sec.gov/edgar</u></font>.</p>
    <p style="background-color: #ffffff; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Ermita&#241;o Royalty (First Majestic Silver Corp.)</i></u><font style="color: #ff0000;">&#160;</font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko holds a 2% NSR royalty on the Ermita&#241;o underground gold and silver mine ("Ermita&#241;o") operated by First Majestic Silver Corp. ("First Majestic") and located in Sonora State, Mexico. Processing of ore from Ermita&#241;o at the Santa Elena processing plant started in December 2021.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 13, 2025, First Majestic reported its guidance for Santa Elena of 1.6 million to 1.8 million ounces of silver and 71,000 to 79,000 ounces of gold. This production should be exclusively from ore covered by the royalty held by Osisko.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 9, 2025, First Majestic announced production of 339,784 ounces of silver and 21,408 ounces of gold in the first quarter of 2025 at Ermita<u>&#241;</u>o. The mill processed 270,203 tonnes of ore, 20% higher than the same period last year, with average silver and gold head grades of 58 g/t and 2.59 g/t, respectively. Silver and gold recoveries during the quarter averaged 68% and 95%, respectively, consistent with 69% and 95% in the same period last year. During the quarter, seven drill rigs consisting of five surface rigs and two underground rigs completed 16,809 metres of drilling on the property.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on exploration</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On July 30, 2024, First Majestic announced the discovery of a significant new, vein-hosted gold and silver mineralized system at its Santa Elena property. This new high-grade discovery, the Navidad vein system ("Navidad"), was made at depth adjacent to the company's producing Ermita&#241;o mine and is within Osisko's royalty boundaries. This is the most promising discovery at the Santa Elena property since Ermita&#241;o was discovered in 2016.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 4, 2025, First Majestic provided new results for the Navidad discovery. The drilling completed during the second half of 2024 significantly expanded the gold and silver mineralization discovered at the Navidad target, and metallurgical testing of the mineralization revealed that gold and silver metal recoveries are excellent. A total of 20,809 metres of new drilling was completed with 17 holes that have defined extensive mineralization consisting of two epithermal quartz veins with high-grade gold and silver mineralization: the Navidad and Winter veins. The gold and silver mineralization identified to date extends greater than 1,000 metres by 300 metres in strike and dip with the true thickness of mineralization averaging between 2.8 metres and 4.4 metres. A maiden Inferred Mineral Resource estimate released on March 31, 2025 (see below). During 2025, additional drilling from surface is planned to continue testing the potential expansion of Navidad, which remains open in multiple directions. Expansionary and infill resource definition drilling will also take place from multiple new underground drilling stations constructed from the Ermita&#241;o mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Mineral Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On March 31, 2025, First Majestic released updated 2024 Mineral Reserve and Mineral Resource estimates for the Ermita&#241;o underground mine. Ermita&#241;o's Proven Mineral Reserve is estimated at 2.2 million ounces of silver and 93,000 ounces of gold (797,000 tonnes grading 85 g/t Ag and 3.65 g/t Au) and Probable Mineral Reserve is estimated at 2.5 million ounces of silver and 105,000 ounces of gold (2.0 million tonnes grading 38 g/t Ag and 1.61 g/t Au).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Navidad discovery at Santa Elena added 2.3 million tonnes of Inferred Mineral Resources containing 5.9 million ounces of silver and 249,000 ounces of gold with metal grades of 81 g/t Ag and 3.42 g/t Au, respectively. To date, only a portion of the newly delineated vein system has been classified within the resource estimate, with significant upside potential to be realized through additional drilling.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer to First Majestic's press release dated July 30, 2024 titled <i>"First Majestic Announces New High-Grade Gold and Silver Discovery at Santa Elena"</i>,<i> </i>First Majestic's press release dated February 4, 2025 titled <i>"First Majestic Reports Exploration Success for Navidad at Santa Elena"</i>,<i> </i>First Majestic's press release dated February 13, 2025 titled <i>"First Majestic Announces 2025 Production and Cost Guidance and Announces Conference Call Details"</i>, First Majestic's press release dated March 31, 2025 titled <i>"First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates"</i> and First Majestic's press release dated April 9, 2025 titled <i>"First Majestic Produces 7.7 Million AgEq Ounces in Q1 2025 Including a Record 3.7 Million Silver Ounces",</i>&#160; all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Seabee Royalty (SSR Mining Inc.)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko holds a 3% NSR royalty on the Seabee gold operations operated by SSR Mining Inc. ("SSR Mining") and located in Saskatchewan, Canada.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On March 31, 2025, SSR Mining reported 2025 annual guidance for the Seabee mine of 70,000 to 80,000 ounces of gold.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Seabee's 2025 production is expected to be strongest in the first quarter of the year, reflecting the processing of ore from a higher grade stope that was first accessed in the fourth quarter of 2024. For the remainder of 2025, grades are expected to reflect Seabee's Mineral Reserve grade and average between 5.0 and 5.5 g/t Au, and processing plant throughputs are expected to average approximately 1,300 to 1,350 tpd.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 6, 2025, SSR Mining announced production of 26,001 ounces of gold at Seabee in the first quarter of 2025, compared to 23,773 ounces in the first quarter of 2024. Processed grades of 9.00 g/t Au during the first quarter of 2025 were a result of continued positive grade reconciliation in Santoy 9.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on exploration</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On March 31, 2025, SSR Mining reported that<i> </i>exploration and resource development expenditures at Seabee are estimated at $16 million with a focus on defining initial Mineral Reserves at the Porky targets. Further drilling will also be completed at the Gap Hangingwall to evaluate potential extensions to the existing Mineral Reserves and mine life at Seabee. Earlier stage exploration activity also continues across the broader Seabee property, including mapping and sampling new outcrop exposures created by the 2024 forest fires at a number of regional targets.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Mineral Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 18, 2025, SSR Mining reported an updated Mineral Reserves which remained relatively stable with a 9% decrease in reserve ounces. Proven Mineral Reserves include 0.335 million tonnes of 6.11 g/t Au for 66,000 ounces of gold, and Probable Mineral Reserves include 1.466 million tonnes of 5.16 g/t Au for 243,000 ounces of gold. This estimate does not incorporate any of the Indicated Mineral Resources totaling 2.15 million tonnes grading 5.1 g/t Au for 352,000 ounces of gold, or the Inferred Mineral Resources totaling 1.464 million tonnes grading 4.37 g/t Au for 206,000 ounces of gold.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the year ended December 31, 2024, SSR completed a total of 220 drillholes totaling 70,318 metres of drilling at the Porky West deposit. The main objective of this drilling was to expand the footprint of mineralization. Mineral Resource at Porky West is open at depth and along strike. An exploration plan is in place to increase the Mineral Resource footprint and continue infill drilling in 2025. Seabee has been in continuous operation for 30 years and has demonstrated a track record of Mineral Reserve replacement that SSR Mining expects to continue into the future.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer <i>SSR Mining&#8217;s press release dated February 18, 2025 titled &#8220;</i><i>SSR Mining Reports Fourth Quarter and Full-Year 2024 Results&#8221;</i>, <i>SSR Mining&#8217;s press release dated March 31, 2025 titled &#8220;</i><i>SSR Mining Provides 2025 Operating Guidance&#8221;</i> and SSR Mining&#8217;s press release dated May 6, 2025 titled <i>&#8220;SSR Mining Reports First Quarter 2025 Results&#8221;</i>, all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>, as well as SSR Mining&#8217;s Form 10-K filed on EDGAR at <font style="color: #0000ff;"><u>www.sec.gov</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Gibraltar Stream (Taseko Mines Limited)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko owns a silver stream referenced to Gibraltar copper mine's production, operated by Taseko Mines Limited ("Taseko") and located in British Columbia, Canada. The stream was amended in June 2023, increasing the refined silver to be delivered from 75% to 87.5% of the payable silver production, and amended again in December 2024, increasing the refined silver to be delivered to 100% of the payable silver production, following Taseko's acquisition of the remaining 12.5% Gibraltar joint venture interest in March 2024. Further to this, Osisko and Taseko also extended the step-down silver delivery threshold to coincide with Taseko's recently updated Mineral Reserve estimate for Gibraltar. Once a total of 6.8 million ounces of silver have been delivered, the refined silver to be delivered will be reduced to 35% of the payable silver produced at Gibraltar thereafter. There is no cash transfer price payable by Osisko at the time of delivery for the silver ounces delivered. As of March 31, 2025, a total of 1.5 million ounces of silver have been delivered under the stream agreement.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On January 9, 2025, Taseko released its 2025 guidance. As a result of increased mill availability, production in 2025 is expected to range between 120 to 130 million pounds of copper, a significant increase over 2024. Production is expected to be weighted to the second half of the year.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 1, 2025, Taseko announced that challenging ground conditions at the top of the current connector pit pushback have led to lower mining productivities in recent months, which will delay the release of higher-grade ore from the second quarter to the third quarter. As a result, copper production for 2025 is expected to be about 10 million pounds (&#126;8%) lower than the previous guidance.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 1, 2025, Taseko reported production of 20.0 million pounds of copper in the first quarter of 2025, compared to 29.7 million pounds in the first quarter of 2024. Mill throughput exceeded design capacity in the first quarter and head grades were in line with the plan. However, copper production in the quarter was impacted by lower than expected metallurgical recoveries from oxidized ore. Significantly higher grades and recoveries are expected in the second half of 2025 year and in 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer to Taseko's press release dated January 9, 2025 titled <i>"Taseko Announces 2024 Production Results and Amendment to Gibraltar Silver Stream" </i>and Taseko's press releases dated May 1, 2025 titled <i>"Taseko Reports First Quarter 2025 Earnings", </i>both filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><i>Lamaque Royalty (Eldorado Gold Corporation)</i></u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko owns a 1% NSR royalty on the Lamaque gold mine, including the producing Triangle deposit as well as the prospective Ormaque, Plug #4, and Parallel deposits. Osisko also holds a 2.5% NSR royalty on the Bourlemaque property. The Lamaque Complex is operated by Eldorado Gold Corporation ("Eldorado") and is located in Qu&#233;bec, Canada.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Guidance - 2025</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 5, 2025, Eldorado released its 2025 production guidance at the Lamaque Complex of 170,000 to 180,000 ounces of gold, unchanged from the previously guided range. In 2025, the focus remains on further resource conversion drilling at Triangle and Ormaque and the completion of a second bulk sample.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Sustaining capital expenditures are expected to range between $85 and $95 million for 2025 to include significant underground mine development and resource conversion drilling at the Triangle deposit, as Eldorado targets the C8 zone. Expected growth capital is estimated between $70 and $75 million for 2025, and primarily includes development and infrastructure to access the Ormaque deposit, construction of the North Basin, a new water basin that is expected to extend the life of the Sigma tailings storage facility, and construction of the paste plant.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on operations</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 1, 2025, Eldorado announced production at the Lamaque Complex of 40,438 ounces of gold, a 4% decrease from the 42,299 ounces of gold produced in the first quarter of 2024, primarily due to lower grades and gold recovery, partially offset by higher throughput. Average grade decreased to 5.38 g/t Au in the first quarter of 2025 from 5.81 g/t Au in the first quarter of 2024. Production is expected to increase in the second quarter with higher grades expected as a result of mine sequencing.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Update on Mineral Reserve and Resource Estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On January 27, 2025, Eldorado released its updated Mineral Reserves and Mineral Resources and an updated life-of-mine plan on the Lamaque mine. Proven and Probable Mineral Reserves include 1.36 million tonnes of 5.72 g/t Au and 3.62 million tonnes of 6.92 g/t Au, respectively, for a total of 1.3 million ounces of gold. Inferred Resources include 994 million tonnes of 8.04 g/t Au for 2.6 million ounces. The updated technical report outlines a Reserve Case of an 8-year mine life producing 1.2 million ounces of gold, while the preliminary economic assessment case shows the potential to extend the life of mine incrementally by 9 years and incremental gold production of 1.5 million ounces. The life-of-mine plan describes an average annual gold production of approximately 185,000 ounces through 2036, providing a long runway for the Lamaque Complex. With the development of the Ormaque deposit, Eldorado will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as they leverage the existing plant and infrastructure.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Eldorado continues to assess exploration opportunities across the Lamaque Complex as well as its 100%-owned Bourlamaque property (contiguous to the Lamaque Complex) and in the wider Abitibi region. Exploration activities will continue at the Lamaque Complex, with a focus on resource conversion drilling at Lower Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to the Lamaque Complex infrastructure.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, refer to Eldorado's press release dated January 27, 2025 titled<i> "Eldorado Updates Lamaque Complex Technical Report; Demonstrating Significant Value and Potential to Extend Mine Life to 17 Years"</i>,<i> </i>Eldorado's press release dated February 5, 2025 titled <i>"Eldorado Gold Provides Skouries Project Update; 2025 Detailed Company Production &amp; Cost Guidance; Updated Three-Year Growth Profile; Conference Call Details"</i> and Eldorado's press release dated May 1, 2025 titled "<i>Eldorado Gold Reports Solid First Quarter 2025 Financial and Operational </i><i>Results; Skouries Progressing to Plan</i>", all filed on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Equity Investments</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's assets include a portfolio of shares, mainly of publicly traded companies involved in the mining industry. In certain instances, Osisko may invest in equity of companies concurrently with the acquisition of royalty, stream or other similar interests or with the objective of improving its ability to acquire future royalties, streams or similar interests. Certain investment positions may be considered as associates under IFRS Accounting Standards as a result of the ownership held, nomination rights to the investee's board of directors and/or other facts and circumstances.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko may, from time to time, and without further notice except as required by law or regulations, increase or decrease its investments at its discretion.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, Osisko acquired equity investments for $10.6 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Fair value of marketable securities</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table presents the carrying value and fair value of the investments in marketable securities (excluding notes and warrants) as at March 31, 2025 (in thousands of dollars):</p>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Associates</td>
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    <p style="margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -21.25pt; text-align: justify; margin-top: 10pt;">(i)<font style="width: 12.14pt; text-indent: 0pt; display: inline-block;">&#160;</font>The carrying value corresponds to the amount recorded on the consolidated balance sheet, which is the equity method for investments in associates and the fair value for other investments, as per IAS 28 <i>Investment in Associates and Joint Ventures</i> and IFRS 9 <i>Financial Instruments</i>.</p>
    <p style="margin-top: 0pt; margin-left: 28.35pt; text-indent: -21.25pt; text-align: justify; margin-bottom: 10pt;">(ii)<font style="width: 9.37pt; text-indent: 0pt; display: inline-block;">&#160;</font>The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at March 31, 2025.</p>
    <div id="footer_page_20">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">20</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Principal investment in associates</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Osisko Development Corp. </i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at March 31, 2025, the Company's principal investment in associates is Osisko Development Corp. ("Osisko Development"). Osisko Development is a Canadian gold mineral exploration and development company focused on the acquisition, exploration and development of precious metals resource properties in North America. The main projects held by Osisko Development are the Cariboo gold project ("Cariboo") in British Columbia, Canada, the San Antonio gold project ("San Antonio") in Sonora, Mexico, and the Tintic property ("Tintic") in Utah, United States. Osisko owns a 5% NSR royalty on Cariboo, 15% gold and silver streams on San Antonio and a 2.5% metals stream on Tintic.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Cariboo gold project has Probable Mineral Reserves of 2.03 million ounces of gold (16.7 million tonnes grading 3.78 g/t Au), Measured and Indicated Mineral Resources of 1.57 million ounces of gold (14.7 million tonnes grading 3.33 g/t Au) and Inferred Mineral Resources of 1.71 million ounces of gold (15.5 million tonnes grading 3.44 g/t Au).</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">On December 12, 2024, Osisko Development announced the granting of the Environmental Management Act permits for Cariboo. Together with the BC Mines Act permits secured on November 20, 2024, these approvals marked the successful completion of the permitting process for key approvals, solidifying Cariboo's shovel-ready status.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On March 28, 2025, Osisko Development provided a progress update for its ongoing bulk sample and underground development activities at Cariboo. Osisko Development has now successfully completed 100% of the underground development, totalling approximately 1,172 meters, to access the target area of the contemplated bulk sample in the Lowhee Zone of the deposit. The extraction, sampling, assaying, and analysis of mineralized material from the target zone is currently ongoing. Approximately 7,400 tonnes of material has been extracted to date. Lengthy timeframes for receipt of assays and analysis of the results have extended completion of the bulk sampling program into the second quarter of 2025. Once all information is available, a reconciliation process to compare the bulk sample results with the predicted tonnes and grade will be undertaken.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 28, 2025, Osisko Development released a NI 43-101 compliant optimized feasibility study, which outlined average annual gold production of approximately 190,000 ounces over a 10-year mine life, with an after-tax net present value of C$943 million at a 5% discount rate and an unlevered after-tax internal rate of return of 22.1% at $2,400 per ounce of gold. Using spot gold price of $3,300 per ounce of gold, the after-tax net present value at a 5% discount rate increases to C$2.1 billion with an unlevered after-tax internal rate of return of 38.0%.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 6, 2025, Osisko Development reported that its working capital position as at March 31, 2025 will not be sufficient to meet its obligations, commitments and forecasted expenditures up to the period ending March 31, 2026. While management has been successful in securing financing in the past, there can be no assurance that it will be able to do so in the future or that these sources of funding or initiatives will be available to the company or that they will be available on terms which are acceptable to Osisko Development. If management is unable to obtain new funding, Osisko Development may be unable to continue its operations.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at March 31, 2025, the Company held 33,333,366 common shares representing a 24.4% interest in Osisko Development (24.4% as at December 31, 2024). The Company continues to exercise significant influence over Osisko Development as a result, amongst others, of its ownership interest and board nomination rights, and accounts for its investment using the equity method.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For more information, please refer to Osisko Development's press releases and other public documents available on <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font> and on their website (<font style="color: #0000ff;"><u>www.osiskodev.com</u></font>).</p>
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        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">21</p>
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            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Sustainability Activities </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As a capital provider, Osisko does not have direct control over the operation or sustainability activities of its mining partners operations. However, the Company recognizes that by supporting responsible operators, it can promote sustainable development through its investments.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In 2024, Osisko was recognized as a Great Place to Work&#174; Canada-certified organization for the first time. This achievement reflects its commitment to fostering a dynamic, engaging, and inclusive workplace.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, the Company continued to support the local communities around its head office and those around its mining partners through different initiatives across three pillars: education, social/community, and climate change/environmental.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In early 2025, Osisko purchased and retired Gold Standard certified carbon credits through Key Carbon Ltd., a financer and supporter of carbon reduction projects. These carbon credits offset the Company's 2024 office-based Scope 2 and Scope 3 indirect emissions (excluding financed emissions).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For a detailed review Osisko's sustainability initiatives, refer to the fifth edition of Osisko's sustainability report, <i>Growing Responsibly</i>, published on April 17, 2025, and available on the Company's website (<font style="color: #0000ff;"><u>www.osiskogr.com</u></font>).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Dividends and Normal Course Issuer Bid</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table provides details on the dividends declared by the Company for first quarter of 2025 and the year ended December 31, 2024:</p>
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            <td style="vertical-align: bottom; text-align: right; width: 15%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,878,000</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">0.065</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">8,673,000</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Year 2024</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">0.255</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">34,665,000</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 1.5pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Dividend Reinvestment Plan</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company offers a dividend reinvestment plan ("DRIP") that allows Canadian and U.S. shareholders 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 trading days immediately preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company's sole election.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at March 31, 2025, the holders of 19.3 million common shares had elected to participate in the DRIP, representing dividends payable of $0.9 million. Therefore, 43,289 common shares were issued on April 15, 2025 at a discount rate of 3%.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Normal Course Issuer Bid</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In December 2024, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, Osisko may acquire up to 9,331,275 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2024 NCIB program are authorized from December 12, 2024 until December 11, 2025. Daily purchases will be limited to 73,283 common shares, other than block purchase exemptions.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three months ended March 31, 2025, the Company did not purchase any common shares under the NCIB program.</p>
    <div id="footer_page_22">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">22</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <div id="header_page_23">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Gold Market and Currency</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Gold Market</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The gold market continued to post strong gains in 2024 and prices rose 26% to reach $2,609 per ounce by the end of 2024. In the first quarter of 2025, the gold price averaged $2,860 per ounce, its highest ever quarterly average in nominal dollars and an increase of 7% when compared to the average in the fourth quarter of 2024. The gold price closed the quarter at $3,115 per ounce, and continued its upward trend in the month of April.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The historical price is as follows:</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">(per ounce of gold)</td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>High</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Low</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Average</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Close</b></td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">&#160;</td>
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            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2025 - Q1</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">$3,115&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">$2,633&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">$2,860&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">$3,115&#160;</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">2024</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">2,778</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">1,985</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">2,386</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">2,609</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2023</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">2,078</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,811</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,941</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">2,078</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">2022</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">2,039</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">1,629</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">1,800</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%;">1,812</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2021</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,943</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,684</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,799</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; width: 20%; background-color: #e6efff;">1,820</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Currency</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The exchange rates for the Canadian/U.S. dollar are outlined below:</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>High</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Low</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Average</b></td>
            <td style="width: 20%; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Close</b></td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
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            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2025 - Q1</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7059</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.6848</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.6968</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.6956</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">2024</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.7510</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.6937</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.7302</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.6950</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2023</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7617</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7207</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7410</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7561</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; padding-left: 5pt;">2022</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.8031</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.7217</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.7692</td>
            <td style="width: 20%; vertical-align: top; text-align: center;">0.7383</td>
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        <tr>
            <td style="width: 20%; vertical-align: top; text-align: justify; background-color: #e6efff; padding-left: 5pt;">2021</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.8306</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7727</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7980</td>
            <td style="width: 20%; vertical-align: top; text-align: center; background-color: #e6efff;">0.7888</td>
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    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;"><b>Selected Financial Information</b></p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">(in thousands of dollars, except figures for ounces and amounts per ounce and per share)<sup> (1)</sup></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;<br>&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>2025</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>2024</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;"><b>$ </b></td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom;"><b>$ </b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><b>Revenues</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;"><b>54,916</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>45,047</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1">Cost of sales</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">(1,619</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(1,359</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1">Depletion</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(7,744</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(8,546</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><b>Gross profit</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;"><b>45,553</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>35,142</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><b>Operating income</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;"><b>38,515</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>29,587</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1)<font style="width: 9.44pt; text-indent: 0pt; display: inline-block;">&#160;</font>Unless otherwise noted, financial information is in U.S. dollars and prepared in accordance with IFRS Accounting Standards.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Overview of Financial Results</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Financial Summary - First Quarter of 2025</u></p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Revenues from royalties and streams of $54.9 million ($45.0 million in Q1 2024);</p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Gross profit of $45.6 million ($35.1 million in Q1 2024);</p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Operating income of $38.5 million ($29.6 million in Q1 2024);</p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Net earnings of $25.6 million or $0.14 per basic share ($11.2 million or $0.06 per basic share in Q1 2024);</p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings<sup>5</sup><a style="text-decoration: none;" href="#_ftn5"><font style="color: #000000;">&#160;</font></a> of $29.5 million or $0.16 per basic share ($22.0 million or $0.12 per basic share in Q1 2024); and</p>
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            <p style="margin-top: 10pt; margin-bottom: 10pt;">Cash flows provided by operating activities of $46.1 million ($37.4 million in Q1 2024).</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Revenues from royalties and streams increased to $54.9 million in the first quarter of 2025 compared to $45.0 million in the first quarter of 2024, as a result of higher metal prices, partially offset by lower deliveries under the royalty and stream agreements, mostly due to the stoppage of operations at the Eagle Gold mine in June 2024.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gross profit amounted to $45.6 million in the first quarter of 2025 compared to $35.1 million in the first quarter of 2024. Cost of sales increased, mostly as a result of higher metal prices, while depletion decreased due to lower deliveries.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">General and administrative ("G&amp;A") expenses and business development expenses increased in the first quarter of 2025 as a result of increased compensation expense (including increased share-based compensation) and increased activities. G&amp;A expenses amounted to $5.0 million in the first quarter of 2025 compared to $4.5 million in the first quarter of 2024, while business development expenses amounted to $2.1 million in the first quarter of 2025 compared to $1.0 million in the first quarter of 2024.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Operating income in the first quarter of 2025 increased to $38.5 million compared to $29.6 million in the first quarter of 2024, mostly as a result of a higher gross profit, partially offset by increased G&amp;A and business development expenses.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net earnings in the first quarter of 2025 were $25.6 million, compared to $11.2 million in the first quarter of 2024. The increased in 2025 is mostly the result of a higher operating income and a lower share of loss of associates.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings reached $29.5 million in the first quarter of 2025 compared to $22.0 million in the first quarter of 2024, mostly a result of a higher gross profit and lower finance costs, partially offset by higher G&amp;A and business development expenses, higher income taxes and lower interest income. A reconciliation of adjusted earnings is provided in the <i>Non-IFRS Financial Performance Measures</i> section of this MD&amp;A.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash flows provided by operating activities in the first quarter of 2025 were $46.1 million, compared to $37.4 million in the first quarter of 2024. The increase was mainly the result of higher revenues, partially offset by higher G&amp;A and business development expenses.</p>
    <p style="margin-left: 9pt; text-indent: -9pt; text-align: justify; margin-bottom: 0pt; margin-top: 10pt;">______________________________________________</p>
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    <div id="footer_page_24">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">24</p>
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    <div id="header_page_25">
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Consolidated Statements of Income (Loss)</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table presents summarized consolidated statements of income for the three months ended March 31, 2025 and 2024 (in thousands of dollars):</p>
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            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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        <tr>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
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        <tr>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(8,546</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">(4,544</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">(2,079</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,011</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;"><b>38,515</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>29,587</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">(g)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">(5,010</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(12,560</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;"><b>33,505</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>17,027</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;">(h)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(5,858</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #f2f2f2;"><b>25,640</b></td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center;" colspan="1">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center;" colspan="1">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Average selling<br>price<br>per ounce /<br>tonne ($)</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total revenues<br>($000's)</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Ounces /<br>tonnes<br>sold</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">9,783</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;">6,017</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">4,508</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;">54,916</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">45,047</td>
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    <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The decrease in gold ounces sold is mostly the result of the stoppage of operations at the Eagle Gold mine in June 2024. The copper tonnes sold are related to the CSA copper stream which had an economic effective date of June 17, 2024.</p>
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    <div id="footer_page_25">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">25</p>
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    <div id="header_page_26">
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(d)<font style="width: 6.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>The breakdown of cash margin<a name="_ftnref6"></a><a style="text-decoration: none;" href="#_ftn6"><font style="color: #000000;"><sup>6</sup></font></a> and gross profit per type of interest is as follows (in thousands of dollars):</p>
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                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 26.5606%;" colspan="5"><b>Three months ended</b><br><b>March 31,</b></td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; width: 69.7674%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 0.979192%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 11.9951%;"><b>2025 </b></td>
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                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 0.611995%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; white-space: nowrap; width: 0.979192%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 11.9951%;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap; width: 1.95838%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 0.979192%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 1.95838%;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 1.95838%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.7674%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1.95838%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;">18,126</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;">16,652</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%;">10,737</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; width: 69.7674%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.95838%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; width: 69.7674%;">Depletion</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9951%;">(4,442</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.95838%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.7674%;"><b>Gross profit </b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>11,618</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%;"><b>6,295</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.7674%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1.95838%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%; background-color: #f2f2f2;">53,297</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9951%;">43,688</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.95838%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;">54,916</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9951%;">45,047</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; width: 69.7674%;">Cash margin (in percentage of revenues)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;">97.1%</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9951%;">97.0%</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.7674%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9951%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
            </tr>
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                <td style="vertical-align: bottom; width: 69.7674%;"><b>Total - Gross profit</b></td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.979192%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9951%; background-color: #f2f2f2;"><b>45,553</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.97919%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.611995%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9951%;"><b>35,142</b></td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1.95838%;">&#160;</td>
            </tr>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(e)<font style="width: 6.72pt; text-indent: 0pt; display: inline-block;">&#160;</font>G&amp;A expenses increased in the first quarter of 2025 to $5.0 million from $4.5 million in the first quarter of 2024, mostly as a result of increased compensation expense (including increased share-based compensation).</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(f)<font style="width: 7.95pt; text-indent: 0pt; display: inline-block;">&#160;</font>Business development expenses increased in the first quarter of 2025 to $2.1 million from $1.0 million in the first quarter of 2024, mostly as a result of increased compensation expense (including increased share-based compensation) and increased activities.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(g)<font style="width: 6.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>Other expenses, net of $5.0 million in the first quarter of 2025 include a share of loss of associates of $3.8 million, finance costs of $1.7 million and a change in fair value of financial assets at fair value through profit and loss of $0.3 million, partially offset by interest income of $0.6 million and a foreign exchange gain of $0.2 million.</p>
    <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Other expenses, net of $12.6 million in the first quarter of 2024 include a share of loss of associate of $10.1 million, finance costs of $2.8 million and a foreign exchange loss of $2.4 million, partially offset by a change in expected credit loss of $1.4 million, interest income of $1.0 million and a change in fair value of financial assets at fair value through profit and loss of $0.3 million.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(h)<font style="width: 6.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>The effective income tax rate in the first quarter of 2025 is 23.5%, compared to 34.4% in the comparative period of 2024. The statutory rate is 26.5% in 2025 and 2024. The elements that impacted the effective income tax rates are other income not taxable, other expenses not deductible and revenues taxable at different rates. Cash taxes of $0.6 million were paid in the first quarter of 2025 compared to $0.4 million in the first quarter of 2024. Cash taxes paid were related to taxes on royalties earned in foreign jurisdictions.</p>
    <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-bottom: 0pt; margin-top: 10pt;">______________________________________________</p>
    <p style="margin-left: 14.2pt; text-indent: -14.2pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><sup>6</sup><font style="display: inline-block; width: 10pt;">&#160;</font>Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the <i>Non-IFRS Financial Performance Measures</i> section of this MD&amp;A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.</p>
    <div id="footer_page_26">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">26</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
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            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Liquidity and Capital Resources</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at March 31, 2025, the Company's cash position amounted to $63.1 million compared to $59.1 million as at December 31, 2024.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Significant variations in the liquidity and capital resources for the three months ended March 31, 2025 are summarized below and explained under the <i>Cash Flows </i>section of this MD&amp;A.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-2x017.jpg" style="width: 644px;" height="265"></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Revolving credit facility</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A total amount of C$550.0 million ($382.6 million) is available under the revolving credit facility (the "Facility"), with an additional uncommitted accordion of up to C$200.0 million ($139.1 million).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The maturity date of the Facility is April 30, 2028 and the uncommitted accordion is subject to acceptance by the lenders. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalties, streams and other interests, and is secured by the Company's assets.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate, Canadian Overnight Repo Rate Average ("CORRA") or Secured Overnight Financing Rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. As at March 31, 2025, the effective interest rate on the drawn balance was 5.3%, including the applicable margin.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Facility includes covenants that require the Company to maintain certain financial ratios, including leverage ratios, and to meet certain non-financial requirements. As at March 31, 2025, all such ratios and requirements were met.</p>
    <div id="footer_page_27">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">27</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Cash Flows</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table summarizes the cash flows for the three months ended March 31, 2025 and 2024 (in thousands of dollars):</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">47,053</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">(16,666</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">(25,449</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">(38,957</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">10</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(682</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #f2f2f2;"><b>3,974</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right;"><b>900</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #f2f2f2;">59,096</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; text-align: right;">51,204</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #f2f2f2;"><b>63,070</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right;"><b>52,104</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 2%; text-align: left;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Operating Activities</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, cash flows provided by operating activities amounted to $46.1 million compared to $37.4 million in the first quarter of 2024. The increase was mainly the result of higher revenues, partially offset by higher G&amp;A and business development expenses.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Investing Activities</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the first quarter of 2025, cash flows used by investing activities amounted to $16.7 million compared to cash flows provided by investing activities of $3.2 million in the first quarter of 2024.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, the Company acquired equity investments for $10.6 million and advanced $0.8 million to an associate (in the form of an increase in a note receivable presented as <i>other investments</i> on the consolidated balance sheets). Osisko also invested $5.3 million in royalty and stream interests.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2024, the disposal of equity investments generated proceeds of $2.4 million. An additional amount of $1.4 million was received from the partial repayment of the Stornoway bridge loan, which was fully provisioned in 2023. The cash inflows were partially offset by an increase in a note receivable from an associate in an amount of $0.7 million.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the first quarter of 2025, cash flows used by financing activities amounted to $25.4 million compared to $39.0 million in the first quarter of 2024.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, Osisko repaid a net amount of $19.6 million on its revolving credit facility, paid $7.6 million in dividends and $0.7 million in withholding taxes on the settlement of restricted and deferred share units, and received proceeds from the exercise of share options and the share purchase plan for $2.6 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2024, Osisko repaid an amount of $32.4 million under its revolving credit facility, paid $7.7 million in dividends and $2.2 million in withholding taxes on the settlement of restricted and deferred share units, and received proceeds from the exercise of share options and the share purchase plan for $3.6 million.</p>
    <div id="footer_page_28">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">28</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Quarterly Information</b></p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">The selected quarterly financial information<sup><b>(1)</b></sup> for the past eight financial quarters is outlined below:</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">(in thousands of dollars, except for amounts per share)</p>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 20%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 6.93642%;"><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 0.462428%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 0.462428%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 36.763%;" colspan="10"><b>2024</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 26.8208%;" colspan="7"><b>2023</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 20%;">&#160;</td>
            <td style="background-color: #f2f2f2; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="background-color: #f2f2f2; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q1</b></td>
            <td style="background-color: #f2f2f2; vertical-align: bottom; border-bottom: 0.75pt solid transparent; border-top: 0.75pt solid transparent; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; text-align: center; white-space: nowrap; width: 0.462428%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 0.462428%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q4</b></td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q3</b></td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q2</b></td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
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            <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 6.93642%;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; width: 20%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; padding-right: 5pt;">&#160;&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 20%; padding-left: 10pt; text-indent: -10pt;">GEOs</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">19,014</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">20,005</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">18,408</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">20,068</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">22,259</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">23,275</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">23,292</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">24,465</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">63,070</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">59,096</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">43,366</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">48,018</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">52,104</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">51,204</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">52,330</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">70,033</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">1,388,729</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,377,634</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,385,713</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,382,089</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,444,017</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,486,472</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,663,396</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">2,191,128</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt; text-indent: -10pt;">Total long-term debt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">74,346</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">93,900</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">59,816</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">79,610</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">112,135</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">145,080</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">233,262</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">319,650</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt; text-indent: -10pt;">Equity</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">1,213,894</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,188,953</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,215,186</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,215,186</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,237,585</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,247,931</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,227,238</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">1,748,097</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt; text-indent: -10pt;">Revenues</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">54,916</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">56,742</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">41,977</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">47,391</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">45,047</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">47,835</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">46,276</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">45,059</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; width: 20%; padding-left: 10pt; text-indent: -10pt;">Net cash flows from operating activities</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">46,079</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">49,765</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">34,564</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">38,234</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">37,362</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">37,148</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">32,408</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">35,278</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">-</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">-</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">36,425</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">-</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">66,537</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">20,639</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">16,032</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">25,640</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">7,105</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">13,409</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">(15,416</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">11,169</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">(51,234</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">(14,703</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">13,100</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">0.14</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">0.04</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">0.07</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">(0.08</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">0.06</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 6.93642%;">(0.28</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96532%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 6.93642%;">(0.08</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96532%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 6.93642%;">0.07</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96532%;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt;">- Basic</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">186,979</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,747</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,408</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,217</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,761</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,353</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,304</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,093</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt;">- Diluted</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">188,425</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">188,180</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">187,732</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,217</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,870</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,353</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">185,304</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right;">186,267</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: justify; width: 20%; padding-left: 10pt; text-indent: -10pt;">Share price - TSX - closing (C$)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 6.93642%; text-align: right; background-color: #f2f2f2;">30.37</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 0.462428%; text-align: left;">&#160;</td>
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    <p style="margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; margin-top: 10pt;">(1)<font style="width: 10.14pt; text-indent: 0pt; display: inline-block;">&#160;</font>Unless otherwise noted, financial information is in U.S. dollars and prepared in accordance with IFRS Accounting Standards.</p>
    <p style="margin-top: 0pt; margin-left: 21.3pt; text-indent: -21.3pt; text-align: justify; margin-bottom: 10pt;">(2)<font style="width: 10.14pt; text-indent: 0pt; display: inline-block;">&#160;</font>Bank of Canada Daily Rate.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In the first quarter of 2025, the Company repaid a net amount of $19.6 million on its revolving credit facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the fourth quarter of 2024, the Company drew $35.0 million on its revolving credit facility to finance the acquisition of royalty and stream interests.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the second quarter of 2024, the Company repaid $32.3 million on its revolving credit facility and recorded an impairment loss of $49.6 million ($36.4 million, net of income taxes) on its Eagle Gold mine royalty interest.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the first quarter of 2024, the Company repaid $32.4 million on its revolving credit facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the fourth quarter of 2023, the Company sold its equity investment in Osisko Mining Inc. for net proceeds of $94.3 million and used the funds to partly repay a portion of its revolving credit facility. The Company also incurred an impairment charge of $17.8 million on the Tintic stream and $48.8 million on the equity investment in Osisko Development.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the second quarter of 2023, the Company, through Osisko Bermuda, acquired silver and copper streams on the CSA mine for $150.0 million and common shares in MAC Copper, who acquired the CSA mine, for $40.0 million. The transaction was financed from cash on hand (approximately 30%) and from a drawdown on the revolving credit facility.</p>
    <div id="footer_page_29">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">29</p>
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    <div id="header_page_30">
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Segment Disclosure</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The President and Chief Executive Officer (chief operating decision-maker) organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. All of the Company's assets, liabilities, revenues, expenses and cash flows are attributable to this single operating segment. The following tables present segmented information for this single segment.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Geographic revenues</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Geographic revenues, including revenues derived 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, 2025 and 2024, royalty, stream and other interest revenues were earned from the following jurisdictions (in thousands of dollars):</p>
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            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>$</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>$</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>$</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>$</b></td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">6,124</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table summarizes the royalty, stream and other interests by jurisdiction, as at March 31, 2025 and December 31, 2024, which is based on the location of the properties related to the royalty, stream or other interests (in thousands of dollars):</p>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">7,067</td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">1,112,393</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Related Party Transactions</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three months ended March 31, 2025, the Company advanced additional funds to an associate ($0.8 million). As at March 31, 2025, a note receivable from an associate of $13.0 million is included in other investments ($12.2 million as at December 31, 2024). The note receivable is secured by the assets of the associate.</p>
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        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">31</p>
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            <tr>
                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Contractual Obligations and Commitments </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Investments in royalty and stream interests</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at March 31, 2025, significant commitments related to the acquisition of royalties and streams are detailed in the following table. The Company intends to meet these commitments by using its cash balance, from its expected operating cash flows to be generated from its operations and/or by drawdowns on its revolving credit facility.</p>
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            <td style="width: 18%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
            <td style="width: 15%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
            <td style="width: 42%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff;">Gold Resource Corporation</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">Back Forty project<br>(gold stream)</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">$5.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Receipt of all material permits for the construction and operation of the project.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">$25.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Pro-rata to drawdowns with construction finance facility.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 42%; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">SolGold plc</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">Cascabel project<br>(gold stream)</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">$10.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Achievement of operational milestones, including execution of the amended investment protection agreement, completion of geotechnical drilling and finalization of the tailings storage facility design sufficient for a minimum of 10 years of operation.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">$10.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Achievement of operational milestones, including submission of all final permit applications for the construction and operation of the project.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">$195.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Pro-rata to drawdowns with construction finance facility.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="width: 42%; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">Falco Resources Ltd.</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">Horne 5 project<br>(silver stream)</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">C$45.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of C$135.0 million in non-debt financing and demonstrating that the financial assurance required to allow Falco to proceed with the commencement of mining activities can be satisfied, as applicable.</td>
        </tr>
        <tr>
            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">C$60.0 million</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Upon total projected capital expenditure having been demonstrated to be financed.</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff;">C$40.0 million<br>(optional)</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff;">Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%).</td>
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            <td style="width: 18%; vertical-align: top; text-align: justify; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: justify; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 14%; vertical-align: top; text-align: justify; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 42%; vertical-align: top; text-align: justify; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    </table>
    <br>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Stream and offtake purchase agreements</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following table summarizes the significant commitments related to producing assets and assets in advance stage of development to pay for metals and other commodities to which Osisko has the contractual right pursuant to the associated purchase agreements:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; vertical-align: top; white-space: nowrap;"><b>&#160;</b></td>
            <td style="background-color: #f2f2f2; width: 23%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="2"><b>Attributable payable production </b><br><b>to be purchased</b></td>
            <td style="width: 22%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="2"><b>Per ounce/tonnes/carat </b><br><b>cash payment</b></td>
            <td style="background-color: #f2f2f2; width: 17%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Term of</b><br><b>agreement</b></td>
            <td style="width: 14%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>Date of contract</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"><b>Interest</b></td>
            <td style="background-color: #f2f2f2; width: 12%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center;"><b>Silver</b></td>
            <td style="background-color: #f2f2f2; width: 10%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center;"><b>Other</b></td>
            <td style="width: 10%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Silver</b></td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Other</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"><b>&#160;</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 10pt; text-indent: -10pt;">CSA streams <sup>(1)</sup></td>
            <td style="width: 12%; vertical-align: top; background-color: #f2f2f2; text-align: center;">100%</td>
            <td style="width: 10%; vertical-align: top; background-color: #f2f2f2; text-align: center;">3.0 - 4.875%<br>(Copper)</td>
            <td style="width: 10%; vertical-align: top; text-align: center;">4%</td>
            <td style="width: 11%; vertical-align: top; text-align: center;">4%</td>
            <td style="width: 17%; vertical-align: top; background-color: #f2f2f2; text-align: center;">Life of mine</td>
            <td style="width: 14%; vertical-align: top; text-align: right;">June 2023</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 10pt; text-indent: -10pt;">Gibraltar stream <sup>(2)</sup></td>
            <td style="width: 12%; vertical-align: top; background-color: #f2f2f2; text-align: center;">100%</td>
            <td style="width: 10%; vertical-align: top; background-color: #f2f2f2; text-align: center;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: center;">nil</td>
            <td style="width: 11%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 17%; vertical-align: top; background-color: #f2f2f2; text-align: center;">Life of mine</td>
            <td style="width: 14%; vertical-align: top; text-align: right;">March 2018<br>Amended Dec. 2024</td>
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        <tr>
            <td style="width: 17%; vertical-align: top; padding-left: 10pt; text-indent: -10pt;">Mantos Blancos stream <sup>(3)</sup></td>
            <td style="width: 12%; vertical-align: top; background-color: #f2f2f2; text-align: center;">100%</td>
            <td style="width: 10%; vertical-align: top; background-color: #f2f2f2; text-align: center;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: center;">8% spot</td>
            <td style="width: 11%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 17%; vertical-align: top; background-color: #f2f2f2; text-align: center;">Life of mine</td>
            <td style="width: 14%; vertical-align: top; text-align: right;">September 2015<br>Amended Aug. 2019</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 10pt; text-indent: -10pt;">Renard stream <sup>(4)</sup></td>
            <td style="width: 12%; vertical-align: top; background-color: #f2f2f2; text-align: center;">&#160;</td>
            <td style="width: 10%; vertical-align: top; background-color: #f2f2f2; text-align: center;">9.6%<br>(Diamonds)</td>
            <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 11%; vertical-align: top; text-align: center;">Lesser of 40% of sales price or $40</td>
            <td style="width: 17%; vertical-align: top; background-color: #f2f2f2; text-align: center;">40 years</td>
            <td style="width: 14%; vertical-align: top; text-align: right;">July 2014<br>Amended Oct. 2018</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 10pt; text-indent: -10pt;">Sasa stream <sup>(5)</sup></td>
            <td style="width: 12%; vertical-align: top; background-color: #f2f2f2; text-align: center;">100%</td>
            <td style="width: 10%; vertical-align: top; background-color: #f2f2f2; text-align: center;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: center;">$6.545</td>
            <td style="width: 11%; vertical-align: top; text-align: center;">&#160;</td>
            <td style="width: 17%; vertical-align: top; background-color: #f2f2f2; text-align: center;">40 years</td>
            <td style="width: 14%; vertical-align: top; text-align: right;">November 2015</td>
        </tr>
    </table>
    <p style="margin-left: 24pt; text-indent: -24pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>Osisko Bermuda will receive refined silver equal to 100% of the payable silver produced from the CSA mine for the life of the mine, and will be entitled to receive refined copper equal to 3.0% of payable copper produced from the CSA mine until the 5<sup>th</sup> anniversary of the agreements, then 4.875% of payable copper produced from the CSA mine until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from the CSA mine for the remaining life of the mine. On the 5<sup>th</sup> anniversary of the Closing Date, MAC Copper will have the option to exercise certain buy-down rights by paying a one-time cash payment to Osisko Bermuda of $20.0 million to $40.0 million. If the option is exercised, Osisko Bermuda will still be entitled to receive refined copper equal to 3.25% - 4.0625% of payable copper produced from the CSA mine until 23,900 to 28,450 metric tonnes have been delivered in aggregate, and thereafter 1.5% - 1.875% of payable copper produced from the CSA mine for the remaining life of the mine. As of March 31, 2025, 972 tonnes of copper have been delivered to Osisko&#160; Bermuda under the stream agreements.</p>
    <p style="margin-left: 24pt; text-indent: -24pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(2)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>Osisko will receive from Taseko an amount of silver production equal to 100% of Gibraltar mine's production, until reaching the delivery to Osisko of 6.8 million ounces of silver, and 35% of production thereafter. As of March 31, 2025, a total of 1.5 million ounces of silver have been delivered under the stream agreement.</p>
    <p style="margin-left: 24pt; text-indent: -24pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(3)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>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 40%. As of March 31, 2025, a total of 6.6 million ounces of silver have been delivered to Osisko Bermuda under the stream agreement.</p>
    <p style="margin-left: 24pt; text-indent: -24pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(4)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>On October 27, 2023, Stornoway announced it was suspending operations and placing itself under the protection of the <i>Companies' Creditors Arrangement Act</i>.</p>
    <p style="margin-left: 24pt; text-indent: -24pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(5)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>Price subject to the lesser of 3% or inflation over the previous calendar year measured by the consumer price index (CPI) per ounce price escalation after 2016.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Off-Balance Sheet Items</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There are no significant off-balance sheet arrangements, other than the contractual obligations and commitments mentioned above.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Outstanding Share Data </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As of May 7, 2025, 187,466,956 common shares and 1,806,566 share options were issued and outstanding.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Subsequent Events to March 31, 2025</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Revolving credit facility</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Subsequent to March 31, 2025, the Company repaid a total amount of $30.0 million on its revolving credit facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Dividends</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 7, 2025, the Board of Directors declared a quarterly dividend of US$0.055 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Risks and Uncertainties </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company is a royalty, stream, and offtake interests holder and investor that operates in an industry that is subject to a number of risk 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's securities is subject to a number of risks and uncertainties. An investor should carefully consider the risks described in Osisko's most recent Annual Information Form, and the other information filed with the Canadian securities regulators and the U.S Securities and Exchange Commission ("SEC"). 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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There are important risks which management believes could impact the Company's business. For information on risks and uncertainties, please also refer to the <i>Risk Factors</i> section of Osisko's most recent Annual Information Form filed on SEDAR+ at <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font> and on EDGAR at <font style="color: #0000ff;"><u>www.sec.gov</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Disclosure Controls and Procedures and Internal Control over Financial Reporting</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Disclosure Controls and Procedures</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Chief Executive Officer (the "CEO") and the Chief Financial Officer (the "CFO") of the Company are responsible for establishing and maintaining the Company's disclosure controls and procedures ("DCP") 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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">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, is recorded, processed, summarized and reported within the appropriate time periods and that such information is accumulated and communicated to the Company's management, including the CEO and CFO, to allow for timely decisions regarding required disclosure.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">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 judgement in evaluating the cost-benefit relationship of possible controls and procedures.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The CEO and CFO have evaluated whether there were changes to the DCP during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the DCP. No such changes were identified through their evaluation.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Internal Control over Financial Reporting</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's management, including the CEO and the CFO, are responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") 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 Accounting Standards. 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 Accounting Standards, unauthorized receipts and expenditures, or the inability to provide assurance that unauthorized acquisitions or dispositions of assets can be detected.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company'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's policies and procedures.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The CEO and CFO have evaluated whether there were changes to the ICFR during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the ICFR. No such changes were identified through their evaluation.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Basis of Presentation of Consolidated Financial Statements</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, <i>Interim Financial Reporting</i>. The condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended December 31, 2024 and 2023, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The accounting policies, methods of computation and presentation applied in these unaudited condensed interim consolidated financial statements are consistent with those of the previous financial year.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The financial statements included herein reflect all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Change in presentation currency </u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the year ended December 31, 2024, the Company elected to change its presentation currency from Canadian dollars ("C$") to U.S. dollars. The change in presentation currency is to improve investors and other stakeholders' ability to compare the Company's financial results with other precious metals royalty and streaming companies, who mostly report their results in U.S. dollars.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In accordance with IAS 8, <i>Accounting Policies, Changes in Accounting Estimates and Errors</i>, this change in presentation currency was applied retrospectively as if the new presentation currency had always been the Company's presentation currency and, accordingly, the comparative figures for 2024 have been restated (including in the notes to the consolidated financial statements).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Accounting standards issued but not yet effective</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has not yet adopted certain standards, interpretations to existing standards and amendments which have been issued but have an effective date of later than December 31, 2025. These standards, interpretations to existing standards and amendments, other than <i>IFRS 18 Presentation and Disclosure in Financial Statements</i> and the amendments to <i>IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures</i>, which are presented below, are not expected to have any significant impact on the Company or are not considered material and are therefore not discussed herein.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>IFRS 18 Presentation and Disclosure in Financial Statements</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In April 2024, the IASB issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. IFRS 18 was issued in response to investors' concerns about the comparability and transparency of entities' performance reporting. The new requirements introduced in IFRS 18 will help to achieve comparability of the financial performance of similar entities, especially related to how 'operating profit or loss' is defined. The new disclosures required for some management-defined performance measures will also enhance transparency. The key new concepts introduced in IFRS 18 relate to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 31.64pt; text-align: justify; padding-left: 4.36pt;">the structure of the statement of profit or loss;</li>
        <li style="margin-left: 31.64pt; text-align: justify; padding-left: 4.36pt;">required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and</li>
        <li style="margin-left: 31.64pt; text-align: justify; padding-left: 4.36pt;">enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its 'operating profit or loss'.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. Management has not yet evaluated the impact that this new standard will have on its consolidated financial statements.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
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    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Amendments - IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7, which respond to recent questions arising in practice. The amendments were issued to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;</li>
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;</li>
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">add new disclosures for certain instruments with contractual terms that can change cash flows; and</li>
        <li style="margin-left: 41.54pt; padding-left: 8.86pt; text-align: justify;">update disclosures for equity instruments designated at fair value through other comprehensive income.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The new requirements will apply from January 1, 2026, with early application permitted. Management has not yet evaluated the impact that this new standard will have on its consolidated financial statements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Critical Accounting Estimates and Significant Judgements</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also makes estimates and assumptions concerning the future. The critical accounting estimates, as well as the significant judgements in applying the Company's accounting policies are consistent with those reported in the annual consolidated financial statements for the years ended December 31, 2024 and 2023, and are detailed in the notes to the audited consolidated financial statements for the years ended December 31, 2024 and 2023, filed on SEDAR+ at <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>, EDGAR at <font style="color: #0000ff;"><u>www.sec.gov</u></font> and on Osisko's website at <font style="color: #0000ff;"><u>www.osiskogr.com</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Financial Instruments</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">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 discounted cash flows, 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 notes to the audited consolidated financial statements for the years ended December 31, 2024 and 2023 and in the interim unaudited consolidated financial statements for the three months ended March 31, 2025 and 2024, both filed on SEDAR+ at <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font>, EDGAR at <font style="color: #0000ff;"><u>www.sec.gov</u></font> and on Osisko's website at <font style="color: #0000ff;"><u>www.osiskogr.com</u></font><font style="color: #0000ff;"><u>.</u></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Technical Information</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The scientific and technical information contained in this MD&amp;A has been reviewed and approved by Mr. Guy Desharnais, Ph.D., P.Geo, Vice President, Project Evaluation at Osisko, who is a "Qualified Person" ("QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Non-IFRS Financial Performance Measures</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Cash margin (in dollars and in percentage of revenues)</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by Osisko as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained from the cash margin (in dollars) divided by revenues.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Management uses cash margin in dollars and in percentage of revenues to evaluate Osisko's ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate Osisko's performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.</p>
    <div id="footer_page_36">
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A reconciliation of the cash margin per type of interests (in dollars and in percentage of revenues) is presented under the <i>Overview of Financial Results</i> section of this MD&amp;A.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Adjusted earnings and adjusted earnings per basic share</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by Osisko by excluding the following items from net earnings (loss) and earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of Osisko as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of Osisko, particularly since the excluded items are typically not included in Osisko's annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of Osisko's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A reconciliation of net earnings to adjusted net earnings is presented below:</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="4"><b>Three months ended</b><br><b>March 31,</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>2025</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>2024</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify;"><i>(in thousands of dollars, </i><br><i> except per share amounts)</i></td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: top; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;"><b>$</b></td>
            <td style="vertical-align: top; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: justify;"><i>&#160;</i></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify;">Net earnings</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">25,640</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">11,169</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Adjustments:</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">(160</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">2,411</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 10pt;">Share of loss of associates</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">3,752</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">10,053</td>
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            <td style="vertical-align: bottom; padding-left: 10pt;">Changes in allowance for expected credit losses and write-offs</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">-</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(1,399</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <td style="vertical-align: bottom; padding-left: 10pt;" colspan="1">Loss (gain) on investments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(388</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10pt;" colspan="1">Tax impact of adjustments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">(41</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">136</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">22,032</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">186,979</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">185,761</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Adjusted earnings per basic share</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #f2f2f2;">0.16</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">0.12</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
    </table>
    <br>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Forward-Looking Statements</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Certain statements contained in this MD&amp;A may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, the ability to complete any announced transaction, production estimates of Osisko's assets (including increase of production), the 2025 guidance on GEOs and cash margin and the 5-year outlook on GEOs included under "Guidance for 2025 and 5-Year Outlook" and other guidance based on disclosure from operators, Osisko's ability to influence its partners' sustainability practices, maintaining or improving ESG ratings and rankings, that corporate policies will be complied with at all time, sustained commitment of Osisko in the implementation of its climate strategy, continued improvement toward carbon neutrality, continued increase of community investments, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management's expectations regarding Osisko's growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under "Guidance for 2025 and 5-Year Outlook", and no assurance can be given that the estimates or related guidance will be realized. Forward-looking statements 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 by statements that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) 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, (e) continued availability of capital and financing to Osisko or the operators of properties, and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko's business, operations and financial condition; (g) impact related to climate changes or technologies which may affect the implementation of Osisko's climate strategy and achievement of carbon neutrality, that criteria will continue to be met to achieve improved ESG ratings, that actual facts may significantly differs from hypothesis used in any assessment scenario analysis (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets&#160; (c) the determination of Osisko's Passive Foreign Investment Company ("PFIC") status (d) Osisko's ability to deliver on its climate strategy, that Osisko's efforts in maintaining carbon neutrality will be achieved and that any efforts toward reducing Osisko's carbon emission or to support decarbonization efforts of Osisko's partners will be successful, or (e) the availability of funds to finance community investments. The forward-looking statements contained in this MD&amp;A are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company's ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended, Osisko's continued commitment toward improving sustainability goals, the continued validity of science and reasonableness of hypothesis relating to climate change and assessment scenario analysis, the absence of material changes to the regulatory framework relating to climate and climate related disclosure, the compliance by directors and employees to the corporate policies, the availability of funds to continue to support community investments and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.</p>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at <font style="color: #0000ff;"><u>www.sedarplus.ca</u></font> and EDGAR at <font style="color: #0000ff;"><u>www.sec.gov</u></font> 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 accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this MD&amp;A are not guarantee of future performance and should not be unduly relied upon. In this MD&amp;A, Osisko relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. 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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 ("NI 43-101"). The definitions of NI 43-101 are adopted from those described by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). In a number of cases Osisko has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the "Acceptable Foreign Codes"). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K ("S-K 1300") became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. 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 S-K 1300. 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 "Inferred Mineral Resource" 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>
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                <td style="width: 50%; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Osisko Gold Royalties Ltd<br></b><b>2025 &#8211; First Quarter Report</b></td>
                <td style="width: 50%; text-align: right; vertical-align: top; border-bottom: 0.75pt solid #000000;"><b>Management&#8217;s Discussion and Analysis</b></td>
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        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Corporate Information</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt;"><b>Osisko Gold Royalties Ltd - Head Office</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><b>Osisko Bermuda Limited </b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">1100 av. des Canadiens-de-Montr&#233;al</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Cumberland House</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Suite 300</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">1 Victoria Street</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Montr&#233;al, Qu&#233;bec, Canada H3B 2S2</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Hamilton HM11</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Tel.: (514) 940-0670</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Bermuda</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Fax: (514) 940-0669</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Tel.: (441) 824-7474</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Email: <font style="color: #0000ff;"><u>info@osiskogr.com</u></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Fax: (441) 292-6140</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">Web site: <font style="color: #0000ff;"><u>www.osiskogr.com</u></font></td>
            <td style="width: 47%; vertical-align: top;">Michael Spencer, Managing Director<br>Brendan Pidcock, Vice President, Technical Services</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><b>Osisko Gold Royalties Ltd - Toronto Office</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">100 King Street West</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Suite 5710</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Toronto, Ontario, Canada M5X 1K1</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;"><b>Directors</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;"><b>Officers</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Norman MacDonald, Chair</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Jason Attew, President and Chief Executive Officer</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Jason Attew, President and Chief Executive Officer</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Guy Desharnais, Vice President, Project Evaluation</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Joanne Ferstman</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Iain Farmer, Vice President, Corporate Development</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Edie Hofmeister</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Andr&#233; Le Bel, Vice President, Legal Affairs and Corporate Secretary</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">William Murray John</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Grant Moenting, Vice President, Capital Markets</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Pierre Labb&#233;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Fr&#233;d&#233;ric Ruel, Vice President, Finance and Chief Financial Officer</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Wendy Louie</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Heather Taylor, Vice President, Sustainability and Communications</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Candace MacGibbon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; vertical-align: top;">David Smith</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
    </table>
    <p style="margin-top: 10pt; margin-bottom: 10pt;"><b>Qualified Person (as defined by NI 43-101)<br></b>Guy Desharnais, Ph.D., P.Geo, Vice-President, Project Evaluation</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;"><b>Exchange listings - common shares</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Toronto Stock Exchange:<font style="width: 14.34pt; display: inline-block;">&#160;</font>OR</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">New York Stock Exchange:<font style="width: 4.35pt; display: inline-block;">&#160;</font>OR</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;"><b>Dividend Reinvestment Plan</b></p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">Information available at <font style="color: #0000ff;"><u>http://osiskogr.com/en/dividends/drip/</u></font></p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;"><b>Transfer Agents</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Canada: TSX Trust Company (Canada)</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">United States of America: American Stock Transfer &amp; Trust Company, LLC</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;"><b>Auditors</b></p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">PricewaterhouseCoopers LLP</p>
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<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
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    <title>Osisko Gold Royalties Ltd.: Exhibit 99.3 - Filed by newsfilecorp.com</title>
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    <p style="margin-bottom: 0pt; text-align: center;"><b>FORM 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CERTIFICATION OF INTERIM FILINGS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FULL CERTIFICATE</b></p>
    <p style="text-align: justify;">I, Jason Attew, President and Chief Executive Officer of Osisko Gold Royalties Ltd, certify the following:</p>
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<DOCUMENT>
<TYPE>EX-99.4
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<DESCRIPTION>EXHIBIT 99.4
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<html>

<head>
    <title>Osisko Gold Royalties Ltd.: Exhibit 99.4 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="margin-bottom: 0pt; text-align: center;"><b>FORM 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CERTIFICATION OF INTERIM FILINGS</b></p>
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    <p style="text-align: justify;">I, Fr&#233;d&#233;ric Ruel, Chief Financial Officer and Vice President, Finance of Osisko Gold Royalties Ltd, certify the following:</p>
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    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;">3.<font style="width: 19.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Fair presentation:</b></i> 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 style="margin-left: 27pt; text-indent: -27pt; text-align: justify;">4.<font style="width: 19.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Responsibility:</b></i> The issuer'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' Annual and Interim Filings, for the issuer.</p>
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    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;">6.<font style="width: 19.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i> The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on January 1<sup>st</sup>, 2025 and ended on<i><b> </b></i>March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p>
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            <td style="width: 8%; vertical-align: top; text-align: justify;">Date:</td>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">May 7, 2025</td>
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        <tr>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: justify;"><i>(s) Fr&#233;d&#233;ric Ruel</i></td>
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        <tr>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">&#160;</td>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;">Fr&#233;d&#233;ric Ruel<br>Chief Financial Officer and Vice President, Finance</td>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<head>
    <title>Osisko Gold Royalties Ltd.: Exhibit 99.5 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>OSISKO DECLARES 20% INCREASE IN SECOND QUARTER 2025 DIVIDEND</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>(Montreal, May 7, 2025)</b> - Osisko Gold Royalties Ltd (the "<b>Company</b>" or "<b>Osisko</b>") (OR: TSX &amp; NYSE) is pleased to announce that the Board of Directors has approved a second quarter 2025 dividend of <b>US$0.055 per common share</b>, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For shareholders residing in Canada, the Canadian dollar equivalent will be determined based on the daily rate published by the Bank of Canada on June 30, 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the "Plan"). 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 15, 2025 to shareholders on record as of June 30, 2025. More details are available on Osisko's website at <font style="color: #0000ff;"><u>http://osiskogr.com/en/dividends/drip/</u></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">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 our transfer agent at 1-800-387-0825 (toll-free in Canada) or <font style="color: #0000ff;"><u>shareholderinquiries@tmx.com</u></font>.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This press release is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>About Osisko Gold Royalties Ltd </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko is an intermediate precious metals royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American and Australian focused portfolio of over 195 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada's largest gold mines.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko'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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>For further information, please contact Osisko Gold Royalties Ltd:</b></p>
    <table style="width: 80%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">Grant Moenting<br>Vice President, Capital Markets <br>Tel: (514) 940-0670 #116<br>Mobile: (365) 275-1954<br>Email: <font style="color: #0000ff;"><u>gmoenting@osiskogr.com</u></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">Heather Taylor<br>Vice President, Sustainability &amp; Communications <br>Tel: (514) 940-0670 #105<br>Email: <font style="color: #0000ff;"><u>htaylor@osiskogr.com</u></font></td>
        </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Forward-looking statements</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. 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 that all conditions for payment of the dividend will be met and that such dividend will continue to be an "eligible dividend" as defined in the Income Tax Act (Canada). Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including that the 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 style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><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><font style="color: #0000ff;"><u><i>www.sedarplus.com</i></u></font><i> and with the U.S. Securities and Exchange Commission and available electronically under Osisko's issuer profile on EDGAR at </i><font style="color: #0000ff;"><u><i>www.sec.gov</i></u></font><i>. The forward-looking information set forth herein reflects Osisko's expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.</i></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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    <title>Osisko Gold Royalties Ltd.: Exhibit 99.6 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-6x001.jpg" style="width: 217px;" height="91"></p>
    <p style="text-indent: 0.15pt; text-align: center; margin-left: 14.2pt; margin-top: 10pt; margin-bottom: 10pt;"><b>OSISKO REPORTS Q1 2025 RESULTS</b></p>
    <p style="text-indent: 0.15pt; text-align: center; margin-left: 14.2pt; margin-top: 10pt; margin-bottom: 10pt;"><b>Strong Cash Flows of $46.1 Million from Operating Activities </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Montr&#233;al, May 7, 2025 -</b> Osisko Gold Royalties Ltd (the "<b>Company</b>" or "<b>Osisko</b>") (OR: TSX &amp; NYSE) today announced its consolidated financial results for the first quarter of 2025. Amounts presented are in United States dollars, except where otherwise noted.</p>
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        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Net earnings of $25.6 million, $0.14 per basic share ($11.2 million, $0.06 per basic share in Q1 2024);</p>
    </div>
    <div style="background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Adjusted earnings<sup>3</sup> of $29.5 million, $0.16 per basic share ($22.0 million, $0.12 per basic share in Q1&#8239;2024);</p>
    </div>
    <div style="background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Net repayment of $19.6 million under the revolving credit facility;&#160;</p>
    </div>
    <div style="background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Cash balance of $63.1 million and debt of $74.3 million as at March 31, 2025;</p>
    </div>
    <div style="background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Acquisition of a 1.5% net smelter return ("NSR") royalty from Japan Gold Corp. ("Japan Gold") on Japan Gold's wholly-controlled properties in Japan for cash consideration of $5.0 million; and</p>
    </div>
    <div style="background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025.</p>
    </div>
    <p style="background-color: #ffffff; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Subsequent to March 31, 2025</b></p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Additional repayments of $30.0 million under the Company's revolving credit facility;</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources Ltd. ("Sable Resources") for consideration of C$3.8 million, as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Publication of the fifth edition of the Company's sustainability report, <i>Growing Responsibly</i>; and</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 10pt;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>Declaration of a quarterly dividend of US$0.055 per common share, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025.&#160;</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Management Commentary</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Jason Attew, President &amp; CEO of Osisko commented: "Osisko's first quarter represented a good start for the Company in 2025 and serves as a solid base for Osisko to achieve its 2025 guidance range of 80,000 to 88,000 GEOs earned, especially considering that the Company's GEO deliveries are expected to sequentially improve quarter-by-quarter throughout the remainder of the year ahead.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Looking ahead over the next few months, there are several upcoming catalysts to watch out for, including, but not limited to, Osisko Development's project financing initiatives on the back of last week's Optimized Feasibility Study results for the fully-permitted Cariboo gold project; a new life-of-mine plan at Alamos Gold's Island Gold District; and finally, the anticipated Implementation of the Scheme of Arrangement between Spartan Resources and Ramelius Resources, which, if implemented, could accelerate first production from Dalgaranga to late 2025, a full year ahead of Osisko's expectations when we acquired&#160; the Dalgaranga 1.8% gross smelter return royalty in late September of 2024."</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Norman MacDonald, Board Chair of Osisko, also commented: &#8220;Tomorrow&#8217;s Annual and Special Meeting of Shareholders will mark the end of Joanne Ferstman&#8217;s tenure as an Independent Director on Osisko&#8217;s Board. Joanne has been on Osisko&#8217;s Board of Directors from the very beginning, and, as such, both Board and Management would like to wholeheartedly thank Joanne for her many years of leadership, guidance and service. Her attention to detail and dedication to realizing the Company&#8217;s strategic vision, amongst her many other skills, will be missed. We would also like to wish Joanne all the best in her future endeavours.&#8221;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Q1 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS</b></p>
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            <td style="width: 26%; vertical-align: top; text-align: justify; padding-left: 5pt;">Conference Call:</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">Thursday, May 8<sup>th</sup>, 2025 at 10:00 am ET</td>
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            <td style="width: 26%; vertical-align: top; text-align: justify; padding-left: 5pt;">&#160;</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
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            <td style="width: 26%; vertical-align: top; text-align: justify; padding-left: 5pt;">Dial-in Numbers:<br><b>(Option 1)</b></td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">North American Toll-Free:&#160; 1 (800) 717-1738<br>Local - Montreal: 1 (514) 400-3792<br>Local - Toronto: 1 (289) 514-5100<br>Local - New York: 1 (646) 307-1865<br>Conference ID: 33088</td>
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            <td style="width: 26%; vertical-align: top; text-align: justify; padding-left: 5pt;">&#160;</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 26%; vertical-align: top; padding-left: 5pt;">Webcast link:<br><b>(Option 2)</b></td>
            <td style="width: 68%; vertical-align: top; text-align: justify;"><font style="color: #0000ff;"><u>https://viavid.webcasts.com/starthere.jsp?ei=1713958&amp;tp_key=482b1aae4e</u></font></td>
        </tr>
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            <td style="width: 26%; vertical-align: top; padding-left: 5pt;">&#160;</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;"><font style="color: #0000ff;"><br></font></td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5pt; vertical-align: top;">Replay (available until Sunday, June 8<sup>th</sup>, at 11:59 PM ET):</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">North American Toll-Free: 1 (888) 660-6264<br>Local - Toronto: 1 (289) 819-1325<br>Local - New York: 1 (646) 517-3975<br>Playback Passcode: 33088#</td>
        </tr>
        <tr>
            <td style="width: 26%; vertical-align: top; text-align: justify; padding-left: 5pt;">&#160;</td>
            <td style="width: 68%; vertical-align: top; text-align: justify;">Replay also available on our website at <font style="color: #0000ff;"><u>www.osiskogr.com</u></font></td>
        </tr>
    </table>
    <p style="background-color: #ffffff; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Annual and Special Meeting of Shareholders </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's 2025 Annual and Special Meeting of shareholders will be held on May 8, 2025 in Montr&#233;al, Qu&#233;bec.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><br><b>Qualified Person</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>About Osisko Gold Royalties Ltd </b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 195&#8239;royalties, streams and precious metal offtakes, including 21 producing assets. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Osisko's head office is located at 1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qu&#233;bec, H3B&#8239;2S2.</p>
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        <tr>
            <td style="margin-bottom: 0pt; vertical-align: top;" colspan="2"><b>For further information, please contact Osisko Gold Royalties Ltd:</b><b> <br></b></td>
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            <td style="margin-bottom: 0pt; vertical-align: top;" colspan="2">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">Grant Moenting<br>Vice President, Capital Markets<br>Tel: (514) 940-0670 x116<br>Cell: (365) 275-1954<br>Email: <font style="color: #0000ff;"><u>gmoenting@osiskogr.com</u></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">Heather Taylor<br>Vice President, Sustainability and Communications<br>Tel: (514) 940-0670 x105<br>Email: <font style="color: #0000ff;"><u>htaylor@osiskogr.com</u></font></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Notes:</b></p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1)<font style="width: 5.72pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Gold Equivalent Ounces</u></p>
    <p style="margin-left: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="background-color: #ffffff;">GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period.</font></p>
    <p style="text-indent: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u>Average Metal Prices and Exchange Rate</u></p>
    <div style="margin-left: 18pt;">
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; width: 69.27%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.35823%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 27.5042%;" colspan="5">Three months ended<br>March 31,</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 2.03735%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; width: 69.27%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 1.35823%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12.0543%;">2025</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 1.01868%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 1.01868%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 1.35823%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 12.0543%;">2024</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; width: 2.03735%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 1.35823%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 12.0543%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.35823%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.0543%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 2.03735%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">Gold <sup>(i</sup><sup>)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%; background-color: #f2f2f2;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%; background-color: #f2f2f2;">2,860</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%;">&#160;&#160;&#160;&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%;">2,070</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03735%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">Silver <sup>(</sup><sup>ii</sup><sup>)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%; background-color: #f2f2f2;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%; background-color: #f2f2f2;">31.88</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%;">23.34</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03735%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">Copper <sup>(iii)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%; background-color: #f2f2f2;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%; background-color: #f2f2f2;">9,340</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%;">8,438</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03735%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03735%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.27%;">Exchange rate (C$/US$) <sup>(iv</sup><sup>)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%; background-color: #f2f2f2;">0.6968</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.01868%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.35823%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12.0543%;">0.7415</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03735%;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 60pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify; margin-top: 10pt;">(i)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>The average price represents the London Bullion Market Association's PM price in U.S. dollars per ounce.</p>
    <p style="margin-top: 0pt; margin-left: 60pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(ii)<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The average price represents the London Bullion Market Association's price in U.S. dollars per ounce.</p>
    <p style="margin-top: 0pt; margin-left: 60pt; margin-bottom: 0pt; text-indent: -24pt; text-align: justify;">(iii)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The average price represents the London Metal Exchange's price in U.S. dollars per tonne.</p>
    <p style="margin-top: 0pt; margin-left: 60pt; text-indent: -24pt; text-align: justify; margin-bottom: 10pt;">(iv)<font style="width: 7.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Bank of Canada daily rate.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(2)<font style="width: 7.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>Three months ended March 31, 2024 ("Q1 2024").</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(3)<font style="width: 7.22pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Non-IFRS Measures</u></p>
    <p style="text-indent: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Cash margin</i></p>
    <p style="margin-left: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by Osisko as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained from the cash margin (in dollars) divided by revenues.&#160;</p>
    <p style="margin-left: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Management uses cash margin in dollars and in percentage of revenues to evaluate Osisko's ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate Osisko's performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.&#160;</p>
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    <p style="margin-left: 18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A reconciliation of the cash margin per type of interests (in thousands of dollars and in percentage of revenues) is presented below:</p>
    <div style="margin-left: 30pt;">
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 26.7622%;" colspan="5"><b>Three months ended</b><br><b>March 31,</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 2.03106%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 11.9474%;"><b>2025 </b></td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 11.9474%;"><b>2024 </b></td>
                <td style="background-color: #ffffff; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 11.9474%;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;&#160;&#160;&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 11.9474%;"><b>$</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #f2f2f2; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; width: 2.03106%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;"><u><b>Royalty interests</b></u></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Revenues</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;">36,790</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;">33,029</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Less: cost of sales (excluding depletion)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">(145</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">(78</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Cash margin (in dollars)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">36,645</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%;">32,951</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Depletion</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">(2,710</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">(4,104</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;"><b>Gross profit</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>33,935</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%;"><b>28,847</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;"><u><b>Stream interests</b></u></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Revenues</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;">18,126</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;">12,018</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Less: cost of sales (excluding depletion)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">(1,474</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">(1,281</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Cash margin (in dollars)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">16,652</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%;">10,737</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Depletion</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">(5,034</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">(4,442</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;"><b>Gross profit </b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>11,618</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%;"><b>6,295</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;"><u><b>Royalty and stream interests</b></u><br>Total cash margin (in dollars)</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%; background-color: #f2f2f2;">53,297</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 11.9474%;">43,688</td>
                <td style="vertical-align: bottom; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Divided by: total revenues</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">54,916</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">45,047</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; width: 69.8925%;">Cash margin (in percentage of revenues)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;">97.1%</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 11.9474%;">97.0%</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8925%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9474%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
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                <td style="vertical-align: bottom; width: 69.8925%;"><b>Total - Gross profit</b></td>
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                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9474%; background-color: #f2f2f2;"><b>45,553</b></td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.955794%; background-color: #f2f2f2;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 0.955794%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 11.9474%;"><b>35,142</b></td>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2.03106%;">&#160;</td>
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    <p style="margin-left: 17.85pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Adjusted earnings and adjusted earnings per basic share </i></p>
    <p style="margin-left: 17.85pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by Osisko by excluding the following items from net earnings (loss) and earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.</p>
    <p style="margin-left: 17.85pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of Osisko as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of Osisko, particularly since the excluded items are typically not included in Osisko's annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of Osisko's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.</p>
    <div id="footer_page_4">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="margin-left: 17.85pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A reconciliation of net earnings to adjusted net earnings is presented below:</p>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 27.1676%;" colspan="5"><b>Three months ended</b><br><b>March 31,</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap; width: 12.0231%;"><b>2025</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap; width: 1.04046%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; white-space: nowrap; width: 12.0231%;"><b>2024</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; width: 69.9422%;"><i>(in thousands of dollars, </i><br><i> except per share amounts)</i></td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 12.0231%;"><b>$</b></td>
            <td style="vertical-align: bottom; background-color: #f2f2f2; border-top: 0.75pt solid #000000; text-align: right; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.04046%;">&#160;&#160;&#160;&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.04046%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.0231%;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 1.96532%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; width: 69.9422%;"><i>&#160;</i></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; width: 69.9422%;">Net earnings</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">25,640</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">11,169</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; width: 69.9422%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">Adjustments:</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">(160</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">2,411</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">3,752</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">10,053</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 69.9422%; padding-left: 10pt;">Changes in allowance for expected credit losses and write-offs</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">-</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(1,399</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
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        <tr>
            <td style="vertical-align: bottom; width: 69.9422%; padding-left: 10pt;">Loss (gain) on investments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">286</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">(388</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%; padding-left: 10pt;">Tax impact of adjustments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">(41</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; border-bottom: 0.75pt solid #000000;">136</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">Adjusted earnings</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">29,477</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">22,032</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">Weighted average number of common shares outstanding (000's)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">186,979</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; border-bottom: 0.75pt solid #000000;">185,761</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96532%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.9422%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12.0231%; text-align: right; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04046%; text-align: left; background-color: #f2f2f2;">&#160;</td>
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    <div id="footer_page_5">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">5</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>Forward-Looking Statements </b></i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that Osisko will meet its guidance estimate, that development and milestones to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner. 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. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) 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, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko's business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko's PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in Osisko's ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at </i><font style="color: #0000ff;"><u><i>www.sedarplus.ca</i></u></font><i> and EDGAR at </i><font style="color: #0000ff;"><u><i>www.sec.gov</i></u></font><i> 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 accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. 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.</i></p>
    <div id="footer_page_6">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">6</p>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 8.25pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">85,403</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">74,043</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5,331</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,132</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">852</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 13.5pt; text-indent: -13.5pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">74,346</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">93,900</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">76,234</td>
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            <td style="vertical-align: bottom; padding-left: 13.5pt; text-indent: -13.5pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">188,681</td>
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            <td style="vertical-align: bottom; padding-left: 13.5pt; text-indent: -13.5pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 13.5pt; text-indent: -13.5pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,680,514</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,675,940</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">65,003</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">63,567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(391,986</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 13.5pt; text-indent: -13.5pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,213,894</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,188,953</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">1,388,729</td>
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    <div id="footer_page_7">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">7</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statements of Income</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font><br><font style="font-size: 12pt;">(Unaudited)</font></td>
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            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of United States dollars, except per share amounts)</td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>45,047</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(1,619</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(1,359</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">(7,744</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">(8,546</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>45,553</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>35,142</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Other operating expenses</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt;">General and administrative</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(4,959</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(4,544</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Business development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(2,079</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(1,011</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>38,515</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>29,587</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Interest income</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">598</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">934</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(1,730</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(2,767</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Foreign exchange gain (loss)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">160</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(2,411</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt;">Share of loss of associates</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(3,752</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(10,053</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Other (losses) gains, net</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(286</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,737</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Earnings before income taxes</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>33,505</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>17,027</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Income tax expense</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(7,865</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(5,858</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Net earnings</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>25,640</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>11,169</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;"><b>Net earnings per share </b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 10pt; background-color: #e6efff;">Basic and diluted</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">0.14</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">0.06</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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    <br>
    <div id="footer_page_8">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">8</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 12pt;"><b>Osisko Gold Royalties Ltd</b></font><br><font style="font-size: 12pt;">Consolidated Statements of Cash Flows</font><br><font style="font-size: 12pt;">For the three months ended March 31, 2025 and 2024</font><br><font style="font-size: 12pt;">(Unaudited)</font></td>
            </tr>
            <tr>
                <td style="width: 100%;">(tabular amounts expressed in thousands of United States dollars)</td>
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        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2024</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">11,169</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,089</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,032</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,790</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,399</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,752</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,053</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">286</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(338</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(92</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,437</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">7,242</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">5,463</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">104</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">116</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">47,053</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">37,858</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(974</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(496</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Net cash flows provided by operating activities</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">46,079</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">37,362</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;"><b>Investing activities</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(667</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Acquisitions of investments</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(11,364</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,847</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(5,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(17</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(3</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Net cash flows (used in) provided by investing activities</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">(16,666</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">3,177</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;"><b>Financing activities</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,437</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Repayment of long-term debt</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(30,000</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(32,394</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,587</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,609</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(7,610</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(7,680</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,204</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(210</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(288</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Net cash flows used in financing activities</td>
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            <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">&#160;</td>
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    <br>
    <div><br></div>
    <div id="footer_page_9">
        <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">9</p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
