6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2024

Commission File Number: 001-37814

OSISKO GOLD ROYALTIES LTD
(Translation of registrant's name into English)

1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Qc H3B 2S2
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[   ] Form 20-F      [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [   ]

SUBMITTED HEREWITH

Exhibits

Exhibit	Description
99.1	Consolidated Annual Financial Statements for the years ended December 31, 2023 and 2022
99.2	Management's Discussion and Analysis for the year ended December 31, 2023
99.3	Form 52-109F1 Certification of Annual Filings Full Certificate - CEO
99.4	Form 52-109F1 Certification of Annual Filings Full Certificate - CFO
99.5	Press Release of Dividends
99.6	Press Release of 2023 results

SIGNATURES

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.

OSISKO GOLD ROYALTIES LTD

(Registrant)

Date: February 20, 2024	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

EX-99.1

Consolidated Financial Statements

For the years

ended

December 31, 2023 and 2022

Osisko Gold Royalties Ltd

Consolidated Financial Statements

Management's Report on Internal Control over Financial Reporting

Osisko Gold Royalties Ltd's (the "Company's") management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (United States), as amended.

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as at December 31, 2023. The Company's management conducted an evaluation of the Company's internal control over financial reporting based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the Company's management's assessment, the Company's internal control over financial reporting is effective as at December 31, 2023.

The effectiveness of the Company's internal control over financial reporting as at December 31, 2023 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is located on the next pages.

(signed) Jason Attew	(signed) Frédéric Ruel
President, Chief Executive Officer and Director	Vice President, Finance and Chief Financial Officer

February 20, 2024

2

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Osisko Gold Royalties Ltd

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Osisko Gold Royalties Ltd and its subsidiaries (together, the Company) as of December 31, 2023 and 2022, and the related consolidated statements of income (loss), comprehensive income (loss), changes in equity and cash flows for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and its financial performance and its cash flows for the years then ended in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

PricewaterhouseCoopers LLP
1250 René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada H3B 4Y1
T: +1 514 205 5000, F: +1 514 876 1502, ca_montreal_main_fax@pwc.com

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

3

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

4

Assessment of impairment indicators of royalty, stream and other interests

As described in Notes 3, 5 and 12 to the consolidated financial statements, the Company's royalty, stream and other interests carrying amount was $1,553 million as of December 31, 2023. Management assesses at each reporting date whether there are indicators that the carrying amount may not be recoverable, which give rise to the requirement to conduct a formal impairment test. Impairment is assessed at the cash-generating unit (CGU) level, which is usually at the individual royalty, stream and other interests level for each property from which cash inflows are generated. Management uses judgement when assessing whether there are indicators of impairment, including a significant change in mineral reserve and resources, significant negative industry or economic trends, significantly lower production than expected, a significant change in current or forecast commodity prices and other relevant operator and financial information.

The principal considerations for our determination that performing procedures relating to the assessment of impairment indicators of royalty, stream and other interests is a critical audit matter are (i) the judgement by management when assessing whether there were indicators of impairment which would require a formal impairment test to be performed; and (ii) a high degree of auditor judgement, subjectivity and effort in performing procedures to evaluate audit evidence related to management's assessment of impairment indicators related to a significant change in mineral reserve and resources, significant negative industry or economic trends, significantly lower production than expected, a significant change in current or forecast commodity prices and other relevant operator and financial information.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's assessment of impairment indicators of royalty, stream and other interests. These procedures also included, among others, evaluating the reasonableness of management's assessment of impairment indicators for a sample of royalty, stream and other interests, related to a significant change in mineral reserve and resources, significant negative industry or economic trends, significantly lower production than expected, a significant change in current or forecast commodity prices and other relevant operator and financial information by considering (i) current and past performance of royalty, stream and other interests; (ii) consistency with external market and industry data; (iii) publicly disclosed or other relevant information of operators of royalty, stream and other interests; and (iv) consistency with evidence obtained in other areas of the audit.

/s/PricewaterhouseCoopers LLP

Montréal, Canada

February 20, 2024

We have served as the Company's auditor since 2006.

5

Osisko Gold Royalties Ltd

Consolidated Balance Sheets
As at December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars)

		December 31,		December 31,
		2023		2022
	Notes	$		$
Assets
Current assets
Cash	6	67,721		90,548
Short-term investments	7	8,200		-
Amounts receivable	8	6,282		11,700
Other assets	9	1,842		2,546
		84,045		104,794
Non-current assets
Investments in associates	10	115,651		319,763
Other investments	11	93,025		73,504
Royalty, stream and other interests	12	1,553,111		1,378,253
Goodwill	13	111,204		111,204
Other assets	9	8,951		8,783
		1,965,987		1,996,301
Liabilities
Current liabilities
Accounts payable and accrued liabilities	14	8,209		6,825
Dividends payable	17	11,121		10,121
Lease liabilities	15	1,122		921
		20,452		17,867
Non-current liabilities
Lease liabilities	15	6,879		6,701
Long-term debt	16	191,879		147,950
Deferred income taxes	19	96,279		86,572
		315,489		259,090
Equity
Share capital	17	2,097,691		2,076,070
Contributed surplus		79,446		77,295
Accumulated other comprehensive income		28,058		47,435
Deficit		(554,697	)	(463,589	)
		1,650,498		1,737,211
		1,965,987		1,996,301

APPROVED ON BEHALF OF THE BOARD

(signed) Norman MacDonald, Chair of the Board of Directors  (signed) Joanne Ferstman, Director

The notes are an integral part of these consolidated financial statements. 6

Osisko Gold Royalties Ltd

Consolidated Statements of Income (Loss)
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

		2023		2022
	Notes	$		$
Revenues	20	247,320		217,809
Cost of sales	20	(16,646	)	(16,076	)
Depletion	20	(56,393	)	(51,355	)
Gross profit		174,281		150,378
Other operating expenses
General and administrative	20	(32,829	)	(20,216	)
Business development	20	(6,179	)	(5,375	)
Impairment of royalty and stream interests	20	(47,619	)	(1,818	)
Operating income		87,654		122,969
Interest income		6,831		9,767
Finance costs		(18,946	)	(22,339	)
Foreign exchange gain		1,603		20,146
Share of income (loss) of associates		7,925		(1,863	)
Other losses, net	20	(120,153	)	(15,557	)
(Loss) earnings before income taxes		(35,086	)	113,123
Income tax expense	19	(13,257	)	(27,838	)
Net (loss) earnings from continuing operations		(48,343	)	85,285
Net loss from discontinued operations	29	-		(268,475	)
Net loss		(48,343	)	(183,190	)
Net loss attributable to:
Osisko Gold Royalties Ltd's shareholders		(48,343	)	(118,754	)
Non-controlling interests		-		(64,436	)
Net (loss) earnings per share from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders
Basic and diluted	22	(0.26	)	0.47
Net loss per share attributable to Osisko Gold Royalties Ltd's shareholders
Basic and diluted	22	(0.26	)	(0.66	)

The notes are an integral part of these consolidated financial statements. 7

Osisko Gold Royalties Ltd

Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars)

	2023		2022
	$		$
Net loss	(48,343	)	(183,190	)
Other comprehensive income (loss)
Items that will not be reclassified to the consolidated statement of income (loss)
Changes in fair value of financial assets at fair value through other comprehensive income	5,915		(43,486	)
Income tax effect	753		4,324
Share of other comprehensive loss of associates	(3,306	)	(1,368	)
Items that may be reclassified to the consolidated statement of income (loss)
Currency translation adjustments	(15,596	)	49,904
Disposal of investments in associates
Reclassification to the statements of income (loss) of the other comprehensive income, net of income tax	(1,136	)	(294	)
Share of other comprehensive loss of associates	(3,489	)	-
Other comprehensive (loss) income	(16,859	)	9,080
Comprehensive loss	(65,202	)	(174,110	)
Comprehensive (loss) income attributable to Osisko Gold Royalties Ltd's shareholders:
From continuing operations	(65,202	)	88,988
From discontinued operations	-		(204,039	)
Comprehensive loss attributable to:
Osisko Gold Royalties Ltd's shareholders	(65,202	)	(115,051	)
Non-controlling interests	-		(59,059	)

The notes are an integral part of these consolidated financial statements. 8

Osisko Gold Royalties Ltd

Consolidated Statements of Cash Flows
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars)

		2023		2022
	Notes	$		$
Operating activities
Net (loss) earnings from continuing operations		(48,343	)	85,285
Adjustments for:
Share-based compensation		10,407		7,119
Depletion and amortization		57,615		52,415
Impairment of royalty and stream interests		47,619		1,818
Expected credit loss and write-off of other investments		37,209		-
Impairment of investments in associates		64,771		2,361
Finance costs		492		7,340
Share of (income) loss of associates		(7,925	)	1,863
Net gain on acquisition of investments		-		(48	)
Change in fair value of financial assets at fair value through profit and loss		13,156		16,848
Net gain on dilution of investments in associates		(4,842	)	(3,604	)
Loss on disposal and deemed disposal of associates		10,494		-
Foreign exchange gain		(1,781	)	(19,907	)
Deferred income tax expense		10,672		26,688
Other		(632	)	116
Net cash flows provided by operating activities before changes in non-cash working capital items		188,912		178,294
Changes in non-cash working capital items	23	(1,885	)	(3,231	)
Net operating cash flows provided by continuing operations		187,027		175,063
Net operating cash flows used by discontinued operations	29	-		(65,116	)
Net cash flows provided by operating activities		187,027		109,947
Investing activities
Acquisitions of short-term investments		(8,362	)	-
Acquisitions of investments		(53,279	)	(12,472	)
Proceeds from disposal of investments	10, 11	132,959		2,960
Acquisitions of royalty and stream interests		(291,108	)	(124,209	)
Cash balance of Osisko Development Corp. at the time of deconsolidation	29	-		(133,138	)
Other		(46	)	(18	)
Net investing cash flows used by continuing operations		(219,836	)	(266,877	)
Net investing cash flows used by discontinued operations	29	-		(114,984	)
Net cash flows used in investing activities		(219,836	)	(381,861	)
Financing activities
Bought deal equity financing	17	-		311,962
Share issue costs	17	-		(13,941	)
Increase in long-term debt, net of discount on banker's acceptances	16	255,210		147,833
Repayment of long-term debt, net of discount on banker's acceptances	16	(207,528	)	(413,120	)
Exercise of share options and shares issued under the share purchase plan		12,845		4,387
Normal course issuer bid purchase of common shares	17	-		(22,135	)
Dividends paid		(39,903	)	(37,929	)
Capital payments on lease liabilities		(973	)	(874	)
Withholding taxes on settlement of restricted and deferred share units		(4,850	)	(2,224	)
Other		(491	)	(555	)
Net financing cash flows provided (used) by continuing operations		14,310		(26,596	)
Net financing cash flows provided by discontinued operations	29	-		245,833
Net cash flows provided by financing activities		14,310		219,237
Decrease in cash before effects of exchange rate changes		(18,499	)	(52,677	)
Effects of exchange rate changes on cash
Continuing operations		(4,328	)	21,008
Discontinued operations	29	-		6,519
Net decrease in cash		(22,827	)	(25,150	)
Cash - January 1		90,548		115,698
Cash - December 31	6	67,721		90,548

Additional information on the consolidated statements of cash flows is presented in Note 23.

The notes are an integral part of these consolidated financial statements. 9

Osisko Gold Royalties Ltd

Consolidated Statement of Changes in Equity
For the year ended December 31, 2023

(tabular amounts expressed in thousands of Canadian dollars)

	Number of				Accumulated
	common				other
	shares	Share	Contributed		comprehensive
	outstanding	capital	surplus		income (i)		Deficit		Total
		$	$		$		$		$
Balance - January 1, 2023	184,037,728	2,076,070	77,295		47,435		(463,589	)	1,737,211
Net loss	-	-	-		-		(48,343	)	(48,343	)
Other comprehensive loss	-	-	-		(16,859	)	-		(16,859	)
Comprehensive loss	-	-	-		(16,859	)	(48,343	)	(65,202	)
Dividends declared	-	-	-		-		(43,493	)	(43,493	)
Shares issued - Dividends reinvestment plan	140,405	2,589	-		-		-		2,589
Shares issued - Employee share purchase plan	17,809	324	-		-		-		324
Share options - Share-based compensation	-	-	4,164		-		-		4,164
Share options exercised	938,615	15,834	(3,192	)	-		-		12,642
Restricted share units to be settled in common shares:
Share-based compensation	-	-	4,993		-		-		4,993
Settlement	166,161	2,245	(4,534	)	-		(1,643	)	(3,932	)
Income tax impact	-	-	227		-		-		227
Deferred share units to be settled in common shares:
Share-based compensation	-	-	1,245		-		-		1,245
Settlement	45,806	629	(944	)	-		(147	)	(462	)
Income tax impact	-	-	192		-		-		192
Transfer of realized gain on financial assets at fair value through other   comprehensive income, net of income taxes	-	-	-		(2,518	)	2,518		-
Balance - December 31, 2023	185,346,524	2,097,691	79,446		28,058		(554,697	)	1,650,498

(i)As at December 31, 2023, accumulated other comprehensive income comprises items that will not be recycled to the consolidated statements of income (loss) amounting to ($10.0) million and items that may be recycled to the consolidated statements of income (loss) amounting to $38.1 million.

The notes are an integral part of these consolidated financial statements. 10

Osisko Gold Royalties Ltd

Consolidated Statement of Changes in Equity
For the year ended December 31, 2023

(tabular amounts expressed in thousands of Canadian dollars)

				Equity attributed to Osisko Gold Royalties Ltd's shareholders
		Number of								Equity		Accumulated
		common								component of		other						Non-
		shares		Share				Contributed		convertible		comprehensive						controlling
	Notes	outstanding		capital		Warrants		surplus		debentures		Income (i)		Deficit		Total		interests		Total
				$		$		$		$		$		$		$		$		$
Balance - January 1, 2022		166,493,597		1,783,689		18,072		42,525		14,510		58,851		(283,042	)	1,634,605		145,456		1,780,061
Net loss		-		-		-		-		-		-		(118,754	)	(118,754	)	(64,436	)	(183,190	)
Other comprehensive income		-		-		-		-		-		3,703		-		3,703		5,377		9,080
Comprehensive income (loss)		-		-		-		-		-		3,703		(118,754	)	(115,051	)	(59,059	)	(174,110	)
Bought deal financing	17	18,600,000		311,962		-		-		-		-		-		311,962		-		311,962
Share issue costs, net of income taxes of $3.7 million	17	-		(10,247	)	-		-		-		-		-		(10,247	)	-		(10,247	)
Net investments from minority shareholders	29	-		-		-		-		-		-		-		-		210,360		210,360
Acquisition of Tintic by Osisko Development Corp.	29	-		-		-		-		-		-		-		-		109,657		109,657
Effect of changes in ownership of a subsidiary on non-     controlling interest		-		-		-		-		-		-		(32,184	)	(32,184	)	32,184		-
Dividends declared		-		-		-		-		-		-		(40,573	)	(40,573	)	-		(40,573	)
Shares issued - Dividends reinvestment plan		118,639		1,680		-		-		-		-		-		1,680		-		1,680
Shares issued - Employee share purchase plan		20,383		303		-		-		-		-		-		303		-		303
Share options - Share-based compensation		-		-		-		2,827		-		-		-		2,827		2,487		5,314
Share options exercised		309,749		5,280		-		(1,080	)	-		-		-		4,200		-		4,200
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-		3,361		-		-		-		3,361		1,383		4,744
Settlement		160,043		1,919		-		(3,747	)	-		-		(416	)	(2,244	)	270		(1,974	)
Income tax impact		-		-		-		76		-		-		-		76		-		76
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-		1,075		-		-		-		1,075		462		1,537
Settlement		29,975		395		-		(407	)	-		-		-		(12	)	95		83
Income tax impact		-		-		-		83		-		-		-		83		-		83
Normal course issuer bid purchase of common shares	17	(1,694,658	)	(18,911	)	-		-		-		-		(3,224	)	(22,135	)	-		(22,135	)
Warrants expired unexercised (ii)		-		-		(18,072	)	18,072		-		-		-		-		-		-
Maturity of convertible debentures - equity component	16	-		-		-		14,510		(14,510	)	-		-		-		-		-
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of   income taxes		-		-		-		-		-		(14,604	)	14,604		-		-		-
Deconsolidation of Osisko Development Corp.	29	-		-		-		-		-		(515	)	-		(515	)	(443,295	)	(443,810	)
Balance - December 31, 2022		184,037,728		2,076,070		-		77,295		-		47,435		(463,589	)	1,737,211		-		1,737,211

(i)As at December 31, 2022, accumulated other comprehensive income comprises items that will not be recycled to the consolidated statements of income (loss) amounting to ($9.8 million) and items that may be recycled  to the consolidated statements of income (loss) amounting to $57.2 million.

(ii)On February 18, 2022, a total of 5,480,000 Osisko warrants that were exercisable at a price of $36.50 expired unexercised.

The notes are an integral part of these consolidated financial statements. 11

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

1.Nature of activities

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 Québec, Canada, whose shares trade on the Toronto Stock Exchange and the New York Stock Exchange and is constituted under the Business Corporations Act (Québec). The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec. 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 Canada.

2.Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). The accounting policies, methods of computation and presentation applied in these consolidated financial statements are consistent with those of the previous financial year, except for the adoption of the amendments to IAS 1 and IAS 8 (Note 4). The Board of Directors approved these consolidated financial statements for issue on February 20, 2024.

3.Material accounting policies

The material accounting policies applied in the preparation of the consolidated financial statements are described below.

a)Consolidation

The Company's financial statements consolidate the accounts of Osisko Gold Royalties Ltd and its subsidiaries. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions are eliminated on consolidation. Subsidiaries are all entities over which the Company has the ability to exercise control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to Osisko and are deconsolidated from the date that control ceases.

The principal subsidiaries of the Company, their geographic locations and their related participation at December 31, 2023 and 2022 were as follows:

Entity	Jurisdiction	Participation	Functional currency
Osisko Bermuda Limited	Bermuda	100%	United States dollar
Osisko Mining (USA) Inc.	Delaware	100%	United States dollar

The Company ceased to consolidate Osisko Development Corp. ("Osisko Development") on September 30, 2022, as management determined that Osisko was no longer in a position of control over Osisko Development. On September 30, 2022, Osisko held an interest of 44.1% in Osisko Development (75.1% as at January 1, 2022). Information on Osisko Development and the deconsolidation of the entity is provided in Note 29.

12

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

b)Foreign currency translation

(i)Functional and presentation currency

Items included in the financial statements of each consolidated entity and associate of the Company are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent Company.

Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as currency translation adjustment in other comprehensive income or loss.

(ii)Transactions and balances

Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation's functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of income or loss.

Non-monetary assets and liabilities are translated at historical rates, unless such assets and liabilities are carried at fair value, in which case, they are translated at the exchange rate in effect at the date of the fair value measurement. Changes in fair value attributable to currency fluctuations of non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in the consolidated statement of income or loss as part of the fair value gain or loss. Such changes in fair value of non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income or loss.

c)Financial instruments

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other acceptable valuation techniques.

Measurement after initial recognition depends on the classification of the financial instrument. The Company has classified its financial instruments in the following categories depending on the purpose for which the instruments were acquired and their characteristics.

13

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

c)Financial instruments (continued)

(i)Financial assets

Debt instruments

Investments in debt instruments are subsequently measured at amortized cost when the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Investments in debt instruments are subsequently measured at fair value when they do not qualify for measurement at amortized cost. Financial instruments subsequently measured at fair value, including derivatives that are assets, are carried at fair value with changes in fair value recorded in net income or loss unless they are held within a business model whose objective is to hold assets in order to collect contractual cash flows or sell the assets and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, in which case unrealized gains and losses are initially recognized in other comprehensive income or loss for subsequent reclassification to net income or loss through amortization of premiums and discounts, impairment or derecognition.

Equity instruments

Investments in equity instruments are subsequently measured at fair value with changes recorded in net income or loss. Equity instruments that are not held for trading can be irrevocably designated at fair value through other comprehensive income or loss on initial recognition without subsequent reclassification to net income or loss. Cumulative gains and losses are transferred from accumulated other comprehensive income or loss to retained earnings or deficit upon derecognition of the investment.

(ii)Financial Liabilities

Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value.

14

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

c)Financial instruments (continued)

The Company has classified its financial instruments as follows:

Category	Financial instrument
Financial assets at amortized cost	Cash Short-term debt securities Notes and loans receivable Revenues receivable from royalty, stream and other interests Interest income receivable Amounts receivable from associates and other receivables
Financial assets at fair value through profit or loss	Investments in derivatives and convertible debentures
Financial assets at fair value through other comprehensive income or loss	Investments in shares and equity instruments, other than in derivatives
Financial liabilities at amortized cost	Accounts payable and accrued liabilities Borrowings under the revolving credit facility

d)Impairment of financial assets

At each reporting date, the Company assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in the credit risk (investments in debt instruments measured at amortized cost) or if a simplified approach has been selected (amounts receivable from associates and other receivables).

Investments in debt instruments

To the extent that a debt instrument at amortized cost is considered to have low credit risk, which corresponds to a credit rating within the investment grade category and the credit risk has not increased significantly, the loss allowance is determined on the basis of 12-month expected credit losses. If the credit risk has increased significantly, the lifetime expected credit losses are recognized.

15

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

e)Investments in associates

Associates are entities over which the Company has significant influence, but not control. The financial results of the Company's investments in its associates are included in the Company's results according to the equity method. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the Company's share of profits or losses of associates after the date of acquisition. Such share of profits and losses takes into account the attribution of the price paid to the Company's share of the associate's underlying assets and liabilities. The Company's share of profits or losses is recognized in the consolidated statement of income or loss and its share of other comprehensive income or loss of associates is included in other comprehensive income or loss. Dilution gains and losses arising from changes in interests in investments in associates are recognized in the consolidated statement of income or loss.

The Company assesses at each reporting date whether there is any objective evidence that its investments in associates are impaired. If impaired, the carrying value of the Company's share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal and value-in-use) and charged to the consolidated statement of income or loss.

f)Royalty, stream and other interests

Royalty, stream and other interests consist of acquired royalty, stream and other interests in producing, development and exploration and evaluation stage properties. Royalty, stream and other interests are recorded at cost and capitalized as tangible assets. They are subsequently measured at cost less accumulated depletion and depreciation and accumulated impairment losses. The major categories of the Company's interests are producing, development and exploration and evaluation. Producing assets are those that have generated revenue from steady-state operations for the Company. Development assets are interests in projects that are under development, in permitting or feasibility stage and that in management's view, can be reasonably expected to generate steady-state revenue for the Company in the near future. Exploration and evaluation assets represent properties that are not yet in development, permitting or feasibility stage or that are speculative in nature and are expected to require several years to generate revenue, if ever, or are currently not active.

Producing and development royalty, stream and other interests are recorded at cost and capitalized in accordance with IAS 16 Property, Plant and Equipment. Producing royalty, stream and other interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available estimates of proven and probable mineral reserves specifically associated with the properties and may include a portion of resources expected to be converted into mineral reserves, based on judgement and historical conversion rates achieved by the mine operator. Management relies on information available to it under contracts with the operators and / or public disclosures for information on proven and probable mineral reserves and resources from the operators of the producing royalty, stream and other interests. Where publicly information is not not available, depletion is based on the Company's best estimate of the volumes to be delivered under the contracts.

On acquisition of a producing or a development royalty, stream or other interest, an allocation of the acquisition cost may be made for the exploration potential based on its fair value. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated mineral reserve and resource information obtained from the operators of the properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest.

Royalty, stream and other interests for exploration and evaluation assets are recorded at cost and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. Acquisition costs of exploration and evaluation royalty, stream and other interests are capitalized and are not depleted until such time as revenue-generating activities begin.

Producing and development royalty, stream and other interests are reviewed for impairment at each reporting date if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of Cash-Generating Units (''CGU'') which, in accordance with IAS 36 Impairment of Assets, are identified as the smallest identifiable group of assets that generates cash inflows, which are largely independent of the cash inflows from other assets. This is usually at the individual royalty, stream and other interest level for each property from which cash inflows are generated.

16

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

f)Royalty, stream and other interests (continued)

Royalty, stream and other interests for exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. An interest that has previously been classified as exploration and evaluation is also assessed for impairment before reclassification to development or producing assets, and the impairment loss, if any, is recognized in net income or loss.

g)Goodwill

Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair value of the identifiable net assets acquired. Goodwill is then allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are not reversed.

The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal.

h)Current and deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income or loss, except to the extent that it relates to items recognized in other comprehensive income or loss or directly in equity. In this case, the tax is also recognized in other comprehensive income or loss or directly in equity, respectively.

Current income taxes

The current income tax charge is the expected tax payable on the taxable income for the year, using the tax laws enacted or substantively enacted at the balance sheet date in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates (and laws) that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are presented as non-current and are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

17

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

i)Convertible debentures

The liability and equity components of convertible debentures are presented separately on the consolidated balance sheet starting from initial recognition.

The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders' equity as equity component of convertible debentures. The equity component is not re-measured subsequent to initial recognition except on conversion or expiry.

j)Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs.

k)Revenue recognition

Revenue comprises revenues from the sale of commodities received and revenues directly earned from royalty, stream and other interests.

For commodities received from royalty and stream agreements paid in-kind and subsequently sold, and for offtake agreements, the Company's performance obligations relate primarily to the delivery of gold, silver or other products to the customers. Revenue is recognized when control is transferred to the customers, which is achieved when a product is delivered, the customer has full discretion over the product and there is no unfulfilled obligation that could affect the customer's acceptance of the product. Control over the refined gold, silver and other products is transferred to the customers when the relevant product received (or purchased) from the operator is physically delivered and sold by the Company (or its agent) to the third-party customers. For royalty and stream agreements paid in cash, revenue recognition will depend on the related agreement.

Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and other interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.

l)Share-based compensation

Share option plan

The Company offers a share option plan to its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately.

Any consideration paid on exercise of share options is credited to share capital. The contributed surplus resulting from share-based compensation is transferred to share capital when the options are exercised.

18

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

3.Material accounting policies (continued)

l)Share-based compensation (continued)

Deferred and restricted share units

The Company offers a deferred share units ("DSU") plan to its non-executive directors and a restricted share units ("RSU") plan to its officers, employees and consultants as part of their long-term compensation package, entitling them to receive a payment in the form of common shares, cash (based on Osisko's share price at the relevant time) or a combination of common shares and cash, at the sole discretion of the Company. The fair value of the DSU and RSU granted by Osisko to be settled in common shares is measured on the grant date and is recognized over the vesting period under contributed surplus with a corresponding charge to share-based compensation. A liability for the DSU and RSU to be settled in cash is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value. The liability is recognized over the vesting period with a corresponding charge to share-based compensation.

m)Earnings per share

The calculation of earnings per share ("EPS") is based on the weighted average number of shares outstanding for each period. The basic EPS is calculated by dividing the profit or loss attributable to the equity owners of Osisko by the weighted average number of common shares outstanding during the period.

The computation of diluted EPS assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on the income per share. The treasury stock method is used to determine the dilutive effect of the warrants, share options, DSU and RSU and the if-converted method is used for convertible debentures. When the Company reports a loss, the diluted net loss per common share is equal to the basic net loss per common share due to the anti-dilutive effect of the outstanding warrants, share options, DSU, RSU and convertible debentures.

n)Segment reporting

The operating segments are reported in a manner consistent with the internal reporting provided to the President and Chief Executive Officer (the "President and CEO") who fulfills the role of the chief operating decision-maker. The President and CEO is responsible for allocating resources and assessing performance of the Company's operating segments. Prior to the deconsolidation of Osisko Development on September 30, 2022 (Note 29), the President and CEO organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the President and CEO organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests.

Additional material accounting policies, applicable solely to the discontinued operations, are described under Note 29.

19

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

4.New accounting standards and amendments

Material accounting standards and amendments

Amendments - IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

In 2021, the IASB issued narrow-scope amendments to IFRS Accounting Standards, including to IAS 1 and IAS 8.

The amendments were made to help companies:

• improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements; and
• distinguish changes in accounting estimates from changes in accounting policies.

The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The amendments to IAS 8 clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The amendments to IAS 1 and IAS 8 are effective for annual reporting periods beginning on or after January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the consolidated financial statements. Management reviewed the accounting policies and made updates to the information disclosed in Note 3, in certain instances, in line with the amendments.

Accounting standards issued but not yet effective

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, 2023.  These standards, interpretations to existing standards and amendments, other than the amendments to IAS 1 presented below, are not expected to have any significant impact on the Company or are not considered material and are therefore not discussed herein.

Amendments - IAS 1 Presentation of Financial Statements (Non-current Liabilities with Covenants)

Amendments made to IAS 1 in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is affected by the entity's expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date.

The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include:

• the carrying amount of the liability;
• information about the covenants; and
• facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.

The amendments also clarify what IAS 1 means when it refers to the "settlement" of a liability. Terms of a liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity's own equity instrument can only be ignored for the purpose of classifying the liability as current or non-current if the entity classifies the option as an equity instrument. However, conversion options that are classified as a liability must be considered when determining the current/non-current classification of a convertible note.

The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and are effective for annual reporting periods beginning on or after January 1, 2024. These amendments are not expected to have a significant impact on the consolidated financial statements.

20

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

5.Critical accounting estimates and significant judgements

The preparation of 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 determination of estimates requires the exercise of judgements based on various assumptions and other factors such as historical experience and current and expected economic conditions. Actual results could differ from those estimates.

Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

Mineral reserves and resources - Royalties, streams and other assets

Royalty, stream and other interests comprise a large component of the Company's assets and as such, the mineral reserves and resources of the properties to which the interests relate have a significant effect on the Company's consolidated financial statements. These estimates are applied in determining the depletion of the Company's royalty, stream and other interests and assessing the recoverability of the carrying value of royalty, stream and other interests. For royalty, stream and other interests, the public disclosures of mineral reserves and resources that are released by the operators of the properties involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. These assumptions are, by their very nature, subject to interpretation and uncertainty. The estimates of mineral reserves and resources may change based on additional knowledge gained subsequent to the initial assessment, adjusted by the Company's internal geological specialists, as deemed necessary. Changes in the estimates of mineral reserves and resources may materially affect the recorded amounts of depletion and the assessed recoverability of the carrying value of royalty, stream and other interests.

Impairment of royalty, stream and other interests

The assessment of the fair values of royalty, stream and other interests requires the use of estimates and assumptions for recoverable production, long-term commodity prices, discount rates, mineral reserve/resource conversion, net asset value multiples, foreign exchange rates, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per ounce of mineral reserve/resource; (ii) cash-flow multiples; and (iii) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the royalty, stream and other interests could impact the impairment (or reversal of impairment) analysis.

Impairment of goodwill

The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses indicators of impairment at each reporting date and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. For the purpose of impairment testing, goodwill is allocated to each CGU or group of CGUs expected to benefit from the synergies of the combination. When completing an impairment test, the Company calculates the estimated recoverable amount of CGU or group of CGUs, which requires management to make estimates and assumptions with respect to items such as future production levels, long-term commodity prices, foreign exchange rates, discount rates and exploration potential.

21

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

5.Critical accounting estimates and significant judgements (continued)

Critical accounting estimates and assumptions (continued)

Impairment of goodwill (continued)

These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will have an impact on these projections, which may impact the recoverable amount of the CGU or group of CGUs. Accordingly, it is possible that some or the entire carrying amount of the goodwill may be further impaired with the impact recognized in the consolidated statement of income or loss.

The Company performs an annual impairment test using the fair value less cost of disposal of the group of CGUs supporting the goodwill and using discounted cash flows with the most recent budgets and forecasts available, including information from external sources. The periods to be used for the projections are based on the expected production from the mines, the proven and probable mineral reserves and a portion of the resources. The discount rate to be used takes into consideration the different risk factors of the Company.

Significant judgements in applying the Company's accounting policies

Investee - control and significant influence

The assessment of whether the Company has control or significant influence over an investee requires the use of judgements when assessing factors that could give rise to control or significant influence. Factors which could lead to the conclusion of having control or significant influence over an investee include, but are not limited to, ownership percentage; representation on the board of directors; investment agreements between the investor and the investee; participation in the policy-making process; material transactions between the investor and the investee; interchange of managerial personnel; provision of essential technical information; and potential voting rights.

Changes in the judgements used in determining if the Company has control or significant influence over an investee would impact the accounting treatment of the investment in the investee.

Impairment of investments in associates

The Company follows the guidance of IAS 28 Investments in Associates and Joint Ventures to assess whether there are impairment indicators which may lead to the recognition of an impairment loss with respect to its net investment in an associate. This determination requires significant judgement in evaluating if a decline in fair value is significant or prolonged, which triggers a formal impairment test. In making this judgement, the Company's management evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its carrying amount, the volatility of the investment and the financial health and business outlook for the investee, including factors such as the current and expected status of the investee's exploration projects and changes in financing cash flows.

Impairment of financial assets

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportive, including forward-looking information that is available without undue cost of effort. The loss allowances for financial assets are based on assumptions about the risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the allowance for expected credit loss calculation, based on the Company's past history and existing market conditions, as well as forward-looking estimates at the end of each reporting period.

Changes in the judgements used in determining the risk of default and the expected loss rates could materially impact the allowance or the write-off.

22

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

5.Critical accounting estimates and significant judgements (continued)

Significant judgements in applying the Company's accounting policies (continued)

Impairment of royalty, stream and other interests on exploration and evaluation properties

Assessment of impairment and reversal of impairment of royalty, stream and other interests on exploration and evaluation properties requires the use of judgement when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment or impairment reversal test on the Company's royalty, stream and other interests on exploration and evaluation properties. Factors which could trigger an impairment or impairment reversal review include, but are not limited to, an expiry of the right of the operator to explore in the specific area during the period or will expire in the near future, and is not expected to be renewed; substantive exploration and evaluation expenditures in a specific area not planned by the operator, taking into consideration such expenditures to be incurred by a farmee, is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and the operator has decided to discontinue such activities in the specific area; sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amount of the royalty, stream and other interests is unlikely to be recovered in full from successful development or by sale; significant negative industry or economic trends; interruptions in exploration and evaluation activities by the operator or its farmee; and a significant change in current or forecast commodity prices.

Changes in the judgements used in determining the fair value of the royalty, stream and other interests on exploration and evaluation properties could impact the impairment or impairment reversal analysis.

Impairment of development and producing royalty, stream and other interests

Assessment of impairment and reversal of impairment of development and producing royalty, stream and other interests requires the use of judgements when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment or impairment reversal test on the Company's development and producing royalty, stream and other interests. Factors which could trigger an impairment or impairment reversal review include, but are not limited to, a significant market value decline; net assets higher than the market capitalization; a significant change in mineral reserves and resources; significant negative industry or economic trends; interruptions in production activities; significantly lower production than expected and a significant change in current or forecast commodity prices and interest rates.

Changes in the judgements used in determining the fair value of the producing royalty, stream and other interests could impact the impairment or impairment reversal analysis.

Deferred income tax assets

Management continually evaluates the likelihood that it is probable that its deferred tax assets will be realized. This requires management to assess whether it is probable that sufficient taxable income will exist in the future to utilize these losses within the carry-forward period. By its nature, this assessment requires significant judgement.

Additional significant accounting estimates and judgements, applicable solely to the discontinued operations, are described in Note 29.

23

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

6.Cash

As at December 31, 2023 and 2022, the consolidated cash position was as follows:

	December 31,	December 31,
	2023	2022
	$	$
Cash held in Canadian dollars	42,163	24,192
Cash held in U.S. dollars (2023: US$19,323; 2022: US$48,993)	25,558	66,356
Total cash	67,721	90,548

7.Short-term investments

As at December 31, 2023, short-term investments were comprised of a US$6.2 million ($8.2 million) note receivable from an associate, bearing an interest rate of 18.5% and having a maturity date of March 2024. The note receivable is secured by the assets of the associate.

8.Amounts receivable

	December 31,	December 31,
	2023	2022
	$	$
Revenues receivable from royalty, stream and other interests	4,107	2,008
Interest income receivable	1,253	8,834
Sales taxes and other receivables	922	858
	6,282	11,700

9.Other assets

	December 31,	December 31,
	2023	2022
	$	$
Current
Stream ounces inventory	13	13
Prepaid expenses and deposits	1,829	2,533
	1,842	2,546
Non-current
Deferred financing fees	1,835	1,836
Property and equipment (i)	7,116	6,947
	8,951	8,783

(i)Property and equipment includes right-of-use assets of $6.8 million as at December 31, 2023 ($6.6 million as at December 31, 2022).

24

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

10.Investments in associates

		2023		2022
		$		$
Balance - January 1		319,763		125,354
	Acquisitions	271		2,361
	Disposals (i)	(127,931	)	-
	Share of income (loss), net (ii)	7,925		(2,438	)
	Share of other comprehensive loss	(6,795	)	(1,368	)
	Net gain on ownership dilution	4,842		3,604
	Loss on disposal (i)	(7,437	)	-
	(Loss) gain on deemed disposal (iii)	(3,057	)	11,854
	Transfers to other investments (Note 11) (iii)	(7,159	)	(15,343	)
	Impairments (iv)	(64,771	)	(2,361	)
	Investments in associates held by Osisko Development and   deconsolidated on September 30, 2022 (Note 29)	-		(8,900	)
	Reclassification of the interest held in Osisko Development (Note 29)	-		207,000
Balance - December 31		115,651		319,763

(i)In December 2023, the Company disposed of its entire investment in Osisko Mining Inc. ("Osisko Mining").

(ii)The net share of income or loss is adjusted to the extent that management is aware of material events that affect the associates' net income or loss during the period.

(iii)In 2023 and 2022, the loss and gain on deemed disposals are related to investments in associates that were transferred to other investments as the Company has considered that it has lost its significant influence over these investees.

(iv)In 2023, the Company recorded an impairment charge on its investments in associates of $64.8 million, including $64.5 million on its investment in Osisko Development. The impairment resulted from, amongst others, the significant decrease in Osisko Development's share price, the deterioration of market conditions and the general negative sentiment towards exploration and development companies. The Company estimated the recoverable amount of its investment at $115.7 million, using a fair value less costs of disposal model with reference to Osisko Development's share price quoted on active markets, which is considered a Level 1 input. The Company estimated the cost of disposal using historical discounts and transaction fees for similar transactions.

25

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

10.Investments in associates (continued)

Material investments

The financial information of the individually material associates is as follows and includes adjustments, where applicable, to the accounting policies of the associates to conform to those of the Company (in thousands of dollars):

	Osisko Development (i),(ii)				Osisko Mining (iii)
	2023		2022		2023	2022
	$		$		$	$
Current assets	96,409		168,104		n/a	175,012
Non-current assets	856,854		839,811		n/a	796,242
Current liabilities	58,019		53,275		n/a	28,244
Non-current liabilities	167,052		160,802		n/a	230,200
Revenues	43,944		47,801		n/a	-
Net loss	(108,675	)	(184,016	)	n/a	(2,947	)
Other comprehensive (loss) income	(16,950	)	14,927		n/a	(4,570	)
Comprehensive loss	(125,625	)	(169,089	)	n/a	(7,517	)
Carrying value of investment (iv)	115,651		207,000		n/a	99,714
Fair value of investment (iv)	128,333		192,334		n/a	175,082

(i)Information is for the reconstructed twelve months ended September 30, 2023 and 2022.

(ii)Osisko Development was deconsolidated and became a material associate on September 30, 2022 (Note 29).

(iii)The Osisko Mining investment was disposed in December 2023. Comparative figures are for the reconstructed twelve months ended September 30, 2022.

(iv)Based on the quoted share price on an active stock exchange as at December 31, 2023 and 2022.

Osisko Development Corp.

Osisko Development is a Canadian gold 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, a 15% gold and silver stream on San Antonio and a 2.5% metals stream on Tintic.

In November 2023, Osisko Development reported that its working capital position will not be sufficient to meet its obligations, commitments and forecasted expenditures up to the period ending September 30, 2024. 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.

As at December 31, 2023, the Company held 33,333,366 common shares representing a 39.6% interest in Osisko Development (44.1% as at December 31, 2022).

26

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

10.Investments in associates (continued)

Investments in immaterial associates

The Company has interests in a number of individually immaterial associates that are accounted for using the equity method. The aggregate financial information on these associates is as follows:

	2023	2022
	$	$
Aggregate amount of the Company's share of net loss	2,833	456
Aggregate amount of the Company's share of other comprehensive income	-	-
Aggregate carrying value of investments (i),(ii)	-	13,049
Aggregate fair value of investments (i),(ii)	-	6,676

(i)As at December 31, 2023 and 2022.

(ii)The carrying value and the fair value of the immaterial investments are deemed to be nil as they were fully impairment as of December 31, 2023.

11.Other investments

	2023		2022
	$		$
Fair value through profit or loss (warrants and convertible instruments)
Balance - January 1	24,217		47,981
Acquisitions	-		4,438
Disposal	(5,000	)	-
Exercise of warrants	-		(80	)
Interest capitalized (i)	2,888		-
Change in fair value (i)	(13,156	)	(17,236	)
Acquisition of Tintic by Osisko Development (Note 29)	-		(10,827	)
Foreign exchange revaluation impact	-		50
Investments held by Osisko Development and deconsolidated on September 30, 2022 (Note 29)	-		(109	)
Balance - December 31	8,949		24,217
Subtotal reported to next page	8,949		24,217

27

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

11.Other investments (continued)

			2023		2022
			$		$
Subtotal from previous page			8,949		24,217
Fair value through other comprehensive income (common shares)
	Balance - January 1		18,337		94,231
		Acquisitions (Note 12)	53,008		5,260
		Transfer from associates (Note 10)	7,159		15,343
		Change in fair value	5,915		(43,486	)
		Disposals	(28	)	(21,634	)
		Foreign exchange revaluation impact	(315	)	-
		Investments held by Osisko Development deconsolidated on September 30, 2022 (Note 29)	-		(31,377	)
	Balance - December 31		84,076		18,337
Amortized cost (notes)
	Balance - January 1		30,950		26,798
		Acquisitions	-		5,175
		Repayments	-		(2,960	)
		Allowance for expected credit loss and write-offs (ii)	(30,615	)	-
		Foreign exchange revaluation impact	(335	)	1,937
	Balance - December 31		-		30,950
Total			93,025		73,504

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 fully provisioned on December 31, 2023.

(i)In January 2023, a convertible secured senior note of $17.6 million with Falco Resources Ltd. was amended. The accrued interest receivable of $2.9 million was capitalized to the capital of the note, the interest rate was increased from 7% to 8% per annum, the conversion price of the note was reduced from $0.55 to $0.50 per common share and the maturity date of the note was extended to December 31, 2024. In addition, the Company has the ability to apply the loan or a portion of the loan against future stream payments due to the operator when certain triggering events will be met. In 2023, the Company recognized a reduction in the fair value of the convertible secured senior note of $11.6 million.

(ii)On June 30, 2023, the Company determined that the credit risk related to its loans to Stornoway Diamonds (Canada) Inc. ("Stornoway"), the operator of the Renard diamonds mine, had increased significantly since initial recognition. As a result, the Company recorded an allowance for expected credit loss of $13.3 million (US$10.0 million) against the loans receivable ($11.5 million, net of income taxes) and $6.6 million (US$5.0 million) related to accrued interest against the amounts receivable ($4.8 million, net of income taxes) for an aggregate expected credit loss of $19.9 million (US$15.0 million). The lifetime expected credit loss was estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate.

Cash flows expected to be received were based on the expected capacity of the borrower to repay the financial instrument, which was highly dependent on a number of factors and assumptions, including: forecast diamond prices, production levels, operating costs, internal capital investments required to maintain the operations and other factors related to mining operations.

On October 27, 2023, Stornoway announced it was temporarily suspending operations at its Renard mine and placing itself under the protection of the Companies' Creditors Arrangement Act ("CCAA"). The growing uncertainty of the diamond price in the short and medium term, coupled with the significant and sudden drop in the price of the resource on the world market, have had a major impact on Stornoway's long-term financial situation. This was in part due to the halt in the import of rough diamonds by India and by the global geopolitical climate. As a result, the Company considered the loans to be credit-impaired and, with no reasonable expectation of any material cash flow recovery, wrote-off $17.3 million (US$12.8 million; $15.0 million, net of income taxes) on September 30, 2023 to fully provision its loans, for a total of $30.6 million for the year 2023.

28

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

12.Royalty, stream and other interests

					Year ended December 31, 2023
			Royalty interests		Stream interests		Offtake interests		Total
			$		$		$		$
Balance - January 1			879,075		484,590		14,588		1,378,253
		Additions	76,472		214,636		-		291,108
		Depletion	(24,016	)	(32,377	)	-		(56,393	)
		Impairments	(9,000	)	(38,619	)	-		(47,619	)
		Currency conversion adjustments	(2,868	)	(9,029	)	(341	)	(12,238	)
Balance - December 31			919,663		619,201		14,247		1,553,111
	Producing
		Cost	643,350		772,600		-		1,415,950
		Accumulated depletion and impairments	(449,099	)	(307,531	)	-		(756,630	)
		Net book value - December 31	194,251		465,069		-		659,320
	Development
		Cost	407,121		187,528		32,465		627,114
		Accumulated depletion and impairments	(853	)	(53,441	)	(27,566	)	(81,860	)
		Net book value - December 31	406,268		134,087		4,899		545,254
	Exploration and evaluation
		Cost	329,209		20,737		9,348		359,294
		Accumulated depletion and impairments	(10,065	)	(692	)	-		(10,757	)
		Net book value - December 31	319,144		20,045		9,348		348,537
Total net book value - December 31			919,663		619,201		14,247		1,553,111

29

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

12.Royalty, stream and other interests (continued)

Main acquisitions - 2023

Silver stream - CSA mine

In June 2023, Osisko Bermuda Limited ("Osisko Bermuda") closed a  silver purchase agreement (the "CSA Silver Stream") with Metals Acquisition Limited ("Metals Acquisition") concurrently with the closing of the acquisition by Metals Acquisition of the producing CSA mine in New South Wales, Australia ("CSA") from a subsidiary of Glencore plc (the "CSA Acquisition Transaction"). The closing date of the CSA Acquisition Transaction and the Silver Stream was June 15, 2023 (the "Closing Date").

Pursuant to the CSA Silver Stream, Osisko Bermuda paid an upfront cash deposit to Metals Acquisition of US$75.0 million ($99.4 million) (the "Silver Deposit"). 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. The deliveries under the CSA Silver Stream accrued as of February 1, 2023.

Metals Acquisition has granted Osisko Bermuda a right of first refusal in respect of the sale, transfer or buy-back of any royalty, stream or similar interest in the products mined or otherwise extracted from any property owned or acquired by Metals Acquisition or an affiliate between the Closing Date and the later of the seventh anniversary of the Closing Date or the date on which Osisko Bermuda or any affiliate ceases to hold or control more than 5% of the issued and outstanding common shares of Metals Acquisition.

Copper stream - CSA mine

In June 2023, Osisko Bermuda closed a copper purchase agreement (the "CSA Copper Stream") with Metals Acquisition concurrently with the closing of the CSA Acquisition Transaction.

Pursuant to the CSA Copper Stream, Osisko Bermuda paid an upfront cash deposit to Metals Acquisition of US$75.0 million ($99.4 million). Osisko Bermuda will be entitled to receive refined copper equal to 3.0% of payable copper produced from CSA until the 5^th anniversary of the Closing Date (the "First Threshold Stream"), then 4.875% of payable copper produced from CSA until 33,000 metric tonnes have been delivered in aggregate (the "Second Threshold Stream"), 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^th anniversary of the Closing Date, Metals Acquisition will have the option to exercise certain buy-down rights by paying a one-time cash payment to Osisko Bermuda. Metals Acquisition and certain of its subsidiaries, including the operating subsidiary following closing of the CSA Acquisition Transaction, provided Osisko Bermuda with corporate guarantees and other security over their assets for its obligations under the CSA Copper Stream.

In conjunction with the CSA Silver Stream and CSA Copper Stream, Osisko Bermuda subscribed for US$40.0 million ($53.0 million) in equity of Metals Acquisition as part of its concurrent equity financing.

Silver stream amendments - Gibraltar mine

In June 2023, Osisko completed certain amendments to its 75% silver stream (the "Gibraltar Silver Stream") with respect to the Gibraltar copper mine ("Gibraltar"), located in British Columbia, Canada, which is operated by a wholly-owned subsidiary of Taseko Mines Limited ("Taseko"). On March 15, 2023, Taseko announced the completion of its acquisition of an additional 12.5% interest in Gibraltar from Sojitz Corporation giving Taseko an effective 87.5% interest. Osisko and Taseko amended the Gibraltar Silver Stream to increase Osisko's effective stream percentage by 12.5% to 87.5%. 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. Osisko paid a total consideration of US$10.25 million ($13.6 million) to Taseko.

30

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

12.Royalty, stream and other interests (continued)

Main acquisitions - 2023 (continued)

Copper and gold NSR royalty - Costa Fuego copper-gold project

In July 2023, Osisko closed the acquisition of a 1.0% copper NSR royalty and a 3.0% gold NSR royalty from Hot Chili Limited ("Hot Chili") covering the Costa Fuego copper-gold project in Chile, for a total cash consideration of US$15.0 million ($19.9 million). As part of the transaction, Osisko granted Hot Chili an option to buy-down a portion of the royalty, which can only occur upon a change of control, and which is exercisable until the fourth anniversary of the transaction closing date. The buydown option reduces each of the copper and gold royalty percentages by 0.5% (resulting in a 0.5% copper NSR royalty and 2.5% gold NSR royalty), in exchange for payment in an amount equal to 130%, 140%, or 150% of the up-front price paid by Osisko if exercised before the 2^nd, 3^rd or 4^th anniversary of the transaction close. As part of the transaction, Hot Chili granted Osisko a corporate right of first offer on all future potential royalty and streaming opportunities, as well as certain other rights on proposed future royalty financings.

Gold NSR royalty - Namdini gold project

In October 2023, Osisko closed the acquisition of a 1% NSR royalty from Savannah Mining Limited covering the Namdini gold project ("Namdini") in Ghana for total consideration of US$35.0 million ($48.4 million). Namdini is controlled and will be operated by Shandong Gold Co Ltd. through its subsidiary Cardinal Namdini Mining Limited, which is owned in partnership with a subsidiary of China Railway Construction Group Corp Ltd.

Main impairment

Renard diamonds stream - Stornoway Diamond (Canada) Inc.

On October 27, 2023, Stornoway announced it was temporarily suspending operations at its Renard mine and placing itself under the protection of the CCAA. The growing uncertainty of the diamond price in the short and medium term, coupled with the significant and sudden drop in the price of the resource on the world market, have had a major impact on Stornoway's long-term financial situation. This was in part due to the halt in the import of rough diamonds by India and by the global geopolitical climate. These elements were considered indicators of impairment, among other facts and circumstances, and, accordingly, management performed an impairment assessment as at September 30, 2023. The impairment assessment resulted in an impairment charge of $15.1 million ($11.1 million, net of income taxes) on the Renard diamond stream.

As at September 30, 2023, the Renard diamond stream was written down to its estimated recoverable amount of $2.0 million., which was determined by the estimated net proceeds to be received from the sales of diamonds held in inventory at the date Stornoway suspended its activities. The main valuation inputs used were the expected diamond prices per carat to be realized and probabilities allocated to each expected sale to be realized. No discount rate was applied considering that the diamonds are expected to be sold within a relatively short period of time. As at December 31, 2023, the Renard diamond stream has a book value of nil, as the last sales expected from the Renard diamond stream were completed prior to year-end.

Tintic stream - Osisko Development

On December 31, 2023, the Company assessed if there were any indicators of impairment on its Tintic stream (which includes the Trixie deposit), and concluded that there were indicators of impairment and, accordingly, management performed an impairment assessment. As a result of the impairment assessment, the Company recorded an impairment charge of $23.5 million on its Tintic stream.

On December 31, 2023, the Tintic steam was written down to its estimated recoverable amount, which was determined by the value-in-use using a discounted cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the sale of gold from the Tintic project over its estimated life of the mine, based on an average gold price per ounce of US$1,870, a real discount rate of 6.0% and weighted probabilities of different production scenarios.

A sensitivity analysis was performed by management on the gold price. If gold price per ounce applied to the cash flow projections had been 10% lower than management's estimates, the additional impairment would be immaterial.

31

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

12.Royalty, stream and other interests (continued)

					Year ended December 31, 2022
			Royalty interests		Stream interests		Offtake interests		Total
			$		$		$		$
Balance - January 1			703,113		438,032		13,656		1,154,801
	Additions		123,359		850		-		124,209
	Depletion		(27,362	)	(23,993	)	-		(51,355	)
	Impairments		(1,818	)	-		-		(1,818	)
	Currency conversion adjustments		8,282		21,149		932		30,363
	Recognition of royalty and stream interests following the deconsolidation of Osisko Development		73,501		48,552		-		122,053
Balance - December 31			879,075		484,590		14,588		1,378,253
Producing
		Cost	634,058		566,348		-		1,200,406
		Accumulated depletion and impairments	(423,634	)	(238,938	)	-		(662,572	)
		Net book value - December 31	210,424		327,410		-		537,834
Development
		Cost	367,845		211,755		33,245		612,845
		Accumulated depletion and impairments	(753	)	(55,252	)	(28,229	)	(84,234	)
		Net book value - December 31	367,092		156,503		5,016		528,611
Exploration and evaluation
		Cost	304,685		677		9,572		314,934
		Accumulated depletion and impairments	(3,126	)	-		-		(3,126	)
		Net book value - December 31	301,559		677		9,572		311,808
Total net book value - December 31			879,075		484,590		14,588		1,378,253

Recognition of royalty and stream interests following the deconsolidation of Osisko Development

As a result of the deconsolidation of Osisko Development (Note 29), the Company recognized royalty and stream interests held on properties owned by Osisko Development. Prior to the deconsolidation of Osisko Development, these assets were eliminated upon consolidation of Osisko Development and its subsidiaries.

The following assets were recognized at their historical net book value on September 30, 2022:

-5% NSR royalty on all metals produced from the Cariboo property in British-Columbia, Canada;

-15% gold and silver stream on the San Antonio property in Sonora, Mexico, with on-going per-ounce cash payments equal to 15% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal;

-2.5% stream on all metals produced from the Tintic property in Utah, United States, until 27,150 ounces of refined gold have been delivered, and thereafter 2.0% stream on all metals, with on-going per-ounce cash payments equal to 25% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal; and

-Certain NSR royalties on exploration and evaluation properties located in Canada and in Mexico.

32

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

12.Royalty, stream and other interests (continued)

Main acquisitions - 2022

Copper NSR royalty - Marimaca copper project

In September 2022, Osisko acquired a 1.0% NSR royalty for US$15.5 million ($20.3 million) covering the currently known mineralization and prospective exploration areas that constitute the Marimaca copper project located in Antofagasta, Chile, owned and operated by Marimaca Copper Corp. As part of the transaction, Osisko has been granted certain rights including a right of first refusal with respect to any royalty, stream, or similar interest in connection with the financing of the Marimaca project.

Copper-gold NSR royalty - Cascabel copper-gold project

In November 2022, Osisko acquired a 0.6% NSR royalty for US$50.0 million ($67.2 million) covering the entire 4,979 hectare Cascabel property, including the Alpala project, located in northeastern Ecuador and operated by SolGold plc ("SolGold"). Beginning in 2030 and until the end of 2039, Osisko will receive minimum annual payments under the royalty of US$4.0 million. SolGold shall have a right to buy down one-third of the NSR royalty percentage for 4 years.

13.Goodwill

The Company's goodwill is allocated to a group of cash generating units: the Canadian Malartic NSR royalty and the Éléonore NSR royalty ("CGUs").

The Company tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the CGUs is determined based on the fair value less costs of disposal calculations using a discounted cash-flows approach, which require the use of assumptions and unobservable inputs, and therefore is classified as level 3 of the fair value hierarchy. The calculations use cash flow projections expected to be generated by the sale of gold and silver received from the CGUs based on annual gold and silver production over their estimated life from publicly released technical information by the operators to predict future performance.

The following table sets out the key assumptions for the CGUs in addition to annual gold and silver production over the estimated life of the Canadian Malartic and Éléonore mines:

	2023	2022
Long-term gold price (per ounce)	US$1,754	US$1,645
Long-term silver price (per ounce)	US$23	US$21
Post-tax real discount rate	5.0%	5.3%

Management has determined the values assigned to each of the above key assumptions as follows:

Assumption	Approach used to determine values
Long-term gold price	Based on current gold market trends consistent with external sources of information, such as long-term gold price consensus.
Long-term silver price	Based on current silver market trends consistent with external sources of information, such as long-term silver price consensus.
Post-tax real discount rate	Reflects specific risks relating to gold mines operating in Québec, Canada.

The Company's management has considered and assessed reasonably possible changes for key assumptions and has not identified any instances that could cause the carrying amount of the CGUs to exceed their recoverable amounts.

33

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

14.Accounts payable and accrued liabilities

	December 31,	December 31,
	2023	2022
	$	$
Trade payables	3,140	648
Other payables	4,024	3,745
Accrued interests on long-term debt	701	131
Other accrued liabilities	344	2,301
	8,209	6,825

15.Lease liabilities

	2023		2022
	$		$
Balance - January 1	7,622		8,496
New liability	1,352		-
Payments of liabilities	(973	)	(874	)
Balance - December 31	8,001		7,622
Current	1,122		921
Non-current	6,879		6,701
Balance - December 31	8,001		7,622

Lease liabilities are mainly related to leases for office space. Lease liabilities related to Osisko Development (which was deconsolidated on September 30, 2022) are presented in Note 29.

16.Long-term debt

	2023		2022
	$		$
Balance - January 1	147,950		410,435
Increase in revolving credit facility, net of discount on banker's acceptances	255,210		147,833
Repayment of revolving credit facility, net of discount on banker's acceptances	(207,528	)	(113,120	)
Repayment of convertible debentures (ii)	-		(300,000	)
Mining equipment financings, net (iii)	-		5,076
Amortization of transaction costs	-		2,291
Accretion expense	-		4,427
Foreign exchange revaluation impact	(3,753	)	149
Deconsolidation of Osisko Development (Note 29)	-		(9,141	)
Balance - December 31	191,879		147,950

34

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

16.Long-term debt (continued)

	December 31,		December 31,
	2023		2022
	$		$
Revolving credit facility (i)	192,099		150,000
Unamortized discount on banker's acceptances	(220	)	(2,050	)
Long-term debt, net	191,879		147,950
Current portion	-		-
Non-current portion	191,879		147,950
	191,879		147,950

(i)Revolving credit facility

A total amount of $550.0 million is available under the revolving credit facility (the "Facility"), with an additional uncommitted accordion of up to $200.0 million.

The Facility has a maturity date of September 29, 2026. The annual extension of the Facility and the uncommitted accordion are 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 royalty, stream and other interests. The Facility is secured by the Company's assets.

The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate or secured overnight financing rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. As at December 31, 2023, the effective interest rate on the drawn balance was 7.1%, including the applicable margin.

The Facility includes covenants that require the Company to maintain certain financial ratios, including the Company's leverage ratios and meet certain non-financial requirements. As at December 31, 2023, all such ratios and requirements were met.

(ii)Convertible debentures (2017)

In November 2017, the Company closed a bought deal offering of convertible senior unsecured debentures (the "Debentures") in an aggregate principal amount of $300.0 million (the "Offering"). The Offering was comprised of a public offering, by way of a short form prospectus, of $184.0 million aggregate principal amount of Debentures and a private placement offering of $116.0 million aggregate principal amount of Debentures. The Debentures bore interest at a rate of 4.0% per annum, payable semi-annually on June 30 and December 31 of each year. The Debentures were convertible at the holder's option into common shares of the Company at a conversion price equal to $22.89 per common share. The Debentures were fully repaid on maturity on December 31, 2022.

(iii)Mining equipment financings were related to acquisitions of equipment by Osisko Development that are financed by third parties. On September 30, 2022, the Company deconsolidated Osisko Development (Note 29).

35

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

17.Share capital

Shares

Authorized

Unlimited number of common shares, without par value

Unlimited number of preferred shares, issuable in series

Issued and fully paid

185,346,524 common shares

Normal Course Issuer Bid

In December 2023, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, Osisko may acquire up to 9,258,298 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2023 NCIB program are authorized from December 12, 2023 until December 11, 2024. Daily purchases will be limited to 94,834 common shares, other than block purchase exemptions.

Under the terms of the previous NCIB program, Osisko was allowed to acquire up to 18,293,240 of its common shares from time to time, from December 12, 2022 to December 11, 2023. Daily purchases were limited to 81,963 common shares.

During the year ended December 31, 2023, the Company did not purchase any common shares under the NCIB program. During the year ended December 31, 2022, the Company purchased for cancellation a total of 1.7 million common shares for $22.1 million (average acquisition price per share of $13.06).

Bought deal financing

On March 31, 2022, Osisko closed a bought deal financing with a syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters purchased, on a bought deal basis, an aggregate of 18,600,000 common shares of Osisko (the "Common Shares") at an offering price of US$13.45 per Common Share (the "Offering Price") for total gross proceeds to the Company of US$250.2 million ($312.0 million). Transaction fees amounted to $13.9 million ($10.2 million net of income taxes of $3.7 million), including a 4% commission fee paid to the Underwriters.

Dividends

The following table provides details on the dividends declared by the Company for the years ended December 31, 2023 and 2022:

Declaration date	Dividend per share	Record date	Payment date	Dividends payable
	$			$
February 23, 2023	0.055	March 31, 2023	April 14, 2023	10,160,000
May 10, 2023	0.060	June 30, 2023	July 14, 2023	11,103,000
August 9, 2023	0.060	September 29, 2023	October 16, 2023	11,109,000
November 8, 2023	0.060	December 29, 2023	January 15, 2024	11,121,000
Year 2023	0.235			43,493,000
February 24, 2022	0.055	March 31, 2022	April 14, 2022	10,167,000
May 12, 2022	0.055	June 30, 2022	July 15, 2022	10,177,000
August 9, 2022	0.055	September 30, 2022	October 14, 2022	10,109,000
November 9, 2022	0.055	December 30, 2022	January 16, 2023	10,121,000
Year 2022	0.220			40,574,000

36

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

17.Share capital (continued)

Dividends (continued)

Dividend reinvestment plan

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.

As at December 31, 2023, the holders of 12.7 million common shares had elected to participate in the DRIP, representing dividends payable of $0.8 million. During the year ended December 31, 2023, the Company issued 140,405 common shares under the DRIP, at a discount rate of 3% (118,639 common shares in 2022 at a discount rate of 3%). On January 15, 2024, 42,011 common shares were issued under the DRIP at a discount rate of 3%.

Capital management

The Company's primary objective when managing capital is to maximize returns for its shareholders by growing its asset base, mostly through accretive acquisitions of high-quality royalties, streams and other similar interests, while ensuring capital protection. The Company defines capital as long-term debt and total equity, including the undrawn portion of the revolving credit facility. Capital is managed by the Company's management and governed by the Board of Directors.

	December 31,	December 31,
	2023	2022
	$	$
Long-term debt	191,879	147,950
Total equity	1,650,498	1,737,211
Undrawn revolving credit facility(i)	357,901	400,000
	2,200,278	2,285,161

(i)Excluding the potential additional available credit (accordion) of $200.0 million as at December 31, 2023 and 2022 (Note 16).

There were no changes in the Company's approach to capital management during the year ended December 31, 2023, compared to the prior year. The Company is not subject to material externally imposed capital requirements and is in compliance with all its covenants under its revolving credit facility (Note 16) as at December 31, 2023.

18.Share-based compensation

Share options

The Company offers a share option plan (the "Option Plan") to its officers, management, employees and consultants. Options may be granted at an exercise price determined by the Board of Directors but shall not be less than the closing market price of the common shares of the Company on the TSX on the day prior to their grant. No participant shall be granted an option which exceeds 5% of the issued and outstanding shares of the issuer at the time of granting of the option. The number of common shares issued to insiders of the issuer within one year and issuable to the insiders at any time under the Option Plan or combined with all other share compensation arrangements, cannot exceed 8% of the issued and outstanding common shares. The duration and the vesting period are determined by the Board of Directors. However, the expiry date may not exceed 7 years after the date of granting.

37

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

18.Share-based compensation (continued)

Share options (continued)

The following table summarizes information about the movement of the share options outstanding:

		2023		2022
			Weighted		Weighted
		Number of	average	Number of	average
		options	exercise price	options	exercise price
			$		$
Balance - January 1		3,511,922	13.55	3,730,580	14.09
	Granted (i)	728,700	18.08	684,100	14.25
	Exercised	(938,615)	13.47	(309,749)	13.56
	Forfeited / Cancelled	(171,335)	15.95	(35,135)	13.48
	Expired	(8,666)	13.50	(557,874)	18.02
Balance - December 31		3,122,006	14.50	3,511,922	13.55
Options exercisable - December 31		1,920,804	13.66	1,916,888	13.40

(i)Options were granted to officers, management and employees.

The weighted average share price when share options were exercised during the year ended December 31, 2023 was $19.56 ($16.26 for the year ended December 31, 2022).

The following table summarizes the share options outstanding as at December 31, 2023:

		Options outstanding		Options exercisable
			Weighted
			average
		Weighted	remaining			Weighted
Exercise		average	contractual			average
price range	Number	exercise price	life (years)		Number	exercise price
$		$				$
12.70 - 14.50	2,384,840	13.43	2.1		1,782,205	13.34
15.97 - 21.64	737,166	17.97	4.4		138,599	17.78
	3,122,006	14.50	2.7		1,920,804	13.66

38

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

18.Share-based compensation (continued)

Share options (continued)

The options, when granted, are accounted for at their fair value determined by the Black-Scholes option pricing model based on the vesting period and on the following weighted average assumptions:

		2023		2022
Dividend per share		1.5%		1.5%
Expected volatility		41%		41%
Risk-free interest rate		3.8%		2.6%
Expected life		47 months		47 months
Weighted average share price	$	18.08	$	14.25
Weighted average fair value of options granted	$	5.88	$	4.38

The expected volatility was estimated using Osisko's historical data from the date of grant and for a period corresponding to the expected life of the options. Share options are exercisable at the closing market price of the common shares of the Company on the day prior to their grant.

The fair value of the share options is recognized as compensation expense over the vesting period. In 2023, the total share-based compensation related to share options amounted to $4.2 million ($2.7 million in 2022).

Deferred and restricted share units

The Company offers a DSU plan and a RSU plan, which allow DSU and/or RSU to be granted to directors, officers and/or employees as part of their long-term compensation package. Under the plans, payments may be settled in the form of common shares, cash or a combination of common shares and cash, at the sole discretion of the Company. The plans are currently classified as equity-settled plans.

The following table summarizes information about the DSU and RSU movements:

		2023		2022
		DSU (i)	RSU (ii)	DSU (i)	RSU (ii)
Balance - January 1		429,575	852,803	376,203	878,397
	Granted	56,895	235,540	78,200	275,520
	Reinvested dividends	5,545	10,836	6,018	13,483
	Settled	(69,678)	(298,313)	(30,846)	(278,806)
	Forfeited	(8,059)	(83,761)	-	(35,791)
Balance - December 31		414,278	717,105	429,575	852,803
Balance - Vested		365,098	-	350,822	-

(i)Unless otherwise decided by the Board of Directors of the Company, the DSU vest the day prior to the next annual general meeting and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, to each non-executive director when he or she leaves the board or is not re-elected. The value of the payout is determined by multiplying the number of DSU expected to be settled at the payout date by the closing price of the Company's shares on the day prior to the grant date. The fair value is recognized over the vesting period. On the settlement date, one common share will be issued for each DSU, after deducting any income taxes payable on the benefit earned by the director that must be remitted by the Company to the tax authorities. The DSU granted in 2023 have a weighted average value of $21.16 per DSU ($14.71 per DSU in 2022).

39

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

18.Share-based compensation (continued)

Deferred and restricted share units (continued)

(ii)The RSU vest and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, three years after the grant date, one half of which depends on the achievement of certain performance measures. The value of the payout is determined by multiplying the number of RSU expected to be vested at the payout date by the closing price of the Company's shares on the day prior to the grant date. The fair value is recognized over the vesting period and is adjusted for the performance-based components, when applicable. On the settlement date, one common share is issued for each RSU, after deducting any income taxes payable on the benefit earned by the employee that must be remitted by Osisko to the tax authorities. The RSU granted in 2023 have a weighted average value of $17.87 per RSU ($14.26 per RSU in 2022).

The total share-based compensation expense related to the DSU and RSU plans in 2023 amounted to $6.2 million ($4.5 million in 2022).

Based on the closing price of the common shares at December 31, 2023 ($18.91), and considering a marginal income tax rate of 53.3%, the estimated amount that Osisko is expected to transfer to the tax authorities to settle the employees' tax obligations related to the vested DSU and RSU to be settled in equity amounts to $3.7 million ($3.1 million as at December 31, 2022) and to $11.4 million based on all DSU and RSU outstanding ($11.2 million as at December 31, 2022).

19.Income taxes

(a)Income tax expense

The income tax recorded for continuing operations in the consolidated statements of income (loss) for the years ended December 31, 2023 and 2022 is presented as follows:

		2023		2022
		$		$
Current income tax on continuing operations
Expense for the year		2,585		1,150
Current income tax expense on continuing operations		2,585		1,150
Deferred income tax (Note 19 (b)) on continuing operations:
	Origination and reversal of temporary differences	2,776		29,011
	Change in unrecognized deductible temporary differences	9,868		(367	)
	Adjustments in respect of prior years	(2,289	)	(2,716	)
	Other	317		760
Deferred income tax expense on continuing operations		10,672		26,688
Income tax expense on continuing operations		13,257		27,838

40

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

19.Income taxes (continued)

(a)Income tax expense (continued)

The provision for income taxes for continuing operations presented in the consolidated statements of income (loss) differs from the amount that would arise using the statutory income tax rate applicable to income of the consolidated entities, as a result of the following:

		2023		2022
(Loss) earnings from continuing operations before income taxes		(35,086	)	113,123
Income tax provision on continuing operations calculated using the combined Canadian federal and provincial statutory income tax rate		(9,298	)	29,978
Increase (decrease) in income taxes resulting from:
	Non-deductible expenses, net	97		335
	Non-taxable portion of capital losses, net	13,179		3,422
	Differences in foreign statutory tax rates	1,100		(4,056	)
	Changes in unrecognized deferred tax assets	9,868		(367	)
	Foreign withholding taxes	283		482
	Adjustments in respect of prior years	(2,289	)	(2,716	)
	Other	317		760
Total income tax expense on continuing operations		13,257		27,838

The 2023 and 2022 Canadian federal and provincial statutory income tax rate is 26.5%.

(b)Deferred income taxes

The components that give rise to deferred income tax assets and liabilities are as follows:

		December 31,		December 31,
		2023		2022
		$		$
Deferred tax assets:
	Stream interests	-		26,753
	Non-capital losses	35,200		14,375
	Deferred and restricted share units	4,278		3,644
	Share and debt issue expenses	1,963		2,720
	Other	5		-
		41,446		47,492
Deferred tax liabilities:
	Royalty interests	(130,624	)	(133,120	)
	Stream interests	(5,341	)	-
	Investments	(1,760	)	(706	)
	Other	-		(238	)
		(137,725	)	(134,064	)
Deferred tax liability, net		(96,279	)	(86,572	)

Deferred tax assets and liabilities have been offset on the balance sheets where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.

41

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

19.Income taxes (continued)

(b)Deferred income taxes (continued)

The movement in net deferred tax liabilities during the years ended December 31, 2023 and 2022 may be summarized as follows:

	2023		2022
	$		$
Balance - January 1	(86,572	)	(68,407	)
Recognized in net earnings	(10,672	)	(26,688	)
Recognized in other comprehensive income	753		4,025
Recognized in equity	419		3,853
Deconsolidation of Osisko Development (Note 29)	-		1,205
Currency conversion adjustment	(207	)	(560	)
Balance - December 31	(96,279	)	(86,572	)

(c)Unrecognized deferred tax liabilities

The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2023, is $70.7 million ($53.9 million as at December 31, 2022). No deferred tax liabilities are recognized on the temporary differences associated with investments in subsidiaries because the Company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future.

(d)Unrecognized deferred tax assets

As at December 31, 2023, the Company had temporary differences associated with marketable securities with a tax benefit of $44.9 million ($4.7 million as at December 31, 2022), which are not recognized as deferred tax assets. The Company recognizes the benefit of tax attributes only to the extent of anticipated future taxable income that can be reduced by these attributes.

20.Additional information on the consolidated statements of income (loss)

	2023	2022
	$	$
Revenues
Royalty interests	160,430	144,066
Stream interests	86,890	73,743
	247,320	217,809
Cost of sales
Royalty interests	511	1,055
Stream interests	16,135	15,021
	16,646	16,076
Depletion
Royalty interests	24,017	27,362
Stream interests	32,376	23,993
	56,393	51,355

42

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

20.Additional information on the consolidated statements of income (loss) (continued)

	2023		2022
	$		$
Other operating expenses
Employee benefit expenses (see below)	25,785		15,186
Impairment of assets	47,619		1,818
Professional fees	6,622		4,633
Insurance costs	2,005		2,005
Amortization	1,222		1,060
Travel expenses	904		606
Communication and promotional expenses	867		842
Public company expenses	810		782
Rent and office expenses	559		561
Cost recoveries	(740	)	(552	)
Other expenses	974		468
	86,627		27,409
Employee benefit expenses
Salaries and short-term employee benefits	11,408		8,282
Termination benefits (Note 21)	5,548		-
Share-based compensation	8,951		7,124
Cost recoveries	(122	)	(220	)
	25,785		15,186
Other losses, net
Change in fair value of financial assets at fair value through profit and loss	(13,156	)	(16,848	)
Net gain on dilution of investments in associates	4,842		3,604
Net gain on acquisition of investments (i)	-		48
Net loss on disposal of an associate (Note 10)	(7,437	)	-
Net loss on deemed disposal of an associate (Note 10)	(3,057	)	-
Impairment of investments in associates (Note 10)	(64,771	)	(2,361	)
Expected credit loss and write-off of other investments (Note 11)	(37,209	)	-
Other	635		-
	(120,153	)	(15,557	)

(i)Represents changes in the fair value of the underlying investments between the respective subscription dates and the closing dates.

43

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

21.Key management

Key management includes directors (executive and non-executive) and the executive management team. The compensation paid or payable to key management for employee services is presented below:

	2023	2022
	$	$
Salaries and short-term employee benefits	4,491	4,374
Termination benefits	5,548	-
Share-based compensation	6,358	5,475
Cost recoveries from associates	-	(538	)
	16,397	9,311

Key management employees are subject to employment agreements which provide for payments on termination of employment without cause or following a change of control providing for payments of between once to twice base salary and bonus and certain vesting acceleration clauses on restricted and deferred share units and share options. In 2023, termination benefits include a share-based compensation expense of $1.5 million related to certain share-based awards to outgoing executives.

22.Net (loss) earnings per share

	2023		2022
	$		$
Net (loss) earnings from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders	(48,343	)	85,285
Net loss attributable to Osisko Gold Royalties Ltd's shareholders	(48,343	)	(118,754	)
Basic weighted average number of common shares outstanding (in thousands)	185,226		180,398
Dilutive effect of share options	-		255
Diluted weighted average number of common shares	185,226		180,653
Net (loss) earnings per share from continuing operations
Basic and diluted	(0.26	)	0.47
Net loss per share
Basic and diluted	(0.26	)	(0.66	)

As a result of the consolidated net loss for the year ended December 31, 2023, all potentially dilutive common shares are deemed to be antidilutive for the period and thus diluted net loss per share is equal to the basic net loss per share.

For the year ended December 31, 2022, 0.9 million share options and the 13.1 million common shares underlying the convertible debentures (which were repaid on December 31, 2022) were excluded from the computation of diluted earnings per share as their effect was anti-dilutive.

44

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

23.Additional information from continuing operations on the consolidated statements of cash flows

		2023		2022
		$		$
Interests received measured using the effective rate method		5,587		5,689
Interests paid on long-term debt		17,183		14,578
Income taxes paid		2,585		1,150
Changes in non-cash working capital items
	Increase in amounts receivable	(4,564	)	(4,844	)
	Decrease (increase) in other current assets	704		(76	)
	Increase in accounts payable and accrued liabilities	1,975		1,689
		(1,885	)	(3,231	)

24.Financial risks

The Company's activities expose it to a variety of financial risks: market risks (including interest rate risk, foreign currency risk and other price risk), credit risk and liquidity risk. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's performance.

Risk management is carried out under policies approved by the Board of Directors. The Board of Directors provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and investment in excess liquidities.

(a)Market risks

(i)Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Company's interest rate risk on financial assets is primarily related to cash, which bear interest at variable rates. Based on the cash balance as at December 31, 2023, the impact on interest income over a 12-month horizon of a 1.0% shift in interest rates would be immaterial. Other financial assets are not exposed to interest rate risk because they are mostly non-interest bearing or bear interest at fixed rates.

The revolving credit facility bears a variable interest rate and, based on the revolving credit facility's balance as at December 31, 2023, the impact on net financial expenses over a 12-month horizon of a 1.0% shift in interest rates would amount to approximately $1.9 million ($1.5 million as at December 31, 2022). Other financial liabilities are not exposed to interest rate risk because they are non-interest bearing or bear a fixed interest rate.

45

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

24.Financial risks (continued)

(a)Market risks (continued)

(ii)Foreign exchange risk

The Company is exposed to foreign exchange risk arising from currency volatility, primarily with respect to the U.S. dollar. The Company holds cash denominated in U.S. dollars and can draw on its credit facility in U.S. dollars and is therefore exposed to gains or losses on foreign exchange.

As at December 31, 2023 and 2022, the balances in U.S. dollars held by entities having the Canadian dollar as their functional currency were as follows:

	December 31,
	2023		2022
	$		$
Cash	9,225		19,780
Amounts receivable	1,767		4,213
Other assets	1,037		1,194
Accounts payable and accrued liabilities	(473	)	(37	)
Revolving credit facility	(115,000	)	-
Net exposure, in U.S. dollars	(103,444	)	25,150
Equivalent in Canadian dollars	(136,815	)	34,063

Based on the balances as at December 31, 2023, a 5% fluctuation in the exchange rates on that date (with all other variables being constant) would have resulted in a variation of net earnings of approximately $7.0 million in 2023 ($1.4 million in 2022).

(iii)Other price risk

The Company is exposed to equity price risk as a result of holding long-term investments in mining companies. The equity prices of long-term investments are impacted by various underlying factors, including commodity prices. Based on the Company's long-term investments held as at December 31, 2023 and 2022, a 10% increase (decrease) in the equity prices of these investments would have an immaterial impact on net earnings and would increase (decrease) other comprehensive income (loss) by $1.6 million for the years ended December 31, 2023 and 2022.

46

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

24.Financial risks (continued)

(b)Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, amounts receivable, short-term investments and other financing facilities receivable. The Company reduces its credit risk by investing its cash in high interest savings accounts with Canadian and U.S. recognized financial institutions. In the case of amounts receivable, short-term investments and other financing facilities, the Company performs either a credit analysis or ensures that it has sufficient guarantees in case of a non-payment by the third-party to cover the net book value of the note. A provision is recorded if there is an expected credit loss based on the analysis. In some cases, the loans receivable could be applied against stream deposits due by the Company or converted into a royalty if the third-party is not able to reimburse its loan. As at December 31, 2023, a provision of $43.8 million ($13.9 million as at December 31, 2022) is recorded as a result of the expected credit loss analysis, mostly on certain loans made to the company holding the Renard diamond mine and the Amulsar gold project (the loans that were considered as credit-impaired were fully provisioned as the companies are not expected to be in a position to reimburse them).

The maximum credit exposure of the Company corresponds to the respective instrument's net carrying amount.

(c)Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet the obligations associated with its financial liabilities. The Company manages the liquidity risk by continuously monitoring actual and projected cash flows, considering the requirements related to its investment commitments and matching the maturity profile of financial assets and liabilities. The Board of Directors reviews and approves any material transaction out of the ordinary course of business, including proposals on mergers, acquisitions or other major investment or divestitures. The Company also manages liquidity risk through the management of its capital structure and financial leverage as outlined in Note 17. As at December 31, 2023, cash is invested in high interest savings accounts held with Canadian and U.S. recognized financial institutions.

As at December 31, 2023, all financial liabilities to be settled in cash or by the transfer of other financial assets mature within 90 days, except for the revolving credit facility and the lease liabilities, which are described below:

	As at December 31, 2023
	Total amount payable		Estimated annual payments
		Maturity	2024	2025	2026	2027	2028-2029
	$		$	$	$	$	$
Revolving credit facility (i)	231,735	September 29, 2026	14,493	14,493	202,749	-	-
Lease liabilities	10,260	December 31, 2029	1,782	1,800	1,800	1,800	3,078
	241,995		16,275	16,293	204,549	1,800	3,078

(i)The interest payable is based on the actual interest rates as at December 31, 2023.

47

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

25.Fair value of financial instruments

The following table provides information about financial assets and liabilities measured at fair value in the consolidated balance sheets and categorized by level according to the significance of the inputs used in making the measurements.

Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2- Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

				December 31, 2023
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements
Financial assets at fair value through profit or loss (i)
Warrants on equity securities and convertible debentures   and notes
	Publicly traded mining companies
	Precious metals	-	-	8,870	8,870
	Other minerals	43	-	36	79
Financial assets at fair value through other comprehensive (loss) income (i)
Equity securities
	Publicly traded mining companies
	Precious metals	3,555	-	199	3,754
	Other minerals	80,322	-	-	80,322
		83,920	-	9,105	93,025

				December 31, 2022
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements
Financial assets at fair value through profit or loss (i)
Warrants on equity securities and convertible debentures and notes
	Publicly traded mining companies
	Precious metals	-	-	18,026	18,026
	Other minerals	844	-	5,347	6,191
Financial assets at fair value through other comprehensive (loss) income (i)
Equity securities
	Publicly traded mining companies
	Precious metals	6,288	-	3,530	9,818
	Other minerals	8,519	-	-	8,519
		15,651	-	26,903	42,554

(i)On the basis of its analysis of the nature, characteristics and risks of equity securities, the Company has determined that presenting them by industry and type of investment is appropriate.

48

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

25.Fair value of financial instruments (continued)

During the year ended December 31, 2023, common shares having a fair value of $3.0 million were transferred from Level 3 to Level 1 as these common shares began trading on a recognized stock exchange. During the year ended December 31, 2022, there were no transfers among Level 1, Level 2 and Level 3.

Financial instruments in Level 1

The fair value of financial instruments traded in active markets is based on quoted market prices on a recognized securities exchange at the balance sheet dates. The quoted market price used for financial assets held by the Company is the last transaction price. Instruments included in Level 1 consist primarily of common shares and warrants trading on recognized securities exchanges, such as the TSX, TSX Venture or NEO.

Financial instruments in Level 2

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on the Company's specific estimates. If all significant inputs required to measure the fair value of an instrument are observable, the instrument is included in Level 2. Instruments included in Level 2 consist of notes receivable. If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3.

Financial instruments in Level 3

Financial instruments classified in Level 3 include convertible instruments and warrants held by the Company that are not traded on a recognized securities exchange. The fair value of the investments in convertible instruments and warrants is determined directly or indirectly using the Black-Scholes option pricing model which includes significant inputs not based on observable market data.

The following table presents the changes in the Level 3 investments (comprised of warrants and convertible instruments) for the years ended December 31, 2023 and 2022:

		2023		2022
		$		$
Balance - January 1		26,903		34,934
	Acquisitions	-		7,968
	Warrants exercised	-		(80	)
	Acquisition of Tintic by Osisko Development (Note 29)	-		(10,827	)
	Transfer of common shares from level 3 to level 1	(3,000	)	-
	Disposal	(5,000	)	-
	Change in fair value - warrants exercised (i)	-		(322	)
	Change in fair value - warrants expired (i)	(552	)	(405	)
	Change in fair value - investments held at the end of the period (i)	(9,246	)	(4,304	)
	Foreign exchange revaluation impact	-		49
	Deconsolidation of Osisko Development (Note 29)	-		(110	)
Balance - December 31		9,105		26,903

(i)  Recognized in the consolidated statements of income (loss) under other losses, net.

The fair value of the financial instruments classified as Level 3 depends on the nature of the financial instruments.

The fair value of the warrants on equity securities and the convertible instruments of publicly traded mining exploration and development companies, classified as Level 3, is determined using directly or indirectly the Black-Scholes option pricing model. The main non-observable input used in the model is the expected volatility. An increase/decrease in the expected volatility used in the models of 10% would have resulted in an insignificant variation of the fair value of the warrants and convertible instruments as at December 31, 2023 and 2022.

49

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

25.Fair value of financial instruments (continued)

Financial instruments not measured at fair value on the consolidated balance sheets

Financial instruments that are not measured at fair value on the consolidated balance sheets are represented by cash, short-term investments, revenues receivable from royalty, stream and other interests, amounts receivable from associates and other receivables, other financing facilities receivable, accounts payable and accrued liabilities and long-term debt. The fair values of cash, short-term investments, revenues receivable from royalty, stream and other interests, amounts receivable from associates and other receivables and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature. The carrying value of the liability under the revolving credit facility approximates its fair value given that the credit spread is similar to the credit spread the Company would obtain under similar conditions at the reporting date. The fair value of the other financing credit facilities receivable approximate their carrying value as there were no significant changes in economic and risk parameters or assumptions related to the instruments since the issuance, acquisition or renewal of those financial instruments, with the exception of one note receivable for which an allowance was recorded on June 30, 2023 and a write-off on September 30, 2023 (Note 11) as the credit risk related to this note receivable had increased significantly.

26.Segment disclosure

Prior to the deconsolidation of Osisko Development on September 30, 2022 (Note 29), the Chief Executive Officer (chief operating decision-maker) organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the Chief Executive Officer 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 from continuing operations are attributable to this single operating segment. The following tables present segmented information for this single segment.

Geographic revenues

Geographic revenues from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the years ended December 31, 2023 and 2022, royalty, stream and other interest revenues were earned from the following jurisdictions:

	North America (i)	South America	Australia	Africa	Europe	Total
	$	$	$	$	$	$
2023
Royalties	158,562	1,428	154	286	-	160,430
Streams	34,580	31,236	10,259	-	10,815	86,890
	193,142	32,664	10,413	286	10,815	247,320
2022
Royalties	140,488	1,257	69	2,252	-	144,066
Streams	39,701	23,948	892	-	9,202	73,743
	180,189	25,205	961	2,252	9,202	217,809

(i)91% of North America's revenues are generated from Canada in 2023 (91% in 2022).

50

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

26.Segment disclosure (continued)

Geographic revenues (continued)

In 2023, three royalty/stream interests generated revenues of $146.3 million ($132.3 million in 2022), which represented 59% of revenues (61% of revenues in 2022), including one royalty interest that generated revenues of $90.1 million ($78.8 million in 2022). In 2023, revenues generated from precious metals and diamonds represented 90% and 10% of revenues, respectively (85% and 14% of revenues in 2022).

Geographic net assets

The following table summarizes the royalty, stream and other interests by jurisdiction, as at December 31, 2023 and December 31, 2022, which is based on the location of the properties related to the royalty, stream or other interests: 

	North America (i)	South America	Australia	Africa	Asia	Europe	Total
	$	$	$	$	$	$	$
December 31, 2023
Royalties	638,871	182,858	11,257	71,809	-	14,868	919,663
Streams	185,912	163,149	194,267	-	29,494	46,379	619,201
Offtakes	-	-	9,348	-	4,899	-	14,247
	824,783	346,007	214,872	71,809	34,393	61,247	1,553,111
December 31, 2022
Royalties	664,985	157,552	17,345	24,228	-	14,965	879,075
Streams	225,517	177,853	-	-	30,203	51,017	484,590
Offtakes	-	-	9,572	-	5,016	-	14,588
	890,502	335,405	26,917	24,228	35,219	65,982	1,378,253

(i)80% of North America's net interests are located in Canada as at December 31, 2023 (81% as at December 31, 2022).

27.Related party transactions

As at December 31, 2023, notes receivable from associates of US$6.2 million ($8.2 million) are included in short-term investments ($30.9 million as at December 31, 2022, included in other investments).

Until September 2023, Osisko was acting as a guarantor towards an insurance company that had issued environmental bonds to governmental authorities in the name of Osisko Development valued at approximately $17.9 million. In September 2023, the indemnity agreement between Osisko and the insurance company was terminated and, therefore, Osisko is no longer the guarantor of these environmental bonds.

51

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

28.Commitments

Investments in royalty and stream interests

As at December 31, 2023, significant commitments related to the acquisition of royalties and streams are detailed in the following table:

Company	Project (asset)	Installments	Triggering events
Gold Resource Corporation	Back Forty project (gold stream)	US$5.0 million	Receipt of all material permits for the construction and operation of the project.
		US$25.0 million	Pro rata to drawdowns with construction finance facility.
Falco Resources Ltd.	Horne 5 project (silver stream)	$45.0 million	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 $100.0 million in non-debt financing.
		$60.0 million	Upon total projected capital expenditure having been demonstrated to be financed.
		$40.0 million (optional)	Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%).

Offtake and stream purchase agreements

The following table summarizes the significant commitments related to producing assets and assets in advance stage of development to pay for gold and silver to which Osisko has the contractual right pursuant to the associated precious metals purchase agreements:

	Attributable payable production to be purchased		Per ounce/carat cash payment (US$)		Term of agreement	Date of contract
Interest	Silver	Other	Silver	Other
CSA streams (1)	100%	3.0 - 4.875% (Copper)	4%	4%	Life of mine	June 2023
Gibraltar stream (2)	87.5%		nil		Life of mine	March 2018 Amended June 2023
Mantos Blancos Stream (3)	100%		8% spot		Life of mine	September 2015 Amended Aug. 2019
Renard stream (4)		9.6% (Diamonds)		Lesser of 40% of sales price or $40	40 years	July 2014 Amended Oct. 2018
Sasa stream (5)	100%		$6.21		40 years	November 2015

(1)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 5th 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^th anniversary of the Closing Date, Metals Acquisition will have the option to exercise certain buy-down rights by paying a one-time cash payment to Osisko Bermuda of US$20.0 million to US$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.

(2)Osisko will receive from Taseko an amount of silver production equal to 87.5% of Gibraltar mine's production, until reaching the delivery to Osisko of 6.3 million ounces of silver, and 30.625% of production thereafter. As of December 31, 2023, a total of 1.3 million ounces of silver have been delivered under the stream agreement.

(3)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 December 31, 2023, a total of 5.6 million ounces of silver have been delivered to Osisko Bermuda under the stream agreement.

(4)On October 27, 2023, Stornoway announced it was temporarily suspending operations and placing itself under the protection of the Companies' Creditors Arrangement Act.

(5)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.

52

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations

Deconsolidation of Osisko Development

On September 30, 2022, Osisko held an interest of 44.1% in Osisko Development (compared to 75.1% as at January 1, 2022). Effective on September 30, 2022, following certain changes made to Osisko's investment agreement with Osisko Development, Osisko ceased to consolidate Osisko Development as management determined that Osisko was no longer in a position of control over Osisko Development. Management determined it was still able to exert significant influence on Osisko Development and subsequently accounted for its retained investment as an associate under the equity method. Accordingly, Osisko deconsolidated Osisko Development on September 30, 2022, and started accounting for its investment in Osisko Development using the equity method.

On September 30, 2022, the Company derecognized the assets and liabilities of Osisko Development from its consolidated balance sheet, recorded its interest in Osisko Development at fair value as an investment in an associate (Note 10) at $207.0 million, recognized royalty and stream interests on assets held by Osisko Development of $122.1 million (Note 12 - these assets were eliminated on consolidation prior to the loss of control) and recognized a non-cash net loss on deconsolidation of $140.9 million. Osisko Development's results of operations and cash flows were consolidated into the Company's financial statements up to September 30, 2022.

The following tables summarize the financial information related to Osisko Development on September 30, 2022, which was immediately prior to deconsolidation. The amounts disclosed are before inter-company adjustments:

Summarized balance sheet

	As at September 30, 2022
	$
Current assets	168,092
Current liabilities	(51,330	)
Current net assets	116,762
Non-current assets	902,768
Non-current liabilities	(105,757	)
Non-current net assets	797,011
Total net assets	913,773
Accumulated other comprehensive income	(515	)
Non-controlling interest	(443,295	)

53

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Deconsolidation of Osisko Development (continued)

Discontinued operations

The activities of Osisko Development represented one of two distinct business segments of the Company, namely the exploration, evaluation and development of mining projects segment. This segment was deemed to have been disposed of and its results of operations and cash flows have been reclassified as discontinued operations. The following table summarizes the results of operations included as discontinued operations on the consolidated statements of loss for the year ended December 31, 2022. The amounts disclosed are before inter-company adjustments:

		2022
		$
Results from discontinued operations:
Net loss on deconsolidation		(140,910	)
Results of discontinued operations:
Revenues		44,820
Impairment of mining assets		(81,000	)
Other expenses, net		(89,895	)
	Net loss before income taxes	(126,075	)
Deferred income tax (expense) recovery  (see below)		(1,490	)
Net loss		(127,565	)
Net loss from discontinued operations		(268,475	)
Net loss per share from discontinued operations
Basic and diluted		(1.50	)

Equity financing transactions completed by Osisko Development prior to the deconsolidation

The following equity financing transactions were completed by Osisko Development prior to the deconsolidation and were presented under Net investments from minority shareholders in the consolidated statements of changes in equity and as discontinued operations on the consolidated statements of cash flows.

Bought deal private placement (2022)

In March 2022, Osisko Development completed a bought deal brokered private placement of an aggregate of (i) 13,732,900 ODV Subscription Receipts and (ii) 9,525,850 ODV Units (together with the ODV Subscription Receipts, the "Offered Securities") at a price of $4.45 per Offered Security, for aggregate gross proceeds of approximately $103.5 million (the "ODV Bought Deal Private Placement"), including the full exercise of the underwriters' option. Each ODV Unit was comprised of one common share of the company (each, an "ODV Common Share") and one common share purchase warrant (each, an "ODV Warrant"), with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of $7.60 per ODV Common Share for a period of 60 months following the date hereof. Each ODV Subscription Receipt entitled the holder thereof to receive one ODV Unit, upon the satisfaction of the Bought Deal Escrow Release Conditions, which were met in May 2022. In consideration for their services, the underwriters were paid a cash commission equal to 5% of the gross proceeds of the ODV Bought Deal Private Placement (other than in respect of subscribers on the President's List for which no commission was paid).

54

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Equity financing transactions completed by Osisko Development prior to the deconsolidation (continued)

Non-brokered private placement (2022)

In March 2022, Osisko Development closed the first tranche of a non-brokered private placement (the "ODV Non-brokered Private Placement"), pursuant to which a total of 24,215,099 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for gross proceeds of approximately US$84.8 million ($108.1 million). In March 2022, Osisko Development also closed the second tranche of the ODV Non-brokered Private Placement pursuant to which an additional 9,365,689 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for additional gross proceeds of approximately US$32.8 million ($41.0 million). In April 2022, Osisko Development closed the third tranche of the ODV Non-brokered Private Placement pursuant to which an additional 512,980 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for additional gross proceeds of approximately US$1.8 million ($2.2 million).

Share consolidation of Osisko Development

In May 2022, Osisko Development completed a consolidation of its common shares, on a three for one basis (3:1). The equity financing transactions described above are presented prior to the share consolidation.

Acquisition of Tintic by Osisko Development

In May 2022, Osisko Development completed the acquisition of Tintic Consolidated Metals LLC ("Tintic"), which owns the Tintic property, as well as mineral claims covering more than 17,000 acres (including over 14,200 acres of which are patented) in Central Utah's historic Tintic Mining District (the "Tintic Transaction").

The table below presents the purchase price allocation for the acquisition:

Consideration paid		$
	Issuance of 12,049,449 common shares of Osisko Development (i)	109,656
	Cash	63,881
	Convertible instruments (ii)	10,827
	Fair value of deferred consideration of US$12.5 million ($15.9 million)	13,414
	Fair value of other contingent payments, rights and obligations	1,695
		199,473
Net assets acquired		$
	Current assets	2,705
	Mining assets and plant and equipment	182,229
	Exploration and evaluation	38,508
	Other non-current assets	1,735
	Current liabilities	(1,322	)
	Non-current liabilities	(4,925	)
	Deferred income tax liability	(19,457	)
		199,473

(i)Prior to the share consolidation.

(ii)Represent the convertible instruments amounting to US$8.5 million ($10.8 million) issued to the sellers prior to the closing of the Tintic Transaction, which were part of the acquisition price.

For the year ended December 31, 2022, the revenues and net loss of Tintic included in the statement of loss under net loss from discontinued operations amounted respectively to $11.5 million and $1.6 million.

55

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Material accounting policies applicable to the discontinued operations

(a)Business combinations

On the acquisition of a business, the acquisition method of accounting is used whereby the identifiable assets, liabilities and contingent liabilities (identifiable net assets) of the business are measured at fair value at the date of acquisition. Provisional fair values estimated at a reporting date are finalized as soon as the relevant information is available, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. Any excess of the consideration paid is treated as goodwill, and any bargain gain is immediately recognized in the statement of income or loss and comprehensive income or loss. If control is lost as a result of a transaction, the participation retained is recognized on the balance sheet at fair value and the difference between the fair value recognized and the carrying value as at the date of the transaction is recognized in the statement of income or loss. Acquisition costs are expensed as incurred. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences (generally at the closing date when the acquirer legally transfers the consideration).

(b)Non-controlling interests

Non-controlling interests represent an equity interest in a subsidiary owned by an outside party. The share of net assets of the subsidiary attributable to the non-controlling interests is presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Changes in the Company's ownership interest in the subsidiary that do not result in a loss of control are accounted for as equity transactions. Non-controlling interests represented the equity interest in Osisko Development owned by outside parties until September 30, 2022, the date where the Company ceased to consolidate Osisko Development.

(c)Property and equipment

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories for the material assets:

Exploration equipment and facilities2-20 years

Mining plant and equipment (development)3-20 years

Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate.

(d)Exploration and evaluation expenditures

Exploration and evaluation assets are comprised of exploration and evaluation expenditures and mining properties acquisition costs for exploration and evaluation assets. Expenditures incurred on activities that precede exploration and evaluation, being all expenditures incurred prior to securing the legal rights to explore an area, are expensed immediately. Exploration and evaluation assets include rights in mining properties, paid or acquired through a business combination or an acquisition of assets, and costs related to the initial search for mineral deposits with economic potential or to obtain more information about existing mineral deposits. Mining rights are recorded at acquisition cost less accumulated impairment losses. Mining rights and options to acquire undivided interests in mining rights are depreciated only as these properties are put into commercial production.

Exploration and evaluation expenditures for each separate area of interest are capitalized and include costs associated with prospecting, sampling, trenching, drilling and other work involved in searching for ore like topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical and commercial viability of extracting a mineral resource identified through exploration and evaluation or acquired through a business combination or asset acquisition.

56

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Material accounting policies applicable to the discontinued operations (continued)

(d)Exploration and evaluation expenditures (continued)

Exploration and evaluation expenditures include the cost of:

(i)establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities;

(ii)determining the optimal methods of extraction and metallurgical and treatment processes;

(iii)studies related to surveying, transportation and infrastructure requirements;

(iv)permitting activities; and

(v)economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies.

Exploration and evaluation expenditures include overhead expenses directly attributable to the related activities.

(e)Provision for environmental rehabilitation

Provision for environmental rehabilitation, restructuring costs and legal claims, where applicable, is recognized when:

(i)Osisko Development has a present legal or constructive obligation as a result of past events.

(ii)It is probable that an outflow of resources will be required to settle the obligation.

(iii)The amount can be reliably estimated.

The provision is measured at management's best estimate of the expenditure required to settle the obligation at the end of the reporting period, and is discounted to present value where the effect is material. The increase in the provision due to passage of time is recognized as finance costs. Changes in assumptions or estimates are reflected in the period in which they occur. Provision for environmental rehabilitation represents the legal and constructive obligations associated with the eventual closure of Osisko Development's property, plant and equipment. These obligations consist of costs associated with reclamation and monitoring of activities and the removal of tangible assets. The discount rate used is based on a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted.

Reclamation deposits

Reclamation deposits are term deposits held for the benefit of the Government of the Province of British Columbia as collateral for possible rehabilitation activities on Osisko Development's mineral properties in connection with permits required for exploration activities. Reclamation deposits are released once the property is restored to satisfactory condition, or as released under the surety bond agreement. As they are restricted from general use, they are included under other assets on the consolidated balance sheets.

(f)Share-based compensation

Share option plan

Osisko Development offers a share option plan to its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately.

57

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Material accounting policies applicable to the discontinued operations (continued)

(f)Share-based compensation (continued)

Deferred and restricted share units

Osisko Development offers a DSU plan to its non-executive directors and a RSU plan to its officers, employees and consultants as part of their long-term compensation package, entitling them to receive a payment in the form of common shares, cash (based on the Osisko Development's share price at the relevant time) or a combination of common shares and cash, at the sole discretion of Osisko Development. The fair value of the DSU and RSU granted by Osisko Development to be settled in common shares is measured on the grant date and is recognized over the vesting period under non-controlling interests with a corresponding charge to share-based compensation. A liability for the DSU and RSU to be settled in cash is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value. The liability is recognized over the vesting period with a corresponding charge to share-based compensation.

Critical accounting estimates and judgements applicable to the discontinued operations

Critical accounting estimates and assumptions

Mineral reserves and resources - Exploration and development projects

Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from Osisko Development's mining properties. Osisko Development estimates its mineral reserve and mineral resources based on information compiled by Qualified Persons as defined by Canadian Securities Administrators National Instrument 43-101, Standards for Disclosure of Mineral Projects. Such information includes geological data on the size, depth and shape of the mineral deposit, and requires complex geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of commodity prices, future capital requirements, and production costs along with geological assumptions and judgements made in estimating the size and grade that comprise the mineral reserves. Changes in the mineral reserve or mineral resource estimates may impact the carrying value of mineral properties and deferred development costs, property, plant and equipment, provision for site reclamation and closure, recognition of deferred income tax assets and depreciation and amortization charges.

Impairment of exploration and evaluation assets, mining interests and plant and equipment

Osisko Development's accounting policy for exploration and evaluation expenditure results in certain items of expenditure being capitalized. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after having capitalized the expenditure, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalized amount will be written off to the consolidated statement of income or loss.

Development activities commence after project sanctioning by senior management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions similar to those described above for capitalized exploration and evaluation expenditure. Such estimates and assumptions may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the consolidated statement of income or loss.

Osisko Development's recoverability of its recorded value of its exploration and evaluation assets, mining interests and plant and equipment is based on market conditions for metals, underlying mineral resources associated with the properties and future costs that may be required for ultimate realization through mining operations or by sale.

58

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Critical accounting estimates and judgements applicable to the discontinued operations (continued)

Critical accounting estimates and assumptions (continued)

Impairment of exploration and evaluation assets, mining interests and plant and equipment (continued)

At each reporting date, Osisko Development evaluates each mining property and project on results to date to determine the nature of exploration, other assessment and development work that is warranted in the future. If there is little prospect of future work on a property or project being carried out within a prolonged period from completion of previous activities, the deferred expenditures related to that property or project are written off or written down to the estimated amount recoverable unless there is persuasive evidence that an impairment allowance is not required.

The recoverable amounts of exploration and evaluation assets, mining interests and plant and equipment are determined using the higher of value in use or fair value less costs of disposal. Value in use consists of the net present value of future cash flows expected to be derived from the asset in its current condition based on observable data. The calculations use cash flow projections based on financial budgets approved by management. These cash flow projections are based on expected recoverable ore reserves, selling prices of metals, operating costs, discount rates and foreign exchange rates. Fair value less costs of disposal consists of the expected sale price (the amount that a market participant would pay for the asset) of the asset net of transaction costs.

Osisko Development may use other approaches in determining the fair value which may include estimates related to (i) dollar value per ounce of mineral reserve/resource; (ii) cash-flow multiples; (iii) market capitalization of comparable assets; and (iv) comparable sales transactions. Any changes in the quality and quantity of recoverable ore reserves, expected selling prices and operating costs could materially affect the estimated fair value of mining interests, which could result in material write-downs or write-offs in the future.

Provision for environmental rehabilitation

Provision for environmental rehabilitation is based on Osisko Development's management best estimates and assumptions, which management believes are a reasonable basis upon which to estimate the future liability, based on the current economic environment. These estimates consider any material changes to the assumptions that occur when reviewed regularly by management and are based on current regulatory requirements. Significant changes in estimates of discount rate, contamination, rehabilitation standards and techniques will result in changes to the provision from period to period. Actual reclamation and closure costs will ultimately depend on future market prices for the costs which will reflect the market condition at the time the costs are actually incurred. The final cost of the rehabilitation provision may be higher or lower than currently provided for.

Critical judgements in applying the Company's accounting policies related to the discontinued operations

Business combinations

The assessment of whether an acquisition meets the definition of a business, or whether assets are acquired is an area of judgement. The assumptions and estimates with respect to determining the fair value of assets acquired and liabilities assumed, exploration and evaluation properties and mining interests and property, plant and equipment in particular, generally requires a high degree of judgement. Changes in the judgements made could impact the amounts assigned to assets and liabilities.

Impairment of exploration and evaluation assets, mining interests and plant and equipment

Assessment of impairment of exploration and evaluation assets (including exploration and evaluation assets under a farm-out agreement), mining interests and plant and equipment requires the use of judgements when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test on Osisko Development's exploration and evaluation, mining interests and plant and equipment assets.

59

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Critical accounting estimates and judgements applicable to the discontinued operations (continued)

Critical judgements in applying the Company's accounting policies related to the discontinued operations (continued)

Impairment of exploration and evaluation assets, mining interests and plant and equipment (continued)

Factors which could trigger an impairment review include, but are not limited to, an expiry of the right to explore in the specific area during the period or will expire in the near future, and is not expected to be renewed; substantive exploration and evaluation expenditures in a specific area, taking into consideration such expenditures to be incurred by a farmee, is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and Osisko Development has decided to discontinue such activities in the specific area; sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amount of the assets is unlikely to be recovered in full from successful development or by sale; significant negative industry or economic trends; interruptions in exploration and evaluation activities by Osisko Development or its farmee; a significant change in current or forecast commodity prices or in interest rates; and a significant change in expected recoverable ore reserves and operating costs.

Changes in the judgements used in determining the fair value of the exploration and evaluation assets, mining interests and plant and equipment could impact the impairment analysis.

Additional notes to the consolidated financial statements

The following notes to the consolidated financial statements are only presented for the year ended December 31, 2022 to detail the material movements of Osisko Development's assets and liabilities prior to the deconsolidation.

Mining interests and mining plant and equipment

		Year ended December 31, 2022
		Mining interests		Mining plant and equipment		Total
		$		$		$
Net book value - January 1		543,953		83,712		627,665
	Acquisition of Tintic	169,175		13,054		182,229
	Additions	36,754		14,214		50,968
	Impairments	(81,000	)	-		(81,000	)
	Mining exploration tax credits	(6,275	)	-		(6,275	)
	Change in environmental rehabilitation assets	(3,797	)	-		(3,797	)
	Depreciation	(2,385	)	(9,489	)	(11,874	)
	Disposals and others	(275	)	(4,632	)	(4,907	)
	Currency translation adjustments	21,183		3,384		24,567
	Deconsolidation of Osisko Development	(677,333	)	(100,243	)	(777,576	)
Net book value - December 31		-		-		-

Impairment - San Antonio gold project

As at September 30, 2022, the market conditions, industry cost pressures and inflationary environment were considered as indicators of impairment, among other facts and circumstances and, accordingly, management of Osisko Development performed an impairment assessment on all of its projects. The impairment assessment resulted in an impairment charge of $81.0 million on the San Antonio gold project for the three months ended September 30, 2022.

60

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Additional notes to the consolidated financial statements (continued)

Mining interests and mining plant and equipment assets

Impairment - San Antonio gold project (continued)

On September 30, 2022, the San Antonio gold project was written down to its estimated recoverable amount of $35.0 million, which was determined by the value-in-use using a discounted cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the production and sale of gold from the San Antonio gold project over the estimated life of the mine, based on the expected long-term gold price per ounce, costs inflation forecast and a pre-tax real discount rate of 19.9% applied to the cash flow projections.

A sensitivity analysis was performed by management of Osisko Development for the long-term gold price and the pre-tax real discount rate (in isolation). If the long-term gold price per ounce applied to the cash flow projections had been 10% lower than management's estimates, Osisko Development would have recognized an additional impairment charge of $35.0 million. If the pre-tax real discount rate applied to the cash flow projections had been 100 basis points higher than management's estimates, Osisko Development would have recognized an additional impairment charge of $5.8 million.

The mining plant and equipment movements by category of assets for the year ended December 31, 2022 are as follows:

		Year ended December 31, 2022
		Land and buildings		Machinery and equipment		Construction- in-progress		Total Mining plant and equipment
		$		$		$		$
Net book value - January 1		16,473		42,990		24,249		83,712
	Acquisition of Tintic	6,940		4,420		1,694		13,054
	Additions	1,418		9,574		3,222		14,214
	Depreciation	(1,399	)	(8,090	)	-		(9,489	)
	Transfers	(133	)	5,526		(5,393	)	-
	Disposals and others	(964	)	(3,668	)	-		(4,632	)
	Currency translation adjustments	550		2,060		774		3,384
	Deconsolidation of Osisko Development	(22,885	)	(52,812	)	(24,546	)	(100,243	)
Net book value - December 31		-		-		-		-

Exploration and evaluation assets

		Year ended December 31, 2022
		$
Net book value - January 1		3,635
	Acquisition of Tintic	38,508
	Additions	4,519
	Other adjustments	(417	)
	Currency translation adjustments	3,138
	Deconsolidation of Osisko Development	(49,383	)
Net book value - December 31		-

61

Osisko Gold Royalties Ltd

Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

29.Deconsolidation of Osisko Development and discontinued operations (continued)

Additional notes to the consolidated financial statements (continued)

Provisions and other liabilities

								Year ended December 31, 2022
		Environ- mental rehabili- tation (i)		Lease liabilities		Deferred premium on flow-through shares		Derivative financial instru- ments (ii)		Deferred consideration and contingent payments (iii)		Total
		$		$		$		$		$		$
Balance - January 1		53,237		9,866		914		-		-		64,017
	Acquisition of Tintic by Osisko Development	5,370		325		-		-		15,109		20,804
	New liabilities	261		108		-		39,841		-		40,210
	Revision of estimates	(4,299	)	(2,463	)	-		-		-		(6,762	)
	Change in fair value	-		-		-		(21,483	)	-		(21,483	)
	Accretion	2,185		-		-		-		333		2,518
	Settlements/payments of liabilities	(2,549	)	(6,306	)	-		-		-		(8,855	)
	Recognition of deferred premium   on flow-through shares	-		-		(914	)	-		-		(914	)
	Currency translation   Adjustments	1,193		12		-		1,333		1,149		3,687
	Deconsolidation of Osisko Development	(55,398	)	(1,542	)	-		(19,691	)	(16,591	)	(93,222	)
Balance - December 31		-		-		-		-		-		-

(i)The environmental rehabilitation provision represented the legal and contractual obligations associated with the eventual closure of Osisko Development's mining interests, plant and equipment and exploration and evaluation assets (mostly for the Cariboo property, Bonanza Ledge Phase 2 and San Antonio projects).

(ii)Represented the warrants accounted for as derivative liabilities issued by Osisko Development and exercisable in U.S. dollars .

(iii)Represented the deferred consideration and contingent payments payable by Osisko Development with regards to its acquisition of Tintic.

30.Subsequent events

Repayment of revolving credit facility

In 2024, the Company repaid a total of $30.2 million on its revolving credit facility.

Dividend

On February 20, 2024, the Board of Directors declared a quarterly dividend of $0.06 per common share payable on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024.

62

EX-99.2

Management's Discussion and Analysis

For the year ended December 31, 2023

The following management discussion and analysis ("MD&A") of the consolidated operations and financial position of Osisko Gold Royalties Ltd ("Osisko" or the "Company") and its subsidiaries for the year ended December 31, 2023 should be read in conjunction with the Company's audited consolidated financial statements and related notes for the year ended December 31, 2023. The audited consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). Management is responsible for the preparation of the 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 consolidated financial statements to the Board of Directors for its consideration and approval for issuance to shareholders. The information included in this MD&A is as of February 20, 2024, the date when the Board of Directors has approved the Company's audited consolidated financial statements for the year ended December 31, 2023 following the recommendation of the Audit and Risk Committee. All monetary amounts included in this report are expressed in Canadian dollars, the Company's reporting and functional currency, unless otherwise noted. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Forward-Looking Statements" section.

Table of Contents

Description of the Business	2
Highlights	2
Corporate Update	3
Guidance for 2024 and 5-Year Outlook	3
Portfolio of Royalty, Stream and Other Interests	4
Equity Investments	17
Sustainability Activities	19
Dividends and Normal Course Issuer Bid	20
Gold Market and Currency	21
Selected Financial Information	22
Overview of Financial Results	23
Liquidity and Capital Resources	26
Cash Flows	27
Quarterly Information	28
Fourth Quarter Results	29
Segment Disclosure	32
Related Party Transactions	33
Contractual Obligations and Commitments	34
Off-Balance Sheet Items	35
Outstanding Share Data	35
Subsequent Event to December 31, 2023	35
Risks and Uncertainties	35
Disclosure Controls and Procedures and Internal Control over Financial Reporting	36
Basis of Presentation of Consolidated Financial Statements	37
Critical Accounting Estimates and Judgements	38
Financial Instruments	38
Technical Information	38
Non-IFRS Financial Performance Measures	38
Forward-Looking Statements	40
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	41
Corporate Information	42

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Description of the Business

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 Canada.

Osisko is a public company domiciled in the Province of Québec, Canada, whose shares trade on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") and is constituted under the Business Corporations Act (Québec). The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec.

On September 30, 2022, following certain changes made to Osisko's investment agreement with Osisko Development Corp. ("Osisko Development"), and based on other facts and circumstances, Osisko ceased to consolidate Osisko Development as management determined that Osisko was no longer in a position of control over Osisko Development. Management determined that Osisko was still able to exert significant influence on Osisko Development and accounted for its retained investment as an associate under the equity method. Accordingly, Osisko deconsolidated Osisko Development on September 30, 2022, and started accounting for its investment in Osisko Development using the equity method. References to discontinued operations throughout this MD&A is related to the activities of Osisko Development for the first nine months of 2022. Please refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A for more details.

Business Model and Strategy

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 has deployed capital to finance, through the acquisition of metal royalty and stream assets, exploration, development, new mine construction, expansions, counterparty debt reduction and acquisitions. Osisko endeavours to provide investors with lower-risk precious metals exposure via a geographically and operationally diversified asset base. The Company aims to maintain a strong balance sheet to allow it to readily deploy capital into new investment opportunities.

Highlights

Year 2023

• 94,323 gold equivalent ounces ("GEOs¹") earned (89,367 GEOs in 2022);
• Record revenues from royalties and streams of $247.3 million ($217.8 million in 2022);
• Record cash flows generated by operating activities² of $187.0 million ($175.1 million in 2022);
• Net loss² of $48.3 million, $0.26 per basic share² (net earnings of $85.3 million, $0.47 per basic share in 2022), mostly due to non-cash impairment charges of $149.6 million on royalty and stream interests and investments;
• Adjusted earnings³ of $100.1 million, $0.54 per basic share³ ($87.3 million, $0.48 per basic share in 2022);
• Publication of the 2023 Asset Handbook and third edition of the Company's sustainability report, Growing Responsibly;
• Closing of the CSA silver and copper streams by Osisko Bermuda Limited for US$150.0 million ($198.8 million);
• Amendment of the Gibraltar silver stream for US$10.3 million ($13.6 million);
• Acquisition of a 3% gold NSR royalty and 1% copper NSR royalty on the Costa Fuego copper-gold project for US$15.0 million ($19.9 million);
• Acquisition of a 1% NSR royalty covering the Namdini gold project in Ghana for US$35.0 million ($48.4 million);
• Appointment of Mr. Jason Attew as President and Chief Executive Officer of the Company and Mr. Norman MacDonald as Chair of the Board of Directors;
• Sale of the equity investment in Osisko Mining Inc. for gross proceeds of $131.6 million, which were used to repay part of the revolving credit facility; and
• Declaration of quarterly dividends totaling $0.235 per common share in 2023 ($0.22 per common share in 2022).

1GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of this MD&A.

2From continuing operations.

3"Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A.

2

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Subsequent to December 31, 2023

• Additional repayments of $30.2 million on the revolving credit facility;
• Appointment of Mr. David Smith to the Board of Directors;
• Resignation of The Honourable Mr. John R. Baird from the Board of Directors; and 
• Declaration of a quarterly dividend of $0.06 per common share payable on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024.

Corporate Update

On July 5, 2023, the Company announced the appointment of Mr. Paul Martin as its interim Chief Executive Officer, and the departure of its President and Chief Executive Officer, Mr. Sandeep Singh.

On November 8, 2023, the Company announced the appointment of Mr. Jason Attew as President and Chief Executive Officer of the Company and the appointment of Mr. Norman MacDonald as Chair of the Board of Directors, succeeding Mr. Sean Roosen, who subsequently resigned as a director of the Company on November 22, 2023. Mr. Attew also joined the Board of Directors of Osisko on January 1, 2024, the effective date of his appointment.

On January 24, 2024, Mr. David Smith was appointed to the Board of Directors. On January 31, 2024, The Honourable Mr. John R. Baird resigned as a director of the Company.

Guidance for 2024 and 5-Year Outlook

2024 Guidance

Osisko expects GEOs earned to range between 82,000 to 92,000 in 2024 at an average cash margin of 97%. The reduction in guided ounce production compared to the actual production of 2023 is primarily a result of the stoppage of operations at the Renard Diamond mine, from which Osisko earned 9,538 GEOs in 2023.

Osisko's 2024 guidance on royalty and stream interests is largely based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

For the 2024 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 2024 guidance also assumes the commencement of GEOs earned under the CSA copper stream from June 15, 2024, as well as the commencement of production from G Mining's Tocantinzinho project and Shandong's Namdini project later in the year.

5-Year Outlook

Osisko expects its portfolio to generate between 120,000 and 135,000 GEOs in 2028. The outlook assumes the commencement of production at the Windfall and Hermosa projects, amongst others. It also assumes that Mantos Blancos will have reached its nameplate capacity following the recent expansion of its activities, as well as increased production from certain other operators that have announced planned expansions, including Alamos's Phase 3+ Expansion at Island Gold. The reduction in Osisko's 5-year outlook compared to previously published outlooks is primarily a function of a more conservative approach to the estimation of start-up times for new projects that are currently advancing through permitting and financing. This reflects the noticeable trend of increased lag times in project permitting and approvals.

Beyond this growth profile, Osisko owns several other growth assets, which have not been factored in the 5-year outlook, as their timelines are either longer, or less certain. As the operators provide further clarity on these assets, Osisko will seek to include them in its long-term outlook.

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 76:1.

This 5-year outlook replaces the 5-year outlook previously released in 2023, which should be considered as withdrawn. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2024-2028).

3

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Portfolio of Royalty, Stream and Other Interests

The following table details the GEOs earned by the Company's producing royalty, stream and other interests:

	Three months ended December 31,		Years ended December 31,
	2023	2022	2023	2022
Gold
Canadian Malartic royalty	8,887	8,464	33,930	32,776
Eagle Gold royalty	2,094	1,787	8,377	7,329
Éléonore royalty	1,496	1,460	5,198	4,661
Island Gold royalty	742	671	3,047	2,487
Ermitaño royalty	726	471	2,279	1,903
Seabee royalty	565	1,031	2,257	4,398
Pan royalty	387	406	1,644	1,657
Lamaque royalty	395	417	1,650	1,677
Bald Mountain royalty	72	332	1,103	922
San Antonio stream	2	1,182	650	1,451
Fruta del Norte royalty	105	120	459	410
Others	257	534	1,011	1,958
	15,728	16,875	61,605	61,629
Silver
Mantos Blancos stream	2,563	2,830	11,994	10,344
Sasa stream	980	1,005	4,161	3,936
CSA stream (i)	880	-	3,793	-
Gibraltar stream (ii)	732	676	2,538	2,205
Canadian Malartic royalty	51	67	214	294
Others	47	57	220	246
	5,253	4,635	22,920	17,025
Diamonds
Renard stream (iii)	2,269	3,403	9,538	12,634
Others	13	17	87	126
	2,282	3,420	9,625	12,760
Other metals
Kwale royalty and others	12	93	173	978
Total GEOs	23,275	25,023	94,323	92,392
Total GEOs, excluding GEOs earned   on the Renard stream until April 30, 2022 (iii)	23,275	25,023	94,323	89,367

(i)The CSA silver stream was acquired on June 15, 2023, with an effective date of February 1, 2023. Revenues related to the ounces earned between February 1, 2023 and June 15, 2023 were recognized in the third quarter of 2023 when the silver ounces were received and sold by Osisko Bermuda Limited, a wholly-owned subsidiary of the Company.

(ii)In June 2023, Osisko completed certain amendments to its 75% silver stream with respect to the Gibraltar copper mine increasing Osisko's effective stream percentage by 12.5% to 87.5%.

(iii)Until April 30, 2022, GEOs from the Renard diamond stream were excluded when presenting Osisko's total attributable GEOs because cash flows from the Renard diamond stream were reinvested through a bridge loan with the operator until that date. On October 27, 2023, Stornoway Diamonds (Canada) Inc. ("Stornoway"), the operator of the Renard diamond mine, announced it was temporarily suspending operations and placing itself under the protection of the Companies' Creditors Arrangement Act ("CCAA").

2023 Actual Results vs Guidance

The following table compares the actual results with the guidance released in the first quarter of 2023:

	Actual results		Guidance
	GEOs	Cash margin	Low	High	Cash margin
		(%)	(GEOs)	(GEOs)	(%)
Royalties and streams	94,323	93.3%	95,000	105,000	93.0%

GEOs earned, year-over-year, increased by 6% in 2023, but were slightly lower than the low end of the guidance of 95,000 GEOs. The ongoing ramp-up issues at certain operations, including the Mantos Blancos mine, the forest fires in northern Canada, and a notable sharp decline in rough diamond prices that led to the shut-down of the Renard diamond mine, negatively affected the GEOs earned in 2023, despite a strong performance from other key assets, including the Canadian Malartic mine. The higher gold-silver price ratio also acted to reduce GEOs earned in 2023 versus original expectations.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

GEOs by Product

Average Metal Prices and Exchange Rate

	Three months ended December 31,		Years ended December 31,
	2023	2022	2023	2022
Gold(i)	$1,971	$1,727	$1,940	$1,800
Silver(ii)	$23.20	$21	$23.35	$22
Exchange rate (US$/Can$)(iii)	1.3624	1.3578	1.3497	1.3013

(i)The London Bullion Market Association's PM price in U.S. dollars.

(ii)The London Bullion Market Association's price in U.S. dollars.

(iii)Bank of Canada daily rate.

Royalty, Stream and Other Interests Portfolio Overview

As at December 31, 2023, Osisko owned a portfolio of 171 royalties, 14 streams and 4 offtakes, as well as 7 royalty options. Currently, the Company has 19 producing assets.

Portfolio by asset stage

Asset stage	Royalties	Streams	Offtakes	Total number of assets
Producing	14	5	-	19
Development	15	9	3	27
Exploration and evaluation	142	-	1	143
	171	14	4	189

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Producing assets

Asset	Operator	Interest (i)	Commodity	Jurisdiction
North America
Bald Mtn. Alligator Ridge /     Duke & Trapper	Kinross Gold Corporation	1% / 4% GSR (ii) royalty	Au	USA
Canadian Malartic Complex	Agnico Eagle Mines Limited	3 - 5% NSR royalty	Au, Ag	Canada
Eagle Gold	Victoria Gold Corp.	5% NSR royalty	Au	Canada
Éléonore	Newmont Corporation	1.8 - 3.5% NSR royalty	Au	Canada
Ermitaño	First Majestic Silver Corp.	2% NSR royalty	Au, Ag	Mexico
Gibraltar	Taseko Mines Limited	87.5% stream	Ag	Canada
Island Gold	Alamos Gold Inc.	1.38 - 3% NSR royalty	Au	Canada
Lamaque	Eldorado Gold Corporation	1% NSR royalty	Au	Canada
Macassa TH	Agnico Eagle Mines Limited	1% NSR royalty	Au	Canada
Pan	Calibre Mining Corp.	4% NSR royalty	Au	USA
Parral	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Santana	Minera Alamos Inc.	3% NSR royalty	Au	Mexico
Seabee	SSR Mining Inc.	3% NSR royalty	Au	Canada
Outside of North America
Brauna	Lipari Mineração Ltda	1% GRR (iii)	Diamonds	Brazil
CSA	Metals Acquisition Limited	100% stream 3.0 - 4.875% stream (iv)	Ag Cu	Australia
Dolphin Tungsten (v)	Group 6 Metals Limited	1.5% GRR	Tungsten (W)	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador
Mantos Blancos	Capstone Copper Corp.	100% stream	Ag	Chile
Sasa	Central Asia Metals plc	100% stream	Ag	North Macedonia

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Key exploration/evaluation and development assets

Asset	Operator	Interest	Commodities	Jurisdiction
Akasaba West	Agnico Eagle Mines Limited	2.5% NSR royalty	Au	Canada
Altar	Aldebaran and Sibanye-Stillwater	1% NSR royalty	Cu, Au	Argentina
Arctic	South32 / Trilogy Metals Inc.	1% NSR royalty	Cu	USA
Amulsar (vi)	Lydian Canada Ventures Corporation	4.22% Au / 62.5% Ag stream	Au, Ag	Armenia
Amulsar	Lydian Canada Ventures Corporation	81.9% offtake	Au	Armenia
Antakori	Regulus Resources Inc.	0.75% - 1.5% NSR royalty	Cu, Au	Peru
Back Forty	Gold Resource Corporation	18.5% Au / 85% Ag streams	Au, Ag	USA
Bralorne	Talisker Resources Ltd.	1.7% NSR royalty	Au	Canada
Cariboo	Osisko Development Corp.	5% NSR royalty	Au	Canada
Cascabel	SolGold plc	0.6% NSR royalty	Cu, Au	Ecuador
Casino	Western Copper & Gold Corporation	2.75% NSR royalty	Au, Ag, Cu	Canada
Cerro del Gallo	Argonaut Gold Inc.	3% NSR royalty	Au, Ag, Cu	Mexico
Copperwood	Highland Copper Company Inc.	1.5% NSR royalty 3/26th NSR royalty	Cu Ag	USA
Corvette	Patriot Battery Metals Inc.	2% NSR royalty	Lithium (Li)	Canada
Hammond Reef	Agnico Eagle Mines Limited	2% NSR royalty	Au	Canada
Hermosa	South32 Limited	1% NSR royalty on sulphide ores	Zn, Pb, Ag	USA
Horne 5	Falco Resources Ltd.	90% - 100% stream	Ag	Canada
Kandiolé	Roscan Gold Corp.	1% NSR royalty	Au	Mali
Magino(vii)	Argonaut Gold Inc.	3% NSR royalty	Au	Canada
Marban	O3 Mining Inc.	0.435-2% NSR royalty	Au	Canada
Marimaca	Marimaca Copper Corp.	1% NSR royalty	Cu	Chile
Namdini	Shandong Gold Co Ltd.	1% NSR royalty	Au	Ghana
Pine Point	JV between Osisko Metals Inc. and Appian Natural Resources Fund III	3% NSR royalty	Zn	Canada
San Antonio	Osisko Development Corp.	15% stream	Au, Ag	Mexico
Spring Valley (viii)	Waterton Global Resource Management	0.5 - 3% NSR royalty	Au	USA
Tocantinzinho	G Mining Ventures Corp.	0.75% NSR royalty	Au	Brazil
Upper Beaver	Agnico Eagle Mines Limited	2% NSR royalty	Au, Cu	Canada
West Kenya	Shanta Gold Limited	2% NSR royalty	Au	Kenya
Wharekirauponga (WKP)	OceanaGold Corporation	2% NSR royalty	Au	New Zealand
White Pine	White Pine Copper LLC	1.5% NSR royalty 3/26th NSR royalty	Cu Ag	USA
Windfall	Osisko Mining Inc. (50%) Gold Fields Limited (50%)	2.0 - 3.0% NSR royalty	Au	Canada

(i)Excluding tail royalties and streams reduction, when applicable.

(ii)Gross smelter return ("GSR").

(iii)Gross revenue royalty ("GRR").

(iv)Deliveries under the CSA copper stream are expected to commence on June 15, 2024.

(v)In July 2023, Group 6 Metals Limited announced that commercial production of tungsten was achieved at the Dolphin Tungsten mine and the first concentrate was produced and exported. Osisko expects to receive its first royalty payment in the first quarter of 2024.

(vi)As at December 31, 2019, Lydian International Limited, the owner of the Amulsar project, was granted protection under the Companies' Creditors Arrangement Act. In July 2020, a credit bid was completed and Osisko became a shareholder of Lydian Canada Ventures Corporation, which is the private entity now holding the Amulsar project in Armenia.

(vii)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.

(viii)The 3% NSR royalty is on the core resource area; a separate 1% is applicable on the periphery of the property.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Main Producing Assets

Geographical Distribution of Assets

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Royalty, Stream and Offtake Interests - 2023 Transactions

Silver stream - CSA mine

In June 2023, Osisko Bermuda Limited ("Osisko Bermuda") closed a silver purchase agreement (the "CSA Silver Stream") with Metals Acquisition Limited ("Metals Acquisition") concurrently with the closing of the acquisition by Metals Acquisition of the producing CSA mine in New South Wales, Australia ("CSA") from a subsidiary of Glencore plc (the "CSA Acquisition Transaction"). The closing date of the CSA Acquisition Transaction and the Silver Stream was June 15, 2023 (the "Closing Date").

Pursuant to the CSA Silver Stream, Osisko Bermuda paid an upfront cash deposit to Metals Acquisition of US$75.0 million ($99.4 million) (the "Silver Deposit"). 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. The deliveries under the CSA Silver Stream accrued as of February 1, 2023.

Metals Acquisition has granted Osisko Bermuda a right of first refusal in respect of the sale, transfer or buy-back of any royalty, stream or similar interest in the products mined or otherwise extracted from any property owned or acquired by Metals Acquisition or an affiliate between the Closing Date and the later of the seventh anniversary of the Closing Date or the date on which Osisko Bermuda or any affiliate ceases to hold or control more than 5% of the issued and outstanding common shares of Metals Acquisition.

Copper stream - CSA mine

In June 2023, Osisko Bermuda closed a copper purchase agreement (the "CSA Copper Stream") with Metals Acquisition concurrently with the closing of the CSA Acquisition Transaction. The deliveries under the CSA Copper Stream are expected to commence on June 15, 2024.

Pursuant to the CSA Copper Stream, Osisko Bermuda paid an upfront cash deposit to Metals Acquisition of US$75.0 million ($99.4 million). Osisko Bermuda will be entitled to receive refined copper equal to 3.0% of payable copper produced from CSA until the 5^th anniversary of the Closing Date (the "First Threshold Stream"), then 4.875% of payable copper produced from CSA until 33,000 metric tonnes have been delivered in aggregate (the "Second Threshold Stream"), 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^th anniversary of the Closing Date, Metals Acquisition will have the option to exercise certain buy-down rights by paying a one-time cash payment to Osisko Bermuda. Metals Acquisition and certain of its subsidiaries, including the operating subsidiary following closing of the CSA Acquisition Transaction, provided Osisko Bermuda with corporate guarantees and other security over their assets for its obligations under the CSA Copper Stream.

In conjunction with the CSA Silver Stream and the CSA Copper Stream, Osisko Bermuda subscribed for US$40.0 million ($53.0 million) in equity of Metals Acquisition as part of its concurrent equity financing.

Silver stream amendments - Gibraltar mine

In June 2023, Osisko completed certain amendments to its 75% silver stream (the "Gibraltar Silver Stream") with respect to the Gibraltar copper mine ("Gibraltar"), located in British Columbia, Canada, which is operated by a wholly-owned subsidiary of Taseko Mines Limited ("Taseko"). On March 15, 2023, Taseko announced the completion of its acquisition of an additional 12.5% interest in Gibraltar from Sojitz Corporation, giving Taseko an effective 87.5% interest. Osisko and Taseko amended the Gibraltar Silver Stream to increase Osisko's effective stream percentage by 12.5% to 87.5%. 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. Osisko paid total consideration of US$10.25 million ($13.6 million) to Taseko, and committed to help support ongoing Environmental, Social and Governance initiatives at Gibraltar with $50,000 per year for the following three years.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Copper and gold NSR royalty - Costa Fuego copper-gold project

In July 2023, Osisko closed the acquisition of a 1.0% copper NSR royalty and a 3.0% gold NSR royalty from Hot Chili Limited ("Hot Chili") covering the Costa Fuego copper-gold project in Chile, for a total cash consideration of US$15.0 million ($19.9 million). As part of the transaction, Osisko granted Hot Chili an option to buy-down a portion of the royalty, which can only occur upon a change of control and which is exercisable until the fourth anniversary of the transaction closing date. The buydown option reduces each of the copper and gold royalty percentages by 0.5% (resulting in a 0.5% copper NSR royalty and 2.5% gold NSR royalty), in exchange for payment in an amount equal to 130%, 140%, or 150% of the up-front price paid by Osisko if exercised before the 2^nd, 3^rd or 4^th anniversary of the transaction close. As part of the transaction, Hot Chili also granted Osisko a corporate right of first offer on all future potential royalty and streaming opportunities, as well as certain other rights on proposed future royalty financings.

Gold NSR royalty - Namdini gold project

In October 2023, Osisko closed the acquisition of a 1.0% NSR royalty from Savannah Mining Limited covering the Namdini gold project ("Namdini") in Ghana for total consideration of US$35.0 million ($48.4 million). Namdini is controlled and will be operated by Shandong Gold Co Ltd. through its subsidiary Cardinal Namdini Mining Limited ("Cardinal"), which is owned in partnership with a subsidiary of China Railway Construction Group Corp Ltd.

Main Producing Assets - Updates

Canadian Malartic Royalty (Agnico Eagle Mines Limited)

The Company's cornerstone asset is a 3-5% NSR royalty on the Canadian Malartic mine which is located in Malartic, Québec. On March 31, 2023, Agnico Eagle Mines Limited ("Agnico Eagle") closed its previously announced acquisition of Yamana Gold Inc.'s ("Yamana Gold") Canadian assets, including the other half of the Canadian Malartic mine Agnico Eagle did not already own. The acquisition provides Agnico Eagle with full operational control of the Canadian Malartic mine during the remaining development period of the Odyssey underground project, and with the opportunity to utilize future additional mill capacity at the mine given Agnico Eagle's extensive operations and strategic land positions in the region.

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 $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.

Guidance - 2024

On February 15, 2024, Agnico Eagle reported production guidance of 615,000 to 645,000 ounces of gold at Canadian Malartic for the year 2024.

Update on operations

On February 15, 2024, Agnico Eagle reported that a mining rate of 3,500 tonnes per day at Odyssey South was reached earlier than anticipated and sustained through the fourth quarter of 2023. Ramp development has also exceeded target, reaching a depth of 715 metres as at December 31, 2023. Agnico Eagle is evaluating the potential to accelerate initial production from East Gouldie to 2026 from 2027. Surface construction was approximately 65% completed at year-end, and shaft sinking activities continued to ramp up through the quarter. Infill and expansion drilling in 2023 resulted in the declaration of an initial mineral reserve in the central portion of the East Gouldie deposit and the extension of the East Gouldie mineral resource laterally by 870 metres.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Update on reserve and resource estimates

On February 15, 2024, Agnico Eagle reported an initial Probable mineral reserve of 5.2 million ounces of gold at the East Gouldie deposit (47 million tonnes grading 3.42 g/t Au). This resulted in an increase of reported Proven and Probable mineral reserves to 7.9 million ounces of gold at the Canadian Malartic Complex (142.3 million tonnes grading 1.73 g/t Au), Measured and Indicated resources of 1.1 million ounces of gold (17.4 million tonnes grading 1.88 g/t Au) and Inferred resources of 9.5 million ounces of gold (138.9 million tonnes grading 2.12 g/t Au) as at December 31, 2023.

On June 20, 2023, Agnico Eagle provided results from an internal study on the Odyssey underground mine (the "2023 Odyssey Study") and exploration results from the Canadian Malartic Complex. The 2023 Odyssey Study highlighted a 23% increase in life-of-mine payable gold production from the Odyssey mine compared to the internal study from 2020. The 2023 Odyssey Study also outlined an extension of the mine life to 2042 with a mine plan that includes approximately 9.0 million ounces of gold, including 0.2 million ounces of gold in Probable Mineral Reserves (2.8 million tonnes grading 2.22 g/t Au), 4.8 million ounces of gold in Indicated Resources (45.5 million tonnes grading 3.31 g/t Au) and 4.0 million ounces of gold in Inferred Resources (53.5 million tonnes grading 2.32 g/t Au). The resource and reserve estimates in the 2023 Odyssey Study are no longer current, however, the provided mine plan is the most recently published by Agnico Eagle and the global mineral inventory is generally consistent with the resource and reserve updated as at December 31, 2023.

As at December 31, 2023, the ramp was at a depth of 715 metres and Agnico Eagle now expects to reach the first level of the top of the East Gouldie deposit at a depth of 750 metres in the first quarter of 2024. As a result, Agnico Eagle is evaluating the potential to accelerate initial production from East Gouldie to 2026. With additional exploration, Agnico Eagle believes that mineralization will continue to be added into the overall mine plan in the coming years, with good potential to grow near-term and long-term annual gold production as well as further extend the mine life.

Update on Canadian Malartic exploration

On February 15, 2024, Agnico Eagle reported that expansion drilling resulted in the extension of the East Gouldie Inferred mineral resource laterally to the west by approximately 870 metres. Drilling results demonstrate that the corridor remains open to the east with high potential to categorize a large area as Inferred mineral resources by year-end 2024. Highlight intercepts include 6.2 g/t Au over 6.7 metres at 1,300 metres depth to the west and 6.7 g/t Au over 13.5 metres at 1,470 metres depth to the east of the deposit. Agnico Eagle will continue to test the east and west extensions of the East Gouldie deposit in 2024, with the objective of potentially adding a new mining front. Agnico Eagle expects to spend approximately US$20.4 million for 137,000 metres of drilling at the Canadian Malartic Complex in 2024. Exploration plans at the Odyssey mine includes 102,500 metres of drilling with five objectives: continued conversion drilling of East Gouldie Inferred mineral resources to Indicated mineral resources, testing the immediate extensions of East Gouldie, continued conversion drilling of the Odyssey South deposit of Inferred mineral resources to Indicated mineral resources, further investigating the Odyssey internal zones, and converting Inferred mineral resources to Indicated mineral resources in the Odyssey North deposit.

For additional information, please refer to Agnico Eagle's press releases dated February 15, 2024, entitled "Agnico Eagle Reports Fourth Quarter and Full Year 2023 Results - Record Quarterly and Annual Gold Production and Free Cash Flow; Record Mineral Reserves Increased 10.5%; Updated Three-Year Guidance" and "Agnico Eagle Provides an Update on 2023 Exploration Results and 2024 Exploration Plans - Mineral Reserves Up 10.5% Year-Over-Year to 54 Moz; Initial Mineral Reserve of 5.2 Moz Declared at East Gouldie; Initial Underground Mineral Resources Declared at Detouer Lake of 1.6 Moz" and Agnico Eagle's press release dated June 20, 2023 entitled "Agnico Eagle Provides Update on Canadian Malartic Complex -Internal Study Demonstrates Improved Value, Extends Mine Life and Supports Potential Future Production Growth in the Abitibi Greenstone Belt; Positive Exploration Results Expected to Result in Increased Mineral Reserves and Mineral Resources; Additional Property Scale Targets Being Evaluated", all filed on www.sedarplus.ca.

Mantos Blancos Stream (Capstone Copper Corp.)

Osisko, through 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").

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 (5.6 million ounces have been delivered as at December 31, 2023), after which the stream percentage will be 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.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Guidance - 2024

On January 24, 2024, Capstone reported that production volumes at Mantos Blancos are forecasted to increase in 2024 due to higher mill throughput. Mantos Blancos is currently focused on reliably achieving the installed capacity of 20,000 tonnes per day ("tpd"). The company is executing on a plan to address plant stability that includes improved maintenance and optimization of the concentrator and tailings system. During the first half of 2024, the focus will be on receiving and installing the engineering and infrastructure upgrades in the tailings dewatering area of the plant. Capstone expects Mantos Blancos to achieve its nameplate operating throughput rates late in the second quarter.

For additional information, please refer to Capstone's press release dated January 24, 2024, entitled "Capstone Copper Provides 2024 Guidance and Announces 2023 Production Results", filed on www.sedarplus.ca.

Eagle Gold Royalty (Victoria Gold Corp.)

Osisko owns a 5% NSR royalty on the Dublin Gulch property, which hosts the Eagle Gold mine, owned and operated by Victoria Gold Corp. ("Victoria"), on all metals until 97,500 ounces of gold have been delivered to Osisko and a 3% NSR royalty thereafter. The Dublin Gulch gold property is situated in central Yukon Territory, Canada.

Update on operations

On January 15, 2024, Victoria reported production of 41,982 ounces of gold in the fourth quarter of 2023 for a total of 166,730 ounces of gold for the year 2023 compared to 150,182 ounces in 2022, achieving its 2023 guidance of 160,000 - 180,000 ounces of gold. This was a record level of production for the Eagle Gold mine and an 11% increase year-over-year. In 2023, Victoria successfully demonstrated the feasibility of year-round stacking on the heap leach facility, resulting in more consistent quarterly gold production and a mitigation of the impacts of seasonality. The company intends to continue year-round stacking in 2024 and, according to an updated mine plan published in early 2022, also expects to increase year-over-year production levels again in 2024.

Update on exploration

On February 24, 2023, Victoria released an updated technical report on Eagle Gold, including an updated life of mine plan. The updated life of mine plan highlights average gold production of 202,000 ounces per year over the first 8 years, with peak production of 219,000 in 2025 and a throughput increase to steady-state level of 11.5 million tonnes per year during 2025. Ultimate life of mine recovery is projected to be 76.2% and over 2.0 million ounces of gold are forecast to be produced over the remaining mine life. Increased production is achievable utilizing the existing crushing and conveying circuit and mining fleet.

For additional information, please refer to Victoria's press release dated January 15, 2024, entitled "Victoria Gold: Eagle Gold Mine Annual and Fourth Quarter 2023 Production Results", filed on www.sedarplus.ca.

Éléonore Royalty (Newmont Corporation)

Osisko owns a sliding scale 1.8% to 3.5% NSR royalty on the Éléonore gold mine located in the Province of Québec and operated by Newmont Corporation ("Newmont"). Osisko currently receives a NSR royalty of 2.2% on production at the Éléonore mine.

Guidance - 2024

The Éléonore 2024 guidance will be released on February 22, 2024.

Update on reserve and resource estimates

On February 23, 2023, Newmont reported Proven and Probable reserves comprising 9.4 million tonnes grading 5.22 g/t Au for 1.57 million ounces of gold.

For additional information, please refer to Newmont's press release dated February 23, 2023, entitled "Newmont Achieves 2022 Guidance; Provides Stable 2023 and Improving Longer-Term Outlook; Declares $0.40 Fourth Quarter Dividend" and "Newmont Announces Increased 2022 Mineral Reserves of 96 Million Gold Ounces and 68 Million Gold Equivalent Ounces", filed on www.sedarplus.ca.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Sasa Stream (Central Asia Metals plc)

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 US$5 per ounce (plus refining costs) of refined silver delivered, increased for inflation annually from 2017 (US$6.21 per ounce in 2023).

Update on operations

On January 11, 2024, Central Asia reported 82,842 ounces of payable silver to Osisko for the fourth quarter of 2023 for a total of 345,805 ounces of silver in 2023 compared to 316,757 ounces of silver in 2022.

Central Asia reported that the initial development of the central decline is complete, and the decline is now operational. Construction of the paste backfill plant is complete, the plant is now operational and extraction of ore with paste fill is underway. Construction of the dry stack tailings plant and landform commenced in the fourth quarter of 2023.

For more information on the Sasa mine, refer to Central Asia's press release dated January 11, 2024, entitled "2023 Operations Update", available on their website at www.centralasiametals.com.

Island Gold Royalty (Alamos Gold Inc.)

Osisko owns NSR royalties ranging from 1.38% to 3.00% on the Island Gold mine property (all of the current resources and reserves are covered by the royalties), operated by Alamos Gold Inc. ("Alamos") and located in Ontario, Canada.

Guidance - 2024

On January 10, 2024, Alamos reported its 2024 guidance for the Island Gold mine of 145,000 - 160,000 ounces of gold. Production guidance for Island Gold in 2024 is consistent with previous guidance and represents a 16% increase from 2023 production, reflecting higher grades expected to be mined. Grades are expected to increase further in 2025 and combined with higher mining and processing rates towards the latter part of the year, are expected to drive an additional 16% increase in production. Following the completion of the Phase 3+ Expansion in 2026, mining rates are expected to begin ramping up towards 2,400 tpd contributing to a further 28% increase in production. As outlined in the Phase 3+ Study, production rates are expected to increase to an average of 287,000 ounces per year in 2027 and beyond.

A total of US$19 million has been budgeted for exploration at Island Gold in 2024, up from US$14 million in 2023 with both a larger near mine and regional exploration program.

Update on operations

On January 10, 2024, Alamos announced total production at Island Gold for 2023 of 131,400 ounces of gold, achieving its guidance of 120,000 - 135,000 ounces of gold.

Update on expansion

The Phase 3+ Expansion to 2,400 tpd from the current rate of 1,200 tpd will involve various infrastructure investments. These include the installation of a shaft, paste plant, expansion of the mill as well as accelerated development to support the higher mining rates. Following the completion of the expansion in the first half of 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 lower.

Update on reserve and resource estimates

On February 21, 2023, Alamos announced that combined mineral reserves and resources at Island Gold increased 4%, net of mining depletion. This marked the seventh consecutive year that combined mineral reserves and resources have grown with grades also increasing over that time frame. Mineral reserves increased 9% to 1.5 million ounces (4.2 million tonnes grading 10.78 g/t Au), net of mining depletion. Mineral reserve additions totaled 267,000 ounces of gold, which more than offset mining depletion of 142,000 ounces of gold. Mineral reserve grades also increased 6% to 10.78 g/t Au, reflecting the conversion of higher-grade mineral resources in the Island West, Main and East areas. Measured and Indicated mineral resources were estimated at 0.3 million ounces of gold (1.3 million tonnes grading 7.09 g/t Au) and Inferred mineral resources were estimated at 3.5 million ounces of gold (8.1 million tonnes grading 13.61 g/t Au).

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Update on exploration

On February 13, 2023, Alamos reported that underground exploration drilling continues to extend high-grade gold mineralization across the Island Gold deposit within the main E1E and C-Zones, as well as several hanging wall and footwall structures in proximity to existing underground infrastructure. These results are expected to contribute to another increase in high-grade Mineral reserves and resources at Island Gold to be outlined in the 2023 year-end update to be released in the first quarter of 2024. A total of US$19.0 million is budgeted for exploration at Island Gold in 2024, up from US$14.0 million in 2023, with both a larger near mine and regional exploration program planned for the year.

For more information, refer to Alamos' press release dated February 13, 2024 entitled "Alamos Gold Intersects Additional High-Grade Mineralization Near Existing Infrastructure at Island Gold which is Expected to Drive Further Growth in Mineral Reserves and Resources" and Alamos' press release dated January 10, 2024 entitled "Alamos Gold Achieves Increased 2023 Guidance with Record Annual Production and Provides Three-Year Production and Operating Guidance", both filed on www.sedarplus.ca.

CSA Streams (Metals Acquisition Limited)

Osisko Bermuda holds a silver stream and a copper stream on the CSA copper mine, operated by Metals Acquisition. 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 receive refined copper equal to 3.0% of payable copper produced from CSA until the 5^th anniversary of the Closing Date (the First Threshold Stream), then 4.875% of payable copper produced from CSA until 33,000 metric tonnes have been delivered in aggregate (the Second Threshold Stream), 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.

Metals Acquisition is focused on operating and acquiring metals and mining businesses in high-quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy. Metals Acquisition closed the acquisition of the CSA copper mine from a subsidiary of Glencore plc on June 15, 2023.

On July 17, 2023, Osisko Bermuda received its first delivery of silver. From February 1, 2023 to December 31, 2023, over 345,000 ounces of silver were purchased and sold by Osisko Bermuda under its CSA Silver Stream. Deliveries of refined copper under the CSA Copper Stream are expected to commence on June 15, 2024.

Update on operations

On January 24, 2024, Metals Acquisition reported ongoing solid operational performance in the fourth quarter, with copper and silver production consistent when compared to the previous quarter. Underground capital development was the highest quarter for the 2023 calendar year, demonstrating the benefits of the company's ongoing investment. Tonnes mined and milled were down slightly over the prior quarter; however grade increased by 12% as mining moved into higher grade stopes and better mining practices improved mining dilution.

Update on exploration

During the third quarter of 2023, Metal Acquisition announced the results from the ongoing resource infill and near mine exploration drill programs at the CSA copper mine. Drilling has continued to demonstrate the continuity and high-grade nature of the CSA copper mine ore bodies. Drilling occurred predominately across the QTSN and QTSC deposits and highlighted potential lode extensions down dip and along section and opportunities for thicker lode interpretations. All drill results are from drilling that has been completed after the December 2022 Mineral Resource Estimate and is expected to be incorporated into the 2023 Mineral Resource Estimate.

For more information, refer to Metals Acquisition's press release dated January 24, 2024, entitled "Metals Acquisition Limited Provides Operational Update, filed on www.sec.gov/edgar.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Ermitaño Royalty (First Majestic Silver Corp.)

Osisko holds a 2% NSR royalty on the Ermitaño underground gold and silver mine ("Ermitaño") operated by First Majestic Silver Corp. ("First Majestic") and located in Sonora State, Mexico. Processing of ore from Ermitaño at the Santa Elena processing plant started in December 2021.

Guidance - 2024

On January 16, 2024, First Majestic reported that it expects to produce between 1.1 and 1.12 million ounces of silver, and between 81,000 and 90,000 ounces of gold in 2024.

Update on operations

On January 16, 2024, First Majestic announced production of 582,484 ounces of silver and 28,056 ounces of gold in the fourth quarter of 2023, a quarterly production record. Strong mine output and grades from Ermitaño and record metallurgical recoveries facilitated by the newly commissioned dual-circuit plant at Santa Elena resulted in a new annual record of production in 2023.

Update on exploration

On January 16, 2024, First Majestic noted that during the fourth quarter of 2023, four drill rigs consisting of two surface rigs and two underground rigs, completed 7,949 metres of drilling on the property.

Update on reserve and resource estimates

On March 31, 2023, First Majestic announced proven and probable underground Reserves at Ermitaño of 2.53 million tonnes grading 56.5 g/t Ag and 3.36 g/t Au for 4,590,0000 ounces of silver and 274,000 ounces of gold.

For more information, refer to First Majestic's press release dated January 16, 2024 entitled "First Majestic Produces 6.6 Million AgEq Oz in Q4 2023 and 26.9 Million AgEq Oz in 2023; Announces 2024 Production and Cost Guidance and Announces Conference Call Details" and First Majestic's press release dated March 31, 2023, entitled "First Majestic Announces 2022 Mineral Reserve and Mineral Resource Estimates", both filed on www.sedarplus.ca.

Seabee Royalty (SSR Mining Inc.)

Osisko holds a 3% NSR royalty on the Seabee gold operations operated by SSR Mining Inc. ("SSR Mining") and located in Saskatchewan, Canada.

Guidance - 2024

On February 13, 2024, SSR Mining reported that it expects to produce between 75,000 and 85,000 ounces of gold in 2024 and average approximately 75,000 ounces annually over the five-year period. Seabee's production is expected to be strongest in the first and third quarters of 2024, reflecting processed grades. Grades are expected to average between 5.0 and 6.0 g/t Au in 2024, slightly above the Seabee Mineral reserve grade.

Update on operations

On January 16, 2024, SSR Mining announced gold production of 38,758 ounces in the fourth quarter of 2023 for a total of 90,777 ounces of gold in 2023, below the guidance of 100,000 - 110,000 ounces of gold.

Update on exploration

On February 13, 2024, SSR Mining noted consolidated exploration and resource development expenditures at Seabee are estimated at US$15.0 million with a focus on defining initial Mineral reserves at the Porky and Porky West 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 follow-up sampling and potential drill testing at a number of regional targets.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Update on reserve and resource estimates

On February 13, 2024, SSR Mining, SSR Mining announced an updated Mineral reserve estimate of 2.1 million tonnes grading 5.17 g/t Au for 343,000 ounces of gold. This estimate does not incorporate any of the Measured and Indicated resources totaling 1.6 million tonnes grading 4.4 g/t Au for 218,300 ounces of gold, or the Inferred resources totaling 2.75 million tonnes grading 5.2 g/t Au for 462,500 ounces of gold.

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.

For more information, refer to SSR Mining's press release dated February 13, 2024 entitled "SSR Mining Issues Multi-Year Guidance and Technical Reports for all Operating Assets", SSR Mining's press release dated January 16, 2024 entitled "SSR Mining Delivers Strong Fourth Quarter Production and Achieves 2023 Consolidated Production Guidance" and SSR Mining's Technical Report Summary on the Seabee Gold Operation dated February 12, 2024, all filed on www.sedarplus.ca.

Gibraltar Stream (Taseko Mines Limited)

Osisko owns a silver stream referenced to Taseko Mines Limited's ("Taseko") attributable portion of production from the Gibraltar copper mine, held by Gibraltar Mines Ltd. and located in British Columbia, Canada. The stream was amended on June 29, 2023 increasing the refined silver to be delivered from 75% to 87.5% of the payable silver production. The stream's step-down silver delivery threshold was also extended to coincide with Taseko's recently updated mineral reserve estimate for Gibraltar. Once a total of 6.3 million ounces of silver have been delivered, the refined silver to be delivered will be reduced to 30.625% 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 December 31, 2023, a total of 1.3 million ounces of silver had been delivered under the stream agreement.

Update on operations

On January 10, 2024, Taseko announced that the Gibraltar mine produced 34 million pounds of copper and 369,000 pounds of molybdenum in the fourth quarter of 2023.  For the full year, Gibraltar produced 123 million pounds of copper, well above guidance and 26% higher than the previous year. Copper production in the fourth quarter was supported by strong copper grades of 0.27% with ore from the lower benches of the Gibraltar pit. Mill throughput in the quarter averaged 83,000 tpd and was impacted by additional downtime for maintenance and monitoring of the ball mill in concentrator #2. 

Renard Stream (Stornoway Diamonds (Canada) Inc.)

Osisko owns a 9.6% diamond stream on the Renard diamond mine operated by Stornoway and located approximately 350 kilometres north of Chibougamau in the James Bay region of north-central Québec. The Renard stream is secured by a first-ranking security interest over all assets and properties of Stornoway. Under the stream agreement, upon the completion of a sale of diamonds, Osisko remits to Stornoway a cash transfer payment equal to the lesser of 40% of achieved sales price and US$40 per carat. A credit bid transaction was closed on November 1, 2019, and Osisko became a 35.1% shareholder of the company holding the Renard diamond mine, which is considered as an associate since that date.

Update on operations

On October 27, 2023, Stornoway announced it was temporarily suspending operations and placing itself under the protection of the CCAA to enable it to restructure its business. The growing uncertainty of the diamond price in the short and medium term, coupled with the significant and sudden drop in the price of the resource on the world market, have had a major impact on Stornoway's long-term financial situation. This was in part due to the halt in the import of rough diamonds by India and the global geopolitical climate.

In 2023, Osisko received US$11.4 million ($15.4 million) in net proceeds from its Renard stream. However, considering the current situation at Stornoway, Osisko is not including any deliveries of diamonds from the Renard mine in its forecast.

Impairment of Renard diamond stream

The elements discussed in the previous paragraphs were considered indicators of impairment, among other facts and circumstances, and, accordingly, management performed an impairment assessment as at September 30, 2023. The impairment assessment resulted in an impairment charge of $15.1 million ($11.1 million, net of income taxes) on the Renard diamond stream.

16

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

As at September 30, 2023, the Renard diamond stream was written down to its estimated recoverable amount of $2.0 million, which was determined by the estimated net proceeds to be received from the sales of diamonds held in inventory at the date Stornoway suspended its activities. The main valuation inputs used were the expected diamond prices per carat to be realized and probabilities allocated to each expected sale to be realized. No discount rate was applied considering that the diamonds are expected to be sold within a relatively short period of time. As at December 31, 2023, the Renard diamond stream has a book value of nil, as the last sales expected from the Renard diamond stream were completed prior to year-end.

Allowance for expected credit loss and write-off on the Stornoway bridge loans

On June 30, 2023, the Company determined that the credit risk related to its loans to Stornoway had increased significantly since initial recognition. As a result, the Company recorded an allowance for expected credit loss of $13.3 million (US$10.0 million) against the loans receivable ($11.5 million, net of income taxes) and $6.6 million (US$5.0 million) related to accrued interest against the amounts receivable ($4.8 million, net of income taxes) for an aggregate expected credit loss of $19.9 million (US$15.0 million). The lifetime expected credit loss was estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. Cash flows expected to be received were based on the expected capacity of the borrower to repay the financial instrument, which was highly dependent on a number of factors and assumptions, including: forecast diamond prices, production levels, operating costs, internal capital investments required to maintain the operations and other factors related to mining operations.

As a result of the suspension of activities at the Renard mine and the CCAA procedures announced on October 27, 2023, the Company considered the loans to be credit-impaired and, with no reasonable expectation of any material cash flow recovery, wrote-off $17.3 million (US$12.8 million; $15.0 million, net of income taxes) on September 30, 2023 to fully provision its loans, for a total of $30.6 million for the year 2023.

Equity Investments

The Company's assets include a portfolio of shares, mainly of publicly traded exploration and development mining companies. 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 from an accounting perspective as a result of the ownership held, nomination rights to the investee's board of directors and other facts and circumstances.

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.

In 2023, Osisko acquired equity investments of $53.3 million (including US$40.0 million ($50.0 million) acquired by Osisko Bermuda in Metals Acquisition as part of the CSA Silver Stream and CSA Copper Stream), compared to $12.5 million in 2022. In 2023, Osisko sold equity investments for net proceeds of $133.0 million, including its entire equity position in Osisko Mining Inc. for net proceeds of $127.9 million, compared to $3.0 million of disposals in 2022.

Fair value of marketable securities

The following table presents the carrying value and fair value of the investments in marketable securities (excluding notes and warrants) as at December 31, 2023 (in thousands of dollars):

Investments	Carrying value (i)	Fair Value (ii)
	$	$
Associates	115,651	128,333
Other	84,076	84,076
	199,727	212,409

(i)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, Investment in Associates and Joint Ventures and IFRS 9, Financial Instruments.

(ii)The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at December 31, 2023.

17

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Principal investment in associates

Osisko Development Corp.

As at December 31, 2023, the Company's principal investment in associates (in the form of marketable securities) 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, a 15% gold and silver stream on San Antonio and a 2.5% metals stream on Tintic.

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). A NI 43-101 compliant feasibility study was filed in January 2023, which outlined average annual gold production of 163,695 ounces over a 12-year mine life, with an after-tax net present value of $502 million at a 5% discount rate and an internal rate of return (unlevered) of 20.7% at US$1,700 per ounce of gold. The study envisaged a phased operation with Phase 1 being a 1,500 tpd operation producing 72,501 ounces of gold for the first three years and Phase 2 ramping up to a 4,900 tpd operation producing 193,798 ounces of gold per year for the remaining mine life.

On October 10, 2023, Osisko Development announced that it had received an Environmental Assessment ("EA") Certificate for the Cariboo gold project. Receipt of the EA Certificate successfully concludes the EA process for the project, which was launched in October 2019. A Joint Permit Application for the BC Mines Act / Environmental Management Act is in process, and Osisko Development anticipates receiving these final permits in the first half of 2024.

On June 30, 2022, Osisko Development announced an initial resource estimate at San Antonio comprising 14.9 million tonnes grading 1.2 g/t Au for 576,000 ounces of gold in the Indicated resource category plus 16.6 million tonnes grading 1.0 g/t Au for 544,000 ounces of gold in the Inferred resource category. On April 29, 2023, Mexico's Senate approved a wide-ranging reform of laws governing the mining industry, including a requirement that companies pay a percentage of profits to various stakeholders. The new mining law reduces the maximum length of concessions from 50 to 30 years, and may allow authorities to cancel concessions if no work is performed within two years. Osisko Development is closely monitoring the situation and will continue to assess the impact on its Mexican assets.

In August and November 2023, Osisko Development reported that its working capital position will not be sufficient to meet its obligations, commitments and forecasted expenditures up to the period ending September 30, 2024. Osisko Development's ability to continue future operations and fund its planned activities is dependent on management's ability to secure additional financing in the future, which may be completed in several ways including, but not limited to, a combination of selling additional investments from its portfolio, project debt finance, offtake or royalty financing and other capital market alternatives. Failure to secure future financings may impact and/or curtail the planned activities for Osisko Development, which may include, but are not limited to, the suspension of certain development activities and the disposal of certain investments to generate liquidity. 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.

In 2023, the Company recorded an impairment charge of $64.5 million on its investments in Osisko Development. The impairment resulted from, amongst others, the significant decrease in Osisko Development's share price, the deterioration of market conditions and the general negative sentiment towards exploration and development companies. The Company estimated the recoverable amount of its investment at $115.7 million, using a fair value less costs of disposal model with reference to Osisko Development's share price quoted on active markets, which is considered a Level 1 input. The Company estimated the cost of disposal using historical discounts and transaction fees for similar transactions.

On December 31, 2023, the Company assessed if there were any indicators of impairment on its Tintic stream (which includes the Trixie deposit), and concluded that there were indicators of impairment and, accordingly, management performed an impairment assessment. As a result of the impairment assessment, the Company recorded an impairment charge of $23.5 million on the Tintic stream. On December 31, 2023, the Tintic steam was written down to its estimated recoverable amount, which was determined by the value-in-use using a discounted cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the sale of gold from the Tintic project over its estimated life of the mine, based on an average gold price per ounce of US$1,870, a real discount rate of 6.0% and weighted probabilities of different production scenarios.

As at December 31, 2023, the Company held 33,333,366 common shares representing a 39.6% interest in Osisko Development (44.1% as at December 31, 2022). The Company continues to exercise significant influence over Osisko Development and accounts for its investment using the equity method since October 1, 2022. Prior to that date, Osisko Development's assets, results of operations and activities were consolidated.

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Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

For more information, please refer to Osisko Development's press releases and other public documents available on www.sedarplus.ca and on their website (www.osiskodev.com).

Sustainability Activities

As a capital provider, the Company bears significant responsibility to promote and uphold sustainable business practices to maximize long-term value for all stakeholders. The Company continuously looks for ways to improve its sustainability initiatives directly and indirectly via its mining partners.

Throughout 2022 and in 2023, the Company made several advancements on sustainability initiatives. Osisko maintained a leading position with MSCI and Sustainalytics; enhanced and further diversified its Board of Directors with three new independent members, Ms. Edie Hofmeister, Mr. Robert Krcmarov and Mr. Norman MacDonald; formally appointed Ms. Heather Taylor as Vice President, Sustainability and Communications to continue to shape and expand on ESG initiatives; announced new high-quality royalty/stream transactions with responsible mining partners, some of which included social commitments to host communities; increased its commitments for charitable donations; and maintained a zero incident record in health and safety. Osisko also published the third edition of its Sustainability Report, Growing Responsibly.

Further to her election as director of the Company in 2022, and due to her vast experience in the sector of the environmental, social and governance (“ESG”) matters, Ms. Edie Hofmeister was appointed as Chair of the Environmental and Sustainability Committee in June 2023.

In the fourth quarter of 2022, Osisko exercised its 20% participation right in Carbon Streaming Corporation's ("Carbon Streaming") Magdalena Bay Blue carbon project (the "Magdalena Bay Project"). The Magdalena Bay Project is a mangrove forest and associated marine habitat conservation project operated by Fundación MarVivo Mexico, A.C. and MarVivo Corporation. The Magdalena Bay Project is located in Magdalena Bay in Baja California, Mexico, home to a large diversity of sharks, whales and a variety of other species, many of which are listed as endangered. Once implemented, it is expected to be one of the largest blue carbon conservation projects in the world. The Magdalena Bay Project is expected to reduce greenhouse gas emissions by approximately 25 million tCO2e during its 30-year project life and generate an equivalent amount of blue carbon credits. As part of the transaction, Osisko has committed to fund US$1.2 million towards the development of the project and will receive a stream of 40,000 carbon credits annually or 4% of annual production. The Magdalena Bay Project is currently in development and initial credit issuance is expected in 2024.

In 2023, Osisko contributed funding towards various programs as part of the Company's social and community donations. Funds were committed to the Pediatric Research Foundation whose mission is to fund pediatric research in Canada with a view to protecting, promoting and improving the health and well-being of children and youth. The funding will be allocated towards an initiative to support young Inuit youth in their personal and professional development within their communities in Nunavik (northern Québec) with a focus on art-based suicide prevention. Additionally, the Company helped sponsor the Every Student, Every Day program, through Victoria Gold's Student Encouragement Society's charitable initiative, which works with the community to raise awareness and funds to support increased student attendance throughout the Yukon. The Company also continued to support the Canadian Mineral Industry Education, who has been offering scholarships since 1964 to undergraduate students with a strong interest in a career in the mining industry.

In June and August 2023, a group of Osisko employees volunteered with Maison Benoit Labre that aspires to be a welcoming space that offers essential support, services, and resources to the most vulnerable populations in Montréal, Québec.

In September 2023, the Company provided training to Osisko employees to increase awareness and understanding of newly implemented policies including Human Rights Policy, Human Resources, Health & Safety Policy and Anti-Bribery, Anti-Corruption and Anti-Money Laundering Policy. Further training was provided in December 2023 on diversity, equity, and inclusion to increase awareness and knowledge across the organization.

19

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Dividends and Normal Course Issuer Bid

The following table provides details on the dividends declared by the Company for the years ended December 31, 2023 and 2022:

Declaration date	Dividend per share	Record date	Payment date	Dividends payable
	$			$
February 23, 2023	0.055	March 31, 2023	April 14, 2023	10,160,000
May 10, 2023	0.060	June 30, 2023	July 14, 2023	11,103,000
August 9, 2023	0.060	September 29, 2023	October 16, 2023	11,109,000
November 8, 2023	0.060	December 29, 2023	January 15, 2024	11,121,000
Year 2023	0.235			43,493,000
February 24, 2022	0.055	March 31, 2022	April 14, 2022	10,167,000
May 12, 2022	0.055	June 30, 2022	July 15, 2022	10,177,000
August 9, 2022	0.055	September 30, 2022	October 14, 2022	10,109,000
November 9, 2022	0.055	December 30, 2022	January 16, 2023	10,121,000
Year 2022	0.220			40,574,000

Dividend Reinvestment Plan

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.

As at December 31, 2023, the holders of 12.7 million common shares had elected to participate in the DRIP, representing dividends payable of $0.8 million. During the year ended December 31, 2023, the Company issued 140,405 common shares under the DRIP, at a discount rate of 3% (118,639 common shares in 2022 at a discount rate of 3%). On January 15, 2024, 42,011 common shares were issued under the DRIP at a discount rate of 3%.

Normal Course Issuer Bid

In December 2023, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, Osisko may acquire up to 9,258,298 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2023 NCIB program are authorized from December 12, 2023 until December 11, 2024. Daily purchases will be limited to 94,834 common shares, other than block purchase exemptions.

Under the terms of the previous NCIB program, Osisko was allowed to acquire up to 18,293,240 of its common shares from time to time, from December 12, 2022 to December 11, 2023. Daily purchases were limited to 81,963 common shares.

During the year ended December 31, 2023, the Company did not purchase any common shares under the NCIB program. During the year ended December 31, 2022, the Company purchased for cancellation a total of 1.7 million common shares for $22.1 million (average acquisition price per share of $13.06).

20

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Gold Market and Currency

Gold Market

2023 has been a volatile and a record year for the precious metals market and the gold price posted healthy gains. Gold prices have risen 15% in a year that saw variations between lows near US$1,800 per ounce and a record intra-day all-time high near US$2,150 per ounce in early December. The gold price averaged US$1,941 per ounce in 2023 compared to US$1,800 per ounce in 2022.

Gold prices were also volatile in the fourth quarter of 2023, and averaged US$1,971 per ounce in the fourth quarter, its second highest quarterly average in nominal dollars. Prices fluctuated in a range of US$259 per ounce in the fourth quarter of 2023 and gold closed at US$2,078 per ounce on December 29, 2023, up US$207 per ounce compared to the closing price of September 30, 2023. Gold price averaged $1,971 per ounce in the fourth quarter of 2023, compared to US$1,726 per ounce in the fourth quarter of 2022.

The historical price is as follows:

(US$/ounce of gold)	High	Low	Average	Close
2023	$2,078	$1,811	$1,941	$2,078
2022	2,039	1,629	1,800	1,812
2021	1,943	1,684	1,799	1,820
2020	2,067	1,474	1,770	1,888
2019	1,545	1,270	1,393	1,515

In Canadian dollar terms, the average gold price per ounce was $2,686 in the fourth quarter of 2023 compared to $2,345 in the fourth quarter of 2022. The gold price closed the fourth quarter of 2023 at $2,749 per ounce, compared to $2,455 per ounce at the end of 2022.

Currency

The Canadian dollar traded between 1.3128 and 1.3875 in 2023 and averaged 1.3497 in 2023 compared to 1.3544 in 2022. The Canadian dollar traded between 1.3205 and 1.3875 in the fourth quarter of 2023 to close at 1.3226 compared to 1.3520 on September 30, 2023 and 1.3544 on December 30, 2022. The Canadian dollar averaged 1.3624 in the fourth quarter of 2023, compared to1.3578 in the fourth quarter of 2022. The Bank of Canada raised the overnight rate three times in 2023 for a total increase of 75 basis points to 5.00% in July, the highest level in 22 years.

The exchange rate for the U.S./Canadian dollar is outlined below:

	High	Low	Average	Close
2023	1.3875	1.3128	1.3497	1.3226
2022	1.3856	1.2451	1.3013	1.3544
2021	1.2942	1.2040	1.2535	1.2678
2020	1.4496	1.2718	1.3415	1.2732
2019	1.3600	1.2988	1.3269	1.2988

21

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Selected Financial Information

(in thousands of dollars, except figures for ounces and amounts per ounce and per share) ⁽¹⁾

	2023		2022		2021
	$		$		$
Revenues	247,320		217,809		224,877
Cost of sales	(16,646	)	(16,076	)	(37,646	)
Depletion	(56,393	)	(51,355	)	(48,361	)
Gross profit	174,281		150,378		138,870
Impairment of royalty and stream interests	47,619		1,818		2,938
Operating income	87,654		122,969		112,154
Net (loss) earnings from continuing operations	(48,343	)	85,285		76,627
Net loss from discontinued operations (2)	-		(268,475	)	(133,302	)
Net loss	(48,343	)	(183,190	)	(56,675	)
Net (loss) earnings per share from continuing operations (3)
Basic and diluted	(0.26	)	0.47		0.46
Total assets	1,965,987		1,996,301		2,370,622
Total long-term debt	191,879		147,950		410,435
Average selling price of gold (per ounce sold)
In C$ (4)	2,624		2,345		2,261
In US$	1,943		1,799		1,808
Operating cash flows from continuing operations	187,027		175,063		153,219
Operating cash flows used by discontinued operations	-		(65,116	)	(47,124	)
Operating cash flows	187,027		109,947		106,095
Dividend per common share	0.235		0.22		0.21
Weighted average shares outstanding (in thousands)
Basic	185,226		179,095		167,628
Diluted	185,226		179,350		167,628

(1)Unless otherwise noted, financial information is in Canadian dollars and prepared in accordance with IFRS Accounting Standards.

(2)The net loss from discontinued operations is related to the activities of Osisko Development. Please refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A for more details.

(3)Attributable to Osisko Gold Royalties Ltd's shareholders.

(4)Using actual exchange rates at the date of transactions.

22

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Overview of Financial Results

Financial Summary - Year 2023

• Revenues from royalties and streams of $247.3 million compared to $217.8 million in 2022;
• Gross profit of $174.3 million compared to $150.4 million in 2022;
• Operating income of $87.7 million compared to $123.0 million in 2022;
• Net loss from continuing operations of $48.3 million or $0.26 per basic share compared to net earnings of $85.3 million or $0.47 per basic share in 2022;
• Adjusted earnings⁴ of $100.1 million or $0.54 per basic share⁴ compared to $87.3 million or $0.48 per basic share in 2022; and
• Operating cash flows provided by continuing operations of $187.0 million compared to $175.1 million in 2022.

Revenues from royalties and streams increased to $247.3 million in 2023 compared to $217.8 million in 2022, mostly as a result of higher metal prices and increased deliveries and payments under the royalty and stream agreements.

Gross profit amounted to $174.3 million in 2023 compared to $150.4 million in 2022. Cost of sales increased slightly as a result of higher deliveries, and depletion increased from $51.4 million to $56.4 million in 2023 compared to 2022, due to the mix of sales and increased deliveries.

G&A expenses increased from $20.2 million in 2022 to $32.8 million in 2023, mostly as a result of a charge of $5.5 million for termination benefits to key management, as well as additional professional fees, increased compensation expense and increased share-based compensation. The increase in compensation is mostly the result of the addition of one vice president in 2023 as well as one board member and an increased provision for annual bonuses. The increase in share-based compensation is mostly due to lower payouts in 2022 compared to 2023 and the addition of one vice president and one board member.

Business development expenses increased from $5.4 million in 2022 to $6.2 million in 2023, mostly as a result of  increased provision for annual bonuses and an increase in share-based compensation due to lower payouts in 2022 compared to 2023.

In 2023, the Company incurred a net loss from continuing operations of $48.3 million compared to net earnings of $85.3 million in 2022, mostly as a result of impairment charges of $47.6 million on royalty and stream interests (mostly from the impairment of $23.5 million on the Tintic stream and $15.1 million on the Renard diamond stream), an expected credit loss allowance on investments and a write-off totalling $37.5 million (related to loans with Stornoway) and an impairment charge on investments in associates of $64.8 million (including $64.5 million on the investment in Osisko Development), higher G&A expenses, a net loss on investments and a lower gain on foreign exchange, partially offset by a share of income of associate and a lower income tax expense.

Adjusted earnings were $100.1 million in 2023 compared to $87.3 million in 2022, mostly a result of a higher gross profit and lower finance costs, partially offset by higher G&A expenses and lower interest income. A reconciliation of adjusted earnings is provided in the Non-IFRS Financial Performance Measures section of this MD&A.

Cash flows provided by operating activities from continuing operations in 2023 were $187.0 million compared to $175.1 million in 2022. The increase was mainly the result of higher revenues, partially offset by higher G&A expenses.

4"Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A.

23

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Consolidated Statements of Income (Loss)

The following table presents summarized consolidated statements of loss for the years ended December 31, 2023 and 2022 (in thousands of dollars, except amounts per share):

		2023		2022
		$		$
Revenues	(a)	247,320		217,809
Cost of sales	(b)	(16,646	)	(16,076	)
Depletion	(c)	(56,393	)	(51,355	)
Gross profit	(d)	174,281		150,378
Other operating expenses
General and administrative	(e)	(32,829	)	(20,216	)
Business development	(f)	(6,179	)	(5,375	)
Impairment of royalty and stream interests	(g)	(47,619	)	(1,818	)
Operating income		87,654		122,969
Other expenses, net	(h)	(122,740	)	(9,846	)
(Loss) earnings before income taxes		(35,086	)	113,123
Income tax expense	(i)	(13,257	)	(27,838	)
Net (loss) earnings from continuing operations		(48,343	)	85,285
Net loss from discontinued operations	(j)	-		(268,475	)
Net loss		(48,343	)	(183,190	)
Net loss attributable to:
Osisko Gold Royalties Ltd's shareholders		(48,343	)	(118,754	)
Non-controlling interests		-		(64,436	)
Net (loss) earnings per share from continuing operations
Basic		(0.26	)	0.47
Net loss per share attributable to   Osisko Gold Royalties Ltd's shareholders
Basic		(0.26	)	(0.66	)

(a)Revenues are comprised of the following:

	2023			2022
	Average selling price per ounce / carat ($)	Ounces / carats sold	Total revenues ($000's)	Average selling price per ounce / carat ($)	Ounces / Carats sold	Total revenues ($000's)
Gold sold	2,624	54,278	142,410	2,345	55,085	129,918
Silver sold	31	1,900,444	59,641	28	1,422,006	39,629
Diamonds sold(i)	132	189,036	25,201	163	181,812	29,863
Other (paid in cash)	-	-	20,068	-	-	18,399
			247,320			217,809

(i)In 2023, the diamonds were sold by an agent for Osisko for a blended selling price of $132 (US$98) per carat ($163 or US$125 per carat in 2022).

The increase in silver ounces sold in 2023 is mainly the result of higher deliveries under the existing stream agreements, as well as the acquisition of the CSA Silver Stream, which had an effective date of February 1, 2023.

24

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

(b)Cost of sales mainly represents the acquisition price of the metals and diamonds under the stream agreements, as well as deductions (if applicable) for governmental royalties, refining, insurance, transportation and other costs related to the metals received under royalty agreements. For the year ended December 31, 2023, cost of sales amounted to $16.6 million, compared to $16.1 million. The increase in 2023 is mainly the result of higher deliveries under the stream agreements.

(c)The royalty, stream and other interests are depleted using the units-of-production method over the estimated life of the properties or the life of the related agreements. The depletion expense in 2023 amounted to $56.4 million, compared to $51.4 million in 2022. The increase in 2023 is mostly the result of the mix of sales and increased deliveries.

(d)The breakdown of cash margin⁵ and gross profit per type of interest is as follows (in thousands of dollars):

	2023		2022
	$		$
Royalty interests
Revenues	160,430		144,066
Less: cost of sales (excluding depletion)	(511	)	(1,055	)
Cash margin (in dollars)	159,919		143,011
Depletion	(24,017	)	(27,362	)
Gross profit	135,902		115,649
Stream interests
Revenues	86,890		73,743
Less: cost of sales (excluding depletion)	(16,135	)	(15,021	)
Cash margin (in dollars)	70,755		58,722
Depletion	(32,376	)	(23,993	)
Gross profit	38,379		34,729
Royalty and stream interests Total cash margin (in dollars)	230,674		201,733
Divided by: total revenues	247,320		217,809
Cash margin (in percentage of revenues)	93.3%		92.6%
Total - Gross profit	174,281		150,378

(e)G&A expenses increased in 2023, mostly as a result of a charge for termination benefits, increased professional services, increased compensation expense and increased share-based compensation. The increase in compensation is mostly the result of the addition of one vice president in 2023 as well as one board member and an increased provision for annual bonuses. The increase in share-based compensation is mostly due to lower payouts in 2022 compared to 2023 and the addition of one vice president and one board member.

(f)Business development expenses increased from $5.4 million in 2022 to $6.2 million in 2023, mostly as a result of increased provision for annual bonuses and an increase in share-based compensation due to lower payouts in 2022 compared to 2023.

(g)In 2023, the Company recorded an impairment charge of $23.5 million on the Tintic stream and $15.1 million on the Renard diamond stream (refer to the Portfolio of Royalty, Stream and Other Interests section for more details). The Company also wrote off royalty interests on which the royalty rights were lost and royalty interests on which the Company does not expect to receive sufficient net proceeds covering the remaining net book value.

(h)Other expenses, net of $122.7 million in 2023 include finance costs of $18.9 million, a net loss on investments of $55.7 million (which includes a non-cash loss on the deemed disposal of an associate of $3.1 million, a net loss on disposal of an associate of $7.4 million, a change in fair value of financial assets at fair value through profit and loss of $13.2 million, an allowance on expected credit loss and a write-off of other investments totalling $37.5 million (refer to the Portfolio of Royalty, Stream and Other Interests section for more details) and an impairment charge of $64.8 million on investments in associates (including $64.5 million on the investment in Osisko Development), partially offset by a net gain on dilution of investments in associates of $4.8 million), a net share of income of associate of $7.9 million (which includes the gain realized by an associate on the sale of a property), interest income of $6.8 million and a gain on foreign exchange of $1.6 million.

Other expenses, net of $9.8 million in 2022 include finance costs of $22.3 million, a net loss on investments of $15.6 million (which includes a decrease in the fair value of financial assets at fair value through profit and loss of $16.8 million) and a share of loss of associates of $1.9 million, partially offset by a gain on foreign exchange of $20.1 million and interest income of $9.8 million.

5Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards. 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&A.

25

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

(i)The effective income tax rate related to the continuing operations in 2023 is (37.8%), compared to 24.6% in 2022. The statutory rate is 26.5% in 2023 and 2022. The elements that impacted the effective income tax rates are other income not taxable, other expenses not deductible, impairment charges not deductible, other expenses not deductible and revenues taxable at lower rates. Cash taxes of $2.6 million were paid in 2023, compared to $1.2 million in 2022. Cash taxes paid were related to taxes on royalties earned in foreign jurisdictions.

(j)The net loss from discontinued operations is related to the activities of Osisko Development. Please refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A for more details.

Liquidity and Capital Resources

As at December 31, 2023, the Company's cash position amounted to $67.7 million compared to $90.5 million as at December 31, 2022.

Significant variations in the liquidity and capital resources for the year ended December 31, 2023 are explained under the Cash Flows section of this MD&A.

Credit facility

A total amount of $550.0 million is available under the revolving credit facility (the "Facility"), with an additional uncommitted accordion of up to $200.0 million.

The Facility has a maturity date of September 29, 2026. The annual extension of the Facility and the uncommitted accordion are 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 royalty, stream and other interests. The Facility is secured by the Company's assets.

The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate or secured overnight financing rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. As at December 31, 2023, the effective interest rate on the drawn balance was 7.1%, including the applicable margin.

The Facility includes covenants that require the Company to maintain certain financial ratios, including the Company's leverage ratios and meet certain non-financial requirements. As at December 31, 2023, all such ratios and requirements were met.

26

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Cash Flows

The following table summarizes the cash flows for the years ended December 31, 2023 and 2022 (in thousands of dollars):

	2023		2022
	$		$
Cash flows from continuing operations
Operations	188,912		178,294
Working capital items	(1,885	)	(3,231	)
Operating activities	187,027		175,063
Investing activities	(219,836	)	(133,739	)
Financing activities	14,310		(26,596	)
Change in cash from continuing operations	(18,499	)	14,728
Change in cash from discontinued operations	-		65,733
Cash outflow from deconsolidation of Osisko Development	-		(133,138	)
Effects of exchange rate changes on cash	(4,328	)	27,527
Decrease in cash	(22,827	)	(25,150	)
Cash - January 1	90,548		115,698
Cash - December 31	67,721		90,548

Operating Activities

In 2023, cash flows provided by operating activities from continuing operations amounted to $187.0 million compared to $175.1 million in 2022. The increase was mainly the result of higher revenues, partially offset by higher G&A expenses and higher finance costs.

Investing Activities

During the year 2023, cash flows used in investing activities from continuing activities amounted to $219.8 million compared to $266.9 million in 2022 (net of the cash outflow from the deconsolidation of Osisko Development of $133.1 million).

In 2023, Osisko invested a total of $291.1 million to acquire royalty and stream interests, including US$150.0 million ($198.8 million) to acquire the CSA Silver Stream and the CSA Copper Stream, US$35.0 million ($48.4 million) to acquire the Namdini NSR royalty, US$15.0 million ($19.9 million) to acquire the Costa Fuego copper and gold NSR royalties and US$10.3 million ($13.6 million) to amend the Gibraltar Silver Stream. Concurrently with the acquisition of the CSA Silver Stream and the CSA Copper Stream, Osisko invested US$40.0 million ($53.0 million) in equity of Metals Acquisition as part of its concurrent equity financing. Osisko also acquired notes receivable for US$6.2 million ($8.4 million) (presented as short-term investments on the consolidated balance sheets) and generated $133.0 million in net proceeds from disposal of investments, including the sale of the equity investment in Osisko Mining for net proceeds of $127.9 million.

In 2022, Osisko acquired royalty and stream interests for $151.7 million, including US$50.0 million ($67.2 million) for an  NSR royalty covering the entire 4,979 hectare Cascabel property, including the Alpala project, US$15.5 million ($20.3 million) for a NSR royalty on the Marimaca copper project and $27.5 million for a metals stream on the Tintic property (which is excluded from the continuing activities on the consolidated statement of cash flows as the acquisition, by Osisko Bermuda, was closed prior to the deconsolidation of Osisko Development). Osisko also acquired investments for $12.5 million and received proceeds of $3.0 million from the repayment of a note receivable.

Financing Activities

During the year 2023, cash flows provided by financing activities from continuing operations amounted to $14.3 million compared to cash used by financing activities of $26.6 million in 2022.

In 2023, Osisko drew $255.2 million on its revolving credit facility to finance the acquisition of royalty and stream interests and repaid a total amount of $207.5 million during the same period. The Company also paid $39.9 million in dividends and $4.9 million in withholding taxes on the settlement of restricted and deferred share units. Osisko received proceeds from the exercise of share options and the share purchase plan for $12.8 million during the same period.

In 2022, Osisko completed a bought deal public offering of 18.6 million common shares at a price of US$13.45 per common share for total gross proceeds of US$250.2 million ($312.0 million). Transactions costs paid amounted to $13.9 million, including a commission of 4% paid to the underwriters. Osisko also paid $37.9 million in dividends and repaid the amounts outstanding under its revolving credit facility in April 2022 for $113.1 million. In December 2022, Osisko repaid its convertible debentures for $300.0 million using $150.0 million from its cash balance and drew its credit facility by $150.0 million for the remaining balance ($147.8 million, net of the discount on the banker's acceptances). Osisko also acquired common shares under its NCIB program for $22.1 million and received proceeds from the exercise of share options and the share purchase plan for $4.4 million.

27

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Discontinued Operations

In 2022, discontinued operations provided $65.7 million in cash flows, including $245.8 million provided by financing cash flows, partially offset by $65.1 million used in operating cash flows and $115.0 million used in investing cash flows. Cash provided by financing activities were related to a bought deal private placement and a non-brokered private placement by Osisko Development. Investing activities made by Osisko Development prior to the deconsolidation on September 30, 2022 were mainly related to the acquisition of Tintic Consolidated Metals LLC as well as investments in mining assets and plant and equipment on the Cariboo gold property and the San Antonio gold project.

Quarterly Information

The selected quarterly financial information⁽¹⁾ for the past eight financial quarters is outlined below:

(in thousands of dollars, except for amounts per share)

	2023						2022
	Q4		Q3		Q2	Q1	Q4	Q3	Q2	Q1
GEOs(2)	23,275		23,292		24,465	23,111	25,023	23,850	22,243	18,251
Cash	67,721		70,754		70,033	119,084	90,548	300,542	449,283	449,450
Total assets	1,965,987		2,176,118		2,191,128	2,008,740	1,996,301	2,135,607	2,923,434	2,892,715
Total long-term debt	191,879		315,390		319,650	134,370	147,950	298,232	305,236	414,361
Equity	1,650,498		1,737,560		1,748,097	1,759,062	1,737,211	1,727,376	2,375,745	2,086,419
Revenues (3)	65,164		62,069		60,500	59,587	61,914	53,661	51,545	50,689
Net cash flows from operating   activities (3)	50,721		43,464		47,392	45,450	48,524	51,067	34,965	40,507
Impairment of assets,   net of income taxes (3)	88,000		27,906		21,227	271	3,000	275	384	520
Net (loss) earnings (3)	(67,153	)	(19,999	)	17,961	20,848	22,408	28,014	18,059	16,804
Basic and diluted net (loss)     earnings per share (3)	(0.36	)	(0.11	)	0.10	0.11	0.12	0.15	0.10	0.10
Weighted average shares    outstanding (000's)
- Basic	185,543		185,516		185,302	184,719	184,265	184,839	185,316	166,926
- Diluted	185,543		185,516		186,267	185,443	184,682	185,850	185,630	167,278
Share price - TSX - closing	18.91		15.95		20.36	21.36	16.32	14.07	12.98	16.49
Share price - NYSE - closing	14.28		11.75		15.10	15.82	12.07	10.10	10.10	13.19
Price of gold (average US$)	1,971		1,928		1,976	1,890	1,727	1,729	1,871	1,877
Closing exchange rate(4)    (US$/Can$)
	1.3624		1.3520		1.3428	1.3533	1.3544	1.3707	1.2886	1.2496

(1)Unless otherwise noted, financial information is in Canadian dollars and prepared in accordance with IFRS Accounting Standards.

(2)Excluding GEOs from the Renard diamond stream in the first quarter of 2022.

(3)The comparative figures have been restated to conform to the actual single segment presentation and the discontinued operations (refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A for more details). The figures presented are for the continuing operations only.

(4)Bank of Canada Daily Rate.

During the fourth quarter of 2023, the Company sold its equity investment in Osisko Mining for net proceeds of $127.9 million and used the funds to repay a portion of its revolving credit facility. The Company also incurred an impairment charge of $23.5 million on the Tintic stream and $64.5 million on the equity investment in Osisko Development.

During the second quarter of 2023, the Company, through Osisko Bermuda, acquired silver and copper streams on the CSA mine for US$150.0 million ($198.8) and common shares in Metals Acquisition, who acquired the CSA mine, for US$40.0 million ($50.0). The transaction was financed from cash on hand (approximately 30%) and from a drawdown on the revolving credit facility.

During the fourth quarter of 2022, Osisko repaid its convertible debentures for $300.0 million using $150.0 million from its cash balance and drew on its credit facility for the balance. During the third quarter of 2022, Osisko deconsolidated Osisko Development. Refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A for more details.

28

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Fourth Quarter Results

Financial Summary

• Revenues from royalties and streams of $65.2 million compared to $61.9 million in the fourth quarter of 2022;
• Gross profit of $48.1 million compared to $43.1 million in the fourth quarter of 2022;
• Operating income of $15.0 million compared to $34.6 million in the fourth quarter of 2022;
• Net loss of $67.2 million or $0.36 per basic share compared to net earnings of $22.4 million or $0.12 per basic share in the fourth quarter of 2022;
• Adjusted earnings⁶ of $29.4 million or $0.16 per basic share⁶ compared to $30.1 million or $0.16 per basic share in the fourth quarter of 2022; and
• Operating cash flows provided by continuing operations of $50.7 million compared to $48.5 million in the fourth quarter of 2022.

Revenues from royalties and streams increased to $65.2 million in the fourth quarter of 2023 compared to $61.9 million in the fourth quarter of 2022, mostly as a result of higher metal prices.

Gross profit amounted to $48.1 million in the fourth quarter of 2023 compared to $43.1 million in the fourth quarter of 2022. Cost of sales and depletion decreased slightly, mostly as a result of royalties and streams sales mix.

G&A expenses increased from $5.3 million in the fourth quarter of 2022 to $7.6 million in the fourth quarter of 2023, mostly as a result of additional professional fees and increased compensation expense. The increase in compensation is mostly the result of the addition of one vice president in 2023 as well as one board member and an increased provision for annual bonuses.

Business development expenses increased to $2.0 million in the fourth quarter of 2023 from $1.5 million in the fourth quarter of 2022, mostly as a result of an increase in the provision for annual bonuses.

In the fourth quarter of 2023, the Company incurred a net loss from continuing operations of $67.2 million compared to net earnings of $22.4 million in the fourth quarter of 2022, mostly as a result of an impairment charge on its Tintic stream of $23.5 million and an impairment charge on its investments in associates of $64.5 million (related to Osisko Development), a foreign exchange gain, a lower share of loss of associates and a lower tax expense, partially offset by higher G&A expenses, a net loss on investments, higher finance costs and lower interest revenues.

Adjusted earnings were $29.4 million in the fourth quarter of 2023 compared to $30.1 million in the fourth quarter of 2022, mostly a result of lower interest income and higher G&A expenses, partially offset by a higher gross profit. A reconciliation of adjusted earnings is provided in the Non-IFRS Financial Performance Measures section of this MD&A.

Cash flows provided by operating activities from continuing operations in the fourth quarter of 2023 were $50.7 million compared to $48.5 million in the fourth quarter of 2022. The increase was mainly the result of higher revenues, partially offset by higher G&A expenses and finance costs, and lower interest income.

6"Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A.

29

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Consolidated Statements of Income (Loss)

The following table presents summarized consolidated statements of income (loss) for the three months ended December 31, 2023 and 2022 (in thousands of dollars, except amounts per share):

		Three months ended December 31,
		2023		2022
		$		$
Revenues	(a)	65,164		61,914
Cost of sales	(b)	(4,008	)	(4,732	)
Depletion	(c)	(13,037	)	(14,045	)
Gross profit	(d)	48,119		43,137
Other operating expenses
General and administrative	(e)	(7,615	)	(5,254	)
Business development	(f)	(2,049	)	(1,491	)
Impairment of royalty interests	(g)	(23,500	)	(1,818	)
Operating income		14,955		34,574
Other expenses, net	(h)	(78,450	)	(8,959	)
(Loss) earnings before income taxes		(63,495	)	25,615
Income tax expense	(i)	(3,658	)	(3,207	)
Net (loss) earnings		(67,153	)	22,408
Net (loss) earnings attributable to:
Osisko Gold Royalties Ltd's shareholders		(67,153	)	22,408
Non-controlling interests		-		-
Net (loss) earnings per share attributable to
Osisko Gold Royalties Ltd's shareholders
Basic		(0.36	)	0.12

30

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

(a)Revenues are comprised of the following:

	Three months ended December 31,
	2023			2022
	Average selling price per ounce / carat ($)	Ounces / carats sold	Total revenues ($000's)	Average selling price per ounce / carat ($)	Ounces / Carats sold	Total revenues ($000's)
Gold sold	2,687	14,820	39,827	2,361	16,019	37,823
Silver sold	32	444,063	14,356	29	378,250	10,991
Diamonds sold(i)	114	53,276	6,131	152	52,508	8,022
Other (paid in cash)	-	-	4,850	-	-	5,078
			65,164			61,914

(i)The diamonds were sold by an agent for Osisko for a blended selling price of $114 (US$86) per carat in the fourth quarter of 2023 ($152 or US$112 per carat in the fourth quarter of 2022).

The decrease in gold ounces sold in the fourth quarter of 2023 is due to the San Antonio stockpile that was processed by Osisko Development in 2022 and had delivered 1,182 ounces under the stream agreement in the fourth quarter of 2022 (the stockpile was fully depleted in the first half of 2023). The increase in the silver ounces sold in the fourth quarter of 2023 is mainly the result of the acquisition of the CSA Silver Stream.

(b)Cost of sales mainly represents the acquisition price of the metals and diamonds under the stream agreements, as well as deductions (if applicable) for governmental royalties, refining, insurance, transportation and other costs related to the metals received under royalty agreements. The decrease in the fourth quarter of 2023 is mostly a result of the mix of sales.

(c)The royalty, stream and other interests are depleted using the units-of-production method over the estimated life of the properties or the life of the related agreements. The depletion expense in the fourth quarter of 2023 amounted to $13.0 million compared to $14.0 million in the fourth quarter of 2022. The decrease in the fourth quarter of 2023 is mostly due to the mix of sales.

(d)The breakdown of cash margin⁷ and gross profit per type of interest is as follows (in thousands of dollars):

	Three months ended December 31
	2022		2022
	$		$
Royalty interests
Revenues	44,519		40,038
Less: cost of sales (excluding depletion)	22		(283	)
Cash margin (in dollars)	44,541		39,755
Depletion	(5,587	)	(6,993	)
Gross profit	38,954		32,762
Stream interests
Revenues	20,645		21,876
Less: cost of sales (excluding depletion)	(4,030	)	(4,449	)
Cash margin (in dollars)	16,615		17,427
Depletion	(7,450	)	(7,052	)
Gross profit	9,165		10,375
Royalty and stream interests
Total cash margin (in dollars)	61,156		57,182
Divided by: total revenues	65,164		61,914
Cash margin (in percentage of revenues)	93.8%		92.4%
Total - Gross profit	48,119		43,137

7Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of this MD&A.

31

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

(e)G&A expenses increased in the fourth quarter of 2023, mostly as a result of additional professional fees and increased compensation expense. The increase in compensation is mostly the result of the addition of one vice president in 2023 as well as one board member and an increased provision for annual bonuses.

(f)Business development expenses increased in the fourth quarter of 2023, mostly as a result of an increase in the provision for annual bonuses.

(g)In the fourth quarter of 2023, the Company recorded an impairment charge of $23.5 million on the Tintic stream.

(h)Other expenses, net of $78.5 million in the fourth quarter of 2023 include finance costs of $6.5 million, an impairment charge of $64.5 million on its investment in associates (related to Osisko Development), a net loss on investments of $13.7 million (which includes a net loss on disposal of an associate of $7.4 million and a change in fair value of investments of $6.9 million) and a share of loss of associates of $0.3 million, partially offset by a foreign exchange of $5.1 million and interest income of $1.5 million.

Other expenses, net of $9.0 million in the fourth quarter of 2022 include a loss on foreign exchange of $2.9 million, finance costs of $5.4 million, a net loss on investments of $2.2 million and a share of loss of associates of $2.2 million, partially offset by interest income of $3.7 million.

(i)The effective income tax rate related to the continuing operations in the fourth quarter of 2023 was (5.8%) compared to 12.5% in the fourth quarter of 2022. The statutory rate was 26.5% in 2023 and 2022. The elements that impacted the effective income tax rates are other income not taxable, impairment charges not deductible, other expenses not deductible and revenues taxable at lower rates. Cash taxes of $0.6 million were paid in the fourth quarter of 2023 compared to a reimbursement received of $0.2 million in the fourth quarter of 2022, and were related to taxes on royalties earned in foreign jurisdictions.

Segment Disclosure

Prior to the deconsolidation of Osisko Development on September 30, 2022 (refer to the Basis of Presentation of Consolidated Financial Statements section of this MD&A), the President and Chief Executive Officer organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the President and Chief Executive Officer 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 from continuing operations are attributable to this single operating segment. The following tables present segmented information for this single segment.

Geographic revenues

Geographic revenues from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the years ended December 31, 2023 and 2022, royalty, stream and other interest revenues were earned from the following jurisdictions (in thousands of dollars):

	North America (i)	South America	Australia	Africa	Europe	Total
	$	$	$	$	$	$
2023
Royalties	158,562	1,428	154	286	-	160,430
Streams	34,580	31,236	10,259	-	10,815	86,890
	193,142	32,664	10,413	286	10,815	247,320
2022
Royalties	140,488	1,257	69	2,252	-	144,066
Streams	39,701	23,948	892	-	9,202	73,743
	180,189	25,205	961	2,252	9,202	217,809

(i)91% of North America's revenues are generated from Canada in 2023 (91% in 2022).

32

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

In 2023, three royalty/stream interests generated revenues of $146.3 million ($132.3 million in 2022), which represented 59% of revenues (61% of revenues in 2022), including one royalty interest that generated revenues of $90.1 million ($78.8 million in 2022). In 2023, revenues generated from precious metals and diamonds represented 90% and 10% of revenues, respectively (85% and 14% of revenues in 2022).

Geographic net assets

The following table summarizes the royalty, stream and other interests by jurisdiction, as at December 31, 2023 and 2022, which is based on the location of the properties related to the royalty, stream or other interests (in thousands of dollars):

	North America (i)	South America	Australia	Africa	Asia	Europe	Total
	$	$	$	$	$	$	$
December 31, 2023
Royalties	638,871	182,858	11,257	71,809	-	14,868	919,663
Streams	185,912	163,149	194,267	-	29,494	46,379	619,201
Offtakes	-	-	9,348	-	4,899	-	14,247
	824,783	346,007	214,872	71,809	34,393	61,247	1,553,111
December 31, 2022
Royalties	664,985	157,552	17,345	24,228	-	14,965	879,075
Streams	225,517	177,853	-	-	30,203	51,017	484,590
Offtakes	-	-	9,572	-	5,016	-	14,588
	890,502	335,405	26,917	24,228	35,219	65,982	1,378,253

(i)80% of North America's net interests are located in Canada as at December 31, 2023 (81% as at December 31, 2022).

Related Party Transactions

As at December 31, 2023, notes receivable from associates of US$6.2 million ($8.2 million) are included in short-term investments ($30.9 million as at December 31, 2022, included in other investments).

Until September 2023, Osisko was acting as a guarantor towards an insurance company that had issued environmental bonds to governmental authorities in the name of Osisko Development valued at approximately $17.9 million. In September 2023, the indemnity agreement between Osisko and the insurance company was terminated and, therefore, Osisko is no longer the guarantor of these environmental bonds.

Additional transactions with related parties are described under the sections Portfolio of Royalty, Stream and Other Interests, Equity Investments and Contractual Obligations and Commitments.

33

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Contractual Obligations and Commitments

Investments in royalty and stream interests

As at December 31, 2023, 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.

Company	Project (asset)	Installments	Triggering events
Gold Resource Corporation	Back Forty project (gold stream)	US$5.0 million	Receipt of all material permits for the construction and operation of the project.
		US$25.0 million	Pro rata to drawdowns with construction finance facility.
Falco Resources Ltd.	Horne 5 project (silver stream)	$45.0 million	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 $100.0 million in non-debt financing.
		$60.0 million	Upon total projected capital expenditure having been demonstrated to be financed.
		$40.0 million (optional)	Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%).

Stream and offtake purchase agreements

The following table summarizes the significant commitments related to producing assets and assets in advance stage of development to pay for gold and silver to which Osisko has the contractual right pursuant to the associated precious metals purchase agreements:

	Attributable payable production to be purchased		Per ounce/carat cash payment (US$)		Term of agreement	Date of contract
Interest	Silver	Other	Silver	Other
CSA streams (1)	100%	3.0 - 4.875% (Copper)	4%	4%	Life of mine	June 2023
Gibraltar stream (2)	87.5%		nil		Life of mine	March 2018 Amended June 2023
Mantos Blancos   Stream (3)	100%		8% spot		Life of mine	September 2015 Amended Aug. 2019
Renard stream (4)		9.6% (Diamonds)		Lesser of 40% of sales price or $40	40 years	July 2014 Amended Oct. 2018
Sasa stream (5)	100%		$6.21		40 years	November 2015

(1)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 5th 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^th anniversary of the Closing Date, Metals Acquisition will have the option to exercise certain buy-down rights by paying a one-time cash payment to Osisko Bermuda of US$20.0 million to US$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.

(2)Osisko will receive from Taseko an amount of silver production equal to 87.5% of Gibraltar mine's production, until reaching the delivery to Osisko of 6.3 million ounces of silver, and 30.625% of production thereafter. As of December 31, 2023, a total of 1.3 million ounces of silver have been delivered under the stream agreement.

(3)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 December 31, 2023, a total of 5.6 million ounces of silver have been delivered to Osisko Bermuda under the stream agreement.

(4)On October 27, 2023, Stornoway announced it was temporarily suspending operations and placing itself under the protection of the Companies' Creditors Arrangement Act.

(5)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.

34

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Off-Balance Sheet Items

There are no significant off-balance sheet arrangements, other than the contractual obligations and commitments mentioned above.

Outstanding Share Data

As of February 20, 2024, 185,610,789 common shares and 2,923,300 share options were issued and outstanding.

Subsequent Events to December 31, 2023

Repayment of revolving credit facility

In 2024, the Company repaid a total of $30.2 million on its revolving credit facility.

Dividends

On February 20, 2024, the Board of Directors declared a quarterly dividend of $0.06 per common share payable on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024.

Risks and Uncertainties

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.

There are important risks which management believes could impact the Company's business. For information on risks and uncertainties, please also refer to the Risk Factors section of Osisko's most recent Annual Information Form filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

International Situation

International conflicts, geopolitical tensions and significant inflationary environments have historically led to, and may in the future lead to, uncertainty or volatility in global commodity markets, financial markets and supply chains. Russia's invasion of Ukraine has led to sanctions being levied against Russia by the international community and may result in additional sanctions or other international actions, any of which may have a destabilizing effect on commodity prices, supply chains and global economies more broadly, and may generate more inflationary pressures.

A new armed conflict between Palestinian militant groups led by Hamas and Israel began on October 7, 2023. This new conflict increased the instability in this region of the world and may spread to other groups or countries, increasing the risks for the global economy. Volatility in commodity prices, supply chain disruptions, increased interest rates and continued inflationary pressures may adversely affect the Company's business, financial condition and results of operations, directly or indirectly. The extent and duration of the Russia-Ukraine and Hamas-Israel conflicts and the related international actions cannot be accurately predicted at this time and the effects of such conflicts may magnify the impact of the other risks identified in this MD&A or in the Annual Information Form, including those relating to commodity price volatility, global financial conditions and inflationary pressures.

35

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Disclosure Controls and Procedures and Internal Control over Financial Reporting

Disclosure Controls and Procedures

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.

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. 

As required by applicable Canadian securities laws and Rule 13a-15(b) under the Exchange Act, the Company conducted an evaluation, under the supervision and with the participation of the management, including the CEO and CFO, of the effectiveness of the design and operation of the Company's DCP as of December 31, 2023. Based on this evaluation, the CEO and CFO concluded that the design and operation of the Company's DCP were effective as of December 31, 2023.

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.

The CEO and CFO have evaluated whether there were changes to the DCP during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the DCP. No such changes were identified through their evaluation.

Internal Control over Financial Reporting

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.

The CEO and CFO have also evaluated the effectiveness of the Company's ICFR as required by National Instrument 52-109 issued by the Canadian Securities Administrators and rules 13a-15 and 15d-15 under the Exchange Act based on the framework and criteria established in Internal Control - Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based on this evaluation, the CEO and CFO concluded that the Company's ICFR was effective as of December 31, 2023.

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.

The CEO and CFO have evaluated whether there were changes to the ICFR during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the ICFR. No such changes were identified through their evaluation.

The Company's independent registered public accounting firm, PricewaterhouseCoopers LLP, have audited the  Company's consolidated financial statements for the year ended December 31, 2023 and have issued an audit report dated February 20, 2024 on the Company's ICFR based on the framework and criteria established in Internal Control - Integrated Framework (2013) as issued by COSO of the Treadway Commission.

36

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Basis of Presentation of Consolidated Financial Statements

The consolidated financial statements for the year ended December 31, 2023 have been prepared in accordance with the IFRS Accounting Standards as issued by the IASB. The material accounting policies of Osisko are detailed in the notes to the audited consolidated financial statements for the years ended December 31, 2023 and 2022, filed on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on Osisko's website at www.osiskogr.com. The accounting policies, methods of computation and presentation applied in the consolidated financial statements are consistent with those of the previous financial year, except for the adoption of the amendments to IAS 1 and IAS 8, which are described below.

New material accounting standard

Amendments - IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

In 2021, the IASB issued narrow-scope amendments to IFRS Accounting Standards, including to IAS 1 and IAS 8.

The amendments were made to help companies:

• improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements; and
• distinguish changes in accounting estimates from changes in accounting policies.

The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The amendments to IAS 8 clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The amendments to IAS 1 and IAS 8 are effective for annual reporting periods beginning on or after January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the consolidated financial statements. Management reviewed the accounting policies and made updates to the information disclosed in Note 3 of the consolidated financial statements, in certain instances, in line with the amendments.

Accounting standards issued but not yet effective

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, 2023.  These standards, interpretations to existing standards and amendments, other than the amendments to IAS 1 presented below, are not expected to have any significant impact on the Company or are not considered material and are therefore not discussed herein.

Amendments - IAS 1 Presentation of Financial Statements (Non-current Liabilities with Covenants)

Amendments made to IAS 1 in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is affected by the entity's expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant).

Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date.

The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include:

• the carrying amount of the liability;
• information about the covenants; and
• facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.

The amendments also clarify what IAS 1 means when it refers to the "settlement" of a liability. Terms of a liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity's own equity instrument can only be ignored for the purpose of classifying the liability as current or non-current if the entity classifies the option as an equity instrument. However, conversion options that are classified as a liability must be considered when determining the current/non-current classification of a convertible note.

37

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and are effective for annual reporting periods beginning on or after January 1, 2024. These amendments are not expected to have a significant impact on the consolidated financial statements.

Deconsolidation of Osisko Development

On September 30, 2022, Osisko ceased to consolidate Osisko Development as management determined that Osisko was no longer in a position of control over Osisko Development. Immediately after, management determined it was able to exert significant influence on Osisko Development and subsequently accounted for its investment as an associate under the equity method. Accordingly, Osisko deconsolidated Osisko Development on September 30, 2022, and started accounting for its investment in Osisko Development using the equity method. On September 30, 2022, the Company derecognized the assets and liabilities of Osisko Development from its consolidated balance sheet and recorded its interest in Osisko Development at fair value as an investment in an associate at $207.0 million. The activities of Osisko Development represented one of two distinct business segments of the Company, namely the exploration, evaluation and development of mining projects segment. This segment was deemed to have been disposed on September 30, 2022 and its results of operations and cash flows have been reclassified as discontinued operations. Refer to the consolidated financial statements of Osisko for the years ended December 31, 2023 and 2022 for more details.

Critical Accounting Estimates and Significant Judgements

Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience and current and expected economic conditions. Actual results could differ from those estimates.

Critical accounting estimates and assumptions as well as significant judgements in applying the Company's accounting policies are detailed in the notes to the audited consolidated financial statements for the years ended December 31, 2023 and 2022, filed on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on Osisko's website at www.osiskogr.com.

Financial Instruments

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, 2023 and 2023, filed on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on Osisko's website at www.osiskogr.com.

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo, who is a "Qualified Person" ("QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Non-IFRS Financial Performance Measures

The Company has included certain performance measures in this MD&A that do not have any standardized meaning prescribed by IFRS Accounting Standards including (i) cash margin (in dollars and in percentage of revenues), (ii) adjusted earnings and (iii) adjusted earnings per basic share. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS Accounting Standards. As Osisko's operations are primarily focused on precious metals, the Company presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS Accounting Standards, to evaluate the Company's performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

38

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

In 2023, the following changes were made to the composition of adjusted earnings:

(ii)total gains and losses on investments on the statement of income (loss) are now excluded from net earnings (loss) from continuing operations; prior to this change, only the unrealized gains and losses on investments were excluded from net earnings (loss) from continuing operations;

(iii)total foreign exchange gains and losses on the statement of income (loss) are now excluded from net earnings (loss) from continuing operations; prior to this change, only the foreign exchange gains and losses adjustments from operation activities on the statement of cash flows were excluded from net earnings (loss) from continuing operations;

(iv)the tax impact of all adjustments in the calculation of adjusted earnings is now considered; prior to this change, the total deferred income taxes on the statement of earnings (loss) was excluded from net earnings (loss) from continuing operations.

These changes in the manner in which the Company calculates adjusted earnings were made to align the calculations with its peers and facilitate the comparison  with these companies. These changes also affect indirectly adjusted earnings per basic share, because they are calculated from adjusted earnings. Comparative figures for 2022 have been restated to reflect the current composition of adjusted earnings.

Cash margin (in dollars and in percentage of revenues)

Cash margin (in dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues. A reconciliation of the cash margin per type of interests (in dollars and in percentage of revenues) is presented under the Overview of Financial Results section of this MD&A.

Adjusted earnings and adjusted earnings per basic share

Adjusted earnings is defined as: net earnings (loss) from continuing operations, adjusted for certain items: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, 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.

	Three months ended December 31,				Years ended December 31,
	2023		2022		2023		2022
(in thousands of dollars, except per share amounts)	$		$		$		$
Net (loss) earnings from continuing     operations	(67,153	)	22,408		(48,343	)	85,285
Adjustments:
Impairment of royalty and stream        interests	23,500		1,818		47,619		1,818
Foreign exchange (gain) loss	(5,146	)	2,865		(1,603	)	(20,146	)
Share of loss (income) of associates	343		2,246		(7,925	)	1,863
Expected credit losses, write-offs and        impairment of investments	64,500		1,181		101,980		2,361
Loss on investments	14,326		1,024		18,808		13,196
Other non-cash gains	(635	)	-		(635	)	-
Tax impact of adjustments	(346	)	(1,456	)	(9,828	)	2,951
Adjusted earnings	29,389		30,086		100,073		87,328
Weighted average number of     common shares outstanding (000's)	185,543		184,265		185,226		180,398
Adjusted earnings per basic share	0.16		0.16		0.54		0.48

39

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Forward-Looking Statements

Certain statements contained in this MD&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 2024 guidance on GEOs and cash margin and the 5-year outlook on GEOs included under "Guidance for 2024 and 5-Year Outlook" and other guidance based on disclosure from operators, 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 2024 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) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) 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, (d) continued availability of capital and financing to Osisko or the operators of properties, and general economic, market or business conditions, and (e) 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 Passive Foreign Investment Company ("PFIC") status. The forward-looking statements contained in this MD&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 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.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be 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&A are not guarantee of future performance and should not be unduly relied upon. In this MD&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&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.

40

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates

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&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.

41

Osisko Gold Royalties Ltd	Management’s Discussion and Analysis
2023 – Annual Report

Corporate Information

Osisko Gold Royalties Ltd - Head Office	Osisko Bermuda Limited
1100 av. des Canadiens-de-Montréal	Cumberland House
Suite 300	1 Victoria Street
Montréal, Québec, Canada H3B 2S2	Hamilton HM11
Tel.: (514) 940-0670	Bermuda
Fax: (514) 940-0669	Tel.: (441) 824-7474
Email: info@osiskogr.com	Fax: (441) 292-6140
Web site: www.osiskogr.com	Michael Spencer, Managing Director
Osisko Gold Royalties Ltd - Toronto Office
100 King Street West
Suite 5710
Toronto, Ontario, Canada M5X 1K1

Directors	Officers
Norman MacDonald, Chair	Jason Attew, President and Chief Executive Officer
Joanne Ferstman, Lead Director	Guy Desharnais, Vice President, Project Evaluation
Edie Hofmeister	Iain Farmer, Vice President, Corporate Development
William Murray John	André Le Bel, Vice President, Legal Affairs and
Robert Krcmarov	Corporate Secretary
Pierre Labbé	Grant Moenting, Vice President, Capital Markets
Candace MacGibbon	Frédéric Ruel, Vice President, Finance and Chief
David Smith	Financial Officer
	Heather Taylor, Vice President, Sustainability     and Communications

Qualified Person (as defined by NI 43-101)
Guy Desharnais, Ph.D., P.Geo, Vice-President, Project Evaluation

Exchange listings - common shares

Toronto Stock Exchange:OR

New York Stock Exchange:OR

Dividend Reinvestment Plan

Information available at http://osiskogr.com/en/dividends/drip/

Transfer Agents

Canada: TSX Trust Company (Canada)

United States of America: American Stock Transfer & Trust Company, LLC

Auditors

PricewaterhouseCoopers LLP

42

EX-99.3

FORM 52-109F1 CERTIFICATION OF ANNUAL FILINGS FULL

CERTIFICATE

I, Jason Attew, President and Chief Executive Officer of Osisko Gold Royalties Ltd, certify the following:

1.Review: I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Osisko Gold Royalties Ltd (the "issuer") for the financial year ended December 31, 2023.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&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 (c. V-1.1, r. 27), for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

(a)designed DC&P, or caused it to be designed under our supervision, to provide

reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control-Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2ICFR - material weakness relating to design: N/A

5.3Limitation on scope of design: The issuer has disclosed in its annual MD&A:

(a)The fact that the issuer's other certifying officer and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of:

(i)N/A

(ii)N/A

(iii)a business that the issuer acquired not more than 365 days before the issuer's financial year end;

(b)summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. Evaluation: The issuer's other certifying officer(s) and I have

(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

(ii)N/A

7.Reporting changes in ICFR: The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1^st, 2023 and ended on December 31, 2023 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.Reporting to the issuer's auditors and board of directors or audit committee: The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: February 20, 2024

(s) Jason Attew

Jason Attew

President and Chief Executive Officer

EX-99.4

FORM 52-109F1 CERTIFICATION OF ANNUAL FILINGS FULL

CERTIFICATE

I, Frédéric Ruel, Chief Financial Officer and Vice President, Finance of Osisko Gold Royalties Ltd, certify the following:

1.Review: I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Osisko Gold Royalties Ltd (the "issuer") for the financial year ended December 31, 2023.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&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 (c. V-1.1, r. 27), for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

(a)designed DC&P, or caused it to be designed under our supervision, to provide

reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control-Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2ICFR - material weakness relating to design: N/A

5.3Limitation on scope of design: The issuer has disclosed in its annual MD&A:

(a)The fact that the issuer's other certifying officer and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of:

(i)N/A

(ii)N/A

(iii)a business that the issuer acquired not more than 365 days before the issuer's financial year end;

(b)summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

6. Evaluation: The issuer's other certifying officer(s) and I have

(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

(ii)N/A

7.Reporting changes in ICFR: The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1^st, 2023 and ended on December 31, 2023 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.Reporting to the issuer's auditors and board of directors or audit committee: The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: February 20, 2024

(s) Frédéric Ruel

Frédéric Ruel

Chief Financial Officer and Vice President, Finance

EX-99.5

OSISKO DECLARES FIRST QUARTER 2024 DIVIDEND

(Montreal, February 20, 2024) - Osisko Gold Royalties Ltd (the "Company" or "Osisko") (OR: TSX & NYSE) is pleased to announce a first quarter 2024 dividend of C$0.06 per common share. The dividend will be paid on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).

For shareholders residing in the United States, the U.S. dollar equivalent will be determined based on the daily rate published by the Bank of Canada on March 28, 2024.

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 April 15, 2024 to shareholders on record as of March 28, 2024. More details are available on Osisko's website at http://osiskogr.com/en/dividends/drip/

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 shareholderinquiries@tmx.com.

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.

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.

1

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 royalties, streams and precious metal offtakes, including 19 producing assets. 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 operations.

Osisko's head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information, please contact Osisko Gold Royalties Ltd:
Grant Moenting Vice President, Capital Markets Tel: (514) 940-0670 #116 Mobile: (365) 275-1954 Email: gmoenting@osiskogr.com	Heather Taylor Vice President, Sustainability & Communications Tel: (514) 940-0670 #105 Email: htaylor@osiskogr.com

Forward-looking statements

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. In this news release, these forward-looking statements may involve, but are not limited to, comments with respect to the directors and officers of the Company, information pertaining to the fact 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.

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 www.sedarplus.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko's issuer profile on EDGAR at www.sec.gov. 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.

2

EX-99.6

OSISKO REPORTS RECORD 2023 RESULTS AND PROVIDES 2024
GUIDANCE AND NEW 5-YEAR OUTLOOK

Record annual revenues of $247.3 million

and record operating cash flows of $187.0 million

Montréal, February 20, 2024 - Osisko Gold Royalties Ltd (the "Corporation" or "Osisko") (OR: TSX & NYSE) is pleased to announce its consolidated financial results for the year-end 2023. Amounts presented are unaudited and in Canadian dollars, except where otherwise noted.

2023 Financial Highlights

• 94,323 gold equivalent ounces ("GEOs¹") earned (89,367 GEOs in 2022);
• Record revenues from royalties and streams of $247.3 million ($217.8 million in 2022);
• Record cash flows generated by operating activities² of $187.0 million ($175.1 million in 2022);
• Net loss² of $48.3 million, $0.26 per basic share² (net earnings of $85.3 million, $0.47 per basic share in 2022), mostly due to non-cash impairment charges largely as a result of a fair value assessment of investments and royalty and stream interests of $149.6 million; and
• Adjusted earnings⁴ of $100.1 million, $0.54 per basic share ($87.3 million, $0.48 per basic share in 2022)

Other Highlights

• Total capital deployed of over $290.0 million across 5 new transactions:
  • Closing of the silver and copper streams on Metals Acquisitions Limited's CSA mine in Australia by Osisko Bermuda Limited for US$150.0 million ($198.8 million);
  • Amendment to increase its effective silver stream from 12.5% to 87.5% on Taseko Mines Ltd.'s Gibraltar mine in BC for US$10.3 million ($13.6 million);
  • Acquisition of a 3% gold net smelter return ("NSR") royalty and 1% copper NSR royalty on Hot Chili Ltd.'s Costa Fuego copper-gold project in Chile for US$15.0 million ($19.9 million);
  • Acquisition of a 1% NSR royalty covering Cardinal Namdini Mining Ltd.'s Namdini gold project in Ghana for US$35.0 million ($48.4 million); and
  • Acquisition of a 1% NSR royalty on Cabral Gold Inc.'s Cuiú Cuiú gold project in Brazil for US$5.0 million ($6.8 million);
• Publication of the 2023 Asset Handbook and third edition of the Corporation's sustainability report, Growing Responsibly;
• Appointment of Mr. Jason Attew as President and Chief Executive Officer ("CEO") of the Corporation and Mr. Norman MacDonald as Chair of the Board of Directors;
• Sale of the equity investment in Osisko Mining Inc. for gross proceeds of $131.6 million, which were used to reduce the revolving credit facility to a drawn balance of $191.9 million; and

• Declaration of quarterly dividends totaling $0.235 per common share in 2023 ($0.22 per common share in 2022).

Subsequent to December 31, 2023

• Additional repayments of $30.2 million on the revolving credit facility to a drawn balance of approximately $164.5 million;
• Declaration of a quarterly dividend of $0.06 per common share payable on April 15, 2024 to shareholders of record as of the close of business on March 28, 2024; and
• Announcement of Mr. David Smith joining the Corporation's Board of Directors as an Independent Director.

Guidance for 2024 and 5-Year Outlook

2024 Guidance³

Osisko expects GEOs earned to range between 82,000 to 92,000 in 2024 at an average cash margin of 97%. The 2024 guidance assumes the commencement of GEOs earned from the CSA Copper Stream from June 15, as well as the commencement of production from G Mining Ventures Corp.'s Tocantinzinho project and Cardinal Namdini Mining Limited's project later in the year.

Osisko's 2024 guidance on royalty and stream interests is largely based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

5-Year Outlook³

Osisko expects its portfolio to generate between 120,000 and 135,000 GEOs in 2028. The outlook assumes the commencement of production at The Windfall Mining Group's Windfall and South32 Ltd's Hermosa, amongst others. It also assumes that Capstone Copper Corp's Mantos Blancos will have reached its nameplate capacity following the recent expansion of its activities, as well as increased production from certain other operators that have announced planned expansions, including Alamos Gold Inc.'s Phase 3+ Expansion at Island Gold.

Beyond this growth profile, Osisko owns several other growth assets, which have not been factored in the 5-year outlook, as their timelines are either later, or less clear. As the operators provide further clarity on these assets, Osisko will seek to include them in its long-term outlook.

This 5-year outlook is based on internal judgements of publicly available forecasts and other disclosures by the third-party owners and operators of the Corporation's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate.

This 5-year outlook replaces the 5-year outlook previously released in 2023, which should be considered withdrawn. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2024-2028).

Management Commentary

Jason Attew, President & CEO of Osisko commented: "2023 was a banner year for Osisko marked by new annual records achieved with respect to GEOs earned, revenues, cash flows and margins, in addition to the closing of several key transactions which will positively contribute to Osisko's cash flow and GEOs earned. The Corporation is now well-positioned with a materially improved balance sheet, and also with having completed recent changes as it relates to both management and the Board. 

2

After working through a full portfolio review as it relates to Osisko's growth trajectory and associated timelines, the Corporation's 2024 guidance and updated 5-year outlook together provide what management believes to be achievable ranges. Concerning the 2024 guidance, it is worth noting that the lack of GEO deliveries resulting from the stoppage of operations at the Renard diamond mine will be partially offset by expected improvements at certain other operating assets within our portfolio, in addition to some new assets moving out of development and into production throughout the year. Furthermore, the Corporation's expected growth trajectory over the next five years remains very much intact as mine expansions and new projects are completed by our partners between now and 2028.

Osisko enters 2024 with a continued focus on simplifying its story to further re-establish itself as a 'pure-play' precious metals royalty and streaming company. We possess an unmatched asset base as defined by exposure to Tier 1 mining jurisdictions and this unique aspect of our portfolio, when combined with our robust organic growth outlook, results in the Corporation being well-positioned to deliver long-term value to our current and future shareholders."

3

Q4 AND YEAR-END 2023 RESULTS CONFERENCE CALL AND WEBCAST DETAILS

Conference Call:	Wednesday, February 21st, 2024 at 10:00 am ET
Dial-in Numbers: (Option 1)	North American Toll-Free:  1 (888) 886 7786 Local and International: 1 (416) 764 8658 Conference ID: 57708068
Webcast link: (Option 2)	https://viavid.webcasts.com/starthere.jsp?ei=1650912&tp_key=a14693e644
Replay (available until Thursday, March 21st at 11:59 PM ET):	North American Toll-Free: 1 (877) 674 7070 Local and International: 1 (416) 764 8692 Playback Passcode: 708068#
	Replay is also available on our website at www.osiskogr.com

Qualified Person

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").

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 royalties, streams and precious metal offtakes, including 19 producing assets. 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 operations.

Osisko's head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information, please contact Osisko Gold Royalties Ltd:

Grant Moenting Vice President, Capital Markets Tel : (514) 940-0670 x116 Mobile : (365) 275-1954 Email: gmoenting@osiskogr.com Heather Taylor Vice President, Sustainability and Communications Tel: (514) 940-0670 x105 Email: htaylor@osiskogr.com

4

Notes:

(1)Gold Equivalent Ounces

GEOs are calculated on a quarterly basis and include royalties and streams. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period.

Average Metal Prices and Exchange Rate

		Three months ended December 31,				Years ended December 31,
		2023		2022		2023		2022
Gold(i)	$	1,971	$	1,727	$	1,940	$	1,800
Silver(ii)	$	23.20	$	21	$	23.35	$	22
Exchange rate (US$/Can$)(iii)		1.3624		1.3578		1.3497		1.3013

(i)The London Bullion Market Association's PM price in U.S. dollars.

(ii)The London Bullion Market Association's price in U.S. dollars.

(iii)Bank of Canada daily rate.

(2)From continuing operations.

(3)For the 2024 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 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 76:1.

(4)Non-IFRS Measures

The Corporation has included certain performance measures in this press release and in the annual Management and Discussion Analysis for the year ended December 31, 2023 that do not have any standardized meaning prescribed by IFRS Accounting Standards including (i) cash margin (in dollars and in percentage of revenues), (ii) adjusted earnings and (iii) adjusted earnings per basic share. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS Accounting Standards. As Osisko's operations are primarily focused on precious metals, the Corporation presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS Accounting Standards, to evaluate the Corporation's performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

In 2023, the following changes were made to the composition of adjusted earnings:

(i)total gains and losses on investments on the statement of income (loss) are now excluded from net earnings (loss) from continuing operations; prior to this change, only the unrealized gains and losses on investments were excluded from net earnings (loss) from continuing operations;

(ii)total foreign exchange gains and losses on the statement of income (loss) are now excluded from net earnings (loss) from continuing operations; prior to this change, only the foreign exchange gains and losses adjustments from operation activities on the statement of cash flows were excluded from net earnings (loss) from continuing operations;

(iii)the tax impact of all adjustments in the calculation of adjusted earnings is now considered; prior to this change, the total deferred income taxes on the statement of earnings (loss) was excluded from net earnings (loss) from continuing operations.

These changes in the manner in which the Corporation calculates adjusted earnings were made to align the calculations with its peers and facilitate the comparison with these companies. These changes also affect indirectly adjusted earnings per basic share, because they are calculated from adjusted earnings. Comparative figures for 2022 have been restated to reflect the current composition of adjusted earnings.

5

Cash Margin (in dollars and in percentage of revenues)

Cash margin (in dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues.

	Three months ended December 31,				Years ended December 31,
	2023		2022		2023		2022
	($'000)		($'000)		($'000)		($'000)
Royalty interests
Revenues	44,519		40,038		160,430		144,066
Less: cost of sales (excluding depletion)	22		(283	)	(511	)	(1,055	)
Cash margin (in dollars)	44,541		39,755		159,919		143,011
Depletion	(5,587	)	(6,993	)	(24,017	)	(27,362	)
Gross profit	38,954		32,762		135,902		115,649
Stream interests
Revenues	20,645		21,876		86,890		73,743
Less: cost of sales (excluding depletion)	(4,030	)	(4,449	)	(16,135	)	(15,021	)
Cash margin (in dollars)	16,615		17,427		70,755		58,722
Depletion	(7,450	)	(7,052	)	(32,376	)	(23,993	)
Gross profit	9,165		10,375		38,379		34,729
Royalty and stream interests Total cash margin (in dollars)	61,156		57,182		230,674		201,733
Divided by: total revenues	65,164		61,914		247,320		217,809
Cash margin (in percentage of revenues)	93.8%		92.4%		93.3%		92.6%
Total - Gross profit	48,119		43,137		174,281		150,378

6

Adjusted earnings and adjusted earnings per basic share

Adjusted earnings is defined as: net earnings (loss) from continuing operations, adjusted for certain items: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, expected credit losses 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.

	Three months ended December 31,				Years ended December 31,
	2023		2022		2023		2022
(in thousands of dollars,  except per share amounts)	$		$		$		$
Net (loss) earnings from continuing operations	(67,153	)	22,408		(48,343	)	85,285
Adjustments:
Impairment of royalty and stream interests	23,500		1,818		47,619		1,818
Foreign exchange (gain) loss	(5,146	)	2,865		(1,603	)	(20,146	)
Share of loss (income) of associates	343		2,246		(7,925	)	1,863
Expected credit losses, write-offs and impairment of investments	64,500		1,181		101,980		2,361
Loss on investments	14,326		1,024		18,808		13,196
Other non-cash gains	(635	)	-		(635	)	-
Tax impact of adjustments	(346	)	(1,456	)	(9,828	)	2,951
Adjusted earnings	29,389		30,086		100,073		87,328
Weighted average number of common shares outstanding (000's)	185,543		184,265		185,226		180,398
Adjusted earnings per basic share	0.16		0.16		0.54		0.48

Forward-looking Statements

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. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko's assets (including increase of production), the 2024 guidance on GEOs and cash margin and the 5-year outlook on GEOs included under "Guidance for 2024 and 5-Year Outlook" and other guidance based on disclosure from operators, 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 2024 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; with respect to external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) 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, (d) continued availability of capital and financing to Osisko or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to the infectious diseases outbreaks and the effectiveness of such response and the potential impact of infectious diseases outbreaks on Osisko's business, operations and financial condition; with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko or (b) the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Corporation's ongoing income and assets relating to determination of its Passive Foreign Investment Company ("PFIC") status; 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.

7

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be 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. 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.

8

Osisko Gold Royalties Ltd
Condensed Consolidated Balance Sheets
As at December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars)

	December 31,		December 31,
	2023		2022
	$		$
Assets
Current assets
Cash	67,721		90,548
Short-term investments	8,200		-
Amounts receivable	6,282		11,700
Other assets	1,842		2,546
	84,045		104,794
Non-current assets
Investments in associates	115,651		319,763
Other investments	93,025		73,504
Royalty, stream and other interests	1,553,111		1,378,253
Goodwill	111,204		111,204
Other assets	8,951		8,783
	1,965,987		1,996,301
Liabilities
Current liabilities
Accounts payable and accrued liabilities	8,209		6,825
Dividends payable	11,121		10,121
Lease liabilities	1,122		921
	20,452		17,867
Non-current liabilities
Lease liabilities	6,879		6,701
Long-term debt	191,879		147,950
Deferred income taxes	96,279		86,572
	315,489		259,090
Equity
Share capital	2,097,691		2,076,070
Contributed surplus	79,446		77,295
Accumulated other comprehensive income	28,058		47,435
Deficit	(554,697	)	(463,589	)
	1,650,498		1,737,211
	1,965,987		1,996,301

9

Osisko Gold Royalties Ltd
Condensed Consolidated Statements of Income (Loss)
For the three months and the years ended December 31, 2023 and 2022

	Three months ended December 31,				Years ended December 31,
	2023		2022		2023		2022
	$		$		$		$
Revenues	65,164		61,914		247,320		217,809
Cost of sales	(4,008	)	(4,732	)	(16,646	)	(16,076	)
Depletion	(13,037	)	(14,045	)	(56,393	)	(51,355	)
Gross profit	48,119		43,137		174,281		150,378
Other operating expenses
General and administrative	(7,615	)	(5,254	)	(32,829	)	(20,216	)
Business development	(2,049	)	(1,491	)	(6,179	)	(5,375	)
Impairment of royalty interests	(23,500	)	(1,818	)	(47,619	)	(1,818	)
Operating income	14,955		34,574		87,654		122,969
Interest income	1,483		3,747		6,831		9,767
Finance costs	(6,545	)	(5,390	)	(18,946	)	(22,339	)
Foreign exchange gain (loss)	5,146		(2,865	)	1,603		20,146
Share of (loss) gain of associates	(343	)	(2,246	)	7,925		(1,863	)
Other losses, net	(78,191	)	(2,205	)	(120,153	)	(15,557	)
(Loss) earnings before income taxes	(63,495	)	25,615		(35,086	)	113,123
Income tax expense	(3,658	)	(3,207	)	(13,257	)	(27,838	)
Net (loss) earnings from continuing operations	(67,153	)	22,408		(48,343	)	85,285
Net loss from discontinued operations	-		-		-		(268,475	)
Net (loss) earnings	(67,153	)	22,408		(48,343	)	(183,190	)
Net (loss) earnings attributable to:
Osisko Gold Royalties Ltd's shareholders	(67,153	)	22,408		(48,343	)	(118,754	)
Non-controlling interests	-		-		-		(64,436	)
Net (loss) earnings per share from continuing operations
Basic and diluted	(0.36	)	0.12		(0.26	)	0.47
Net (loss) earnings per share attributable to Osisko Gold Royalties Ltd's shareholders
Basic and diluted	(0.36	)	0.12		(0.26	)	(0.66	)

10

Osisko Gold Royalties Ltd
Condensed Consolidated Statements of Cash Flows
For the three months and the years ended December 31, 2023 and 2022

(tabular amounts expressed in thousands of Canadian dollars)

	Three months ended December 31,				Years ended December 31,
	2023		2022		2023		2022
	$		$		$		$
Operating activities
Net (loss) earnings from continuing operations	(67,153	)	22,408		(48,343	)	85,285
Adjustments for:
Share-based compensation	1,283		2,109		10,407		7,119
Depletion and amortization	13,367		14,307		57,615		52,415
Impairment of royalty and stream interests	23,500		-		47,619		1,818
Expected credit loss and write-off of other investments	-		-		37,209		-
Impairment of investments in associates	64,500		2,999		64,771		2,361
Finance costs	123		2,007		492		7,340
Share of loss (income) of associates	343		2,246		(7,925	)	1,863
Net gain on acquisition of investments	7,437		-		-		(48	)
Change in fair value of financial assets and liabilities at fair value through profit and loss	6,889		1,024		13,156		16,848
Net gain on dilution of investments in associates	-		-		(4,842	)	(3,604	)
Loss on disposal and deemed disposal of associates	-		-		10,494		-
Foreign exchange (gain) loss	(5,205	)	2,822		(1,781	)	(19,907	)
Deferred income tax expense	3,088		3,427		10,672		26,688
Other	(976	)	32		(632	)	116
Net cash flows provided by operating activities   before changes in non-cash working capital items	47,196		53,381		188,912		178,294
Changes in non-cash working capital items	3,525		(4,857	)	(1,885	)	(3,231	)
Net operating cash flows provided by continuing operations	50,721		48,524		187,027		175,063
Net operating cash flows used by discontinued   operations	-		-		-		(65,116	)
Net cash flows provided by operating activities	50,721		48,524		187,027		109,947
Investing activities
Acquisitions of short-term investments	(1,889	)	-		(8,362	)	-
Acquisitions of investments	-		(4,298	)	(53,279	)	(12,472	)
Proceeds from disposal of investments	127,931		-		132,959		2,960
Acquisitions of royalty and stream interests	(51,578	)	(91,846	)	(291,108	)	(124,209	)
Cash balance of Osisko Development Corp. at the time of deconsolidation	-		-		-		(133,138	)
Other	(3	)	-		(46	)	(18	)
Net investing cash flows provided (used) by continuing operations	74,461		(96,144	)	(219,836	)	(266,877	)
Net investing cash flows used by discontinued   Operations	-		-		-		(114,984	)
Net cash flows provided (used) by investing activities	74,461		(96,144	)	(219,836	)	(381,861	)
Financing activities
Bought deal equity financing	-		-		-		311,962
Share issue costs	-		-		-		(13,941	)
Increase in long-term debt, net of discount on banker's acceptances	48,499		147,833		255,210		147,833
Repayment of long-term debt, net of discount on banker's acceptances	(165,914	)	(300,000	)	(207,528	)	(413,120	)
Exercise of share options and shares issued under the share purchase plan	2,226		3,330		12,845		4,387
Normal course issuer bid purchase of common shares	-		(805	)	-		(22,135	)
Dividends paid	(10,537	)	(9,681	)	(39,903	)	(37,929	)
Capital payments on lease liabilities	(973	)	(222	)	(973	)	(874	)
Withholding taxes on settlement of restricted and deferred share units	(501	)	-		(4,850	)	(2,224	)
Other	220		-		(491	)	(555	)
Net financing cash flows (used) provided by continuing operations	(126,980	)	(159,545	)	14,310		(26,596	)
Net financing cash flows provided by discontinued operations	-		-		-		245,833
Net cash flows (used in) provided by financing activities	(126,980	)	(159,545	)	14,310		219,237
Decrease in cash before effects of exchange rate changes	(1,798	)	(207,165	)	(18,499	)	(52,677	)
Effects of exchange rate changes on cash
Continuing operations	(1,235	)	(2,829	)	(4,328	)	21,008
Discontinued operations	-		-		-		6,519
Net decrease in cash	(3,033	)	(209,994	)	(22,827	)	(25,150	)
Cash  - beginning of period	70,754		300,542		90,548		115,698
Cash  - end of period	67,721		90,548		67,721		90,548

11