Strong Cash Flows of $46.1 Million from Operating Activities

Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) announced its consolidated financial results for the first quarter of 2025. Amounts presented are in United States dollars, except where otherwise noted.

Highlights

• 19,014 gold equivalent ounces earned (22,259 GEOs in Q1 2024²);
• Revenues from royalties and streams of $54.9 million ($45.0 million in Q1 2024);
• Cash flows generated by operating activities of $46.1 million ($37.4 million in Q1 2024);
• Quarterly cash margin³ of $53.3 million or 97.1% ($43.7 million or 97.0% in Q1 2024);
• Net earnings of $25.6 million, $0.14 per basic share ($11.2 million, $0.06 per basic share in Q1 2024);
• Adjusted earnings³ of $29.5 million, $0.16 per basic share ($22.0 million, $0.12 per basic share in Q1 2024);
• Net repayment of $19.6 million under the revolving credit facility;
• Cash balance of $63.1 million and debt of $74.3 million as at March 31, 2025;
• Acquisition of a 1.5% net smelter return royalty from Japan Gold Corp. on Japan Gold’s wholly-controlled properties in Japan for cash consideration of $5.0 million; and
• Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025.

Subsequent to March 31, 2025

• Additional repayments of $30.0 million under the Company’s revolving credit facility;
• First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
• Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources Ltd. (“Sable Resources”) for consideration of C$3.8 million, as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;
• Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly; and
• Declaration of a quarterly dividend of US$0.055 per common share, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025.

Management Commentary

Jason Attew, President & CEO of Osisko commented: “Osisko’s first quarter represented a good start for the Company in 2025 and serves as a solid base for Osisko to achieve its 2025 guidance range of 80,000 to 88,000 GEOs earned, especially considering that the Company’s GEO deliveries are expected to sequentially improve quarter-by-quarter throughout the remainder of the year ahead.

Looking ahead over the next few months, there are several upcoming catalysts to watch out for, including, but not limited to, Osisko Development’s project financing initiatives on the back of last week’s Optimized Feasibility Study results for the fully-permitted Cariboo gold project; a new life-of-mine plan at Alamos Gold’s Island Gold District; and finally, the anticipated Implementation of the Scheme of Arrangement between Spartan Resources and Ramelius Resources, which, if implemented, could accelerate first production from Dalgaranga to late 2025, a full year ahead of Osisko’s expectations when we acquired the Dalgaranga 1.8% gross smelter return royalty in late September of 2024.”

Norman MacDonald, Board Chair of Osisko, also commented: “Tomorrow’s Annual and Special Meeting of Shareholders will mark the end of Joanne Ferstman’s tenure as an Independent Director on Osisko’s Board. Joanne has been on Osisko’s Board of Directors from the very beginning, and, as such, both Board and Management would like to wholeheartedly thank Joanne for her many years of leadership, guidance and service. Her attention to detail and dedication to realizing the Company’s strategic vision, amongst her many other skills, will be missed. We would also like to wish Joanne all the best in her future endeavours.”

Annual and Special Meeting of Shareholders

The Company’s 2025 Annual and Special Meeting of shareholders will be held on May 8, 2025 in Montréal, Québec.

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 195 royalties, streams and precious metal offtakes, including 21 producing assets. Osisko’s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada’s largest gold mines.