Early Warning News Release

MONTR??AL, QUEBEC--(Marketwired - Oct. 10, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko" or the "Corporation") announces that it has subscribed to 850,000 common shares of Osisko Mining Inc. (TSX:OSK) ("Osisko Mining") at a price of $4.20 per common share for an aggregate subscription price of $3,570,000 pursuant to the bought deal private placement of common and flow-through shares of Osisko Mining previously announced on August 29, 2017 (the "Financing"). Concurrent to the Financing, the Corporation purchased, pursuant to the terms of a share purchase and sale agreement, direct ownership of an additional 1,900,000 common shares of Osisko Mining at a price of $4.20 per common share for an aggregate purchase price of $7,980,000 (the "Share Purchase" and collectively with the Financing, the "Transaction").

Immediately prior to the closing of the Transaction, Osisko held, directly or indirectly, (i) 29,552,034 common shares of Osisko Mining, representing approximately 15.6% of Osisko Mining's issued and outstanding common shares; and (ii) warrants entitling Osisko to purchase 800,000 common shares of Osisko Mining (the "Warrants"). Assuming the exercise of the Warrants, Osisko would own 30,352,034 common shares of Osisko Mining, representing approximately 15.9% of Osisko Mining's common shares prior to the closing of the Transaction.

Immediately following the closing of the Transaction, Osisko owns, directly or indirectly, (i) 32,302,034 common shares of Osisko Mining, representing approximately 17.0% of Osisko Mining's issued and outstanding common shares; and (ii) 800,000 Warrants. Assuming the exercise of the Warrants, Osisko would own 33,102,034 common shares of Osisko Mining, representing approximately 17.4% of Osisko Mining's common shares that would be issued and outstanding.

Osisko acquired the Shares described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Osisko Mining in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Osisko Mining and other relevant factors.

A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Osisko Mining's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by five cornerstone assets, including a 5% NSR royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 32.8% interest in Barkerville Gold Mines Ltd., a 15.6% interest in Osisko Metals Incorporated and a 13.3% interest in Falco Resources Ltd.

Osisko's head office is located at 1100 avenue des Canadiens-de-Montr?(C)al, Suite 300, Montr?(C)al, Qu?(C)bec, H3B 2S2.