SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL

JULY 2024

SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL

TSX | NYSE: OR

Senior-quality precious metal portfolio

21 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle's Canadian Malartic Complex(ii)

Peer-leading organic growth profile

Attributable GEO delivery growth of ~30% based on Osisko's current 5-year outlook (2028e)

Highest concentration of assets in low-riskTier-1 mining jurisdictions(iii)

Current production and development project pipeline

Strong balance sheet & disciplined capital allocation strategy

+C$705 million in available liquidity as of June 30, 2024 - between cash and undrawn revolving credit facility (incl. C$200 million accordion)

Note: Market capitalization, dividend, and P/NAV as at market close on July 9, 2024

+185

royalties, streams

and offtakes

C$4.0B

market cap

82-92k

2024 GEO Delivery

Guidance

C$187M

2023 cash flows from

operations

97%

cash margin

business1

1.20%

dividend yield

78%

GEOs from 'Tier 1'

Mining Jurisdictions(ii)

(2023)

1.16x

Consensus P/NAV2

  1. Includes Victoria Gold Corp.'s Eagle mine and G Mining Ventures Corp.'s Tocantinzinho (TZ) mine, and Agnico Eagle Mines Ltd.'s Akasaba West satellite mine at Goldex
  2. Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty
  3. vs. precious metals royalty & streaming peers; 'Tier-1' mining jurisdictions defined as: Canada, USA, Australia

3

CORE BENEFITS OF THE ROYALTY & STREAMING BUSINESS MODEL

ROYALTY & STREAMING MODEL

KEY BENEFITS

Highly efficient and scalable business model

Significant asset and cash-flow diversification

No direct capital, operating or exploration cost exposure

Insulated from inflationary cost pressures

Optionality to exploration success, mine life extensions and expansions

High margins provide sustainable cash-flow generation and shareholder returns throughout the commodity cycle

Leverage to precious metals prices

4

COMMITTED TO SUSTAINABILITY

OSISKO'S ESG STRATEGY COMMITS TO UPHOLD SUSTAINABLE

Five Key Components

BUSINESS PRACTICES AND GROW RESPONSIBLY

Underpinning ESG Strategy:

DUE DILIGENCE

CLIMATE CHANGE

SOCIAL

HEALTH & SAFETY

DIVERSITY, EQUITY &

CONTRIBUTIONS

INCLUSION

Conduct extensive due

Conduct business in a

Support the communities

Encourage the health,

Foster an environment

diligence on investments

way that protects the

that host our offices and

safety, and well-being of

that prioritizes diversity,

to ensure adherence to

environment and, where

partner assets

all our employees

equity and inclusion

responsible mining

possible, help our mining

practices

partners achieve climate-

related goals

Ranked 6/120 within

Precious Metals Industry

UN Global Compact

World Gold Council

Sustainability Report

Sustainability Report

Rated "AA" by MSCI

+

Recognized as ESG Regional Top

Participant

Member

Guided by GRI

Guided by SASB

Rated & ESG Industry Top Rated

5

MATERIAL ACCOMPLISHMENTS & VALUE DRIVERS

PERFORMANCE

42,327 GEOs earned in H1/24 at a cash margin of 97.0%1

RECENT SELECT TRANSACTIONS

GROWTH

2028e outlook represents

+30% growth over current

(20,068 GEOs earned in Q2/24)

CASCABEL GOLD

STREAM (2024)

US$225M total investment for a 6% Gold Stream until 225koz have been delivered (3.6% thereafter)

US$10M due on closing (part of a total of US$30M for phased pre- construction funding)

Syndicated US$750M transaction with FNV (Osisko at 30%)

NAMDINI NSR ROYALTY (2023)

1.0% Au NSR royalty acquired from Savannah Mining Limited for US$35M

First gold production expected Q4/24

CLOSING OF THE CSA Ag/Cu STREAMS (2023)

US$150M invested for 100% Ag stream (Feb

2023-) and 3.0-4.875% Cu stream (June 2024-)

US$40M invested in MTAL equity

Both streams now resulting in GEOs earned for Osisko

2024e guidance range of

82-92k GEOs

BUSINESS SIMPLIFICATION

&

IMPROVED CORPORATE

GOVERNANCE

Executing on re-alignment towards being a "pure-play" royalty & streaming company

+C$90 MILLION OF REPAYMENT ON REVOLVING

CREDIT FACILITY YTD IN 2024

SHAREHOLDER

RETURNS

Q2/24 dividend of $0.065

per common share

6

A HIGH-QUALITY PORTFOLIO

PRODUCING ASSETS

INTEREST

OPERATING PARTNERS

1

CANADIAN MALARTIC

5% NSR

AGNICO EAGLE

3

2

MANTOS BLANCOS

100% Ag Stream

CAPSTONE COPPER

3

CSA

100% Ag & 3-4.875% Cu Streams

METALS ACQUISITION LIMITED

7

4

EAGLE(i)

5% NSR

VICTORIA GOLD

8

5

5

3

5

ÉLÉONORE

2.2-3.5% NSR

NEWMONT

9

139

6

SASA

100% Ag Stream

CENTRAL ASIA METALS

6

11

14

19

7

SEABEE

3% NSR

SSR MINING

8

GIBRALTAR

87.5% Ag Stream

TASEKO MINES

1

10

9

ISLAND GOLD

1.38-3% NSR

ALAMOS GOLD

12

10

PAN

4% NSR

CALIBRE MINING

18

11

LAMAQUE

1% NSR

ELDORADO GOLD

17

7

12

PARRAL

2.4% Au & Ag Streams

GOGOLD RESOURCES

13

DOLPHIN TUNGSTEN

1.5% GRR

GROUP 6 METALS

14

BALD MOUNTAIN

1-4% GSR

KINROSS GOLD

20

15

FRUTA DEL NORTE

0.1% NSR

LUNDIN GOLD

15

16

BRAUNA

1% GRR

LIPARI MINERAÇÃO

16

19

17

SANTANA

3% NSR

MINERA ALAMOS

Total Assets

18

ERMITAÑO

2% NSR

FIRST MAJESTIC SILVER

2

19

MACASSA TH

1% NSR

AGNICO EAGLE

16

4

20

TOCANTINZINHO

0.75% NSR

G MINING VENTURES

Producing Asset

21

AKASABA WEST

2.5% NSR (Partial Coverage)

AGNICO EAGLE

Assets undergoing expansion, extension or ramp-up

13

PRECIOUS METALS FOCUS

LOW-COST MINES3

BEST-IN-CLASS PARTNERS

Q1 2024 GEOs BY COMMODITY

NPV BY CASH COST QUARTILE

PRODUCTION, DEVELOPMENT & EXPLORATION

<0.1%

3%

19%

97%

81%

PRECIOUS METALS

DIAMONDS

OTHER

<50TH PERCENTILE

>50TH PERCENTILE

7

(i) Eagle mine operations suspended after June 24, 2024 heap leach pad failure. A default under the Eagle Royalty Agreement dated April 13, 2018, was also triggered and consequently, Osisko provided a Notice of Default to Victoria on July 4, 2024.

HIGHEST EXPOSURE TO TIER 1 MINING JURISDICTIONS(i) vs. PEERS

100%

90%

80%

70%

60%

%

50%

NAV

40%

30%

20%

10%

0%

OR

TFPM

RGLD

FNV

WPM

SAND

Canada

USA

Australia

Latin America (Incl. Mexico & Caribbean)

Europe

Africa

Asia

Tier-1 Jurisdictions

Data Source: Canaccord Genuity Capital Markets Precious Metals Research, April 2024

8

(i) Canada, USA, Australia

CANADIAN MALARTIC COMPLEX

Open Pit, East Gouldie, Odyssey South & western half of East Malartic -

5.0% NSR Royalty

  • Odyssey North and eastern half of East Malartic - 3.0% NSR Royalty
  • Any ore processed from outside CM property - $0.40/t Mill Royalty Quebec, Canada | Agnico Eagle Mines Limited

Flagship royalty on Canada's 2nd largest operating gold mine

Average of ~580koz Au produced annually over 2023 - 2028 from Barnat Pit and Odyssey Underground (open pits are exhausted by 2028)4

Underground steady state production plan of 500- 600koz of gold per year starting in 2028 once shaft access is complete4

Current mine plan from 2023 Internal Study extends to 2042 and only includes approximately 57% of the existing resource ounces5

Agnico is evaluating the potential of a series of mineralized veins collectively termed the "Odyssey internal zones" to provide additional feed to the processing plant in the near and medium term

  • Odyssey internal zones indicate the potential to further increase production during the 2024-2029 transition period from combined open-pit and underground mining to 100% underground mining

Studying potential to accelerate first underground production from East Gouldie into 2026 (from 2027) as ramp progress is ahead of schedule6

9

Source: Agnico Eagle Mines Ltd. (February 2024)

CANADIAN MALARTIC COMPLEX

Complex expected to have ~40ktpd of excess mill capacity starting in 20286

Regional optimizations currently being studied for Wasamac (no OR royalty) with results expected in 20257

  • Upper Beaver (2.0% NSR royalty to OR) regional synergy results coming in July 2025, however likely to be processed at LaRonde (not CMC)7

Potential for 2nd shaft at Odyssey Underground currently in concept phase; additional clarity on potential 2nd shaft expected over the next 1-2 years8

  • A potential 2nd shaft could add ~15k GEOs to OR's annual earned GEOs over and above the current mine plan, starting in the early 2030's (and at no additional cost to OR)(i)

Recent exploration success east of East Gouldie: 4.5 g/t Au over 30.0m and 1,060m east of East Gouldie Mineral Reserves, and 3.1 g/t Au over 32.8m and 420m east of lower portion of East Gouldie Mineral Reserves7

Open Pit, East Gouldie, Odyssey South & western half of East Malartic -

5.0% NSR Royalty

  • Odyssey North and eastern half of East Malartic - 3.0% NSR Royalty
  • Any ore processed from outside CM property - $0.40/t Mill Royalty Quebec, Canada | Agnico Eagle Mines Limited

Source: Agnico Eagle Mines Ltd. (April 2024)

(i) Projected GEOs estimated internally by Osisko Gold Royalties Ltd. based on publicly released information from the operator.

10

Estimates based on the following assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6%

overall gold recovery; and a 5% NSR Royalty rate8

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Disclaimer

Osisko Gold Royalties Ltd. published this content on 16 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2024 15:31:08 UTC.