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os OSISKO GOLD ROYALTIES OSISKO REPORTS STRONG FIRST QUARTER 2021 RESULTS Operating cash flows from royalty and stream segment of $ 36.7 million Record cash margin of $ 46.5 million Montréal , May 11 , 2021 - Osisko Gold Royalties Ltd ( the “ Company ” or “ Osisko " ) ( OR : TSX & NYSE ) today announced its consolidated financial results for the first quarter of 2021. Amounts presented are in Canadian dollars , except where otherwise noted . Financial Highlights Earned 19,960 GEOs¹ ( Q1 2020 -18,159 GEOs ) • Record revenues from royalties and streams of $ 49.0 million ( Q1 2020 - $ 37.8 million ) • • • • Cash margin of 94 % from royalty and stream interests ( Q1 2020 - 91 % ) Consolidated cash flows from operating activities of $ 21.3 million ( Q1 2020 - $ 23.8 million ) о Operating cash flows from the royalty and stream segment² of $ 36.7 million Operating cash flows from the mining exploration and development segment³ ( i.e. Osisko Development Corp. - TSX - V : ODV ) of ( $ 15.4 ) million Net earnings attributable to Osisko's shareholders of $ 10.6 million , or $ 0.06 per basic share ( Q1 2020 net loss of $ 13.3 million , or $ 0.09 per basic share ) - Adjusted earnings of $ 18.4 million , or $ 0.11 per basic share³ ( Q1 2020 - $ 7.5 million , or $ 0.05 per basic share ) 。 Adjusted earnings from the royalty and stream segment² of $ 23.4 million , or $ 0.14 per basic share5 O Adjusted loss from the mining exploration and development segment of $ 5.0 million , or $ 0.03 per basic share5 Sandeep Singh , President and CEO of Osisko commented on the activities of the first quarter of 2021 : " The first quarter saw our royalty and streaming business continue to generate record cash margins and strong operating cash flows . This bodes well as our operating assets continue to perform , ramp up and expand over the coming quarters . We were also able to , relatively cheaply , acquire medium and longer- term royalty exposure to some highly promising exploration and development properties while maintaining a disciplined approach to growth . In Q1 , we also progressed our ambition to be a leader in the Environmental , Social and Governance ( " ESG " ) space with the publication of our inaugural ESG report and by entering into an investment and strategic partnership with Carbon Streaming Corp. The partnership leverages our streaming expertise to fund capital projects that reduce greenhouse gas emissions . " 1