Document:

Exhibit
4.3

 

 

 

Management's
Discussion and Analysis

For
the year ended December 31, 2021

 

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, 2021 should be read
in conjunction with the Company's audited consolidated financial statements and related notes for the year ended December 31, 2021. The
audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS")
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 24, 2022, the date when the Board of Directors has approved the Company's audited consolidated
financial statements for the year ended December 31, 2021 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
	Business
    Model and Strategy	2
	Uncertainty
    due to COVID-19	2
	Highlights
    - Subsequent to December 31, 2021	4
	Summary
    table - Financial highlights	4
	Portfolio
    of Royalty, Stream and Other Interests	5
	Equity
    Investments	17
	Sustainability
    Activities	21
	Mining
    Exploration and Evaluation / Development Activities	21
	Dividend
    Reinvestment Plan	25
	Normal
    Course Issuer Bid	25
	Gold
    Market and Currency	25
	Selected
    Financial Information	26
	Overview
    of Financial Results	27
	Liquidity
    and Capital Resources	31
	Cash
    Flows	32
	Quarterly
    Information	34
	Fourth
    Quarter Results	35
	Segment
    Disclosure	41
	Related
    Party Transactions	45
	Contractual
    Obligations and Commitments	45
	Off-balance
    Sheet Items	47
	Outstanding
    Share Data	47
	Subsequent
    Events to December 31, 2021	47
	Risks
    and Uncertainties	49
	Disclosure
    Controls and Procedures and Internal Control over Financial Reporting	49
	Basis
    of Presentation of Consolidated Financial Statements	50
	Critical
    Accounting Estimates and Judgements	50
	Financial
    Instruments	50
	Technical
    Information	50
	Non-IFRS
    Financial Performance Measures	51
	Forward-looking
    Statements	53
	Cautionary
    Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	54
	Corporate
    Information	55

 

     

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Description
of the Business 

 

Osisko
Gold Royalties Ltd is engaged in the business of acquiring and managing precious metals and other high-quality royalties, streams and
similar interests in Canada and worldwide, except for Osisko Development Corp. and its subsidiaries ("Osisko Development"),
which are engaged in the exploration, evaluation and development of mining projects. Osisko is a public company traded on the Toronto
Stock Exchange and the New York Stock Exchange constituted under the Business Corporations Act (Québec) and is domiciled
in the Province of Québec, Canada. 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 cornerstone asset is a 5%
net smelter return ("NSR") royalty on the Canadian Malartic mine, located in Canada.

 

On
February 24, 2022 and as of the date of this MD&A, Osisko held an interest of 75.1% in Osisko Development Corp., a mining exploration,
evaluation and development company created in the fourth quarter of 2020 through a reverse take-over transaction where Osisko transferred
its mining assets and activities to Osisko Development. As a result, the Company consolidates the assets, liabilities, results of
operations and cash flows of the activities of Osisko Development and its subsidiaries. Osisko Development's main asset is the Cariboo
gold project in British Columbia, Canada. 

 

In
this MD&A, reference to Osisko Gold Royalties is to Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development
Corp. and its subsidiaries (royalties and streams segment1 ). Reference to Osisko Development is to Osisko Development
Corp. and its subsidiaries (mining exploration and development segment2 ).

 

Business
Model and Strategy

 

Osisko
is a growth-oriented and Canadian-focused precious metals royalty and streaming company that is focused on maximizing returns for its
shareholders by growing its asset base, both organically and through accretive acquisitions of precious metals and other high-quality
royalties, streams and similar interests, and by returning capital to its shareholders through a quarterly dividend payment and share
repurchases.

 

Osisko's
main focus is on high quality, long-life precious metals assets located in favourable jurisdictions and operated by established mining
companies, as these assets provide the best risk/return profile. The Company also evaluates and invests in opportunities in other commodities
and jurisdictions. Given that a core aspect of the Company's business is the ability to compete for investment opportunities, Osisko
plans to maintain a strong balance sheet and ability to deploy capital.

 

Uncertainty
due to COVID-19

 

The
COVID-19 pandemic has had a significant impact on the global economy and commodity and financial markets. The full extent and impact
of the COVID-19 pandemic is unknown at this time and its adverse effects may continue for an extended and unknown period of time, particularly
as variant strains of the virus are identified. The impact of the pandemic to date has included volatility in financial markets, a slowdown
in economic activity, supply chain and labour issues, and volatility in commodity prices (including gold and silver). Furthermore, as
efforts have been undertaken to slow the spread of the COVID-19 pandemic, the operation and development of mining projects have been
impacted. Many mining projects, including a number of the properties in which Osisko holds a royalty, stream or other interest have been
impacted by the pandemic resulting in the temporary suspension of operations, and other mitigation measures that impacted production.
If the operation or development of one or more of the properties in which Osisko holds a royalty, stream or other interest and from which
it receives or expects to receive significant revenue is suspended as a result of the continuing COVID-19 pandemic or future pandemics
or other public health emergencies, it may have a material adverse impact on Osisko's profitability, results of operations, financial
condition and the trading price of Osisko's securities. The extent of the impact of the COVID-19 pandemic on our operational and financial
performance will depend on future developments, including a widely available vaccine in each of the countries where are located the assets
on which we own a royalty, stream or other interest, the duration and severity of the pandemic and related restrictions, all of which
continue to be uncertain and cannot be predicted.

 

As
a result of the COVID-19 pandemic, the Company took action to protect its employees, contractors and the communities in which it operates.

 

 

1 The
royalties and streams segment refers to the royalty, stream and other interests segment, which corresponds to the activities of Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development.

2 The
mining exploration and development segment refers to the mining exploration, evaluation and development segment, which corresponds to
the activities of  Osisko Development Corp. and its subsidiaries.

 

    2

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Highlights
- 2021

 

		·	80,000
                                            gold equivalent ounces ("GEOs3 ") earned (excluding 9,210 GEOs
                                            earned from the Renard diamond stream4  (compared to 66,113 GEOs in 2020,
                                            excluding 1,754 GEOs earned from the Renard diamond stream);

 

		·	Record
                                            revenues from royalties and streams of $199.6 million ($156.6 million in 2020);

 

		·	Consolidated
                                            cash flows provided by operating activities of $106.1 million ($108.0 million in 2020);

 

- Record
operating cash flows generated by the royalties and streams segment of $153.2 million ($114.0 million in 2020);

 

-Operating
cash flows used by mining exploration and development segment (Osisko Development) of $47.1 million ($6.0 million in 2020);

 

		·	Consolidated
                                            net loss attributable to Osisko's shareholders of $23.6 million, $0.14 per basic share (consolidated
                                            net earnings of $16.9 million, $0.10 per basic share in 2020), mostly as a result of the
                                            impairment charges and mining operating expenses incurred by Osisko Development;

 

		·	Consolidated
                                            adjusted earnings5  of $59.3 million, $0.35 per basic share (compared to
                                            $48.4 million, $0.30 per basic share in 2020);

 

- Adjusted
earnings from the royalties and streams segment of $94.4 million, $0.56 per basic share ($55.3 million, $0.34 per basic share in 2020);

 

- Adjusted
loss from the mining exploration and development segment of $35.1 million, $0.21 per basic share ($6.9 million, $0.04 per basic share
in 2020);

 

		·	Repaid
                                            a $50.0 million convertible debenture and drew the credit facility by the same amount, thereby
                                            reducing the interest rate payable by approximately 1.5% per annum;

 

		·	Announcement
                                            by Agnico Eagle Mines Limited ("Agnico Eagle") and Yamana Gold Inc. ("Yamana")
                                            of a positive construction decision for the Odyssey underground mine project. The preliminary
                                            economic study shows a total of 7.29 million gold ounces of resources (6.18 million tonnes
                                            at 2.07 g/t Au indicated resources and 75.9 million tonnes at 2.82 g/t Au inferred resources).
                                            Underground mine production is planned to start in 2023 and is expected to ramp up to an
                                            average of 545,400 gold ounces per year from 2029 to 2039, thereby extending the life of
                                            mine of our cornerstone asset for decades to come;

 

		·	Investments
                                            and strategic partnership with Carbon Streaming Corporation to promote global decarbonization
                                            and biodiversity efforts through carbon credit streaming transactions;

 

		·	Publication
                                            of the inaugural ESG report and announcement of commitment to the United Nations Global Compact
                                            ("UN Global Compact");

 

		·	Acquisition
                                            of six royalties and one precious metals offtake, from two private sellers, for total cash
                                            consideration of US$26.0 million ($32.6 million). Four of the royalties are on claims overlying
                                            the Spring Valley project, and increased the Company's current NSR royalty on Spring Valley
                                            from 0.5% to between 2.5% - 3.0% (sliding scale royalty percentages as long as gold prices
                                            are above US$700 per ounce). Immediately to the north of Spring Valley lies the Moonlight
                                            exploration property, where Osisko also acquired a 1.0% NSR royalty. Osisko also acquired
                                            a 0.5% NSR royalty and a 30% gold and silver offtake right covering the Almaden project in
                                            western Idaho;

 

		·	Conversion
                                            of the Parral gold and silver offtake into a life-of-mine gold and silver stream. Under the
                                            stream, Osisko Bermuda Limited ("Osisko Bermuda"), a subsidiary of Osisko, has
                                            been receiving, effective April 29, 2021, 2.4% of the gold and silver produced from tailings
                                            piles currently owned or acquired by GoGold, with a transfer price of 30% of the gold and
                                            silver spot prices. Osisko currently has no other offtake agreements on producing assets;

 

		·	Acquisition
                                            of a 2.75% NSR royalty on the Tocantinzinho gold project ("Tocantinzinho") for
                                            cash consideration of US$10 million ($12.6 million). The operator of Tocantinzinho has a
                                            one-time buy-down option in relation to the royalty. At the time of project construction,
                                            the operator may make a payment of US$5.5 million to reduce the royalty percentage by 2%
                                            resulting in a royalty of 0.75%. Pursuant to a pre-existing agreement, the buy-down payment
                                            is payable to the original royalty owners. In November 2021, the operator has early exercised
                                            the first 1% of the buy-down, therefore reducing the effective NSR royalty to 1.75%;

 

		·	Acquisition
                                            from Barrick TZ Limited, a subsidiary of Barrick Gold Corporation ("Barrick"),
                                            of royalties for total cash consideration of US$11.8 million ($14.8 million), including a
                                            2% NSR royalty on the AfriOre and Gold Rim licenses comprising the West Kenya project operated
                                            by Shanta Gold Limited, a 1% NSR royalty on the Frontier project operated by Metalor SA,
                                            a private company, and a 1% NSR royalty on the Central Houndé project operated by
                                            Thor Explorations Ltd.;

 

		·	Amendment
                                            of the revolving credit facility (the "Facility") and increase of the amount available
                                            by $150.0 million to $550.0 million, with an additional uncommitted accordion of up to $100.0
                                            million (for a total availability of up to $650.0 million). The maturity date of the Facility
                                            was extended to July 30, 2025, which can be extended annually; and

 

		·	Repurchase
                                            of 2.1 million common shares for $30.8 million under the normal course issuer bid (average
                                            acquisition price of $14.64);

 

		·	Osisko
                                            Development closed a non-brokered private placement for gross proceeds of $79.8 million (of
                                            which $73.9 million were received in 2020) in January and February 2021;

 

3 GEOs
are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements was
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 were converted into gold equivalent ounces by dividing the associated
revenue by the average gold price for the period. Offtake agreements were converted using the financial settlement equivalent divided
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.

 

4 Osisko
committed to reinvest its net proceeds from the Renard diamond stream through a bridge loan with the operator until April 2022.

 

5 "Adjusted
earnings (loss)" and "Adjusted earnings (loss) 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.

 

    3

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

	 	·	Osisko
                                            Development closed a brokered private placement of flow-through shares for gross proceeds
                                            of $33.6 million in March 2021; and

 

		·	Declaration
                                            of quarterly dividends totaling $0.21 per common share in 2021, including a dividend increase
                                            of 10% in the third quarter of 2021 (for an annualized quarterly dividend of $0.22 per common
                                            share).

 

Highlights
- Subsequent to December 31, 2021

 

		·	In
                                            January 2022, Osisko Development entered into definitive agreements to acquire 100% of Tintic
                                            Consolidated Metals LLC ("Tintic"). Osisko Bermuda entered into a non-binding metals
                                            stream term sheet, with a wholly-owned subsidiary of Osisko Development, for between US$20
                                            million and US$40 million. In the event that the full amount of US$40 million is drawn, Osisko
                                            Development will deliver to Osisko Bermuda 5% of all metals produced from the Tintic property
                                            until 53,400 ounces of refined gold have been delivered and 4.0% thereafter;

 

		·	In
                                            February 2022, Osisko Development announced a bought-deal private placement of $90.0 million
                                            and a non-brokered private placement of US$110.3 million; and

 

		·	Declared
                                            a quarterly dividend of $0.055 per common share payable on April 14, 2022 to shareholders
                                            of record as of the close of business on March 31, 2022.

 

Summary
table - Financial highlights

(in
thousands of dollars, except per share amounts)

 

	 	 	Years
    ended December 31,	 
	 	 	 	Osisko
    Gold Royalties (i) 	 	 	 	Osisko
    Development (ii) 	 	 	 	Consolidated
    (vi) 	 
	 	 	 	2021	 	 	 	2020	 	 	 	2021	 	 	 	2020	 	 	 	2021	 	 	 	2020	 
	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 
	Cash
    (iii)	 	 	82,291	 	 	 	105,097	 	 	 	33,407	 	 	 	197,427	 	 	 	115,698	 	 	 	302,524	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	224,877	 	 	 	213,630	 	 	 	7,225	 	 	 	-	 	 	 	224,877	 	 	 	213,630	 
	Cash
    margin (iv)	 	 	187,231	 	 	 	149,930	 	 	 	-	 	 	 	-	 	 	 	187,231	 	 	 	149,930	 
	Gross
    profit	 	 	138,870	 	 	 	104,325	 	 	 	-	 	 	 	-	 	 	 	138,870	 	 	 	104,325	 
	Operating
    expenses (G&A, bus. dev and exploration)	 	 	(23,778	)	 	 	(28,021	)	 	 	(22,852	)	 	 	(8,301	)	 	 	(46,630	)	 	 	(36,322	)
	Mining
    operating expenses	 	 	-	 	 	 	-	 	 	 	(12,919	)	 	 	-	 	 	 	-	 	 	 	-	 
	Net
    earnings (loss)	 	 	77,277	 	 	 	23,501	 	 	 	(133,952	)	 	 	(7,272	)	 	 	(56,675	)	 	 	16,229	 
	Net
    earnings (loss) attributable to Osisko's shareholders	 	 	77,277	 	 	 	23,501	 	 	 	(100,831	)	 	 	(6,625	)	 	 	(23,554	)	 	 	16,876	 
	Net
    earnings (loss) per share  attributable to Osisko's shareholders	 	 	0.46	 	 	 	0.14	 	 	 	(0.60	)	 	 	(0.04	)	 	 	(0.14	)	 	 	0.10	 
	Adjusted
    net earnings (loss) (v)	 	 	94,406	 	 	 	55,290	 	 	 	(35,130	)	 	 	(6,864	)	 	 	59,276	 	 	 	48,426	 
	Adjusted
    net earnings (loss) per basic share (v)	 	 	0.56	 	 	 	0.34	 	 	 	(0.21	)	 	 	(0.04	)	 	 	0.35	 	 	 	0.30	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash
    flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before
    working capital items	 	 	158,632	 	 	 	116,631	 	 	 	(27,538	)	 	 	(10,387	)	 	 	131,094	 	 	 	106,244	 
	Working
    capital items	 	 	(5,413	)	 	 	(2,669	)	 	 	(19,586	)	 	 	4,403	 	 	 	(24,999	)	 	 	1,734	 
	After
    working capital items	 	 	153,219	 	 	 	113,962	 	 	 	(47,124	)	 	 	(5,984	)	 	 	106,095	 	 	 	107,978	 
	Cash
    flows from investing activities	 	 	(120,766	)	 	 	(161,131	)	 	 	(151,272	)	 	 	(61,968	)	 	 	(272,038	)	 	 	(223,099	)
	Cash
    flows from financing activities	 	 	(54,339	)	 	 	109,444	 	 	 	34,738	 	 	 	207,417	 	 	 	(19,601	)	 	 	316,861	 

 

(i) Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and
other interests segment.

 

(ii) Osisko
Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction
completed on November 25, 2020 and creating Osisko Development). Represents the exploration, evaluation and development of mining projects
segment.

 

(iii) As
at December 31, 2021 and 2020.

 

(iv) Cash
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.

 

(v) Adjusted
earnings (loss) and adjusted earnings (loss) 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.

 

(vi) Consolidated
results are net of the intersegment transactions and adjustments related to accounting policies. Refer to the Segment Disclosure section
of this MD&A.

 

    4

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Portfolio
of Royalty, Stream and Other Interests

 

The
following table details the GEOs earned from Osisko Gold Royalties Ltd's producing royalty, stream and other interests:

 

	 	 	Three
    months ended
 December 31,	 	 	Years
    ended
 December 31,	 
	 	 	2021	 	 	2020	 	 	2021	 	 	2020	 
	Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Canadian
    Malartic royalty	 	 	8,849	 	 	 	8,544	 	 	 	35,610	 	 	 	27,964	 
	Eagle
    Gold royalty	 	 	2,432	 	 	 	1,609	 	 	 	8,506	 	 	 	4,953	 
	Éléonore
    royalty	 	 	1,420	 	 	 	1,377	 	 	 	5,632	 	 	 	4,797	 
	Seabee
    royalty (i)	 	 	771	 	 	 	961	 	 	 	3,452	 	 	 	2,390	 
	Island
    Gold royalty	 	 	471	 	 	 	582	 	 	 	2,189	 	 	 	1,860	 
	Pan
    royalty	 	 	539	 	 	 	506	 	 	 	1,832	 	 	 	1,752	 
	Lamaque
    royalty	 	 	285	 	 	 	359	 	 	 	1,264	 	 	 	884	 
	Matilda
    stream	 	 	104	 	 	 	267	 	 	 	685	 	 	 	886	 
	Bald
    Mountain royalty	 	 	88	 	 	 	72	 	 	 	511	 	 	 	104	 
	Others	 	 	231	 	 	 	156	 	 	 	1,009	 	 	 	601	 
	 	 	 	15,190	 	 	 	14,433	 	 	 	60,690	 	 	 	46,191	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Silver	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mantos
    Blancos stream	 	 	2,079	 	 	 	2,375	 	 	 	9,141	 	 	 	8,547	 
	Sasa
    stream	 	 	1,043	 	 	 	950	 	 	 	4,441	 	 	 	3,933	 
	Gibraltar
    stream	 	 	828	 	 	 	477	 	 	 	2,676	 	 	 	2,284	 
	Canadian
    Malartic royalty	 	 	90	 	 	 	118	 	 	 	400	 	 	 	400	 
	Others	 	 	63	 	 	 	197	 	 	 	492	 	 	 	897	 
	 	 	 	4,103	 	 	 	4,117	 	 	 	17,150	 	 	 	16,061	 
	Diamonds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Renard
    stream (ii)	 	 	3,042	 	 	 	1,754	 	 	 	9,210	 	 	 	3,809	 
	Others	 	 	26	 	 	 	21	 	 	 	107	 	 	 	108	 
	 	 	 	3,068	 	 	 	1,775	 	 	 	9,317	 	 	 	3,917	 
	Other
    metals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kwale
    royalty	 	 	510	 	 	 	258	 	 	 	2,050	 	 	 	1,675	 
	Others	 	 	1	 	 	 	-	 	 	 	3	 	 	 	23	 
	 	 	 	511	 	 	 	258	 	 	 	2,053	 	 	 	1,698	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
    GEOs	 	 	22,872	 	 	 	20,583	 	 	 	89,210	 	 	 	67,867	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
    GEOs, excluding GEOs earned on the Renard stream (iii)	 	 	19,830	 	 	 	18,829	 	 	 	80,000	 	 	 	66,113	 

 

(i) The
Seabee mine restarted its operations during the second quarter of 2020 (after a shut-down due to COVID-19), and deliveries to Osisko
restarted in October 2020.

 

(ii) In
April 2020, the Renard diamond mine was placed on care and maintenance, given the structural challenges affecting the diamond market
as well as the depressed prices for diamonds due to COVID-19. The mine restarted its operations in September 2020.

 

(iii) GEOs
from the Renard diamond stream are subtracted when presenting Osisko's total attributable GEOs because cash flows from the Renard diamond
stream are reinvested through a bridge loan with the operator until April 2022.

 

    5

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

GEOs
by Product

 

 

 

Average
Metal Prices and Exchange Rate

 

	 	 	Three
    months ended
 December 31,	 	 	Years
    ended
 December 31,	 
	 	 	2021	 	 	2020	 	 	2021	 	 	2020	 
	Gold(i)	 	$	1,796	 	 	$	1,874	 	 	$	1,799	 	 	$	1,770	 
	Silver(ii)	 	$	23.33	 	 	$	24.39	 	 	$	25.14	 	 	$	20.54	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exchange
    rate (US$/Can$)(iii)	 	 	1.2603	 	 	 	1.3030	 	 	 	1.2535	 	 	 	1.3413	 

 

(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.

 

    6

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Royalty,
Stream and Other Interests Portfolio Overview

 

As
at December 31, 2021, Osisko owned a portfolio of 149 royalties, 10 streams and 3 offtakes, as well as 6 royalty options. Currently,
the Company has 19 producing assets. The Cariboo royalty and the San Antonio stream are excluded from the total number of assets, as
these assets, held by Osisko, are cancelled on the accounting consolidation of Osisko Development.

 

Portfolio
by asset stage

 

	Asset
    stage	 	Royalties	 	 	Streams	 	 	Offtakes	 	 	Total
    number 

    of assets	 
	Producing	 	 	13	 	 	 	6	 	 	 	-	 	 	 	19	 
	Development
    (construction)	 	 	11	 	 	 	4	 	 	 	2	 	 	 	17	 
	Exploration
    and evaluation	 	 	125	 	 	 	-	 	 	 	1	 	 	 	126	 
	 	 	 	149	 	 	 	10	 	 	 	3	 	 	 	162	 

 

Producing
assets

 

	Asset	 	Operator	 	Interest	 	Commodity	 	Jurisdiction
	North America	 	 	 	 	 	 	 	 
	Canadian Malartic	 	Agnico Eagle Mines Limited Yamana Gold Inc.	 	5% NSR royalty	 	Au, Ag	 	Canada
	Eagle Gold	 	Victoria Gold Corp.	 	5% NSR royalty	 	Au	 	Canada
	Éléonore	 	Newmont Corporation	 	2.2-3.5% NSR royalty	 	Au	 	Canada
	Seabee	 	SSR Mining Inc.	 	3% NSR royalty	 	Au	 	Canada
	Gibraltar	 	Taseko Mines Limited	 	75% stream	 	Ag	 	Canada
	Island Gold	 	Alamos Gold Inc.	 	1.38-3% NSR royalty	 	Au	 	Canada
	Pan	 	Calibre Mining Corp.	 	4% NSR royalty	 	Au	 	USA
	Lamaque	 	Eldorado Gold Corporation	 	1% NSR royalty	 	Au	 	Canada
	Bald Mtn. Alligator Ridge / Duke &
    Trapper	 	Kinross Gold Corporation	 	1%
    / 4% GSR(i) royalty	 	Au	 	USA
	Parral(ii)	 	GoGold Resources Inc.	 	2.4% stream	 	Au, Ag	 	Mexico
	Santana	 	Minera Alamos Inc.	 	3% NSR royalty	 	Au	 	Mexico
	Ermitaño	 	First Majestic Silver Corp.	 	2% NSR	 	Au, Ag	 	Mexico
	Renard(iii)	 	Stornoway Diamonds (Canada) Inc.	 	9.6% stream	 	Diamonds	 	Canada
	 	 	 	 	 	 	 	 	 
	Outside of North America	 	 	 	 	 	 	 	 
	Mantos Blancos	 	Mantos Copper Holding SpA	 	100% stream	 	Ag	 	Chile
	Sasa	 	Central Asia Metals plc	 	100% stream	 	Ag	 	Macedonia
	Kwale	 	Base Resources Limited	 	1.5%
    GRR(iv)	 	Rutile, Ilmenite, Zircon	 	Kenya
	Matilda	 	Wiluna Mining Corporation	 	1.65% stream	 	Au	 	Australia
	Fruta del Norte	 	Lundin Gold Inc.	 	0.1% NSR royalty	 	Au	 	Ecuador
	Brauna	 	Lipari Mineração Ltda	 	1% GRR	 	Diamonds	 	Brazil

 

    7

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Key
development / exploration and evaluation assets(vi)

 

	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	 	South 32 / Trilogy Metals Inc.	 	1% NSR royalty	 	Cu	 	USA
	Amulsar(v)	 	Lydian Canada Ventures Corporation	 	4.22% Au / 62.5% Ag stream	 	Au, Ag	 	Armenia
	Amulsar	 	Lydian Canada Ventures Corporation	 	81.9% offtake	 	Au	 	Armenia
	Back Forty	 	Gold Resources Corporation	 	18.5% Au / 85% Ag streams	 	Au, Ag	 	USA
	Canadian Malartic Underground	 	Agnico Eagle Mines Limited Yamana Gold Inc.	 	3.0 - 5.0% NSR royalty	 	Au	 	Canada
	Cariboo(vi)	 	Osisko Development	 	5% NSR royalty	 	Au	 	Canada
	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/White
    Pine(vii)	 	Highland Copper Company Inc.	 	3% NSR royalty	 	Ag, Cu	 	USA
	Copperwood/White
    Pine(vii)	 	Highland Copper Company Inc.	 	3/26th
    NSR royalty	 	Ag	 	USA
	Dolphin Tungsten	 	King Island Scheelite Limited	 	1.5% Gross Revenue Royalty	 	Tungsten (W)	 	 
	Hammond Reef	 	Agnico Eagle Mines Limited	 	2% NSR royalty	 	Au	 	Canada
	Hermosa	 	South 32 Limited	 	1% NSR royalty	 	Zn, Mn, Pb, Ag	 	USA
	Horne 5	 	Falco Resources Ltd.	 	90%-100% stream	 	Ag	 	Canada
	Liontown	 	Red River Resources Limited	 	0.8% NSR	 	Au, Ag, Zn, Cu	 	 
	Magino	 	Argonaut Gold Inc.	 	3% NSR royalty	 	Au	 	Canada
	Ollachea	 	Kuri Kullu / Minera IRL	 	1% NSR royalty	 	Au	 	Peru
	San
    Antonio(vi)	 	Osisko Development	 	15% Au stream	 	Au, Ag	 	Mexico
	Spring
    Valley(viii)	 	Waterton Global Resource Management	 	2.5-3% NSR royalty	 	Au	 	USA
	Tocantinzinho(ix)	 	G Mining Ventures Corp.	 	1.75% 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	 	 
	Wharekirauponga (WKP)	 	OceanaGold Corporation	 	2% NSR royalty	 	Au	 	New Zealand
	Windfall	 	Osisko Mining Inc.	 	2.0 - 3.0% NSR royalty	 	Au	 	Canada

 

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

 

(ii) Effective
April 29, 2021, the Parral offtake was converted into a 2.4% gold and silver stream.

 

(iii) Osisko
became a 35.1% shareholder of the private entity holding the Renard diamond mine on November 1, 2019.

 

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

 

(v) 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 35.6% shareholder of Lydian Canada Ventures
Corporation, which is the private entity now holding the Amulsar project in Armenia.

 

(vi) The
5% NSR royalty on the Cariboo gold project and the 15% gold and silver stream on the San Antonio gold project held by Osisko are cancelled
on the consolidation of Osisko Development by Osisko. As a result, they are not included in the total number of assets.

 

(vii) 3.0%
NSR royalty on the Copperwood project. Upon closing of the acquisition of the White Pine project, Highland Copper Company will grant
Osisko a 1.5% NSR royalty on all metals produced from the White Pine project, and Osisko's royalty on Copperwood will be reduced to 1.5%.
Osisko also exercised in June 2021 a portion of its option and acquired a 3/26th NSR royalty on the silver production from
Copperwood and White Pine (the remaining option can be exercised by Osisko for US$23.0 million).

 

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

 

(ix) The
current effective NSR royalty is 1.75%. However, the operator has a buy-down option to reduce the royalty by 1% to 0.75% at the time
of project construction.

 

    8

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

 

 

    9

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Royalty,
stream and offtake interests transactions

 

Spring
Valley royalty portfolio

 

In
April 2021, the Company acquired six royalties and one precious metals offtake, from two private sellers, for total cash consideration
of US$26.0 million ($32.6 million). The acquisitions were funded through cash on hand. Four of the royalties are on claims overlying
the Spring Valley project, and increase the Company's current NSR royalty on Spring Valley from 0.5% to between 2.5% - 3.0% (sliding
scale royalty percentages as long as gold prices are above US$700 per ounce). Immediately to the north of Spring Valley lies the Moonlight
exploration property, where Osisko has agreed to acquire a 1.0% NSR royalty. Osisko has also agreed to acquire a 0.5% NSR royalty and
30% gold and silver offtake right covering the Almaden Project in western Idaho.

 

Conversion
of the Parral offtake to a gold and silver stream

 

In
April 2021, GoGold and Osisko Bermuda entered into an agreement to convert the gold and silver offtake into a gold and silver stream.
Under the stream, Osisko Bermuda will receive, effective April 29, 2021, 2.4% of the gold and silver produced from tailings piles currently
owned or acquired by GoGold, with a transfer price of 30% of the gold and silver spot prices. Osisko has currently no other offtake agreement
in production.

 

Tocantinzinho
royalty

 

In
July 2021, Osisko entered into a royalty transfer agreement with Sailfish Royalty Corp. ("Sailfish") pursuant to which Osisko
purchased a 2.75% NSR royalty on the Tocantinzinho gold project ("Tocantinzinho"), located in Brazil, and operated by G Mining
Ventures Corp. ("G Mining Ventures", formerly owned by Eldorado Gold Corporation) for cash consideration of US$10 million ($12.6
million). The operator of Tocantinzinho has a one-time buy-down option in relation to the royalty. At the time of project construction
the operator may make a payment of US$5.5 million to reduce the royalty percentage by 2% resulting in a royalty of 0.75%. Pursuant to
a pre-existing agreement entered into by Sailfish, the buy-down payment is payable to the original royalty owners. In November 2021,
the operator has early exercised the first 1% of the buy-down, therefore reducing the effective NSR royalty to 1.75%.

 

In
February 2022, G Mining Ventures announced the results of its 2022 feasibility study on Tocantinzinho. The study replaces the 2019 feasibility
study completed by Eldorado Gold Corporation, with updated mineral resource and mineral reserve estimates, re-sequenced mine plan, refined
mill designs, and updated current capital and operating cost estimates. The feasibility study confirms robust economics for a low cost,
large scale, conventional open pit mining and milling operation. The feasibility study outlines total gold production of 1.8 million
gold ounces over 10.5 years, resulting in an average annual gold production profile of 174,700 ounces with an All-In-Sustaining Cost
("AISC") per ounce of US$681. The project after-tax net present value (5% discount rate) is US$622 million with an after-tax
internal rate of return of 24% at a gold price of US$1,600 per ounce.

 

Horne
5 stream

 

In
August 2021, the Company made an advance payment of $10.0 million under its silver stream agreement with Falco Resources Ltd., an associate.
The payment corresponds to half of the $20.0 million second instalment payment, which was payable at the receipt of all necessary material
third-party approvals, licenses, rights of way and surface rights on the Horne 5 property.

 

Barrick
TZ royalty portfolio

 

On
October 27, 2021, Osisko concluded a transaction with Barrick TZ Limited to acquire royalties for total cash consideration of US$11.8
million ($14.8 million), including a 2% NSR royalty on the AfriOre and Gold Rim licenses comprising the West Kenya project operated by
Shanta Gold Limited, a 1% NSR royalty on the Frontier project operated by Metalor SA, a private company, and a 1% NSR royalty on the
Central Houndé project operated by Thor Explorations Ltd.

 

    10

     

    

 

	Osisko
    Gold Royalties Ltd	Management's
    Discussion and Analysis
	2021
    - Annual Report	 

 

Canadian
Malartic Royalty (Agnico Eagle Mines Limited and Yamana Gold Inc.)

 

The
Company's cornerstone asset is a 5% NSR royalty on the Canadian Malartic open pit mine which is located in Malartic, Québec, and
operated by the Canadian Malartic General Partnership (the  "Partnership") formed by Agnico Eagle Mines Limited ("Agnico
Eagle") and Yamana Gold Inc. ("Yamana") (together the "Partners").

 

Osisko
also holds a 5.0% NSR royalty on the East Gouldie and Odyssey South deposits, a 3.0% NSR royalty on the Odyssey North deposit and a 3-5%
NSR on the East Malartic deposit, which are located adjacent to the Canadian Malartic mine.

 

Update
on operations

 

On
February 17, 2022, Yamana reported production guidance of 640,000 ounces of gold at Canadian Malartic for the year 2022. At Canadian
Malartic, production is expected to transition from the open pit to the underground between 2023 to 2029.

 

Canadian
Malartic produced 177,866 ounces of gold (100% basis) during the fourth quarter. Canadian Malartic benefitted from higher grades and
recoveries from ore in the Malartic pit as the operation continues to transition to the Barnat pit. Full year production of 714,784 ounces
of gold (100% basis) exceeded guidance of 700,000 ounces.

 

Gold
mineral reserves of 3.54 million ounces, reflecting depletion from 2021 production and an adjustment of approximately 96,000 ounces due
to a slight increase in cut-off grade, which will be added to the marginal stockpile, and a localized adjustment in the lower benches
of the Canadian Malartic pit. For the Barnat pit, drill hole datasets from the former East Malartic and Sladen underground mines were
incorporated into the resource model, increasing confidence in the Barnat grade estimation and without significantly changing mineral
reserves or mineral resources. Underground mineral resources for the Odyssey project continue to grow as a result of ongoing exploration
drilling, with a total of 2.35 million ounces of indicated mineral resources and 13.15 million ounces of inferred mineral resources reported
at year-end. At East Gouldie, drilling added a total of 82 new pierce points in the mineralized zones, confirming estimated grades and
widths and resulting in the first gold indicated mineral resources for the deposit of 1.5 million ounces, on a 100% basis. The ongoing
infill drilling program continues to increase the inventory of indicated mineral resources to support the planned conversion of mineral
resources to mineral reserves. Expansion of the mineral resource envelope on all sides added new inferred mineral resources with a high
potential for future conversion in the mine plan, while step out drilling extended the mineralized zone 1,260 metres beyond the reported
East Gouldie mineral resource and identified a new subparallel zone, located 400 metres in the footwall of the East Gouldie zone. These
exploration holes are still widely spaced and therefore not yet considered in the mineral resource statement.

 

For
more information, refer to Yamana's press release dated January 13, 2022 entitled "Yamana Gold Announces Preliminary Fourth Quarter
and Full Year 2021 Operating Results, Exceeding Annual Production Guidance With Strong Cash Flow Generation and Standout Performances
at Its Core Operations", Yamana's press release dated February 8, 2022 entitled "Yamana Gold Reports Updated Mineral
Reserves and Mineral Resources Underpinning Increasing Mine Lives Across Its Portfolio" and Yamana's press release dated February
17, 2022 entitled "Yamana Gold Provides 2022-2024 Guidance and an Update to Its Ten-Year Outlook Highlighting a Sustainable
Production Platform With Significant Growth", all filed on www.sedar.com.

 

Odyssey
Underground Mine Project Construction

 

Following
the completion of an internal technical study in late 2020, the Partnership has approved the construction of a new underground mining
complex at the Odyssey project. The project is described in a NI 43-101 Preliminary Economic Assessment technical report filed on SEDAR
in March 2021. The basis for the mine plan is a potentially mineable resource of 7.29 million ounces (6.18 million tonnes of 2.07 g/t
Au indicated resources and 75.9 million tonnes of 2.82 g/t Au inferred resources). The East Gouldie deposit makes up most of this mineral
inventory, whose total inferred resources contains 6.42 million ounces (62.9 million tonnes of 3.17 g/t Au). Combined with the East Malartic
and Odyssey deposits the total underground inferred resources contains 13.8 million ounces (177.5 million tonnes of 2.42 g/t Au), as
well as indicated resources of 0.86 million ounces (13.3 million tonnes of 2.01 g/t Au). More detail can be found in Agnico Eagles' press
release dated February 11, 2021 entitled "Agnico Eagle Reports Fourth Quarter and Full Year 2020 Results" and filed
on www.sedar.com.

 

The
project has advanced significantly throughout 2021, with several milestones achieved in the past several months. In October, the concrete
pour to construct the 93-metre-tall headframe was completed on schedule, in preparation for shaft sinking to begin in 2022. The production
shaft will be 6.5 metres in diameter and 1,800 metres deep, with the first of two loading stations at 1,135 metres below surface.

 

In
parallel, the ramp from surface to the upper zones is advancing according to plan and, as of the end of November, the ramp heading is
approximately 250 metres below surface. By the end of the year, the ramp is expected to be at the elevation of the third production level
and the base of the first stoping horizon. Underground development is planned to increase in 2022 with the opening of additional headings
and the addition of Canadian Malartic development crews to complement the existing contractor crews. As an employer of choice in the
Abitibi, the Odyssey project is successfully building a highly skilled team. The first underground ore from Odyssey South is on track
to be processed through the existing Canadian Malartic plant in early 2023.

 

    11

     

    

 

 

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Opportunities also exist for supplemental production
sources to increase throughput beyond 20,000 tpd and utilize the excess process capacity of the 60,000 tpd Canadian Malartic plant. Exploration
drilling of the East Gouldie Extension and parallel structures, while widely spaced, indicate that a corridor of mineralization extends
at least 1.3 kilometres to the east of East Gouldie. Although at the very early stages, these results suggest the potential for a second
production shaft that could increase throughput over the longer term. Open pit and underground exploration targets within the Canadian
Malartic land package present additional potential ore sources. More detail can be found in Yamana's press release dated December 1,
2021 entitled "Yamana Gold Announces the Discovery of New Mineralized Zones at Wasamac and Provides an Update on Its Growth Projects"

 

For additional information, please refer to Agnico
Eagle's press release dated November 2, 2021 entitled "Agnico Eagle Provides an Update on Exploration Results: Extension of East
Gouldie Deposit on the Rand Malartic Property 1,500 Metres from Current Mineral Resources Outline; Additional High-Grade Gold-Copper
in Footwall Zone at Upper Beaver in Kirkland Lake; Exploration at Hope Bay Continues to Expand Doris and Madrid Deposits; Drilling at
Santa Gertrudis Identifies New High-Grade Mineralization", and Yamana's press release dated February 8, 2020 entitled "Yamana
Gold Reports Updated Mineral Reserves and Mineral Resources Underpinning Increasing Mine Lives Across Its Portfolio", all filed
on www.sedar.com.

 

Malartic Exploration Update On September
7, 2021, Yamana provided an update on the ongoing exploration programs at Canadian Malartic. The district exploration program has discovered
a deep eastern extension of the East Gouldie structure as well as a new zone located 400 metres south of East Gouldie, and intercepted
further promising mineralization below the known East Amphi deposit. These results support the continued growth of Canadian Malartic
as it transitions from an open pit mine to a large underground operation with a decades-long mine life. Drilling highlights in the East
Gouldie infill area include the following estimated true width intercepts: 6.2 g/t Au over 61.7 metres including 10.9 g/t Au over 21.0
metres at 1,102 metres depth (MEX19-154WC).

 

East Amphi is located three kilometres northwest
of the Canadian Malartic pit. To date, 7,900 metres of drilling have been completed at East Amphi and results indicate the presence of
significant mineralization at depth below the historic workings. Two zones are being defined with new intercepts in the Nessie zone of
2.16 g/t Au over an estimated true width of 17.19 metres in drill hole EA20-4187, and 14.13 g/t Au over an estimated true width of 1.70
metres in drill hole EA21-4196. Follow up drilling of the adjacent Kraken zone, returned an intercept of 2.01 g/t Au over an estimated
true width of 29.77 metres.

 

Recent results in the Chert zone also suggest
the potential to add additional mineral resources between the East Malartic and East Gouldie deposits. The size and shape of the Chert
zone is not well understood yet, but recent results of drill hole MEX20-164WD, returned 7.0 g/t Au over 77.9 metres core length at 890
metres depth. At East Amphi, recent work suggests that the mineralization remains open at depth below the historical underground mine,
with hole EA21-4197 intersecting 2.0 g/t Au over an estimated true width of 29.8 metres at 544 metres depth. This broad mineralized zone
is comprised of several higher-grade sub-zones. 

 

On November 2, 2021, Agnico Eagle reported positive
exploration results for the Odyssey underground project. Infill drilling returned wide, high-grade intersections in the core of the East
Gouldie deposit, with results of 6.8 g/t Au over 41.4 meters at 1,069 metres depth, including 10.2 g/t Au over 21.7 metres at 1,064 metres
depth. The eastern extension of the deposit was tested further, with the eastern most hole returning 6.3 g/t Au over 4.8 metres at 1,989
metres depth, 1.5 kilometres east of the current mineral resource, further demonstrating the excellent potential to significantly grow
the size of the East Gouldie deposit.

 

For additional information, please refer to Agnico
Eagle's press release dated July 8, 2021 entitled "Agnico Eagle Provides an Update on Exploration Results for H1 2021: Discovery
of a New Mineralized Horizon 400m South of East Gouldie Deposit; Additional High-Grade Gold-Copper in Footwall Zone at Upper Beaver in
Kirkland Lake; Exploration at Hope Bay Confirms Expansion Potential of Doris and Madrid Deposits; Drilling at Kittila Yields Deepest
Ore Grade Intersection", Agnico Eagle's press release dated October 27, 2021 entitled "Agnico Eagle Reports Third Quarter 2021
Results - Meliadine and Laronde Mines Drive Record Quarterly Gold Production; 2021 Guidance Maintained; Reintegration of Nunavummiut
Workforce at Meliadine and Meadowbank Completed; Development and Exploration Activities Progressing as Planned at Odyssey; Proposed Merger
of Equals Announced With Kirkland Lake Gold" and Yamana's press release dated September 7, 2021 entitled "Yamana Gold Reports
Positive Exploration Results at Its Producing Mines; New Zones and Targets Identified at All Operations With the Potential to Significantly
Expand the Mineral Resource Base and Increase Mine Life; East Gouldie Results Highlight Continuity and Scale of the Zone", all filed
on www.sedar.com.

 

    12 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Mantos Blancos Stream (Mantos Copper Holding
SpA)

 

Osisko owns a 100% silver stream on the Mantos
Blancos mine, which is owned and operated by Mantos Copper Holding SpA ("Mantos"), a private mining company focused on the
extraction and sale of copper. Mantos owns and operates the Mantos Blancos mine and Mantoverde project, located in the Antofagasta and
Atacama regions in northern Chile.

 

On November 30, 2021 Capstone Mining Corp. ("Capstone")
and Mantos Copper (Bermuda) Limited ("Mantos") announced that they entered into a definitive agreement to combine pursuant
to a plan of arrangement under the Business Corporations Act (British Columbia). Upon completion of the transaction, the new company
will be named Capstone Copper Corp. and all Capstone common shares will be exchanged for newly issued Capstone Copper shares, based on
the exchange ratio of one common share in the capital of Mantos for each Capstone share held.

 

Under the stream, Osisko will receive 100% of
the payable silver from the Mantos Blancos copper mine until 19.3 million ounces have been delivered (2.7 million ounces have been delivered
at December 31, 2021), 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 Mantos to Osisko
Bermuda.

 

Update on operations

 

As per Mantos, production at the Mantos Blancos
mine and concentrator plant for the fourth quarter of 2021 of 174,306 ounces of payable silver was lower than the 180,751 ounces of payable
silver in the third quarter of 2021, mainly due to lower material milled and lower recoveries (73.7% vs 79.6%), partially offset by higher
grades (6.79 g/t vs 6.26 g/t).

 

The Mantos Blancos Concentrator Debottlenecking
Project ("MB-CDP") has achieved an overall project progress of 99% and total construction and pre-commissioning progress of
100%. The main project milestone, the Facility Practical Completion date, remains scheduled for the first quarter of 2022.

 

The expansion is expected to increase the throughput
of the operation's sulphide concentrator plant from 4.3 million tonnes per year to 7.3 million tonnes per year and extend the life of
the mine to 2035. Life-of-mine deliveries of refined silver to Osisko following commissioning of the expansion are expected to total
approximately 14.5 million ounces, with annual deliveries during the first five years expected to average approximately 1.3 million ounces
of refined silver. Capstone have confirmed that studies for a further expansion at Mantos Blancos (Phase 2) that would increase mill
processing capacity from 20ktpd to 27ktpd are already underway. For additional information, please refer to Capstone's press release
entitled "Capstone and Mantos Copper Combine to Create Capstone Copper, a Premier Copper Producer With Transformational Near-Term
Growth" filed on www.sedar.com.

 

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"). The Dublin Gulch gold property
is situated in central Yukon Territory, Canada. The Eagle Gold mine poured its first gold on September 18, 2019.

 

On October 8, 2019, Victoria made its first shipment
of doré from the Eagle Gold mine and on July 1, 2020, commercial production was declared.

 

Update on operations

 

On January 6, 2022, Victoria reported gold production
in the fourth quarter of 2021 of 49,497 ounces for full year 2021 gold production of 164,222 compared to the revised guidance of 162,000.
The guidance was revised in December 2021 from the original guidance released in March 2021 of 180,000 - 200,000 ounces of gold. The
2021 gold production represents an increase of 41% compared to the previous year with ore mined increasing by 27%.

 

During the fourth quarter of 2021, the company
was delayed approximately 5 weeks in receipt of required driplines used to irrigate the heap leach pad. During this period, "low
flow" driplines were installed as an alternate until the shipment of new driplines arrived. The low flow driplines delivered less
leach solution to freshly stacked ore on the heap leach pad than would be anticipated using regular driplines resulting in an extended
leach cycle. Freshly stacked ore contains the highest portion of recoverable gold and contributes significantly to gold production for
the first 45 days under leach. All low flow driplines have subsequently been replaced and normal leaching has resumed. However, a considerable
portion of gold production expected to be recovered in the fourth quarter of 2021 is now expected to be realized in the first quarter
of 2022.

 

    13 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

On January 17, 2022, Victoria released an update
on its "Project 250", aimed at increasing the average annual gold production of the Eagle gold mine to 250,000 ounces gold
by 2023. Victoria announced the completion of a scoping study designed to assess the potential incorporation of an intermediate scalping
screen into the process flow sheet which will serve to bypass fine ore material from the crushing circuit directly to the heap leach
pad. The results of this study demonstrate an increase to design throughput of the crushing circuit by approximately 15%, thereby increasing
potential annual ore stacking on the heap leach pad by approximately 1.5 million tonnes. Project 250 targets improvements to the overall
efficiency of the Eagle Gold mine processing and material handling facilities through the elimination of unnecessary recycling of fine
ore material that is more suitable to direct delivery to the heap leach pad. This study has identified the required equipment, location
thereof and requisite modifications to the existing process layout coupled with capital and operating cost estimates in addition to timelines
to effectively execute the engineering and installation.

 

As per the recommendations of the scoping study,
detailed engineering and procurement of equipment is underway to enable construction to start in the second quarter of 2022. Construction
is expected to be completed by the end of 2022. The scoping study report is available on Victoria's website. In addition to the scalping
screen facility, Project 250 contemplates year round stacking of the heap leach pad which will extend the overall stacking schedule from
nine to eleven months a year. Stacking eleven months a year will allow for an annual four week maintenance shutdown of the crushing circuit.

 

Reserve and resource estimates

 

The Eagle and Olive deposits include proven and
probable reserves of 3.3 million ounces of gold at July 1, 2019, from 155 million tonnes of ore with an average grade of 0.65 g/t Au,
as outlined in a Technical Report, dated December 6, 2019.  At July 1, 2019, the Eagle pit was estimated to contain 4.4 million
ounces of gold in the measured and indicated category (217 million tonnes averaging 0.63 g/t Au), inclusive of proven and probable reserves,
and a further 0.4 million ounces in the inferred category (21 million tonnes averaging 0.52 g/t Au). The Olive pit was estimated to contain
0.3 million ounces of gold in the measured and indicated category (10 million tonnes averaging 1.07 g/t Au), inclusive of proven and
probable reserves, and a further 0.2 million ounces in the inferred category (7 million tonnes averaging 0.89 g/t Au).

 

For additional information, please refer to Victoria's
press release dated January 6, 2022 entitled "Victoria Gold: Eagle Gold Mine Q4 And Annual 2021 Production Results" and
Victoria's press release dated January 17, 2022 entitled "Victoria Gold Provides Update on 'Project 250', both filed on www.sedar.com.

 

Éléonore Royalty (Newmont Corporation) 

 

Osisko owns a sliding scale 2.2% to 3.5% NSR
royalty on the Éléonore gold property 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.

 

Update on operations

 

On December 2, 2021, Newmont provided 2022 guidance
for the Éléonore mine of 275,000 ounces of gold.

 

On October 28, 2021, Newmont announced sales
of 58,000 gold ounces in the third quarter of 2021 for a total of 186,000 gold ounces in the first nine months of 2021.

 

Reserve and resource estimates

 

On February 10, 2021, Newmont updated its mineral
reserve and resource estimates for the Éléonore mine as at December 31, 2020. Proven and probable gold mineral reserves
and resources remained relatively unchanged after depletion. Proven and probable gold mineral reserves as of December 31, 2020 totaled
1.26 million ounces (7.8 million tonnes grading 5.0 g/t Au). Measured and indicated gold mineral resources as of December 31, 2020 were
estimated at 0.44 million ounces (3 million tonnes grading 4.51 g/t Au). Inferred gold mineral resources as of December 31, 2020 were
estimated at 0.46 million ounces (2.5 million tonnes grading 5.65 g/t Au).

 

For additional information, please refer to Newmont
press release dated February 10, 2021 entitled "Newmont Reports 2020 Mineral Reserves of 94 Million Gold Ounces Replacing 80
Percent of Depletion", Newmont's press release dated December 2, 2021 entitled "Newmont Provides 2022 and Longer-term
Outlook", and Newmont's press release dated October 28, 2021 entitled "Newmont Announces Third Quarter 2021 Results",
all filed on www.sedar.com.

 

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 Macedonia. The Sasa mine is one
of the largest zinc, lead and silver mines in Europe, producing approximately 30,000 tonnes of lead, 22,000 tonnes of zinc and 400,000
ounces of silver in concentrates per annum. 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 increased annually from 2017, based on inflation (currently
US$5.96 per ounce).

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
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Update on operations

 

On January 11, 2022, Central Asia reported sales
of 85,314 ounces of payable silver in the fourth quarter of 2022 for a total of 323,849 ounces for the year 2021.

 

For more information on the Sasa mine, refer
to Central Asia's press release dated January 11, 2022, entitled "2021 Operations Update" available on their website
at www.centralasiametals.com.

 

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.

 

Update on operations

 

On January 31, 2022, SSR Mining reported that
it expects to produce between 115,000 to 125,000 ounces of gold at Seabee in 2022, with a mid-point of 119,000 ounces of gold.

 

SSR Mining also announced gold production for
Seabee was a record 118,888 ounces in 2021, exceeding full-year guidance. Gold production was 35,570 ounces in the fourth quarter of
2021. Seabee's production profile is expected to remain largely consistent throughout the next year. Due to continued strong performance
in the mine, Seabee is targeting record throughputs above 1,100 tonnes per day ("tpd") through 2022. Seabee's outperformance
is expected to continue, as strong grades drive production of 120,000 to 130,000 ounces in 2023. Continued exploration in the Santoy
mine is aimed at increasing grade and production in 2024 and beyond, as the operation has managed to do for many years.

 

Update on exploration

 

On January 31, 2022, SSR Mining announced total
2022 exploration and resource development expenditures are estimated at $15 million with a focus on expansion and definition of the Santoy
Gap Hanging Wall and surface drill programs at the Seabee and Fisher properties (Fisher is not covered by the royalty).

 

Reserve and resource estimates

 

On March 30, 2021, SSR Mining reported its updated
mineral reserves and mineral resources as of December 31, 2020. At the Seabee gold operation, exploration activities were impacted in
2020 due to the COVID-19 pandemic, limiting exploration during the year. Mineral reserves totaled 493,000 ounces of gold (1.6 million
tonnes at an average gold grade of 9.83 g/t) at year-end 2020, a decrease of 1% compared to year-end 2019. The slight decrease in reserves
is due to depletion at Santoy 8 and 9, offset by mineral resource to reserve conversion at Santoy 8 and 9 and the Gap HW based on infill
drilling. Measured and indicated mineral resources totaled 1,003,000 ounces of gold (3.0 million tonnes at an average gold grade of 10.38
g/t); and inferred mineral resources totaled 507,000 ounces of gold (2.03 million tonnes at an average gold grade of 7.77 g/t) at year-end
2020. Mineral resources and reserves development drilling will continue at Seabee in 2021 with a focus on Gap HW and the newly discovered
adjacent Santoy hanging wall.

 

For more information, refer to SSR Mining's press
release dated January 31, 2022 entitled "SSR Mining Achieves Top End of 2021 Production Guidance, Beats Aisc Guidance, Outlines
Three-Year Outlook and Intends to Increase 2022 Dividend by 40%" and SSR Mining's press release dated March 30, 2021 entitled
"SSR Mining Reports Mineral Reserves And Resources for Year-End 2020", both filed on www.sedar.com.

 

Gibraltar Stream (Taseko Mines Limited) 

 

Osisko owns a 100% silver stream on Taseko Mines
Limited's ("Taseko") attributable portion of the Gibraltar copper mine ("Gibraltar"), held by Gibraltar Mines Ltd.
("Gibco") and located in British Columbia, Canada. Under the stream agreement, Osisko will receive from Taseko an amount equal
to 100% of Gibco's share of silver production (representing 75% of the Gibraltar mine production) until the delivery to Osisko of 5.9
million ounces of silver and 35% of Gibco's share of silver production thereafter. Since April 2020, there is no transfer price for the
silver ounces acquired. As of December 31, 2021, a total of 0.9 million ounces of silver have been delivered under the stream agreement.

 

Gibraltar produced 112 million pounds of copper
in 2021 and 29 million pounds in the fourth quarter of 2021. However, sales in the fourth quarter were 24 million pounds due to major
disruption to the highway and rail infrastructure in southern British Columbia from severe rainstorms in November. Transit times for
rail shipments are gradually improving and Taseko expects to reduce copper inventories at Gibraltar in the first quarter of 2022.

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
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	2021 - Annual Report	 

 

For more information, refer to Taseko's press
release dated January 13, 2022 entitled "Taseko Announces Gibraltar 2021 Production and Sales", filed on www.sedar.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.

 

Update on operations

 

On January 17, 2022, Alamos reported its 2022
guidance for Island Gold of 125,000 to 135,000 ounces of gold. Gold production at Island Gold is expected to decrease slightly in 2022,
reflecting lower planned grades which is consistent with the mineral reserve grade and the Phase 2I expansion study released in 2020
("Phase 2I Study"). Mining and processing rates are expected to be consistent with 2021 and average 1,200 tpd. As outlined
in the Phase 2I Study, grades mined are expected to decrease below the average mineral reserve grade in 2023 followed by an increase
above the average mineral reserve grade in 2024 driving production higher.

 

Alamos reported gold production of 37,500 ounces
at Island Gold in the fourth quarter of 2021 for an annual gold production of 140,900 ounces, meeting its guidance.

 

In 2020, Alamos reported results of the positive
Phase 2I expansion study conducted on its Island Gold mine. Based on the results of the study, Alamos is proceeding with an expansion
of the operation to 2,000 tonnes per day. This follows a detailed evaluation of several scenarios which demonstrated the shaft expansion
as the best option, having the strongest economics, being the most efficient and productive, and the best positioned to capitalize on
further growth in mineral reserves and resources. The Phase 2I expansion is expected to drive average annual gold production to 236,000
ounces per year starting in 2025 upon completion of the shaft, representing a 70% increase from 2020 production. The Phase 2I expansion
study was based on mineral reserves and resources at Island Gold as of December 31, 2019 and does not include the significant growth
over the past year as outlined in the 2020 year-end Mineral Reserve and Resource statement and exploration results described below. On
January 17, 2022, Island Gold announced that permitting for the expansion is expected to be completed during the first half of 2022.
Shaft site surface works, construction of the hoisting plant and preparation of the shaft sink will be a major focus with the pre-sink
of the shaft expected to start mid-2022

 

Reserves and resources

 

On February 23, 2021, Alamos reported its updated
mineral reserves and resources as of December 31, 2020. Island Gold's mineral reserves and resources increased a combined 1.0 million
ounces, net of mining depletion, including: an 8% increase in proven and probable mineral reserves to 1.3 million ounces (4.2 million
tonnes grading 9.71 g/t Au), a 40% increase in inferred mineral resources to 3.2 million ounces (6.9 million tonnes grading 14.43 g/t
Au) with grades also increasing 9%, reflecting further higher grade additions in Island East, for combined mineral reserves and resources
totalling 4.7 million ounces, a 27% increase from the end of 2019.

 

Exploration update

 

On January 17, 2022, Alamos announced that a
total of $22 million has been budgeted for surface and underground exploration at Island Gold in 2022. The exploration focus remains
on defining additional near mine mineral resources across the two-kilometre long Island Gold Main Zone (Island Main, West, and East),
as well as advancing and evaluating several regional targets. The 2021 exploration program was successful in extending high-grade mineralization
across the Island Gold Main Zone, particularly in Island East. This included the best hole drilled to date at Island Gold (71.21 g/t
Au (39.24 g/t cut) over 21.33 metres true width), extending high grade mineralization down-plunge from existing Mineral Resources. High
grade mineralization was also intersected in a 300 metres step out hole, the deepest drilled to date, confirming that high grade mineralization
extends well beyond mineral resources to a depth of more than 1,700 metres. These results highlight the significant potential for further
growth in mineral reserves and resources.

 

The 2022 surface and underground exploration
drilling program will continue to test the lateral and down-plunge extensions of Island East as well as an increased focus on Island
Main and West. This includes 30,000 metres of surface directional drilling, 30,000 metres of underground exploration drilling.

 

For more information, refer to Alamos' press
release dated January 17, 2022 entitled "Alamos Gold Reports Fourth Quarter 2021 Production and Provides Three-Year Production
and Operating Guidance" and Alamos' press release dated February 23, 2021 entitled "Alamos Gold Reports Mineral Reserves
and Resources for the Year-Ended 2020", both filed on www.sedar.com.

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
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Renard Stream (Stornoway Diamonds (Canada)
Inc.)

 

Osisko owns a 9.6% diamond stream on the Renard
diamond mine operated by Stornoway Diamonds (Canada) Inc. ("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.

 

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, Stornoway Diamonds (Canada) Inc., which
is considered as an associate since that date.

 

Under the stream agreement, upon the completion
of a sale of diamonds, Osisko remits to Stornoway a cash transfer payment which equals to the lesser of 40% of achieved sales price and
US$40 per carat. For the purpose of calculating stream remittances, Stornoway shall separately sell any diamonds smaller than the +7
DTC sieve size that are recovered in excess of the maximum agreed-upon proportion within a sale of run of mine ("ROM") diamonds
(the excess small diamonds, or incidentals). In this manner, Stornoway shall restrict the proportion of small diamonds contained in a
ROM sale such that the streamers and Stornoway will be fully aligned on upside price exposure with downside protection on price and product
mix.

 

Update on operations

 

Stornoway announced in April 2020 that it had
decided to keep the mine on care and maintenance, given the structural challenges affecting the diamond market sales as well as the depressed
prices for diamonds due to COVID-19. The mine restarted its activities in September 2020.

 

Stornoway's focus has been on cost reduction
while the diamond market recovers. During the first quarter of 2021, the company sold 444,936 carats at an average price of US$74.03
per carat, a significant improvement over pre-COVID pricing levels. During the second quarter of 2021, the company sold 439,028 carats
at an average price of US$83.80 per carat. During the third quarter of 2021, the company sold 468,354 carats at an average price of US$97.85
per carat and during the fourth quarter, the company sold 491,053 carats at an average price of US$116.23 per carat. The last sale that
was completed in February had an average price of over US$170 per carat, a continued upward trend.

 

Stornoway's cost reductions, coupled with strengthening
diamond prices resulted in positive cash generation from Renard and no additional drawdowns on the company's working capital facility
in 2021. Stornoway repaid $3.9 million to Osisko, or approximately 50% of the working capital facility (and interests receivable) outstanding
at the end of December 2021. Osisko has agreed to defer payments from the stream until April 2022. Payments can be made prior to this
date if the financial situation of Stornoway permits.

 

Equity Investments

 

The Company's assets include a portfolio of shares,
mainly of publicly traded exploration and development mining companies. Osisko invests, and intends to continue to invest, from time
to time in companies where it holds a royalty, stream or other interest and in various companies within the mining industry for investment
purposes and with the objective of improving its ability to acquire future royalties, streams or other interests. In addition to investment
objectives, in some cases, the Company may decide to take a more active role, including providing management personnel and/or administrative
support, as well as nominating individuals to the investee's board of directors. These investments are reflected in investments in associates
in the consolidated financial statements and include mainly Osisko Mining Inc. ("Osisko Mining"), Osisko Metals Incorporated
("Osisko Metals") and Falco Resources Ltd. ("Falco"). Certain equity positions, including Falco, were transferred
to Osisko Development as part of the reverse take-over transaction completed in the fourth quarter of 2020.

 

Osisko Gold Royalties and Osisko Development
may, from time to time and without further notice except as required by law or regulations, increase or decrease their investments at
their discretion.

 

During the year ended December 31, 2021, Osisko
acquired equity investments for $20.7 million ($15.5 million acquired by Osisko Gold Royalties and $5.2 million acquired by Osisko Development)
and disposed investments for $47.9 million ($4.9 million sold by Osisko Gold Royalties and $43.0 million sold by Osisko Development).

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
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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, 2021 (in thousands of dollars):

 

	 	 	Osisko Gold Royalties	 	 	Osisko Development	 	 	Consolidated	 
	Investments	 	Carrying
    
 value (i)	 	 	Fair

    Value (ii)	 	 	Carrying
    
 value (i)	 	 	Fair

    value (ii)	 	 	Carrying

    value (i)	 	 	Fair

    value (ii)	 
	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 
	Associates	 	 	112,390	 	 	 	203,336	 	 	 	12,964	 	 	 	44,820	 	 	 	125,354	 	 	 	248,156	 
	Other	 	 	51,668	 	 	 	51,668	 	 	 	42,563	 	 	 	42,563	 	 	 	94,231	 	 	 	94,231	 
	 	 	 	164,058	 	 	 	255,004	 	 	 	55,527	 	 	 	87,383	 	 	 	219,585	 	 	 	342,387	 

 

(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 the other investments, as per 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, 2021.

 

Main Investments

 

The following table presents the main investments
of the Company in marketable securities as at December 31, 2021:

 

	Investment	 	Company Holding
 the Investment	 	Number of
 Shares Held	 	 	Ownership	 
	 	 	 	 	 	 	 	%	 
	Osisko Mining	 	Osisko Gold Royalties	 	 	50,023,569	 	 	 	14.4	 
	Osisko Metals	 	Osisko Gold Royalties	 	 	31,127,397	 	 	 	15.4	 
	Falco	 	Osisko Development (i)	 	 	46,885,240	 	 	 	17.3	 

 

(i) The
investment is held by Barkerville Gold Mines Ltd, a wholly-owned subsidiary of Osisko Development.

 

Osisko Mining Inc. 

 

Osisko Mining is a Canadian gold exploration
and development company focused on its Windfall gold project. Osisko holds a 2.0% - 3.0% NSR royalty on the Windfall gold project, for
which a positive preliminary economic assessment was released in April 2021.

 

In March 2021, Osisko Mining announced that it
has placed an order for grinding equipment and ancillaries from FLSmidth for its 100% owned Windfall gold project. The grinding mills
have a capacity of processing up to 176.6 dry tonnes per hour, or 3,900 tonnes per day based on 92% availability.  The equipment
is expected to be delivered to the Windfall project in the second half of 2022. Installation will follow pending successful receipt of
all permits and authorizations. For more information, refer to Osisko Mining's press release dated March 9, 2021 entitled "Osisko
Mining Orders Milling Equipment for Windfall", filed on www.sedar.com.

 

In April 2021, Osisko Mining released an updated
preliminary economic assessment with a 39% after-tax internal rate of return and a $1.5 billion after-tax net present value, using a
gold price of US$1,500 per ounce. The updated preliminary economic assessment shows an average gold production of 238,000 ounces per
year of an 18 year life-of-mine. The first seven years of full production is expected to average 300,000 ounces per year at an average
diluted grade of 8.1 g/t Au. For more information, refer to Osisko Mining's press release dated April 7, 2021 entitled "Osisko
Mining Delivers Positive PEA Update for Windfall", filed on www.sedar.com.

 

On September 14, 2021, Osisko Mining reported
that drilling had confirmed the Golden Bear discovery zone ("D1") and also identified two new mineralized zones ("D2"
and "D3"). All three zones display alteration, sulfide mineralization and local visible gold, and all three remain open up
and down plunge and along strike. Drill hole OSK-UB-21-273 returned 67.10 g/t Au over 2.0 metres; this intercept occurred 60 metres upplunge
from the discovery intercept previously reported (27.40 g/t Au over 6.7 metres). Osisko Mining also released several batches of drill
results illustrating the high grade nature of the deposits at Windfall, including 2,181 g/t Au over 2.5 metres at Lynx on August 3, 2021.

 

On November 30, 2021, Osisko Mining announced
that it has signed an agreement for a private placement of $154 million in a convertible senior unsecured debenture due December 1, 2025
(the "Debentures") with Northern Star Resources Limited ("Northern Star"). In addition, Osisko Mining and Northern
Star had agreed to negotiate, on an exclusive basis, the terms of an earn-in and joint-venture on up to a 50% interest in Osisko Mining's
Windfall project. On February 16, 2022, Osisko Mining announced the termination of the joint venture negotiations. Osisko Mining has
determined that development of the Windfall project on an independent basis would be optimal for their shareholders.

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
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On January 10, 2022, Osisko Mining provided an
updated mineral resource estimate on Windfall. Measured and indicated resources are estimated at 3.2 million ounces of gold, an increase
of 73%, at an average grade of 10.5 g/t (cut-off grade of 3.5 g/t), an increase of 9%. Inferred resources are estimated at 3.6 million
ounces of gold at an average grade of 8.6 g/t, reflecting a grade increase of 8%. For more information, refer to Osisko Mining's press
release dated January 10, 2022 entitled "Osisko Delivers Updated Windfall Resource Estimate", filed on www.sedar.com.

 

For more information, please refer to Osisko
Mining's press releases available on www.sedar.com and on their website (www.osiskomining.com).

 

As at December 31, 2021, the Company held 50,023,569
common shares representing a 14.4% interest in Osisko Mining (14.5% as at December 31, 2020). The Company concluded that it exercises
significant influence over Osisko Mining and accounts for its investment using the equity method.

 

Osisko Metals Incorporated

 

Osisko Metals is a Canadian base metal exploration
and development company with a focus on zinc mineral assets. The company's flagship properties are the Pine Point mining camp, located
in the Northwest Territories and the Bathurst mining camp, located in northern New Brunswick. The Company owns a 2.0% NSR royalty on
the Pine Point mining camp (acquired in January 2020) and a 1.0% NSR royalty on the Bathurst mining camp. On February 11, 2022, the royalty
Pine Point was increased by 1% for $6.5 million for a total NSR royalty of 3.0%

 

On January 11, 2021, Osisko Metals announced
its 2021 exploration and development plans for Pine Point, including an updated preliminary economic assessment and submission of the
environmental assessment initiation package. On receipt of a positive decision on the environmental assessment, expected in the third
quarter of 2023, the project permitting phase will commence and is expected to be completed by the third quarter of 2024.

 

On June 15, 2020, Osisko Metals released a positive
independent preliminary economic assessment on the Pine Point project, including the results of an updated mineral resource estimate
that converted approximately 25.5% of the global resource to the indicated mineral resource category. The preliminary economic assessment
showed an estimated internal rate of return of 29.6% and a mine life of 10 years. The updated mineral resource estimate highlighted indicated
mineral resources of 12.9 million tonnes grading 6.29% zinc equivalent ("ZnEq") (4.56% Zn and 1.73% Pb). Inferred mineral resources
are estimated at 37.6 million tonnes grading 6.80% ZnEq (4.89% Zn and 1.91% Pb). For more information, refer to Osisko Metals' press
release dated June 15, 2020 entitled "Osisko Metals Releases Positive Pine Point PEA", filed on www.sedar.com.

 

As at December 31, 2021, the Company held 31,127,397
common shares representing a 15.4% interest in Osisko Metals (17.4% as at December 31, 2020). The Company concluded that it exercises
significant influence over Osisko Metals and accounts for its investment using the equity method.

 

Falco Resources Ltd.

 

Falco's main asset is the Horne 5 gold project,
for which a positive updated feasibility study was released in March 2021. For more information, refer to Falco's press release dated
March 24, 2021 and entitled "Updated Feasibility Study Confirms Significant Value of the Horne 5 Project" and filed
on www.sedar.com.

 

The feasibility study was updated to reflect
the improved commodity prices, the silver stream financing arrangement with Osisko and the copper and zinc concentrate offtake agreements
with Glencore Canada Corporation and its affiliated companies ("Glencore"). The capital and operating costs were reviewed to
reflect current market conditions for labour, supplies and services. At a gold price of $1,600 per ounce, the updated feasibility study
shows that the Horne 5 Project would generate an after-tax net present value, at a 5% discount rate, of $761 million and an after-tax
internal rate of return of 18.9%.

 

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In June 2021, Falco entered into an agreement
in principle with Glencore establishing the framework of the terms and conditions (the "Agreement in Principle") pursuant to
which the parties will enter into the Principal Operating License and Indemnity Agreement (the "OLIA") in order to enable Falco
to develop and operate its Horne 5 project. It is anticipated that the OLIA will be finalized in 2022. The Agreement in Principle outlines
the terms to be included in the OLIA which will establish the framework to govern Falco's development and operation of its Horne 5 project,
including:

 

- The creation
of Technical and Strategic Committees, comprised of both Glencore and Falco representatives, to collaborate in the successful and safe
development and operation of the Horne 5 Project and to capitalize on the many synergies between the parties;

- The right
to appoint one Glencore representative on Falco's Board;

- Rights
of access, use and transformation rights in favour of Falco; and

- Financial
assurance including guarantees, and indemnification to cover risks to Glencore's copper smelting operations (the "Horne Smelter").

 

For more information, refer to Falco's press
release dated June 28, 2021 entitled "Falco Enters into an Agreement in Principle with Glencore Regarding Horne 5 Development
and Operating License", filed on www.sedar.com.

 

In June 2021, Falco also entered into an option
agreement granting Falco the sole and exclusive right to acquire an undivided one hundred percent ownership interest in the Norbec and
Millenbach sites located in the vicinity of the City of Rouyn-Noranda. The properties will serve as the tailings management facilities
and are located at a former tailings facility (the old Norbec Mine), which has already been impacted by historical mining activities
and is situated approximately 11 kilometres from the Horne 5 project's mining complex site. The use of this previously impacted site
is consistent with Falco's environmental, social and governance strategies. For more information, refer to Falco's press release dated
June 30, 2021 entitled "Falco Enters into an Option Agreement with First Quantum for its Future Tailings Management Facility
Site", filed on www.sedar.com. 

 

In February 2019, Osisko provided Falco with
a senior secured silver stream credit facility ("Falco Silver Stream") with reference to up to 100% of the future silver produced
from the Horne 5 property ("Horne 5") located in Rouyn-Noranda, Québec. As part of the Falco Silver Stream, Osisko will
make staged upfront cash deposits to Falco of up to $180.0 million and will make ongoing payments equal to 20% of the spot price of silver,
to a maximum of US$6.00 per ounce. The Falco Silver Stream is secured by a first priority lien on the project and all assets of Falco.
However, Osisko agreed to subordinate its first priority in favor of Glencore pending the repayment of a short-term loan to Glencore
by Falco. The first installment of $25.0 million was made at the closing of the Falco Silver Stream and an additional advance of $10.0
million on the second installment ($20.0 million) was made in August 2021.

 

As at December 31, 2021, Osisko Development held
46,885,240 common shares representing a 17.3% interest in Falco (18.2% as at December 31, 2020). The Company concluded that it exercises
significant influence over Falco and accounts for its investment using the equity method.

 

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	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Sustainability Activities

 

Osisko views sustainability as a key part of
its strategy to create value for its shareholders and other stakeholders.

 

The Company focuses on the following key areas:

 

		·	Promoting
                                            the mining industry and its benefits to society;

 

		·	Maintaining
                                            strong relationships with the Federal government and the Provincial, Municipal and First
                                            Nations governments;

 

		·	Supporting
                                            the economic development of regions where Osisko operates (directly or indirectly through
                                            its interests);

 

		·	Supporting
                                            university education in mining fields and employee development;

 

		·	Promoting
                                            diversity throughout the organization and the mining industry; and

 

		·	Encouraging
                                            our partners' companies to adhere to the same areas of focus in sustainability.

 

In April 2021, Osisko Gold Royalties released
its inaugural ESG report (www.osiskogr.com/en/message-stakeholders/). In addition to a discussion of corporate governance practices,
the report provides a focused review of how Osisko assesses potential investments through its diligence process and monitors existing
assets to ensure the Company is well positioned to deliver growth responsibly.

 

As part of its broader ESG initiative, Osisko
Gold Royalties is proud to have joined the UN Global Compact, the world's largest voluntary corporate sustainability initiative, with
over 14,500 participants across 160 countries. The UN Global Compact is based on ten universally accepted principles in the areas of
human rights, labour, environment and anti-corruption. By signing onto the initiative, Osisko Gold Royalties has committed to align with
these principles, intended to promote and strengthen responsible corporate policies and practices worldwide. As part of its commitment,
Osisko Gold Royalties will release an annual communication on progress that outlines the Company's efforts to operate responsibly and
implement the ten principles.

 

Osisko also proudly announced a strategic partnership
with Carbon Streaming Corporation ("Carbon Streaming") to help promote global decarbonization and biodiversity projects. The
group's management team consists of seasoned executives with significant streaming expertise and recognized climate change experts. Carbon
Streaming's business model is to fund carbon-offset projects that avoid, reduce or remove GHG emissions globally. The investment affords
Osisko a 20% right to participate in any streaming transactions conducted by Carbon Streaming under certain circumstances. Beyond the
potential to offset the Company's indirect carbon emissions, Osisko expects potential synergies with current and future mine operators
in its traditional royalty and stream business. Mining operations afford significant opportunities to generate carbon credits through
ancillary projects that are value enhancing for the mine, the neighboring communities (through employment and conservation) and the environment
overall. On July 27, 2021 Carbon Streaming listed on the NEO Exchange.

 

Mining Exploration and Evaluation / Development
Activities

 

Following the spin-out of the mining activities
of Osisko Gold Royalties to Osisko Development in November 2020, all mining exploration, evaluation and development assets and activities
are now held, operated and financed exclusively by Osisko Development.

 

In 2021, investments in mining assets and plant
and equipment amounted to respectively $185.3 million, mostly on the Cariboo gold property, Bonanza Ledge Phase 2 project and San Antonio
gold project, all operated by Osisko Development.

 

Cariboo gold property

 

Exploration activities

 

A total of 152,500 meters were drilled in 2021
on the Cariboo gold property as part of the exploration and category conversion drill program to support the ongoing feasibility study.
The drilling commenced in January 2021 and was completed in October 2021 with up to 12 diamond drill rigs utilized during the campaign.
By deposit, a total of 61,000 meters were drilled at Shaft, 50,000 meters at Valley, 30,000 meters at Lowhee and 10,000 meters at Mosquito.
An additional 1,500 meters were drilled at Quesnel River.  The drilling confirmed down dip extensions of mineralized vein corridors
and high-grade intercepts within the current mineral resource estimate. The mineral resource estimate incorporates eight deposit areas;
the Shaft and Mosquito Creek deposits on Island Mountain, Cow and Valley deposits on Cow Mountain, and Lowhee, KL, BC Vein and Bonanza
Ledge deposits on Barkerville Mountain at a cut-off grade of 2.1 g/t Au. The objective of the 2021 exploration and delineation program
is to convert inferred resources to indicated resources to support reserves for the ongoing feasibility study and to increase overall
ounces in the inferred and indicated resource categories by exploring the depth and strike potential of the known deposits.

 

    21 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

For further details on the exploration drilling
results, please refer to Osisko Development's press releases filed on SEDAR (www.sedar.com) and on Osisko Development's website
(www.osiskodev.com). 

 

Mineral resource estimate

 

In October 2020, Osisko announced an updated
mineral resource estimate for the Cariboo gold project of 3.2 million ounces of gold (21.4 million tonnes grading 4.6 g/t Au) in the
measured and indicated resource category, and 2.7 million ounces of gold (21.6 million tonnes grading 3.9 g/t Au) in the inferred resource
category. Metallurgical testing has shown that the mineralization can be effectively upgraded by flotation and x-ray transmission ore-sorting,
owing to the strong association of gold with pyrite. The concentrates can then be processed at the wholly-owned Quesnel River mill.

 

For more information, refer to Barkerville Gold
Mines NI 43-101 Technical Report entitled "NI 43-101 Technical Report and Mineral Resource Estimate for the Cariboo Gold Project,
British Columbia, Canada" (the "Technical Report") filed on SEDAR (www.sedar.com) on November 17, 2020 under
Osisko Gold Royalties' profile.

 

Permitting and Environmental Assessment Process

 

On October 27, 2021 the Province of British Columbia,
Lhtako Dené First Nation and Osisko Development announced the approval of amendments to Mines Act Permits M-238 and M-198 allowing
for the expansion of the existing Bonanza Ledge Phase 2 underground mine. These amendments support the ongoing employment of 127 workers
at the mine. The expansion of the Bonanza Ledge 2 project allows for continuity of certain mining activities while the Cariboo gold project
environmental assessment proceeds.  The permitting process is still on schedule with granting of the permits anticipated by September
2022.

 

Osisko Development started an Environmental Assessment
Process ("EA") in spring of 2019 for the Cariboo gold project located in British Colombia.  The project has completed
several milestones to obtaining the EA Certificate planned in the fourth quarter of 2022.  The following is a summary of the steps
completed and to be completed to obtain the EA Certificate that will grant Osisko Development the right to apply for the permit of the
Cariboo gold project

 

The following is summary of steps towards EA
certification in September 2022

 

✓ Early
Engagement - Completed, initial project description and summary of engagement

✓ EA
Readiness Decision - Completed, detailed project description, received notice of consent

✓ Processing
planning - Completed

✓ Application
Development & Review - Application submitted and under review

 

		o	Effects
                                            of Assessment

		o	Recommendation

		o	Decision

		o	Post
                                            Certificate

 

Ore Sorting Technology and Advanced Mining
Equipment

 

Osisko Development commissioned TOMRA in the
last quarter of 2020 to complete ore sorting tests using a XRT sensor (x-ray transmission) on a sample of approximately 2,200 kg of ore
coming from the Cariboo gold project. After screening to remove the fine particles (size less than 10mm), approximately 1,800 kg of samples,
corresponding to medium grade mineralized material typically encountered around high grade veins and replacements, was tested by the
Tomra Sorter.  In April 2021, Osisko Development announced positive results of the recent test work aimed at confirming the use
of ore sorting to improve the processed grade of mineral resources at the Cariboo gold project.  Details on the results of the test
work can be viewed in the company's press release dated April 22, 2021. During the fourth quarter of 2021, Osisko Development completed
the mechanical installation of the Steinert Ore Sorter. Following the electrical installation to be done in February 2022, commissioning
is expected to be completed by the beginning of the second quarter of 2022.

 

During the fourth quarter of 2020, Osisko Development
leased a MT720 Roadheader for 12 months, which was used for testing purposes in the first half of 2021 at the Bonanza Ledge Phase 2 project.
The Roadheader was re-purposed in the second half of 2021 to build the Cow Mountain Portal. It is currently held in containment inside
the portal along with winter protection awaiting the start of the development of the Lowhee underground exploration ramp. The Cow exploration
ramp will gain access to a 10,000 tonne bulk sample that was permitted in 2021 under a mineral exploration (MX) permit MX-4-561. Underground
development with the Roadheader is required to reach the bulk sample location and ore is expected to be processed in the fourth quarter
2022. Underground exploration will also take place as part of this work. Benefits expected to be realized from the Roadheader include,
safer development for operators, reduced overbreak, faster development rate, improved integrity of the Cariboo Gold ground and better
drift profile and improved ground conditions.  The leased MT720 Roadheader was purchased in the first quarter of 2022. Two additional
Roadheaders (MH621) have also been ordered from Sandvik Canada in the fourth quarter of 2021, which are expected to arrive on site in
the fourth quarter of 2022 and the first half of 2023.

 

    22 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

2022 Objectives

 

Regional greenfield exploration is planned for
the second and third quarters of 2022 to continue the geochemical sampling and geological mapping of the Quesnel Terrane properties with
focus on the Cayenne property and the area between Burns and Yanks, known as the Yanks-Lightning Trend.

 

Osisko Development started mining operations
at its Bonanza Ledge Phase 2 project in the first quarter of 2021 as it was granted in the first quarter of 2021 a notice of departure
from the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia.  Osisko Development announced on October 27, 2021
receipt of the final permits for the Bonanza Ledge Phase 2 mine and Qquesnel River mill. The Cow Mountain Underground Bulk Sample Permit
was received in July 2021. The underground portal was completed in the fourth quarter of 2021 and Osisko Development anticipates commencing
the bulk sample activities in 2022. Osisko Development will be collecting the bulk sample from the Lowhee Deposit and is on track to
completing a feasibility study in the first half of 2022.

 

Impairments - Bonanza Ledge Phase 2 project

 

In March 2021, processing of ore commenced at
the Bonanza Ledge Phase 2 project and Osisko Development earned their first pre-commercial production revenues since recommissioning
of the Quesnel River mill.

 

As a result of operational challenges incurred
during the second quarter for 2021, it was determined that total capital and production costs related to the Bonanza Ledge Phase 2 project
would be higher than originally planned. These factors were considered indicators of impairment, among other facts and circumstances
and, accordingly, management performed an impairment assessment as at June 30, 2021. As a result of the impairment assessment, Osisko
Development recorded an impairment charge of $36.1 million on the Bonanza Ledge Phase 2 project during the three months ended June 30,
2021.

 

On June 30, 2021, the Bonanza Ledge Phase 2 project
was written down to its estimated recoverable amount of $12.4 million, which was determined by the value-in-use using a cash-flows approach.

 

Due to continuing operational challenges, it
was determined that total capital and production costs related to the Bonanza Ledge Phase 2 project would be higher than the total revenues
expected to be generated for the remaining life of the project, mostly as a result of lower production. These factors were considered
indicators of impairment, among other facts and circumstances and, accordingly, management performed an impairment assessment as at September
30, 2021. As a result of the impairment assessment, the Company recorded an impairment charge of $22.4 million on the Bonanza Ledge Phase
2 project during the three months ended September 30, 2021.

 

On September 30, 2021, the net book value of
the Bonanza Ledge Phase 2 project was written down to zero as it is estimated that the net book value will not be recovered by the expected
net profits to be generated from the sale of precious metals.

 

The Bonanza Ledge Phase 2 project is a small
scale and short life project, which allows Osisko Development to facilitate (i) opportunities for managing historical reclamation obligations
inherited by the company, (ii) hands on training and commissioning of the company's mining and processing complex for the Cariboo gold
project and (iii) maintain the economic and social benefits for the First Nations partners and communities.

 

San Antonio gold project

 

The San Antonio gold project is a past-producing
oxide copper mine located in Sonora, Mexico. In 2020, following the acquisition of the project, Osisko Development concentrated its efforts
in obtaining the required permits and amendments to the permits to perform its activities. Osisko Development has filed preventive reports
for the processing of the gold stockpile on site and for a 15,000-meter drilling program for the Sapuchi, Golfo de Oro and California
zones.

 

In 2021, Osisko Development focused on various
activities that pertain to permitting, local community relations, exploration drilling and preparations towards the processing of the
ore stockpile on site.

 

    23 

     

    

 

 

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Mineral resource estimate

 

The processing scenario assumes heap leaching
of the mineralized material sourced from open pit mining. The mineral resource has been limited to mineralized material that occurs within
optimized pit shells.

 

San Antonio Gold Project Mineral
Resource Estimate

 

		 		 	Tonnes	 	 	Gold Grade	 	 	Silver Grade	 	 	Gold Ounces	 	 	Silver Ounces	 
	Category	 	Deposit	 	('000)	 	 	g/t	 	 	g/t	 	 	('000)	 	 	('000,000)	 
	 	 	Golfo de Oro	 	 	11,700	 	 	 	1.3	 	 	 	2.7	 	 	 	503	 	 	 	1.0	 
		 	California	 	 	4,900	 	 	 	1.2	 	 	 	2.1	 	 	 	182	 	 	 	0.3	 
	Inferred	 	Sapuchi	 	 	11,100	 	 	 	1.0	 	 	 	3.4	 	 	 	364	 	 	 	1.2	 
	Total Inferred Resources	 	 	27,600	 	 	 	1.2	 	 	 	2.9	 	 	 	1,049	 	 	 	2.5	 

 

Mineral Resource Estimate notes:

 

1. The independent
and qualified person for the mineral resource estimates, as defined by NI 43-101, is Leonardo de Souza, MAusIMM (CP), of Talisker Exploration
Services Inc.

2. The gold
cut-off grade applied to oxide, transition and sulphide ore are 0.32 g/t Au, 0.36 g/t Au and 0.42 g/t Au, respectively.

3. These
mineral resources are not mineral reserves as they do not have demonstrated economic viability.

4. The mineral
resource estimate follows CIM Definition Standards.

5. The estimate
is reported for a potential open pit scenario assuming US$1,550 per ounce of gold.

6. Results
are presented in-situ. Ounce (troy) = metric tonnes x grade / 31.103. Calculations used metric units (metres, tonnes, g/t). Any discrepancies
in the totals are due to rounding effects. Rounding followed the recommendations as per NI 43-101.

7. Talisker
Exploration Services Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio- political, marketing
or other relevant issues that could materially affect the mineral resource estimate other than those that may be disclosed in a NI 43-101
compliant technical report.

 

Permitting

 

Osisko Development continued the various permitting
activities started in 2020. These activities consist of obtaining the permits for the MIA and the change of Use of Land while continuing
the work required to complete the environmental baseline study.  Applications were submitted for four new mining claims, Sapuchi
E-82/40881, Sapuchi 2 E-82/40882, Sapuchi 3 E-82/40883, Sapuchi 4 E-82/40888. 

 

Exploration Program

 

A two phase 45,000-meter drilling campaign was
initiated during the second quarter of 2021. The objective of the drill program was to conduct exploration and resource drilling at a
spacing of 25 metres and historic drilling validation for the three main target areas; Sapuchi, California and Golfo de Oro.  A
total of 27,900 metres were drilled in 177 holes in 2021, representing 62% of the budgeted drill plan. Osisko Development expects exploration
potential to expand both oxide and sulphide resources as recent metallurgical testing has shown that the sulphide resources are amenable
to heap leaching.

 

Stockpile 

 

By the end of 2021, construction of the sodium
cyanide heap leach pad was completed.  As of December 31, 2021, a total of 47,180 tonnes were crushed and placed on the heap leach
pad. 

 

Installation of the carbon-in-column processing
plant and installation of related equipment was completed in the the fourth quarter of 2021 and commissioning was completed in January
2022.  Osisko Development is on track to have loaded carbon available to be shipped and realize its first gold sales in the first
half of 2022.

 

The stockpile inventory was revalued at its net
recoverable amount in 2021, resulting in an impairment of $21.2 million, following an increase in the expected processing and transportation
costs, in part due to inflation pressures, and, to a lighter decree, a decrease in the expected realized gold price.

 

2022 Objectives

 

Osisko Development will continue to focus its
efforts on the stockpile processing and will continue to advance its current permit applications.  With the completion of the 2021
drill program, Osisko Development intends to publish a resource estimate for the project in the first quarter of 2022.

 

James Bay area properties

 

In 2021, the Company incurred an impairment charge
of $42.7 million ($34.6 million, net of income taxes) on exploration and evaluation properties, including the James Bay properties and
the Coulon zinc project in Canada. Osisko Development has determined that further exploration and evaluation expenditures are no longer
planned in the near term on these properties and that the carrying amount of these assets is unlikely to be recovered from a sale of
the project at the current time. As a result, these properties were fully written down.

 

    24 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Dividend Reinvestment Plan 

 

Osisko Gold Royalty has 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, 2021, the holders of 7,891,496
common shares had elected to participate in the DRIP, representing dividends payable of $0.4 million. During the year ended December
31, 2021, the Company issued 120,523 common shares under the DRIP, at a discount rate of 3% (268,173 common shares in 2020 at a discount
rate of 3%). On January 14, 2022, 29,929 common shares were issued under the DRIP at a discount rate of 3%.

 

Normal Course Issuer Bid

 

In December 2021, Osisko Gold Royalties renewed
its normal course issuer bid ("NCIB") program. Under the terms of the 2022 NCIB program, Osisko Gold Royalties may acquire
up to 16,530,668 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases
under the 2022 NCIB program are authorized until December 11, 2022. Daily purchases will be limited to 87,264 common shares, other than
block purchase exemptions, representing 25% of the average daily trading volume of the common shares on the TSX for the six-month period
ending November 30, 2021, being 349,057 common Shares.

 

During the year ended December 31, 2021, the
Company purchased for cancellation a total of 2,103,366 common shares for $30.8 million (average acquisition price per share of $14.64)
under its 2021 NCIB program.

 

Gold Market and Currency

 

Gold Market

 

Gold prices recorded a mixed and volatile performance
in 2021 and have fluctuated in the US$200 per ounce range for most of the year moving to a high of US$1,960 per ounce in early January
to drop to a low of US$1,680 per ounce in late summer. Gold finished the year at US$1,820 per ounce (based on the LBMA AM gold price),
down 3.6% or US$68 per ounce from the close of last year of US$1,888 per ounce. Gold price averaged US$1,799 per ounce in 2021, US$29
per ounce higher when compared to the average price of US$1,770 per ounce in 2020.

 

Gold prices were highly volatile during the fourth
quarter with a trading range of US$112 per ounce. Prices have closed the fourth quarter at US$1,820 per ounce, up US$77 per ounce compared
to the closing price of US$1,743 per ounce in the third quarter. Gold price averaged US$1,796 per ounce in the fourth quarter of 2021,
which was slightly up from US$1,790 per ounce in the third quarter, and US$78 per ounce lower compared to the fourth quarter of 2020.

 

The historical price is as follows:

 

	(US$/ounce of gold)	 	 	High	 	 	Low	 	 	Average	 	 	Close	 
	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	 
	2018	 	 	 	1,355	 	 	 	1,178	 	 	 	1,268	 	 	 	1,279	 
	2017	 	 	 	1,346	 	 	 	1,151	 	 	 	1,257	 	 	 	1,291	 

 

In Canadian dollar terms, the average gold price
per ounce averaged $2,255 in 2021 $2,374 in 2020. The average price per ounce of gold averaged $2,263 in the fourth quarter of 2021,
compared to $2,255 in the third quarter of 2021 and $2,442 in the fourth quarter of 2020. The gold price closed the fourth quarter of
2021 at $2,308 per ounce, up $87 per ounce from September 30, 2021.

 

Currency

 

In 2021, the Canadian dollar traded in a range
of 1.2040 and 1.2942 and closed the year at 1.2678 (compared to 1.2741 on September 30, 2021 and 1.2732 on December 31, 2020). The Canadian
dollar averaged 1.2535 in 2021 compared to 1.3415 in 2020.

 

The Canadian dollar traded between 1.2329 and
1.2942 in the fourth quarter of 2021 and averaged 1.2603 in the fourth quarter of 2021 compared to 1.2600 in the third quarter of 2021
and 1.3030 in the fourth quarter of 2020.

 

    25 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

The Bank of Canada held its target for the overnight
rate at the lower bound of 0.25% at its December meeting. The Bank of Canada signaled its intention to gradually normalize monetary policy
to ensure inflation stays under control on a sustainable basis.

 

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

 

	 	 	 	High	 	 	Low	 	 	Average	 	 	Close	 
	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	 
	2018	 	 	 	1.3642	 	 	 	1.2288	 	 	 	1.2957	 	 	 	1.3642	 
	2017	 	 	 	1.3743	 	 	 	1.2128	 	 	 	1.2986	 	 	 	1.2545	 

 

Selected Financial Information

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

 

	 	 	2021	 	 	2020	 	 	2019	 
	 	 	 	$
                                            	 	 	 	$
                                            	 	 	 	$
                                            	 
	Revenues	 	 	224,877	 	 	 	213,630	 	 	 	392,599	 
	Cash margin (2)	 	 	187,231	 	 	 	149,930	 	 	 	129,718	 
	Gross profit	 	 	138,870	 	 	 	104,325	 	 	 	82,709	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Impairment of assets (3)	 	 	(126,650	)	 	 	(34,298	)	 	 	(260,800	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating (loss) income	 	 	(45,217	)	 	 	41,703	 	 	 	(183,226	)
	Net (loss) earnings (4)	 	 	(23,554	)	 	 	16,876	 	 	 	(234,195	)
	Basic and diluted net (loss) earnings per share (5)	 	 	(0.14	)	 	 	0.10	 	 	 	(1.55	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets	 	 	2,370,622	 	 	 	2,397,104	 	 	 	1,947,253	 
	Total long-term debt	 	 	410,435	 	 	 	400,429	 	 	 	349,042	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Average selling price of gold (per ounce sold)	 	 	 	 	 	 	 	 	 	 	 	 
	In C$ (6)	 	 	2,270	 	 	 	2,373	 	 	 	1,817	 
	In US$	 	 	1,797	 	 	 	1,782	 	 	 	1,371	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating cash flows	 	 	106,095	 	 	 	107,978	 	 	 	91,598	 
	Dividend per common share	 	 	0.21	 	 	 	0.20	 	 	 	0.20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average shares outstanding (in thousands)	 	 	 	 	 	 	 	 	 	 	 	 
	Basic	 	 	167,628	 	 	 	162,303	 	 	 	151,266	 
	Diluted (5)	 	 	167,628	 	 	 	162,428	 	 	 	151,266	 

 

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

(2) Cash 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.

(3) Including
impairment on royalties, streams and other interests, on exploration, evaluation and development assets, and on investments, when applicable.

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

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

(6) As a result
of the net loss for the years ended December 31, 2021 and 2019, all potentially dilutive common shares are deemed to be antidilutive
for these periods and thus diluted net loss per share is equal to the basic net loss per share.

 

    26 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Overview of Financial Results

 

Financial Summary -2021

 

		·	Record
                                            revenues from royalties and streams of $199.6 million ($224.9 million including offtakes)
                                            compared to $156.6 million ($213.6 million including offtakes) in 2020;

		·	Record
                                            gross profit of $138.9 million compared to $104.3 million in 2020;

		·	Impairment
                                            charges of $42.7 million on exploration and evaluation properties, $21.2 million on the ore
                                            in stockpiles of the San Antonio project, and $58.4 million on the Bonanza Ledge Phase 2
                                            project in 2021, all operated by Osisko Development;

		·	Mining
                                            operating expenses of $12.9 million on the Bonanza Ledge Phase 2 project;

		·	Consolidated
                                            operating loss of $45.2 million compared to operating income of $41.7 million in 2020, as
                                            a result of impairment charges and mining operating expenses incurred by Osisko Development;

		·	Consolidated
                                            net loss attributable to Osisko Gold Royalties' shareholders of $23.6 million or $0.14 per
                                            basic and diluted share, compared to net earnings of $16.9 million or $0.10 per basic and
                                            diluted share in 2020;

		·	Consolidated
                                            adjusted earnings6  of $59.3 million or $0.35 per basic share1
                                            compared to $48.4 million or $0.30 per basic share in 2020; and

		·	Consolidated
                                            cash flows provided by operating activities of $106.1 million compared to $108.0 million
                                            in 2020.

 

Revenues from royalties and streams increased
in 2021 compared to 2020, mostly as a result of higher deliveries and payments under the royalty and stream agreements, partially offset
by lower realized prices in Canadian dollars. Revenues from offtake agreements decreased as a result of the Parral offtake conversion
into a stream in April 2021. The year 2020 was also negatively affected by the impact of the COVID-19 pandemic on the mining operations
of several operators.

 

Cost of sales decreased in 2021 compared to 2020,
mostly following the Parral offtake conversion into a stream in April 2021.

 

Depletion expense increased by $2.8 million compared
to the corresponding period in 2020, mainly as a result of the higher deliveries and payments under the royalty and stream agreements
and the mix of sales.

 

Gross profit amounted to $138.9 million in 2021
compared to $104.3 million in 2020. The increase is mainly due to higher deliveries and payments under the royalty and stream agreements
and lower cost of sales, partially offset by higher depletion.

 

In 2021, the Company incurred a consolidated
operating loss of $45.2 million, compared to a consolidated operating income of $41.7 million in 2020, mostly as a result of an impairment
charge of $21.2 million on the ore in stockpiles of the San Antonio project, impairment charges of $58.4 million on the Bonanza Ledge
Phase 2 project, impairment charges of $42.7 million ($34.5 million, net of income taxes) on exploration and evaluation properties (including
the James Bay properties and Coulon project), all operated by Osisko Development, and mining operating expenses of $12.9 million also
related to the Bonanza Ledge Phase 2 project. In 2020, the Company had incurred an impairment charge on the Renard diamond stream of
$26.3 million ($19.3 million, net of income taxes).

 

Consolidated G&A expenses increased in 2021
as a result of the creation of Osisko Development in November 2020. Consolidated G&A expenses amounted to $41.3 million in 2021 compared
to $25.9 million in 2020. G&A expenses from the royalties and streams segment decreased slightly in 2021 at $19.6 million compared
to $20.5 million in 2020. G&A expenses from the exploration and development segment amounted to $21.7 million compared to $5.4 million
in 2020 due to increased activities in 2021.

 

Business development expenses decreased to $4.2
million in 2021 from $10.3 million in 2020. The decrease is mainly due to additional professional fees incurred in 2020 related to the
RTO transaction ($1.8 million) and a non-cash listing fee of $1.7 million, also related to the RTO transaction, of which $2.7 million
were assumed by Osisko Development. The balance of the decrease is explained by lower professional fees and compensation expense incurred
by Osisko in 2021.

 

In 2021, Osisko Development incurred mining operating
expenses of $12.9 million on the Bonanza Ledge Phase 2 project.

 

In 2021, the Company incurred a net loss attributable
to Osisko's shareholders of $23.6 million, compared to net earnings of $16.9 million in 2020. The increase in gross profit in 2021 was
offset by impairment charges and other operating charges from Osisko Development.

 

 

		6	"Adjusted
                                            earnings (loss)" and "Adjusted earnings (loss) 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.

 

    27 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Consolidated adjusted earnings were $59.3 million
in 2021, compared to $48.4 million in 2020, as a result of a higher gross profit, partly offset by higher consolidated G&A expenses
and mining operating expenses on the Bonanza Ledge Phase 2 project. Adjusted earnings for the royalties and streams segment amounted
to $94.4 million in 2021 compared to $55.3 million in 2020, mostly as a result of a higher gross profit. The adjusted loss for the exploration
and development segment amounted to $35.1 million in 2021 compared to $6.9 million in 2020, as a result of increased activities. Details
of adjusted earnings (loss) per segment is provided in the Non-IFRS Financial Performance Measures section of this MD&A.

 

Consolidated net cash flows provided by operating
activities in 2021 was $106.1 million compared to $108.0 million in 2020. Net cash flows provided by operating activities of the royalties
and streams segment were $153.2 million in 2021 compared to $114.0 million in 2020, mostly as a result of a higher cash margin. Net cash
flows used by operating activities for the exploration and development segment were $47.1 million in 2021 compared to $6.0 million in
2020, as a result of increased activities. Details on cash flows per segment is provided in the Segment Disclosure section of
this MD&A.

 

Consolidated Statements of Income (Loss)

 

The following table presents summarized consolidated
statements of income (loss) for the years ended December 31, 2021 and 2020 (in thousands of dollars, except amounts per share):

 

	 	 	 	 	 	2021	 	 	2020	 
	 	 	 	 	 	 	 	$	 	 	 	$	 
	Revenues	 	 	(a)	 	 	 	224,877	 	 	 	213,630	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of sales	 	 	(b)	 	 	 	(37,646	)	 	 	(63,700	)
	Depletion of royalty, stream and other interests	 	 	(c)	 	 	 	(48,361	)	 	 	(45,605	)
	Gross profit	 	 	(d)	 	 	 	138,870	 	 	 	104,325	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other operating expenses	 	 	 	 	 	 	 	 	 	 	 	 
	General and administrative	 	 	(e)	 	 	 	(41,265	)	 	 	(25,901	)
	Business development	 	 	(f)	 	 	 	(4,168	)	 	 	(10,290	)
	Exploration and evaluation	 	 	(g)	 	 	 	(1,197	)	 	 	(131	)
	Mining operating expenses	 	 	(h)	 	 	 	(12,919	)	 	 	-	 
	Impairment of assets	 	 	(i)	 	 	 	(124,538	)	 	 	(26,300	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating (loss) income	 	 	 	 	 	 	(45,217	)	 	 	41,703	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other revenues (expenses), net	 	 	(j)	 	 	 	1,497	 	 	 	(14,561	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Loss) earnings before income taxes	 	 	 	 	 	 	(43,720	)	 	 	27,142	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax expense	 	 	(k)	 	 	 	(12,955	)	 	 	(10,913	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings	 	 	 	 	 	 	(56,675	)	 	 	16,229	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings attributable to:	 	 	 	 	 	 	 	 	 	 	 	 
	Osisko Gold Royalties Ltd's shareholders	 	 	 	 	 	 	(23,554	)	 	 	16,876	 
	Non-controlling interests	 	 	 	 	 	 	(33,121	)	 	 	(647	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings per share	 	 	 	 	 	 	 	 	 	 	 	 
	Basic and diluted	 	 	 	 	 	 	(0.14	)	 	 	0.10	 

 

    28 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

(a) Revenues
are comprised of the following:

 

	 	 	Years ended December
    31,	 
	 	 	2021	 	 	2020	 
	 	 	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	 	 	2,265	 	 	 	60,621	 	 	 	137,215	 	 	 	2,373	 	 	 	53,276	 	 	 	126,415	 
	Silver sold	 	 	32	 	 	 	1,671,791	 	 	 	52,682	 	 	 	27	 	 	 	2,524,469	 	 	 	67,167	 
	Diamonds sold(i)	 	 	117	 	 	 	176,964	 	 	 	20,775	 	 	 	94	 	 	 	92,200	 	 	 	8,692	 
	Other (paid in cash)	 	 	-	 	 	 	-	 	 	 	14,205	 	 	 	-	 	 	 	-	 	 	 	11,356	 
	 	 	 	 	 	 	 	 	 	 	 	224,877	 	 	 	 	 	 	 	 	 	 	 	213,630	 

 

(i) The
diamonds were sold by an agent for Osisko for a blended selling price of $117 (US$94) per carat in 2021. The average selling price includes
34,249 incidental carats sold outside of the run of mine sales at an average price of $23 (US$18) per carat. Excluding the incidental
carats, 142,715 carats were sold at an average price of $140 (US$105) per carat in 2021. The Renard diamond mine was put on care and
maintenance in March 2020 given the structural challenges affecting the diamond market sales as well as the depressed prices for diamonds
due to COVID-19. The mine restarted its activities in September 2020.

 

The increase in gold ounces sold in
2021 is mainly the result of the COVID-19 pandemic, which negatively affected several mining operations in 2020, as well as strong production
in 2021, partially offset by the conversion of the Parral offtake agreement into a stream in April 2021. The decrease in silver ounces
sold in 2021 is mainly the result of lower silver ounces acquired under the Parral offtake agreement following the conversion of the
Parral offtake into a stream, partially offset by higher deliveries under the other stream agreements.

 

(b) Cost
of sales represents mainly the acquisition price of the metals and diamonds under the offtake and stream agreements, as well as minimal
refining, insurance and transportation costs related to the metals received under royalty agreements. The decrease in costs of sales
in 2021 is mainly the result of the conversion of the Parral offtake into a stream in April 2021, partially offset by higher deliveries
in 2021 compared to 2020.

 

(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 agreement. The increase in 2021 is mostly due to the increased deliveries in 2021 and the impact of the mix of sales.

 

    29 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

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

 

	 	 	Years ended December
    31	 
	 	 	2021	 	 	2020	 
	 	 	 	$	 	 	 	$	 
	Royalty interests	 	 	 	 	 	 	 	 
	Revenues	 	 	140,279	 	 	 	111,305	 
	Less: cost of sales (excluding depletion)	 	 	(551	)	 	 	(512	)
	Cash margin (in dollars)	 	 	139,728	 	 	 	110,793	 
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	(28,958	)	 	 	(23,161	)
	Gross profit	 	 	110,770	 	 	 	87,632	 
	 	 	 	 	 	 	 	 	 
	Stream interests	 	 	 	 	 	 	 	 
	Revenues	 	 	59,333	 	 	 	45,269	 
	Less: cost of sales (excluding depletion)	 	 	(12,752	)	 	 	(8,988	)
	Cash margin (in dollars)	 	 	46,581	 	 	 	36,281	 
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	(19,135	)	 	 	(21,531	)
	Gross profit	 	 	27,446	 	 	 	14,750	 
	 	 	 	 	 	 	 	 	 
	Royalty and stream interests	 	 	 	 	 	 	 	 
	Total cash margin (in dollars)	 	 	186,309	 	 	 	147,074	 
	Divided by: total revenues	 	 	199,612	 	 	 	156,574	 
	Cash margin (in percentage of revenues)	 	 	93.3	%	 	 	93.9	%
	 	 	 	 	 	 	 	 	 
	Offtake interests	 	 	 	 	 	 	 	 
	Revenues	 	 	25,265	 	 	 	57,056	 
	Less: cost of sales	 	 	(24,343	)	 	 	(54,200	)
	Cash margin (in dollars)	 	 	922	 	 	 	2,856	 
	Cash margin (in percentage of revenues)	 	 	3.6	%	 	 	5.0	%
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	(268	)	 	 	(913	)
	Gross profit	 	 	654	 	 	 	1,943	 
	 	 	 	 	 	 	 	 	 
	Total - Gross profit	 	 	138,870	 	 	 	104,325	 

 

(e) Consolidated
G&A expenses increased in 2021 as a result of the creation of Osisko Development in November 2020. Consolidated G&A expenses
amounted to $41.3 million in 2021 compared to $25.9 million in 2020. G&A expenses from the royalties and streams segment decreased
slightly in 2021 at $19.6 million compared to $20.5 million in 2020. G&A expenses from the exploration and development segment amounted
to $21.7 million compared to $5.4 million in 2020 due to increased activities in 2021.

 

(f) Business
development expenses decreased to $4.2 million in 2021 from $10.3 million in 2020.  The decrease is mainly due to additional professional
fees incurred in 2020 related to the RTO transaction ($1.8 million) and a non-cash listing fee of $1.7 million, also related to the RTO
transaction, of which $2.7 million were assumed by Osisko Development. The balance of the decrease is explained by lower professional
fees and compensation expense incurred by Osisko in 2021.

 

(g) Exploration
and evaluation expenses represent expenditures incurred by Osisko Development and its subsidiaries for general exploration activities
and for properties that have been previously written-off. The increase is mostly due to the earn-in agreements on exploration properties
that were cancelled at the end of 2020.

 

(h) Mining
operating expenses of $12.9 million in 2021 are related to operating expenses incurred by Osisko Development on the Bonanza Ledge Phase
2 project.

 

(i) In 2021,
the Company recorded impairment charges of $21.2 million on the ore in stockpiles (San Antonio project, operated by Osisko Development)
to reduce its net book value to its net realizable value following an increase in the expected processing and transportation costs and
a decrease in the gold price. The Company recorded impairment charges of $58.4 million on the Bonanza Ledge Phase 2 project, operated
by Osisko Development (refer to the Mining Exploration and Evaluation / Development Activities section of this MD&A for details
on the impairment charge). Finally, the Company incurred an impairment charge of $42.7 million ($34.5 million, net of income taxes) on
exploration and evaluation properties, including the James Bay properties and the Coulon zinc project in Canada. Osisko Development has
determined that further exploration and evaluation expenditures are no longer planned in the near term on these properties and that the
carrying amount of these assets is unlikely to be recovered from a sale of the project at the current time. As a result, these properties
were fully written down in 2021.

 

 

7 Cash
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.

 

    30 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

(j) In 2020,
the Company had incurred an impairment charge of $26.3 million ($19.3 million, net of income taxes) on its Renard diamond stream and
wrote-off a royalty interest on which the royalty rights were lost as well as a loan.

 

(k) Other
revenues, net of $1.5 million in 2021 include finance costs of $24.6 million, a share of loss of associate of $4.0 million and a foreign
exchange loss of $0.6 million, partially offset by a net gain on investments of $13.7 million (including gains on acquisition of investments
of $7.6 million and a variation in fair value on investments at fair value through profit and loss of $6.3 million), a flow-through shares
premium income of $7.0 million and interest income of $5.1 million. Other revenues also include other gains of $4.9 million, mostly related
to the reversal of previously recorded provisions for suppliers.

 

Other expenses, net, of $14.6 million
in 2020 include finance costs of $26.1 million, gains on investments of $13.6 million (including a gain on dilution of investments in
associates of $10.4 million) and a share of loss of associates of $7.7 million, partially offset by interest income of $4.6 million and
a gain on foreign exchange of $1.0 million.

 

(l) The
effective income tax rate 2021 is (29.6%) compared to 40.2% in 2020. The statutory rate is 26.5% in 2021 and 2020. The elements that
impacted the effective income taxes are the impairments on mining exploration, evaluation and development projects, for which no deferred
tax liability was recorded due to the initial recognition exemption, and the benefit of losses not recognized, revenues taxable at a
lower rate and the recognition of previously unrecognized non-capital losses. Cash taxes related to taxes on royalties earned in foreign
jurisdictions were paid in 2021 for $1.2 million and $1.4 million in 2020. In addition, income taxes of US$4.5 million ($5.7 million)
were paid in Mexico by a subsidiary of Osisko Development in 2021 as a result of the acquisition of the San Antonio stream by Osisko
in 2020.

 

Liquidity and Capital Resources

 

As at December 31, 2021, the Company's consolidated
cash position amounted to $115.7 million compared to $151.9 million as at September 30, 2021 and $302.5 million as at December 31, 2020.
Cash held by Osisko Gold Royalties amounted to $82.3 million and cash held by Osisko Development amounted to $33.4 million at the end
of 2021. As at December 31, 2022, the Company has a negative working capital of $193.4 million, as a result of the $300 million convertible
debentures that are due on December 31, 2022. The Company will evaluate the different options to repay these convertible debentures during
the year, including drawing its revolving credit facility. Significant variations in the liquidity and capital resources in 2021 are
explained below under the Cash Flows section.

 

Osisko Development financings

 

Osisko Development - Non-brokered private
placement

 

In January 2021, Osisko Development completed
the first tranche of a non-brokered private placement through the issuance of 9,346,464 units of Osisko Development at a price of $7.50
per unit for aggregate gross proceeds of $68.6 million. Each unit consists of one common share of Osisko Development and one-half of
one common share purchase warrant of Osisko Development, which each whole warrant entitling the holder to acquire one common share of
Osisko Development at a price of $10.00 per share on or prior to December 1, 2023.

 

In February 2021, Osisko Development completed
the second and final tranche of a non-brokered private placement through the issuance of 1,515,731 units of Osisko Development at a price
of $7.50 per unit for aggregate gross proceeds of $11.2 million. Each unit consists of one common share of Osisko Development and one-half
of one common share purchase warrant of Osisko Development, which each whole warrant entitling the holder to acquire one common share
of Osisko Development at a price of $10.00 per share on or prior to December 1, 2023.

 

An amount of $73.9 million from the non-brokered
private placement was received in 2020. The share issue expenses related to the first and second tranches of the private placement amounted
to $1.1 million ($0.8 million, net of income taxes).

 

    31 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Osisko Development - Brokered private placement
of flow-through shares

 

In March 2021, Osisko Development completed a
 "bought deal" brokered private placement of 2,055,742 flow-through shares at a price of $9.05 per flow-through share and 1,334,500
charity flow-through shares at a price of $11.24 per charity flow-through share, for aggregate gross proceeds of $33.6 million. Share
issue expenses related to this private placement amounted to $1.5 million ($1.1 million, net of income taxes). The shares were issued
at a premium to the market price, which was recognized as a current liability under provisions and other liabilities for $7.9 million
(net of share issue costs attributed of $0.5 million). The liability will be reversed and recognized to the consolidated statements of
income (loss) as flow-through premium income as the required expenditures are incurred. Osisko Development is committed to spending the
proceeds on exploration and evaluation activities by December 31, 2022. As at September 30, 2021, the balance remaining to be spent amounted
to $4.3 million.

 

Credit facility

 

In July 2021, the Company amended its revolving
credit facility and increased the amount available by $150.0 million to $550.0 million, with an additional uncommitted accordion of up
to $100.0 million (for a total availability of up to $650.0 million). The maturity date of the Facility was extended to July 30, 2025,
which can be further extended annually.

 

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
from the royalty, stream and other interests segment (which exclude the assets held by Osisko Development and its subsidiaries).

 

The Facility is subject to standby fees. Funds
drawn bear interest based on the base rate, prime rate, London Inter-Bank Offer Rate ("LIBOR") or a comparable or successor
rate, plus an applicable margin depending on the Company's leverage ratio. In February 2021, the Company drew $50.0 million to repay
the Investissement Québec convertible debenture. As at December 31, 2021, the Facility was drawn for a total of $113.4 million
($50.0 million and US$50.0 million ($63.4 million)) and the effective interest rate was 2.25%, 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, 2021, all such ratios and requirements were met.

 

Cash Flows

 

The following table summarizes the cash flows
(in thousands of dollars):

 

	 	 	Years ended
 December
    31,	 
	 	 	2021	 	 	2020	 
	 	 	 	$	 	 	 	$	 
	Cash flows	 	 	 	 	 	 	 	 
	Operations	 	 	131,094	 	 	 	106,244	 
	Working capital items	 	 	(24,999	)	 	 	1,734	 
	Operating activities	 	 	106,095	 	 	 	107,978	 
	Investing activities	 	 	(272,038	)	 	 	(223,099	)
	Financing activities	 	 	(19,601	)	 	 	316,861	 
	Effects of exchange rate changes on cash and cash equivalents	 	 	(1,282	)	 	 	(7,439	)
	(Decrease) increase in cash	 	 	(186,826	)	 	 	194,301	 
	Cash - beginning of period	 	 	302,524	 	 	 	108,223	 
	Cash - end of period	 	 	115,698	 	 	 	302,524	 

 

Additional details on cash flows per segment
is provided in the Segment Disclosure section of this MD&A.

 

Operating Activities

 

Consolidated cash flows provided by operating
activities in 2021 amounted to $106.1 million compared to $108.0 million in 2020.  In 2021, the royalties and streams segment generated
operating cash flows of $153.2 million, compared to $114.0 million in 2020, as a result of a higher cash margin, which was partially
offset by net cash flows used by operating activities of $47.1 million from the mining exploration and development segment, compared
to $6.0 million in 2020, as a result of increased activities by Osisko Development.

 

    32 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

Investing Activities

 

Consolidated cash flows used in investing activities
amounted to $272.0 million in 2021 compared to $223.1 million in 2020.

 

In 2021, Osisko Gold Royalties invested $90.9
million in royalty interests (including $33.2 million to acquire royalties on the Spring Valley project, $14.4 million to acquire a royalty
on the West Kenya project and $12.6 million to acquire a royalty on the Tocantinzinho project), acquired investments for $46.7 million
(including an additional investment of $9.2 million with Carbon Streaming Corp. and reinvestments of the net proceeds from the Renard
diamond stream of $12.9 million) and received proceeds of $50.9 million from the sale of investments. Osisko Development (mining exploration
and development segment) invested $185.3 million in mining assets, plant and equipment, mostly on the Bonanza Ledge Phase 2 project,
the San Antonio gold project and the Cariboo gold property, and $3.2 million in exploration and evaluation expenses.

 

In 2020, Osisko acquired the San Antonio gold
project for US$42.0 million, including US$30.0 million ($40.0 million) in cash and US$12.0 million ($15.8 million) in shares. In addition,
the Company paid US$4.8 million ($6.3 million) in value-added tax on the acquisition of the assets and $5.9 million in transaction costs.
Osisko also invested $49.2 million in marketable securities and notes receivable (including $14.8 million for an additional investment
in Osisko Mining), and $66.1 million in acquisitions of royalty and stream interests (including US$12.5 million through a strategic partnership
with Regulus Resources Inc. where Osisko acquired a NSR royalty on the Antakori copper-gold project, $12.5 million to acquire the remaining
15% royalty interests that it did not already hold in a portfolio of assets, including NSR royalties on the Island Gold and Lamaque mines,
$8.5 million to improve the Gibraltar silver stream, $13.0 million to acquire a 2.0% NSR royalty on the Pine Point project and $5.0 million
to acquire a 3% NSR royalty on the Santana gold project being developed by Minera Alamos Inc.). The Company received proceeds of $10.9
million from the sale of marketable securities and generated $4.8 million following a reduction in restricted cash (from a bond held
for site restoration on the Cariboo property). Investments in mining interests and plant and equipment were $71.8 million, mainly on
the Cariboo gold property (now managed and financed exclusively by Osisko Development).

 

Financing Activities

 

Consolidated cash flows used by financing activities
amounted to $19.6 million in 2021 compared to cash flows provided by financing activities of $316.9 million in 2020.

 

In 2021, Osisko repaid a $50.0 million convertible
debenture, and drew on its credit facility by the same amount, therefore reducing the interest rate payable on the debt. Osisko paid
$32.5 million in dividends to its shareholders and purchased for cancellation a total of 2,103,366 common shares under its 2021 NCIB
program for $30.8 million (average acquisition price per share of $14.64). Osisko also received proceeds from the exercise of share options
and the share purchase plan for $14.5 million. Investments from minority shareholders in Osisko Development amounted to $36.7 million,
net of share issue costs.

 

In 2020, Osisko completed a private placement
of $85.0 million with Investissement Québec. Osisko drew its revolving credit facility by US$50.0 million ($71.7 million), of
which it repaid US$15.0 million ($19.2 million), paid dividends of $28.9 million to its shareholders and invested $3.9 million under
its 2020 NCIB program. The exercise of share options and shares issued under the share purchase plan generated $7.8 million. Osisko Development
completed equity financings of $140.3 million and received proceeds of $73.9 million in 2020 from a private placement that was closed
in 2021. Share issue expenses related to Osisko Development financings amounted to $6.0 million.

 

    33 

     

    

  

	Osisko Gold Royalties Ltd	Management's Discussion and
    Analysis
	2021 - Annual Report	 

 

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)

 

	 	 	2021	 	 	2020	 
	 	 	 	Q4	 	 	 	Q3	 	 	 	Q2	 	 	 	Q1	 	 	 	Q4	 	 	 	Q3	 	 	 	Q2	 	 	 	Q1	 
	GEOs(2)	 	 	19,830	 	 	 	20,032	 	 	 	20,178	 	 	 	19,960	 	 	 	18,829	 	 	 	16,739	 	 	 	12,386	 	 	 	18,159	 
	Cash	 	 	115,698	 	 	 	151,945	 	 	 	254,963	 	 	 	320,630	 	 	 	302,524	 	 	 	160,705	 	 	 	201,971	 	 	 	158,325	 
	Short-term investments	 	 	-	 	 	 	-	 	 	 	3,408	 	 	 	3,458	 	 	 	3,501	 	 	 	21,568	 	 	 	21,105	 	 	 	21,228	 
	Working capital	 	 	(193,350	)	 	 	117,947	 	 	 	236,320	 	 	 	300,876	 	 	 	225,643	 	 	 	110,333	 	 	 	162,996	 	 	 	117,090	 
	Total assets	 	 	2,370,622	 	 	 	2,390,325	 	 	 	2,410,727	 	 	 	2,435,861	 	 	 	2,397,104	 	 	 	2,200,070	 	 	 	2,128,588	 	 	 	2,016,189	 
	Total long-term debt	 	 	410,435	 	 	 	405,306	 	 	 	401,954	 	 	 	401,266	 	 	 	400,429	 	 	 	421,590	 	 	 	421,652	 	 	 	423,499	 
	Equity	 	 	1,780,061	 	 	 	1,811,600	 	 	 	1,842,230	 	 	 	1,875,729	 	 	 	1,841,032	 	 	 	1,638,178	 	 	 	1,604,676	 	 	 	1,492,346	 
	Revenues	 	 	50,673	 	 	 	50,035	 	 	 	57,246	 	 	 	66,923	 	 	 	213,630	 	 	 	55,707	 	 	 	40,758	 	 	 	52,605	 
	Net cash flows from operating activities	 	 	12,771	 	 	 	41,083	 	 	 	30,917	 	 	 	21,324	 	 	 	32,633	 	 	 	36,123	 	 	 	15,422	 	 	 	23,800	 
	Impairment of assets, net of income taxes	 	 	(40,308	)	 	 	(33,320	)	 	 	(40,479	)	 	 	(3,794	)	 	 	(3,600	)	 	 	(1,281	)	 	 	(3,117	)	 	 	(19,300	)
	Net earnings
    (loss) (3)	 	 	(21,184	)	 	 	1,795	 	 	 	(14,759	)	 	 	10,594	 	 	 	4,632	 	 	 	12,514	 	 	 	13,048	 	 	 	(13,318	)
	Basic and
    diluted net earnings (loss) per share(3)	 	 	(0.13	)	 	 	0.01	 	 	 	(0.09	)	 	 	0.06	 	 	 	0.03	 	 	 	0.08	 	 	 	0.08	 	 	 	(0.09	)
	Weighted average shares outstanding (000's)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	- Basic	 	 	166,807	 	 	 	167,924	 	 	 	167,895	 	 	 	167,253	 	 	 	166,093	 	 	 	166,110	 	 	 	164,733	 	 	 	155,374	 
	- Diluted	 	 	166,807	 	 	 	168,220	 	 	 	167,895	 	 	 	167,711	 	 	 	166,321	 	 	 	166,397	 	 	 	164,815	 	 	 	155,374	 
	Share price - TSX - closing	 	 	15.48	 	 	 	14.23	 	 	 	16.99	 	 	 	13.84	 	 	 	16.13	 	 	 	15.75	 	 	 	13.56	 	 	 	10.50	 
	Share price - NYSE - closing	 	 	12.25	 	 	 	11.23	 	 	 	13.70	 	 	 	11.02	 	 	 	12.68	 	 	 	11.83	 	 	 	10.00	 	 	 	7.44	 
	Warrant price - TSX - closing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OR.WT	 	 	0.015	 	 	 	0.04	 	 	 	0.15	 	 	 	0.21	 	 	 	0.32	 	 	 	0.34	 	 	 	0.31	 	 	 	0.16	 
	Debenture
    price - TSX - closing(4)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OR.DB	 	 	101.00	 	 	 	100.94	 	 	 	104.04	 	 	 	100.75	 	 	 	106.00	 	 	 	104.00	 	 	 	101.34	 	 	 	94.75	 
	Price of gold (average US$)	 	 	1,796	 	 	 	1,794	 	 	 	1,816	 	 	 	1,794	 	 	 	1,874	 	 	 	1,909	 	 	 	1,711	 	 	 	1,583	 
	Closing
    exchange rate(5) (US$/Can$)	 	 	1.2678	 	 	 	1.2741	 	 	 	1.2394	 	 	 	1.2575	 	 	 	1.2732	 	 	 	1.3339	 	 	 	1.3628	 	 	 	1.4187	 

 

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

(2) Excluding GEOs from the Renard diamond
stream in 2021 and in the fourth quarter of 2020.

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

(4) Osisko 4% convertible debentures is
presented by tranche of nominal value of $100.00.

(5) Bank of Canada Daily Rate.

 

During the fourth quarter of 2021, Osisko Development
incurred an impairment charge of $42.7 million ($34.5 million, net of income taxes) on exploration and evaluation properties, including
the James Bay properties and the Coulon zinc project in Canada. Mining operating expenses of $12.9 million were also incurred on the
Bonanza Ledge Phase 2, operated by Osisko Development.

 

During the second and third quarters of 2021,
Osisko Development incurred impairment charges of $36.1 million and $22.3 million, respectively, on its Bonanza Ledge Phase 2 project.
During the first quarter of 2021, Osisko Development completed a flow-through equity financing for gross proceeds of $33.6 million.

 

During the fourth quarter of 2020, Osisko Development
completed two financings for gross proceeds of $140.3 million. In addition, Osisko Development received gross proceeds of $73.9 million
in 2020 from a private placement closed in 2021.

 

During the third quarter of 2020, the Company
acquired the San Antonio gold project in Mexico for US$42.0 million, including US$30.0 million paid in cash and US$12.0 million paid
in shares.

 

During the second quarter of 2020, the Company
completed a private placement of $85.0 million with Investissement Québec.

 

During the first quarter of 2020, the Company
drew US$50.0 million on its revolving credit facility and recorded an impairment charge of $26.3 million ($19.3 million, net of income
taxes) on its Renard diamond stream.

 

    34 

     

    

  

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Fourth Quarter Results

 

Financial Highlights

(in thousands of dollars, except per share amounts)

 

	 	 	Three months ended
    December 31,	 
	 	 	Osisko
    Gold Royalties (i)	 	 	Osisko
    Development (ii)	 	 	Consolidated
    (vi)	 
	 	 	2021	 	 	2020	 	 	2021	 	 	2020	 	 	2021	 	 	2020	 
	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	Revenues	 	 	50,673	 	 	 	64,560	 	 	 	2,827	 	 	 	-	 	 	 	50,673	 	 	 	64,560	 
	Cash margin (iv)	 	 	47,027	 	 	 	46,324	 	 	 	-	 	 	 	-	 	 	 	47,027	 	 	 	46,324	 
	Gross profit	 	 	34,763	 	 	 	32,776	 	 	 	-	 	 	 	-	 	 	 	34,763	 	 	 	32,776	 
	Operating expenses
 (G&A, bus. dev
    and exploration)	 	 	(5,839	)	 	 	(8,600	)	 	 	(5,801	)	 	 	(4,873	)	 	 	(11,640	)	 	 	(13,473	)
	Mining operating expenses	 	 	-	 	 	 	-	 	 	 	(12,919	)	 	 	-	 	 	 	(12,919	)	 	 	-	 
	Net earnings (loss)	 	 	21,879	 	 	 	11,756	 	 	 	(57,102	)	 	 	(7,771	)	 	 	(35,223	)	 	 	3,985	 
	Net earnings (loss) attributable to Osisko's

    shareholders	 	 	21,879	 	 	 	11,756	 	 	 	(43,063	)	 	 	(7,124	)	 	 	(21,184	)	 	 	4,632	 
	Net earnings per share  attributable
    to
 Osisko's shareholders	 	 	0.13	 	 	 	0.07	 	 	 	(0.26	)	 	 	(0.04	)	 	 	(0.13	)	 	 	0.03	 
	Adjusted net earnings (loss) (v)	 	 	23,808	 	 	 	19,577	 	 	 	(20,519	)	 	 	(4,093	)	 	 	3,289	 	 	 	15,484	 
	Adjusted net earnings (loss) per basic share (v)	 	 	0.14	 	 	 	0.12	 	 	 	(0.12	)	 	 	(0.02	)	 	 	0.02	 	 	 	0.09	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from operating activities (vi)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before working capital items	 	 	40,276	 	 	 	36,211	 	 	 	(14,639	)	 	 	(8,154	)	 	 	25,637	 	 	 	28,057	 
	  Working capital items	 	 	(5,157	)	 	 	(2,113	)	 	 	(7,709	)	 	 	6,689	 	 	 	(12,866	)	 	 	4,576	 
	  After working capital items	 	 	35,119	 	 	 	34,098	 	 	 	(22,348	)	 	 	(1,465	)	 	 	12,771	 	 	 	32,633	 
	Cash flows from investing activities (vi)	 	 	(23,772	)	 	 	(42,430	)	 	 	(18,655	)	 	 	(24,181	)	 	 	(42,427	)	 	 	(66,611	)
	Cash flows from financing activities	 	 	(7,998	)	 	 	(39,007	)	 	 	2,431	 	 	 	219,662	 	 	 	(5,567	)	 	 	180,655	 

 

(i) Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and
other interests segment.

(ii) Osisko
Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction
completed on November 25, 2020 and creating Osisko Development). Represents the exploration, evaluation and development of mining projects
segment.

(iii) As at
December 31, 2021 and 2020.

(iv) Cash 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.

(v) Adjusted
earnings (loss) and adjusted earnings (loss) 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.

(vi) Consolidated
results are net of the intersegment transactions and adjustments related to accounting policies. Refer to the Segment Disclosure section
of this MD&A.

 

Financial Summary

 

		·	Record
                                            revenues from royalties and streams of $50.7 million (no revenues from offtakes in the fourth
                                            quarter of 2021) compared to $48.8 million ($64.6 million including offtakes) in the fourth
                                            quarter of 2020;

		·	Gross
                                            profit of $34.8 million compared to $32.8 million in the fourth quarter of 2020;

		·	Impairment
                                            charges of $42.7 million on exploration and evaluation properties and $5.8 million on the
                                            ore in stockpiles of the San Antonio project, in addition to mining operating expenses of
                                            $12.9 million on the Bonanza Ledge Phase 2 project;

		·	Consolidated
                                            operating loss of $38.2 million compared to operating income of $21.2 million in the fourth
                                            quarter of 2020, as a result of impairment charges and mining operating expenses incurred
                                            by Osisko Development;

		·	Consolidated
                                            net loss attributable to Osisko Gold Royalties' shareholders of $21.2 million or $0.13 per
                                            basic and diluted share, compared to net earnings of $4.6 million or $0.03 per basic and
                                            diluted share in the fourth quarter of 2020;

		·	Consolidated
                                            adjusted earnings8  of $3.3 million or $0.02 per basic share compared to
                                            $15.5 million or $0.09 per basic share in the fourth quarter of 2020; and

		·	Consolidated
                                            cash flows provided by operating activities of $12.8 million compared to $32.6 million in
                                            the fourth quarter of 2020.

 

Revenues from royalties and streams increased
in the fourth quarter of 2021 compared to the fourth quarter of 2020 as a result of higher deliveries and payments under the royalty
and stream agreements, partially offset by lower realized prices. Revenues from offtake agreements were nil in the fourth quarter of
2021 as a result of the Parral offtake conversion into a stream in April 2021. The fourth quarter of 2020 was also negatively affected
by the impact of the COVID-19 pandemic on the mining operations of certain operators.

 

 

8 "Adjusted
earnings (loss)" and "Adjusted earnings (loss) 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.

 

    35 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Cost of sales decreased by $14.6 million in the
fourth quarter of 2021 compared to 2020 following the Parral offtake conversion into a stream in April 2021.

 

Depletion expense decreased by $1.3 million compared
to the corresponding period in 2020, mainly as a result of the mix of sales.

 

Gross profit amounted to $34.8 million in the
fourth quarter of 2021 compared to $32.8 million in the fourth quarter of 2020. The increase is mainly due to higher deliveries and payments
under the royalty and stream agreements and lower cost of sales and depletion expenses.

 

In the fourth quarter of 2021, the Company incurred
a consolidated operating loss of $38.2 million, compared to a consolidated operating income of $19.3 million in the corresponding period
of 2020, mostly as a result of impairment charges of $42.7 million ($34.5 million, net of income taxes) on exploration and evaluation
properties (including the James Bay properties and Coulon project) and $5.8 million on the ore in stockpiles of the San Antonio project,
in addition to mining operating expenses of $12.9 million on the Bonanza Ledge Phase 2 project, all operated by Osisko Development.

 

Consolidated G&A expenses increased in the
fourth quarter of 2021 as a result of the creation of Osisko Development in November 2020. Consolidated G&A expenses amounted to
$10.8 million in the fourth quarter of 2021 compared to $7.8 million in the fourth quarter of 2020. G&A expenses from the royalties
and streams segment decreased in the fourth quarter of 2021 to $4.7 million compared to $6.2 million in the fourth quarter of 2020, mostly
as a result of a lower compensation expense. G&A expenses from the exploration and development segment amounted to $6.1 million compared
to $1.6 million in 2020 due to increased activities in 2021.

 

Business development expenses decreased to $1.1
million in the fourth quarter of 2021 from $5.6 million in the fourth quarter of 2020. The decrease is mainly due to additional professional
fees incurred in the fourth quarter of 2020 related to the RTO transaction ($1.8 million) and a non-cash listing fee of $1.7 million,
also related to the RTO transaction, of which $2.7 million were assumed by Osisko Development. The balance of the decrease is explained
by lower professional fees incurred by Osisko in 2021.

 

In the fourth quarter of 2021, Osisko Development
incurred mining operating expenses of $12.9 million on the Bonanza Ledge Phase 2 project.

In the fourth quarter of 2021, the Company incurred
a consolidated net loss attributable to Osisko's shareholders of $21.2 million, compared to consolidated net earnings of $4.6 million
in the fourth quarter of 2020, mostly as a result of impairment charges incurred by Osisko Development, partially offset by net gains
on investments.

 

Consolidated adjusted earnings were $3.3 million
in the fourth quarter of 2021, compared to $15.5 million in the fourth quarter of 2020, mostly as a result of mining operating expenses
on the Bonanza Ledge Phase 2 project and income taxes paid in Mexico by a subsidiary of Osisko Development as a result of the San Antonio
stream. Adjusted earnings for the royalties and streams segment amounted to $23.8 million in the fourth quarter of 2021 compared to $19.6
million in the fourth quarter of 2020, as a result of a higher gross profit. The adjusted loss for the exploration and development segment
amounted to $20.5 million in the fourth quarter of 2021 compared to $4.1 million in the fourth quarter of 2020, as a result of increased
activities, mining operating expenses on the Bonanza Ledge Phase 2 project and income taxes paid in Mexico by a subsidiary of Osisko
Development. Details of adjusted earnings (loss) per segment is provided in the Non-IFRS Financial Performance Measures section
of this MD&A.

 

Consolidated net cash flows provided by operating
activities in the fourth quarter of 2021 was $12.8 million compared to $32.6 million in the fourth quarter of 2020. Net cash flows provided
by operating activities of the royalties and streams segment were stable at $35.1 million in the fourth quarter of 2021 compared to $34.1
million in the fourth quarter of 2020. Net cash flows used by operating activities for the exploration and development segment were $22.3
million in the fourth quarter of 2021 compared to $1.5 million in the fourth quarter of 2020, as a result of increased activities. Details
on cash flows per segment is provided in the Segment Disclosure section of this MD&A.

 

    36 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Consolidated Statements of Income (Loss)

 

The following table presents summarized consolidated
statements of income (loss) for the three months ended December 31, 2021 and 2020 (in thousands of dollars, except amounts per share):

 

	 	 	 	 	 	Three months ended

    December 31,	 
	 	 	 	 	 	2021	 	 	2020	 
	 	 	 	 	 	$	 	 	$	 
	Revenues	 	 	(a)	 	 	 	50,673	 	 	 	64,560	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of sales	 	 	(b)	 	 	 	(3,646	)	 	 	(18,236	)
	Depletion of royalty, stream and other interests	 	 	(c)	 	 	 	(12,264	)	 	 	(13,548	)
	Gross profit	 	 	(d)	 	 	 	34,763	 	 	 	32,776	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other operating expenses	 	 	 	 	 	 	 	 	 	 	 	 
	General and administrative	 	 	(e)	 	 	 	(10,829	)	 	 	(7,842	)
	Business development	 	 	(f)	 	 	 	(1,130	)	 	 	(5,608	)
	Exploration and evaluation	 	 	(g)	 	 	 	319	 	 	 	(23	)
	Mining operating expenses	 	 	(h)	 	 	 	(12,919	)	 	 	-	 
	Impairment of assets	 	 	(i)	 	 	 	(48,451	)	 	 	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operating (loss) income	 	 	 	 	 	 	(38,247	)	 	 	19,303	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other revenues (expenses), net	 	 	(j)	 	 	 	4,254	 	 	 	(6,973	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Loss) earnings before income taxes	 	 	 	 	 	 	(33,993	)	 	 	12,330	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income tax expense	 	 	(k)	 	 	 	(1,230	)	 	 	(8,345	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings	 	 	 	 	 	 	(35,223	)	 	 	3,985	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings attributable to:	 	 	 	 	 	 	 	 	 	 	 	 
	 Osisko Gold Royalties Ltd's shareholders	 	 	 	 	 	 	(21,184	)	 	 	4,632	 
	 Non-controlling interests	 	 	 	 	 	 	(14,039	)	 	 	(647	)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net (loss) earnings per share	 	 	 	 	 	 	 	 	 	 	 	 
	  Basic and diluted	 	 	 	 	 	 	(0.13	)	 	 	0.03	 

 

    37 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

(a) Revenues
are comprised of the following:

 

	 	 	Three months ended
    December 31,	 
	 	 	2021	 	 	2020	 
	 	 	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	 	 	2,270	 	 	 	13,697	 	 	 	31,125	 	 	 	2,444	 	 	 	16,174	 	 	 	39,528	 
	Silver sold	 	 	29	 	 	 	316,086	 	 	 	9,166	 	 	 	32	 	 	 	551,065	 	 	 	17,637	 
	Diamonds sold(i)	 	 	146	 	 	 	47,141	 	 	 	6,884	 	 	 	98	 	 	 	43,904	 	 	 	4,284	 
	Other (paid in cash)	 	 	-	 	 	 	-	 	 	 	3,498	 	 	 	-	 	 	 	-	 	 	 	3,111	 
	 	 	 	 	 	 	 	 	 	 	 	50,673	 	 	 	 	 	 	 	 	 	 	 	64,560	 

 

(i) The
diamonds were sold by an agent for Osisko for a blended selling price of $146 (US$116) per carat in the fourth quarter of 2021. The average
selling price includes 8,042 incidental carats sold outside of the run of mine sales at an average price of $37 (US$29) per carat. Excluding
the incidental carats, 39,099 carats were sold at an average price of $169 (US$134) per carat in the fourth quarter of 2021. The Renard
diamond mine was put on care and maintenance in March 2020 given the structural challenges affecting the diamond market sales as well
as the depressed prices for diamonds due to COVID-19. The mine restarted its activities in September 2020.

 

The decrease in gold ounces sold in
the fourth quarter of 2021 is mainly the results of the conversion of the Parral offtake agreement into a stream in April 2021, partially
offset by higher deliveries under the other royalty agreements. The decrease in silver ounces sold in the fourth quarter of 2021 is mainly
the result of the conversion of the Parral offtake into a stream.

 

(b) Cost
of sales represents mainly the acquisition price of the metals and diamonds under the offtake and stream agreements, as well as minimal
refining, insurance and transportation costs related to the metals received under royalty agreements. The decrease in costs of sales
in the fourth quarter of 2021 is mainly the result of the conversion of the Parral offtake into a stream in April 2021, partially offset
by higher deliveries in the fourth quarter of 2021 compared to the fourth quarter of 2020.

 

(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 agreement. The decrease in the fourth quarter of 2021 is mostly due to the mix of sales.

 

    38 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

(d) The
breakdown of cash margin9  and gross profit per type of interest is as follows (in thousands of dollars):

 

	 	 	Three months ended

    December 31	 
	 	 	2021	 	 	2020	 
	 	 	$	 	 	$	 
	Royalty interests	 	 	 	 	 	 	 	 
	Revenues	 	 	34,502	 	 	 	34,393	 
	Less: cost of sales (excluding depletion)	 	 	(233	)	 	 	(94	)
	Cash margin (in dollars)	 	 	34,269	 	 	 	34,299	 
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	(7,324	)	 	 	(7,400	)
	Gross profit	 	 	26,945	 	 	 	26,899	 
	 	 	 	 	 	 	 	 	 
	Stream interests	 	 	 	 	 	 	 	 
	Revenues	 	 	16,171	 	 	 	14,371	 
	Less: cost of sales (excluding depletion)	 	 	(3,413	)	 	 	(3,056	)
	Cash margin (in dollars)	 	 	12,758	 	 	 	11,315	 
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	(4,940	)	 	 	(5,940	)
	Gross profit	 	 	7,818	 	 	 	5,375	 
	 	 	 	 	 	 	 	 	 
	Royalty and stream interests	 	 	 	 	 	 	 	 
	Total cash margin (in dollars)	 	 	47,027	 	 	 	45,614	 
	Divided by: total revenues	 	 	50,673	 	 	 	48,764	 
	Cash margin (in percentage of revenues)	 	 	92.8	%	 	 	93.5	%
	 	 	 	 	 	 	 	 	 
	Offtake interests	 	 	 	 	 	 	 	 
	Revenues	 	 	-	 	 	 	15,796	 
	Less: cost of sales (excluding depletion)	 	 	-	 	 	 	(15,086	)
	Cash margin (in dollars)	 	 	-	 	 	 	710	 
	Cash margin (in percentage of revenues)	 	 	-	 	 	 	4.5	%
	 	 	 	 	 	 	 	 	 
	Depletion	 	 	-	 	 	 	(208	)
	Gross profit	 	 	-	 	 	 	502	 
	 	 	 	 	 	 	 	 	 
	Total - Gross profit	 	 	34,763	 	 	 	32,776	 

 

(e) Consolidated
G&A expenses increased in the fourth quarter of 2021 as a result of the creation of Osisko Development in November 2020. Consolidated
G&A expenses amounted to $10.8 million in the fourth quarter of 2021 compared to $7.8 million in the fourth quarter of 2020. G&A
expenses from the royalties and streams segment decreased at $4.7 million compared to $6.2 million in the fourth quarter of 2020, mostly
as a result of a lower compensation expense. G&A expenses from the exploration and development segment amounted to $6.1 million in
the fourth quarter of 2021 compared to $1.6 million in the fourth quarter of 2020 due to increased activities.

 

(f) Business
development expenses decreased to $1.1 million in the fourth quarter of 2021 from $5.6 million in 2020. The decrease is mainly due to
additional professional fees incurred in 2020 related to the RTO transaction ($1.8 million), a non-cash listing fee of $1.7 million,
also related to the RTO transaction, of which $2.7 million were assumed by Osisko Development. The balance of the decrease is explained
by lower professional fees and compensation expense incurred by Osisko in 2021.

 

(g) Exploration
and evaluation expenses represent expenditures incurred by Osisko Development and its subsidiaries for general exploration activities
and for properties that have been previously written-off.

 

(h) Mining
operating expenses of $12.9 million in the fourth quarter of 2021 are related to operating expenses incurred by Osisko Development on
the Bonanza Ledge Phase 2 project.

 

 

9 Cash
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.

 

    39 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

(i) In the
fourth quarter of 2021, the Company recorded an impairment charge of $5.8 million on the ore in stockpiles (San Antonio project, operated
by Osisko Development) to reduce its net book value to its net realizable value following an increase in the expected processing and
transportation costs and a decrease in the gold price. The Company also incurred an impairment charge of $42.7 million ($34.5 million,
net of income taxes) on exploration and evaluation properties, including the James Bay properties and the Coulon zinc project in Canada.
Osisko Development has determined that further exploration and evaluation expenditures are no longer planned in the near term on these
properties and that the carrying amount of these assets is unlikely to be recovered from a sale of the project at the current time. As
a result, these properties were fully written-down.

 

(j) Other
revenues, net of $4.3 million in the fourth of 2021 include finance costs of $6.3 million and a share of loss of associate of $1.3 million,
partially offset by a net gain on investments of $6.7 million (including a variation in fair value on investments at fair value through
profit and loss of $6.2 million), a flow-through shares premium income of $1.1 million and interest income of $1.1 million. Other revenues
also include other gains of $2.7 million, mostly related to the reversal of previously recorded provisions for suppliers.

 

Other expenses, net, of $7.0 million
in the fourth quarter of 2020 include finance costs of $6.2 million and a share of loss of associates of $3.7 million, partially offset
by a net gain on investments of $2.2 million and interest income of $1.1 million.

 

(k) The
effective income tax rate for the fourth quarter of 2021 is (3.6%) compared to 67.7% in the fourth quarter of 2020. The statutory rate
is 26.5% in 2021 and 2020. The elements that impacted the effective income taxes are the impairments on mining exploration, evaluation
and development projects, for which no deferred tax liability was recorded due to the initial recognition exemption, and the benefit
of losses not recognized, revenues taxable at a lower rate and the recognition of previously unrecognized non-capital losses. Cash taxes
related to taxes on royalties earned in foreign jurisdictions were paid in the fourth quarter of 2021 for $0.3 million and $0.4 million
in the fourth of 2020. In addition, income taxes of US$4.5 million ($5.7 million) were payable in Mexico by a subsidiary of Osisko Development
in the fourth quarter of 2020 as a result of the acquisition by Osisko of the San Antonio stream in 2020.

 

    40 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Segment Disclosure

 

The chief operating decision-maker organizes
and manages 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. The assets, liabilities, revenues, expenses and cash
flows of Osisko and its subsidiaries, other than Osisko Development and its subsidiaries, are attributable to the precious metals and
other royalties, streams and other interests operating segment. The assets, liabilities, revenues, expenses and cash flows of Osisko
Development and its subsidiaries are attributable to the exploration, evaluation and development of mining projects operating segment.

 

The following tables present the main assets,
liabilities, revenues, expenses and cash flows per operating segment (in thousands of dollars):

 

	 	 	As at December 31,
    2021 and 2020	 
	 	 	Osisko
    Gold 
 Royalties (i)	 	 	Osisko

    Development (ii)	 	 	 	 	 	 	 
	 	 	(Royalties, streams

    and other interests)	 	 	(Mining exploration,
    
 evaluation and 
 development)	 	 	Intersegment
    
 transactions (iii)	 	 	Consolidated	 
	 	 	$	 	 	$	 	 	$	 	 	$	 
	Assets and liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As at December 31, 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash	 	 	82,291	 	 	 	33,407	 	 	 	-	 	 	 	115,698	 
	Current assets	 	 	91,594	 	 	 	61,422	 	 	 	(90	)	 	 	152,926	 
	Investments in associates and other investments	 	 	231,884	 	 	 	62,480	 	 	 	-	 	 	 	294,364	 
	Royalty, stream and other interests	 	 	1,247,489	 	 	 	-	 	 	 	(92,688	)	 	 	1,154,801	 
	Mining interests and plant and equipment	 	 	7,991	 	 	 	559,332	 	 	 	68,332	 	 	 	635,655	 
	Exploration and evaluation assets	 	 	-	 	 	 	3,635	 	 	 	-	 	 	 	3,635	 
	Goodwill	 	 	111,204	 	 	 	-	 	 	 	-	 	 	 	111,204	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets	 	 	1,691,958	 	 	 	703,110	 	 	 	(24,446	)	 	 	2,370,622	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities (excluding long-term debt)	 	 	89,416	 	 	 	115,156	 	 	 	(24,446	)	 	 	180,126	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Long-term debt	 	 	406,671	 	 	 	3,764	 	 	 	-	 	 	 	410,435	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As at December 31, 2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash	 	 	105,097	 	 	 	197,427	 	 	 	-	 	 	 	302,524	 
	Current assets	 	 	117,592	 	 	 	218,478	 	 	 	(882	)	 	 	335,188	 
	Investments in associates and other investments	 	 	166,589	 	 	 	110,144	 	 	 	-	 	 	 	276,733	 
	Royalty, stream and other interests	 	 	1,203,781	 	 	 	-	 	 	 	(87,653	)	 	 	1,116,128	 
	Mining interests and plant and equipment	 	 	9,011	 	 	 	407,000	 	 	 	73,501	 	 	 	489,512	 
	Exploration and evaluation assets	 	 	-	 	 	 	41,869	 	 	 	650	 	 	 	42,519	 
	Goodwill	 	 	111,204	 	 	 	-	 	 	 	-	 	 	 	111,204	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total assets	 	 	1,609,344	 	 	 	802,144	 	 	 	(14,384	)	 	 	2,397,104	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total liabilities (excluding long-term debt)	 	 	67,449	 	 	 	102,578	 	 	 	(14,384	)	 	 	155,643	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Long-term debt	 	 	400,429	 	 	 	-	 	 	 	-	 	 	 	400,429	 

 

(i) Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.

 

(ii) Osisko
Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction
completed on November 25, 2020 and creating Osisko Development).

 

(iii) The adjustments
are related to intersegment transactions and to royalties and streams held by Osisko Gold Royalties on assets held by Osisko Development,
which are reclassified on consolidation, as well as adjustments related to an accounting policy difference on revenues recognition.

 

    41 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

	 	 	For the three months
    ended December 31, 2021 and 2020	 
	 	 	Osisko
    Gold 
 Royalties (i)	 	 	Osisko
    
 Development (ii)	 	 	 	 	 	 	 
	 	 	(Royalties, streams
    
 and other interests)	 	 	(Mining exploration,
    
 evaluation and 
 development)	 	 	Intersegment

    transactions (iii)	 	 	Consolidated	 
	 	 	$	 	 	$	 	 	$	 	 	$	 
	Revenues, expenses and cash flows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	For the three months ended December 31, 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	50,673	 	 	 	2,827	 	 	 	(2,827	)	 	 	50,673	 
	Gross profit	 	 	34,763	 	 	 	-	 	 	 	-	 	 	 	34,763	 
	Operating expenses (G&A, bus. dev and exploration)	 	 	(5,839	)	 	 	(5,801	)	 	 	-	 	 	 	(11,640	)
	Mining operating expenses	 	 	-	 	 	 	(12,919	)	 	 	-	 	 	 	(12,919	)
	Impairments of assets	 	 	-	 	 	 	(48,451	)	 	 	-	 	 	 	(48,451	)
	Net earnings (loss)	 	 	21,879	 	 	 	(57,102	)	 	 	-	 	 	 	(35,223	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before working capital items	 	 	40,276	 	 	 	(14,639	)	 	 	-	 	 	 	25,637	 
	Working capital items	 	 	(5,157	)	 	 	(7,709	)	 	 	-	 	 	 	(12,866	)
	After working capital items	 	 	35,119	 	 	 	(22,348	)	 	 	-	 	 	 	12,771	 
	Cash flows from investing activities	 	 	(23,772	)	 	 	(18,655	)	 	 	-	 	 	 	(42,427	)
	Cash flows from financing activities	 	 	(7,998	)	 	 	2,431	 	 	 	-	 	 	 	(5,567	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	For the three months ended December 31, 2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	64,560	 	 	 	-	 	 	 	-	 	 	 	64,560	 
	Gross profit	 	 	32,776	 	 	 	-	 	 	 	-	 	 	 	32,776	 
	Operating expenses (G&A, bus. dev and exploration)	 	 	(8,600	)	 	 	(4,873	)	 	 	-	 	 	 	(13,473	)
	Impairments of assets	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Net earnings (loss)	 	 	11,756	 	 	 	(7,771	)	 	 	-	 	 	 	3,985	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before working capital items	 	 	36,211	 	 	 	(8,154	)	 	 	-	 	 	 	28,057	 
	Working capital items	 	 	(2,113	)	 	 	6,689	 	 	 	-	 	 	 	4,576	 
	After working capital items	 	 	34,098	 	 	 	(1,465	)	 	 	-	 	 	 	32,633	 
	Cash flows from investing activities	 	 	(42,430	)	 	 	(24,181	)	 	 	-	 	 	 	(66,611	)
	Cash flows from financing activities	 	 	(39,007	)	 	 	219,662	 	 	 	-	 	 	 	180,655	 

 

(i) Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.

 

(ii) Osisko
Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction
completed on November 25, 2020 and creating Osisko Development).

 

(iii) The adjustments
are related to intersegment transactions and to royalties and streams held by Osisko Gold Royalties on assets held by Osisko Development,
which are reclassified on consolidation, as well as adjustments related to an accounting policy difference on revenues recognition.

 

    42 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

	 	 	Years ended December
    31, 2021 and 2020	 
	 	 	Osisko
    Gold 
 Royalties (i)	 	 	Osisko 

    Development (ii)	 	 	 	 	 	 	 
	 	 	(Royalties, streams

    and other interests)	 	 	(Mining exploration,

    evaluation and
 development)	 	 	Intersegment

    transactions (iii)	 	 	Consolidated	 
	 	 	$	 	 	$	 	 	$	 	 	$	 
	Revenues, expenses and cash flows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year ended December 31, 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	224,877	 	 	 	7,275	 	 	 	(7,275	)	 	 	224,877	 
	Gross profit	 	 	138,870	 	 	 	-	 	 	 	-	 	 	 	138,870	 
	Operating expenses (G&A, bus. dev and exploration)	 	 	(23,778	)	 	 	(22,852	)	 	 	-	 	 	 	(46,630	)
	Mining operating expenses	 	 	-	 	 	 	(12,919	)	 	 	-	 	 	 	(12,919	)
	Impairments	 	 	(4,400	)	 	 	(122,250	)	 	 	-	 	 	 	(126,650	)
	Net earnings (loss)	 	 	77,277	 	 	 	(133,952	)	 	 	-	 	 	 	(56,675	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before working capital items	 	 	158,632	 	 	 	(21,828	)	 	 	(5,710	)	 	 	131,094	 
	Working capital items	 	 	(5,413	)	 	 	(19,586	)	 	 	-	 	 	 	(24,999	)
	After working capital items	 	 	153,219	 	 	 	(41,414	)	 	 	(5,710	)	 	 	106,095	 
	Cash flows from investing activities	 	 	(120,766	)	 	 	(156,982	)	 	 	5,710	 	 	 	(272,038	)
	Cash flows from financing activities	 	 	(54,339	)	 	 	34,738	 	 	 	-	 	 	 	(19,601	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year ended December 31, 2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	213,630	 	 	 	-	 	 	 	-	 	 	 	213,630	 
	Gross profit	 	 	104,325	 	 	 	-	 	 	 	-	 	 	 	104,325	 
	Operating expenses (G&A, bus. dev and exploration)	 	 	(28,021	)	 	 	(8,301	)	 	 	-	 	 	 	(36,322	)
	Impairments	 	 	(36,298	)	 	 	-	 	 	 	-	 	 	 	(36,298	)
	Net earnings (loss)	 	 	23,501	 	 	 	(7,272	)	 	 	-	 	 	 	16,229	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash flows from operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Before working capital items	 	 	116,631	 	 	 	(10,387	)	 	 	-	 	 	 	106,244	 
	Working capital items	 	 	(2,669	)	 	 	4,403	 	 	 	-	 	 	 	1,734	 
	After working capital items	 	 	113,962	 	 	 	(5,984	)	 	 	-	 	 	 	107,978	 
	Cash flows from investing activities	 	 	(161,131	)	 	 	(61,968	)	 	 	-	 	 	 	(223,099	)
	Cash flows from financing activities	 	 	109,444	 	 	 	207,417	 	 	 	-	 	 	 	316,861	 

 

(i) Osisko
Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.

 

(ii) Osisko
Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction
completed on November 25, 2020 and creating Osisko Development).

 

(iii) The adjustments
are related to intersegment transactions and to royalties and streams held by Osisko Gold Royalties on assets held by Osisko Development,
which are reclassified on consolidation, as well as adjustments related to an accounting policy difference on revenues recognition.

 

    43 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Royalty, stream and other interests - Geographic
revenues

 

All of the Company's revenues are attributable
to the precious metals and other royalties, streams and other interests operating segment. 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, 2021 and 2020, 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	 
	 	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royalties	 	 	 	134,544	 	 	 	1,112	 	 	 	6	 	 	 	4,617	 	 	 	-	 	 	 	140,279	 
	Streams	 	 	 	27,624	 	 	 	20,284	 	 	 	1,548	 	 	 	-	 	 	 	9,877	 	 	 	59,333	 
	Offtakes	 	 	 	25,265	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	25,265	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	187,433	 	 	 	21,396	 	 	 	1,554	 	 	 	4,617	 	 	 	9,877	 	 	 	224,877	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royalties	 	 	 	106,780	 	 	 	554	 	 	 	52	 	 	 	3,919	 	 	 	-	 	 	 	111,305	 
	Streams	 	 	 	13,999	 	 	 	19,862	 	 	 	2,098	 	 	 	-	 	 	 	9,310	 	 	 	45,269	 
	Offtakes	 	 	 	57,056	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	57,056	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	177,835	 	 	 	20,416	 	 	 	2,150	 	 	 	3,919	 	 	 	9,310	 	 	 	213,630	 

 

(i) 83%
of the North America's revenues are generated from Canada in 2021 (65% in 2020).

 

In 2021, one royalty interest generated revenues
of $81.3 million ($66.8 million in 2020), which represented 41% of revenues (43% of revenues in 2020) (excluding revenues generated from
the offtake interests).

 

In 2021, revenues generated from precious metals
and diamonds represented 89% and 9%, respectively, of total revenues (87% and 11% excluding offtakes, respectively). In 2020, revenues
generated from precious metals and diamonds represented 94% and 4%, respectively, of total revenues (92% and 6% excluding offtakes, respectively).

 

Royalty, stream and other interests - Geographic
net assets

 

The following table summarizes the royalty, stream
and other interests by jurisdictions, as at December 31, 2021 and 2020, which is based on the location of the property related to the
royalty, stream or other interests (in thousands of dollars):

 

	 	 	North
    America(i)	 	 	South America	 	 	Australia	 	 	Africa	 	 	Asia	 	 	Europe	 	 	Total	 
	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	December 31, 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royalties	 	 	595,931	 	 	 	57,673	 	 	 	13,742	 	 	 	20,453	 	 	 	-	 	 	 	15,215	 	 	 	703,014	 
	Streams	 	 	185,031	 	 	 	173,773	 	 	 	-	 	 	 	-	 	 	 	28,272	 	 	 	51,055	 	 	 	438,131	 
	Offtakes	 	 	-	 	 	 	-	 	 	 	8,960	 	 	 	-	 	 	 	4,696	 	 	 	-	 	 	 	13,656	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	780,962	 	 	 	231,446	 	 	 	22,702	 	 	 	20,453	 	 	 	32,968	 	 	 	66,270	 	 	 	1,154,801	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	December 31, 2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royalties	 	 	576,835	 	 	 	46,374	 	 	 	9,924	 	 	 	8,313	 	 	 	-	 	 	 	15,215	 	 	 	656,661	 
	Streams	 	 	172,879	 	 	 	183,679	 	 	 	1,481	 	 	 	-	 	 	 	28,392	 	 	 	54,510	 	 	 	440,941	 
	Offtakes	 	 	5,690	 	 	 	-	 	 	 	8,119	 	 	 	-	 	 	 	4,717	 	 	 	-	 	 	 	18,526	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	755,404	 	 	 	230,053	 	 	 	19,524	 	 	 	8,313	 	 	 	33,109	 	 	 	69,725	 	 	 	1,116,128	 

 

(i) 82% of
the North America's net interests are located in Canada as at December 31, 2021 (86% as at December 31, 2020).

 

    44 

     

    

 

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Exploration, evaluation and development of
mining projects

 

The inventories, mining interests, plant and
equipment and exploration and evaluation assets related to the exploration, evaluation and development of mining projects (excluding
the intersegment transactions) are located in Canada and in Mexico, and are detailed as follow as at December 31, 2021 and 2020 (in thousands
of dollars):

 

	 	 	December
    31, 2021	 	 	December
    31, 2020 	 
	 	 	Canada	 	 	Mexico	 	 	Total	 	 	Canada	 	 	Mexico	 	 	Total	 
	 	 	$	 	 	$ 	 	 	$ 	 	 	$	 	 	$	 	 	$ 	 
	Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Inventories	 	13,933	 	 	4,663	 	 	18,596	 	 	1,599	 	 	25,705	 	 	27,304	 
	Mining interests, plant and equipment	 	455,849	 	 	103,483	 	 	559,332	 	 	344,903	 	 	62,097	 	 	407,000	 
	Exploration and evaluation assets	 	3,635	 	 	-	 	 	3,635	 	 	40,680	 	 	1,189	 	 	41,869	 
	Total assets	 	627,937	 	 	75,173	 	 	703,110	 	 	704,998	 	 	97,146	 	 	802,144	 

 

Related Party Transactions

 

In 2021, interest revenues of $3.6 million were
recorded on notes receivable from associates ($2.7 million in 2020). As at December 31, 2021, interests receivable from associates of
$4.6 million are included in amounts receivable ($1.9 million as at December 31, 2020). Loans, notes receivable, and a convertible debenture
from associates amounted to $42.3 million as at December 31, 2021 ($33.4 million as at December 31, 2020) and were included in other
investments on the consolidated balance sheets.

 

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

 

Contractual Obligations and Commitments 

 

Investments in royalty and stream interests

 

As at December 31, 2021, significant commitments
related to the acquisition of royalties and streams are detailed in the following table:

 

	Company	Project (asset)	Installments	Triggering
    events
	 	 	 	 
	Aquila Resources Inc.	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 on debt finance facility.
	 	 	 	 
	Falco Resources Ltd.	Horne
                                            5 project

    (silver stream)
	$10.0 million	Receipt of all necessary material third-party approvals,
    licenses, rights of way and surface rights on the property.
	 	 	$35.0 million	Receipt of 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%).

 

    45 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Offtake and stream purchase agreements

 

The following table summarizes the significant
commitments to pay for gold, silver and diamonds to which Osisko has the contractual right pursuant to the associated precious metals
and diamond purchase agreements:

 

	 	 	Attributable
    payable production

    to be purchased	 	 	Per
    ounce/carat 

    cash payment (US$)	 	 	 	 
	Interest	 	Gold	 	 	Silver	 	 	Diamond	 	 	Gold	 	Silver	 	 	Diamond	 	 	Term
    of agreement	 	Date of contract
	Amulsar
    

    stream(1),(7)	 	 	4.22	%	 	 	62.5	%	 	 	 	 	 	$400	 	$	4	 	 	 	 	 	 	40 years	 	November 2015 Amended Jan. 2019
	Amulsar
    

    offtake(2),(7)	 	 	81.91	%	 	 	 	 	 	 	 	 	 	Based on

    quotational

    period	 	 	 	 	 	 	 	 	 	Until delivery of 2,110,425 ounces Au	 	November 2015 Amended Jan. 2019
	Back
    Forty 

    stream(3)	 	 	18.5	%	 	 	85	%	 	 	 	 	 	30% spot 

    price 

    (max 

    $600)	 	$	4	 	 	 	 	 	 	Life of mine	 	March 2015 (silver) Nov. 2017 (gold) Amended June 2020
	Mantos Blancos  

    stream(4)	 	 	 	 	 	 	100	%	 	 	 	 	 	 	 	 	8%
                                            spot	 	 	 	 	 	 	Life of mine	 	September 2015
 Amended Aug.
    2019
	Renard stream	 	 	 	 	 	 	 	 	 	 	9.6	%	 	 	 	 	 	 	 	 	Lesser
                                            of 

                                            40% of

                                            sales 

                                            price or

                                            $40	 	 	40 years	 	July 2014 Amended Oct. 2018
	Sasa
    stream(5)	 	 	 	 	 	 	100	%	 	 	 	 	 	 	 	$	5.96	 	 	 	 	 	 	40 years	 	November 2015
	Gibraltar

    stream(6)	 	 	 	 	 	 	75	%	 	 	 	 	 	 	 	 	nil	 	 	 	 	 	 	Life of
    

    mine	 	March 2018 Amended April 2020

 

	(1)	Stream capped at 89,034 ounces of gold and 434,093
                                            ounces of silver delivered.  Subject to multiple buy-down options: 50% for US$34.4 million
                                            and US$31.3 million on 2nd and 3rd anniversary of commercial production,
                                            respectively.

 

	(2)	Offtake percentage will increase to 84.87% if the
                                            operator elects to reduce the gold stream as outlined above. The Amulsar offtake applies
                                            to the sales from the first 2,110,425 ounces of refined gold, of which 1,853,751 ounces are
                                            attributable to Osisko Bermuda (less any ounces delivered pursuant to the Amulsar stream).
	 	 

	(3)	The gold stream will be reduced to 9.25% after the
                                            delivery of 105,000 gold ounces.
	 	 

	(4)	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, 2021, a total of 2.7 million ounces of silver have been delivered
                                            under the stream agreement.
	 	 

	(5)	3% or consumer price index (CPI) per ounce price
                                            escalation after 2016.
	 	 

	(6)	Osisko will receive from Taseko an amount equal to
                                            100% of Gibco's share of silver production, which represents 75% of Gibraltar mine's production,
                                            until reaching the delivery to Osisko of 5.9 million ounces of silver, and 35% of Gibco's
                                            share of silver production thereafter. As of December 31, 2021, a total of 0.9 million ounces
                                            of silver have been delivered under the stream agreement.
	 	 

	(7)	In December 2019, Lydian International Limited, the
                                            owner of the Amulsar project, was granted protection under the Companies' Creditors Arrangement
                                            Act. In July 2020, Osisko became a shareholder of Lydian following a credit bid transaction
                                            (35.6% as at December 31, 2021).
	 	 

	(8)	The San Antonio stream was not included because it
                                            is cancelled on the accounting consolidation of Osisko Development.

 

Mining equipment and service contracts

 

As of December 31, 2021, Osisko Development had
purchase commitments for mining equipment and service contracts amounting to $40.9 million, including $33.3 million payable in 2022 and
$7.6 million in 2023.

 

Financial liabilities

 

As at December 31, 2021, all financial liabilities
to be settled in cash or by the transfer of other financial assets mature within 90 days, except for the convertible debentures, the
revolving credit facility, the equipment financings and the lease liabilities, which are described below (in thousands of dollars):

 

	 	 	As
    at December 31, 2021 	 
	 	 	Total

    amounts	 	 	 	 	 	Estimated
    annual payments 	 
	 	 	payable	 	 	Maturity	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026-2029	 
	 	 	$	 	 	 	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	Conv. debentures	 	312,000	 	 	December 31, 

    2022	 	 	312,000	 	 	-	 	 	-	 	 	-	 	 	-	 
	Revolving credit facility(i)	 	128,788	 	 	July 30, 

    2025	 	 	4,297	 	 	4,297	 	 	4,297	 	 	115,897	 	 	-	 
	Equipment financings	 	3,969	 	 	October 10, 2025	 	 	1,584	 	 	1,664	 	 	393	 	 	328	 	 	-	 
	Lease liabilities	 	20,213	 	 	December 31,

    2029	 	 	9,388	 	 	2,919	 	 	1,478	 	 	1,291	 	 	5,137	 
	 	 	464,970	 	 	 	 	 	327,269	 	 	8,880	 	 	6,168	 	 	117,516	 	 	5,137	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

(i) The
interest payable is based on the actual interest rates and foreign exchange rates as at December 31, 2021.

 

    46 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Foreign exchange contracts

 

In 2021, the Company entered into foreign exchange
contracts (collar options) to sell U.S. dollars and buy Canadian dollars for a total nominal amount of US$3.0 million. The contracts
were put in place to protect revenues in Canadian dollars (from the sale of gold ounces received from royalty interests which are denominated
in U.S. dollars) from a stronger Canadian dollar. The fair value of the contracts is booked at each reporting period on the consolidated
balance sheets. As at December 31, 2021, the fair value of the outstanding contracts was insignificant. 

 

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 24, 2022, 166,217,925 common shares
were issued and outstanding. A total of 3,715,390 share options were outstanding to purchase common shares. Convertible senior unsecured
debentures of $300.0 million are outstanding and convertible at the holder's option into Osisko common shares at a conversion price of
$22.89 per common share, representing a total of 13,106,160 common shares if all the debentures were converted.

 

Subsequent Events to December 31, 2021

 

Normal course issuer bid

 

From January 1, 2022 to February 24, 2022, the
Company purchased for cancellation a total of 347,492 common shares for $4.9 million (average acquisition price per share of $14.04)
under its 2022 NCIB program.

 

Proposed acquisition of Tintic by Osisko Development

 

On January 25, 2022, Osisko Development announced
that it had entered into definitive agreements (together, the "Agreements") with IG Tintic LLC and Ruby Hollow LLC (together
the "Vendors") to acquire 100% of Tintic Consolidated Metals LLC (the "Transaction"). On completion of the Transaction,
Osisko Development will acquire 100% ownership of the producing Trixie Mine ("Trixie"), 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.

 

Pursuant to the terms of the Transaction, Osisko
Development will acquire 100% of Tintic from the Vendors for aggregate payments at closing totaling approximately US$177 million, of
which approximately US$54 million will be paid in cash and approximately US$123 million will be paid by the issuance of 35,099,611 common
shares of Osisko Development at a price of C$4.32 per share.

 

In addition, Osisko Development will pay the
Vendors: (i) deferred payments of US$12.5 million payable in equal instalments annually over five years in cash or common shares at Osisko
Development's election; (ii) two 1% NSR royalty grants, each with a 50% buyback right in favour of Osisko Development for US$7.5 million
which is exercisable within 5 years; (iii) a right to receive the financial equivalent of 10% of the net smelter returns from stockpiled
ore extracted from Trixie since January 1, 2018 and sitting on surface; (iv) the set-off of a US$5 million loan owed to Osisko Development;
and (v) US$10 million contingent upon commencement of production at the Burgin Mine.

 

Osisko Bermuda has entered into a non-binding
metals stream term sheet ("Stream") with a wholly-owned subsidiary of Osisko Development. The upfront cash payment under the
Stream, of at least US$20 million and up to US$40 million, will be used by Osisko Development to fund a portion of the cash consideration
payable on closing of the Transaction. In the event that the full amount of US$40 million is drawn, Osisko Development will deliver to
Osisko Bermuda a maximum of 5% of all metals produced from the Tintic property up to a maximum of 53,400 ounces of refined gold and 4.0%
thereafter.

  

The Transaction is expected to close in the second
quarter of 2022, subject to satisfaction of regulatory approvals and customary closing conditions.

 

    47 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Non-brokered private placement by Osisko Development

 

On February 7, 2022, Osisko Development announced
a non-brokered private placement ("Offering") of 31,500,000 subscription receipts of Osisko Development ("Subscription
Receipts") at a price of US$3.50 per Subscription Receipt for aggregate gross proceeds of up to approximately US$110.3 million.
Each Subscription Receipt issued pursuant to the Offering will entitle the holder thereof to receive, upon the satisfaction of the Escrow
Release Condition (as defined below) and without payment of additional consideration, one unit of Osisko Development (each, a "Unit").
Each Unit will comprise of one common share in the capital of Osisko Development (each, a "Common Share") and one Common Share
purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional
Common Share at a price of US$6.00 per Common Share for a period of five years following the date of issue. The gross proceeds of the
Offering will be held in escrow pending, among other things, the completion of the listing of the Common Shares on the New York Stock
Exchange ("Escrow Release Condition"), which is contingent upon Osisko Development meeting the listing requirements of the
New York Stock Exchange ("NYSE") and may involve, among other things, a consolidation of the Common Shares. If the Escrow Release
Condition is met, Osisko Development anticipates that the proceeds of the Offering will be used to advance the development of Osisko
Development's mineral assets and for general corporate purposes. The Offering is subject to regulatory approvals.

 

"Bought
deal" private placement by Osisko Development

 

On February 9, 2022, Osisko Development announced
a "bought deal" private placement for an aggregate of 20,225,000 subscription receipts of Osisko Development (the "Bought
Deal Subscription Receipts") and/or units of Osisko Development (the "Bought Deal Units" and, together with the Bought
Deal Subscription Receipts, the "Offered Securities") at a price of $4.45 per Offered Security (the "Issue Price"),
for aggregate gross proceeds of $90.0 million (the " Bought Deal Offering"). Each Bought Deal Unit will be comprised of one
Osisko Development Common Share and one common share purchase warrant (each, a "Bought Deal Warrant"), with each Bought Deal
Warrant entitling the holder thereof to purchase one additional Common Share at a price of $7.60 per Common Share for a period of 60
months following the closing date of the Bought Deal Offering. Each Bought Deal Subscription Receipt will entitle the holder thereof
to receive, upon the satisfaction of the escrow release condition (as defined below), and without payment of additional consideration,
one Bought Deal Unit. Osisko Development has granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior
to the closing of the Bought Deal Offering, to purchase up to an additional aggregate amount of 3,033,750 Bought Deal Subscription Receipts
and/or Bought Deal Units at the Issue Price, for additional gross proceeds of up to $13.5 million. The gross proceeds from the sale of
the Bought Deal Subscription Receipts, net of expenses of the underwriters and 50% of the commissions payable to the underwriters in
respect of the Bought Deal Subscription Receipts, will be placed into escrow and will be released immediately prior to the completion
of Osisko Development's proposed acquisition of Tintic. If the escrow release condition is not satisfied prior to the date that is 90
days from the closing of the Bought Deal Offering, the escrowed proceeds of the Bought Deal Offering will be returned to the holders
of the Bought Deal Subscription Receipts. Osisko Development intends to use the net proceeds of the Bought Deal Offering to advance the
development of the company's mineral assets, including the Cariboo gold project, the San Antonio gold project and properties held by
Tintic assuming the completion of the Tintic Acquisition, and for general corporate purposes. The closing date of the Bought Deal Offering
is expected to occur on or about March 2, 2022, and is subject to certain customary conditions.

  

Warrants

 

On February 18, 2022, a total of 5,480,000 Osisko
warrants expired unexercised.

 

Dividend

 

On February 24, 2022, the Board of Directors
declared a quarterly dividend of $0.055 per common share payable on April 14, 2022 to shareholders of record as of the close of business
on March 31, 2022.

 

    48 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Risks and Uncertainties 

 

The Company is a royalty, stream, and offtake
interests holder and investor that operates in an industry that is dependent on a number of 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")
as well as the additional risks listed below before investing in the Company's securities. 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.sedar.com and on EDGAR at www.sec.gov. 

 

Production Estimates, Forecasts and Outlook

 

The Company prepares estimates, forecasts and
outlook of future attributable production from the mining operations of the assets on which the Company holds a royalty, stream or other
interests (“Mining Operations”) and relies on public disclosure and other information it receives from the owners, operators
and independent experts of the Mining Operations to prepare such estimates, forecast or outlook. Such information is necessarily imprecise
because it depends upon the judgment of the individuals who operate the Mining Operations as well as those who review and assess the
geological and engineering information. These production estimates and projections are based on existing mine plans and other assumptions
with respect to the Mining Operations which change from time to time, and over which the Company has no control, including the availability,
accessibility, sufficiency and quality of ore, the costs of production, the operators' ability to sustain and increase production levels,
the sufficiency of infrastructure, the performance of personnel and equipment, the ability to maintain and obtain mining interests and
permits and compliance with existing and future laws and regulations. Any such information is forward-looking and no assurance can be
given that such production estimates and projections will be achieved. Actual attributable production may vary from the Company's estimates,
forecast and outlook for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical
and other characteristics; actual ore mined being less amenable than expected to mining or treatment; short-term operating factors relating
to the ore reserves, such as the need for sequential development of orebodies and the processing of new or different ore grades; delays
in the commencement of production and ramp up at new mines; revisions to mine plans; unusual or unexpected orebody formations; risks
and hazards associated with the Mining Operations, including but not limited to cave-ins, rock falls, rock bursts, pit wall failures,
seismic activity, weather related complications, fires or flooding or as a result of other operational problems such as production drilling
challenges, power failures or a failure of a key production component such as a hoist, an autoclave, a filter press or a grinding mill;
and unexpected labour shortages, strikes, local community opposition or blockades. Occurrences of this nature and other accidents, adverse
conditions or operational problems in future years may result in the Company's failure to achieve the production estimates, forecasts
or outlook currently anticipated. If the Company's production estimates, forecasts or outlook prove to be incorrect, it may have a material
adverse effect on the Company.

 

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,
2021. 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, 2021.

 

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 judgment 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, 2021 that have materially affected, or are reasonably likely to materially
affect, the DCP. No such changes were identified through their evaluation.

 

    49 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

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. 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,
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, 2021.

 

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, 2021 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,
2021 and have issued an audit report dated February 24, 2022 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.

 

Basis of Presentation of Consolidated Financial
Statements

 

The consolidated financial statements for the
year ended December 31, 2021 have been prepared in accordance with the IFRS as issued by the IASB. The accounting policies, methods of
computation and presentation applied in the consolidated financial statements are consistent with those of the previous financial year.

 

The significant accounting policies of Osisko
are detailed in the notes to the audited consolidated financial statements for the year ended December 31, 2021, filed on SEDAR at www.sedar.com,
EDGAR at www.sec.gov and on Osisko's website at www.osiskogr.com.

 

Critical Accounting Estimates and 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 critical judgements in applying the Company's accounting policies are detailed in the audited consolidated financial statements
for the year ended December 31, 2021, filed on SEDAR at www.sedar.com, 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 audited consolidated financial
statements for the year ended December 31, 2021, filed on SEDAR at www.sedar.com, 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.

 

    50 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

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 including (i) cash margin (in dollars and in percentage
or revenues), (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) 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. These measures are not necessarily indicative of operating profit or cash flow from operations as determined
under IFRS. 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, 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.

 

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 percentage of revenues) is presented under the sections
Overview of Financial Results and Fourth Quarter Results of this MD&A.

 

Adjusted earnings (loss) and adjusted earnings
(loss) per basic share

 

Adjusted earnings (loss) is defined as: net earnings
(loss) adjusted for certain items: foreign exchange gain (loss), impairment of assets (including impairment on financial assets and investments
in associates), gains (losses) on disposal of exploration and evaluation assets, unrealized gain (loss) on investments, share of loss
of associates, deferred premium income on flow-through shares, deferred income tax expense (recovery), transaction costs and other items
such as non-cash gains (losses). Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the
weighted average number of common shares outstanding for the period.

 

	 	 	For the three months
    ended December 31,	 
	 	 	2021	 	 	2020	 
	 	 	Osisko
    Gold
 Royalties (i)	 	 	Osisko
    
 Development (ii)	 	 	Consolidated	 	 	Osisko
    Gold
 Royalties (i)	 	 	Osisko
    
 Development (ii)	 	 	Consolidated	 
	(in thousands of dollars,  except 
 per share amounts)	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	Net earnings (loss)	 	 	21,884	 	 	 	(57,107	)	 	 	(35,223	)	 	 	12,384	 	 	 	(8,399	)	 	 	3,985	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjustments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Impairment of assets	 	 	-	 	 	 	48,451	 	 	 	48,451	 	 	 	2,694	 	 	 	-	 	 	 	2,694	 
	Foreign exchange loss (gain)	 	 	4	 	 	 	(53	)	 	 	(49	)	 	 	272	 	 	 	242	 	 	 	514	 
	Unrealized (gain) loss on investments	 	 	(6,143	)	 	 	(527	)	 	 	(6,670	)	 	 	(1,414	)	 	 	359	 	 	 	(1,055	)
	Share of loss of associates	 	 	883	 	 	 	402	 	 	 	1,285	 	 	 	3,342	 	 	 	381	 	 	 	3,723	 
	Deferred premium income on flow-through
    shares	 	 	-	 	 	 	(1,102	)	 	 	(1,102	)	 	 	-	 	 	 	-	 	 	 	-	 
	Deferred income tax expense (recovery)	 	 	7,180	 	 	 	(6,277	)	 	 	903	 	 	 	1,593	 	 	 	577	 	 	 	2,170	 
	Other non-cash gain	 	 	-	 	 	 	(4,306	)	 	 	(4,306	)	 	 	-	 	 	 	-	 	 	 	-	 
	    Transaction
costs

(RTO transaction)
	 	 	-	 	 	 	-	 	 	 	-	 	 	 	706	 	 	 	2,747	 	 	 	3,453	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted earnings (loss)	 	 	23,808	 	 	 	(20,519	)	 	 	3,289	 	 	 	19,577	 	 	 	(4,093	)	 	 	15,484	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted

 average number 

of

            common

 shares 

outstanding 

(000's)	 	 	166,807	 	 	 	166,807	 	 	 	166,807	 	 	 	166,093	 	 	 	166,093	 	 	 	166,093	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted 

earnings (loss) 

per basic share	 	 	0.14	 	 	 	(0.12	)	 	 	0.02	 	 	 	0.12	 	 	 	(0.02	)	 	 	0.09	 

 

 

		(i)	Osisko Gold Royalties
                                            Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents
                                            the royalty, stream and other interests segment.

		(ii)	Osisko Development Corp.
                                            and its subsidiaries. Represents the mining exploration, evaluation and development segment.

 

    51 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

	 	 	For the years ended
    December 31,	 
	 	 	2021	 	 	2020	 
	 	 	Osisko

    Gold
 Royalties (i)	 	 	Osisko
    
 Development 

    (ii)	 	 	Consolidated	 	 	Osisko

    Gold
 Royalties (i)	 	 	Osisko
    
 Development

    (ii)	 	 	Consolidated	 
	(in thousands of dollars,  except 
 per share amounts)	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss)	 	 	77,282	 	 	 	(133,957	)	 	 	(56,675	)	 	 	24,931	 	 	 	(8,702	)	 	 	16,229	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjustments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Impairment of assets	 	 	4,400	 	 	 	122,250	 	 	 	126,650	 	 	 	34,298	 	 	 	-	 	 	 	34,298	 
	Foreign exchange  loss (gain)	 	 	186	 	 	 	489	 	 	 	675	 	 	 	(894	)	 	 	242	 	 	 	(652	)
	Unrealized (gain) loss on investments	 	 	(14,403	)	 	 	(1,368	)	 	 	(15,771	)	 	 	(12,455	)	 	 	(4,140	)	 	 	(16,595	)
	Share of loss of associates	 	 	2,246	 	 	 	1,704	 	 	 	3,950	 	 	 	5,678	 	 	 	1,979	 	 	 	7,657	 
	Deferred premium income on flow-through
    shares	 	 	-	 	 	 	(6,971	)	 	 	(6,971	)	 	 	-	 	 	 	-	 	 	 	-	 
	Deferred income tax expense (recovery)	 	 	24,695	 	 	 	(12,971	)	 	 	11,724	 	 	 	2,750	 	 	 	1,010	 	 	 	3,760	 
	Other non-cash gain	 	 	-	 	 	 	(4,306	)	 	 	(4,306	)	 	 	-	 	 	 	-	 	 	 	-	 
	Transaction costs (RTO transaction)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	982	 	 	 	2,747	 	 	 	3,729	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted earnings (loss)	 	 	94,406	 	 	 	(35,130	)	 	 	59,276	 	 	 	55,290	 	 	 	(6,864	)	 	 	48,426	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted average 

number of
         common shares 

outstanding (000's)	 	 	167,628	 	 	 	167,628	 	 	 	167,628	 	 	 	162,303	 	 	 	162,303	 	 	 	162,303	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted earnings 

(loss) per basic 

share	 	 	0.56	 	 	 	(0.21	)	 	 	0.35	 	 	 	0.34	 	 	 	(0.04	)	 	 	0.30	 

 

		(i)	Osisko Gold Royalties
                                            Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents
                                            the royalty, stream and other interests segment.
	 	 	 

		(ii)	Osisko Development Corp.
                                            and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to
                                            the reverse take-over transaction completed on November 25, 2020 and creating Osisko Development).
                                            Represents the mining exploration, evaluation and development segment.

 

    52 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - 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. All statements
in this MD&A, 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), 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 gold equivalent ounces are forward-looking statements, as they
involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized.
Forward-looking statements are statements that are not historical facts and 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 that events or conditions "will",
 "would", "may", "could" or "should" 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: fluctuations in the prices of the commodities
that drive royalties, streams, offtakes and investments held by Osisko; fluctuations in the value of the Canadian dollar relative to
the U.S. dollar; 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; risks related to the operators of the properties in which Osisko holds a royalty,
stream or other interests; timely development, permitting, construction, commencement of production, ramp-up (including operating and
technical challenges) on any of the properties in which Osisko holds a royalty, stream or other interest; rate and timing of production
differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other
interest; the unfavorable outcome of any challenges or litigation relating title, permit or license with respect to any of the properties
in which Osisko holds a royalty, stream or other interests or to Osisko's right thereon; differences in rate and timing of production
from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other interest,
including conversion from resources to reserves and ability to replace resources; business opportunities that become available to, or
are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; risks and
hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty, stream
or other interest, 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, the integration of acquired assets and the responses of
relevant governments to the COVID-19 outbreak and the effectiveness of such response and the potential impact of COVID-19 on Osisko's
business, operations and financial condition. The forward-looking statements contained in this MD&A are based upon assumptions management
believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty, stream
or other interest by the owners or operators of such properties in a manner consistent with past practice and with public disclosure
(including forecast of production); 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); no adverse development
in respect of any significant property in which Osisko holds a royalty, stream or other interest; that statements and estimates relating
to mineral reserves and resources by owners and operators of the properties in which Osisko holds a royalty, stream or other interest
are accurate; the Company's ongoing income and assets relating to determination of its PFIC status; integration of acquired assets; and
the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
For additional information on risks, uncertainties and assumptions, please refer to the Annual Information Form of Osisko filed on SEDAR
at www.sedar.com 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 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.

 

    53 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - 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 reserves according to Canadian standards. Canadian reporting
requirements for disclosure of mineral properties are governed by National Instrument 43-101, Standards of Disclosure for Mineral
Properties ("NI 43-101"). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM"). U.S. reporting requirements are currently governed by the SEC's Industry Guide 7 ("Guide
7"). This MD&A includes estimates of mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting
standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different
approaches and definitions. For example, under Guide 7, mineralization may not be classified as a "reserve" unless the determination
has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is
made. Consequently, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" under CIM standards
differ in certain respects from the standards of Guide 7. Osisko also reports estimates of "mineral resources" in accordance
with NI 43-101. While the terms "Mineral Resource," "Measured Mineral Resource," "Indicated Mineral Resource"
and "Inferred Mineral Resource" are recognized by NI 43-101, they are not defined terms under Guide 7 and, generally, U.S.
companies reporting pursuant to Guide 7 are not permitted to report estimates of mineral resources of any category in documents filed
with the SEC. 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 reporting and disclosure requirements of the SEC pursuant to Guide 7. 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.

 

	(Signed) Sandeep
  Singh	 
	Sandeep Singh	 
	President and Chief Executive Officer	 
	 	 
	February 24, 2022  	 

 

    54 

     

    

 

	Osisko Gold Royalties Ltd	Management's Discussion and Analysis
	2021 - Annual Report	 

 

Corporate Information

 

	Osisko Gold Royalties Ltd	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 Development Corp.
	 	1100 av. des Canadiens-de-Montréal
	 	Suite 300
	 	Montréal, Québec, Canada H3B 2S2
	 	Tel.: (514) 940-0685
	 	Fax: (514) 940-0687
	 	Email: info@osiskodev.com
	 	Web site: www.osiskodev.com

 

	Directors	Officers
	Sean Roosen, Executive Chair	Sean Roosen, Executive Chair
	Joanne Ferstman, Lead Director	Sandeep Singh, President and Chief Executive Officer
	The Hon. John R. Baird	Guy Desharnais, Vice President, Project Evaluation
	Christopher C. Curfman	Iain Farmer, Vice President, Corporate Development
	Candace MacGibbon	André Le Bel, Vice President, Legal Affairs and   
	William Murray John	    Corporate Secretary
	Pierre Labbé	Frédéric Ruel, Vice President, Finance and Chief
	Charles E. Page	    Financial Officer
	Sandeep Singh	Heather Taylor, Vice President, Investor Relations
	 	 
	Qualified Person (as defined by NI 43-101)
	Guy Desharnais, Ph.D., P. Geo, Vice-President, Project Evaluation
	 	 

Exchange listings

 

Toronto Stock Exchange

 

- Common
shares:  OR

- Convertible
debentures:  OR.DB (Conversion price: $22.89 / Maturity date: December 31, 2022)

 

New York Stock Exchange

- Common
shares: 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/s.r.l./s.e.n.c.r.l.

 

    55Exhibit 4.4

 

 

 

Notice
of Annual Meeting of Shareholders and 

Management Information Circular

 

We will hold our Annual Meeting of the holders
of common shares in a virtual only format on May 12, 2021 at 3:30 PM.

 

Shareholders may exercise their rights by attending
the meeting by audio webcast or by completing a form of proxy.

 

YOUR VOTE AS A SHAREHOLDER IS IMPORTANT. VOTE
TODAY.

 

These materials are important and require your
immediate attention. If you have questions or require assistance with voting your shares, you may contact Osisko's proxy solicitation
agent:

 

Laurel Hill Advisory Group 

North American Toll-Free Number: 1-877-452-7184 

Collect Calls Outside North America: 1-416-304-0211 

Email: assistance@laurelhill.com

 

     

     

    

 

 

 

March 29, 2021

 

Dear Fellow Shareholder:

 

We are pleased to invite you to our 7th
annual meeting of shareholders to be held on May 12, 2021. Due to the evolving protocols from the public health and the Québec
Government of the anticipated ongoing impact of the coronavirus ("COVID-19"), Osisko Gold Royalties Ltd ("Osisko"
or the "Corporation") will once again be holding a virtual annual meeting via live audio webcast to protect the health
and safety of its employees, shareholders and their families as well as others who usually attend our meeting.  We trust that this
will simplify and increase participation by our shareholders from all locations. At this meeting, we will update you on our activities
and our progress in establishing Osisko as a leading intermediate precious metals royalty and stream company.

 

Despite mine shutdowns associated with COVID-19
in the first half of the year, Osisko achieved record revenues and cash flows in 2020. Our asset base is performing well, with several
recent positive developments, including a major catalyst on the Odyssey underground project extending production from our flagship Canadian
Malartic asset until at least 2039. Elsewhere, our operating partners are replacing reserves, extending mine lives, outlining new discoveries
and announcing, or further justifying, mine expansions.

 

Our development exposure assets have also continued
to mature and advance towards production decisions. In 2020, we also launched Osisko Development Corp., a new North American gold development
company, which resulted in a meaningful simplification of our royalty and streaming business.

 

The Corporation is in excellent position to benefit
from a supportive commodity price environment and deliver increased value to shareholders.

 

 

1100, Avenue des Canadiens-de-Montréal,
suite 300, Montréal, Québec, Canada H3B 2S2 

Telephone (514) 940-0670 - Fax (514) 940-0669 

www.osiskogr.com

 

     

     

    

 

During our meeting, we will ask you to receive
the financial statements of Osisko and to approve the resolutions put forward by your Board of Directors and the management team, including:

 

		1.	The election of 9 candidates to our Board of Directors;

 

		2.	The appointment of PricewaterhouseCoopers LLP as the Corporation's
independent auditor for 2021;

 

		3.	The approval of the unallocated rights and entitlements under
the Employee Share Purchase Plan;

 

		4.	The approval of amendments to the Restricted Share Unit Plan
and approval of the unallocated rights and entitlements under the plan;

 

		5.	We will also ask you to confirm our approach to our Executive
Compensation Program, which has been established to attract and retain a team to execute our value creation strategy and deliver returns
in a highly competitive market.

 

We invite you to review our attached management
information circular, which provides you with background information on the matters that will be addressed at the meeting and details
information on how to remotely attend the annual meeting and how to vote.

 

If you have comments or questions about Osisko,
you may contact me directly at (Chair-Board@osiskogr.com) or you may contact our Investor Relations
Group at (info@osiskogr.com). We would be pleased to respond to your comments or queries.

 

We thank you for your ongoing support and confidence
as we continue to build shareholder value at Osisko Gold Royalties Ltd.

 

Respectfully,

 

 

 

Sean Roosen 

Executive Chair of the Board of Directors

 

 

1100, Avenue des Canadiens-de-Montréal,
suite 300, Montréal, Québec, Canada H3B 2S2 

Telephone (514) 940-0670 - Fax (514) 940-0669 

www.osiskogr.com

 

     

     

    

 

TABLE OF CONTENTS

 

	NOTICE OF ANNUAL MEETING OF SHAREHOLDERS	 	5	 
	 	 	 	 
	MANAGEMENT INFORMATION CIRCULAR	 	6	 
	 	 	 	 
	PROXY MATTERS AND VOTING INFORMATION	 	6	 
	 	 	 	 
	INSTRUCTIONS FOR THE VIRTUAL MEETING	 	8	 
	 	 	 	 
	NOTICE-AND-ACCESS RULES	 	9	 
	 	 	 	 
	VOTING SECURITIES	 	9	 
	 	 	 	 
	PRINCIPAL HOLDER OF VOTING SECURITIES	 	9	 
	 	 	 	 
	INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON	 	10	 
	 	 	 	 
	SHAREHOLDER VOTING MATTERS AND RECOMMENDATION	 	10	 
	 	 	 	 
	FINANCIAL STATEMENTS	 	10	 
	 	 	 	 
	ELECTION OF DIRECTORS	 	10	 
	 	 	 	 
	VOTING RESULTS OF 2020 ANNUAL MEETING	 	21	 
	 	 	 	 
	TENURE OF THE BOARD	 	21	 
	 	 	 	 
	2020 BOARD AND COMMITTEE ATTENDANCE RECORD	 	21	 
	 	 	 	 
	DIRECTOR COMPENSATION	 	23	 
	RETAINER, ATTENDANCE FEES AND SHARE-BASED REMUNERATION	 	23	 
	DIRECTOR COMPENSATION TABLE	 	24	 
	 	 	 	 
	STATEMENT OF EXECUTIVE COMPENSATION	 	27	 
	COMPENSATION GOVERNANCE	 	27	 
	COMPENSATION DISCUSSION AND ANALYSIS	 	29	 
	 	 	 	 
	PERFORMANCE GRAPH	 	46	 
	 	 	 	 
	CHIEF EXECUTIVE OFFICER COMPENSATION LOOKBACK	 	47	 
	 	 	 	 
	CHIEF EXECUTIVE OFFICER SECURITIES OWNERSHIP AND VALUE AT RISK	 	47	 
	 	 	 	 
	EXECUTIVE COMPENSATION	 	48	 
	 	 	 	 
	PENSION PLAN BENEFITS	 	66	 
	 	 	 	 
	TERMINATION AND CHANGE OF CONTROL BENEFITS	 	66	 
	 	 	 	 
	SECURITIES OWNERSHIP	 	69	 
	 	 	 	 
	STATEMENT OF CORPORATE GOVERNANCE PRACTICES	 	71	 
	 	 	 	 
	INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS	 	90	 
	 	 	 	 
	INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND SENIOR OFFICERS	 	90	 
	 	 	 	 
	LIABILITY INSURANCE	 	90	 
	 	 	 	 
	APPOINTMENT AND REMUNERATION OF AUDITORS	 	90	 
	 	 	 	 
	APPROVAL OF THE UNALLOCATED RIGHTS AND ENTITLEMENTS UNDER THE EMPLOYEE SHARE PURCHASE PLAN	 	91	 
	 	 	 	 
	APPROVAL OF AMENDMENTS TO THE RESTRICTED SHARE UNIT PLAN AND APPROVAL OF THE UNALLOCATED RIGHTS AND ENTITLEMENTS UNDER THE PLAN	 	91	 
	 	 	 	 
	ADVISORY VOTE ON EXECUTIVE COMPENSATION	 	92	 
	 	 	 	 
	SHAREHOLDER PROPOSALS FOR THE 2022 ANNUAL MEETING	 	93	 
	 	 	 	 
	ADDITIONAL INFORMATION	 	93	 
	 	 	 	 
	CONTACTING OSISKO'S BOARD OF DIRECTORS	 	93	 
	 	 	 	 
	APPROVAL	 	93	 
	 	 	 	 
	SCHEDULE "A" BOARD OF DIRECTORS CHARTER	 	94	 

 

     

     

    

 

OSISKO GOLD ROYALTIES LTD

 

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

 

To the shareholders of Osisko Gold Royalties Ltd
(the "Corporation" or "Osisko"):

 

NOTICE IS HEREBY GIVEN that the virtual annual
meeting (the "Meeting") of the holders of common shares of the Corporation (the "Common Shares") will
be held at 3:30 PM (Eastern Daylight Time) on May 12, 2021, for the following purposes:

 

		1.	To receive the Corporation's audited consolidated financial
statements for the year ended December 31, 2020 and the independent auditor's report thereon;

 

		2.	To elect the Corporation's directors for the ensuing year;

 

		3.	To appoint PricewaterhouseCoopers LLP as the Corporation's independent
auditor for fiscal year 2021 and to authorize the directors to fix its remuneration;

 

		4.	To consider, and if deemed advisable, adopt an ordinary resolution
to approve the unallocated rights and entitlements under the Employee Share Purchase Plan, as more fully described in the accompanying
management information circular;

 

		5.	To consider, and if deemed advisable, adopt an ordinary resolution
to approve amendments to the Restricted Share Unit Plan and approve the unallocated rights and entitlements under the plan, as more fully
described in the accompanying management information circular;

 

		6.	To consider and, if deemed advisable, adopt an advisory resolution
supporting Osisko's approach to executive compensation, the full text of which is reproduced in the accompanying management information
circular; and

 

		7.	To transact such other business as may properly be brought before
the Meeting or at any adjournment thereof.

 

Dated at Montréal, Québec, Canada
this 29th day of March, 2021.

 

By order of the Board of Directors,

 

 

 

André Le Bel

Vice President, Legal Affairs and Corporate Secretary

 

IMPORTANT

 

It is desirable that as many Common Shares as possible be represented at the Meeting. As always, we encourage shareholders
to vote their shares prior to the proxy voting deadline even if you expect to attend the Meeting. If you do not expect to attend the Meeting
or any adjournment thereof in person, and would like your Common Shares represented, please date, sign and return the enclosed form of
proxy for use at the Meeting or any adjournment thereof. To be effective, the proxy must be received by the Corporation's transfer agent,
AST Trust Company (Canada), by email at: proxyvote@astfinancial.com, by mail: 2001 Robert-Bourassa
Blvd., Suite 1600, Montréal, Québec, H3A 2A6; or by fax to 1 (866) 781-3111 (North American Toll Free) no later
than 3:30 p.m. (Eastern Daylight Time) on May, 10, 2021 or 48 hours (other than a Saturday, Sunday or holiday) prior to the time
to which the Meeting may be adjourned. Notwithstanding the foregoing, the chair of the Meeting has the discretion to accept proxies
received after such deadline. Shareholders who hold their shares through a bank, broker or other intermediary should refer to, "Beneficial
Shareholders" below.

 

    	 	2021 Management Information Circular	5

     

    

 

MANAGEMENT INFORMATION CIRCULAR

 

This management information circular (the "Circular")
is provided in connection with the solicitation of proxies by the management of Osisko Gold Royalties Ltd (the "Corporation"
or "Osisko") for use at the annual meeting of the shareholders of the Corporation (the "Shareholders")
to be held on May 12, 2021 at 3:30 PM (Eastern Daylight Time) (the "Meeting") and at every adjournment thereof.
Except where otherwise indicated, this Circular contains information as of the close of business on March 22, 2021 and all currency
amounts are shown in Canadian dollars.  The Meeting will be held in a virtual only format, which will be conducted via live audio
webcast at https://web.lumiagm.com/495445383. Shareholders will not be
able to physically attend the Meeting.  For a summary of how shareholders may attend the Meeting online, see "Instructions
for the Virtual Meeting" below.

 

PROXY MATTERS AND VOTING INFORMATION

 

Solicitation of Proxies

 

The
enclosed proxy is being solicited by the management of the Corporation. Solicitation will be primarily by mail but proxies
may also be solicited by telephone, or personally by directors, officers or employees of the Corporation. In addition, the Corporation
has retained the services of Laurel Hill Advisory Group ("Laurel Hill") to provide the following services in connection
with the Meeting: review and analysis of the Circular, recommending corporate governance best practices where applicable, liaising with
proxy advisory firms, developing and implementing shareholder proxies, and the solicitation of proxies including contacting Shareholders
by telephone. For these services, Laurel Hill will receive a fee of $37,500, plus reasonable out-of-pocket expenses. The Corporation will
bear all expenses in connection with the solicitation of proxies. In addition, the Corporation shall, upon request, reimburse brokerage
firms and other custodians for their reasonable expenses in forwarding proxies and related material to beneficial owners of Common Shares.

 

Appointment of Proxy

 

The persons named in the enclosed form of proxy
are executive officers of the Corporation. A Shareholder has the right to appoint a person, who need not be a Shareholder of the Corporation,
other than the persons designated in the accompanying form of proxy, to attend and act on his or her behalf at the Meeting. To exercise
this right, a Shareholder may insert such other person's name in the blank space provided in the accompanying form of proxy or complete
another appropriate form of proxy.

 

Revocability of Proxy

 

A proxy given pursuant to this solicitation may
be revoked by an instrument in writing executed by the Shareholder or by the Shareholder's attorney authorized in writing and delivered
either to AST Trust Company (Canada) ("AST") at 2001 Robert-Bourassa Blvd., Suite 1600, Montréal, Québec,
H3A 2A6, or by fax to 1 (866) 781-3111, no later than 3:30 PM (Eastern Daylight Time) on Monday, May 10, 2021 or at any time up to
and including the last business day preceding the day of any adjournment of the Meeting at which the proxy is to be used, or to the Chair
or Secretary of such Meeting on the day of the Meeting or any adjournment thereof, or by any other manner permitted by law. Any proxy
given by a registered Shareholder can also be revoked by the Shareholder if he or she so requests. If a registered Shareholder follows
the process for attending and voting at the Meeting online, voting at the Meeting online will also revoke your previous proxy.

 

Beneficial Shareholders (as defined herein) will
have different methods and should carefully follow the instructions provided to them from their intermediary.

 

Beneficial Shareholders

 

A beneficial Shareholder is a Shareholder whose
shares are registered in the name of a representative, such as an investment dealer or another intermediary (collectively, "Intermediaries"),
rather than in the Shareholder's name ("Beneficial Shareholder"). Most of the Corporation's Shareholders are Beneficial
Shareholders.

 

In accordance with Canadian securities legislation,
the Meeting materials are being sent to both registered and Beneficial Shareholders. There are two types of Beneficial Shareholders –
Shareholders who have objected to the disclosure of their identities and share positions ("OBO's") and Shareholders who
do not object to the Corporation knowing who they are ("NOBO's").

 

    	6	2021 Management Information Circular	

     

    

 

In the case of NOBO's, Meeting materials have
either (a) been sent by the Corporation (or its agent) directly to NOBO's, or (b) been sent by the Corporation (or its agent)
to intermediaries holding on behalf of NOBO's for distribution to such shareholder. If you are a NOBO and the Corporation (or its agent)
has sent the Meeting materials directly to you, your personal information has been obtained in accordance with applicable securities regulatory
requirements from the intermediary holding on your behalf. By choosing to send these materials to you directly, the Corporation (and not
the intermediary holding on your behalf) has assumed responsibility for (i) delivering these materials to you, and (ii) executing
your proper voting instructions.

 

As it relates to OBO's, the Corporation intends
to pay Intermediaries to send proxy-related materials and voting instruction forms to OBO's. Most intermediaries delegate responsibility
for obtaining voting instructions from clients to Broadridge Financial Solutions, Inc. ("Broadridge"). Broadridge
mails a voting instruction form ("VIF") in lieu of a form of proxy provided by Osisko. For your Common Shares to be voted,
you must follow the instructions on the VIF that is provided to you. You can complete the VIF by: (i) calling the phone number listed
thereon; (ii) mailing the completed VIF in the envelope provided; or (iii) using the internet at www.proxyvote.com.

 

Voting Information

 

Common Shares represented by properly executed
proxies in favour of the persons designated in the enclosed form of proxy will be voted or withheld from voting on any ballot that may
be called for and, if the Shareholder specifies a choice in respect of the matters to be voted upon, the Common Shares shall be voted
or withheld from voting in accordance with the specification made by the Shareholder. If no specification is made, such Common Shares
will be voted FOR all of the following agenda items: (i) the election of each of the proposed nominees as directors of the Corporation
for the ensuing year; (ii) the appointment of PricewaterhouseCoopers LLP as independent auditor of the Corporation and the fixing
of its remuneration by the directors; (iii) the adoption of an ordinary resolution to approve the unallocated rights and entitlements
under the Employee Share Purchase Plan; (iv) the adoption by an ordinary resolution to approve amendments to the Restricted Share
Unit Plan and approve the unallocated rights and entitlements under the plan; and (v) the adoption of an advisory resolution supporting
Osisko's approach to executive compensation. These Items are further described and discussed in the Circular.

 

The
enclosed proxy confers discretionary authority upon the persons named therein to vote as he or she sees fit with respect to amendments
or variations to matters identified in the notice relating to the Meeting and other matters which may properly come before the Meeting.
At the date of this Circular, the management of the Corporation is not aware that any such amendments, variations, or other matters are
to be presented for action at the Meeting.

 

Registered Shareholders and duly appointed proxyholders
will be able to attend, participate and vote at the Meeting and vote in real time, provided they are connected to the internet and follow
the instructions below. However, voting by proxy is the easiest way to vote because you can appoint anyone to be your proxyholder to attend
the Meeting and vote your Common Shares according to your instructions. This person does not need to be a shareholder.

 

Voting by proxy can easily be completed by way
of telephone voting, the internet, fax or by returning the proxy card. Completed and signed proxies must be deposited at the office of
the Corporation's registrar and transfer agent, AST Trust Company (Canada), 2001 Robert-Bourassa Blvd., Suite 1600, Montréal,
Québec, H3A 2A6, and must be received not later than forty-eight (48) hours, excluding Saturdays, Sundays and holidays, prior to
the time of the Meeting, unless the Chair of the Meeting elects to exercise his discretion to accept proxies received subsequently. Telephone
voting can be completed at 1 (888) 489-7352. Internet voting can be completed at www.astvotemyproxy.com.
Alternatively, you may fax your proxy to 1 (416) 368-2502 or toll free in Canada and the United States to 1 (866) 781-3111, or scan and
email to proxyvote@astfinancial.com. Beneficial Shareholders will have different voting methods
and are encouraged to carefully follow the instructions provided on the VIF.

 

If you are a Beneficial Shareholder and are unable
to attend the Meeting, but wish that your voting rights be exercised on your behalf by a proxyholder, you must follow the voting instructions
on the VIF. If you are a Beneficial Shareholder and wish to exercise your voting rights at the Meeting, you must indicate your own name
in the space provided for such purpose on the VIF in order to appoint yourself as proxyholder and follow the instructions therein with
respect to the execution and transmission of the document. If you have any questions with respect to the foregoing or need help with voting,
we invite you to contact Laurel Hill by calling toll-free 1 (877) 452-7184 if you are in North America, or 1 (416) 304-0211 if you are
outside North America, or by emailing at assistance@laurelhill.com.

 

    	 	2021 Management Information Circular	7

     

    

 

INSTRUCTIONS FOR THE VIRTUAL MEETING

 

Due to the evolving guidelines from the national
public health and the Québec Government of the ongoing impact of the coronavirus ("COVID-19"), the Meeting will
be conducted by way of a live audio webcast through a virtual platform with integrated slides and real-time balloting in order to protect
the health and safety of its shareholders, employees, families and others who usually attend such meeting. We hope that hosting a virtual
meeting will increase participation by our Shareholders, as it will enable Shareholders to more easily attend, securely vote and ask questions
at the Meeting regardless of their geographic location. Shareholders will not be able to physically attend the Meeting. Even if you plan
on attending the Meeting, we nonetheless recommend to vote prior to the Meeting in order to tabulate your vote in advance.

 

Instructions on Voting at the Meeting

 

Registered Shareholders and duly appointed proxyholders
will be able to attend the virtual Meeting and vote in real time, provided they are connected to the internet and follow the instructions
in this Circular. Non-registered Shareholders who have not duly appointed themselves as proxyholder will be able to attend the virtual
Meeting as guests but will not be able to vote at the virtual Meeting.

 

Shareholders who wish to appoint a person other
than the Management Nominees identified in the form of proxy or voting instruction form (including a non-registered Shareholder who wishes
to appoint themselves to attend the virtual Meeting) must carefully follow the instructions in this Circular and on their form of proxy
or voting instruction form. These instructions include the additional step of registering such proxyholder with our transfer agent, AST,
after submitting the form of proxy or voting instruction form. Failure to register the proxyholder with AST will result in the proxyholder
not receiving a proxyholder control number to participate in the virtual Meeting and only being able to attend as a guest. Guests will
be able to listen to the virtual Meeting but will not be able to vote.

 

We encourage you to log into the Meeting at least
one hour (1 hr) prior to the commencement of the Meeting. You may begin to log into the Meeting virtual platform beginning at 2:30 PM
(Eastern Daylight Time) on May 12, 2021, the Meeting will begin promptly at 3:30 PM (Eastern Daylight Time).

 

How to Vote

 

You have two ways to vote your Common Shares:

 

➢ by
submitting your form of proxy or other voting instruction form as per instructions indicated; or

 

➢ during
the Meeting by online ballot, when called for, through the virtual platform.

 

Registered Shareholders and duly appointed proxyholders
(including non-registered Shareholders who have duly appointed themselves as proxyholder) that attend the Meeting online will be able
to vote by completing a ballot online, when called for, during the Meeting through the virtual platform.

 

Guests (including non-registered Shareholders
who have not duly appointed themselves as proxyholder) can log into the Meeting as set out below. Guests will be able to listen to the
Meeting but will not be able to vote during the Meeting.

 

To Access and Vote at the Virtual Meeting:

 

➢ Step
1: Log into the Virtual Platform online at https://web.lumiagm.com/495445383

 

➢ Step
2: Follow these instructions:

 

Registered
Shareholders: Click "control #/ No de contrôle" and then enter your unique 13-digit proxyholder control number
and password "osisko2021" (case-sensitive). The 13-digit proxyholder control number located on the form of proxy received from
AST is your control number. If you use your control number to log into the Meeting, any vote you cast at the Meeting will revoke any proxy
you previously submitted. If you do not wish to revoke a previously submitted proxy, you should not vote during the Meeting.

 

Duly appointed proxyholders: Click "I have
a control number" and then enter your unique 13-digit control number and password "osisko2021" (case-sensitive). The 13-digit
number will have been provided by email from AST following your registration at 1 (866) 751-6315 (within North America) or 1 (212)
235-5754 (outside of North America) or by completing the electronic form available at https://lp.astfinancial.com/ControlNumber
by no later than 3:30 p.m. (Eastern Daylight Time) on May 10, 2021. Failing to register will result in the proxyholder not receiving
a proxyholder control number, which is required to vote at the Meeting.

 

    	8	2021 Management Information Circular	

     

    

 

Voting Results

 

Following the Meeting of Shareholders, a report
on the voting results will be filed with the Canadian securities regulatory authorities at www.sedar.com.

 

NOTICE-AND-ACCESS RULES

 

The Corporation has elected to use the notice-and-access
provisions under Regulation 51-102 - Continuous Disclosure Obligations ("Regulation 51-102") and Regulation 54-101
- Communications with Beneficial Owners of Securities of a Reporting Issuer ("Regulation 54-101", and together
with Regulation 51-102, the "Notice-and-Access Provisions") for the Meeting. The Notice-and-Access Provisions are a set
of rules developed by the Canadian Securities Administrators that allows issuers to post electronic versions of proxy-related materials
on-line, via the System for Electronic Document Analysis and Retrieval ("SEDAR") and one other website, rather than mailing
paper copies of such materials to Shareholders.

 

Instead of receiving this Circular,
Shareholders will receive a Notice of Meeting with the proxy or voting instruction form, as the case may be, along with instructions
on how to access the Meeting materials online. The Corporation will send the Notice of Meeting and proxy form directly to registered
Shareholders and NOBOs. The Corporation will pay for intermediaries to deliver the Notice of Meeting, voting instruction form and
other Meeting materials requested by OBOs. This Circular and other relevant materials are available on the Corporation's corporate
Internet website (http://www.osiskogr.com/en/2021-agm/) or on SEDAR (www.sedar.com).

 

Objecting Beneficial Shareholders may request
a paper copy of the Meeting materials, at no cost, from Broadridge Investor Communications Corporation by calling toll-free 1 (877) 907-7643
and entering the 16-digit control number located on the voting instruction form or via internet at www.proxyvote.com
by using the 16-digit control number located in the voting instruction form. To ensure that you receive the materials in advance of the
voting deadline and the Meeting, all requests must be received no later than May 10, 2021 to ensure timely receipt. Requests for
Meeting materials may be made up to one year from the date the Circular is filed on SEDAR.

 

If you are a registered Shareholder or a NOBO
and wish to receive a copy of this Circular or need help with voting, we invite you to contact Laurel Hill by calling toll-free 1 (877)
452-7184 if you are in North America, or 1 (416) 304-0211 if you are outside North America, or by emailing your request to assistance@laurelhill.com.

 

The Corporation will not use procedures known
as 'stratification' in relation to the use of Notice-and-Access Provisions. Stratification occurs when an issuer using Notice-and-Access
Provisions sends a paper copy of the Circular to some Shareholders with a Notice Package.

 

If you request a paper copy of the materials,
please take note that no additional proxy form or voting instruction form shall be sent to you. Therefore, please make sure that you retain
the form that you received with the Notice of Meeting for voting purposes.

 

VOTING SECURITIES

 

As of March 22, 2021, 167,229,019 Common
Shares of the Corporation were outstanding. Holders of Common Shares of record at the close of business on March 22, 2021 (the "Record
Date") will be entitled to one vote for each such Common Share held by them.

 

PRINCIPAL HOLDER OF VOTING SECURITIES

 

To the knowledge of the directors and executive
officers of the Corporation and according to the latest data available as of March 22, 2021, there is one Shareholder owning, directly
or indirectly, or exercising control or direction over more than 10% of the voting rights attached to all Common Shares.

 

    	 	2021 Management Information Circular	9

     

    

 

	Name	 	Number
    of 

Common Shares
 (#)	 	 	Percentage
    of Outstanding 

    Common Shares
 (%)	 
	Caisse
    de dépôt et placement du Québec	 	 	19,754,940	(1)(2) 	 	 	11.81	 

 

NOTES:

 

		(1)	On
the basis of the information available on SEDAR (www.sedar.com) and on SEDI (www.sedi.ca).

 

		(2)	Of
which, 1,391,961 Common Shares are held directly by the CDPQ Sodémex Inc. and 18,362,979 Common Shares are held by CDP Investissements
Inc., both wholly-owned subsidiaries of the Caisse de dépôt et placement du Québec.

 

INTEREST
OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON

 

Unless
as otherwise disclosed in this Circular, no director or executive officer, past, present or nominated hereunder, or any associate or
affiliate of such persons, or any person on behalf of whom this solicitation is made, has any interest, direct or indirect, in any matter
to be acted upon at the Meeting, except that such persons may be directly involved in the normal business of the Meeting or the general
affairs of the Corporation.

 

BUSINESS
TO BE TRANSACTED AT THE MEETING

 

SHAREHOLDER
VOTING MATTERS AND RECOMMENDATION

 

	Voting
    Matters	 	Election
    of 

9 Directors	 	 	Appointment
    of 

PricewaterhouseCoopers 

LLP as independent 

auditors for 2021	 	 	Approval
    of 

the 

unallocated 

rights and 

entitlements 

under the 

Employee 

Share 

Purchase 

Plan	 	 	Approval
    of 

amendments 

to the 

Restricted 

Share Unit 

Plan and 

approval of 

the 

unallocated 

rights and 

entitlements under the 

plan	 	 	Advisory
    

Resolution on 

Executive 

Compensation	 
	Board
    Vote Recommendation	 	FOR
    

EACH 

NOMINEE	 	 	FOR	 	 	FOR	 	 	FOR	 	 	FOR	 
	For
    more information See Page	 	 	10	 	 	 	88	 	 	 	89	 	 	 	89	 	 	 	90	 

 

FINANCIAL
STATEMENTS

 

The
audited consolidated financial statements of the Corporation for the financial year ended December 31, 2020 and the report of the
auditor thereon will be presented at the Meeting. These consolidated financial statements and management's discussion and analysis were
sent to all Shareholders who have requested a copy with this Notice of Annual Meeting of Shareholders and Circular, as applicable. The
Corporation's consolidated financial statements and related management discussion and analysis for the year ended December 31, 2020
are available on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) as well as on the Corporation's website (www.osiskogr.com).

 

ELECTION
OF DIRECTORS

 

The
executive management team (the "Management") of the Corporation is supervised by the board of directors (the "Board
of Directors" or "Board") as per the Business Corporations Act (Québec). The members of
the Board are elected annually at each annual meeting of Shareholders to hold office until the next annual meeting unless, prior thereto,
he or she resigns, or the office of such director becomes vacant by death, removal, or other cause. The articles of incorporation of
the Corporation provide that our Board shall consist of a minimum of three (3) and a maximum of fifteen (15) directors. Accordingly,
nine (9) nominees are being proposed as directors for election by the Shareholders at the Meeting for the current year, each to
hold office until the next annual meeting of Shareholders or until such person's successor is elected or appointed. You can vote for
all of these proposed directors, vote for some of them and withhold for others, or withhold for all of them.

 

Ms. Françoise
Bertrand has decided not to stand for re-election at the Meeting given that she has reached the retirement age of 72 years old based
on the terms of the Corporation's Policy regarding tenure on the Board of Directors and Mr. John Burzynski has decided not to stand
for re-election at the Meeting. As such, they are not part of the nominees that are being proposed as directors for election by the Shareholders
at the Meeting for the ensuing year. Based on the foregoing, the Board of Directors has decided to establish the size of the Board to
nine (9) directors.  Pursuant to an investor rights agreement entered into between the Caisse and the Corporation, the Caisse
retains the right to designate one nominee to the Board of Directors of the Corporation, for so long as the Caisse, together with its
affiliates, owns more than 10% of the outstanding Common Shares of the Corporation; the Caisse has not exercised its right for the upcoming
Meeting.

 

    	10	2021 Management Information Circular	 

     

    

 

The
members of the Board of Directors would like to express their appreciation to Ms. Bertrand and Mr. Burzsynski for their contribution
over the years and also wish to extend to them their gratitude for their guidance and services during their mandate as directors of the
Corporation and, in the case of Mr. Burzynski, as co-founder of the Corporation.

 

The
following tables set out information about each nominee director's summary career profile, their board committee memberships (the "Board
Committee Membership" or "Board Committee"), meeting attendance during the most recently completed financial
year, principal directorships with other reporting issuers as well as other public and parapublic corporations on whose boards the nominees
currently serve or have served in the past five years, areas of expertise and the number of securities they hold, either in the form
of Common Shares, stock options ("options"), deferred share units ("DSUs"), restricted share units
("RSUs"), or debentures of the Corporation.

 

Unless
otherwise directed, the persons named in the enclosed proxy form intend to VOTE FOR the election of each of the proposed nominees whose
names are set out below. The proposal requires the approval of a majority of the votes cast at the Meeting.

 

Each
of the nominees has provided the information as to the Common Shares of the Corporation he or she beneficially owns or over which he
or she exercises control or direction, as at March 22, 2021. All nominees have served continuously as director of the Corporation
since their appointment or first election in such capacity.

 

The
Corporation has adopted a majority voting policy, which is further described in the Circular under the heading "Statement
of Corporate Governance Practices - Majority Voting and Director Resignation Policy for Election of Directors".

 

    	 	2021 Management Information Circular	11

     

    

 

	

THE
HONORABLE 

JOHN R. BAIRD

Ontario, Canada

Age: 51

                                                                                                                                                                              
	

                                            Status: Independent(1)

     

    Director
    since: April 2020

     

    Annual
    Meeting Votes:

    2020:
    99.65% In Favour

     

    Areas
    of Expertise:

     

    ·       Governance

    ·       Government
    Relations

    ·       Human
    Resources

    ·       International
    Business

    ·       Management

    ·       Sustainability
	Board
    and Committee Meeting Attendance during 

2020
	 	Regular	Ad
    Hoc	Total
	Board(2)	3/3	11/11	14/14
	Environmental
    and Sustainability Committee(3)(4)	2/2	1/1	3/3
	Governance
    and Nomination Committee(4)	1/1	N/A	1/1
	Overall
    Attendance:	100%
	Public
    Board Membership in the past 5 years and

 Interlocking Directorships
	·       Canfor
                                            Corporation - No Interlock

    ·       Canfor
    Pulp Products Inc. - No Interlock

    ·       Canadian
    Pacific Railway Limited - No Interlock

    ·       Canadian
    Pacific Railway Company - No Interlock

     

	Investment,
    Ownership and Total Value of Equity
	 	2021(5)

    (March 22)

 (#)	2021(5)

    Value 

($)	2020(6)

    (May 8) 

(#)	2020(6)

    Value 

($)
	Osisko
    Common Shares	2,818	40,805	2,818	37,536
	Osisko
    DSUs	18,937	274,208	18,055	240,493
	 	Value
    ($)	 	315,012	 	278,029
	Ownership
    Requirement - Target Date to Meet
	Target
    to be attained by April 6, 2023
	

                                                                                                                                                                                                                Mr. Baird
                                            is a director and advisor to a variety of firms in Canada and abroad. He was a former Senior
                                            Cabinet Minister in the Government of Canada and was the former Canadian Minister of Foreign
                                            Affairs.

     

    A
    native of Ottawa, Baird spent three terms as a Member of Parliament and four years as Minister of Foreign Affairs where he advanced
    Canada/US relations and worked to strengthen ties to the Middle East and China. He also served as President of the Treasury Board,
    Minister of the Environment, Minister of Transport and Infrastructure, and Leader of the Government in the House of Commons. In 2010,
    he was selected by MPs from all parties as Parliamentarian of the Year. Prior to entering federal politics, Mr. Baird spent
    ten years in the Ontario Legislature where he served in several Ministerial portfolios. In addition to Canfor, Mr. Baird sits
    on the corporate boards of Canadian Pacific, the FWD Group, and PineBridge Investments, and is a member of the International Advisory
    Board of Barrick Gold Corp. He also serves as a Senior Advisor with Bennett Jones LLP, and is a Senior Advisor at Eurasia Group,
    a global political risk consultancy. Until January 2020 he served as Global Strategic Advisor to Hatch Ltd, a Canadian global
    multidisciplinary management, engineering and development consultancy. Mr. Baird also volunteers his time with Community Living
    Ontario, an organization that supports individuals with developmental disabilities and the Prince's Charities, the charitable office
    of His Royal Highness The Prince of Wales.

     

    Mr. Baird
    holds an Honours Bachelor of Arts in Political Studies from Queen's University at Kingston.

	 	 	 	 	 	 	 	 	 	 

 

    	12	2021 Management Information Circular	

     

    

 

	

CHRISTOPHER
C. CURFMAN

    

    Illinois,
United States of America

    

    Age: 69

     

     
	

                                            Status: Independent(1)

     

    Director
    since: May 2016

     

    Annual
    Meeting Votes:

    2020:
    99.70% In Favour

    2019:
    99.73% In Favour 2018: 99.58% In Favour

     

    Areas
    of Expertise:

     

    ·       Corporate

    Governance

    ·       Financial

    ·       General

    Management

    ·       Human

    Resources

    ·       International

    Business

    ·       Mergers/Acquisitions

    ·       Sustainability

    ·       Technical/Mining
	Board
    and Committee Meeting Attendance during 

2020
	 	Regular	Ad
    

Hoc	Total
	Board	4/4	8/13	12/17
	Governance
    and Nomination Committee	3/3	1/1	4/4
	Human
    Resources Committee(3)	4/4	3/3	7/7
	Overall
    Attendance:	82%
	Public
    Board Membership in the past 5 years and 

Interlocking Directorships
	N/A
	Investment,
    Ownership and Total Value of Equity
	 	2021(5)

    (March 22)

 (#)	2021(5)

    Value ($)	2020(6)

    (May 8) 

(#)	2020(6)

    Value 

($)
	Osisko
    Common Shares	10,500	139,860	10,500	139,860
	Osisko
    DSUs	48,856	519,254	38,983	519,254
	Value
    ($)	 	859,475	 	659,114
	Ownership
    Requirement - Target Date to Meet
	

                                                                                Target Attained in 2018

	

                                                                                                                                                                                                                Mr. Christopher
                                            C. Curfman is a retired senior executive of Caterpillar Inc., one of the world's largest
                                            mobile equipment suppliers to the mining industry. During his 21-year career with Caterpillar,
                                            Mr. Curfman has held several progressive positions in Asia, Australia and USA, including
                                            Senior Vice President of Caterpillar and President of Caterpillar Global Mining from 2011
                                            to his retirement at the end of 2015. Mr. Curfman also held senior positions with Deere &
                                            Company prior to joining Caterpillar. He has extensive international experience and a customer
                                            focused legacy at Caterpillar. His global leadership was key to Caterpillar's success in
                                            the mining industry. He also served as a board member at various organizations, including
                                            the Canadian Institute of Mining, the National Mining Association, the World Coal Association
                                            and several universities.

     

    Mr. Curfman
    holds a Bachelor of Science degree in Education from Northwestern University, and has completed certificate programs in accounting
    and finance from the Wharton School of Business, University of Pennsylvania in 1991, a three-year executive program from Louisiana
    State University in 1997 and the executive program of Stanford Graduate School of Business in 2002. He was also awarded an Honorary
    Doctorate in Mining Engineering from the University Missouri-Rolla in 2013.

	 	 	 	 	 	 	 	 	 	 

 

    	 	2021 Management Information Circular	13

     

    

 

	

                                            JOANNE 

FERSTMAN

    Ontario,
Canada

Age: 53

     
	

                                            Status: Independent(1)

     

    Lead
    Director since: 

April 2014

     

    Annual
    Meeting Votes:

    2020:
    98.87% In Favour

    2019:
    97.89% In Favour

    2018:
    99.47% In Favour

     

    Areas
    of Expertise:

     

    ·       Corporate

    Governance

    ·       Financial

    ·       General

    Management

    ·       Human

    Resources

    ·       Mergers/Acquisitions

    ·       Information

    Security Risk

    Management
	Board
    and Committee Meeting Attendance during 

2020
	 	Regular	Ad
    

Hoc	Total
	Board	4/4	13/13	17/17
	Audit
    and Risk Committee	4/4	3/3	7/7
	Human
    Resources Committee(3)	4/4	2/3	6/6
	Overall
    Attendance:	97%
	Public
    Board Membership in the past 5 years and 

Interlocking Directorships
	·       Dream
                                            Unlimited Corp. ─ No interlock

    ·       Cogeco
    Communications Inc. ─ No interlock

    ·       ATS
    Automatic Tooling Systems ─ No interlock

    ·       Osisko
    Development Corp. - Interlock with Sean Roosen and Charles E. Page

    ·       Aimia
    Inc. (2008 - 2017)

    ·       Dream
    Office REIT (2003 - 2018)

     

     

     

     

     

	 	Investment,
    Ownership and Total Value of Equity
	 	2021(5)

    (March 22) (#)	2021(5)

    Value 

($)	2020(6)

    (May 8)

 (#)	2020(6)

    Value 

($)
	Osisko
    Common Shares	19,500	282,360	19,500	259,740
	Osisko
    DSUs	99,375	1,438,950	84,412	 1,124,368
	Osisko
    Debentures(7)	100	101,075	100	99,000
	Value
    ($)	 	1,721,310	 	1,483,108
	Ownership
    Requirement - Target Date to Meet
	Target
    Attained in 2016
	 	 
	

                                                                                                                                                                                                                Ms. Joanne
                                            Ferstman is a corporate director, who has been serving on a number of public company boards
                                            and has over 20 years of progressive experience in the financial industry.  She was
                                            until 2012 President and Chief Executive Officer of Dundee Capital Market Inc., a full service
                                            investment dealer with principal businesses that include investment banking, institutional
                                            sales and trading, and private client financial advisory. She has held several leadership
                                            positions within Dundee Corporation and DundeeWealth Inc. over 18 years, primarily as Chief
                                            Financier Officer, where she was responsible for strategic development, financial and regulatory
                                            reporting and risk management.

     

    Ms. Ferstman
    was appointed to the Board of Directors of Osisko Development Corp. as a nominee of the Corporation in accordance with the terms
    and conditions of an Investment Agreement.

     

    Ms. Ferstman
    holds a Bachelor of Commerce and a Graduate degree in Public Accountancy from McGill University and is a Chartered Professional Accountant.

	 	 	 	 	 	 	 	 	 	 	 

 

    	14	2021 Management Information Circular	 

     

    

 

 

	
    W. MURRAY JOHN

    British Columbia, Canada

    Age: 62

    
	
    Status: Independent(1)

    Director since: February 2020

    Annual Meeting Votes:

    2020: 99.70% In Favour

     

    Areas of Expertise:

     

    ·  
Corporate Governance  

    ·  
Financial  

    ·  
General Management 

    ·  
Human Resources 

    ·  
International Business 

    ·  
Mergers/Acquisitions 

    ·  
Sustainability 

    ·  
Technical/Mining
	Board and Committee Meeting Attendance during 

2020
	 	Regular	Ad 

Hoc	Total
	Board(8)	4/4	12/13	16/17
	Audit and Risk Committee(8)	4/4	3/3	7/7
	Environmental and Sustainability Committee(3)	2/2	1/1	3/3
	Overall Attendance:	96%
	Public Board Membership in the past 5 years and 

Interlocking Directorships
	
    ·  
Discovery Metals Corp. - No Interlock 

    ·  
O3 Mining Inc. - No Interlock  

    ·  
Prime Mining Corp. - No Interlock 

    ·  
Osisko Mining Inc. (2015 - 2018) 

    ·  
    Dundee Precious Metals Inc. (2005 - 2017)

     

     

     

     

     

	Investment, Ownership and Total Value of Equity
	 	2021(5)

(March 22)

 (#)	2021(5)

Value

 ($)	2020(6)

(May 8) 

(#)	2020(6)

Value

 ($)
	Osisko Common Shares	10,000	144,800	25,000	333,000
	Osisko DSUs	18,490	267,735	16,810	223,909
	Value ($)	 	412,535	 	556,909
	 	Ownership Requirement - Target Date to Meet
	Target attained in 2020
	
    Mr. John currently is
    a corporate director, who has been serving on a number of public company. Prior to his retirement in December 2014, he was the President
    and Chief Executive Officer of Dundee Resources Limited, and Managing Director and a Portfolio Manager with Goodman & Company, Investment
    Counsel Inc., where he was responsible for managing Private Equity resource and precious metals focused mutual funds and flow-through
    limited partnerships. Mr. John has been involved with the resource investment industry since 1992 and has worked as an investment banker,
    buy-side mining analyst, sell-side mining analyst, and portfolio manager.

     

    He graduated from the
    Camborne School of Mines in 1980 with a Bachelor of Science (Hons) in mining engineering and received an award from the Associateship
    of the Camborne School of Mines. Mr. John also received a Master of Business Administration from the University of Toronto in 1993.

	 	 	 	 	 	 	 	 	 	 

 

    	 	2021 Management Information Circular	15

     

    

 

	
    PIERRE LABBÉ

    Québec, Canada

    Age: 55 

     
	
    Status: Independent(1)

    Director since: February 2015

    Annual Meeting Votes:

    2020: 99.52% In Favour

    2019: 99.87% In Favour

    2018: 99.74% In Favour

     

    Areas of Expertise:

     

    ·  
Corporate Governance  

    ·  
Financial  

    ·  
General Management 

    ·  
International Business 

    ·  
Mergers/Acquisitions 

    ·  
Technical/Mining 

    ·  
    Information Security Risk Management

     
	Board and Committee Meeting Attendance during 

2020
	 	Regular	Ad

 Hoc	Total
	Board	4/4	13/13	17/17
	Audit and Risk Committee	4/4	3/3	7/7
	Governance and Nomination Committee	3/3	1/1	4/4
	Human Resources Committee(3)(9)	1/1	1/1	2/2
	Overall Attendance:	100%
	Public Board Membership in the past 5 years and 

Interlocking Directorships
	·   Agility Health Inc. (2013 - 2018)
	Investment, Ownership and Total Value of Equity
	 	2021(5)

(March 22)

 (#)	2021(5)

Value 

($)	2020(6)

(May 8)

 (#)	2020(6)

Value

 ($)
	Osisko Common Shares	6,145	88,980	6,145	81,851
	Osisko DSUs	55,986	810,677	46,044	613,306
	 	Osisko Debentures(7)	25	25,269	25	24,750
	Value ($)	 	924,926	 	719,907
	Ownership Requirement - Target Date to Meet
	Target Attainted in 2016
	
    Mr. Pierre Labbé is Chief Financial Officer
    of IMV Inc., a clinical-stage biopharmaceutical company since March 2017. He has more than 30 years of progressive financial leadership
    roles in various industries. He was Vice President and Chief Financial Officer of Leddartech Inc. from April 2015 to March 2017 and was
    Vice President and Chief Financial Officer of the Québec Port Authority (October 2013 - April 2015). He also has experience in
    the resource sector, having served as Chief Financial Officer of Plexmar Resources (2007-2012), Sequoia Minerals (2003-2004), and Mazarin
    Inc. (2000-2003). Mr. Labbé, in his role as senior financial officer, has participated in the development of strategic plans and
    in mergers and acquisitions (over $1 billion in transactions). Mr. Labbé was a nominee to the Osisko Board by Virginia Mines Inc.
    as part of the Osisko-Virginia business combination in 2015.

     

    Mr. Labbé holds a Bachelor's Degree in
    Business Administration and a license in accounting from Université Laval, Québec City. He is a member of Ordre
    des comptables professionnels agréés du Québec, the Chartered Professional Accountants of Canada and the Institute
    of Corporate Directors.

	 	 	 	 	 	 	 	 	 	 

 

    	16	2021 Management Information Circular	 

     

    

 

 

	
    CANDACE MACGIBBON

    Ontario, Canada

    Age: 46

     
    
	
    Status: Independent(1)

    Director since: January 2021

    Annual Meeting Votes:

    N/A

     

    Areas of Expertise:

     

    ·  
Corporate Governance  

    ·  
Financial  

    ·  
General Management 

    ·  
Government Relations 

    ·  
Human Resources 

    ·  
International Business 

    ·  
Mergers/Acquisitions 

    ·  
Sustainability 

    ·  
Technical/Mining 
	Board and Committee Meeting Attendance 

during 2020
	 	Regular	Ad 

Hoc	Total
	Board(10)	n/a	n/a	n/a
	Overall Attendance:	n/a
	Public Board Membership in the past 5 years and

 Interlocking Directorships
	
    ·  
INV Metals Inc. - No Interlock 

    ·  
Nickel 28 Capital Corp. (formerly Conic Metals Corp.)(11) - No Interlock 

    ·  
Cobalt 27 Capital Corp. (2017 - 2019) 

	 	Investment, Ownership and Total Value of 

Equity
	 	2021(5)

(March 22) (#)	2021(5)

Value ($)	2020(6)

(May 8) (#)	2020(6)

Value ($)
	 	Osisko Common Shares	nil	nil	n/a	n/a
	Osisko DSUs	15,800	228,784	n/a	n/a
	 	Value ($)	 	228,784	 	n/a
	Ownership Requirement - Target Date to Meet
	Target to be attained by January 19, 2024
	 	 
	
    Ms. Candace MacGibbon has over 25 years of experience
    in the mining sector and capital markets. She is currently the Chief Executive Officer of INV Metals Inc., a Canadian mineral resource
    company focused on the development and exploration of the Loma Larga gold property in Ecuador. Ms. MacGibbon has a deep understanding
    of the capital markets as a result of her previous employment as a global mining institutional salesperson with RBC Capital Markets and
    in base metals research as a mining associate with BMO Capital Markets.

     

    Ms. MacGibbon is a chartered professional accountant
    and her financial and accounting experience includes her previous role as chief financial officer of INV Metals, as well as her prior
    employment with Deloitte LLP.

     

    Ms. MacGibbon holds a Bachelor of Arts - Economics
    from the University of Western Ontario and a Diploma in Accounting from Wilfrid Laurier University.

	 	 	 	 	 	 	 	 	 	 	 

 

    	 	2021 Management Information Circular	17

     

    

 

	
    CHARLES E. PAGE

    Ontario, Canada

    Age: 69

     
    
	
    Status: Independent(1)

    Director since: April 2014

    Annual Meeting Votes

    2020: 99.74% In Favour

    2019: 99.91% In Favour

    2018: 99.57% In Favour

     

    Areas of Expertise:

     

    ·  
Corporate Governance  

    ·  
Financial 

    ·  
General Management 

    ·  
Government Relations 

    ·  
Human Resources  

    ·  
International Business 

    ·  
Mergers/Acquisitions 

    ·  
Sustainability 

    ·  
Technical/Mining 
	Board and Committee Meeting Attendance during 

2020
	 	Regular	Ad 

Hoc	Total
	Board	4/4	12/13	16/17
	Audit and Risk Committee	4/4	3/3	7/7
	Human Resources Committee(3)	3/3	1/2	4/5
	Environmental and Sustainability Committee(3)	2/2	1/1	3/3
	Overall Attendance	94%
	Public Board Membership in the past 5 years and Interlocking Directorships
	
    ·  
Osisko Development Corp. - Interlock with Joanne Ferstman and Sean Roosen 

    ·  
Unigold Inc. - No interlock 

    ·  
    Wesdome Gold Mines Ltd. (2015 - 2019)

     

	Investment, Ownership and Total Value of Equity
	 	2020(5)

(March 22)

 (#)	2020(5)

Value

 ($)	2020(6)

(May 8)

 (#)	2020(6)

Value 

($)
	Osisko Common Shares	55,215	799,513	55,215	735,464
	Osisko DSUs	66,318	960,285	56,276	749,596
	 	Value ($)	 	1,759,798	 	1,485,060
	Ownership Requirement - Target Date to Meet
	Target Attained in 2014
	 	 
	
    Mr. Charles E. Page is a corporate director and
    has more than 40 years of experience in the mineral industry. During his career, Mr. Page has held progressive leadership roles in developing
    strategies to explore, finance and develop mineral properties in Canada and internationally. Mr. Page worked at Queenston Mining Inc.
    in various capacities, including President and Chief Executive Officer, from 1990 to its sale to Osisko Mining Corporation in 2012.

     

    Mr. Page was appointed to the Board of Directors
    of Osisko Development Corp. as a nominee of the Corporation in accordance with the terms and conditions of an Investment Agreement.

     

    Mr. Page holds a Bachelor of Science degree in
    Geological Science from Brock University and a Master of Science degree in Earth Science from the University of Waterloo. He is a Professional
    Geologist registered in the province of Ontario and Saskatchewan and is also a Fellow of the Geological Association of Canada.

	 	 	 	 	 	 	 	 	 	 	 

 

    	18	2021 Management Information Circular	 

     

    

 

 

	
    SEAN ROOSEN

    Québec, Canada

    Age: 57

     
    
	
    Status: Non Independent(1)

    Director since: April 2014

    Annual Meeting Votes:

    2020: 96.91% In Favour

    2019: 96.07% In Favour

    2018: 98.84% In Favour

     

    Areas of Expertise:

     

    ·  
Corporate Governance  

    ·  
Financial  

    ·  
General Management 

    ·  
Government Relations 

    ·  
Human Resources 

    ·  
International Business 

    ·  
Mergers/Acquisitions 

    ·  
Sustainability 

    ·  
Technical/Mining
	Board and Committee Meeting Attendance during 2020
	 	Regular	Ad Hoc	Total
	Board	4/4	13/13	17/17
	Overall Attendance:	100%
	Public Board Membership in the past 5 years and Interlocking Directorships
	
    ·  
Osisko Development Corp. ─ Interlock with Joanne Ferstman and Charles E. Page 

    ·  
Osisko Mining Inc. ─ No Interlock  

    ·  
Victoria Gold Corp. ─ No Interlock 

    ·  
Barkerville Gold Mines Ltd. (2015 - 2019) 

    ·  
Condor Petroleum Inc. (2011 - 2019) 

    ·  
Dalradian Resources Inc. (2010 - 2018) 

    ·  
    Falco Resources Ltd. (2014 - 2019)

     

	Investment, Ownership and Total Value of Equity
	 	2021(5)

(March 22)

 (#)	2021(5)

Value 

($)	2020(6)

(May 8) 

(#)	2020(6)

Value

 ($)
	
     

     
	Osisko Common Shares	584,183	8,458,970	649,659	8,653,458
	Osisko RSUs	244,662	3,542,706	203,265	2,707,490
	Value ($)	 	12,001,676	 	11,360,948
	Ownership Requirement - Target Date to Meet
	Target Attainted in 2014
	Options
	
    Grant

    Date

    (mm-dd-yy)
	Expiry 

Date

(mm-dd-yy)	Options

(#)	Exercise 

Price

($)	
    Total Unexercised

    (#)
	
    Value of

 Unexercised

 Options(12)

    ($)

	06-07-17 -

03-01-21	06-07-22 -

03-01-24	517,930	12.19 -16.66	517,930	469,528
	
    Mr. Sean Roosen is a founding member of the Corporation
    and he was appointed Executive Chair of the Board of Directors on November 25, 2020. Prior to that, he was Chief Executive Officer and
    Chair of the Board of Directors of the Corporation. Mr. Roosen was a founding member of Osisko Mining Corporation (2003) and of EurAsia
    Holding AG, a European venture capital fund.

     

    Mr. Roosen has over 30 years of progressive experience
    in the mining industry. As founder, President, Chief Executive Officer and Director of Osisko Mining Corporation, he was responsible for
    developing the strategic plan for the discovery, financing and development of the Canadian Malartic Mine. He also led the efforts for
    the maximization of shareholders' value in the sale of Osisko Mining Corporation, which resulted in the creation of Osisko. Mr. Roosen
    is an active participant in the resource sector and in the formation of new companies to explore for mineral deposits both in Canada and
    internationally.

     

    In 2017, Mr. Roosen received an award from Mines
    and Money Americas for best Chief Executive Officer in North America and was, in addition, named in the "Top 20 Most Influential
    Individuals in Global Mining".

     

    In prior years, he has been recognized by several
    organizations for his entrepreneurial successes and his leadership in innovative sustainability practices. Mr. Roosen is a graduate of
    the Haileybury School of Mines.

     

    Mr. Roosen serves on the board of directors of
    Osisko Mining Inc. ("Osisko Mining") as a representative of Osisko.

	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	2021 Management Information Circular	19

     

    

 

	
    SANDEEP SINGH

    Ontario, Canada

    Age: 41

     
    
	
    Status: Non Independent(1)

    Director since: November 2020

    Annual Meeting Votes:

    N/A

     

    Areas of Expertise:

     

    ·  
Corporate Governance 

    ·  
Financial 

    ·  
General Management 

    ·  
Government Relations 

    ·  
Human Resources 

    ·  
International Business 

    ·  
Mergers/Acquisitions

    ·  
Sustainability 

    ·  
Technical/Mining 
	Board and Committee Meeting Attendance during 2020
	 	Regular	Ad Hoc	Total
	Board(13)	n/a	n/a	n/a
	Overall Attendance:	n/a
	Public Board Membership in the past 5 years and 

Interlocking Directorships
	N/A
	 	 	Investment, Ownership and Total Value of Equity
	 	 	2021(5)

(March 22)

 (#)	2021(5)

Value

 ($)	2020(6)

(May 8)

 (#)	2020(6)

Value

 ($)
	Osisko Common Shares	139,795	2,024,232	Nil	Nil
	Osisko RSUs	281,201	4,071,790	225,000	2,997,000
	Value ($)	 	6,096,022	 	2,997,000
	Ownership Requirement - Target Date to Meet
	Target attained in 2020
	Options
	 	Grant

Date

(mm-dd-yy)	Expiry

Date

(mm-dd-yy)	Options

(#)	Exercise

Price

($)	Total Unexercised

(#)	Value of

 Unexercised

 Options(12)

($)
	 	12-31-19 -

03-01-21	05-15-25

12-31-26	687,400	12.70 -

13.50	687,400	1,024,052
	
    Mr. Sandeep Singh joined Osisko as President in
    January 2020. He became President and Chief Executive Officer in November 2020. For the fifteen years prior, Mr. Singh was an investment
    banker in the metals and mining industry where he advised numerous mining companies on growth and financing strategies with Maxit Capital
    (2014 - 2020), Dundee Securities (2010 - 2014) and BMO Capital Markets (2005 - 2010). As co-founder of Maxit Capital, he was instrumental
    in building an independent and highly successful advisory firm, which acted on some of the most complex and value-enhancing transactions
    in the mining sector.

     

    Mr. Singh holds a Bachelor of Mechanical Engineering
    degree from Concordia University and a Masters of Business Administration degree from Oxford University.

     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	NOTES:
	(1) 	"Independent" refers to the standards of independence established in sections 1.4 and 1.5 of the Regulation 52-110 respecting Audit and Risk Committees ("Regulation 52-110").
	(2) 	Mr. John R. Baird was appointed to the Board of Directors on April 6, 2020.

	(3) 	Following the annual meeting of Shareholders held on June 22, 2020, the mandate of the Human Resources and Sustainability Committee was divided between two standing Committees of the Board, namely the Human Resources Committee and the newly formed Environmental and Sustainability Committee.
	(4) 	Effective June 22, 2020, Mr. Baird was appointed to the Environmental and Sustainability Committee and Governance and Nomination Committee.
	(5) 	The 2021 Value is equal to, as applicable, the sum of: (i) the product of the closing price of the Common Shares of the Corporation on the Toronto Stock Exchange ("TSX") on March 22, 2021, being $14.48, by the number of Common Shares, DSUs and RSUs held at such date; and (ii) the face value of debentures held.
	(6) 	The 2020 Value is equal to, as applicable, the sum of: (i) the product of the closing price of the Common Shares of the Corporation on TSX on May 8, 2020, being $13.32 (as disclosed in the management information circular of the Corporation dated May 8, 2020) by the number of Common Shares, DSUs and RSUs held at such date; and (ii) the face value of debentures held.
	(7) 	Value of Debentures is not taken into account in the determination of securities ownership requirement.
	(8) 	Mr. Murray John was appointed to the Board of Directors on February 19, 2020 and was appointed to the Audit and Risk Committee and the Environmental and Sustainability Committee on June 22, 2020.
	(9) 	Effective June 22, 2020, Mr. Labbé was appointed to the Human Resources Committee.
	(10) 	Ms. Candace MacGibbon was appointed to the Board of Directors on January 19, 2021.
	(11) 	Ms. MacGibbon will not stand for re-election for the Nickel 28 Capital Corp. (formerly Conic Metals Corp.) board of directors, which term is expected to terminate in 2021.
	(12) 	"Value of Unexercised Options" is calculated on the basis of the difference between the closing price of the Common Shares on the TSX on March 22, 2021, being $14.48, and the exercise price of the options, multiplied by the number of unexercised options (vested or non-vested) held as at such date.
	(13) 	Mr. Sandeep Singh was appointed to the Board of Directors on November 25, 2020. As part of his 2019 hiring terms, Mr. Singh was granted 250,000 Initial Options of the Corporation vesting in four equal tranches of 25% over a period of 4 years and having a term of 7 years.

 

    	20	2021 Management Information Circular	 

     

    

 

 

 VOTING RESULTS OF 2020 ANNUAL MEETING

 

The voting results for the election of directors at the 2020 annual meeting of Shareholders of the Corporation were as follows:

 

		 	VOTES FOR	 	 	VOTES WITHHELD	 
	NAME OF NOMINEE	 	Number	 	 	%	 	 	Number	 	 	 	%	 
	John R. Baird	 	 	119,475,799	 	 	 	99.65	 	 	 	425,058	 	 	 	0.35	 
	Françoise Bertrand	 	 	119,462,309	 	 	 	99.63	 	 	 	438,548	 	 	 	0.37	 
	John Burzynski	 	 	98,081,698	 	 	 	81.80	 	 	 	21,819,159	 	 	 	18.20	 
	Christopher C. Curfman	 	 	119,541,059	 	 	 	99.70	 	 	 	359,798	 	 	 	0.30	 
	Joanne Ferstman	 	 	118,540,387	 	 	 	98.87	 	 	 	1,360,470	 	 	 	1.13	 
	W. Murray John	 	 	119,546,602	 	 	 	99.70	 	 	 	354,255	 	 	 	0.30	 
	Pierre Labbé	 	 	119,320,100	 	 	 	99.52	 	 	 	580,757	 	 	 	0.48	 
	Charles E. Page	 	 	119,593,070	 	 	 	99.74	 	 	 	307,787	 	 	 	0.26	 
	Sean Roosen	 	 	116,192,479	 	 	 	96.91	 	 	 	3,708,378	 	 	 	3.09	 

 

TENURE OF THE BOARD

 

The following table illustrates the age group,
gender, applicable tenure and location of residence for each of the nominee non-executive directors:

 

 

2020 BOARD AND COMMITTEE ATTENDANCE RECORD

 

The table below reflects the record of attendance
by directors at meetings of the Board of Directors and its standing Committees, as well as the total number of Board and Committee meetings
held during the most recently completed financial year:

 

    	 	2021 Management Information Circular	21

     

    

 

	 	 	 	ATTENDANCE - 2020 MEETINGS	 	 	 	 	 	 	 	TOTAL	 
		 	 	Board of Directors	 	 	 	Audit and Risk Committee	 	 	 	Human Resources 
 Committee 	 	 	 	Governance and
 Nomination Committee	 	 	 	Environmental and Sustainability Committee	 	 	 	Committees	 	 	 	Overall	 
	Member	 	 	Number	 	 	 	%	 	 	 	Number	 	 	 	%	 	 	 	Number	 	 	 	%	 	 	 	Number	 	 	%	 	 	 	Number	 	 	 	%	 	 	 	Number
                                            and %	 	 	 	Number and %	 
	BAIRD, 
 John R.(1)	 	 	14/14		 	 	100	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1/1	 	 	100	 	 	 	3/3		 	 	100	 	 	 	4/4
 100	 	 	 	18/18
 100	 
	BERTRAND, 
 Françoise	 	 	17/17		 	 	100	 	 	 	-	 	 	 	-	 	 	 	7	/7	 	 	100	 	 	 	4/4	 	 	100	 	 	 	-	 	 	 	-	 	 	 	11/11
 100	 	 	 	28/28
 100	 
	BURZYNSKI, 
 John	 	 	16/17		 	 	94	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	16/17
 94	 
	CURFMAN, 
 Christopher C.	 	 	12/17		 	 	71	 	 	 	-	 	 	 	-	 	 	 	7	/7	 	 	100	 	 	 	4/4	 	 	100	 	 	 	-	 	 	 	-	 	 	 	11/11
 100	 	 	 	23/28
 82	 
	FERSTMAN, 
 Joanne	 	 	17/17		 	 	100	 	 	 	7	/7	 	 	100	 	 	 	6	/7	 	 	86	 	 	 	-	 	 	-	 	 	 	-	 	 	 	-	 	 	 	12/13
 93	 	 	 	30/31
 97	 
	JOHN, W. 
 Murray(2)	 	 	16/17		 	 	94	 	 	 	4	/4	 	 	100	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 	 	 	3/3		 	 	100	 	 	 	7/7
 100	 	 	 	23/24
 96	 
	LABBÉ, 
 Pierre	 	 	17/17		 	 	100	 	 	 	7	/7	 	 	100	 	 	 	2	/2	 	 	100	 	 	 	4/4	 	 	100	 	 	 	-	 	 	 	-	 	 	 	13/13
 100	 	 	 	30/30
 100	 
	MACGIBBON, 
 Candace(3)	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 
	PAGE, 
 Charles E	 	 	16/17		 	 	94	 	 	 	7	/7	 	 	100	 	 	 	4	/5	 	 	80	 	 	 	-	 	 	-	 	 	 	3/3		 	 	100	 	 	 	14/15
 93	 	 	 	30/32
 94	 
	ROOSEN, 
 Sean	 	 	17/17		 	 	100	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	17/17
 100	 
	SINGH, 
 Sandeep(4)	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 
	Total
    (%)	 	 	95	 	 	 	100	 	 	 	91	 	 	 	100	 	 	 	100	 	 	 	98	 	 	 	96	 

 

NOTES: 

 

(1) Mr. John
R. Baird was appointed to the Board of Directors on April 6, 2020. 

(2) Mr. W.
Murray John was appointed to the Board of Directors on February 19, 2020. 

(3) Ms. Candace
MacGibbon was appointed to the Board of Directors on January 19, 2021. 

(4) Mr. Sandeep
Singh was appointed to the Board of Directors on November 25, 2020.

 

A private session is included in the agenda of
every Board and Committee meeting and the non-executive directors or the Committee members have the prerogative to hold such private session
or not at their discretion. At the request of the directors or the Committee members, attendance of certain members of Management of the
Corporation may be required from time to time.

 

The table below displays the total number of private
sessions held by non-executive directors during the most recently completed financial year:

 

	 	 	 	Board of Directors	 	 	 	Audit and Risk Committee	 	 	 	Human Resources Committee	 	 	 	Governance and Nomination Committee	 	 	 	Environmental and Sustainability Committee	 
	 	 	 	Regular	 	 	 	Ad Hoc	 	 	 	Regular	 	 	 	Ad Hoc	 	 	 	Regular	 	 	 	Ad Hoc	 	 	 	Regular	 	 	 	Ad Hoc	 	 	 	Regular	 	 	 	Ad Hoc	 
	Number of Private Sessions held with Management:	 	 	4 of 4	 	 	 	7 of 17	 	 	 	4 of 4	 	 	 	Nil	 	 	 	1 of 4	 	 	 	1 of 3	 	 	 	Nil	 	 	 	Nil	 	 	 	Nil	 	 	 	Nil	 
	Number of Private Sessions held without Management:	 	 	4 of 4	 	 	 	7 of 17	 	 	 	4 of 4	 	 	 	3 of 3	 	 	 	4 of 4	 	 	 	3 of 3	 	 	 	Nil	 	 	 	Nil	 	 	 	1 of 2	 	 	 	Nil	 

 

    	22	2021 Management Information Circular	 

     

    

 

DIRECTOR COMPENSATION

 

retainer,
attendance fees and share-based remuneration

 

The Human Resources Committee (the "HR
Committee") oversees non-executive directors' compensation and determines, from time to time, the respective value of the annual
retainer and DSU grant to be made to non-executive directors and makes its recommendation to the Board of Directors.

 

In the summer of 2020, the HR Committee mandated
Hugessen Consulting Inc. ("Hugessen") to assist the HR Committee to review and assess the non-executive directors' compensation. 
To assess the competitiveness of the Corporation's non-executive director compensation on a comparable basis, Hugessen conducted an analysis
using data sourced from the most recent public proxy filings of the peer group of companied listed on page 30 of this Circular.

 

Hugessen's analysis was also conducted using a
standardized Board structure and four (4) director profiles, namely: (i) a director who is a member of two Committees; 
(ii) Chair of the Audit and Risk Committee and member of the HR Committee; (iii) Chair of the HR Committee and member of the
Governance and Nomination Committee; and (iv) the Chair of the Board and Lead Director, collectively (the "Director Profile").

 

In December 2020, the HR Committee received
and discussed the findings of Hugessen's benchmarking review and analysis, and concluded that the base retainer and meeting fees are reasonable
and align the interests of the directors with those of Shareholders over the long-term, particularly as equity is delivered in the form
of DSUs.  However, with respect to the based retainer of the Chair of the HR Committee and other Committees, the HR Committee recommended
to the Board of Directors in February 2021 to increase the annual retainer of the Chair of the HR Committee to $20,000 and other
Committees to $15,000. The Board approved such recommendation, effective as of January 1st, 2021.

 

An annual retainer and attendance fees for Board
and Committee service are paid on a quarterly basis to non-executive directors only.

 

The Board of Directors makes fixed value DSU grants
to non-executive directors. The Board of Directors adopted the DSU plan (the "DSU Plan"), which is further described
below under the heading "Deferred Share Unit Plan", and elected to fix an annual value to such grant at approximately
$120,000 for the non-executive Board members and approximately $180,000 for the lead director ("Lead Director"). Furthermore,
each new non-executive director is granted an initial one-time grant having a value of approximately $200,000. The Lead Director is granted
an initial one-time grant having a value of approximately $300,000. Such initial DSU grants (the "Initial DSU Grants")
are consistent with the practice of welcoming new non-executive Board members by making an initial long-term incentive award. With respect
to the annual grant of DSUs to a non-executive director in the year following the receipt of the Initial DSU Grant, such annual grant
is pro-rated to take into account that the Initial DSU Grant shall cover an initial period of twelve (12) months.

 

All annual and initial DSU grants, as well as
annual retainers and attendance fees paid to non-executive directors are described below (effective as of January 1st,
2021):

 

	ANNUAL RETAINERS — Board	 	RETAINERS 
 AND FEES
 ($)	 
	Non-executive director of the Board	 	 	40,000	 
	Additional retainer allocated to the Lead Director of the Board	 	 	60,000	 
	ANNUAL RETAINERS — Committees/Members and Chairs	 	 	($)	 
	Chair of the Audit and Risk Committee	 	 	20,000	 
	Chair of the HR Committees(1)	 	 	20,000	 
	Chair of all other Committees(1)	 	 	15,000	 
	Non-executive member of a Committee	 	 	5,000	 
	PER MEETING FEES — Attendance/Travel	 	 	($)	 
	Board and Committee Meeting Attendance Fees 
 (in person or via conference call)	 	 	1,500	 
	Special Committee Meeting Attendance Fees
 (in person or via conference call)	 	 	1,500	 

 

 

    	 	2021 Management Information Circular	23

     

    

 

	ANNUAL RETAINERS — Board	 	RETAINERS 
 AND FEES
 ($)	 
	Board and Committee Meeting Per Diem Fee
 (payable to non-executive directors who are required to travel for at least four hours to attend a meeting)	 	 	1,000	 
	DSUs — Initial and Annual ($ Value)	 	 	($)	 
	Annual grant to the Lead Director of the Board(2)	 	 	180,000	 
	Annual grant to a non-executive director of the Board(2)	 	 	120,000	 
	Initial one-time grant to the Lead Director	 	 	300,000	 
	Initial one-time grant to a new non-executive director	 	 	200,000	 

 

NOTES:

 

(1) The
annual retainer applicable to the Chair of the HR Committee and all other Committees for the financial year ended December 31, 2020
was $10,000. 

(2) With
respect to the annual grant of DSUs to a non-executive director in the year following the receipt of the Initial DSU Grant, such annual
grant is pro-rated to take into account that the Initial DSU Grant shall cover an initial period of twelve (12) months.

 

director
compensation table

 

The total value of retainers, attendance fees
and share-based awards paid by the Corporation to non-executive directors in respect of meetings of the Board and its standing Committees
during the most recently completed financial year was $1,939,045. The following table provides a summary of the compensation received
by each non-executive director of the Corporation for the most recently completed financial year:

 

	Name(1)	 	Fees 
 Earned
 ($)	 	 	Share-Based 
 Awards
 ($)(2)	 	 	Option-Based 
 Awards
 ($)	 	 	Non-Equity Incentive 
 Plan Compensation
 ($)	 	 	Pension 
 Value
 ($)	 	 	All Other 
 Compensation(3)
 ($)	 	 	Total
 ($)
	John R. Baird(4)	 	 	 	 	 	 	57,060	 	 	 	209,081	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	266,141
	Françoise Bertrand	 	 	 	 	 	 	94,000	 	 	 	120,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	214,000
	John Burzynski	 	 	 	 	 	 	62,500	 	 	 	120,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	182,500
	Christopher C. Curfman	 	 	 	 	 	 	83,000	 	 	 	120,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	203,000
	Joanne Ferstman	 	 	 	 	 	 	167,000	 	 	 	180,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	347,000
	W. Murray John(5)	 	 	 	 	 	 	75,335	 	 	 	219,459	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	294,794
	Pierre Labbé	 	 	 	 	 	 	99,610	 	 	 	120,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	219,610
	Charles E. Page	 	 	 	 	 	 	92,000	 	 	 	120,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	212,000

 

	NOTES:
	 
	(1)	Mr. Sean Roosen, Executive Chair of the Board of the Corporation (formerly Chair and Chief Executive Officer) and Mr. Sandeep Singh, President and Chief Executive Officer of the Corporation, do not receive any compensation as directors of the Corporation. Mr. Roosen's and Mr. Singh's compensation is further disclosed in the Summary Compensation Table and elsewhere in this Circular.
	(2)	Share-based awards in the form of Initial DSU Grants were made under the DSU Plan as fully described under the heading "Long-term Incentive Compensation". The value price of each DSU at the date of the annual grant, as per the terms of the DSU Plan, was $12.82 for all non-executive directors, except for Mr. Baird and Mr. John for whom the value price of their initial grant was respectively $11.08 and $11.95.
	(3)	Directors traveling more than 4 hours to attend meetings are entitled to a $1,000 per diem.
	(4)	Mr. John R. Baird was appointed to the Board of Directors on April 6, 2020, therefore, the retainer and attendance fee payments took effect upon his appointment.
	(5)	Mr. W. Murray John was appointed to the Board of Directors on February 19, 2020, therefore, the retainer and attendance fee payments took effect upon his appointment.
	 	 	 	 	 	 	 	 	 

 

The following table sets forth in detail each
component of the total retainer, attendance fees and per diem paid to each non-executive directors during the financial year ended
December 31, 2020:

 

	Annual Retainer(1)(2)	 	Attendance Fees and Per Diem(3)	 
	Name	 	Board
 Member
 ($)
	 	 	Committee 
 Member
 ($)	 	 	Committee 
 Chair
 ($)	 	 	Board 
 Meetings
 ($)	 	 	Committee 
 Meetings
 ($)	 	 	Per 
 Diem
 ($)	 	 	Total 
 Fees
 ($)	 
	John R.Baird(4)	 	 	29,340	 	 	 	5,220	 	 	 	-	 	 	 	16,500	 	 	 	6,000	 	 	 	-	 	 	 	57,060	 
	Françoise Bertrand	 	 	40,000	 	 	 	5,000	 	 	 	10,000	 	 	 	22,500	 	 	 	16,500	 	 	 	-	 	 	 	94,000	 
	John Burzynski	 	 	40,000	 	 	 	-	 	 	 	-	 	 	 	22,500	 	 	 	-	 	 	 	-	 	 	 	62,500	 
	Christopher C. Curfman	 	 	40,000	 	 	 	10,000	 	 	 	-	 	 	 	16,500	 	 	 	16,500	 	 	 	-	 	 	 	83,000	 
	Joanne Ferstman	 	 	100,000	 	 	 	5,000	 	 	 	20,000	 	 	 	22,500	 	 	 	19,500	 	 	 	-	 	 	 	167,000	 
	W.
    Murray John(5)	 	 	34,505	 	 	 	2,610	 	 	 	5,220	 	 	 	22,500	 	 	 	10,500	 	 	 	-	 	 	 	75,335	 
	Pierre Labbé	 	 	40,000	 	 	 	7,610	 	 	 	10,000	 	 	 	22,500	 	 	 	19,500	 	 	 	-	 	 	 	99,610	 
	Charles E. Page	 	 	40,000	 	 	 	10,000	 	 	 	-	 	 	 	21,000	 	 	 	21,000	 	 	 	-	 	 	 	92,000	 
	TOTAL:	 	 	363,845	 	 	 	45,440	 	 	 	45,220	 	 	 	166,500	 	 	 	109,500	 	 	 	-	 	 	 	730,505	 

 

    	24	2021 Management Information Circular	 

     

    

 

	NOTES:
	 
	(1)	Mr. Sean Roosen, Executive Chair of the Board of the Corporation (formerly Chair and Chief Executive Officer) and Mr. Sandeep Singh, President and Chief Executive Officer of the Corporation, do not receive any compensation as directors of the Corporation. Mr. Roosen's and Mr. Singh's compensation is further disclosed in the Summary Compensation Table and elsewhere in this Circular.
	(2)	Share-based awards in the form of Initial DSU Grants were made under the DSU Plan as fully described under the heading "Long-term Incentive Compensation". The value price of each DSU at the date of the annual grant, as per the terms of the DSU Plan, was $12.82 for all non-executive directors, except for Mr. Baird and Mr. John for whom the value price of their initial grant was respectively $11.08 and $11.95.
	(3)	Directors traveling more than 4 hours to attend meetings are entitled to a $1,000 per diem; Mr. John did not travel to attend meetings in person in 2020 given the COVID-19 pandemic.
	(4)	Mr. John R. Baird was appointed to the Board of Directors on April 6, 2020, therefore, the retainer and attendance fee payments took effect upon his appointment.
	(5)	Mr. W. Murray John was appointed to the Board of Directors on February 19, 2020, therefore, the retainer and attendance fee payments took effect upon his appointment.

 

Deferred Share Unit Plan

 

The Corporation's DSU Plan, which is in effect
since the date of its assent, April 30, 2014, was adopted to enhance the Corporation's ability to attract and retain talented individuals
to serve as members of the Board of Directors or as officers and executives of the Corporation and its subsidiaries and to promote alignment
of interests between such individuals and Shareholders of the Corporation. In March 2019, the Board of Directors approved amendments
to the Corporation's DSU Plan, which now provides for the right to receive upon settlement a payment either in the form of Common Shares,
cash or a combination of Common Shares and in cash (the "Amended DSU Plan").

 

For the most recently completed financial year,
19,330 Common Shares of the Corporation have been issued under the Amended DSU Plan to a former director.

 

The Board of Directors may grant DSUs on a discretionary
basis. The number of DSUs credited to a director's account is calculated on the basis of the closing price of the Common Shares of the
Corporation traded on the TSX on the day prior to the date of grant. Additional DSUs will automatically be granted to each participant
whenever dividends are paid on the Common Shares of the Corporation.

 

As at December 31, 2020, the aggregate value
of DSUs held by the Corporation's non-executive directors was $6,590,137.

 

Outstanding Share-Based Awards and Option-Based
Awards

 

The table below sets forth, for each non-executive
director, information regarding option-based and share-based awards outstanding as at December 31, 2020.

 

		 	 	Option-based awards	 	 	 	Share-based awards	 
	Name(1)	 	 	Number
                                            of 
 securities 
 underlying 
 unexercised 
 options
 (#)	 	 	 	Option
                                            
 exercise 
 price
 ($)	 	 	 	Option
                                            
 expiration 
 date
 (yyyy-mm-dd)	 	 	 	Value
                                            of 
 unexercised 
 in-the-

money 
 options(2) 

                                            ($)	 	 	 	Number
                                            of

 shares 
 or units of

 shares
 that have not 

vested(3) 

                                            (#)	 	 	 	Market
                                            or payout 
 value of share-based 
 awards that have

 not vested(3) 

                                            ($)	 	 	 	Market
    or

 payout value

 of vested 
 share-based 
 awards not paid 
 out or

 distributed(3) 

    ($)	 
	John R. Baird(4)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	18,755	 	 	 	302,518	 	 	 	-	 
	Françoise Bertrand(5)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9,400	 	 	 	151,622	 	 	 	861,342	 
	John Burzynski(5)	 	 	17,850(6)
 2,677(6)
 2,677(6)	 	 	 	24.72
 18.07
 12.19	 	 	 	2022-06-30
 2022-12-08
 2024-01-31	 	 	 	10,547	 	 	 	9,400	 	 	 	151,622	 	 	 	408,089	 
	Christopher C. Curfman	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9,400	 	 	 	151,622	 	 	 	604,875	 
	Joanne Ferstman	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	14,000	 	 	 	225,820	 	 	 	1,296,852	 
	W. Murray John(7)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	18,240	 	 	 	294,211	 	 	 	-	 
	Pierre Labbé	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9,400	 	 	 	151,622	 	 	 	710,817	 
	Charles E. Page	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9,400	 	 	 	151,622	 	 	 	864,568	 

 

    	 	2021 Management Information Circular	25

     

    

 

 

 

	NOTES:
	 
	(1)	Mr. Sean Roosen, Executive Chair of the Board of the Corporation (formerly Chair and Chief Executive Officer) and Mr. Sandeep Singh, President and Chief Executive Officer of the Corporation, do not receive any compensation as directors of the Corporation. Mr. Roosen's and Mr. Singh's compensation is further disclosed in the Summary Compensation Table and elsewhere in this Circular.
	(2)	The closing price of the Common Shares of the Corporation on the TSX on December 31, 2020 was $16.13
	(3)	All DSUs granted by the Corporation in 2020 vest on the day prior to the next annual meeting of Shareholders following such grant.
	(4)	Mr. John R. Baird was appointed to the Board on April 6, 2020.
	(5)	Ms. Françoise Bertrand and Mr. John Burzynski will not stand for re-election at the annual meeting of Shareholders to be held on May 12, 2021.
	(6)	The number of unexercised options represent Replacement Osisko Options pursuant to a plan of arrangement involving Osisko and Barkerville, which took effect on November 21, 2019.
	(7)	Mr. W. Murray John was appointed to the Board of Directors on February 19, 2020.

 

Incentive Plan Awards - Value Vested or
Earned during the Year

 

The following table discloses the aggregate dollar
value that would have been realized during the year ended December 31, 2020 if the DSUs and options awards had been exercised on
their respective vesting date and the aggregate value realized upon vesting of option-based awards and share-based awards.

 

	Name	 	Option-Based 
 Awards
 Value Vested during 
 the Year
 ($)
	 	Share-Based Awards 
 (DSUs)  
 Value Vested during 
 the year(1)(2) 
 ($)	 	 	Non-Equity Incentive Plan
 Compensation 
 Value earned during the Year(3)
 ($)
	John R. Baird(4)	 	N/A	 	 	N/A	 	 	N/A
	Françoise Bertrand(5)	 	N/A	 	 	112,816	 	 	N/A
	John Burzynski(5)	 	N/A	 	 	112,816	 	 	N/A
	Christopher C. Curfman	 	N/A	 	 	112,816	 	 	N/A
	Joanne Ferstman	 	N/A	 	 	169,224	 	 	N/A
	W. Murray John(6)	 	N/A	 	 	N/A	 	 	N/A
	Pierre Labbé	 	N/A	 	 	112,816	 	 	N/A
	Charles E. Page	 	N/A	 	 	112,816	 	 	N/A

 

NOTES:

 

		(1)	Unless otherwise decided by the Board of Directors, all DSUs
granted by the Corporation vest on the day prior to the next annual meeting of Shareholders following such grant.

		(2)	Furthermore, the value of vested DSUs is based on the closing
price of the Common Shares on the TSX one day prior to the annual meeting of shareholders held on June 22, 2020, being $12.82 multiplied
by the number of DSUs vested in 2020.

		(3)	The Corporation's Non-Equity Incentive Plan Compensation does
not apply to non-executive directors.

		(4)	Mr. Baird was appointed to the Board of Directors on April 6,
2020.

		(5)	Ms. Françoise Bertrand and Mr. John Burzynski
will not stand for re-election at the annual meeting of Shareholders to be held on May 12, 2021. 

		(6)	Mr. W. Murray John was appointed to the Board of Directors
on February 19, 2020.

 

Options Exercised during the Year

 

No options were exercised by directors during
the financial year ended December 31, 2020. Under the Corporation's stock option plan (the "Stock Option Plan"),
non-executive directors are not eligible to option grants.

 

Settlement of DSUs

 

On December 10, 2020, a former director of
the Corporation, requested the settlement of all his DSUs.  Accordingly, 20,196 DSUs were settled at a price of $14.47, being the
closing market price on the TSX on December 9, 2020, for the total issue of 19,330 Common Shares of the Corporation, net of tax withholdings.

 

Cease Trade Orders, Bankruptcies, Penalties
or Sanctions

 

To the Corporation's knowledge, no proposed director
is, at the date of this Circular, has been, within 10 years before the date of this Circular, a director, chief executive officer or chief
financial officer of any company (including the Corporation) that, (i) while the proposed director was acting in that capacity, was
the subject of a cease trade order or similar order or an order that denied the relevant company access to any exemption under securities
legislation, for a period of more than 30 consecutive days, or (ii) after the proposed director ceased to act in that capacity but
which resulted from an event that occurred while that person was acting in such capacity, was the subject of a cease trade order or similar
order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30
consecutive days.

 

    
	26   	2021 Management Information Circular	 

     

    

 

To the Corporation's knowledge, no proposed director
is, as at the date of this Circular, or has been, within 10 years before the date of this Circular, a director or executive officer of
any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became
bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings,
arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets, except for Mr. W.
Murray John, who was a director of insolvent African Minerals Limited, a company who appointed Deloitte LLP as its administrator by order
of the High Court of Justice, Chancery Division, Companies Court on March 26, 2015.

 

In addition, to the knowledge of the Corporation,
no proposed director has, within 10 years before the date of this Circular, become bankrupt, made a proposal under any legislation relating
to bankruptcy or insolvency, or become subject or instituted any proceedings, arrangement or compromise with creditors, or had a receiver,
receiver manager or trustee appointed to hold his assets.

 

Furthermore, to the knowledge of the Corporation,
no proposed director has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities
regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or has been subject to any other
penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable Shareholder in
deciding whether to vote for a proposed director.

 

STATEMENT OF EXECUTIVE COMPENSATION

 

compensation
governance

 

The Board of Directors of Osisko is responsible
for establishing and administrating a compensation program for the Executive Chair (formerly the Chair and Chief Executive Officer), the
President and Chief Executive Officer, and the Named Executive Officers (collectively "Named Executives") of the Corporation.
The Board of Directors has delegated the oversight of the compensation program and human resources matters to the HR Committee, which
is composed entirely of independent directors.

 

The HR Committee has the responsibility to ensure
that the Corporation attracts and retains senior leadership team that will develop and execute a strategic plan, with a view to deliver
superior value over the long-term to the Corporation's Shareholders and other stakeholders. In carrying out its duties, the HR Committee
consults the Executive Chair, the President and Chief Executive Officer, the Chief Financial Officer and the Vice President, Legal Affairs
and Corporate Secretary.  The HR Committee may also hire and retain, from time to time, the services of external consultants, at
its discretion. The HR Committee also reviews various senior management development programs, as well as a succession plan for key positions.

 

The Corporation also engages with Shareholders
with respect to compensation matters in addition to submitting to its Shareholders annually an advisory resolution on Osisko's approach
to executive compensation.  The HR Committee assesses the compensation structure on an annual basis in order to ensure that it is
aligned with Shareholders' interests.

 

Composition of the Human Resources Committee

 

The HR Committee is currently comprised of the
following four directors: Ms. Françoise Bertrand (Chair), Mr. Christopher Curfman, Ms. Joanne Ferstman and Mr. Pierre
Labbé, all of whom are independent as defined under Regulation 52-110. Ms. Bertrand is not standing for re-election at the
Meeting.

 

Relevant Education and Experience of Members
of the HR Committee

 

The Board recognizes the importance of appointing
independent, knowledgeable and experienced members to the HR Committee, who have the necessary background in executive compensation and
risk management to fulfill the HR Committee's duties and responsibilities. All members of the HR Committee have extensive experience as
described in the directors' biographies outlined previously. Specifically, they bring the following experience and skills set to the HR
Committee:

 

 

    
	 	2021 Management Information Circular	   27

     

    
 

		
    Ms. Françoise Bertrand

    Ms. Bertrand has extensive experience in
    leadership roles of public, private and not for profit organizations. She brings compensation and talent management insights to the HR
    Committee. Ms. Bertrand has previous experience on Human Resources/Compensation Committees of public companies, including chairing
    the Compensation Committee of a large entrepreneurial public media company.  Notwithstanding the designation of the HR Committee
    throughout the years, Ms. Bertrand has been a member of the Human Resources Committee since February 2015.

		
    Mr. Christopher Curfman

    Mr. Curfman brings to the HR Committee more
    than 21 years of experience in the mining industry. He has held several progressive positions in Asia, Australia and USA, including Senior
    Vice President of Caterpillar and President of Caterpillar Global Mining. He has extensive international experience and an in-depth knowledge
    of mining operations. His global leadership was key to Caterpillar's success in the mining industry. He also served as a board member
    at various organizations, including the Canadian Institute of Mining, the National Mining Association, the World Coal Association and
    several universities.  Notwithstanding the designation of the HR Committee throughout the years, Mr. Curfman has been a member
    of the Human Resources Committee since May 2018.

		
    Ms. Joanne Ferstman

    Ms. Ferstman's experience includes the development,
    implementation and maintenance of compensation programs in the financial industry and in an entrepreneurial environment as well as negotiation
    of executive employment. As a professional accountant, Ms. Ferstman also has experience in risk management with respect to compensation
    management. She is Chair of the Corporation's Audit and Risk Committee and has many years of experience as chair and member of Human Resources/Compensation
    Committees of other public companies. She meets regularly with external compensation consultants and is up to date on compensation trends
    and philosophies. Notwithstanding the designation of the HR Committee throughout the years, Ms. Ferstman has been a member of the
    Human Resources Committee since June 2014.

		
    Mr. Pierre Labbé

    Mr. Pierre Labbé is Chief Financial
    Officer of IMV Inc., a clinical-stage biopharmaceutical company since March 2017.  He has more than 30 years of progressive
    financial leadership roles in various industries. He was Vice President and Chief Financial Officer of Leddartech Inc. from April 2015
    to March 2017 and was Vice President and Chief Financial Officer of the Québec Port Authority (October 2013 - April 2015).
    He also has experience in the resource sector, having served as Chief Financial Officer of Plexmar Resources (2007-2012), Sequoia Minerals
    (2003-2004), and Mazarin Inc. (2000-2003). Mr. Labbé, in his role as senior financial officer, has participated in the development
    of strategic plans and in mergers and acquisitions (over $1 billion in transactions). Mr. Labbé was a nominee to the Osisko
    Board by Virginia Mines Inc. as part of the Osisko-Virginia business combination in 2015. He has been appointed member of the Human Resources
    Committee in June 2020.

 

Work Performed by the Human Resources Committee

 

The following summarizes the work highlights performed
by the HR Committee in relation to the 2019 - 2020 exercise:

 

Compensation Matters

 

		·	Reviewed the organizational structure of the Corporation, including the hiring of executives;

 

		·	Reviewed the Corporation's compensation philosophy;

 

		·	Reviewed and recommended the approval of the 2019 short-term incentive payout;

 

		·	Reviewed and recommended to the Board of Directors the approval of the 2020 corporate objectives under
the short-term incentive program. The HR Committee monitored the performance against these objectives and in early 2021, conducted a detailed
review of the achievements of the executives, and recommended the annual payout;

 

		·	Reviewed and amended the policy on the prevention of psychological and sexual harassment in the workplace
and the handling of complaints;

 

		·	Reviewed and amended the Corporation's equity plans reducing the number of issued and outstanding shares
for each of the Employee Share Purchase Plan (0.1%), the Stock Option Plan (4%) and the RSU Plan (1.8%) and clarifying that only an increase
to the number of Common Shares issuable under these plans is subject to Shareholder approval in compliance with the TSX rules;

 

    
	28   	2021 Management Information Circular	 

     

    

 

		·	Retained the services of Hugessen to assist the HR Committee in assessing the 2017 Long-term incentive
payout;

 

		·	Monitored the long-term incentive programs (options and RSUs), including the performance against established
objectives, which was further assessed by Hugessen and thereafter led to the recommendation of the 2017 RSUs payout;

 

		·	Reviewed the long-term incentive and short-term incentive programs with Hugessen and based on their review
and analysis, the long-term and short-term incentive programs were maintained;

 

		·	Reviewed the compensation of the executives and decided that no changes were required in 2020, with the
exception of individuals promoted as officers of the Corporation in February 2020;

 

		·	Reviewed and recommended the approval of the 2020-2023 long-term objectives for the 2020 RSU grants following
a benchmarking review performed by Hugessen;

 

		·	Reviewed and recommended the approval of the annual 2020 long-term grants (options and RSUs) pursuant
to the long-term incentive program;

 

		·	Reviewed and recommended the approval of the 2020 annual grants of DSUs to non-executive directors;

 

		·	Reviewed the 2020 voting results for the advisory resolution on executive compensation ("Say-on-Pay");

 

		·	Monitored development in talent management, remuneration practices and governance related thereto;

 

		·	Reviewed and assessed the performance of the Executive Chair and former Chief Executive Officer and President
and current Chief Executive Officer;

 

		·	Reviewed and amended the employment agreements for the Executives regarding the non-competition clauses;

 

		·	Retained the services of Hugessen to assist the HR Committee in determining the Corporate Objectives under
the 2021 Short-term incentive program and the 2021 Long-Term Incentive Program;

 

		·	With the assistance of Hugessen, the HR Committee reviewed and recommended amendments to the annual retainer
applicable to the Chair of the HR Committee and other Committees, which was approved by the Board of Directors in February 2021.

 

Governance
and Administrative Matters

 

		·	Reviewed and approved the amended Charter of the HR Committee and approved the Annual Work Program following
the creation of the Environmental and Sustainability Committee; and

 

		·	Reviewed and recommended to the Board to approve the compensation disclosure contained in the Circular.

 

Succession Planning

 

The Committee regularly meets the Management of
the Corporation. During these meetings, the members of the HR Committee have the opportunity to evaluate potential successors to senior
Management. In addition, the HR Committee monitors training and development programs of Management.

 

compensation
discussion and analysis

 

The compensation philosophy of the Corporation
is based on providing a highly competitive base salary, along with short and long-term incentives that payout on the achievements of key
performance and strategic goals, which will create value for Shareholders and other stakeholders over the long-term.

 

For purposes of this Circular, named executives
("Named Executives") of the Corporation means, at any time during the most recently completed financial year:

 

(i) The Corporation's
current and former chief executive officer;

 

(ii) The Corporation's
current and former chief financial officer; and

 

(iii) The
three (3) most highly compensated executive officers of the Corporation, including its subsidiaries, other than the chief executive
officer (current and former) and chief financial officer (current and former) at the end of the most recently completed financial year
whose total compensation was more than $150,000 for that financial year.

 

    
	 	2021 Management Information Circular	   29

     

    

 

During the Corporation's fiscal year ended December 31,
2020, the following individuals were Named Executives of the Corporation:

 

- Sean Roosen,
Executive Chair and former Chief Executive Officer; 

- Sandeep
Singh, President and Chief Executive Officer; 

- Frédéric
Ruel, Chief Financial Officer and Vice President, Finance 

- Elif Lévesque,
former Chief Financial Officer and Vice President, Finance 

- Luc Lessard,
Senior Vice President, Technical Services; 

- Chris
Lodder, President of Osisko Development Corp. ("ODV"), a subsidiary held at approximately 75% by the Corporation; and 

- André
Le Bel, Vice President, Legal Affairs and Corporate Secretary.

 

In establishing the compensation programs for
the Named Executives, the HR Committee monitors compensation trends within the mining industry and seeks input from external advisors
as required and may also conduct comparative studies. The HR Committee also monitors Shareholders' feedback on compensation, including
the results of the annual advisory vote on compensation received from Shareholders.  One of the key responsibilities of the HR Committee
is to ensure that such compensation will allow the Corporation to attract and retain senior individuals to develop and execute the strategic
plan of the Corporation to maximize Shareholder value.

 

In addition, the HR Committee monitors and reviews
the inherent risks related to the compensation program.  To date, the Corporation has generally been able to attract and retain Management
talent to develop and execute its value creation plan.

 

The Corporation advocates a team approach for
the short and long-term incentive compensation of the Named Executives given the small nature of the team and the transactional nature
of the Corporation's business model. Performance monitoring of Named Executives since 2014 has confirmed the validity of this approach.
Based on the recommendation of the HR Committee, the Board of Directors approves the corporate objectives for Named Executives of the
Corporation.

 

Independent Compensation Consultants

 

The HR Committee receives detailed
compensation analysis from Management on various companies from the mining sector in order to ensure the continued market
competitiveness of the compensation of the Named Executives. In May 2020, the HR Committee mandated Hugessen to assess the
long-term performance against the 2017-2020 Long-Term Objectives.  Hugessen also assisted the HR Committee to establish the
performance criteria for the 2020-2023 performance based RSUs. In August 2020, the HR Committee mandated Hugessen to conduct a
review and analysis of directors and executives' compensation within the sector. Hugessen's report was submitted to the HR Committee
in December 2020.

 

2020 Compensation Advisory Fees

 

The following table illustrates in detail the
components of the advisory fees incurred by the Corporation for compensation consultants in 2020 and in 2019:

 

	 	 	Fees incurred in 2020
 ($)	 	 	Fees incurred in 2019
 ($)
	Hugessen Consulting Inc.	 	 		 	 	
	Compensation consulting services 	 	 	144,966	 	 	Nil

 

Compensation Comparator Group 

 

In order to allow the members of the HR Committee
to proceed with a review of the compensation of the Named Executives, Management and the HR Committee's advisor may collect compensation
information from management information circulars of a number of peer companies or consult other sources of information for compensation
decision-making purposes. For the financial year 2020, the HR Committee, assisted by Hugessen, and reviewed by Management, conducted a
review of the Corporation's compensation peers and selected twelve publicly-traded Canadian and US public issuers to comprise the 2021
peer group ("Peer Group"). The Peer Group was primarily screened based on relevant industry, mining or mining royalty
business, and relative company size, based on market capitalisation, to position the Corporation at the approximate median of the peers.

 

    
	30   	2021 Management Information Circular	 

     

    

 

	Company	 	Sector	 	Head Office	 	Market Cap
 in ($ M)(1)
	 
	Alamos Gold Inc.	 	Gold Mining	 	Canada	 	 	4,368	 
	Centerra Gold Inc.	 	Gold Mining	 	Canada	 	 	4,361	 
	Eldorado Gold Corporation	 	Gold Mining	 	Canada	 	 	2,951	 
	Hudbay Minerals Inc.	 	Diversified Metals and Mining	 	Canada	 	 	2,328	 
	IAMGOLD Corporation	 	Gold Mining	 	Canada	 	 	2,220	 
	Lundin Gold Inc.	 	Gold Mining	 	Canada	 	 	2,515	 
	Maverix Metals Inc.	 	Gold Mining	 	Canada	 	 	985	 
	Pretium Resources Inc.	 	Gold Mining	 	Canada	 	 	2,735	 
	Royal Gold Inc.	 	Gold Royalty	 	USA	 	 	8,891	 
	Sandstorm Gold Ltd.	 	Gold Royalty	 	Canada	 	 	1,781	 
	SSR Mining Inc.	 	Gold Mining	 	Canada	 	 	5,613	 
	Wesdome Gold Mines Ltd.	 	Gold Mining	 	Canada	 	 	1,479	 
	Peer Group Median	 	 n/a	 	n/a	 	 	2,591	 
	Osisko Gold Royalties Ltd	 	Gold Royalty	 	Canada	 	 	2,696	 

 

NOTE:

 (1) As at December 31, 2020.

 

For each of the Executive Chair, the President
and current Chief Executive Officer, the Chief Financial Officer and the Vice President, Legal Affairs and Corporate Secretary, the members
of the HR Committee compared the compensation mix and overall compensation package to the compensation benchmarked from the Peer Group
review.  Further to its analysis, the HR Committee determined that compensation levels and mixes were adequate for

 

all Named Executives and, accordingly, no modification
to the base salary or compensation mix were proposed for 2021.

 

Compensation Policy

 

As is typical in the mining industry, the Corporation's
executive compensation policy is comprised of a combination of cash and stock option grants and RSU grants to Named Executives.

 

Components of the Compensation Program

 

 

 

The combination of base salaries, annual incentive, option grants and RSU grants (which are full value phantom shares, payable in cash
or in Common Shares, at the Corporation's discretion, as at the end of the three-year vesting period), reflects the Corporation's evolving
nature and is intended to attract and retain talent in a competitive employment market. Grant of options and RSUs to Named Executives
are made on an annual basis, at a moment deemed appropriate by the HR Committee. Annual incentive, option grants and RSU grants (timed-based
and performance-based) represent the value at risk portion of the total compensation of each Named Executive.

 

    
	 	2021 Management Information Circular	   31

     

    

 

For any grant, options vest as to one third of
the total grant at each of the first three anniversaries of such grant, unless otherwise decided by the HR Committee, as provided for
in the Stock Option Plan. RSU grants are generally subject to the following vesting terms: one half (1/2) is time-based and vests on the
third anniversary of such grant while the remaining half (1/2) performance RSUs, which also vests on the third anniversary of such grant,
is subject to the achievement of approved long-term objectives over a three-year period (as more thoroughly described below under the
heading "Long-Term Incentive Compensation"). The HR Committee considers that such performance criteria improves
Named Executives' alignment with Shareholders' interests and further promotes value creation.

 

Options and RSUs also enable the Corporation to
balance the ratio of long-term to short-term compensation to levels commensurate with mining industry companies and to enhance Named Executives'
alignment with Shareholder value creation. The Stock Option Plan, RSU Plan and the DSU Plan are further described under the heading "Long-Term
Incentive Compensation" below.

 

Pay Mix

 

Following are the targets for each of the four
components of the compensation of the Named Executives in comparison to the actual compensation they received for 2020:

 

	 	 	Base Salary	 	 	Short-term incentive	 	 	Options	 	 	RSUs	 
	 	 	Target	 	 	2020	 	 	Target	 	 	2020	 	 	Target	 	 	2020	 	 	Target	 	 	2020	 
	Executive Chair and former Chief Executive Officer(1)	 	 	20	%	 	 	19	%	 	 	20	%	 	 	23	%	 	 	24	%	 	 	23	%	 	 	36	%	 	 	35	%
	President and current Chief Executive Officer(2)	 	 	17	%	 	 	17	%	 	 	17	%	 	 	20	%	 	 	26	%	 	 	25	%	 	 	39	%	 	 	38	%
	Senior Vice President(3)	 	 	22	%	 	 	22	%	 	 	22	%	 	 	24	%	 	 	22	%	 	 	22	%	 	 	33	%	 	 	32	%
	President of ODV(4)	 	 	33	%	 	 	20	%	 	 	33	%	 	 	22	%	 	 	13	%	 	 	8	%	 	 	20	%	 	 	50	%
	Former Chief Financial Officer(5)	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 
	Chief Financial Officer and Vice President, Finance(6)	 	 	24	%	 	 	23	%	 	 	24	%	 	 	27	%	 	 	21	%	 	 	20	%	 	 	31	%	 	 	30	%
	Vice President, Legal Affairs and Corporate Secretary	 	 	23	%	 	 	22	%	 	 	23	%	 	 	27	%	 	 	21	%	 	 	20	%	 	 	32	%	 	 	31	%

 

NOTES:

 

(1) As part of the reverse takeover bid transaction ("RTO Transaction") with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020.

(2) Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed President and Chief Executive Officer effective as of November 25, 2020.

(3) As part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.

(4) As part of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020.

(5) Ms. Elif Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

(6) Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

 

Management of Compensation Risks

 

The HR Committee structures the components of
the compensation program in order to generate adequate incentives to increase Shareholders value in the long-term while maintaining a
balance to limit excessive risk taking.

 

As part of measures in place to mitigate risk
related to compensation structure, the HR Committee establishes the total compensation of the Named Executives based on a balanced approach
between fixed and variable compensation components. The use of multiple components limits the risks associated with having the focus on
one specific component and provides flexibility to compensate short to medium term goals and long-term objectives in order to maximize
Shareholders value.

 

The fixed component of the Named Executives' compensation
is essentially composed of the base salary, which represents between 16% and 33% of their total compensation. The components forming the
remaining 67% to 84% represent the "value at risk" and aim to focus on the achievement of short to long-term objectives and
are composed of an annual incentive (100% performance-based on a yearly basis) and  annual grants of RSUs (one half of which is performance-based
over a 3-year period) and  options.

 

    
	32   	2021 Management Information Circular	 

     

    

 

The long-term compensation comprises RSUs and
options. The HR Committee believes that its granting and vesting practices provide sufficient incentives to motivate the Named Executives
in the long-term to increase the overall value of the Corporation and thereby provide an adequate alignment of their interest with those
of the Shareholders.

 

Options granted annually vest over a three-year
period and have a five-year term. The HR Committee considers that these characteristics provide sufficient incentives to motivate the
Named Executives in the long-term to increase the overall value of the Corporation.  Notwithstanding the foregoing, because of the
nature of an option, market volatility may result in financial benefit, which may not be strictly related to the performance of the Corporation. 
In assessing the component and respective proportion of the elements forming part of the long-term compensation components, the HR Committee
has established options at 40% of the long-term incentive and 60% for RSUs (half performance-based) in order to ensure that interests
of the Named Executives are aligned with those of the Shareholders.

 

Within the scope of ensuring best practices, the
HR Committee adopted formal securities ownership guidelines in 2015 which was revised in 2020 in order to further align the long-term
interests of the Shareholders.  The revised guidelines provides that the calculation of the minimum shareholding be based on:

 

(i) the value
of the holding on the last trading day of each year; and

 

(ii) with
respect to RSUs, only those which are exclusively subject to time-based vesting shall be used in the determination of the minimum securities
ownership.

 

Additional information on the securities ownership
guidelines is provided under the heading "Securities Ownership".

 

Also, as part of the risks review presented to
the Corporation's Audit and Risk Committee, none was related to compensation among all risks identified. As Ms. Joanne Ferstman and
Mr. Pierre Labbé are both members of the Audit and Risk Committee and of the HR Committee, they bring their knowledge, experience
and insight on risk issues to the HR Committee. Any identified risk related to human resources and compensation of Management are transmitted
to the HR Committee which is responsible to follow-up on the implementation of the recommendations according to established priorities.
The HR Committee then reports the results back to the Board of Directors.

 

Based on the review performed in the last financial
year, no risks associated with the Corporation's compensation policies and practices that are likely to have a material adverse effect
on the Corporation were identified. The HR Committee considers that the procedures and guidelines currently in place to mitigate key risks
relating to compensation are adequately managed and do not encourage excessive risk taking that would likely have a material adverse effect
on the Corporation. The HR Committee will continue to monitor and review the Corporation's compensation policies and practices annually
to ensure that no component of the Named Executives' compensation constitutes a risk.

 

The compensation components are detailed below.
The Corporation has not adopted any retirement plan or pension plan for its directors and officers.

 

Base Salary

 

The base salary is the only fixed component of
the compensation of the Named Executives. The Corporation's policy is to establish base salaries for executive officers that are competitive
with relevant salaries paid to executive officers of a comparator group, while recognizing executive officers' experience, competencies
and track record of accomplishments and preserving a "team approach" toward remuneration. Salary levels therefore reflect the
overall corporate performance of the Corporation, comparative market data and individual performance. The salaries of the Named Executives
are reviewed and, as applicable, adjusted yearly by the HR Committee considering the overall corporate performance of the Named Executives
team, the comparator group metrics, and, as applicable, general market conditions and other relevant sources of information.

 

There was no salary increase for the Named Executives
in 2020.  The base salary of Mr. Frédéric Ruel was adjusted following his appointment as Chief Financial Officer
and Vice President, Finance of the Corporation on February 20, 2020.

 

    
	 	2021 Management Information Circular	   33

     

    

 

Compensation Reimbursements - Associate
Companies

 

As part of its business model and strategy for
growth, the Corporation invests in associate companies and, as a result, members of Management, including certain Named Executives, may,
from time to time, be appointed to the board of directors or executive positions in such associate companies. The Corporation allocates
and charges back a portion of such Named Executive's base salary to such associate company or, as applicable, takes into account the remuneration
paid by such associate company to such Named Executive in reviewing and establishing the total compensation. As such, the annual base
salary level shown below is the total salary that a Named Executive is receiving taking into account the portion of salary assumed directly
by the Corporation and the portion assumed by associate companies, as applicable. In addition, the Corporation also reduces the long-term
compensation of the Named Executive up to a value representing 50% of such long-term compensation to take into account share based awards
received from associate companies.

 

The following table lists the associate companies
with respect to which certain Named Executives assumed or were assuming a directorship role or an executive function during the year 2020.
As part of the RTO Transaction concluded on November 25, 2020, the Corporation transferred certain of its investments to ODV, including
its shareholding in Falco Resources Ltd.

 

	Companies 	Officers	Directors
	Osisko Metals Incorporated	N/A	Luc Lessard
	Falco Resources Ltd.	
    Luc Lessard

    André Le Bel
	Luc Lessard
	Osisko Mining	N/A	Sean Roosen

 

The actual salary effectively assumed by the Corporation
for each of the Named Executives is therefore adjusted to take into account the cash remuneration received by the Named Executives for
their services to such associate companies.

 

The table below shows the annual base salary level
and actual salary assumed by the Corporation, net of remuneration assumed by associate companies, for each of the Named Executives in
2020 and 2019:

 

	Named Executives	 	Annual Base

 Salary level as 

at 
 January 1st,

 2020
 ($)	 	 	Actual 
 Salary 

assumed by

 the 

Corporation in

 2020
 ($)	 	 	Annual Base

 Salary level as

 at 
 January 1st,

 2019
 ($)	 	 	Actual 
 Salary assumed

 by the

 Corporation in

 2019
 ($)	 
	Sean Roosen, Executive Chair of the Board and former Chief Executive Officer(1)	 	 	718,000	 	 	 	682,689	 	 	 	718,000	 	 	 	535,438	 
	Sandeep Singh, President and current Chief Executive Officer(2)	 	 	600,000	 	 	 	600,000	 	 	 	n/a	 	 	 	n/a	 
	Frédéric Ruel, current Chief Financial Officer and Vice President, Finance(3)	 	 	275,000	 	 	 	269,676	 	 	 	236,000	 	 	 	236,000	 
	Elif Lévesque, former Chief Financial Officer and Vice President, Finance(4)	 	 	70,457	 	 	 	70,457	 	 	 	359,000	 	 	 	359,000	 
	Luc Lessard, Senior Vice President, Technical Services(5)	 	 	513,000	 	 	 	264,180	 	 	 	513,000	 	 	 	93,000	 
	Chris Lodder, President of ODV(6)	 	 	425,000	 	 	 	383,197	 	 	 	425,000	 	 	 	425,000	 
	André Le Bel, Vice President, Legal Affairs and Corporate Secretary	 	 	318,000	 	 	 	218,732	 	 	 	318,000	 	 	 	218,732	 

 

NOTES: 

 

(1) As
part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25,
2020 to focus on the launch of ODV. Effective as of November 25, 2020, his salary level in the Corporation went from $718,000 to
$359,000 because as part of the RTO Transaction his total compensation is shared equally between the Corporation and ODV (except for
current outstanding equity component of his compensation). 

(2) Upon
the closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer
and Director of the Corporation, effective as of November 25, 2020. 

(3) Mr. Frédéric
Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020. 

(4) Ms. Elif
Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020. 

(5) As
part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to
act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021. 

(6) As part
of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive
Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020.

 

    
	34   	2021 Management Information Circular	 

     

    

 

 

The table below shows the Long-term Incentive
level and actual Long-term Incentive assumed by the Corporation, net of remuneration assumed by associate companies, for each of the Named
Executives in 2020 and 2019:

 

	Named Executives	 	Annual LTI 
 level 
 as at
 January 1st, 
 2020
 ($)	 	 	Actual
 LTI assumed by
 the Corporation
 in 2020
 ($)	 	 	Annual LTI 
 level 
 as at
 January 1st, 
 2019
 ($)	 	 	Actual
 LTI assumed by
 the Corporation
 in 2019
 ($)	 
	Sean Roosen, Executive Chair of the Board and former Chief Executive Officer(1)	 	 	2,154,000	 	 	 	1,077,000	 	 	 	2,154,000	 	 	 	1,459,070	 
	Sandeep Singh, President and current Chief Executive Officer(2)	 	 	2,258,600	 	 	 	2,258,600	 	 	 	3,738,293	 	 	 	3,738,293	 
	Frédéric Ruel, current Chief Financial Officer and Vice President, Finance(3)	 	 	588,500	 	 	 	588,500	 	 	 	472,000	 	 	 	472,000	 
	Elif Lévesque, former Chief Financial Officer and Vice President, Finance(4)	 	 	n/a	 	 	 	n/a	 	 	 	825,700	 	 	 	825,700	 
	Luc Lessard, Senior Vice President, Technical Services(5)	 	 	1,282,500	 	 	 	1,042,812	 	 	 	1,282,500	 	 	 	1,179,144	 
	Chris Lodder, President of ODV(6)	 	 	1,270,000	 	 	 	1,270,000	 	 	 	285,900	 	 	 	285,900	 
	André Le Bel, Vice President, Legal Affairs and Corporate Secretary	 	 	731,400	 	 	 	692,107	 	 	 	731,400	 	 	 	731,400	 

  

NOTES:

 

(1) As
part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25,
2020 to focus on the launch of ODV

(2) Upon
closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and
Director of the Corporation, effective as of November 25, 2020.

(3) Mr. Frédéric
Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

(4) Ms. Elif
Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

(5) As
part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to
act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.

(6) As part
of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive
Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020.

 

Annual Incentive Compensation

 

The HR Committee believes that long-term growth
of value for Shareholders is derived from the execution of short and long-term approved strategic initiatives.

 

The annual incentive program for the Named Executives
is based on their performance as a team against corporate objectives approved by the Board of Directors. Bonuses are paid in full following
awards approved by the Board of Directors, based on the recommendation of the HR Committee. While the target for annual incentive compensation
for Named Executives has been contractually established at 100% of their respective base salary, the Board of Directors retains full discretion
in assessing such achievement. In addition, the Board may also factor in individual achievement, if warranted. For greater certainty,
annual incentive compensation does not represent a guaranteed compensation item for the Named Executives as the determination of the performance
relating to such compensation remains the sole prerogative of the Board of Directors who can decide not to pay any bonus to any Named
Executive.

 

As part of its duties and responsibilities and
in conjunction with year-end assessments, the HR Committee reviews the realization of the Corporation's objectives and meet with Management
to discuss and consider each element contained in the corporate objectives. The HR Committee also meets in camera to discuss this
matter.

 

In 2020, further to the acquisition of Barkerville
in November 2019, the HR Committee decided that for Mr. Chris Lodder and Mr. Luc Lessard, their Short-term objectives would
be based as to 50% on Corporate Objectives established for the Corporation and the remaining 50% on Corporate Objectives relating specifically
to the development of the Cariboo gold project.

 

The Corporation's 2020 short-term key objectives
(the "2020 Key Objectives") consist of elements included in the following six categories: growth, performance, portfolio
management, North Spirit discovery Group, corporate and operational efficiencies and corporate responsibility.

 

    	 	2021 Management Information Circular	   35

     

    

 

The following is a summary of achievements in
respect of the 2020 Key Objectives.

 

1. Growth:

 

In order to achieve this objective,
Management aimed at acquiring assets that would generate cash flow over medium term.  In 2020, the Corporation completed a number
of transactions in line with this objective including the acquisition of:

 

		·	a 15% gold and silver stream on the San Antonio property;

 

		·	the remaining 15% ownership in a Canadian precious metal royalty portfolio, including royalties on the
Island Gold and Lamaque mines; and

 

		·	a royalty on Minera Alamos Inc.'s Santana project.

 

As part of its strategy, the Corporation
also amended the Gibraltar silver stream concluded with Taseko Mines Limited to reduce the transfer price from US$2.75 per ounce of silver
to nil.

 

These transactions allowed the Corporation
to not only ensure mineral resource replacement to compensate for the depletion of its assets but also to achieve a modest increase of
such mineral resource per share.

 

In addition, Management reviewed each
transaction to determine its impact on the net asset value ("NAV") of the Corporation calculated based on internal financial
models and concluded that the investments made in 2020, had a collective positive impact on the NAV per share.

 

2. Performance

 

In 2020, the Corporation's share price
performance was relatively strong compared to the applicable Peer Group's average.  The Corporation recorded a return of 27.8% while
its peers averaged showing a return of 8.4%.  The Common Shares of the Corporation closed at $16.13 on December 31, 2020, compared
to $12.62 on December 31, 2019. A pre-determined share price performance matrix was used to calculate performance achievement for
this objective.

 

3. Portfolio
management

 

Through 2020, Management focused considerable
efforts on managing issues relating to several underperforming assets including the Renard and Amulsar streams. Progress was made in terms
of protecting and advancing these assets. The Corporation's equity portfolio was mostly transferred to ODV on November 25, 2020.

 

4. North
Spirit Discovery Group

 

A significant strategic priority in
2020 was the successful restructuring of the Cariboo project into a dedicated operating vehicle.  This was accomplished with the
formation of ODV, which also included the San Antonio gold project and certain marketable securities.  Financings totalling over
$200 million were also completed by ODV between October 2020 and January 2021 to fast track its assets.

 

The Corporation benefited from the RTO
Transaction through the equity interest it retained in ODV, and through increased royalty and streaming interest on certain assets transferred
to ODV, including the 15% precious metal stream on the San Antonio Project, the increased royalty on the Cariboo project (now totalling
5% NSR), the 3% NSR royalty on the James Bay properties in Québec, Canada and the Guerrero properties in Mexico. Top end performance
with respect to this objective was deemed to be surpassed given the valuation attained and amount of funding secured.

 

5. Corporate
and operational efficiency

 

Like many companies, the Corporation
was impacted by the COVID-19 pandemic but Management reacted promptly in order to mitigate its effect on operations.  From a financial
perspective, the Corporation was able to achieve a $85 million financing, at a premium, with Investissement Québec during the pandemic.

 

    	 36 	2021 Management Information Circular	 

     

    

 

Further to the appointment of Mr. Sandeep
Singh as president of the Corporation as the end of 2019, the executive team was also rejuvenated throughout the year by the appointment
or promotion of senior individual in key roles.

 

6. Corporate
Responsibility

 

The Corporation supported certain of
its partners and affiliates in managing the COVID-19 pandemic through investing in COVID-19 testing labs and providing charitable donations.

 

Following last year's annual meeting
of Shareholders, the Corporation formed an Environmental and Sustainability Committee to oversee all matters on environment and sustainability
practices.

 

Negotiations carried out while the Corporation
held the Cariboo project led to the conclusion by Barkerville of a life-of-project agreement with
the Lhtako Dené Nation to facilitate the development of the Cariboo gold project.

 

The Short-term objectives adopted in connection
with the Cariboo gold project held by Barkerville (the "2020 Cariboo Key Objectives") are relevant for the short-term
incentive of Messrs. Lodder and Lessard as 50% of their short-term incentive is attributable to such 2020 Cariboo Key Objectives. 
These objectives consist of elements included in the following three categories: exploration, operations and a broad category encompassing
health, safety, environment and sustainability.

 

The following is a summary of achievements completed
by the Corporation toward reaching the 2020 Cariboo Key Objectives.

 

1. Exploration

 

The exploration objective of the management
team at Barkerville in 2020 was aiming at increasing the inferred resources and converting inferred resources to indicated resources to
support the feasibility study. In October 2020, the Corporation announced an updated mineral resources estimate for the Cariboo gold
project confirming the measured and indicated resources as well as the increase in the inferred resources category.  The objective
was partly met due to an increase in gold price assumptions used. Details of these results are contained in the Corporation's press release
dated October 5, 2020 available at www.sedar.com.

 

The exploration work carried out by
Barkerville also allowed the identification of five new exploration targets.

 

2. Operations
and Project Execution:

 

Development progressed well at Bonanza
Ledge Phase II, where stockpiling began underground and the water treatment plant was completed to meet water quality at discharge as
per British Columbia regulations.  The Quesnel River mill upgrade was also completed by the end of January 2021 despite COVID-19
related interruptions in contractors and procurement.

 

3. Health,
Safety, Environment, Sustainability

 

Barkerville recorded no lost time accidents
in 2020 and did not receive any non-compliance notices on environmental matters.  This achievement was possible through the resolution
of several key legacy environmental issues attributable to the previous management team.

 

The preparation of permit request, while
negatively impacted by COVID-19, was nonetheless completed in the prescribed timeline.  Accordingly, the governmental authorities
have granted temporary permits to start the production at the Bonanza Ledge Phase II. Final permits are expected to the delivered in June 2021.

 

Recognizing that community engagement
is key in the development of its Cariboo project, the Barkerville team held several consultation meetings and made a number of presentations
to the surrounding communities as part of its permitting process.  Barkerville also entered into a life-of-project
agreement with the Lhtako Dené Nation to facilitate the development of the Cariboo gold project.  Discussions with the Xatsull
First Nation are ongoing.

 

    	 	2021 Management Information Circular	   37

     

    

 

Overall permitting for the larger Cariboo
project was kept on track despite significant challenges caused by COVID-19 including issues relating to access, consultant and regulator
availability.

 

Assessment of 2020 Key Objectives and 2020
Cariboo Key Objectives by the HR Committee

 

The 2020 Key Objectives and the 2020 Cariboo Key
Objectives were approved by the Board of Directors, upon recommendation of the HR Committee. The HR Committee monitored the progress made
by Management toward achieving said objectives. The HR Committee reviewed achievements against the Corporation's and Cariboo's objectives
and thereafter met with Management.  Thereafter, the HR Committee met in camera to discuss and consider the payout under the
short-term incentive program.

 

The HR Committee provided its recommendation to
the Board which also deliberated with the presence of senior members of Management and determined and approved the following assessment
of the 2020 Key Objectives and 2020 Cariboo Key Objectives set forth below:

 

	 	2020 ANNUAL CORPORATE OBJECTIVES	 	ALLOCATION
 (%)	 	 	ACHIEVEMENT
 (%)	 
	 	1.	Growth	 	 	25.0	 	 	 	20.0	 
	 	2.	Performance	 	 	25.0	 	 	 	32.5	 
	 	3.	Portfolio management	 	 	10.0	 	 	 	8.0	 
	 	4.	North Spirit Discovery Group	 	 	20.0	 	 	 	40.0	 
	 	5.	Corporate and operational efficiency	 	 	10.0	 	 	 	10.0	 
	 	6.	Corporate Responsibility	 	 	10.0	 	 	 	10.0	 
	 	 	TOTAL	 	 	100.0	 	 	 	120.5	 

 

	 	2020 CARIBOO KEY OBJECTIVES	 	ALLOCATION
 (%)	 	 	ACHIEVEMENT
 (%)	 
	 	1.	Exploration	 	 	30.0	 	 	 	26.0	 
	 	2	Health, safety, environment and sustainability	 	 	35.0	 	 	 	33.5	 
	 	3.	Operations and Project Execution	 	 	35.0	 	 	 	30.5	 
	 	 	TOTAL	 	 	100.0	 	 	 	90.0	 
	 	 	Premium for COVID-19 risks	 	 	 	 	 	 	10.0	 

 

The HR Committee also assessed the Executive
Chair and President and former Chief Executive Officer's performance for 2020 and, further to such review the HR Committee provided
a recommendation to the Board which took into consideration the "team approach" philosophy of the Corporation.  The
HR Committee also recommended to the Board to approve the individual performance factor rate for the Named Executives, which was
established at a rate of 1.0.

 

The HR Committee also assessed the performance
of the Senior Vice President, Technical Services and the President of ODV for the 2020 Cariboo Key Objectives and, further to such review
and taking into account the required travelling and working in the field during the COVID-19 pandemic, the HR Committee provided a recommendation
to the Board to include a 10% premium for COVID-19 related risks, therefore establishing the overall achievements at 100%.

 

The Board reviewed and discussed the recommendation
of the HR Committee for the Named Executives, including for the Executive Chair and former Chief Executive Officer and the President and
current Chief Executive Officer and approved the following payment of the annual incentive award ("Annual Incentive Award")
to the Named Executives and the and former Chief Executive Officer and the President and current Chief Executive Officer for the financial
year ended December 31, 2020, which payment takes into account the individual performance factor recommended by the HR Committee:

 

    	 38 	2021 Management Information Circular	 

     

    

 

	Named Executives	 	
    Value of the 2020

    Annual Incentive

    Award

    ($)
	 	 	Value of the 2019

Annual Incentive

Award

($)	 
	Sean Roosen, Executive Chair of the Board and former Chief Executive Officer(1)	 	 	822,649	 	 	 	502,600	 
	Sandeep Singh, President and current Chief Executive Officer(2)	 	 	723,000	 	 	 	    n/a	 
	Frédéric Ruel, Chief Financial Officer and Vice President, Finance(3)	 	 	325,000	 	 	 	165,200	 
	Elif Lévesque, former Chief Financial Officer and Vice President, Finance(4)	 	 	51,800	 	 	 	251,300	 
	Luc Lessard, Senior Vice President, Technical Services(5)(6)	 	 	421,770	 	 	 	359,100	 
	Chris Lodder, President of ODV(7)	 	 	422,472	 	 	 	297,500	 
	André Le Bel, Vice President, Legal Affairs and Corporate Secretary(5)	 	 	340,657	 	 	 	180,057	 

 

NOTES:

 

	(1)	As part of the RTO Transaction with ODV, Mr. Sean Roosen
was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.

	(2)	Upon closing of the RTO Transaction, Mr. Sandeep Singh
was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25,
2020. Mr. Singh was hired on December 31, 2019.

	(3)	Mr. Frédéric Ruel was appointed as Chief
Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

	(4)	Ms. Elif Lévesque resigned as Chief Financial
Officer and Vice President, Finance of the Corporation on February 20, 2020.

	(5)	Net of annual incentive award assumed by associate companies.

	(6)	As part of the RTO Transaction, Mr. Luc Lessard was
appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of
the Corporation, effective as of January 1st, 2021.

	(7)	As part of the RTO Transaction, Mr. Chris Lodder was
appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned
subsidiary of the Corporation until its transfer to ODV on November 25, 2020.

 

	Named Executives	 	Value of the 2020 

Annual Incentive

 Award
 ($)
	 	 	Value of the 2019

 Annual Incentive

 Award
 ($)	 
	Sean Roosen, Executive Chair of the Board and former Chief Executive Officer(1)	 	 	822,649	 	 	 	502,600	 
	Sandeep Singh, President and current Chief Executive Officer(2)	 	 	723,000	 	 	 	    n/a	 
	Frédéric Ruel, Chief Financial Officer and Vice President, Finance(3)	 	 	325,000	 	 	 	165,200	 
	Elif Lévesque, former Chief Financial Officer and Vice President, Finance(4)	 	 	51,800	 	 	 	251,300	 
	Luc Lessard, Senior Vice President, Technical Services(5)(6)	 	 	421,770	 	 	 	359,100	 
	Chris Lodder, President of ODV(7)	 	 	422,472	 	 	 	297,500	 
	André Le Bel, Vice President, Legal Affairs and Corporate Secretary(5)	 	 	340,657	 	 	 	180,057	 
	 

                                                                                NOTES:

                                                                                 

                                                                                (1) As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.

                                                                                (2) Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25, 2020. Mr. Singh was hired on December 31, 2019.

                                                                                (3) Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

                                                                                (4) Ms. Elif Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.

                                                                                (5) Net of annual incentive award assumed by associate companies.

                                                                                (6) As part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.

                                                                                (7) As part of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020.

 

Long-term Incentive Compensation

 

The Corporation's long-term compensation program
ensures the alignment of the Named Executives with Shareholders and other stakeholders in the value creation process. The long-term compensation
provides an effective retention measure for key senior executives. The establishment of a balance between short and long-term compensation
is essential for the Corporation's sustained performance, including its ability to attract, motivate and retain a pool of talented executives
in a very competitive employment market. To achieve this balance and to complement the existing Stock Option Plan, the Corporation adopted
an Employee Share Purchase Plan and a RSU Plan.

 

The targeted quantum of the long-term component
of the Named Executives' compensation as a percentage of their total compensation is identified below, however such percentage remains
subject to a review by the HR Committee:

 

	Named Executives	 	Targeted Percentage of the long-term component 

of 
 Named Executives' compensation 
 over their total compensation
 (%)	 
	Executive Chair and former Chief Executive Officer	 	 	60	 
	President and current Chief Executive Officer	 	 	65	 
	Senior Vice President	 	 	55	 
	President of ODV	 	 	33	 
	Chief Financial Officer and Vice President, Finance	 	 	52	 
	Vice President, Legal Affairs and Corporate Secretary	 	 	53	 

 

The Stock Option Plan, the Employee Share Purchase
Plan, the RSU Plan and the DSU Plan are hereinafter collectively referred to as "Osisko's Long-Term Incentive Plans".

 

The HR Committee manages Osisko's Long-Term Incentive
Plans with full authority. The HR Committee considers ad hoc and annual grants of options, RSUs and DSUs based on recommendations
made by the Executive Chair of the Board and the President and Chief Executive Officer from time to time, for participants other than
themselves. The HR Committee, in turn, considers such recommendations and, as appropriate, makes recommendations to the Board of Directors,
including any awards to the Executive Chair of the Board and the President and Chief Executive Officer. In reviewing Management's recommendation
relating to grants under the Long-Term Incentive Plans, the HR Committee and the Board of Directors may take into account past grants
and factor in any such grants made by associate companies to any of the Corporation's Named Executives.

 

    	 	2021 Management Information Circular	   39

     

    

  

Options

 

The Shareholders of the Corporation have re-confirmed
at the 2020 annual meeting the Stock Option Plan which was initially approved in 2014, allowing for the grant of options to officers and
employees of the Corporation, designated by the Board of Directors, at its entire discretion, to align their interest to those of Shareholders.

 

Options are granted by the Board of Directors
based on recommendations made by the Executive Chair of the Board and the President and Chief Executive Officer from time to time, except
in respect of grants to themselves. The total number of options issued over the past years to an employee may be taken into consideration
but does not have a material impact on the number of options to be granted to said employee, except for same year grants, if any. The
Black-Scholes value of options granted by associate companies to any Named Executive for their executive role reduces the options to be
granted to any such Named Executive by the Corporation.

 

Options may be granted at an exercise price
determined by the Board but shall not be less than the closing market price of the Common Shares of the Corporation on the TSX on
the day prior to their grant. No participant shall be granted an option which exceeds 4% of the issued and outstanding Common Shares
of the Corporation at the time of granting of the option. The number of Common Shares issued to insiders of the Corporation within
one year and issuable to the insiders of the Corporation at any time under the Stock Option Plan or combined with all other share
compensation arrangements, cannot exceed 10% of the issued and outstanding Common Shares.  The duration and the vesting period
are determined by the Board. However, the expiry date may not exceed seven years after the date of grant. To date, all grants are
set to expire five years after the date of grant, with the exception of the Initial Options granted to Mr. Sandeep Singh,
President of the Corporation as part of his hiring grant, which have a term of seven years.

 

The tables below provides additional information
on the Stock Option Plan, RSU Plan and DSU Plan for the relevant financial years.

 

Burn Rate - Options

 

	Year	 	 	Options granted
 (#)	 	 	Weighted average
 Number of Common 

Shares issued and

 outstanding
 (#)	 	 	Burn Rate(1)
 (%)	 
	2020	 	 	 	1,201,100	 	 	 	163,015,000	 	 	 	0.7	 
	2019	 	 	 	1,292,200	 	 	 	151,041,000	 	 	 	0.9	 
	2018	 	 	 	886,900	 	 	 	156,617,000	 	 	 	0.6	 
	2017	 	 	 	763,400	 	 	 	127,939,000	 	 	 	0.6	 
	2016	 	 	 	1,084,700	 	 	 	104,671,000	 	 	 	1.0	 

 

NOTE:

 

(1) Burn
Rate: means the total number of options granted in a year divided by the weighted average number of Common Shares for the applicable
fiscal year.

 

Overhang - Options

 

	Year	 	 	Options

 Available

 for Issue
 (#)	 	 	Options

 Outstanding
 (#)	 	 	Total Available 

and 

Outstanding
 (#)	 	 	Weighted average
 Number of Common Shares

 issued and outstanding
 (#)	 	 	Overhang

 Ratio(1)
 (%)	 
	2020	 	 	 	4,612,299	 	 	 	3,745,968	 	 	 	8,358,267	 	 	 	163,015,000	 	 	 	5.1	 
	2019	 	 	 	4,006,350	 	 	 	3,867,566	 	 	 	7,873,916	 	 	 	151,041,000	 	 	 	5.2	 
	2018	 	 	 	3,688,659	 	 	 	4,090,696	 	 	 	7,779,355	 	 	 	156,617,000	 	 	 	5.0	 
	2017	 	 	 	9,304,646	 	 	 	3,319,129	 	 	 	12,623,775	 	 	 	127,939,000	 	 	 	9.9	 
	2016	 	 	 	5,877,120	 	 	 	2,654,665	 	 	 	8,531,785	 	 	 	104,671,000	 	 	 	8.2	 

 

NOTE:

 

(1) Overhang:
means the number of options available to be granted, plus the number of options granted but not exercised divided by the weighted average
of the number of Common Shares for the applicable fiscal year.

 

    	 40 	2021 Management Information Circular	 

     

    

 

Burn Rate - RSUs

 

	Year	 	 	DSUs granted
 (#)	 	 	Weighted average
 Number of Common

 Shares issued and 

outstanding
 (#)	 	 	Burn Rate(1)
 (%)	 
	2020	 	 	 	504,560	 	 	 	163,015,000	 	 	 	0.3	 
	2019	 	 	 	592,300	 	 	 	151,041,000	 	 	 	0.4	 
	2018	 	 	 	429,262	 	 	 	156,617,000	 	 	 	0.3	 

 

NOTE:

 

(1) Burn
Rate: means the total number of RSUs granted in a year divided by the weighted average number of Common Shares for the applicable
fiscal year.

 

Burn Rate - DSUs

 

	Year	 	 	DSUs granted
 (#)	 	 	Weighted average
 Number of Common
 Shares issued and 
 outstanding
 (#)	 	 	Burn Rate(1)
 (%)	 
	2020	 	 	 	97,995	 	 	 	163,015,000	 	 	 	0.1	 
	2019	 	 	 	66,000	 	 	 	151,041,000	 	 	 	0.0	 
	2018	(2)	 	 	   n/a	 	 	 	        n/a	 	 	 	n/a	 

 

NOTES:

 

(1) Burn
Rate: means the total number of DSUs granted in a year divided by the weighted average number of Common Shares for the applicable
fiscal year.

 

(2) In
2018, the DSU Plan provided for a cash settlement only upon vesting of the DSUs.

 

The terms and conditions of the Stock Option Plan
are more specifically addressed under the heading "Security-Based Compensation Arrangements" below.

 

Restricted Share Units (RSUs)

 

The purpose of the RSU Plan is to assist the Corporation
in attracting and retaining individuals with experience and ability, to allow certain employees of the Corporation and its subsidiaries
designated at the HR Committee's discretion, to participate in the long-term success of the Corporation and to promote a greater alignment
of interests between the employees designated under this RSU Plan and those of Shareholders.

 

The vesting of half of each annual RSU grant are
subject to performance criteria unless otherwise determined by the HR Committee, all annual RSU grants are subject to the following vesting
terms: one half (1/2) is time-based and will vest on the third anniversary of such grant; the remaining portion (1/2) will also vest on
the third anniversary of such grant but is subject to performance criteria approved by the HR Committee and the Board of Directors. 
For greater certainty, settlement of performance based RSUs granted as part of the annual long-term incentive compensation does not
represent a guaranteed compensation item for the Named Executives as the determination of the performance relating to such RSU grant remains
the sole prerogative of the Board of Directors.  It should be noted that, as part of his 2019 hiring terms, Mr. Singh was
granted 225,000 Initial RSUs, including 75,000 RSUs the vesting of which was subject to the acquisition of 75,000 Common Shares of the
Corporation; such RSUs have vested on January 14, 2020.  The balance of 150,000 Initial RSUs, vests in three equal tranches
over three years; a first tranche vested on December 31, 2020.

 

The HR Committee believes that performance criteria
attached to part of the annual RSU grant improves the alignment of Named Executives' interests with those of Shareholders of the Corporation
and promotes sustainable growth and value creation and the achievement of key long-term corporate objectives. The HR Committee monitors
the achievement of these performance criteria on a regular basis.

 

Whenever dividends are paid in Common Shares,
additional RSUs are automatically granted to each participant who holds RSUs on the record date for such dividend. Following the vesting
date, RSUs are settled, at the discretion of the Corporation, in Common Shares, in cash (in which case for an amount equivalent to the
product of the number of vested RSUs multiplied by the closing price of a Common Share on the TSX on the day prior to the payment date)
or a combination of both Common Shares and cash, less applicable withholdings.

 

    	 	2021 Management Information Circular	   41

     

    

  

The HR Committee may, at its entire discretion,
accelerate the terms of vesting of any outstanding RSU in circumstances it deems appropriate. In the event of a change of control as defined
in the RSU Plan, all RSUs outstanding on the change of control date become immediately vested, irrespective of performance conditions,
if any.

 

In the event a participant resigns or is terminated
by the Corporation for cause, all outstanding RSUs are cancelled. As for those participants who cease to be an employee as a result of
death, termination without cause, retirement or long-term disability, the vesting of:

 

		·	the time-based component portion of each RSU grant will be prorated based on the sum of the number of
days during which certain benefits of employment are contractually maintained and those actually worked from the date of grant of such
RSUs up until the date of termination without cause, over the number of days of the original vesting schedule in relation to such grant;
and

 

		·	all performance based RSU grant will be prorated based on the number of days actually worked from the
date of grant of such RSUs up until the date of termination without cause, over the original vesting schedule in relation to such grant;
the number of vested performance based RSUs resulting from such prorated calculation is multiplied by the performance percentage to be
determined by the Board of Directors.

 

The value of RSU grants are based on recommendations
made by the Executive Chair of the Board and the President and Chief Executive Officer (except in respect of grants to themselves) and
the closing price of a Common Share on the TSX on the day prior to the grant date.

 

In connection with the 2020 grant of RSUs, the
3-year performance long-term objectives (the "2020 Long-Term Objectives") approved by the HR Committee, included production
growth, performance criteria and strategic metrics.

 

As previously stated, the HR Committee has been
monitoring the achievement of the 2017 Long-Term Objectives for the last three years and in May 2020 assessed performance against
said objectives.  To this end, Management presented to the HR Committee its assessment of the Corporation's achievements pursuant
to the 2017 Long-Term Objectives as follows:

 

(i) Growth
in NAV per share

 

Management was unsuccessful in reaching
this performance target; while there was an increase in the NAV per share (using standardized commodity price assumptions), the approved
target was not reached.

 

(ii) Increase
revenues to equivalent of 150,000 ounces of gold or to $225 million

 

While the Corporation's gold equivalent
ounces increased meaningfully from 58,933 ounces to 83,000 ounces in 2020, through acquisition of producing assets and development of
assets, this increase did not achieve the approved target. In hindsight, the objective was highly aggressive over a three-year period.

 

(iii) Enhance/realize
investment/exploration portfolios

 

The Corporation swapped a number of
equity positions for Common Shares of the Corporation held by Betelgeuse, a jointly owned subsidiary of certain investment funds managed
by Orion Resource Partners, since 2017.  Such Common Shares were subsequently cancelled.

 

The acquisition of equity investments
in early-stage companies provided the Corporation an opportunity to acquire royalties and streams for a net gain in the amount of $130.7
million.

 

(iv) Provide
superior return to Gold Index and peers

 

The Corporation did not achieve this
objective as from June 2017 to April 2020, the price of the Common Shares of the Corporation fluctuated; down from $15.85 in
June 2017 to $12.71 at the end of April 2020.  During the same period, the TSX Gold Index level increased by approximately
800 points to reach 2,353 points and the Peers Index level progressed from 100.0 points to 151.4 points.

 

    	 42 	2021 Management Information Circular	 

     

    

  

 

(v) Maintain
sound financial position

 

The Corporation maintained strong financial
flexibility over the three-year span to pursue its growth strategy. The Corporation issued debentures for $350 million in 2017 and increased
its credit facility by $50 million to $400 million (with a $100 million accordion).

 

The Corporation was also able to achieve
a $85 financing at a premium with Investissement Québec in April 2020, during the initial phase of the COVID-19 pandemic.

 

As a result of the share repurchase
and secondary offering of Common Shares of the Corporation with Betelgeuse, Betelgeuse ownership of the Corporation's issued and outstanding
Common Shares has been reduced from approximately 19.5% to below 6.2%.

 

(vi) Leadership
in sustainability

 

The Corporation continues to participate
in advocacy role for the mining industry through representation in various associations (Association de l'Exploration Minière du
Québec, Association Minière du Québec, Fédération des chambres de commerce du Québec.

 

Promoted gender diversity in mining
and other business and well as the continued development of Montreal's Young Mining Professionals organization.

 

The Corporation continues to maintain
an open dialogue with host communities and governments in order to ensure success of mining enterprises.  It also participates in
Québec's Plan Nord initiatives and to the Fonds Restor-Action Nunavik.

 

The Corporation supports various charities
and community organizations including a contribution of $75,000 to the Canadian Mineral Education Industry Foundation and assumed leadership
of the foundation and administrative services.

 

Assessment of 2017 Long-Term Objectives
by the Committee

 

The HR Committee reviewed the performance
based portion (50%) of the 2017 RSU grant. The 2017 Long-Term Objectives were approved by the Board of Directors in 2017, upon
recommendation of the HR Committee. The HR Committee regularly monitored the progress made by Management toward achieving said
long-term objectives. As part of its duties and responsibilities and in conjunction with the end of period assessment, the HR
Committee reviewed and discussed with Management the assessment of achievements against the Corporation's 2017 Long-Term
Objectives.  Further to its review, the HR Committee postponed the approval of the 2017 RSU payout in order to re-evaluate the
Corporation's approach in the determination of the long-term objectives and seek advice from Hugessen to assist the HR Committee in
its assessment for the payout of the 2017 performance based of the RSU objectives.  Following such review and taking into
account Management's self-assessment, the HR Committee considered concurred with Management's performance over the last three years
to be determined at an overall performance rate of 48%.

 

Upon recommendation of the HR Committee, the Board
of Directors deliberated and concurred with the HR Committee and set and approved the assessment of the 2017 Long-term Objectives at 48%
as evidenced below.  These RSUs were settled in Common Shares of the Corporation taking into account the applicable tax withholdings
so that the Corporation issues only such number of Common Shares the value of which equals the net amount to be received by the Named
Executives. The portion of the RSUs that is time based (representing 50% of the 2017 grant) is paid at a rate of 100%.  These timed-based
RSUS are also paid in Common Shares of the Corporation taking into account the applicable tax withholdings.

 

    
	 	2021 Management Information Circular	43

 

     

    

 

	2017 - 2020 RSU OBJECTIVES	 	ALLOCATION (%)	 	 	ACHIEVEMENT (%)	 
	Increase net asset value/share	 	 	25.00	 	 	 	10.00	 
	Increase revenues to equivalent of 150,000 ounces of gold	 	 	25.00	 	 	 	10.00	 
	Enhance/realize investment/exploration portfolio	 	 	20.00	 	 	 	8.00	 
	Provide superior return to Gold Index and peers	 	 	10.00	 	 	 	0.00	 
	Maintain sound financial position	 	 	10.00	 	 	 	10.00	 
	Leadership in sustainability	 	 	10.00	 	 	 	10.00	 
	TOTAL:	 	 	100.00	 	 	 	48.00	 

 

Based on the foregoing, the Board approved the
following payment in connection with the 2017 Long-Term Incentive Award to the Named Executives.  These RSUs were settled in Common
Shares at the settlement date based on the closing market price of the Common Shares of the Corporation traded on the TSX on the day prior
to the settlement date.  The Board met on June 22, 2020 to determine the payout of the performance-based RSUs; all RSU vested
on June 7, 2020 and, accordingly, as per the terms of the RSU Plan, these RSUs were settled in Common Shares of the Corporation,
taking into account mandatory withholdings, at a price of $12.57 per RSU, being the closing market price of the Common Shares of the Corporation
traded on the TSX on June 5, 2020, being a business day prior to the vesting/settlement date.

 

	Named Executives	 	Number of RSUs granted in 2017
 (#)(1)	 	 	Total payout under the 2017 Long-Term Incentive Award 
 ($)(2)	 	 	Number of Common Shares issued 
 (#)(3)	 
	Sean Roosen(4)
 Executive Chair of the Board and former Chief Executive Officer	 	 	36,724	 	 	 	341,665	 	 	 	12,631	 
	Sandeep Singh(5)
 President and current Chief Executive Officer	 	 	   n/a	 	 	 	    n/a	 	 	 	   n/a	 
	Frédéric Ruel(6)
 Chief Financial Officer and Vice President, Finance	 	 	16,426	 	 	 	152,839	 	 	 	5,650	 
	Elif Lévesque(7)
 Former Chief Financial Officer and Vice President, Finance	 	 	28,239	 	 	 	239,094	 	 	 	8,839	 
	Luc Lessard(8)
 Senior Vice President, Technical Services	 	 	34,420	 	 	 	320,221	 	 	 	11,838	 
	Chris Lodder(9)
 President of ODV	 	 	   n/a	 	 	 	    n/a	 	 	 	   n/a	 
	André Le Bel
 Vice President, Legal Affairs and Corporate Secretary	 	 	25,529	 	 	 	237,523	 	 	 	8,780	 

 

NOTES:

 

	(1)	Adjusted to take into account dividends paid since the grant
as per the terms of the RSU Plan.

	(2)	Represents the total gross value of the payout of the 2017
Long-Term Incentive Award.

	(3)	Represents the number of Common Shares to be issued taking
into account the net value of the payout of the 2017 Long-Term Incentive Award for each Named Executive after applicable withholdings
and dividing such value by the value of the Common Shares as of the settlement date.

	(4)	As part of the RTO Transaction with ODV, Mr. Sean Roosen
was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.  Mr. Roosen
was Chair of the Board and Chief Executive Officer at the time of the award.

	(5)	Upon closing of the RTO Transaction, Mr. Sandeep Singh
was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25,
2020. Mr. Singh joined the Corporation on December 31, 2019, therefore the 2017 Long-Term Incentive payout is not applicable
to him.

	(6)	Mr. Frédéric Ruel was appointed as Chief
Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.  Mr. Ruel was Corporate Controller
at the time of the award.

	(7)	Although Ms. Elif Lévesque resigned as Chief
Financial Officer and Vice President, Finance of the Corporation on February 20, 2020, she was an officer of the Corporation at
the time of the award.

	(8)	As part of the RTO Transaction, Mr. Luc Lessard was
appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of
the Corporation, effective as of January 1st, 2021.  Mr. Lessard was an officer at the time of the award.

	(9)	As part of the RTO Transaction, Mr. Chris Lodder was
appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned
subsidiary of the Corporation until its transfer to ODV on November 25, 2020.  At the time of the award, Mr. Lodder was
an executive officer of Barkerville, which was a publicly listed company on the TSX Venture Exchange.  Mr. Lodder was not award
RSUs at the time since Barkerville was a publicly listed company.

 

The terms and conditions of the RSU Plan are more
specifically addressed under the heading "Security-Based Compensation Arrangements" below.

 

    
	44	2021 Management Information Circular	 

 

     

    

 

Deferred Share Units (DSUs)

 

The DSU Plan has been established to enhance the
Corporation's ability to attract and retain talented individuals to serve as members of the Board of the Corporation and its subsidiaries
and to promote for greater alignment of interests between such persons and the Shareholders of the Corporation.

 

Pursuant to the DSU Plan, the Board of Directors
may designate, from time to time and at its sole discretion, the non-executive directors of the Board or of the board of directors of
a subsidiary to become participants of the DSU Plan.

 

In order to further improve alignment of
interests between directors and Shareholders, the Board of Directors can determine the vesting of any DSU so granted.  In
principle, all DSUs granted to non-executive directors shall vest on the day prior to the next annual meeting of Shareholders
following such grant however, if the next annual meeting is to be held in less than 6 months from the date of grant, the Board will
usually postpone the vesting of such DSU to day prior to the annual meeting of Shareholders following the next annual meeting of
Shareholders.

 

Vested DSUs become payable no later than the last
business day in December of the first calendar year commencing after the termination of their Board mandate. Vested DSUs are settled
at the Corporation's discretion at the settlement date, in Common Shares, or in cash (for an amount equivalent to the product of the number
of vested DSUs multiplied by the closing price of a Common Share on the TSX on the day prior to the payment date) or in a combination
of cash and Common Shares less applicable withholdings.

 

For U.S. based Directors, vested DSUs become payable
during the year after the termination of their Board mandate or the next subsequent year, as determined by them at the time of the respective
grant, but no later than the last business day in December of the first calendar year commencing after the termination of their mandate.

 

DSUs may only be awarded to non-executive directors.

 

Employee Share Purchase Plan

 

In 2015, the Board of Directors of the Corporation
approved an employee share purchase plan to encourage eligible employees ("Eligible Employees") to hold, on a permanent
basis, Common Shares. Under the Employee Share Purchase Plan, the Corporation contributes an amount equal to 60% of the Eligible Employee's
contribution then held in trust by the Corporation. The Eligible Employee's contribution shall be of a minimum of $100 monthly but shall
not exceed in any event 10% (unless otherwise provided by the committee authorized to oversee the Employee Share Purchase Plan) of the
Eligible Employee's basic annual remuneration (exclusive of any overtime pay, bonuses or allowances of any kind whatsoever) before deduction
and shall be subject to a maximum contribution of $1,250 per month. The terms and conditions of the Employee Share Purchase Plan are more
specifically addressed under the heading "Security-Based Compensation Arrangements" below.

 

Benefits

 

The Corporation's executive officers benefit program
includes life, medical, dental and disability insurance, outplacement services (in case of termination without cause, including as a result
of a change of control) and other benefits. Such benefits are designed to be competitive with other comparable Canadian enterprises.

 

Hedging

 

The Securities Trading Policy of the Corporation
forbids directors and officers from using any strategy relating to or to use derivative instruments in respect of securities of the Corporation,
including purchasing financial instruments that are designed to hedge or offset a decrease in market value of the securities of the Corporation.

 

    
	 	2021 Management Information Circular	45

 

     

    

 

PERFORMANCE GRAPH

 

The following graph compares the total cumulative
Shareholder return for $100 invested in the Corporation's Common Shares on January 1st, 2016 with the cumulative total
return of the S&P/TSX Composite Index (formerly TSE-300 Index) for the five most recently completed financial years. It also presents
the grant value and actual value of the compensation of the former Chief Executive Officer of the Corporation for the same period.

 

 

 

LEGEND

 

Grant
Value: refers to total compensation of the Chief Executive Officer after charge backs to associate companies.

 

Actual
Value: refers to total compensation of the Chief Executive Officer, after charge backs to associate companies, adjusted
for the actual payout amount of the share-based awards and realized amount of the option-based awards when applicable or the fair value
based on the closing price of the Common Shares on the TSX on December 31, 2020, being $16.13, when not yet realized.

 

	 	 	Osisko Gold Royalties Ltd	 	 	S&P/TSX Composite Index	 
	December 31, 2016	 	$	100.00	 	 	$	100.00	 
	December 31, 2017	 	$	110.92	 	 	$	106.03	 
	December 31, 2018	 	$	91.44	 	 	$	93.69	 
	December 31, 2019	 	$	96.41	 	 	$	111.62	 
	December 31, 2020	 	$	123.22	 	 	$	114.04	 

 

During the five-year period ending December 31,
2020, the Common Share price of the Corporation has materially outperformed the S&P/TSX Composite Index while generally moving in
the same direction of the Index.  In 2019, while the first half of the year had seen a steady improvement in the share price. The
share price dropped in late 2019, which the Corporation believes reflected certain underperforming assets and the share price settle on
the acquisition of Barkerville.

 

Over the same five-year period, the
compensation of the former Chief Executive Officer was aligned and moved in the same direction as the Common Share price in 2016 and
2017.  In 2018, while the intended compensation was reduced from 2017, the actual compensation received by the former Chief
Executive Officer remained at the same level as 2017 as a result of the first payout of RSUs (which had been granted in 2014). 
The former Chief Executive Officer's actual pay for 2019 includes gross income deriving from the exercise of 5-year options granted
in 2014 when the Corporation was established.  The gross income generated from such exercise of options totaled approximately
$440,000.  Despite this added income for 2019, the total actual compensation of the former Chief Executive Officer has been
consistently lower than his intended compensation.  This is attributable to the lower Common Share price of the Corporation and
the fact that the long-term compensation of the former Chief Executive Officer (comprised of options, performance-based RSUs and
timed-based RSUs) represents (since 2016) 60% of his total compensation.  In 2020, due to Management's effort which led to the
spin-out of certain mining assets of the Corporation to ODV and because a strong gold price, the Common Shares of the Corporation
have outperformed the market.  For 2020, Mr. Roosen's actual compensation remained substantially at the same level as in
2019, equal to the intended compensation, while the Common Share price improved substantially.

 

    
	46	2021 Management Information Circular	 

 

     

    

 

These results demonstrate alignment of the balanced
approach established by the Board for the compensation of the Chief Executive Officer to the interest of the Shareholders.

 

CHIEF EXECUTIVE OFFICER COMPENSATION LOOKBACK

 

The table below sets forth the total compensation
awarded to the former Chief Executive Officer over the last five years from all compensation components:

 

	Year	 	Base
    Salary(1)
 ($)	 	 	Value
    of Share-Based Awards
 ($)	 	 	Value
    of Option-Based Awards
 ($)	 	 	Non-Equity
    Incentive Plan Compensation
 ($)	 	 	Total
    Compensation
 ($)	 
	2016	 	 	363,750	 	 	 	509,000	 	 	 	500,064	 	 	 	525,000	 	 	 	1,897,814	 
	2017	 	 	491,000	 	 	 	788,766	 	 	 	389,955	 	 	 	1,105,000	 	 	 	2,774,721	 
	2018	 	 	486,481	 	 	 	1,269,000	 	 	 	106,585	 	 	 	444,500	 	 	 	2,306,566	 
	2019	 	 	535,438	 	 	 	896,900	 	 	 	571,170	 	 	 	502,600	 	 	 	2,506,108	 
	2020	 	 	682,689	 	 	 	690,100	 	 	 	395,900	 	 	 	822,649	 	 	 	2,591,338	(2) 

 

NOTES:

 

(1) Refers
to the base salary of the Executive Chair and former Chief Executive Officer assumed by the Corporation after charge backs to associate
companies.

(2) This
amount does not include the consideration of $10,000 paid to him upon signing an amendment to his employment agreement for the inclusion
of a new non-competition clause.

 

The following table compares the total direct
compensation awarded to the former Chief Executive Officer to the actual value he received over the last five years compared to shareholder
return over the same period.  Actual compensation includes base salary (after charge backs to associate companies), actual annual
incentive plan award, value of vested RSUs at payout or value of RSUs outstanding at December 31, 2020 and value of options upon
exercise or value of in-the-money options outstanding at December 31, 2020.

 

	 	 	 	 	 	 	 	 	Value
    of $100
	Year	 	Total
    Direct Compensation Awarded(1) ($)	 	 	Actual
    Total Direct Compensation Value as of December 31, 2020(2) ($)	 	 	Period	 	CEO	 	 	Shareholder	 
	2016	 	 	1,897,814	 	 	 	1,711,206	 	 	2016-01-01
    to 2020-12-31	 	$	90	 	 	$	127	 
	2017	 	 	2,774,721	 	 	 	2,122,089	 	 	2017-01-01
    to 2020-12-31	 	$	76	 	 	$	131	 
	2018	 	 	2,306,566	 	 	 	2,603,916	 	 	2018-01-01
    to 2020-12-31	 	$	113	 	 	$	116	 
	2019	 	 	2,506,108	 	 	 	2,515,770	 	 	2019-01-01
    to 2020-12-31	 	$	100	 	 	$	139	 
	2020(3)	 	 	2,601,338	 	 	 	2,628,056	 	 	2020-01-01
    to 2020-12-31	 	$	101	 	 	$	130	 
	Average
    2016 - 2020:	 	 	 	 	 	 	 	 	 	 	 	$	96	 	 	$	128	 

 

NOTES:

 

(1) These
amounts include the base salary (after charge backs), actual bonus paid and long-term incentive plan value at time of grant (RSUs and
options).

(2) These
amounts include the base salary (after charge backs), actual bonus paid, options value at vesting, value of RSUs at payout and value
of exercised options (using the exercise price) and in-the-money options at the closing price on the TSX on December 31, 2020, being
$16.13.

(3) As part
of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25,
2020 to focus on the launch of ODV.

 

CHIEF EXECUTIVE OFFICER SECURITIES OWNERSHIP
AND VALUE AT RISK

 

The table below shows the total value of vested
and unvested Osisko securities owned by the former Chief Executive Officer as at December 31, 2020.

 

	 	 	Number of Securities	 	 	Value of Securities(1)	 
	Vested Securities:	 	(#)	 	 	($)	 
	Common
Shares	 	 	664,183	 	 	 	10,713,272	 
	Options	 	 	354,030	 	 	 	720,669	 
	RSUs	 	 	-	 	 	 	-	 
	Unvested Securities:	 	 	 	 	 	 	 	 
	RSUs	 	 	218,456	 	 	 	3,523,695	 
	Options	 	 	230,100	 	 	 	598,446	 
	Total
Value at Risk:	 	 	 	 	 	 	15,556,082	 

 

    
	 	2021 Management Information Circular	47

 

     

    

 

NOTE:

 

(1) The
value of Common Shares and RSUs is based on the closing price on the TSX on December 31, 2020, being $16.13 and the value of vested
and unvested options is based on the difference between the closing price on the TSX on December 31, 2020, being $16.13, and the
exercise price of the options, multiplied by the number of options vested and unvested.

 

Mr. Roosen's value at risk totals $15,556,082,
which represents 43.3 times his base salary (after charge backs).

 

EXECUTIVE COMPENSATION

 

The following table sets forth, to the extent
required by applicable securities legislation, all annual and long-term compensation assumed by the Corporation (net of any amount received
or back charges from any associate companies) for services in all capacities to the Corporation for the three most recent completed financial
years in respect of Named Executives.

 

Summary Compensation Table

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	Non-Equity
    Incentive Plan Compensation ($)	 	 	 	 	 	 	 	 	 	 
	Name and Principal Position	 	Year	 	Salary(1)
 ($)
	 	 	Share-Based
    Awards(2)(3)
 ($)	 	 	Option-Based
    Awards(4)(5) 
 ($)	 	 	Annual
    Incentive Plan(6)	 	 	Long-Term
    Incentive Plan	 	 	Pension
    Value
 ($)	 	 	All
    Other Compensation(7)
 ($)	 	 	Total
    Compensation
 ($)	 
	Sean
    Roosen(8)	 	2020	 	 	682,689	 	 	 	690,100	 	 	 	395,900	 	 	 	822,649	 	 	 	—	 	 	 	—	 	 	 	10,000	 	 	 	2,601,338	 
	Executive
    Chair of the Board and former Chief	 	2019	 	 	535,438	 	 	 	896,900	 	 	 	571,170	 	 	 	502,600	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,506,108	 
	Executive
    Officer	 	2018	 	 	486,481	 	 	 	1,269,000	 	 	 	106,585	 	 	 	444,500	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,306,566	 
	Sandeep
    Singh(9)	 	2020	 	 	600,000	 	 	 	1,361,910	 	 	 	903,440	 	 	 	723,000	 	 	 	—	 	 	 	—	 	 	 	10,000	 	 	 	3,598,350	 
	President
    and current Chief	 	2019	 	 	—	 	 	 	2,857,500	 	 	 	880,793	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	3,738,293	 
	Executive
    Officer	 	2018	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	Frédéric
    Ruel(10)	 	2020	 	 	269,676	 	 	 	362,100	 	 	 	235,400	 	 	 	325,000	 	 	 	—	 	 	 	—	 	 	 	10,000	 	 	 	1,202,176	 
	Chief
    Financial Officer and	 	2019	 	 	236,000	 	 	 	292,200	 	 	 	188,800	 	 	 	165,200	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	882,200	 
	Vice
    President, Finance	 	2018	 	 	230,000	 	 	 	285,000	 	 	 	184,000	 	 	 	146,100	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	845,100	 
	Elif
    Lévesque(11)	 	2020	 	 	70,457	 	 	 	—	 	 	 	—	 	 	 	51,800	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	122,257	 
	Former
    Chief Financial Officer and	 	2019	 	 	359,000	 	 	 	504,420	 	 	 	330,280	 	 	 	251,300	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,445,000	 
	Vice
    President, Finance	 	2018	 	 	340,000	 	 	 	492,000	 	 	 	292,342	 	 	 	222,300	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,346,642	 
	Luc
    Lessard(12)
	 	2020	 	 	264,180	 	 	 	778,500	 	 	 	273,312	 	 	 	421,770	 	 	 	—	 	 	 	—	 	 	 	10,000	 	 	 	1,747,762	 
	Senior Vice
    President,	 	2019	 	 	93,000	 	 	 	778,500	 	 	 	409,644	 	 	 	159,100	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,440,244	 
	Technical
    Services	 	2018	 	 	33,750	 	 	 	384,000	 	 	 	250,000	 	 	 	247,500	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	915,250	 
	Chris
    Lodder(13)	 	2020	 	 	383,197	 	 	 	1,100,000	 	 	 	170,000	 	 	 	422,472	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,075,669	 
	President
    of	 	2019	 	 	425,000	 	 	 	261,000	 	 	 	24,900	 	 	 	297,500	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,008,400	 
	ODV	 	2018	 	 	425,000	 	 	 	130,000	 	 	 	—	 	 	 	320,000	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	881,310	 
	André
    Le Bel	 	2020	 	 	218,732	 	 	 	447,840	 	 	 	253,267	 	 	 	340,657	 	 	 	—	 	 	 	—	 	 	 	10,000	 	 	 	1,270,496	 
	Vice
    President, Legal Affairs	 	2019	 	 	218,732	 	 	 	447,840	 	 	 	292,560	 	 	 	180,057	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,139,189	 
	and
    Corporate Secretary	 	2018	 	 	209,603	 	 	 	435,241	 	 	 	239,325	 	 	 	153,227	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,037,396	 

 

NOTES:

 

	(1)	The respective annual base salary level of the Named Executives as at December 31, 2020 was as follows: Mr. Roosen: $359,000 (effective as of November 25, 2020, Mr. Roosen's salary level in the Corporation went from $718,000 to $359,000 because as part of the RTO Transaction his total compensation became shared equally between the Corporation and ODV (except for current outstanding equity component of his compensation), Mr. Singh: $600,000, Mr. Ruel: $275,000, Mr. Lessard: $513,000, Mr. Lodder: $425,000, Mr. Le Bel: $318,000 and Ms. Lévesque: n/a. Ms. Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020. Mr. Sandeep Singh was appointed President of the Corporation on December 31, 2019; and, therefore, he received no cash compensation for 2019.  As at December 31, 2019, their respective annual base salary level were: Mr. Roosen: $718,000, Mr. Singh: $600,000, Mr. Ruel: $236,000, Ms. Lévesque: $359,000, Mr. Lessard: $513,000, Mr. Lodder: $425,000 and Mr. Le Bel: $318,000, and as at December 31, 2018, the respective annual base salary level was: Mr. Roosen: $700,000, Mr. Singh: n/a, Mr. Ruel: $230,000, Ms. Lévesque: $350,000, Mr. Lessard: $500,000, Ms. Lodder: $425,000 and Mr. Le Bel: $310,000. 
	(2)	As per the terms of the Employee Share Purchase Plan, the Corporation contributes an amount equal to 60% of the Eligible Employee's contribution up to a maximum contribution of $9,000 per year. The Corporation's contributed amount to the Employee Share Purchase Plan is included in the value of the share-based awards column, as applicable.
	(3)	Pursuant to the RSU Plan, all Named Executives, excluding Ms. Lévesque who resigned on February 20, 2020, were awarded RSUs on May 15, 2020, subject to the vesting terms, which consist of the following terms: one half (1/2) is time-based and vesting in 2023, while the remaining portion (1/2) will also vest in 2023, subject to performance criteria toward achievement of the 2020 Long-Term Objectives over a three-year period. The unit grant price on such date was $13.50.  Mr. Lodder received a retention payment of 55,200 RSUs at a price of $13.50 per RSU on May 15, 2020 instead of his change of control payment further to the acquisition of Barkerville by the Corporation in November 2019. The RSUs awarded are timed based only and 1/3 of the RSUs vesting on each anniversary of the grant.
	(4)	Both the grant date fair value and accounting fair value for option-based awards are calculated using the Black-Scholes option pricing model. Specifically, a Black-Scholes option pricing model was used with the following assumptions determined on the date of grant:

 

    
	48	2021 Management Information Circular	 

 

     

    

 

	Grant
    Date	 	Risk
    Free Interest	 	 	Expected
    Average Life	 	Expected
    Volatility	 	 	Expected
    Dividend Yield	 	 	Fair
    Value	 
	May 15,
    2020	 	 	0.32	%	 	4
    years	 	 	39	%	 	 	1	%	 	$	3.620	 
	December 31,
    2019	 	 	1.66	%	 	5
    years	 	 	34	%	 	 	2	%	 	$	3.520	 
	May 3,
    2019	 	 	1.62	%	 	4
    years	 	 	34	%	 	 	1	%	 	$	3.440	 
	May 7,
    2018	 	 	2.09	%	 	4
    years	 	 	35	%	 	 	2	%	 	$	3.470	 
	June 7,
    2017	 	 	0.87	%	 	4
    years	 	 	38	%	 	 	1	%	 	$	4.710	 
	March 21,
    2016	 	 	0.62	%	 	4
    years	 	 	40	%	 	 	1	%	 	$	3.919	 

 

	 	However, the share-based compensation expense included in the Corporation's financial statements are accounted for based on vesting terms reflecting the fair value amortized for the period in accordance with International Financial Reporting Standards requirements. As part of his 2019 hiring terms, Mr. Singh was granted 250,000 Initial Options of the Corporation vesting in four equal tranches of 25% over a period of 4 years and having a term of 7 years.
	(5)	The Corporation reduced the long-term compensation of certain Named Executives up to a value representing 50% of such long-term compensation they received from associate companies, as more fully described under the heading "Compensation reimbursement - Associate Companies".
	(6)	An Annual Incentive Award was paid to each Named Executive based on the assessment of achievements with respect to the 2020 Key Objectives and the 2020 Cariboo Key Objectives, which are relevant to Messrs. Lessard and Lodder as 50% of their short-term incentive is attributable to such 2020 Cariboo Key Objectives.
	(7)	A payment of $10,000 was made to the Executives in consideration for the entering into an amendment to their employment agreement modifying the non-competition clause.
	(8)	As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.
	(9)	Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25, 2020. As part of Mr. Singh's employment term, the Board took into consideration the period between December 31, 2019 and the date of the grant of the long-term incentive in the 2020 annual grant; accordingly, the value of his annual grant of share-based award was increased by a value of $365,211 and the value of his option based award was increased by a value of $242,474.
	(10)	Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(11)	Ms. Elif Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(12)	As part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.
	(13)	As part of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020.  Barkerville was originally acquired by the Corporation as part of the a plan of arrangement on November 19, 2019.  Prior to such date, Barkerville was a publicly listed company.

 

The following table shows the total compensation
of the Corporation's Named Executives for the relevant years, as well as the total compensation for the Named Executives as a percentage
of the cash margin and as a percentage of Shareholders' equity.  For the most recent five years, the Corporation continued establishing
its long-term asset base and it was expected that in the initial years, the ratios would be higher than established companies.  The
results demonstrate that the ratios have generally been improving; the increase in the ratios for 2020 is mainly attributable to the hiring
of Mr. Singh, the addition of Mr. Lodder as a Named Executive and the transition for the Chief Financial Officer role.

 

	Year	 	Total compensation of Named Executives
 ($)
	 	 	Total compensation of Named Executives as percentage of Cash Margin(1)
 (%)
	 	 	Total compensation of Named Executives as percentage of Shareholders' Equity
 (%)	 
	2020	 	 	12,618,000	 	 	 	8.4	 	 	 	0.7	 
	2019	 	 	10,269,000	 	 	 	7.9	 	 	 	0.7	 
	2018	 	 	7,035,000	 	 	 	5.9	 	 	 	0.4	 
	2017	 	 	10,424,000	 	 	 	9.6	 	 	 	0.6	 
	2016	 	 	6,533,000	 	 	 	10.4	 	 	 	0.5	 

 

NOTE:

 

	(1)	Cash margin reflects revenues less cost of sales.  The
2017 amount is annualized for the assets related to the precious metals portfolio acquired from Orion Resources Partners for $1.1 billion
on July 31, 2017.

 

    
	 	2021 Management Information Circular	49

 

     

    

 

 

Outstanding Share-based Awards and Option-based
Awards

 

The table below sets forth a summary of all awards
outstanding at the end of the financial year ended December 31, 2020. All values shown in this table were calculated using the closing
price of $16.13, which was the closing price of the Common Shares on the TSX on December 31, 2020.

 

	 	 	Option-Based Awards	 	 	Share-Based Awards(1)	 
		 	Number of

 Securities

 Underlying

 Unexercised

 Options	 	 	Option

 Exercise

 Price	 	 	Option

 Expiry 

Date	 	 	Value of

 Unexercised

 In-the-Money

 Options	 	 	Number of

 Shares or

 Units of

 Shares that

 have not

 Vested	 	 	Market or

 Payout 

Value of

 Share-Based

 Awards that

 have not

 Vested	 	 	Market or

 Payout Value

 of Vested

 Share-Based

 Awards not

 paid out or

 distributed	 
	Name	 	(#)	 	 	($)	 	 	(yyyy-mm-dd)	 	 	($)	 	 	(#)	 	 	($)	 	 	($)	 
	Sean Roosen(2)	 	 	109,300	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	287,459	 	 	 	50,500	(3) 	 	 	 	 	 	 	-	 
	Executive Chair of the Board	 	 	165,800	 	 	 	13.61	 	 	 	2024-05-03	 	 	 	417,816	 	 	 	65,200	(4) 	 	 	 	 	 	 	 	 
	 and former Chief Executive	 	 	30,800	 	 	 	12.97	 	 	 	2023-05-07	 	 	 	97,328	 	 	 	97,100	(5) 	 	 	3,432,464	 	 	 	 	 
	Officer	 	 	82,800	 	 	 	16.66	 	 	 	2022-06-07	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	127,600	 	 	 	13.38	 	 	 	2021-03-21	 	 	 	350,900	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	3,570	(6) 	 	 	12.19	 	 	 	2024-01-31	 	 	 	14,066	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	3,570	(6) 	 	 	18.07	 	 	 	2022-12-08	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	39,270	(6) 	 	 	13.10	 	 	 	2021-12-07	 	 	 	118,988	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	21,420	(6) 	 	 	14.61	 	 	 	2021-03-08	 	 	 	32,558	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sandeep Singh(7)(8)	 	 	249,400	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	655,922	 	 	 	100,400	(3) 	 	 	 	 	 	 	 	 
	President and current Chief 	 	 	250,000	 	 	 	12.70	 	 	 	2026-12-31	 	 	 	857,500	 	 	 	100,000	 	 	 	3,232,452	 	 	 	1,209,750	 
	Executive Officer	 	 		 	 	 		 	 	 		 	 	 		 	 	 			 	 	 	 	 	 	 	 
	Frédéric Ruel(9)	 	 	65,000	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	170,950	 	 	 	26,200	(3) 	 	 	 	 	 	 	 	 
	Chief Financial	 	 	54,800	 	 	 	13.61	 	 	 	2024-05-03	 	 	 	138,096	 	 	 	20,800	(4) 	 	 	 	 	 	 	 	 
	Officer and Vice	 	 	53,100	 	 	 	12.97	 	 	 	2023-05-07	 	 	 	167,796	 	 	 	21,300	(5) 	 	 	1,101,679	 	 	 	-	 
	President, Finance	 	 	36,900	 	 	 	16.66	 	 	 	2022-06-07	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	24,400	 	 	 	13.41	 	 	 	2021-11-17	 	 	 	66,368	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	15,500	 	 	 	13.38	 	 	 	2021-03-21	 	 	 	42,625	 	 	 	 	 	 	 	 	 	 	 	 	 
	Elif Lévesque(10)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Former Chief Financial Officer 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	and Vice President, Finance	 	 		 	 	 		 	 	 		 	 	 		 	 	 			 	 	 	 	 	 	 	 
	Luc Lessard(11)	 	75,500	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	198,565	 	 	 	57,000	(3)		 	 	 	 	 	 	 
	Senior Vice President, 	 	118,900	 	 	 	13.61	 	 	 	2024-05-03	 	 	 	299,628	 	 	 	56,500	(4)	 	 	 	 	 	 	 	 
	 Technical Services	 	 	72,100	 	 	 	12.97	 	 	 	2023-05-07	 	 	 	227,836	 	 	 	28,900	(5)	 	 	2,653,143	 	 	 	-	 
		 	 	77,700	 	 	 	16.66	 	 	 	2022-06-07	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	69,200	 	 	 	13.38	 	 	 	2021-03-21	 	 	 	190,300	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	14,280	(6) 	 	 	14.61	 	 	 	2021-03-08	 	 	 	21,706	 	 	 	 	 	 	 	 	 	 	 	 	 
	Chris Lodder(12)	 	 	46,900	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	123,347	 	 	 	26,300	(3) 	 	 	1,314,595	 	 	 	-	 
	President of ODV	 	 	2,677	(6) 	 	 	12.19	 	 	 	2024-01-31	 	 	 	10,547	 	 	 	55,200	(12) 	 	 	 	 	 	 	 	 
	 	 	 	17,850	(6) 	 	 	16.81	 	 	 	2023-06-05	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	38,377	(6) 	 	 	13.10	 	 	 	2021-12-07	 	 	 	116,282	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	18,742	(6) 	 	 	14.61	 	 	 	2021-03-08	 	 	 	28,488	 	 	 	 	 	 	 	 	 	 	 	 	 
	André Le Bel	 	 	69,900	 	 	 	13.50	 	 	 	2025-05-15	 	 	 	183,837	 	 	 	32,500	(3) 	 	 	 	 	 	 	 	 
	Vice President, 	 	 	84,900	 	 	 	13.61	 	 	 	2024-05-03	 	 	 	213,948	 	 	 	32,200	(4) 	 	 	 	 	 	 	 	 
	Legal Affairs and	 	 	57,300	 	 	 	12.97	 	 	 	2023-05-07	 	 	 	181,068	 	 	 	33,000	(5) 	 	 	1,575,901	 	 	 	-	 
	Corporate Secretary	 	 	57,600	 	 	 	16.66	 	 	 	2022-06-07	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	NOTES:
	(1) 	Pursuant to the RSU Plan, the vesting terms generally consist of the following terms: half (1/2) is time-based (3 years) and the remaining portion (1/2) is also timed based (3 years) and subject to performance criteria toward achievement of the Long-term objectives. 
	(2) 	As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.
	(3) 	Such RSUs to vest in 2023 pursuant to the terms listed in note (1) above.
	(4) 	Such RSUs to vest in 2022 pursuant to the terms listed in note (1) above.
	(5) 	Such RSUs to vest in 2021 pursuant to the terms listed in note (1) above.
	(6) 	The number of unexercised options represent Replacement Osisko Options pursuant to a plan of arrangement involving Osisko and Barkerville, which took effect on November 21, 2019.
	(7) 	Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25, 2020.
	(8) 	As part of his 2019 hiring terms, Mr. Singh was granted 250,000 Initial Options of the Corporation vesting in four equal tranches of 25% over a period of 4 years and having a term of 7 years. In addition, he was also awarded 225,000 Initial RSUs, including 75,000 RSUs the vesting of which was subject to the acquisition of 75,000 Common Shares of the Corporation; such RSUs have vested on January 14, 2020.  The balance of 150,000 Initial RSUs, vests in three equal tranches over three years; a first tranche vested on December 31, 2020.
	(9) 	Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(10) 	Ms. Elif Lévesque resigned as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(11) 	As part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.
	(12) 	As part of the RTO Transaction, Mr. Chris Lodder was appointed as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned subsidiary of the Corporation until its transfer to ODV on November 25, 2020. Mr. Lodder received a retention payment of 55,200 RSUs at a price of $13.50 per RSU on May 15, 2020 instead of his change of control payment further to the acquisition of Barkerville by the Corporation in November 2019. The RSUs awarded are timed based only and 1/3 of the RSUs vesting on each anniversary of the grant.

 

    
	50	2021 Management Information Circular	 

 

     

    

 

Incentive Plan Awards - Value Vested or
Earned during the Year

 

The following table discloses the aggregate dollar
value that would have been realized if the options under the option-based award had been exercised on the vesting date and the aggregate
value realized upon vesting of share-based awards. 

 

	Name	 	Option-Based Awards

 - Value Vested during

 the Year
 ($)
	 	 	Share-Based Awards - 
 Value Vested during

 the year(1)
 ($)	 	 	Non-Equity Incentive Plan

 Compensation - 
 Value earned during the 

Year(2)
 ($)	 
	Sean Roosen(3)
 Executive Chair of the Board and former Chief Executive Officer	 	 	3,798	 	 	 	352,359	 	 	 	822,649	 
	Sandeep Singh(4)
 President and current Chief Executive Officer	 	 	214,375	 	 	 	1,739,490	 	 	 	723,000	 
	Frédéric Ruel(5)
 Chief Financial Officer and Vice President, Finance	 	 	6,549	 	 	 	163,533	 	 	 	325,000	 
	Elif Lévesque(6)
 Former Chief Financial Officer and Vice President, Finance	 	 	-	 	 	 	239,094	 	 	 	51,800	 
	Luc Lessard(7)
 Senior Vice President, Technical Services	 	 	8,893	 	 	 	330,915	 	 	 	421,770	 
	Chris Lodder(8)
 President of ODV	 	 	-	 	 	 	-	 	 	 	422,472	 
	André Le Bel
 Vice President, Legal Affairs and Corporate Secretary	 	 	8,547	 	 	 	248,217	 	 	 	340,657	 

 

	NOTES:
	(1) 	As applicable, this amount includes the value of the Corporation's
contribution to the Employee Share Purchase Plan in relation to the participation of each Named Executive as well as the value of the
RSUs granted in 2017 and which were settled in Common Shares of the Corporation at a price of $12.57 per RSU, being the closing price
on the TSX on June 5, 2020.
	(2) 	This amount represents the sum of the annual cash incentive.
Furthermore, the amounts shown for Messrs. Lessard and Le Bel are the amounts assumed by the Corporation, net of any reimbursement
received by the Corporation in connection with any annual incentive paid by associate companies to Messrs. Lessard and Le Bel for
2020.
	(3) 	As part of the RTO Transaction with ODV, Mr. Sean Roosen
was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.
	(4) 	Upon closing of the RTO Transaction, Mr. Sandeep Singh
was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25,
2020.
	(5) 	Mr. Frédéric Ruel was appointed as Chief
Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(6) 	Ms. Elif Lévesque resigned as Chief Financial Officer
and Vice President, Finance of the Corporation on February 20, 2020.
	(7) 	As part of the RTO Transaction, Mr. Luc Lessard was appointed
on November 25, 2020 Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation,
effective as of January 1st, 2021.
	(8) 	As part of the RTO Transaction, Mr. Chris Lodder was appointed
as President of ODV.  Mr. Lodder is also President and Chief Executive Officer of Barkerville, which was a wholly-owned subsidiary
of the Corporation until its transfer to ODV on November 25, 2020.

 

Options Exercised during the Year

 

	Name	 	Number of 

Options 

Exercised
 (#)
	 	 	Option Exercise 

Price
 ($)
	 	 	Market 

Value Upon

 Exercise
 ($)	 	 	Gain Realized(1)
 ($)
	 
	André Le Bel	 	 	25,300	 	 	 	13.38	 	 	 	16.29	 	 	 	73,623	 

  

	NOTE:
	(1)	The gain realized is calculated based on the difference between the closing price upon exercise and the exercise price of the Options, multiplied by the number of options so exercised.

 

Security-Based Compensation Arrangements

 

Options granted or securities issued by the Corporation
pursuant to the Corporation's security-based compensation arrangements are governed by the following plans: the Employee Share Purchase
Plan, DSU Plan, RSU Plan and the Stock Option Plan.

 

    
	 	2021 Management Information Circular	51

 

     

    

 

 

The Employee Share Purchase Plan

 

The Employee Share Purchase Plan provides for
the acquisition of Common Shares by Eligible Employees (as hereinafter defined) for the purpose of advancing the interests of the Corporation
through the motivation, attraction and retention of employees of the Corporation and to secure for the Corporation and the Shareholders
of the Corporation the benefits inherent in the ownership of Common Shares by employees of the Corporation, it being generally recognized
that employees are more motivated and dedicated due to the opportunity offered to them to acquire a proprietary interest in the Corporation.

 

The Stock Option Plan

 

The purpose of the Stock Option Plan is to advance
the interests of the Corporation by encouraging the officers, managers, employees and consultants of the Corporation and its subsidiaries
to acquire shares in the Corporation, thereby increasing their proprietary interest in the Corporation, encouraging them to remain associated
with the Corporation and its subsidiaries and furnishing them with additional incentive in their efforts on behalf of the Corporation
and its subsidiaries.

 

The RSU Plan

 

The purpose of the RSU Plan is to assist the Corporation
and its subsidiaries in attracting and retaining individuals with experience and ability, to allow certain employees of the Corporation
and its subsidiaries to participate in the long-term success of the Corporation and to promote a greater alignment of interests between
the employees designated under this RSU Plan and the Shareholders of the Corporation.

 

The DSU Plan

 

The purpose of the DSU Plan is to assist the Corporation
and its subsidiaries in attracting and retaining individuals with experience and ability, to allow directors of the Corporation and its
subsidiaries to participate in the long-term success of the Corporation and to promote a greater alignment of interests between the directors
designated under this DSU Plan and the Shareholders of the Corporation.

 

ELIGIBILITY

 

Who is eligible to participate?

 

The Employee Share Purchase
Plan

 

Participants in the Employee
Share Purchase Plan are employees, including full-time and part-time salaried employees who have an employment agreement for a term of
at least one year with the Corporation or with any associates of the Corporation designated by the Board of Directors of the Corporation
or by the committee of the Board of Directors authorized to oversee the Employee Share Purchase Plan (the "Designated Affiliates"),
who have provided services to the Corporation or to any Designated Affiliates for at least 60 days. The HR Committee may elect, in its
absolute discretion, to waive such 60-day period or to determine that the Employee Share Purchase Plan does not apply to any Eligible
Employee.

 

The Stock Option Plan

 

Pursuant to the Stock
Option Plan, options may be granted in favour of executive directors, officers, employees and consultants providing ongoing services to
the Corporation and its subsidiaries. Non-executive directors are not eligible to receive options. The Replacement Osisko Options, which
were originally offered to Barkerville option holders, are not part of the Osisko Stock Option Plan.

 

    	52	2021 Management Information Circular	 

     

    

 

The DSU Plan

 

Pursuant to the DSU Plan
a non-executive director of the Board of Directors of the Corporation or a subsidiary is eligible to participate under the DSU Plan.

  

The RSU Plan

 

Pursuant to the RSU Plan,
RSUs may be granted in favour of the executives and key employees of the Corporation or of a subsidiary. For greater certainty, non-executive
members of the Board of Directors shall not participate in the RSU Plan. On March 29, 2021, the Board approved amendments to the
RSU Plan to allow consultants to participate in the plan of the Corporation. Accordingly, the term "Consultant" has been
defined under the RSU Plan and the provision on Eligibility now includes Consultants. As shown on the extracts of the plan below:

 

""Consultant"
shall mean an individual, other than an employee of the Corporation, a Subsidiary or an affiliate thereof, that: (i) is engaged to
provide, on an ongoing bona fide basis, consulting, technical, management or other services to the Corporation, a Subsidiary or an affiliate
thereof, other than services provided in relation to a distribution to the Corporation's securities; (ii) provides the services under
a written contract with the Corporation, a Subsidiary or an affiliate thereof for an initial, renewable or extended period of twelve months
or more; and (iii) in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention
on the affairs and business of the Corporation, a Subsidiary or an affiliate thereof; and includes, for an individual consultant, a corporation
of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee
or partner.

 

4. ELIGIBILITY

 

The Committee designates, upon recommendation
from the Executive Chair and President and Chief Executive Officer, from time to time and at their sole discretion, the executives, key
employees and Consultants of the Corporation or of a Subsidiary who are entitled to participate in the Plan."

 

TERM AND VESTING

 

What is the term and
vesting schedule of options or of the securities issuable under the security-based compensation arrangements?

 

The Employee Share Purchase
Plan

 

Under the Employee Share Purchase Plan, any Eligible
Employee may elect to contribute money on an ongoing basis. The Corporation will deduct from the remuneration of the Eligible Employee
the Eligible Employee contribution in equal installments starting on the first day of such quarter and hold these amounts in trust for
the Eligible Employee. As soon as practicable following March 31, June 30, September 30 and December 31 in each calendar
year, the Corporation will credit the Eligible Employee with and therefore hold in trust for the Eligible Employee an amount equal to
60% of the Eligible Employee's contribution then held in trust by the Corporation (up to a maximum of $9,000 per year) and shall issue
for the account of each Eligible Employee fully paid and non-assessable Common Shares equal in value to the aggregate contribution held
in trust by the Corporation as of such date. The Corporation's contribution will vest on December 31st of the calendar
year with respect to which they have been issued. No fraction of a Common Share shall be issued to the Eligible Employees, but any unused
balance of the aggregate contribution shall be held in trust for the Eligible Employee until used in accordance with the Employee Share
Purchase Plan.

 

The Employee Share Purchase
Plan was initially approved by the Shareholders on June 30, 2015 and was implemented by the Corporation on October 1st,
2015.

 

    	 	2021 Management Information Circular	53

     

    

 

The Stock Option Plan

 

The options granted under
the Stock Option Plan, shall be exercised within a period of time fixed by the Board of Directors, not to exceed seven (7) years
from the date the option is granted (the "Option Period"). The options shall vest and may be exercised during the Option
Period in such manner as the Board of Directors may fix by resolution. The options which have vested may be exercised in whole or in part
at any time and from time to time during the Option Period. To date, all granted options have a term of five years, except for the 250,000
Initial Options granted to Mr. Sandeep Singh on December 31st, 2019, which, as part of his hiring terms, have a term
of seven years.

  

Upon a change of control, all outstanding options
shall vest and become immediately exercisable.

 

The DSU Plan

 

Unless otherwise indicated
by the HR Committee upon grant and subject to the provision on termination of service of the DSU Plan, (i) the DSUs granted to a
Participant in accordance with such Participant's election to receive all or a portion of the Participant's annual remuneration as director
in DSUs, shall vest immediately upon such grant and (ii) the DSUs granted to a Participant as an annual grant shall generally vest,
unless otherwise provided upon such grant, one day prior to the Corporation's next annual meeting of Shareholders. Notwithstanding the
foregoing, the HR Committee may, in its entire discretion, set a different vesting or accelerate the terms of vesting of any DSUs in circumstances
deemed appropriate by the HR Committee.

 

Upon a change of control, all unvested DSUs become
vested at the time of the Change of Control, irrespective of any vesting conditions.  The settlement of such DSUs however remains
subject to the termination of the Director's mandate.

 

At any time after the termination of service of
a Participant to whom DSUs have been granted, and which have vested, but no later than the last business day in December of the first
calendar year commencing after such termination, on a date chosen by such Participant (the "Settlement Date"), the Corporation
shall pay to the Participant or his or her legal representative the value of such Participant's vested DSUs, in cash or in Common Shares
of the Corporation or a combination of cash and Common Shares, at the Corporation's election on the Settlement Date.

 

For U.S. based Directors, vested DSUs become payable
during the year after the termination of their Board mandate or the next subsequent year, as determined by them at the time of the respective
grant, but no later than the last business day in December of the first calendar year commencing after the termination of their mandate.

 

Should the Corporation chose to pay the Participant
in cash, such Participant will receive an amount equal to the number of DSUs vested to his or her account as of that date multiplied by
the market value of one (1) Common Share on the Settlement Date, the whole subject to withholding taxes. Should the Corporation chose
to issue Common Shares in payment of the DSUs to a Participant, such Participant will receive such number of Common Shares equivalent
to the number of DSUs vested to his or her account as of that date, subject to withholding taxes. A Participant shall not be entitled
to require payment of any amount on account of DSUs credited to such Participant's account prior to his or her termination.

 

The RSU Plan

 

Unless otherwise indicated by the HR
Committee upon grant and subject to the provision on death, termination not for cause, retirement or Long-Term Disability of the RSU
Plan, each RSU shall vest on the third (3rd) anniversary of the grant date. Furthermore, in the case of RSUs subject to
performance vesting conditions, such RSUs shall also be multiplied by the performance percentage determined by the Board of
Directors of the Corporation upon vesting, provided, however, that should such performance percentage exceeds 100%, then the
Corporation shall be entitled to settle such exceeding amount in cash.  However, the HR Committee may, in its entire
discretion, accelerate the terms of vesting of any RSUs in circumstances deemed appropriate by the HR Committee.

 

    	54	2021 Management Information Circular	 

     

    

 

Upon a change of control, all outstanding RSUs
vest, irrespective of any performance vesting conditions.

 

Following the vesting date, the holder of RSUs
shall receive, at the election of the Corporation on the settlement date, as applicable (i) a certificate registered in the name
of the holder representing in the aggregate such number of Common Shares as the holder shall then be entitled to receive and/or (ii) a
payment in the form of a cheque, or other payment method as determined by the HR Committee, of any cash portion then payable to the holder,
in each case, less any applicable withholding taxes and other deductions required by law to be withheld by the Corporation in connection
with the satisfaction of the holder's RSUs. Once settled, the holder shall have no further entitlement in connection with such vested
RSUs under the RSU Plan.

  

NUMBER OF SECURITIES ISSUED OR ISSUABLE

 

How many securities
are authorized to be issued under the security-based compensation arrangements and what percentage of the Corporation's shares outstanding
do they represent?

 

The Employee Share Purchase Plan

 

The maximum number of Common
Shares made available for the Employee Share Purchase Plan shall not exceed 0.1% of the issued and outstanding Common Shares of the Corporation
at any one time.

 

Should the Corporation issue
additional Common Shares in the future, the number of Common Shares issuable under the Employee Share Purchase Plan will increase accordingly.
The Employee Share Purchase Plan is considered an "evergreen" plan, since the Common Shares issued under the Employee Share
Purchase Plan shall be available for subsequent grants under this plan.

 

The TSX rules provide that all unallocated
options, rights or other entitlements under a security based compensation arrangement, which does not have a fixed number of maximum securities
issuable, must be approved every three years. The unallocated entitlements under the Employee Share Purchase Plan were submitted and ratified
by the Shareholders on May 3rd, 2018.

 

The Stock Option Plan

 

The aggregate number of Common
Shares to be delivered upon the exercise of all options granted under the Stock Option Plan shall not exceed the greater of 4% of the
issued and outstanding Common Shares at the time of granting of options (on a non-diluted basis) or such other number as may be approved
by the TSX and the Shareholders of the Corporation from time to time.

 

If any option granted under
the Stock Option Plan shall expire or terminate for any reason without having been exercised in full, the unpurchased Common Shares subject
thereto shall again be available for the purpose of the Stock Option Plan.

 

As a result, should the Corporation
issue additional Common Shares in the future, the number of Common Shares issuable under the Stock Option Plan will increase accordingly.
The Stock Option Plan is considered an "evergreen" plan, since the Common Shares covered by options which have been exercised
under the Stock Option Plan shall be available for subsequent grants under the Stock Option Plan.

 

    	 	2021 Management Information Circular	55

     

    

 

The TSX rules provide that all unallocated
options, rights or other entitlements under a security based compensation arrangement, which does not have a fixed number of maximum securities
issuable, must be approved every three years. The unallocated options under the Stock Option Plan were submitted and ratified by the Shareholders
on June 22, 2020.

 

The DSU Plan

 

The total number of Common
Shares reserved and available for issuance pursuant to this DSU Plan shall not exceed a number of Common Shares equal to 0.5% of the total
issued and outstanding Common Shares of the Corporation on the Settlement Date (on a non-diluted basis), or such other number as may be
approved by the TSX and the Shareholders of the Corporation from time to time. Any increase in the issued and outstanding Common Shares
will result in an increase in the number of Common Shares that may be issued pursuant to this DSU Plan or any other proposed or established
share compensation arrangement of the Corporation.

 

The TSX rules provide that all unallocated
options, rights or other entitlements under a security based compensation arrangement, which does not have a fixed number of maximum securities
issuable, must be approved every three years. The unallocated entitlements under the DSU Plan were submitted and ratified by the Shareholders
on May 1st, 2019.

 

The RSU Plan

 

The total number of Common
Shares reserved and available for grant and issuance pursuant to the RSU Plan shall not exceed a number of Common Shares equal to 1.8%
of the total issued and outstanding Common Shares of the Corporation at the time of granting of RSUs (on a non-diluted basis), or such
other number as may be approved by the TSX and the Shareholders of the Corporation from time to time. Any increase in the issued and outstanding
Common Shares will result in an increase in the number of Common Shares that may be issued pursuant to the RSU Plan or any other proposed
or established share compensation arrangement of the Corporation.

 

The TSX rules provide
that all unallocated options, rights or other entitlements under a security based compensation arrangement, which does not have a fixed
number of maximum securities issuable, must be approved every three years. The unallocated entitlements under the RSU Plan were submitted
and ratified on May 3rd, 2018.

 

Equity Compensation Plan Information

 

The following table shows,
as of December 31, 2020, aggregated information for the Corporation's compensation plans under which equity securities of the Corporation
are authorized for issuance from treasury. As of December 31, 2020, the Corporation had 167,165,341 Common Shares issued and outstanding.

 

	Plan Category	Number of

 Common Shares

 to be Issued Upon

 Exercise of

 Outstanding 

Options, DSUs or

 RSUs

(#) and (% of the 

issued and

 outstanding

 Common

 Shares(5))	Weighted

 Average Exercise

 Price of 

Outstanding 

Options

($)	Number of Common 

Shares Remaining

 Available for Future

 Issuance Under the

 Equity Compensation 

Plans

(#) and (% of the

 issued and outstanding 

Common Shares(5))
	Equity Compensation Plans of the Corporation 

approved by the Shareholders:	 	 	 
	•Employee Share Purchase Plan(1)	                    N/A	N/A	   167,165 (or 0.1%)
	 	 	 	 
	•Deferred Share Unit Plan(2)	408,564 (or 0.2%)	N/A	   427,262 (or 0.3%)
	 	 	 	 
	•Restricted Share Unit Plan(3)	1,242,902 (or 0.7%)	N/A	1,766,074 (or 1.1%)
	 	 	 	 
	•Stock Option Plan(4)	3,745,968 (or 2.2%)	13.88	2,940,645 (or 1.8%)
	 	 	 	 
	Equity Compensation Plans of the Corporation 

not approved by the Shareholders	                       N/A	N/A	                        N/A
	Total:	5,397,434 (or 3.2%)	13.88	5,301,146 (or 3.2%)
	 
	NOTES:
	 	 
	(1)	The aggregate number of Common Shares issuable under the Employee Share Purchase Plan shall not exceed 0.1% of the issued and outstanding Common Shares. Pursuant to the terms of the Employee Share Purchase Plan, Common Shares are issued on a quarterly basis at the weighted average closing price for the five (5) consecutive trading days prior to the end of each applicable financial quarter of the Corporation or to be purchased on the TSX at market price.  Accordingly, no exercise right is applicable to this plan.
	(2)	The aggregate number of Common Shares issuable under the DSU Plan shall not exceed 0.5% of the issued and outstanding Common Shares. Unless otherwise decided by the Board of Directors, DSUs vest on the day prior to the next annual meeting of Shareholders following such grant and DSUs entitle the right to receive a payment in the form of Common Shares, cash or a combination of Common Shares and in cash.  The weighted average exercise price for DSUs is not applicable, given that the DSU settlement value is based on the closing market price of the Common Shares of the Corporation traded on the TSX on the day prior to the settlement date. Settlement of DSUs is subject to withholding taxes.
	(3)	The aggregate number of Common Shares issuable under the RSU Plan shall not exceed 1.8% of the issued and outstanding Common Shares. Unless otherwise decided by the Board of Directors, RSUs have a three-year vesting period and RSUs provide the right to receive a payment in the form of Common Shares, cash or a combination of Common Shares and in cash.  The weighted average exercise price for RSUs is not applicable, given that the RSU settlement value is based on the closing market price of the Common Shares of the Corporation traded on the TSX on the day prior to the settlement date.  Settlement of RSUs is subject to withholding taxes.
	(4)	The aggregate number of Common Shares to be delivered upon the exercise of all options granted under the Stock Option Plan shall not exceed 4% of the issued and outstanding Common Shares at the time of granting options (on a non-diluted basis).
	(5)	Percentages are rounded to the nearest decimal.
	 	 	 	 	 

In 2020, the Corporation granted
1,201,100 options to participants under the Stock Option Plan representing 0.72% of the issued and outstanding Common Shares as of December 31,
2020, the Corporation granted 504,560 RSUs to participants under the RSU Plan representing 0.30% of the issued and outstanding Common
Shares as of December 31, 2020 and the Corporation granted 97,995 DSUs to participants under the DSU Plan representing 0.06% of the
issued and outstanding Common Shares as of December 31, 2020.

 

As at March 22, 2021,
3,343,434 Common Shares were issuable upon the exercise of outstanding options representing 2.0% of the issued and outstanding Common
Shares of the Corporation. Such options are exercisable at exercise prices ranging from $11.22 to
$17.84 per share and are due to expire at the latest on December 31, 2026.

 

    	56	2021 Management Information Circular	 

     

    

 

INSIDER PARTICIPATION LIMIT

 

What is the maximum
percentage of securities available under the security-based compensation arrangements to the Corporation's insiders?

 

In order to comply with TSX rules:

 

(a) the
aggregate number of Commons Shares issuable to insiders, from time to time, under all security based compensation arrangements may not
exceed 10% of the total number of issued and outstanding Common Shares; and

 

(b) the
number of Common Shares issued to insiders under all security based compensation arrangements during any one-year period may not exceed
10% of the total number of issued and outstanding Common Shares.

 

MAXIMUM ISSUABLE TO ONE PERSON

 

What is the maximum
number of securities any one person is entitled to receive under the security-based compensation arrangements and what percentage of the
Corporation's outstanding capital does this represent?

 

The Employee Share Purchase
Plan

 

As per the terms of the Employee
Share Purchase Plan, the Corporation contributes an amount equal to 60% of the Eligible Employee's contribution up to a maximum of $9,000
per year (assuming an Eligible Employee contributed the maximum monthly contribution of $1,250 ($15,000 annually). Common Shares are issued
on a quarterly basis at the weighted average closing price of the Corporation's Common Share as listed on the TSX for the five (5) consecutive
trading days prior to the end of each applicable financial quarter of the Corporation or be purchased on the TSX at market price.

 

The Stock Option Plan

 

The number of Common Shares
subject to an option granted to a participant under the Stock Option Plan shall be determined in the resolution of the Board of Directors
and no participant shall be granted an option which exceeds 4% of the issued and outstanding Common Shares of the Corporation at the time
of granting of the option.

 

The DSU Plan

 

The number of Common Shares
that may be issued to a Participant under the DSU Plan cannot exceed 0.5% of the issued and outstanding Common Shares at the time of settlement
of the DSUs.

 

The RSU Plan

 

The number of Common Shares
that may be issued to a Participant under the RSU Plan cannot exceed 1.8% of the issued and outstanding Common Shares at the time of settlement
of the RSUs.

 

EXERCISE / PURCHASE PRICE

 

How is the exercise
price determined under the security-based compensation arrangements?

 

The Employee Share Purchase
Plan

 

The Common Shares issued under
the Employee Share Purchase Plan shall be issued at the weighted average closing price of the Corporation's Common Share as listed on
the TSX for the five (5) consecutive trading days prior to the end of each applicable financial quarter of the Corporation or be
purchased on the TSX at market price.

 

    	 	2021 Management Information Circular	57

     

    

 

 

The Stock Option Plan

 

The exercise price of the
options granted under the Stock Option Plan will be established by the Board of Directors subject to the rules of the regulatory
authorities having jurisdiction over the securities of the Corporation, including the TSX. The exercise price at the time of the grant
of the options shall not be less than the closing market price of the Common Shares listed on the TSX on the day prior to their grant.

 

The DSU Plan

 

The issue price pursuant to
the DSU Plan is determined based on the closing market price of the Common Shares of the Corporation traded on the TSX on the day prior
to the date of grant or settlement.

 

The RSU Plan

 

The value of a RSU at the
time of grant or at the time of settlement is usually determined by the HR Committee based on the closing price of the Common Shares listed
on the TSX on the day prior to such grant or settlement.

 

CESSATION

 

Under what circumstances
is an individual no longer entitled to participate?

 

The Employee Share Purchase
Plan

 

Under the Employee Share Purchase
Plan, an Eligible Employee shall automatically cease to be entitled to participate in the Employee Share Purchase Plan, upon termination
of the employment of the Eligible Employee with or without cause by the Corporation or the Designated Affiliate or cessation of employment
of the Eligible Employee with the Corporation or a Designated Affiliate as a result of resignation or otherwise other than retirement
of the Eligible Employee after having attained a stipulated age in accordance with the Corporation's normal retirement policy or earlier
with the Corporation's consent.

 

The Stock Option Plan

 

If a participant to the Stock
Option Plan shall cease to be an officer, manager, consultant or employee of the Corporation or a subsidiary for any reason (other than
disability, retirement with the consent of the Corporation or death) the options granted to such participant may be exercised in whole
or in part by the participant during a period commencing on the date of such cessation and ending 180 days thereafter or on the expiry
date, whichever comes first. If a participant to the Stock Option Plan shall cease to be an officer, manager, consultant or employee of
the Corporation or a subsidiary by reason of disability or retirement with the consent of the Corporation, the options granted to such
participant may be exercised in whole or in part by the participant, during a period commencing on the date of such termination and ending
one year thereafter or on the expiry date, whichever comes first. In the event of the death of the participant, the options previously
granted to such participant shall automatically vest and may be exercised in whole or in part by the legal person representative of the
participant for a period of one year or until the expiry date, whichever comes first.

 

    	58	2021 Management Information Circular	 

     

    

 

The DSU Plan

 

Unless otherwise determined by the HR Committee,
the following events shall constitute an event of Termination upon which all DSUs awarded to such Participant and vested at the time of
such event of Termination shall be paid to such Participant, in accordance with the terms of the DSU Plan and the Letter of Grant:

 

(i) resignation
of a Participant as member of the Board;

 

(ii) decision
of a Participant not to stand for re-election as member of the Board;

 

(iii) non
proposal of a Participant for re-election as member of the Board; or

 

(iv) death
of a Participant.

 

The RSU Plan

 

Unless otherwise determined by the Board, the
following provisions shall apply in the event that a participant ceases to be employed by the Corporation or by a subsidiary:

 

a) Termination
for cause and voluntary resignation - If a Participant ceases to be an employee as a result of termination for cause, or as a result
of a voluntary termination, effective as of the date notice is given to the participant of such termination, as of the date on which the
Corporation or the subsidiary receives communication of a voluntary resignation, all outstanding RSUs shall be terminated.

 

b) Death,
termination not for cause, retirement or long-term disability - If a participant ceases to be an employee of the Corporation or a
subsidiary as a result of death, termination not for cause, retirement or long-term disability, the vesting of RSUs shall be subject to
the following:

 

i. For each
outstanding RSUs granted ― Fixed Component:

 

		A.	in the event the participant is not entitled to a benefits extension
period, the vesting of the fixed component portion of each RSU grant will be prorated based on the number of days actually worked from
the date of grant of such RSUs until the date of death, termination not for cause, retirement or long-term disability, over the number
of days of the original vesting schedule set forth in relation to such grant; or

 

		B.	in the event the participant is entitled to a benefits extension
period, the vesting of the fixed component portion of each RSU grant will be prorated based on the sum of the number of days within the
benefits extension period and those actually worked from the date of grant of such RSUs up until the date of death, termination not for
cause, retirement or long-term disability, over the number of days of the original vesting schedule set forth in relation to such grant;
and

 

ii. For
each outstanding RSUs granted ― Performance Vesting: the vesting of all performance based RSU grant will be prorated based on
the number of days actually worked from the date of grant of such RSUs up until the date of death, termination not for cause, retirement
or long term disability, over the original vesting schedule set forth in relation to such grant; the number of vested RSUs resulting from
such prorated calculation will be multiplied by the performance percentage determined by the Board of Directors of the Corporation.

 

For greater clarity, a voluntary resignation will
be considered as retirement if the participant has reached normal retirement age under the Corporation's benefit plans or policies, unless
the HR Committee decides otherwise at its sole discretion.

 

    	 	2021 Management Information Circular	59

     

    

  

 

ASSIGNABILITY AND TRANSFERABILITY

 

Can options or rights
held pursuant to the security-based compensation arrangements be assigned or transferred?

 

All benefits, rights and options accruing to any
participant in accordance with the terms and conditions of the Employee Share Purchase Plan, DSU Plan, RSU Plan and of the Stock Option
Plan shall not be transferable unless under the laws of descent and distribution or pursuant to a will. All options, DSUs, RSUs and such
benefits and rights may only be exercised in accordance with such plans.

 

AMENDMENT PROVISIONS

 

How are the security-based
compensation arrangements amended? Is Shareholder approval required?

 

The Employee Share Purchase
Plan

 

The HR Committee authorized by the Board of Directors
to oversee the Employee Share Purchase Plan has the following rights, without the approval of the Shareholders of the Corporation:

 

i) suspend or
terminate and to re-instate the Employee Share Purchase Plan;

 

ii) any amendment
to the Employee Share Purchase Plan not contemplated under the section requiring Shareholders' approval, including but not limited to:

 

(a) to make
any amendment of a "housekeeping" nature, including, without limitation, amending the wording of any provision of the Employee
Share Purchase Plan for the purpose of clarifying the meaning of existing provisions or to correct or supplement any provision of the
Employee Share Purchase Plan that is inconsistent with any other provision of the Employee Share Purchase Plan, correcting grammatical
or typographical errors and amending the definitions contained in the Employee Share Purchase Plan;

 

(b) any
amendment to comply with the rules, policies, instruments and notices of any regulatory authority to which the Corporation is subject,
including the TSX, or to otherwise comply with any applicable law or regulation;

 

(c) any
amendment to the vesting provisions of the Employee Share Purchase Plan;

 

(d) any
amendment to the provisions concerning the effect of the termination of an Eligible Employee employment or services on such Eligible Employee's
status under the Employee Share Purchase Plan;

 

(e) any
amendment respecting the administration or implementation of the Employee Share Purchase Plan.

 

The HR Committee authorized by the Board of Directors
to oversee the Employee Share Purchase Plan, may with the approval of the Shareholders of the Corporation by ordinary resolution, make
any of the following amendments to the Employee Share Purchase Plan:

 

i) any increase
to the number of Common Shares issuable from treasury under the Plan or a change from a fixed maximum number of Common Shares to a fixed
maximum percentage;

 

    	60	2021 Management Information Circular	 

     

    

 

ii) an amendment
to the level of the Corporation's contribution set to an amount that is equal to 60% of the Eligible Employee's contribution;

 

iii) any amendment
to the contribution mechanism relating to the Corporation's contribution;

 

iv) any amendment
to the categories of persons who are Eligible Employees; or

 

v) any amendment
that may modify or delete any of this Section requiring Shareholders' approval.

 

Notwithstanding the foregoing, any amendment to
the Employee Share Purchase Plan shall be subject to the receipt of all required regulatory approvals including, without limitation, the
approval of the TSX.

 

The Stock Option Plan

 

The Board of Directors may,
without the approval of the Shareholders of the Corporation but subject to receipt of requisite approval from the TSX, in its sole discretion
make the following amendments to the Stock Option Plan:

 

i) any amendment
of a "housekeeping" nature;

 

ii) a change
to the vesting provisions of an option or the Stock Option Plan;

 

iii) a change
to the termination provisions of an option or the Stock Option Plan which does not entail an extension beyond the original expiry date;
and

 

iv) the addition
of cashless exercise feature, payable in cash or securities, which provides for a full deduction of the number of underlying securities
from the Stock Option Plan reserve.

 

The approval of the Board
of Directors and the requisite approval from the TSX and the Shareholders shall be required for any of the following amendments to be
made to the Stock Option Plan:

 

i) any increase
to the number of shares issuable under the Stock Option Plan or a change from a fixed maximum number of shares to a fixed maximum percentage;

 

ii) a reduction
in the exercise price of an option (for this purpose, a cancellation or termination of an option of a participant prior to its expiry
for the purpose of reissuing options to the same participant with a lower exercise price shall be treated as an amendment to reduce the
exercise price of an option), other than for standard anti-dilution purposes;

 

iii) an increase
in the maximum number of shares that may be issued to insiders within any one-year period or that are issuable to insiders at any time;

 

iv) an extension
of the term of any option beyond the original expiry date (except, for greater certainty, in cases of blackout period in conformity with
the terms of the Stock Option Plan);

 

v) any change
to the definition of "Participant" included in the Stock Option Plan which would have the potential of broadening or increasing
insider participation;

 

    	 	2021 Management Information Circular	61

     

    

 

vi) the addition
of any form of financial assistance;

 

vii) any amendment
to a financial assistance provision which is more favorable to optionees;

 

viii) the addition
of a cashless exercise feature, payable in cash or securities, which does not provide for a full deduction of the number of underlying
securities from the Stock Option Plan reserve;

 

ix) the addition
of a deferred or restricted share unit or any other provision which results in optionees receiving securities while no cash consideration
is received by the Corporation;

 

x) any amendment
to the transferability provision of the Stock Option Plan;

 

xi) any amendment
that may modify or delete any of the amendment disposition requiring Shareholders' approval; and

 

xii) any other
amendments that may lead to significant or unreasonable dilution in the Corporation's outstanding securities or may provide additional
benefits to the participants of the Stock Option Plan, especially insiders, at the expense of the Corporation and its existing Shareholders.

 

The DSU Plan

 

The Board may, without shareholder approval
but subject to receipt of requisite approval from the TSX, in its sole discretion make all other amendments to the DSU Plan that are not
of the type contemplated in the amendment provision requiring Shareholders' approval, including, without limitation:

 

(i) amend, suspend
or terminate the Plan in whole or in part or amend the terms of DSUs credited in accordance with the Plan. If any such amendment, suspension
or termination will materially or adversely affect the rights of a Participant with respect to DSUs credited to such Participant, the
written consent of such Participant to such amendment, suspension or termination shall be obtained. Notwithstanding the foregoing, the
obtaining of the written consent of any Participant to an amendment, suspension or termination which materially or adversely affects the
rights of such Participant with respect to any credited DSUs shall not be required if such amendment, suspension or termination is required
in order to comply with applicable laws, regulations, rules, orders of government or regulatory authorities or the requirements of any
stock exchange on which shares of the Corporation are listed. If the HR Committee terminates the Plan, DSUs previously credited to Participants
shall remain outstanding and in effect and be settled in due course in accordance with the terms of this Plan (which shall continue to
have effect, but only for such purposes) on the Settlement Date.

 

The approval of the Board of Directors
and the requisite approval from the TSX and the Shareholders of the Corporation (by simple majority vote) shall be required for any of
the following amendments to be made to the DSU Plan:

 

(i) any amendment
to the number of shares issuable under the DSU Plan, including an increase in the fixed maximum number of shares or a change from a fixed
maximum number of shares to a fixed maximum percentage;

 

(ii) any change
to the definition of "Participant" which would have the potential of broadening or increasing insider participation; and

 

    	62	2021 Management Information Circular	 

     

    

 

(iii) any amendment
that may modify or delete any of the amendment provision requiring Shareholders' approval.

 

The RSU Plan

 

The Board may, without Shareholder approval
but subject to receipt of requisite approval from the TSX, in its sole discretion make all other amendments to the RSU Plan that are not
of the type contemplated in the amendment provision requiring Shareholders' approval, including, without limitation:

 

(i) amend, suspend
or terminate the RSU Plan in whole or in part or amend the terms of RSUs credited in accordance with the RSU Plan. If any such amendment,
suspension or termination will materially or adversely affect the rights of a participant with respect to RSUs credited to such participant,
the written consent of such participant to such amendment, suspension or termination shall be obtained. Notwithstanding the foregoing,
the obtaining of the written consent of any participant to an amendment, suspension or termination which materially or adversely affects
the rights of such participant with respect to any credited RSUs shall not be required if such amendment, suspension or termination is
required in order to comply with applicable laws, regulations, rules, orders of government or regulatory authorities or the requirements
of any stock exchange on which shares of the Corporation are listed. If the HR Committee terminates the RSU Plan, RSUs previously credited
to participants shall remain outstanding and in effect and be settled in due course in accordance with the terms of this RSU Plan (which
shall continue to have effect, but only for such purposes) on the settlement date.

 

The approval of the Board of Directors
and the requisite approval from the TSX and the Shareholders of the Corporation (by simple majority vote) shall be required for any of
the following amendments to be made to the RSU Plan:

 

(i) any increase
to the number of shares issuable under the RSU Plan or a change from a fixed maximum number of shares to a fixed maximum percentage;

 

(ii) any change
to the definition of "Participant" which would have the potential of broadening or increasing insider participation; and

 

(iii) any amendment
that may modify or delete any of the amendment provision requiring Shareholders' approval.

 

Were any amendments
made to the security-based compensation arrangements in the last financial year?

 

On May 8, 2020, the Board of Directors resolved
to amend the Corporation's Employee Share Purchase Plan, Stock Option Plan and RSU Plan. The amendments made to these plans are described
below:

 

The Employee Share Purchase Plan was amended to
reduce the number of Common Shares to be issued under the Employee Share Purchase Plan from 0.5% to 0.1% of the issued and outstanding
Common Shares of the Corporation.

 

The Stock Option Plan was amended to reduce the
number of Common Shares to be issued under the Stock Option Plan from 5% to 4% of the issued and outstanding Common Shares of the Corporation.

 

The RSU Plan was amended to reduce the number
of Common Shares to be issued under the RSU Plan from 2.0% to 1.8% of the issued and outstanding Common Shares of the Corporation.

 

These plans have also been amended to clarify
that only increases to the number of Common Shares issuable under the Employee Share Purchase Plan, the Stock Option Plan and the RSU
Plan require the approval from Shareholders, which is in compliance with the TSX rules.

 

    	 	2021 Management Information Circular	63

     

    

 

FINANCIAL ASSISTANCE

 

Does the Corporation
provide any financial assistance to participants to purchase shares under the security-based compensation arrangements?

 

The Employee Share Purchase
Plan

 

Under the Employee Share Purchase
Plan, the Corporation will contribute to the Eligible Employee contribution an amount equal to 60% of the Eligible Employee's contribution
cumulated at the end of each interim period of the Corporation up to a maximum of $9,000 per year.

 

The Stock Option Plan

 

There is no provision allowing
financial assistance under the Stock Option Plan.

 

The DSU Plan and RSU Plan

 

Not applicable

 

CHANGE OF CONTROL PROVISIONS

 

Are there any adjustment
provisions under the security-based compensation arrangements?

 

The Employee Share Purchase Plan

 

Under the Employee Share Purchase Plan, if there
is a change of control of the Corporation, all unvested Common Shares held in trust for an Eligible Employee shall be immediately deliverable
to the Eligible Employee. The Corporation's contribution shall immediately be made and the Common Shares shall be issued for the then
aggregate contribution based on the Current Market Value (as defined in the Employee Share Purchase Plan) of the Common Shares on the
date of the change of control prior to the completion of the transaction which results in the change of control and that such Common Shares
shall be immediately delivered to the Eligible Employees.

 

In addition, in the event there is any change
in the Common Shares, whether by reason of a stock dividend, consolidation, subdivision, reclassification or otherwise, an appropriate
adjustment shall be made by the committee authorized by the Board to oversee the Employee Share Purchase Plan in the number of Common
Shares available under the Employee Share Purchase Plan. If such an adjustment shall result in a fractional Common Share, the fraction
shall be disregarded. All such adjustments shall be conclusive, final and binding for all purposes of the Employee Share Purchase Plan.

 

The Stock Option Plan

 

Under the Stock Option Plan, if there is a change
of control of the Corporation, all unvested options outstanding at the time of the change of control shall vest and become immediately
exercisable.

 

Under the Stock Option Plan, in the event that
the outstanding Common Shares are changed into or exchanged for a different number or kind of shares or other securities of the Corporation,
or in the event that there is a reorganization, amalgamation, consolidation, subdivision, reclassification, dividend payable in capital
stock or other change in capital stock of the Corporation, then each participant holding an option shall thereafter upon the exercise
of the option granted to him, be entitled to receive, in lieu of the number of shares to which the participant was theretofore entitled
upon such exercise, the kind and amount of shares or other securities or property which the participant would have been entitled to receive
as a result of any such event if, on the effective date thereof, the participant had been the holder of the shares to which he was theretofore
entitled upon such exercise.

 

    	64	2021 Management Information Circular	 

     

    

 

In the event the Corporation proposes to amalgamate,
merge or consolidate with any other Corporation (other than with a wholly-owned subsidiary of the Corporation) or to liquidate, dissolve
or wind-up, or in the event an offer to purchase the shares of the Corporation or any part thereof shall be made to all Shareholders,
the Corporation shall have the right, upon written notice thereof to each participant, to require the exercise of the option granted pursuant
to the Stock Option Plan within the thirty (30) day period following the date of such notice and to determine that upon such thirty (30)
day period, all rights of the participant to exercise same (to the extent not theretofore exercised) shall ipso facto terminate
and cease to have any further force or effect whatsoever.

 

The DSU Plan

 

Under the DSU Plan, if a Change of Control takes
place, all unvested DSUs become vested at the time of the Change of Control.  The settlement of such DSUs however remains subject
to the termination of the Director's mandate.

 

Whenever dividends are paid on Common Shares,
additional DSUs will be automatically granted to each participant who holds DSUs on the record date for such distribution of dividend.
The number of such DSUs (rounded to the nearest whole DSU) to be credited as of a dividend payment date shall be determined by dividing
the aggregate dividend that would have been paid to such participant if the participant's DSUs had been Common Shares by the market value
on the date on which the distributions were paid on the Common Shares. DSUs granted to a participant under the section on credits shall
be subject to the same vesting as the DSUs to which they relate.

 

The RSU Plan

 

Under the RSU Plan, if there is a change of control
of the Corporation, all outstanding RSUs vest, irrespective of any performance vesting conditions.

 

In the event of any stock dividend, stock split,
combination or exchange of shares, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin-off
or other distribution (other than normal cash dividends) of the Corporation's assets to Shareholders or any other change affecting the
Common Shares, such adjustments as are required to reflect such change shall be made with respect to the number of RSUs in the accounts
maintained for each participant, provided that no fractional RSUs shall be issued to participants and the number of RSUs to be issued
in such event shall be rounded down to the next whole number of RSUs.

 

Whenever dividends are paid on Common Shares,
additional RSUs will be automatically granted to each participant who holds RSUs on the record date for such dividend. The number of such
RSUs (rounded to the nearest whole RSU) to be credited as of a dividend payment date shall be determined by dividing the aggregate dividends
that would have been paid to such participant if the participant's RSUs had been Common Shares by the market value on the date on which
the dividends were paid on the Common Shares. RSUs granted to a participant under the section on credits for dividends shall be subject
to the same vesting as the RSUs to which they relate.

 

BLACK-OUT PERIODS

 

Are there any blackout
period provisions under the security-based compensation arrangements?

 

Under the Stock Option Plan, in the event that
the term of an option expires during such period of time during which insiders are prohibited from trading in shares as provided by the
Corporation's Securities Trading Policy, as it may be implemented and amended from time to time or within 10 business days thereafter,
the option shall expire on the date that is 10 business days following the Blackout Period (as defined in the Stock Option Plan). Although
the Blackout Period would only cover insiders of the Corporation, the extension would apply to all participants who have options, which
expire during the Blackout Period.

 

    	 	2021 Management Information Circular	65

     

    

  

 

PENSION PLAN BENEFITS

 

The Corporation has not adopted any retirement
plan or pension plan providing for payment of benefits.

 

TERMINATION AND CHANGE OF CONTROL BENEFITS

 

The Corporation has entered into employment agreements
with its Named Executives on terms and conditions comparable to market practice for public issuers in the same industry and market and
of the same size as the Corporation. As part of the RTO Transaction, M. Lodder's employment agreement (entered into with Barkerville),
was transferred to and assumed by ODV effective on the closing of the RTO Transaction. Therefore, this section is not applicable to Mr. Lodder. 
In the case of termination of employment initiated by the Corporation for reasons other than just cause, the Corporation will make the
following severance payments to its Named Executives:

 

 • Executive Chair of the Board and former Chief Executive Officer: 1.5 x (annual base salary level + average annualized bonus paid or declared in the last two years); and

 

 • other Named Executives: 1.0 x (annual base salary level + average annualized bonus paid or declared in the last two years).

 

The Corporation shall also continue all of the
Named Executive's benefits for a corresponding period of time equal to one (1) year (one and a half (1.5) year for the Executive
Chair of the Board and former Chief Executive Officer) from the cessation of the Named Executive's employment (the "Extended Benefits
Period"). Any RSUs held by the Named Executive, as applicable, shall vest and be payable pursuant to the provisions of the RSU
plan, as amended from time to time. The Named Executives shall also be entitled to exercise options vesting during Extended Benefit Period
pursuant to the provisions of the Stock Option Plan.

 

In the case of termination of employment initiated
by the Corporation for reasons other than just cause, including constructive dismissal, within 18 months following a Change of Control
("CoC"), the Named Executives will be entitled to the following severance payment ("CoC severance"):

 

 • Executive Chair of the Board and former Chief Executive Officer, the President and current Chief Executive Officer: 2.0 x (annual base salary level + average annualized bonus paid or declared in the last two years);

 

 • other Named Executives: 1.5 x (annual base salary level + average annualized bonus paid or declared in last two years);

 

 • in the event the CoC event is deemed by the Board of Directors to be "hostile", CoC severance payments may also be made to Named Executives who voluntarily resigns within 6 months following the "hostile" CoC.

 

Upon a CoC, all unvested options and RSUs vest,
irrespective of any performance conditions. The Corporation shall also continue all of the Named Executives' benefits for a corresponding
period of time equal to one and a half (1.5) year (two (2) years for the Executive Chair of the Board and former Chief Executive
Officer and the President and current Chief Executive Officer).

 

In addition to any severance payment, the Named
Executives will be entitled to the current year short-term incentive payment in accordance with the actual achievements for the period
they were employed.

 

    	66	2021 Management Information Circular	 

     

    

 

Termination by the Corporation Without Cause

 

If a Named Executive is terminated by the Corporation
without cause, such Named Executive will be entitled to:

 

	Compensation(1)	 	Sean
    Roosen(2)
 ($)	 	 	Sandeep
    Singh(3)
 ($)	 	 	Frédéric
    Ruel(4)
 ($)	 	 	Luc
    Lessard(5)
 ($)	 	 	André
    Le Bel
 ($)
	Cash Severance

                                                                                Annual
base salary level(6)
 Average Annualized Bonus(7)
	 	538,500

    512,925	 	 	600,000

    600,000	 	 	275,000

    245,100	 	 	513,000

    462,350	 	 	318,000

    302,900
	Unvested Equity acceleration

                                                                                Options(8)

                                             RSUs(9)
	 	 	 	502,627

                                            2,667,202	 	 	 	433,015

                                            1,416,568	 	 	 	158,946

                                            724,850	 	 	 	242,011

                                            1,442,818	 	 	205,591
    1,073,544
	Benefits

                                                                                Insurance
and Others(10)
	 	 	 	63,600	 	 	 	59,700	 	 	 	58,300	 	 	 	59,100	 	 	58,600
	TOTAL	 	 	 	4,284,854	 	 	 	3,109,283	 	 	 	1,462,196	 	 	 	2,719,279	 	 	1,958,635

 

	NOTES:
	 
	(1)	All amounts are calculated as at December 31, 2020; all Named Executives are entitled to one (1) time (1.5 times for Executive Chair of the Board and former Chief Executive Officer), the sum of the Named Executive's (i) annual base salary level and (ii) average annualized bonus paid or declared in the last two years (or target bonus if the Named Executive had not completed two full years of employment); they are also entitled to the acceleration of all unvested equity and the maintaining of most benefits for a term of 12 months (18 months for Executive Chair of the Board and former Chief Executive Officer). In addition, all Named Executives are also entitled to receive payment of any accrued unpaid vacation. Amounts reflected in the table do not take into consideration any part of the compensation assumed by an associate company of the Corporation.
	(2)	As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.
	(3)	Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25, 2020.
	(4)	Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(5)	Mr. Luc Lessard's employment agreement was transferred to and is assumed by ODV effective as of January 1st, 2021.
	(6)	As at December 31, 2020, the respective annual base salary level of the relevant Named Executives was as follows: Mr. Roosen: $359,000 (effective as of November 25, 2020, Mr. Roosen's salary level in the Corporation went from $718,000 to $359,000 because as part of the RTO Transaction his total compensation is shared equally between the Corporation and ODV (except for current outstanding equity component of his compensation), Mr. Singh: $600,000, Mr. Ruel: $275,000, Mr. Lessard: $513,000 and Mr. Le Bel: $318,000.
	(7)	For the Named Executives, these amounts reflect one (1) time (1.5 times for the Executive Chair of the Board and former Chief Executive Officer) the average annualized bonus paid or declared in the last two years (or target bonus if the Named Executive had not completed two full years of employment). In addition to any severance payment, the Named Executive will be entitled to the current year payment in accordance with the actual achievements for the period they were employed.
	(8)	These amounts reflect the aggregate dollar value that would be realized by multiplying the number of unvested options which would vest during the Extended Benefit Period by the difference between $16.13, being the closing price of the Common Shares of the Corporation on the TSX on December 31, 2020 and the respective exercise price of such options.
	(9)	These amounts are prorated based on the period worked during the Extended Benefit Period (also taking into account achievement of all long-term objectives) by $16.13 being the closing price of the Common Shares of the Corporation on the TSX on December 31, 2020.
	(10)	These amounts represent the dollar value of the insurance benefit of the Named Executives which would be continued for a term of 12 months (18 months for the Executive Chair of the Board); benefits include group insurance (but exclude long-term disability) and outplacement benefits in an amount of $50,000 and other benefits.

 

    	 	2021 Management Information Circular	67

     

    

  

Termination of Employment Following Change
in Control

 

The Named Executive will be entitled to the following
severance payment (i) if they are terminated by the Corporation for reasons other than just cause, including constructive dismissal
within 18 months following a CoC, or (ii) if the Named Executives voluntary resign within 6 months following a CoC which has been
deemed "hostile" by the Board of Directors of the Corporation:

 

	Compensation(1)	 	Sean
    Roosen(2)
 ($)	 	 	Sandeep
    Singh(3)
 ($)	 	 	Frédéric
    Ruel(4)
 ($)	 	 	Luc
    Lessard(5)
 ($)	 	 	André
    Le Bel
 ($)
	Cash Severance

                                                                     Annual
base salary level (6)
  Average Annualized Bonus(7)
	 	718,000

    683,900	 	 	1,200,000

    1,200,000	 	 	412,500

    367,650	 	 	769,500

    693,525	 	 	477,000

    454,350
	Unvested Equity acceleration

                                                                                Options(8)

                                            RSUs(9)
	 	 	 	598,446

                                            3,432,464	 	 	 	1,299,047

                                            3,232,452	 	 	 	318,945

                                            1,101,679	 	 	 	474,262

                                            2,296,912	 	 	399,465
    1,575,901
	Benefits

     Insurance and Others(10)	 	 	 	68,100	 	 	 	69,500	 	 	 	62,500	 	 	 	63,600	 	 	62,900
	TOTAL	 	 	 	5,500,910	 	 	 	7,000,999	 	 	 	2,263,274	 	 	 	4,297,799	 	 	2,969,616

 

	NOTES:	 
	(1)	All amounts are calculated as at December 31, 2020; all relevant Named Executives are entitled to 1.5 time (2.0 times for Executive Chair of the Board and former Chief Executive Officer and the President and Chief Executive Officer) the sum of the Named Executive's (i) annual base salary level and (ii) average annualized bonus paid or declared in the last two years (or target bonus if the Named Executive had not completed two full years of employment) they are also entitled to the acceleration of all unvested equity and the maintaining of most benefits for a term of 18 months (24 months for the Executive Chair of the Board and former Chief Executive Officer and the President and current Chief Executive Officer). In addition, all Named Executives are also entitled to receive payment of any accrued unpaid vacation. Amounts reflected in the table do not take into consideration any part of the compensation assumed by an associate company of the Corporation.
	(2)	As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV.
	(3)	Upon closing of the RTO Transaction, Mr. Sandeep Singh was appointed to take on the role of President and Chief Executive Officer and Director of the Corporation, effective as of November 25, 2020.
	(4)	Mr. Frédéric Ruel was appointed as Chief Financial Officer and Vice President, Finance of the Corporation on February 20, 2020.
	(5)	Mr. Luc Lessard's employment agreement was transferred to and is assumed by ODV effective as of January 1st, 2021.
	(6)	As at December 31, 2020, the respective annual base salary level of the relevant Named Executive was as follows: Mr. Roosen: $359,000 (effective as of November 25, 2020, his salary level in the Corporation went from $718,000 to $359,000 because as part of the RTO Transaction his total compensation is shared equally between the Corporation and ODV (except for current outstanding equity component of his compensation), Mr. Singh: $600,000, Mr. Ruel: $275,000, Mr. Lessard: $513,000 and Mr. Le Bel: $318,000.
	(7)	For the Named Executives, these amounts reflect 1.5 times (two (2) times for the Executive Chair of the Board and former Chief Executive Officer and the President and current Chief Executive Officer) the average annualized bonus paid or declared in the last two years (or target bonus if the Named Executive had not completed two full years of employment). In addition to any severance payment, the Named Executive will be entitled to the current year short-term incentive payment in accordance with the actual achievements for the period they were employed.
	(8)	These amounts reflect the aggregate dollar value that would be realized by multiplying the number of unvested options by the difference between $16.13, being the closing price of the Common Shares of the Corporation on the TSX on December 31, 2020 and the respective exercise price of such options.
	(9)	These amounts reflect the aggregate dollar value that would be realized by multiplying the number of RSUs (the vesting of which would be accelerated as a result of such CoC, irrespective of any performance condition) by $16.13 being the closing price of the Common Shares of the Corporation on the TSX on December 31, 2020.
	(10)	These amounts represent the dollar value of the insurance benefit of the Named Executives which would be continued for a term of 18 months (24 months for the Executive Chair of the Board and former Chief Executive Officer and the President and current Chief Executive Officer); benefits include group insurance (but exclude long-term disability) and outplacement benefits in an amount of $50,000 and other benefits.

 

In May 2020, the HR Committee reviewed the non-competition clauses
provided for in the employment agreements of each of the Executives of the Corporation. Pursuant to its assessment and deliberations,
the Board approved, following the recommendations of the HR Committee, to amend the non-competition clauses to provide for the following
terms in each of the Executive employment agreements:

 

	Type of Termination	Non-Competition Period
	For Cause	12 months  
	Without Cause	6 months
	By the Executive	6 months
	Following a Change of Control	6 months

 

All Executives have entered into an amendment
to the employment agreement originally entered into with the Corporation, except for Mr. Lodder who had a contract with Barkerville
at the time, which is still in effect. The Executives received a $10,000 consideration for agreeing to amend the terms of their employment
agreement.

 

    	68	2021 Management Information Circular	 

     

    

 

Each of the Named Executives undertakes, following the date of his
termination for any reason, not to solicit the Corporation's agents, administrators, officers, directors, managers or business executives,
consultants or employees for a period of 12 months.

 

For greater certainty and notwithstanding anything to the contrary,
any payment to be made to a Named Executive as a result of a termination by the Corporation without cause or termination of employment
following change in control will be adjusted to take into account the particulars of the employment situation of such Named Executive
with associate companies or subsidiary of the Corporation.

 

Policy on Recovery of Incentive Compensation

 

In May 2015, the Board, following the recommendation
of the HR Committee, adopted a written Policy on Recovery of Incentive Compensation (the "Policy" - also commonly known
as a "Clawback Policy") which will apply to the Executive Chair of the Board, the President and Chief Executive Officer, Senior
Vice Presidents and Vice Presidents (the "Executive Officers") of the Corporation (including former Executive Officers).
While the original text of this Policy allowed the Board, in its discretion, to establish and reserve the right to recover all or portion
of awards made only under the short-term incentive program (the "Annual Incentive Compensation") paid to an Executive
Officer with respect to the most recent financial year upon the occurrence of certain events, the Policy was amended in March 2018
to allow the Board, in its discretion, to establish and reserve the right to recover all or portion of (i) an Annual Incentive Compensation
and (ii) all cash based and equity based compensation awarded to the Corporation's Executive Officers (collectively, the "Incentive
Compensation") in direct relation to and upon the occurrence of the following which shall be deemed an event that would require
a recalculation:

 

(i) such amount
received by an Executive Officer was calculated based on, or contingent on, achieving: (a) certain financial results that are subsequently
the subject of or affected by a restatement of all or a portion of the Corporation's financial statements or (b) reported reserves
or resources which are subsequently determined to be overstated;

 

(ii) an Executive
Officer was involved in gross negligence, intentional misconduct or fraud that caused or partially resulted in such restatement, misstatement
or overstatement; and

 

(iii) the
Incentive Compensation payment received would have been lower had the financial results, production results or reserves and resources
been properly reported.

 

The amended and revised Policy affects future
awards made under the short-term and long-term incentive program.  Further, Management of the Corporation will continue to monitor,
in conjunction with the HR Committee, the evolution of regulatory framework in Canada with respect to compensation policies and ensure
that the Policy is reviewed annually and is properly aligned with Shareholders' best interests.

 

SECURITIES OWNERSHIP

 

Formal securities ownership guidelines (the "Guidelines")
were assented by the Board of Directors on May 6, 2015 in order to further align the long-term interests of the Corporation's Shareholders
and that of its directors and officers. On March 18, 2020, further to a review of the Guidelines by the HR Committee, changes were
proposed to enhance the Guidelines.  Given recent changes in the organizational structure of the Corporation, the HR Committee and
the Board amended the ownership requirement level, since the base salary together with the long-term and short-term incentives of certain
Vice Presidents doesn't measure to the level as other Vice Presidents. In addition, the HR Committee and the Board also amended the method
of calculation for the determination of the value of the securities held, now being based on the TSX closing price of the Common Shares
of the Corporation on December 31st or, if this date is not a trading day, on the last TSX trading day of the year.

 

The ownership requirements can be met through
the holding of Common Shares, DSUs and RSUs.

 

    	 	2021 Management Information Circular	69

     

    

  

 

The following table illustrates the amounts and
levels established for the minimum requirement for non-executive directors and Named Executives, with the exception of Mr. Lodder
who was never directly employed by the Corporation:

 

	Categories	Securities
    Ownership Levels

    (as Multiple of Annual Base Salary Level/Retainer)
	Lead Director and Directors	2.0 Times Basic Retainer and DSUs
	Executive Chair and former Chief Executive Officer

President and current Chief Executive Officer	3.0 Times Annual Base Salary Level
	Senior Vice President	2.5 Times Annual Base Salary Level
	CFO, Vice President, Legal Affairs and Corporate Secretary	2.0 Times Annual Base Salary Level

 

Newly elected or appointed directors, newly appointed
Named Executives have three years to comply with the ownership requirements from the date of election or appointment. Further to a salary
increase, each Named Executive and other Vice President whose salary has been so increased shall also have three years to comply with
the increased level of ownership requirements deriving from such salary increase, starting from the effective date of such increase. The
following table sets out the securities ownership status of non-executive directors and Named Executives as at December 31, 2020
at a closing price of $16.13:

 

The Securities Ownership of Directors and
Named Executives:

 

	 	 	HOLDINGS	 	
Total
    Value(1)	 	 	Securities
    Ownership Level(2)	 	 	Compliance
    with the Guidelines
	Name
    and Position	 	Number
    of Common Shares	 	 	Number
    of DSUs	 	 	Number
    of RSUs
 (Fixed Component only)	 	($)	 	 	($)	 	 	Yes
    / No / Target Date
	John
    R. Baird
 Director since April 6, 2020	 	 	2,818	 	 	 	18,876	 	 	n/a	 	 	349,924	 	 	 	320,000	 	 	Yes
	Françoise
    Bertrand
 Director since November 24, 2014	 	 	1,200	 	 	 	65,887	 	 	n/a	 	 	1,082,113	 	 	 	320,000	 	 	Yes
	John
    Burzynski
 Director since April 30, 2014	 	 	18,866	 	 	 	35,711	 	 	n/a	 	 	880,327	 	 	 	320,000	 	 	Yes
	Christopher
    C. Curfman
 Director since May 4, 2016	 	 	10,500	 	 	 	48,698	 	 	n/a	 	 	954,863	 	 	 	320,000	 	 	Yes
	Joanne
    Ferstman(3)
 Lead Director since April 30, 2014	 	 	19,500	 	 	 	99,053	 	 	n/a	 	 	1,912,260	 	 	 	560,000	 	 	Yes
	W.
    Murray John
 Director since February 19, 2020	 	 	10,000	 	 	 	18,430	 	 	n/a	 	 	458,576	 	 	 	320,000	 	 	Yes
	Pierre
    Labbé(3)
 Director since February 17, 2015	 	 	6,145	 	 	 	55,805	 	 	n/a	 	 	999,254	 	 	 	320,000	 	 	Yes
	André
    Le Bel(3)
 Vice President, Legal Affairs and Corporate Secretary since 
 February 17, 2015	 	 	64,667	 	 	 	n/a	 	 	49,985	 	 	1,849,337	 	 	 	636,000	 	 	Yes
	Luc
    Lessard(4)
 Senior Vice President, Technical Services since June 30, 2015	 	 	62,591	 	 	 	n/a	 	 	72,612	 	 	2,180,824	 	 	 	1,282,500	 	 	Yes
	Charles
    E. Page
 Director since April 30, 2014	 	 	55,215	 	 	 	66,104	 	 	n/a	 	 	1,956,875	 	 	 	320,000	 	 	Yes
	Sean
    Roosen(5)
 Director since April 30, 2014
 Executive Chair since November 25, 2020	 	 	664,183	 	 	 	n/a	 	 	109,235	 	 	12,475,232	 	 	 	1,077,000	 	 	Yes
	Frédéric
    Ruel
 Chief Financial Officer and Vice President, Finance since February 20, 2020	 	 	24,433	 	 	 	n/a	 	 	34,903	 	 	957,090	 	 	 	550,000	 	 	Yes
	Sandeep
    Singh
 President and Chief Executive Officer
 since November 25, 2020	 	 	139,795	 	 	 	n/a	 	 	152,019	 	 	4,706,960	 	 	 	1,800,000	 	 	Yes

 

	NOTES:
	(1) 	As provided in the Guidelines, the value of holdings is based on TSX closing price of the Common Shares of the Corporation on December 31st, 2020, being $16.13.
	(2) 	For Named Executives, the level of securities ownership is based on salaries effective as of December 31, 2020.
	(3) 	Further to the closing by the Corporation of its $300 million offering of convertible senior unsecured debentures on November 3, 2017, the following directors, and Named Executives subscribed, directly or indirectly, in said financing however, their respective investment is not taken into account in determining their compliance with the Guidelines: Joanne Ferstman: $100,000, Pierre Labbé: $25,000 and André Le Bel: $25,000.
	(4) 	As part of the RTO Transaction, Mr. Luc Lessard was appointed on November 25, 2020 as Chief Operating Officer of ODV and ceased to act as Senior Vice President, Technical Services of the Corporation, effective as of January 1st, 2021.  Therefore, the Securities Ownership Guidelines no longer apply to Mr. Lessard.
	(5) 	As part of the RTO Transaction with ODV, Mr. Sean Roosen was appointed as Executive Chair of the Board of the Corporation on November 25, 2020 to focus on the launch of ODV. Effective as of November 25, 2020, his salary level in the Corporation went from $718,000 to $359,000 because as part of the RTO Transaction his total compensation is shared equally between the Corporation and ODV (except for current outstanding equity component of his compensation).
	 	 	 	 	 	 	 	 

 

    	70	2021 Management Information Circular	 

     

    

 

As at December 31, 2020, the aggregate value of the total number
of securities held by non-executive directors and Named Executives (only including the fixed component of RSUs) represents a value of
$30,763,636 ($26,195,406 as of March 22, 2021).

 

STATEMENT OF CORPORATE GOVERNANCE PRACTICES

 

The Corporation is committed to sound corporate
governance practices. The Board of Directors has carefully considered the Corporate Governance Guidelines set forth in Policy Statement
58-201 to Corporate Governance Guidelines. A description of the Corporation's corporate governance practices is set out below in response
to the requirements of Regulation 58-101 respecting Disclosure of Corporate Governance Practices ("Regulation 58-201")
and in the form set forth in Form 58-101F1 "Corporate Governance Disclosure".

 

Majority Voting and Director Resignation
Policy for Election of Directors

 

The Majority Voting and Director Resignation
Policy for uncontested director elections is in effect since April 2014 and was last amended on March 30, 2016 to reflect comments
received from the TSX. Under such policy, if a nominee does not receive the affirmative vote of at least the majority of votes cast at
the meeting of Shareholders, the director shall promptly tender his or her resignation for consideration by the Governance and Nomination
Committee and the Board. The Governance and Nomination Committee will consider such resignation and make a recommendation to the Board
of Directors. The policy is available on the Corporation's website at www.osiskogr.com.

 

Composition of the Board of Directors

 

As of March 22, 2021, the Board of Directors
consists of a majority of independent directors given that, of the eleven (11) directors currently serving on the Board of Directors,
nine (9) are considered independent directors (82% of the Board of Directors are independent).  Upon election of the nominee
directors at the Meeting, of the nine (9) directors duly elected, seven (7) will be considered independent directors (78% of
the Board of Directors will be independent).

 

The independence of each director is determined
by the Board based on the results of independence questionnaires completed by each director annually and on other information reviewed
on an ongoing basis.

 

Policy regarding Tenure on the Board of
Directors

 

The Board of Directors is committed to a process
of Board renewal and succession-planning for non-executive directors in order to balance the benefits of experience with the need for
new perspectives to the Board while maintaining an appropriate degree of continuity and adequate opportunity for transition of Board and
Board Committee roles and responsibilities. Accordingly, the Corporation adopted on March 30, 2016 a policy regarding the tenure
on the Board of Directors (the "Board Tenure Policy").

 

The Governance and Nomination Committee is responsible
for recommending nominees for election to the Board and, in furtherance of such responsibility, it analyzes the competencies and skills
of existing non-executive directors, oversees an annual director evaluation process, and assesses the current and future needs of the
Board, including the need to comply with the Corporation's Policy regarding the diversity of the Board of Directors (as more fully described
below).

 

In order to assist the Governance and Nomination
Committee and the Board in succession-planning for non-executive directors and appropriate Board renewal, the Board has adopted limits
on Board tenure. Non-executive directors will not be re-nominated for election at an annual meeting after the earlier of the following
has occurred:

 

(a) such
director has served 12 years following the later of (i) March 30, 2016 and (ii) the date on which the director first began
serving on the Board (the "Term Limit"); or

 

(b) such
director has reached the age of 72 years old on or before the date of the annual or special meeting of Shareholders of the Corporation
called in respect of the election of directors (the "Retirement Age"); provided that, for greater certainty, there
should be no expectation that a non-executive director will serve on the Board for the periods contemplated by the Term Limit or until
such director reaches the Retirement Age (collectively the "Board Tenure Limits").

 

    	 	2021 Management Information Circular	71

     

    

 

Notwithstanding the foregoing, the Board Tenure
Limits shall not apply to a non-executive director who has yet to be elected annually for the fifth consecutive time by the Shareholders
in accordance with the Corporation's Majority Voting and Director Resignation Policy. Once a non-executive director has been elected or
re-elected for five (5) times, these Board Tenure Limits apply notwithstanding that such director has continued to receive satisfactory
annual performance evaluations, has needed skills and experience and meets other Board policies or legal requirements for Board service.

 

Exceptionally, on a case-by-case basis and on
the recommendation of the Governance and Nomination Committee, a non-executive director who has reached the Term Limit or the Retirement
Age may be nominated to serve on the Board for up to a maximum of two (2) additional years.

 

In determining whether to make such a recommendation
to the Board, the Governance and Nomination Committee shall consider the following factors, among others:

 

(a) the director
has received positive annual performance assessments;

 

(b) the Governance
and Nomination Committee believes it is in the best interests of the Corporation that the director continues to serve on the Board; and

 

(c) the director
has been re-elected annually by the Corporation's Shareholders in accordance with the Corporation's Majority Voting and Director Resignation
Policy.

 

Notwithstanding the foregoing, the Board retains
full discretion in approving such recommendation by the Governance and Nomination Committee.

 

In addition, directors are expected to inform
the Executive Chair of the Board or the Lead Director of any major change in their principal occupation so that the Board would have
the opportunity to decide the appropriateness of such director's continuance as a member of the Board or of a Board Committee. Directors
are also expected to provide the Executive Chair of the Board or the Lead Director with information as to all boards of directors that
they sit on or that they have been asked to join so as to allow the Board to determine whether it is appropriate for such director to
continue to serve as a member of the Board or of a Board Committee. The Governance and Nomination Committee will apply Board nominee
selection criteria, including directors' past contributions to the Board and availability to devote sufficient time to fulfill their
responsibilities, prior to recommending directors for re-election for another term. A copy of the Board Tenure Policy is available on
the Corporation's website at www.osiskogr.com.

 

Independence of Directors - Majority of
Directors is Independent

 

The Board has approved independence
standards that require that a majority of its directors be independent. The independence of a director is determined in accordance
with Regulation 52-110 or Regulation 58-101 further to voluntary disclosure by each director. Furthermore, the Board of Directors
may determine that a director has no material relationship with the Corporation, including as a partner, Shareholder or officer of
an organization that has a relationship with the Corporation. A "material relationship" is a relationship which could, in
the view of the Board, be reasonably expected to interfere with the exercise of a director's independent judgment and includes an
indirect material relationship. In determining whether a director is independent, the Board applies standards derived from the
Canadian Securities Administrators director independence rules. The Board determines the independence of a director when it approves
director nominees for inclusion in this Circular. Based on the results of independence questionnaires completed by each nominee and
other information, the Board determined that seven (7) of the nine (9) nominees proposed for election as directors have no
material relationship with the Corporation and are, therefore, independent.

 

    	72	2021 Management Information Circular	 

     

    

  

 

The following table indicates the independence
status of each of the nine (9) nominees for election to the Board of Directors:

 

	Name	Independent	Non-Independent	Reason for Non-Independence 
	John R. Baird	✓	 	N/A
	Christopher C. Curfman	✓	 	N/A
	Joanne Ferstman	✓	 	N/A
	W. Murray John	✓	 	N/A
	Pierre Labbé	✓	 	N/A
	Candace MacGibbon	✓	 	N/A
	Charles E. Page	✓	 	N/A
	Sean Roosen	 	✓	Executive Chair of the Board
	Sandeep Singh	 	✓	President and Chief Executive Officer

 

Messrs. Roosen and Singh are non-independent
directors given their respective position as Executive Chair of the Board and President and Chief Executive Officer.

 

Furthermore, in connection with the listing of
the shares of the Corporation on the NYSE on July 6, 2016, the Corporation ensured that at least a majority of its directors satisfied
the director independence requirements under Section 303A.02 of the NYSE corporate governance standards. On an annual basis, the
Board of Directors reviews and determines the independence of each director for both Canadian and U.S. purposes.

 

The NYSE requires the Corporation, as a "foreign
private issuer" that is not required to comply with all of the NYSE's corporate governance standards applicable to U.S. domestic
issuers, to disclose any significant ways in which its corporate governance practices differ from those followed by NYSE listed U.S.
domestic issuers. Except for one practice relating to internal audit function, the differences between the Corporation's practices and
those required by the NYSE rules applicable to U.S. domestic issuers are not significant. The statement of differences can be found
on the Corporation's website at osiskogr.com/en/governance-2/osisko-practices-and-nyse-rules/.

 

Non-Independent Executive Chair of the Board

 

The Board of Directors has been led by Mr. Sean
Roosen since his appointment as Chair of the Board of Directors of the Corporation in April 2014. As part of the RTO Transaction,
Mr. Roosen was appointed as Executive Chair of the Board and Mr. Sandeep Singh was appointed as President and Chief Executive
Officer of the Corporation on November 25, 2020 in order to allow Mr. Roosen to focus on the launch and growth of ODV.

 

The Executive Chair of the Board takes all reasonable
measures to ensure the Board fulfills its oversight responsibilities. The Executive Chair is responsible for the management, the development
and the effective performance of the Board, and provides leadership to the Board for all aspects of the Board's work.

 

In addition to the responsibilities applicable
to all directors, the responsibilities of the Executive Chair of the Board include the following: (a) presiding at all meetings of
the Corporation's shareholders and of the Board; (b) planning and organizing the activities of the Board in consultation with management
including the preparation for, and the conduct of, Board meetings, as well as the quality, quantity and timeliness of the information
that goes to the Board; (c) during Board meetings, encouraging full participation and discussion by individual directors, stimulating
debate, facilitating consensus, and ensuring that clarity regarding decisions is reached and duly recorded; (d) fostering ethical
and responsible decision making by the Board and its individual members; (e) providing advice, counsel and mentorship to the President
and Chief Executive Officer and fellow members of the Board; (f) acting with the Lead Director as principal liaison between the independent
directors and the President and Chief Executive Officer on sensitive issues; (g) ensuring, in cooperation with the President and
Chief Executive Officer and the Board, that there is an effective succession plan in place for the President and Chief Executive Officer
position and the other senior management positions of the Corporation; (h) assisting the President and Chief Executive Officer and
other members of the senior management team in the short and long range planning activities of the Corporation, including the acquisition
and growth strategies; (i) ensuring the achievement, on an annual basis, of the corporate objectives which the management team is
responsible for meeting, for the review and approval by the HR Committee and Board of Directors; (j) in conjunction with the President
and Chief Executive Officer, representing the Corporation before its stakeholders, including shareholders, managers and employees, the
investment community, the industry and the public; (k) undertaking the lead on any corporate governance matter that the Board may
request from time to time; (l) developing and maintaining a good working relationship between the office of the Executive Chair,
the President and Chief Executive Officer and the Board to assure open communication, cooperation, interdependence, mutual trust, respect,
and commonality of purpose; (m) taking steps to foster the Board's understanding of its responsibilities and boundaries with management;
(n) establishing any other procedures to govern the effective and efficient conduct of the Board's work; (o) establishing the
agenda for the meetings of the Board in conjunction with the President and Chief Executive Officer, and ensuring the proper timely flow
of information to the Board sufficiently in advance of the meetings; (p) ensuring minutes of the Board meetings are available in
a timely manner; (q) ensuring Committees of the Board report to the Board on their activities; (r) assisting the Committees
of the Board and Committee Chairs to bring important issues forward to the Board for consideration and resolution; and (s) carrying
out other responsibilities at the request of the Board.

  

 

    	 	2021 Management Information Circular	73

     

    

 

Independent Lead Director of the Board

 

The Board of Directors is led by a non-executive
and independent Lead Director, which contributes to the Board's ability to function independently of Management of the Corporation. Ms. Joanne
Ferstman was appointed to act as the Lead Director and serve on the Board of Directors of the Corporation in April 2014.

 

In addition to the responsibilities
applicable to all directors of the Corporation, the responsibilities of the Lead Director of the Board include the following:
(a) providing leadership to ensure that the Board functions independently of Management of the Corporation and other
non-independent directors; (b) providing leadership to foster the effectiveness of the Board; (c) working with the
Executive Chair to ensure that the appropriate committee structure is in place and assisting the Corporate Governance and Nomination
Committee in making recommendations for appointment to such committees; (d) recommending to the Executive Chair items for
consideration on the agenda for each meeting of the Board; (e) commenting to the Executive Chair on the quality, quantity and
timeliness of information provided by Management to the independent directors; (f) calling, where necessary, the holding of
special meetings of the Board, outside directors or independent directors, with appropriate notice, and establishing agenda for such
meetings in consultation with the other outside or independent directors, as applicable; (g) in the absence of the Executive
Chair, chairing Board meetings, including, providing adequate time for discussion of issues, facilitating consensus, encouraging
full participation and discussion by individual directors and confirming that clarity regarding decision-making is reached and
accurately recorded; in addition, chairing each Board meeting at which only outside directors or independent directors are present;
(h) consulting and meeting with any or all of the independent directors, at the discretion of either party and with or without
the attendance of the Executive Chair, and representing such directors, where necessary, in discussions with Management of the
Corporation on corporate governance issues and other matters; (i) working with the Executive Chair of the Board and the
President and Chief Executive Officer to ensure that the Board is provided with the resources, including external advisers and
consultants to the Board as considered appropriate, to permit it to carry out its responsibilities and bringing to the attention of
the Executive Chair of the Board and the President and Chief Executive Officer any issues that are preventing the Board from being
able to carry out its responsibilities; (j) conducting peer reviews through a process involving meeting with each director
individually; these peer reviews will be conducted to coincide with the formal survey of board effectiveness; (k) ensuring
non-management directors discuss among themselves, without the presence of Management, the Corporation's affairs and
(l) carrying out other responsibilities at the request of the Board.

 

Policy regarding the diversity of the Board
of Directors

 

The Corporation is committed to diversity among
its Board of Directors. On March 30, 2016, the Board adopted a policy regarding the diversity of the Board of Directors (the "Diversity
Policy") relating to candidate selection based on experience and expertise to achieve effective stewardship and management.

 

In an increasingly complex global marketplace,
the ability to draw on a wide range of viewpoints, backgrounds, skills, and experience is critical to the Corporation's success. By bringing
together men and women from diverse backgrounds and giving each person the opportunity to contribute their skills, experience and perspectives
in an inclusive workplace, the Corporation believes that it is better able to develop solutions to challenges and deliver sustainable
value for the Corporation and its stakeholders. The Corporation considers diversity to be an important attribute of a well-functioning
Board, which will assist the Corporation to achieve its long-term goals.

    	74	2021 Management Information Circular	 

     

    

 

The Corporation recognizes that diversity is a
significant aspect of diversity and also acknowledges the important role that women with appropriate and relevant skills and experience
can play in contributing to the diversity of perspective on the Board. Furthermore, the Corporation believes that promotion of diversity
is best served through careful consideration of all of the knowledge, experience, skills and backgrounds of each individual candidate
for director in light of the needs of the Board without focusing on a single diversity characteristic and, accordingly has not adopted
specific Board diversity goals other than the gender representation target. To ensure sound corporate governance, the Governance and Nomination
Committee is guided by the following principles in recommending candidates to the Board of Directors:

 

i) ensuring
that the Board of Directors of the Corporation is composed of directors who possess extensive knowledge, skills and competencies, diverse
points of view, and relevant expertise, enabling them to make an active, informed and positive contribution to the management of the Corporation,
the conduct of its business and the orientation of its development;

 

ii) seeking
a balance in terms of the knowledge and competencies of directors to ensure that the Board of Directors can fulfil its role in all respects;
and

 

iii) To the
extent practicable, seeking directors who represent gender diversity, members of the designated groups (as defined in the Employment
Equity Act), ages, cultural communities, geographic areas and other characteristics of the communities in which the Corporation conducts
its business.

 

The Corporation had set an objective of reaching
40% representation of women of the independent directors of the Board. In order to achieve this goal, the Governance and Nomination Committee
shall:

 

		•	maintain a short list of potential candidates for election to the Board of Directors which list shall
include a majority of women candidates; this list shall take into account that qualified candidates may be found in a broad array of organizations;
		•	periodically assess the effectiveness of the nomination process at achieving the Corporation's diversity
objectives outlined in this Policy; and
		•	in order to support the specific objective of gender diversity, consider the level of representation of
women on the Board and ensure that women were included in the short list of candidates being considered for a Board position.

 

When identifying potential candidates for the
Board of Directors, the Governance and Nomination Committee considers the selection criteria approved by the Board, as well as its analysis
of the Board's needs based on the above criteria. These selection criteria are reviewed periodically.

 

The Diversity Policy is reviewed annually by
the Governance and Nomination Committee to ensure it is effective in achieving its objectives. Any changes to the Diversity Policy as
well as additional diversity achievements will be reported annually in the Corporation's management information circular. A copy of the
Diversity Policy is available on the Corporation's website at www.osiskogr.com.

 

As of the date hereof, Ms. Joanne Ferstman,
Ms. Françoise Bertrand and Ms. Candace MacGibbon represent 27% of the eleven (11) directors or 33% of the independent
Directors.  Upon election of the nominee directors at the Meeting, there will be two (2) women on the Board of Directors or
representing 22% of all Directors (29% of the independent Directors). Pursuant to an investor rights agreement entered into between the
Caisse and the Corporation, the Caisse retains the right to designate one nominee to the Board of Directors of the Corporation, for so
long as the Caisse, together with its affiliates, owns more than 10% of the outstanding Common Shares of the Corporation.

 

Further, the Executive Chair of the Board of the
Corporation has been a member of the "30% Club" since March 2017. The "30% Club" promotes gender balance on boards
to encourage better leadership and governance.  In addition, the "30% Club" also aims to develop a diverse pool of talent
for all businesses through the efforts of its members who are committed to better gender balance at all levels of their organizations.

 

    	 	2021 Management Information Circular	75

     

    

 

 

The Corporation is focused on achieving its objective
of 40% women representation on the Board of Directors, although, no timeline has been set to achieve such objective.  In reach of
such target, the Governance and Nomination Committee will continue to review the Corporation's evergreen list of potential director candidates
and maintain a "short-list" of predominantly female candidates.  Accordingly, the Governance and Nomination Committee is
focused towards adding female representation to the Board of directors in the near term.

 

Policy regarding the diversity in corporate
talent

 

The Corporation is committed to diversity among
its Management team. On November 9, 2016, the Board adopted a policy regarding the diversity in corporate talent (the "Management
Diversity Policy") relating to candidate selection based on merit in order to select the best person to fulfill each position
within the organization. At the same time, the Corporation recognizes that diversity is important to ensure that the profiles of its team
provide the necessary range of perspectives, experience and expertise required to achieve corporate objectives.

 

In an increasingly complex global marketplace,
the ability to draw on a wide range of viewpoints, backgrounds, skills, and experience is critical to the Corporation's success. By bringing
together men and women from diverse backgrounds and giving each person the opportunity to contribute their skills, experience and perspectives
in an inclusive workplace, the Corporation believes that it is better able to develop solutions to challenges and deliver sustainable
value for the Corporation and its stakeholders. The Corporation considers diversity to be an important attribute of a well-functioning
company which will assist the Corporation to achieve its long-term goals.

 

The Corporation recognizes that diversity is a
significant aspect of diversity and acknowledges the important role that women with appropriate and relevant skills and experience can
play in contributing to the diversity of perspective on the Corporation.

 

The purpose of the Management Diversity Policy
is to communicate the importance the Corporation places on the diversity within its organization.

 

The Corporation believes that diversity enriches
discussion and performance of the team in the pursuit of its short and long-term corporate objectives. As part of its strategy to recruit
and maintain a diversified organization, it will:

 

		•	promote diversity within its team, with particular emphasis on gender diversity;
		•	promote the contribution of women to the success of the organization;
		•	assist in the development of women within the organization through training, inside sponsorship and outside
mentoring;
		•	ensure that for every open position within the organization, at least one female be considered as a potential
candidate;
		•	actively participate in internal and external initiatives to promote diversity in
its industry with specific focus on gender diversity;
		•	encourage an awareness in all staff of their rights and responsibilities with regard to fairness, equity
and respect for all aspects of diversity; and
		•	provide work environment that accommodates family and work life balance, while maintaining a high achievement
culture.

 

The Corporation aims to have 25% of officer positions
held by women.

 

The executive team will report annually to the
Governance and Nomination Committee on its diversity program, including:

 

i. gender
distribution of employees;

ii. corporate
participation on initiatives (internal and external) to promote gender diversity; and

iii. current
trends in diversity programs.

 

The Corporation will also report externally on
its performance in the application of diversity programs.

 

The Management Diversity Policy will be reviewed
annually by the Governance and Nomination Committee to ensure it is effective in achieving its objectives. Any changes to the Management
Diversity Policy as well as additional diversity achievements will be reported annually in the Corporation's management information circular.
A copy of the Management Diversity Policy is available on the Corporation's website at www.osiskogr.com.

 

    	76	2021 Management Information Circular	 

     

    

 

 

As of March 22, 2021, one woman was an executive
officer of the Corporation, which represents 16.6% of the executive Management team.

 

Employee Diversity

 

The Board and Management believe that diversity
and inclusion efforts contribute to a culture of performance and enhance decision making at all levels of the organization.

 

Accordingly, the Corporation evaluates its approach
on an ongoing basis to ensure it is responsive to evolving best practices in diversity and inclusion. In its recruiting and staffing efforts,
the Corporation seeks out diversity of gender, background, experience and perspective in order to foster diversity of thought and to build
diverse teams.

 

Among the Corporation, 57% of team members and
67% of managers are women. As for the Corporation's officers, 2 of 7 are woman, which represents 29% of the officers.

 

Although the Corporation has not adopted a formal
target regarding employee diversity, the Corporation monitors the diversity of its workforce on an ongoing basis and when the time comes
to select a candidate for a new position or as a replacement, the Corporation considers the benefit of diversity in its selection criteria.

 

Board's Skills Matrix

 

The Governance and Nomination Committee, together
with the Board Executive Chair, is responsible for determining the needs of the Board in the long-term and identifying new candidates
to stand as nominees for election or appointment as directors.

 

The Board ensures that the skill set developed
by directors, through their business expertise and experience, meets the needs of the Board.

 

The Governance and Nomination Committee reviews
annually the credentials of the members of the Board. The following table exemplifies the current skills that each nominee possesses:

 

  

	NOTES:
	(1)	Financial: Ability to understand: (i) financial statements; (ii) financial controls and measures; (iii) capital markets; and (iv) financing options.
	(2)	Mergers and Acquisitions: Understanding of: (i) capital markets in friendly and unfriendly transactions; (ii) complexity of integration post-business continuation; and (iii) general legal requirements in M&A.
	(3)	Technical/Mining: Understanding of: (i) exploration activities; (ii) mine operations, including risks/challenges/opportunities (mining, milling); (iii) ability to have knowledge of construction/development/planning/scheduling/monitoring of construction/contract administration/forecasting; and (iv) understanding of marketing of metals.
	(4)	Government Relations: Understanding of: (i) legislative and decision-making process of governments; and (ii) experience in dealing with governments (policy-making, lobbying, etc.).
	(5)	International Experience: Consists of: (i) experience in dealing with different legislative and cultural environments; (ii) understanding foreign legislative process; and (iii) understanding opportunities and risk in non-Canadian jurisdictions.
	(6)	Governance: Understanding of (i) the requirements/process for oversight of management; (ii) various stakeholder requirements; and (iii) evolving trends with respect to governance of public companies.
	(7)	Human Resource: Ability to: (i) review management structure for large organization; (ii) develop/assess/monitor remuneration packages (salary, benefits, long-term and short-term incentives); and (iii) understand how to motivate people.
	(8)	Sustainability: Understanding of (i) environmental risks in the mining industry; (ii) government regulations with respect to environmental, health & safety; and (iii) understanding of and experience in community relations and stakeholder involvement.
	(9)	Management: Ability to plan, operate and control various activities of a business.
	(10)	Information Security Risk Management: Ability to manage risks associated with the use of information technology, involving identifying, assessing, and treating risks to the confidentiality, integrity and availability of Corporation's assets.

    	 	2021 Management Information Circular	77

     

    

 

 

Other Directorships

 

As part of its business model and in connection
with its strategic investments made in other companies, either by acquiring equity interests, purchasing royalties, royalty options or
otherwise, the Corporation generally expects from its directors and officers to be actively involved within such associate companies,
which may include becoming a member of the board of directors of such associate companies. The Corporation acknowledges that a director
or an officer serving on too many public boards of directors might be "overboarded". Consequently, all directors and officers
of the Corporation must submit to the Governance and Nomination Committee any offer to join an outside board of directors in order to
ensure that any additional directorship would not impair the ability to adequately fulfill the responsibilities assigned to the directors
and officers of the Corporation.

 

As a general guideline, the Governance and Nomination
Committee of the Corporation will consider that a director or officer of the Corporation should be regarded as "overboarded"
if that person:

 

(a) has attended
fewer than 75% of the Corporation's Board and Committee meetings held within the past year without a valid reason for the absences;

 

	and	

 

	(b)	

 

(i) if that
person is President and Chief Executive Officer of a company, that person sits on more than two (2) outside public company board,
in addition to the Corporation; or

 

(ii) if that
person is not President and Chief Executive Officer of a company, that person sits on more than five (5) public company boards, in
addition to the Corporation.

 

In determining what is an "outside
public company board", the Governance and Nomination Committee specifically excludes associate companies for the reason that
becoming a director of such companies is crucial in order to oversee and supervise the Corporation's investment in such associate
companies. This representation allows the Corporation to protect its Shareholders' interests.

 

Furthermore, the President and Chief Executive
Officer's position description as amended in November 2015, includes that, as part of the duties of the President and Chief Executive
Officer of the Corporation, he shall, as applicable (i) become a member of the board of directors of such associate companies or
(ii) delegate such duty to an officer of the Corporation.

 

The table below sets forth the name of each nominee
director of the Corporation who is currently a director of another organization that is a reporting issuer, as also described under the
section entitled "Election of Directors" in this Circular:

 

    	78	2021 Management Information Circular	 

     

    

 

	Nominee	Other Reporting 

Issuers	Industry Classification	Market and Stock Symbol	Board Committee

 Membership
	John R. Baird	Canfor Corporation	Paper and forest products	TSX — CFP	Joint Environmental, Health and Safety Committee - Member

Joint Capital Expenditure Committee - Member

Joint Corporate Governance Committee - Member
	Canfor Pulp Products Inc.	Paper and forest products	TSX — CFX	Joint Environmental, Health and Safety Committee - Member

Joint Capital Expenditure Committee - Member

Joint Corporate Governance Committee - Member
	Canadian Pacific Railway Limited	Transportation and environmental services	TSX/NYSE — CP	
    Corporate Governance and Nomination Committee - Member

    Risk and Sustainability Committee - Member

	Canadian Pacific Railway Company	Transportation and environmental services	NYSE/London — CPRY	—
	Christopher C. Curfman	None
	Joanne Ferstman	Dream Unlimited Corp.	Real Estate Company	TSX — DRM	
    Chair of the Board

    Audit Committee - Chair

    Organization, Design and Culture Committee - Member

    Leaders and Mentors Committee - Member

	Cogeco Communications Inc.	Communications and Media	TSX — CCA	Audit Committee - Chair

Strategic Opportunities Committee  - Member
	ATS Automation Tooling Systems Inc.	

                                                                                Industrial products - fabricating and engineering
	TSX — ATA	Audit and Finance Committee - Chair

Human Resources Committee - Member
	ODV

(A subsidiary held at approximately 75% by the Corporation)	Mining Company	TSX-V — ODV	Audit and Risk Committee - Member

Human Resources Committee - Member
	
    W. Murray John

     
	Discovery Metals Corp.	Mining Company	TSX-V — DSV	Chair of the Board

Audit Committee - Member

Compensation Committee - Member

Nominating and Governance Committee - Member
	O3 Mining Inc.	Mining Company	TSX-V — OIII	
    Lead Director

    Health, Safety and CSR Committee - Member

    Nominating and Governance Committee - Member

	Prime Mining Corp.	Mining Company	TSX-V — PRYM

OTCQB — PRMNF

FRANKFURT — A2PRDW	
    Chair of the Board

    Audit Committee - Member

    Health, Safety and Sustainability Committee - Member

	Pierre Labbé	None
	Candace MacGibbon	INV Metals Inc.	Mining Company	TSX — INV	—
	Nickel 28 Capital Corp. (Conic Metals Corp.)(1)	Mining Company	TSX-V — NKL	Audit Committee - Member
	Charles E. Page	Unigold Inc.	Mining Company	TSX-V — UGD	Audit Committee - Member

Compensation Committee - Member

Corporate Governance and Nominating Committee - Member

Technical Committee - Member
	ODV

(A subsidiary held at approximately 75% by the Corporation)	Mining Company	TSX-V — ODV	Lead Director

Human Resources Committee - Member

Governance and Nomination Committee - Member
	Sean Roosen	ODV

(A subsidiary held at approximately 75% by the Corporation)	Mining Company	TSX-V — ODV	Chair of the Board

Environmental and Sustainability Committee - Member
	Osisko Mining - Associate company	Mining Company	TSX — OSK	—
	Victoria Gold Corp.	Mining Company	TSX — VGCX	Compensation Committee - Member

Technical Committee - Member
	Sandeep Singh	None

 

NOTE:

 

(1) Ms. MacGibbon
will not stand for re-election for the Nickel 28 Capital Corp. (formerly Conic Metals Corp.) board of directors, which term is expected
to terminate in 2021.

 

    	 	2021 Management Information Circular	79

     

    

 

 

Interlocking Directorships

 

As of the date of the Circular, there are no interlocks
of the independent director nominees serving on the compensation or equivalent committee or board of directors of another reporting issuer
which has any executive officer or director serving on the HR Committee or Board of Directors of the Corporation. However, there are a
number of interlocking relationships, namely: Ms. Joanne Ferstman, Messrs. Roosen and Page whom serve on the board of directors
of ODV. The Board and the Governance and Nomination Committee assessed the interlock and determined that there was no conflict or other
concerns for the Corporation over the independence of these directors since ODV is a subsidiary and is not a competitor of the Corporation.

 

Independent Directors Meetings

 

The independent directors do not hold regularly
scheduled meetings at which non-independent directors and members of Management are not in attendance. However, where deemed necessary
by the independent directors, the independent directors do hold in-camera sessions exclusive of non-independent directors and members
of Management, which process facilitates open and candid discussion amongst the independent directors. A private session is included in
every agenda of every board and committee meeting.

 

Related Party Transactions

 

As part of our year-end procedures, management
distributes a detailed questionnaire to each member of the Board and the officers of the Corporation in order to inquire as to their knowledge
of any related party transaction. Accordingly, the Corporation's internal audit procedures include: (i) distributing a detailed questionnaire
to all directors and officers of the Corporation; (ii) identification and coding of related party transactions; (iii) reviewing
the Corporation's current related parties and associated transactions (as applicable); (iv) disclosures from Board members and officers
regarding their ownership of other entities; (v) participation on additional Boards and previous employment history; (vi) analyzing
the results received; and (vii) the Corporation has established guidelines to assist its accounting personnel to determine whether
a supplier qualifies as a related party.

 

In addition, the Corporation has investments in
associates over which the Corporation has significant influence.  Accordingly, when assessing whether the Corporation exercises significant
influence or not over such associates, Management evaluates a number of key factors, namely:

 

		•	Equity interest held by the Corporation;
		•	Officer or director role occupied by an officer and/or director of the Corporation;

		•	Importance of roles such as Chief Executive Officer or Chair of the Board of Directors; and
		•	Material/significant transactions with the associate.

 

A report on related party transactions disclosed
annually by directors and officers is provided to the Audit and Risk Committee for review and consideration.

 

Record of Attendance

 

During the 2020 financial year, the Board of
Directors held 17 meetings, the Audit and Risk Committee held 7 meetings, the HR Committee held 7 meetings, the Governance and
Nomination Committee held 4 meetings and the Environmental and Sustainability Committee 3 meetings. Overall the combined director
attendance at meetings of the Board and its standing Committees was 96%. A record of attendance of each director at Board and
Committee meetings held for the financial year ended on December 31, 2020 is set out under heading "2020 Board and
Committee Attendance Record" of this Circular.

 

    	80	2021 Management Information Circular	 

     

    

 

 

Board Mandate

 

The Corporation's Board is responsible for approving
long-term strategic plans and annual operating plans and budgets recommended by Management. The Corporation's Board's consideration and
approval is also required for material contracts and business transactions, and all debt and equity financing transactions. The Corporation's
Board delegates to Management responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans,
carrying on the Corporation's business in the ordinary course, managing the Corporation's cash flow, evaluating new business opportunities,
recruiting staff and complying with applicable regulatory requirements. The Corporation's Board also looks to Management to provide recommendations
respecting corporate objectives, long-term strategic plans and annual operating plans. The Corporation's Board has a written mandate governing
its operation, a copy of which is attached in this Circular as Schedule "A".

 

The following figure illustrates the dynamic between the Board, the Committees of the Board, the Shareholders of the Corporation and independent
auditors.

 

 

 

Position Descriptions

 

The Board has developed written position descriptions
for the Executive Chair of the Board and the Chairs of the Board Committees, as well as one for the Lead Director and the President and
Chief Executive Officer. Such position descriptions can be found on the Corporation's website at www.osiskogr.com.

 

Orientation and Continuing Education

 

To facilitate the process of the orientation of
new directors and to provide easily access documentation to current directors, the Corporation has developed a Directors' Handbook. This
reference guide provides information related to:

 

i. The Corporation
and its activities;

ii. Structure
of assets (royalties, streams and offtakes);

iii. Strategic
plan;

iv. Corporate
policies;

v. Information
on the mining industry and royalty business;

vi. Site
visits;

vii. Board
and Committee Charters; and

viii. Information
on directors and officers of the Corporation.

 

    	 	2021 Management Information Circular	81

     

    

 

Throughout the year, the Board and Committee Members
receive formal presentations by Management and external advisors, and are provided documentation from various advisors and consultants
on various topics, including:

 

		•	Mineral royalty sector;
		•	Commodity prices;
		•	Mining industry opportunities and risks;
		•	Current governance issues;
		•	Talent management;
		•	Economic forecasts;
		•	Mining company performance;
		•	Reports on the Corporation by investment dealer analysts;
		•	Feedback from institutional and retail Shareholders;
		•	New developments in financial accounting and reporting controls;
		•	Financial reporting and risks; and
		•	Updates on political matters.

 

Furthermore, the Corporation is a corporate member
of the Institute of Corporate Directors ("ICD") and each member of the Board of Directors receive educational material
from the ICD and may attend their conferences. The fees for attending conferences and educational sessions are reimbursable by the Corporation.

 

Listed below are education events attended or
presented by directors of the Corporation during the year:

 

	Director	Month	Topic
	John Burzynski:	 	 
	Speaker	02/2020	BMO Capital Markets Conference - Global Metals & Mining
	Attendee	03/2020	PDAC Conference
	Speaker	09/2020	Denver Gold Forum Americas
	Joanne Ferstman:	 	 
	Speaker	2020	Hugessen - Compensation
	Attendee	2020	Compensation - ICD
	Attendee	2020	COVID-19 and Economy - Osler
	Attendee	2020	TD Securities - Ben Bernanke Interview
	Attendee	2020	Real Estate Industry Forum - CPAB
	Attendee	2020	Cybersecurity - Cogeco
	Pierre Labbé:	 	 
	Attendee	04/2020	International Financial Reporting Standards - PricewaterhouseCoopers Update on financial information from the first quarter: Spotlight on the impact of the COVID-19 pandemic
	Attendee	04/2020	Accounting and Presentation of financial information - International Financial Reporting Standards; Update on the presentation of financial information
	Attendee	05/2020	International Financial Reporting Standards - IFRS reporting implications of COVID-19 pandemic - Grant Thornton
	Attendee	06/2020	International Financial Reporting Standards - Financial Reporting Update PricewaterhouseCoopers
	Attendee	07/2020	Professional Ethics - Ethical behavior - Ethics for the CFO Role
	Attendee	07/2020	Information Security - Trend in information and practices related to cybersecurity
	Attendee	09/2020	Governance - The "raison d'être" of companies: Towards a new model of shareholder governance and stakeholders
	Attendee	10/2020	Accounting and Presentation of financial information - International Financial Reporting Standards; Update on the presentation of financial information for the third quarter
	Attendee	10/2020	Operational Management and Administration - CPA 2020 Meeting
	Attendee	11/2020	Governance - 18th Annual Disclosure and Governance Seminar, McCarthy Tetrault
	Attendee	12/2020	International Financial Reporting Standards - Fourth Quarter Financial Reporting Update, PricewaterhouseCoopers

 

    	82	2021 Management Information Circular	 

     

    

 

 

	Director	 	Month	 	Topic
	Sean Roosen:	 	 	 	 	 
	Speaker	 	 	01/2020	 	CIBC Conference - Royalty Presentation
	Speaker	 	 	01/2020	 	TD Conference - Corporate Presentation
	Speaker	 	 	02/2020	 	BMO Conference - Corporate Presentation
	Attendee	 	 	03/2020	 	PDAC Conference
	Speaker	 	 	04/2020	 	Grit Capital's MASTERS OF MINING
	Speaker	 	 	05/2020	 	BoAML Conference - Royalty Presentation
	Speaker	 	 	07/2020	 	Sprott Natural Resource - Living Legend Panel
	Speaker	 	 	08/2020	 	Crux Investor Channel - The Best Royalty Company in the World
	Attendee	 	 	09/2020	 	Precious Metal Summit
	Speaker	 	 	09/2020	 	Mines and Money Connect
	Speaker	 	 	09/2020	 	Eight Capital 2020 Virtual Precious Metals Symposium
	Speaker	 	 	09/2020	 	Denver Gold Forum
	Speaker	 	 	09/2020	 	6is Webinar Save Canadian Mining - Capital Markets Insights for the Pandemic Part 2: Monetary Metals
	Speaker	 	 	12/2020	 	Zurich Event - Corporate Presentation
	Sandeep Singh:	 	 	 	 
	Speaker	 	 	09/2020	 	RBC Mining Conference - Fireside Chat
	Speaker	 	 	11/2020	 	NBC Mining Conference - Royalty Q&A
	Speaker	 	 	11/2020	 	Cambridge Precious Metal Summit - Interview Q&A
	Speaker	 	 	11/2020	 	Scotia Mining - Corporate Presentation
	Speaker	 	 	12/2020	 	Zurich Event - Corporate Presentation

 

Ethical Business Conduct 

 

The Board has adopted a Code of Ethics (the "Code
of Ethics") applicable to all of its directors, officers and employees.

 

The Code of Ethics communicates to directors,
officers and employees' standards for business conduct in the use of Osisko time, resources and assets, and identifies and clarifies proper
conduct in areas of potential conflict of interest. Each director, officer and employee is provided with a copy of the Code of Ethics
and is asked to sign an acknowledgement that the standards and principles of the Code of Ethics will be maintained at all times on Osisko
business. The Code of Ethics is designed to deter wrongdoing and promote: (a) honest and ethical conduct; (b) compliance with
laws, rules and regulations; (c) prompt internal reporting of Code of Ethics violations; and (d) accountability for adherence
to the Code of Ethics. Violations from standards established in the Code of Ethics, and specifically under internal accounting controls,
are reported to the Vice President, Finance and Chief Financial Officer or to the Vice President, Legal Affairs and Corporate Secretary
and can be reported anonymously. The Vice President, Finance, Chief Financial Officer and the Vice President, Legal Affairs and Corporate
Secretary will report to the Audit and Risk Committee who will report to the Board any reported violations at least quarterly, or more
frequently depending on the specifics of the reported violation.

 

The Executive Chair of the Board and the President
and Chief Executive Officer and the Governance and Nomination Committee are responsible for promoting a corporate culture, which supports
the highest of ethical standards, encourages personal integrity and assumes social responsibility.

 

The Corporation will adopt, from time to time,
policies and guidelines relating to ethics that apply to all directors, officers and employees of the Corporation. The Corporation's Code
of Ethics will be reviewed on an annual basis as well as adherence thereto.

 

The Code of Ethics is distributed to and signed
by each of the Corporation's employees when they are hired. Directors, officers and designated employees are required, on an annual basis,
to declare their commitment to abide by the Corporation's Code of Ethics. Management of the Corporation reports annually to the Governance
and Nomination Committee all non-compliance statements so disclosed by directors, officers and designated employees.

 

The Corporation's Code of Ethics provides that
directors, officers and employees must avoid conflicts of interest, both real and perceived. In practice, should a director have a material
interest or be otherwise in conflict of interest as regards a transaction or agreement considered by the Board, he must disclose his conflict
of interest and withdraw from any discussions, assessment or decision related to the particular transaction or agreement.

 

In the event any transactions or agreements are
contemplated in respect of which a director or Executive Officer has a material interest, the matter must be initially reviewed by the
Audit and Risk Committee and is then submitted to the Board of Directors. The Board may implement any measures that it finds necessary
in order to ensure the exercise of independent judgment. In the event a director has a material interest in any transaction or agreement,
such director will abstain from voting in that regard.

 

In addition, the Board has established under the
Corporation's Internal Whistle Blowing Policy, a process for the receipt and treatment of all complaints concerning accounting, internal
accounting controls, auditing or related matters submitted by any employee, including procedures for the confidential anonymous submissions
by employees of concerns regarding said matters. To help in this process, the Corporation established an Ethics Line, which is a phone
and Internet-based reporting system (1-844-687-8700 or ethics@osiskogr.com). All communications
are forwarded directly to the Chair of the Audit and Risk Committee and to the Vice President, Legal Affairs and Corporate Secretary.

 

    	 	2021 Management Information Circular	83

     

    

 

There has been no material change reports filed
that pertain to any conduct of a director or Executive Officer that constitutes a departure from the Code of Ethics.

 

In 2019, the Board of Directors adopted, following
recommendations of the HR Committee, a policy on the prevention of psychological or sexual harassment in the workplace and the handling
of complaints (the "Harassment Policy").  The Corporation does not tolerate nor accept any form of psychological
or sexual harassment. The Harassment Policy is intended to prevent and put an end to any situation of psychological or sexual harassment
in its business, including any form of discriminatory harassment.  The Harassment Policy also provides for intervention measures
applicable to harassment complaints filed or situations of harassment reported to the Corporation. All communications are forwarded directly
to the Executive Chair of the HR Committee, the Vice President, Legal Affairs and Corporate Secretary and the Manager, Tax.

 

Through the above-noted methods, the Board encourages
and promotes a culture of ethical business conduct. In addition, the directors, officers and employees of the Corporation are expected
to act and to hold their office within the best interests of the Corporation. The Corporation expects that all directors shall act in
compliance of all laws and regulations applicable to their office as director of the Corporation.

 

Environmental, Social and Governance Matters

 

In June 2020, the Corporation enhanced its
environmental, social and governance ("ESG") efforts by forming the Environmental and Sustainability Committee. This
new committee is exclusively focused on ESG related topics, including but not limited to, reviewing the Corporation's investment due diligence
process as it relates to ESG matters, considering corporate environmental policies and broader stakeholder relations, and providing oversight
for communication of sustainability matters.

 

Although the Corporation is not actively involved
in the exploration, development or operation of mining projects on which it owns a stream or a royalty, the Corporation's strategy to
mitigate ESG risks consists of evaluating the risk factors related to a mining asset before making an investment and by closely monitoring
an asset's performance post transaction.  The Corporation is committed to promoting sustainable development through its investments
and applies strict responsibility guidelines across all of its business decisions.  Accordingly, since August 2020, the Environmental
and Sustainability Committee has worked closely with Management on delivering its inaugural ESG report.  As part of the Corporation's
ongoing efforts to increase disclosures and transparency, and help make the Corporation's strategy on ESG matters more widely known and
understood, the Corporation has delivered an inaugural ESG report, which was adopted on March 29, 2021 by the Board of Directors,
following recommendations of the Environmental and Sustainability Committee.  A copy of the Corporation's 2020 ESG report is now
available on the Corporation's website at www.osiskogr.com. 

 

Committees of the Board

 

The Board has established four (4) standing
committees, namely: the Audit and Risk Committee, the Governance and Nomination Committee, the Human Resources Committee and the Environmental
and Sustainability Committee. Following is a description of the authority, responsibilities, duties and function of such committees.

 

Governance and Nomination Committee

 

The Governance and Nomination Committee is responsible
for the monitoring of the Corporation's corporate governance and nomination matters.

 

The Governance and Nomination Committee has
the general mandate to (i) consider and assess all issues that may affect the Corporation in the areas of corporate governance
and nomination generally; (ii) recommend actions or measures to the Board to be taken in connection with these two
(2) areas; and (iii) monitor the implementation and administration of such actions or measures, or of corporate policies
and guidelines adopted by regulatory authorities or the Board with respect to said two (2) areas. The Chair of the Governance
and Nomination Committee is also responsible to conduct the Corporation's outreach program toward Shareholders and stakeholders.

 

    	84	2021 Management Information Circular	 

     

    

  

Corporate governance practices determine the process
and structure used to manage and run the internal and commercial business of the Corporation with a view to preserving its financial and
operational integrity, complying with all applicable rules in general and increasing its value to Shareholders.

 

As regards corporate governance matters, the Governance
and Nomination Committee is responsible for establishing practices which must be followed and should be in line with corporate governance
rules and guidelines in effect from time to time as adopted by relevant authorities. The Governance and Nomination Committee is also
responsible for recommending to the Board new candidates for director and to assist the Board in the assessment of the performance of
senior officers, of the Board and its committees and of individual directors.

 

The Governance and Nomination Committee met four
(4) times during the most recently completed financial year. Since June 22, 2020, the Governance and Nomination Committee is
composed of the following four (4) independent directors:

 

				
	Pierre Labbé (Chair)	John R. Baird	Françoise Bertrand	Christopher C. Curfman

 

Work Performed by the Governance and Nomination
Committee

 

The following summarizes the work highlights performed
by the Governance and Nomination Committee in 2020 and beginning of 2021:

 

		•	reviewed and recommended approval by the Board of Directors of the 2020 management information circular;

 

		•	reviewed the 2020 Shareholder voting rights results;

 

		•	reviewed and approved the Board assessment questionnaire and assessment process;

 

		•	reviewed Management's practices in maintaining open and transparent communications with the Board;

 

		•	reviewed the skills matrix of the members of the Board;

 

		•	reviewed the Corporation's disclosure on regulatory filings to assess any potential conflict and related
party transactions;

 

		•	reviewed the directors' 2020 education program;

 

		•	reviewed and recommended to the Board to approve the amended position descriptions of the Executive Chair
of the Board, the Lead Director, the Committee Chairs and the President and Chief Executive Officer;

 

    	 	2021 Management Information Circular	85

     

    

 

 

		•	reviewed and recommended to the Board to approve changes the Charters of the Governance and Nomination
Committee and that of the Board;

 

		•	reviewed and approved the Governance and Nomination Committee Annual Work Program;

 

		•	reviewed and recommended to the Board to approve changes to the Code of Ethics, the Majority Voting and
Director Resignation Policy, the Securities Trading Policy, the Diversity Policy, the Policy regarding Tenure on the Board of Directors,
the Policy regarding the diversity in corporate talent and the Disclosure Policy;

 

		•	reviewed and recommended to the Board to approved the amended the securities ownership guidelines;

 

		•	reviewed the Board self-assessment and evaluation;

 

		•	reviewed and recommended to the Board the appointment of Messrs. Baird, John and Singh and Ms. MacGibbon;

 

		•	reviewed the list of directorship of public companies held by members of Management of the Corporation
as representative of the Corporation;

 

		•	reviewed the Corporation's governance practices, including Board tenure, independence, overboarding and
conflict of interest procedures;

 

		•	reviewed the composition of the Board and its Standing Committees;

 

		•	reviewed Management's relationship with the Board of Directors as well as the effectiveness the Corporation's
Management organization structure; and

 

		•	reviewed the evergreen list of candidates for election to the Board and recommended a "short list"
of candidates.

 

Audit and Risk Committee

 

The Audit and Risk Committee meets regularly in
order to assist the Board of Directors in fulfilling its oversight responsibilities with respect to the following: (i) in its oversight
of the Corporation's accounting and financial reporting principles and policies and internal audit controls and procedures; (ii) in
its oversight of the integrity and transparency of the Corporation's financial statements and the independent audit thereof; (iii) in
selecting, evaluating and, where deemed appropriate, replacing the external auditors; (iv) in evaluating the independence of the
external auditors; (v) in its oversight of the Corporation's risk identification, assessment and management program; and (vi) in
the Corporation's compliance with legal and regulatory requirements in respect of the above.

 

The function of the Audit and Risk Committee is
to provide independent and objective oversight. The Management of the Corporation is responsible for the preparation, presentation and
integrity of the Corporation's financial statements. Management is responsible for maintaining appropriate accounting and financial reporting
principles and policies and internal controls and procedures that provide for compliance with accounting standards and applicable laws
and regulations. The external auditors are responsible for planning and carrying out a proper audit of the Corporation's annual financial
statements and other procedures. In fulfilling their responsibilities hereunder, it is recognized that members of the Audit and Risk Committee
are not full-time employees of the Corporation and are not, and do not represent themselves to be, accountants or auditors by profession
or experts in the fields of accounting or auditing including in respect of auditor independence. As such, it is not the duty or responsibility
of the Audit and Risk Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures
or to set auditor independence standards, and each member of the Audit and Risk Committee shall be entitled to rely on (i) the integrity
of those persons and organizations within and external to the Corporation from which it receives information, (ii) the accuracy of
the financial and other information provided to the Audit and Risk Committee by such persons or organizations absent actual knowledge
to the contrary (which shall be promptly reported to the Board of Directors) and (iii) representations made by Management as to non-audit
services provided by the auditors to the Corporation.

 

The Board has adopted the Audit and Risk Committee
Charter, mandating the role of the Audit and Risk Committee in supporting the Board in meeting its responsibilities to Shareholders.

    	86	2021 Management Information Circular	 

     

    

 

The Audit and Risk Committee met seven (7) times
during the most recently completed financial year. Since June 22, 2020, the Audit and Risk Committee is composed of the following
four (4) independent directors:

 

	 			
	Joanne Ferstman (Chair)	W. Murray John	Pierre Labbé	Charles E. Page

 

Information Security Risk Oversight and Management

 

All members of the Audit and Risk Committee are
independent and knowledgeable about information security risk management.  Management provides a report on information technology
security, including cyber risks, data security, increased risks due to the COVID-19 pandemic, ongoing staff training, mitigation and resilience
to the Audit and Risk Committee at each of its quarterly meetings.  Two (2) Directors have information security experience. 
In the last three years, there have been no occurrences of security breach that generated expenses nor has there been expenses incurred
from information security breach penalties and settlements. In addition, the Corporation has not experienced an information security breach
in the last three years.  The Corporation is currently evaluating the possibility of entering into an information security risk insurance
policy.  Since the Corporation is listed on the New York Stock Exchange and is subject to Sarbanes-Oxley Act of 2002 ("SOX")
reporting requirements, the Corporation's systems are part of the annual SOX audit performed by the Corporation's auditors as well as
an independent specialized firms are engaged to conduct specific procedures on our information security systems.

 

Work Performed by the Audit and Risk Committee

 

The following summarizes the work highlights performed
by the Audit and Risk Committee in 2020 and beginning of 2021:

 

		•	reviewed the Audit and Risk Committee Charter;

 

		•	reviewed and approved the Audit and Risk Committee Annual Work Program;

 

		•	reviewed Management's report on the Corporation's Risk Evaluation Review for the year 2020 with quarterly
updates;

 

		•	reviewed Management's report on impairment of assets;

 

		•	reviewed and approved the Corporation's auditors' Audit Plan;

 

		•	reviewed the Corporation's internal audit function;

 

		•	reviewed and recommended approval by the Board of Directors of proposed changes to the Corporation's Investment
Policy, Delegation of Authority Policy and the U.S. Dollar Hedging Policy;

 

		•	reviewed the Corporation's financial group review for development and succession planning;

 

		•	reviewed policy on procedures for approval of audit and non-audit services by external auditor and approve
their fees;

 

		•	reviewed the Corporation's review process in determining related party transactions;

 

		•	reviewed and recommended approval by the Board of Directors of the consolidated financial statements,
management's discussion and analysis and press releases for the year 2020;

 

		•	reviewed and recommended approval by the Board of Directors of the quarterly financial statements, management's
discussion and analysis and press releases related thereto;

 

		•	monitored compliance requirements with the Securities and Exchange Commission, including the Sarbanes-Oxley
Act of 2002, and the New York Stock Exchange;

 

    	 	2021 Management Information Circular	87

     

    

 

 

		•	considered and recommended to the Board of Directors the appointment of the auditors of the Corporation;

 

		•	reviewed the efficiency of the Audit and Risk Committee;

 

		•	reviewed the Corporation's internal controls and compliance certifications on a quarterly basis;

 

		•	reviewed and approved audit and non-audit work fees;

 

		•	reviewed the Corporation's report on cash management;

 

		•	reviewed the Corporation's Information Technology related activities;

  

		•	reviewed the Corporation's insurance coverage;

 

		•	reviewed the Corporation's tax matters;

 

		•	reviewed the Corporation's accounting policies;

 

		•	received documentation provided by Management on continuing education;

 

		•	reviewed and recommended to the Board to approve the carve-out financial statements and management's discussion
and analysis for the respective financial periods, the pro forma financial statement of ODV and audited interim condensed financial statements
of Barkerville;

 

		•	reviewed and monitored whistle blowing and litigation matters; and

 

		•	met (in camera) with the Auditors of the Corporation on a quarterly basis.

 

Additional reference is made to the Section entitled
 "Audit and Risk Committee" of the Corporation's Annual Information Form ("AIF") that contains the
information required by section 5.1 of Form 52-110F1 of Regulation  52-110. The Corporation's AIF is available on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov, and a copy of same will be provided free of charge, upon request,
to any Shareholder of the Corporation.

 

Human Resources Committee

 

The HR Committee is responsible for approving
compensation objectives and the specific compensation programs for policies and practices of the Corporation on matters of remuneration,
succession planning, human resources recruitment, development, retention and performance evaluations, which policies are developed and
implemented in conformity with the Corporation's objectives with the view to attracting and retaining the best qualified management and
employees. The HR Committee is responsible for recommending, monitoring and reviewing compensation programs for senior executives. 
It is also responsible to oversee treatment of complaints received pursuant to the Policy on the prevention of psychological or sexual
harassment in the workplace and the handling of complaints.

 

The HR Committee met seven (7) times during
the most recently completed financial year. Since June 22, 2020, the HR Committee is composed of four (4) independent directors:

 

	 	 		
	Françoise Bertrand

(Chair)	Christopher C. Curfman	Joanne Ferstman	Pierre Labbé

 

    	88	2021 Management Information Circular	 

     

    

 

The work performed by the HR Committee is disclosed
under heading "Work Performed by the Human Resources Committee" of this Circular.

 

Environmental and Sustainability Committee

 

In June 2020, the mandate of the Human Resources
and Sustainability Committee was divided between two standing Committees of the Board, namely the Human Resources Committee and the newly
formed Environmental and Sustainability Committee. The Environmental and Sustainability Committee is responsible for overseeing environmental,
sustainable and corporate responsibility/governance matters consistent with corporate objectives and stakeholders' expectations. 
Given that the Corporation does not conduct physical operations, its mandate is focused on obtaining information from operating companies
in which it has an interest or which operates properties underlying the Corporation's assets, which enables the Corporation to protect
its interests by monitoring the ESG performance of such operating companies.  As such, the Environmental and Sustainability Committee
has the general mandate to (i) consider and evaluate the Corporation's own ESG matters; (ii)  obtain, when possible, confirmation,
from such operating companies that they comply with applicable laws; have developed and implemented appropriate ESG policies and procedures
for their operations, including by implementing corporate policies, guidelines and procedures required to comply with laws and address
widely accepted ESG matters; and (iii)  recommend to the Board the steps to be taken in connection with these matters.

 

The Environmental and Sustainability Committee
met three (3) times during the most recently completed financial year. Since June 22, 2020, is composed of three (3) independent
directors:

 

	 	
    

     
	
	W. Murray John

(Chair)	John R. Baird	Charles E. Page

 

Work Performed by the Environmental and
Sustainability Committee

 

The following summarizes the work highlights performed
by the Environmental and Sustainability Committee in 2020 and beginning of 2021:

 

		•	reviewed and recommended to the Board to approve the Environmental and Sustainability Committee Charter;

 

		•	reviewed and approved the Environmental and Sustainability Committee Annual Work Program;

 

		•	reviewed Management's timeline for the preparation and inaugural launch of its first ESG report; the Environmental
and Sustainability Committee also reviewed a draft thereof last fall;

 

		•	reviewed the Corporation's environmental, social and governance goals, timeline and steps to determine
its objectives; and

 

		•	received a presentation on ESG disclosure workstream from an consultant.

 

Nomination of Directors

 

In consultation with the Executive Chair of
the Board, the Governance and Nomination Committee annually reviews the competencies and skills the members of the Board should
possess as well as the skills, areas of expertise, background, independence and qualifications credentials of nominees for election
or re-election as members of the Board of Directors. If vacancies occur on the Board, the Governance and Nomination Committee would
recommend nominees to the Board, consider their qualifications, the validity of the credentials underlying each nomination, and, for
nominees who are already directors of the Corporation, an evaluation of their effectiveness and performance as members of the Board
of Directors, including their attendance at Board and Committee meetings. The use of a skills matrix is also an additional tool in
recommending nominees to the Board of Directors. The Board's current skills matrix is set out under heading "Board's
Skills Matrix" of this Circular.

 

The Governance and Nomination Committee maintains
a list of potential director candidates for planned and unforeseen vacancies through an evergreen diversified list, which is comprised
of a majority of women candidates.

 

Board Assessment

 

A detailed questionnaire is distributed annually
to each member of the Board in order to enable individual directors to provide feedback on the effectiveness of the Board and its standing
Committees as well as the contribution of each member. As part of the assessment process review, each Board member will assess the performance
of the respective Committees of the Board.

 

    	 	2021 Management Information Circular	89

     

    

 

 

In addition, the results of the questionnaires
are compiled by the Assistant Corporate Secretary and reviewed by the Vice President, Legal Affairs and Corporate Secretary and thereafter
provided to the Lead Director, the Chair of the Governance and Nomination Committee and the President and Chief Executive Officer of
the Corporation.  The Lead Director may decide to contact each director and to conduct a confidential one-on-one meeting to discuss
the results and any issues arising from the performance assessments.  Following the evaluation process, the compiled results are
provided to the members of the Governance and Nomination Committee and the members of the Board for discussion at the year-end meetings. 

 

The Governance and Nomination Committee assesses
the operation of the Board and its standing Committees, the adequacy of information given to directors, communication between the Board
and Management, the Board size and overall skills. The Governance and Nomination Committee also recommends changes to the Board in order
to enhance its performance based on the survey feedback.

 

INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS

 

Since January 1st, 2020, no director
or executive officer of Osisko, or Shareholder who beneficially owns, or controls or directs, directly or indirectly, more than 10% of
the outstanding Common Shares, or any known associates or affiliates of such persons, has or has had any material interest, direct or
indirect, in any transaction or in any proposed transaction that has materially affected or is reasonably expected to materially affect
the Corporation.

 

INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS
AND SENIOR OFFICERS

 

There is no indebtedness outstanding with any
current or former director, executive officer or employee of the Corporation or its subsidiaries which is owing to the Corporation or
its subsidiaries, or which is owing to another entity which indebtedness is the subject of a guarantee, support agreement, letter of credit
or other similar arrangement or understanding provided by the Corporation or its subsidiaries, entered into in connection with a purchase
of securities or otherwise.

 

LIABILITY INSURANCE

 

The Corporation subscribes to liability
insurance for the benefit of its directors and officers to cover them against certain liabilities contracted by them in such
capacity. For the most recently completed financial year, this insurance provided for a coverage limit of US$100 million per loss
and policy year and the premium paid by the Corporation amounted to US$1.9 million on an annualized basis. ODV is covered under the
same policy as the Corporation and shares the coverage limit.  A fraction of the premium is assumed by ODV. When the
Corporation is authorized or required to indemnify an insured, a deductible of US$2.5 million applies. The policy contains standard
industry exclusions.

 

APPOINTMENT AND REMUNERATION OF AUDITORS

 

The Board of Directors and the Audit and Risk
Committee of the Corporation recommend that Shareholders vote for the appointment of PricewaterhouseCoopers LLP a partnership of chartered
professional accountants ("PwC"), as independent auditor of the Corporation for the fiscal year ending December 31,
2021 and to authorize the directors to establish their remuneration. PwC was originally appointed on April 30, 2014.

 

Unless the form of proxy states otherwise,
or if the right to vote is not exercised for the appointment of the auditors, the persons named in the enclosed form of proxy intend to
VOTE FOR the re-appointment of PwC, Chartered Professional Accountants, as independent auditor of the Corporation and for the directors
to fix their remuneration.

 

The following table illustrates in detail the
components of the fees incurred in 2020 and in 2019:

 

	Year	 	Audit Fees(1)
 ($)	 	 	Audit Related

 Fees
 ($)	 	 	Tax Fees(2)
 ($)	 	 	All Other Fees
 ($)	 
	December 31, 2020	 	 	1,265,182	 	 	 	119,438	 	 	 	164,844	 	 	 	-	 
	December 31, 2019	 	 	945,803	 	 	 	-	 	 	 	155,637	 	 	 	-	 

 

NOTES:

 

(1) Audit
fees were higher in 2020 primarily due to the services rendered in relation to the Filing Statement of Barolo Ventures Corp. dated as
of November 20, 2020 in respect of the RTO Transaction. The audit fees also include services rendered in connection with the audit
of the Corporation's annual consolidated financial statements and annual audit fees for two separate audit opinions of two subsidiaries
of the Corporation. In 2019, the audit fees included services rendered in relation to the Short-Form Prospectus dated June 25,
2019 and July 5, 2019 and the Management Information Circular of Barkerville dated October 15, 2019, as well as audit fees in
connection with the audit of the Corporation's annual consolidated financial statements and annual audit fees for a separate audit opinion
of a subsidiary of the Corporation (an amount of $136,652 was reimbursed in 2019 by Betelgeuse LLC to the Corporation in relation to the
Short-Form Prospectus dated June 25, 2019 and July 5, 2019 (secondary offering)).

 

(2) The
audit-related fees are related to translation services for financial statements and management's discussion and analysis reports.

 

(3) Tax
fees are related to tax compliance, tax planning and tax advice services for the preparation of corporate tax returns and proposed transactions.

 

    	90	2021 Management Information Circular	 

     

    

 

APPROVAL OF
THE UNALLOCATED RIGHTS AND ENTITLEMENTS UNDER THE EMPLOYEE SHARE PURCHASE PLAN

 

The Shareholders
of the Corporation approved the replenishment of the Employee Share Purchase Plan in May 2018. The TSX rules provide that unallocated
rights or other entitlements under a security based compensation arrangement, which does not have a fixed number of maximum securities
issuable, must be approved every three years.

 

The Employee Share
Purchase Plan provides for a maximum number of Common Shares, which shall not exceed 0.1% of the issued and outstanding Common Shares
of the Corporation at all times.  Furthermore, as provided for under Section 3.4 of the Employee Share Purchase Plan, the Corporation's
contribution for each eligible employee is an amount that is equal to 60% of the eligible employee's contribution, which may be amended,
from time to time, at the discretion of the Corporation. A copy of the Employee Share Purchase Plan, is available on the Corporation's
website at www.osiskogr.com/en/governance-2/.

 

At the Meeting,
in accordance with the rules of the TSX, Shareholders will be asked to consider and, if deemed appropriate, to pass, with or without
variation, an ordinary resolution, in the form set forth below, subject to such amendments, variations or additions as may be approved
at the Meeting, renewing the approval of the Employee Share Purchase Plan:

 

"BE IT
RESOLVED AS AN ORDINARY RESOLUTION THAT:

 

1. All
unallocated rights or other entitlements under the Employee Share Purchase Plan be and are hereby approved;

 

2. The
Corporation shall have the ability to issue Common Shares under the Employee Share Purchase Plan until May 12, 2024, which date
is the date that is three (3) years from the date of the Shareholder meeting at which Shareholder approval is being sought; and

 

3. Any
director or officer of the Corporation be and is hereby authorized and directed, for and on behalf of the Corporation, to do, or cause
to be done, all such acts and things, execute and deliver, or cause to be delivered, such other documents, agreements, certificates and
statements, as any such director and officer may, in their discretion, determine to be necessary or desirable in order to give full effect
to the intent and purpose of these resolutions, the authority for the execution of such documents, agreements, certificates and statements
and the doing of such other acts or things to be conclusively evidenced thereby."

 

Accordingly,
the Board of Directors and Management are recommending that the Shareholders VOTE FOR the approval of the said ordinary resolution
that requires an affirmative vote of the majority of the votes cast at the Meeting in order to be adopted. Unless contrary instructions
are indicated on the proxy form or the voting instruction card, the persons designated in the accompanying form of proxy or voting instructions
card intend to VOTE FOR the approval of the resolution.

 

APPROVAL OF
AMENDMENTS TO THE RESTRICTED SHARE UNIT PLAN AND APPROVAL OF THE UNALLOCATED RIGHTS AND ENTITLEMENTS UNDER THE PLAN

 

The Shareholders
of the Corporation originally approved the Corporation's RSU Plan and unallocated rights and entitlements under the plan in May 2018.
The TSX rules provide that unallocated rights or other entitlements under a security based compensation arrangement, which does
not have a fixed number of maximum securities issuable, must be approved every three years.

 

The RSU Plan provides
for a maximum number of Common Shares, which shall not exceed 1.8% of the issued and outstanding Common Shares of the Corporation at
all times.

 

Pursuant to a review
of all current and proposed equity based plans, the Board of Directors approved on March 29, 2021 amendments to the RSU Plan which
consist of allowing awards to independent consultants.  A copy of the RSU Plan, including the proposed changes described herein,
is available on the Corporation's website at www.osiskogr.com/en/governance-2/.

 

    	 	2021 Management Information Circular	91

     

    

 

 

The amendments
to the RSU Plan are also subject to approval by the TSX. If approved by Shareholders and the TSX, the RSU Plan as amended will supersede
and replace the current RSU Plan.  Accordingly, at the Meeting, in accordance with the TSX rules, Shareholders will be asked to
consider and, if deemed appropriate, to pass, with or without variation, an ordinary resolution, in the form set forth below, subject
to such amendments, variations or additions as may be approved at the Meeting.

 

The TSX requires
that the resolution adopting the amended RSU Plan be approved by a majority of the votes cast, by proxy or in person. In addition to
Shareholders' approval, the amended RSU Plan is subject to regulatory approval.  Upon ratification by Shareholders, a copy of the
amended RSU Plan will be filed on SEDAR.

 

"BE IT
RESOLVED AS AN ORDINARY RESOLUTION THAT:

 

1. The
Corporation be and it is hereby authorized to amend its RSU Plan to include and allow awards to independent consultants, and the RSU
Plan as amended is hereby approved, confirmed and ratified;

 

2. All
unallocated rights or other entitlements under the amended RSU Plan be and are hereby approved;

 

3. The
Corporation shall have the ability to continue granting RSUs under the RSU Plan until May 12, 2024, which date is the date that
is three (3) years from the date of the Shareholder meeting at which Shareholder approval is being sought; and

 

4. Any
director or officer of the Corporation be and is hereby authorized and directed, for and on behalf of the Corporation, to do, or cause
to be done, all such acts and things, execute and deliver, or cause to be delivered, such other documents, agreements, certificates and
statements, as any such director and officer may, in their discretion, determine to be necessary or desirable in order to give full effect
to the intent and purpose of these resolutions, the authority for the execution of such documents, agreements, certificates and statements
and the doing of such other acts or things to be conclusively evidenced thereby."

 

Accordingly,
the Board of Directors and Management are recommending that the Shareholders VOTE FOR the approval of the said resolution that
requires an affirmative vote of the majority of the votes cast at the Meeting in order to be adopted. Unless contrary instructions are
indicated on the proxy form or the voting instruction card, the persons designated in the accompanying form of proxy or voting instructions
card intend to VOTE FOR the approval of the resolution.

 

ADVISORY VOTE
ON EXECUTIVE COMPENSATION

 

The Board of Directors
believes that the compensation program must be competitive within the industry, provide a strong incentive to its Named Executives to
achieve the Corporation's goals and ensure that interests of Management and the Corporation's Shareholders are aligned. A detailed discussion
of the Corporation's executive compensation is more fully described under the heading "Statement of Executive Compensation -
Compensation Discussion and Analysis" in this Circular. Under such section, you will find discussions on the Corporation's executive
compensation philosophy, objectives, policies and practices and provides information on the key elements of the executive compensation
program of the Corporation.

 

Advisory Resolution
on Executive Compensation Approach

 

"BE IT
RESOLVED, AS AN ADVISORY RESOLUTION THAT:

 

1. On
an advisory basis and not to diminish the role and responsibilities of the Board of Directors of the Corporation, the Shareholders accept
the approach to executive compensation disclosed in the Corporation's Circular dated March 29, 2021 delivered in advance of the
Meeting;

 

    	92	2021 Management Information Circular	 

     

    

 

 

2. As
this in an advisory vote, the Board of Directors of the Corporation and the HR Committee will not be bound by the results of the vote.
However, the Board of Directors of the Corporation will take the results into account, together with feedback received from Shareholders,
when considering its approach to executive compensation in the future; and

 

3. Results
of the vote will be disclosed in the report of voting results."

 

The Board of
Directors of the Corporation recommends that Shareholders indicate their support for the Corporation's approach to executive compensation
disclosed in the Circular by VOTING FOR the Advisory Resolution on Executive Compensation Approach. The persons whose names appear
in the attached form of proxy intend to VOTE FOR the Advisory Resolution on Executive Compensation Approach.

 

SHAREHOLDER
PROPOSALS FOR THE 2022 ANNUAL MEETING

 

The final date
for submitting Shareholder proposals to the Corporation for the next annual meeting of the Shareholders is December 29, 2021.

 

ADDITIONAL INFORMATION

 

Additional information
relating to the Corporation is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Financial information
is provided in the Corporation's financial statements and Management's Discussion and Analysis for the year ended December 31, 2020
a copy of which may be obtained upon request from the Corporate Secretary, 1100, Avenue des Canadiens-de-Montréal, Suite 300,
Montréal, Québec, H3B 2S2. The Corporation may require the payment of a reasonable charge when the request is made by someone
other than a Shareholder.

 

CONTACTING OSISKO'S
BOARD OF DIRECTORS

 

Shareholders, employees
and other interested parties may communicate directly with the Board by:

 

	1.
    Writing to:	Executive
                                            Chair of the Board or

    Lead Director of the Board

    Osisko Gold Royalties Ltd

    1100 Avenue des Canadiens-de-Montréal

    Suite 300

    Montréal, Québec, H3B 2S2

	2.
    Calling:	514-940-0670
	3.
    Emailing:	Chair-Board@osiskogr.com
                                            or

    Lead-Director@osiskogr.com

 

APPROVAL

 

The Board of Directors
of the Corporation has approved the contents of the Circular and its sending to the Shareholders.

 

Montréal,
Québec, March 29, 2021. 

 

	 	 	OSISKO GOLD ROYALTIES LTD
	 	 	 
	 	Per:	 /s/ André Le Bel
	 	 	André Le Bel

    Vice President, Legal Affairs and
    Corporate Secretary

 

    	 	2021 Management Information Circular	93

     

    

 

OSISKO GOLD ROYALTIES
LTD

 

SCHEDULE
 "A"

BOARD OF DIRECTORS CHARTER

 

I. OVERALL
ROLE AND RESPONSIBILITY

 

The Board of Directors
(the "Board") of Osisko Gold Royalties Ltd (the "Corporation") is elected by the Corporation's shareholders
to supervise the management of the business and affairs of the Corporation.

 

The Board monitors
the manner in which the Corporation conducts its business as well as the senior management responsible for the day-to-day operations
of the Corporation. It sets the Corporation's policies, assesses their implementation by management and reviews the results.

 

The prime stewardship
responsibility of the Board is to ensure the viability of the Corporation and to ensure that it is managed in the best interest of its
shareholders as a whole while taking into account the interests of other stakeholders.

 

The Board's main
expectations of the Corporation's management are to protect the Corporation's interests and ensure the long term growth of shareholder
value.

 

II. MEMBERSHIP
AND QUORUM

 

The Board shall
be composed of a minimum of 3 and a maximum of 15 members.  The Board shall also be constituted with a majority of individuals who
qualify as independent directors, as per the standards of independence established in the Regulation 58-101 respecting Disclosure of
Corporate Governance Practices.

 

The quorum at any
meeting of the Board is a majority of directors in office.

 

III. STRUCTURE
AND OPERATIONS

 

Proceedings and
meetings of the Board are governed by the provisions of the By-laws of the Corporation relating to the regulation of the meetings and
proceedings of the Board insofar as they are applicable and not inconsistent with this Charter and the other provisions adopted by the
Board in regards to committee composition and organization.

 

    	94	2021 Management Information Circular	 

     

    

 

 

IV. DUTIES
AND RESPONSIBILITIES OF THE BOARD

 

In addition to
statutory responsibilities, the Board, either directly or through one of its committees, assumes responsibility for:

 

(a) satisfying
itself, to the extent feasible, as to the integrity of the Executive Chair of the Board, the President and Chief Executive Officer ("CEO"),
and other senior officers, and that the CEO and other senior officers maintain a culture of integrity throughout the Corporation;

 

(b) ensuring
that the Corporation is operated so as to preserve its financial integrity and in accordance with policies approved by the Board;

 

(c) ensuring,
through the Governance and Nomination Committee, that appropriate structures and procedures are in place so that the Board and its committees
can function independently of management and in accordance with sound corporate governance practices;

 

(d) reviewing
and approving key policy statements developed by management on various issues such as ethics, regulatory compliance and communications
with shareholders, other stakeholders and the general public;

 

(e) adopting
a strategic planning process and thereafter reviewing and, where appropriate, approving, annually, a strategic plan and a budget which
takes into account, among other things, the opportunities and risks of the business (all of which are developed at first by management),
and monitoring the Corporation's performance with reference to the adopted budget and strategic plan;

 

(f) identifying
the principal risks of the Corporation's business and ensuring the implementation of appropriate controls, measures and systems to manage
these risks;

 

(g) appointing
the CEO, setting forth the position description, as well as planning for the succession of the CEO with the recommendation of the Governance
and Nomination Committee and the Human Resources Committee respectively;

 

(h) evaluating
the performance and reviewing the compensation of the Executive Chair of the Board and the CEO with the Human Resources Committee, and
ensuring that such compensation is competitive and measured according to appropriate benchmarks which reward contribution to shareholder
value;

 

(i) appointing,
training, evaluating and monitoring officers as well as planning for their succession with the recommendations of the Governance and
Nomination Committee; determining management compensation with the recommendations of the Governance and Nomination Committee and the
Human Resources Committee, respectively and ensuring that such compensation is competitive and measured according to appropriate industry
benchmarks;

 

(j) overseeing,
through the Audit and Risk Committee, the quality and integrity of the Corporation's accounting and financial reporting systems, and
disclosure controls and procedures;

 

(k) ensuring,
through the Audit and Risk Committee, the integrity of the Corporation's internal controls and management information systems;

 

(l) overseeing,
through the Audit and Risk Committee, the process for evaluating the adequacy of internal control structures and procedures of financial
reporting, and satisfy itself as to the adequacy of such process;

 

(m) advising
management on critical and sensitive issues;

 

(n) ensuring
that the Board's expectations of management are understood, that all appropriate matters come before the Board in a timely and effective
manner and that the Board is kept informed of shareholder feedback;

 

(o) conducting
annually, through the Governance and Nomination Committee, a review of Board practices and the Board's and committees' performance (including
director's individual contributions), to ascertain that the Board, its committees and the directors are capable of carrying out and do
carry out their roles effectively;

 

(p) ensuring
with the Human Resources Committee, the adequacy and form of the compensation of non-executive directors taking into account the responsibilities
and risks involved in being an effective non-executive director;

 

(q) determining,
with the Governance and Nomination Committee, in light of the opportunities and risks facing the Corporation, what competencies, skills
and personal qualities the Board should seek in recruiting new Board members, and the appropriate size of the Board to facilitate effective
decision-making;

 

    	 	2021 Management Information Circular	95

     

    

 

 

(r) determining,
annually, with the Governance and Nomination Committee, the independence of each member of the Board as such term is defined by applicable
laws and regulations including, rules and guidelines of stock exchanges to which the Corporation is subject;

 

(s) setting
forth, with the recommendation of the Governance and Nomination Committee, the position description for the Executive Chair of the Board
and the Chair of the committees of the Board;

 

(t) determining
annually, with the Audit and Risk Committee, if each member of the Audit and Risk Committee is "financially literate" as such
terms are defined under applicable laws and regulations including rules and guidelines of stock exchanges to which the Corporation
is subject;

 

(u) selecting,
upon the recommendation of the Governance and Nomination Committee, nominees for election as directors;

 

(v) selecting
the Executive Chair of the Board;

 

(w) selecting
the Lead Director of the Board and ensure the director appointed as Lead Director is and remains independent;

 

(x) ensuring,
through the Governance and Nomination Committee, that new directors have a good understanding of their role and responsibilities and
of the contribution expected of them (including as regards attendance at, and preparation for, meetings), and that they are provided
with adequate education and orientation as regards the Corporation, its business and activities;

 

(y) approving
unbudgeted capital expenditures, or significant divestiture, as well as acquisitions where environmental or other liabilities exist and
which could result in significant exposure to the Corporation;

 

(z) approving
major investments in metals streaming transactions, royalties and shares of publicly traded companies;

 

(aa) reviewing
alternate strategies in response to any possible takeover bid in order to maximize value for shareholders;

 

(bb) discussing
and developing the Corporation's approach to corporate governance issues in general, with the involvement of the Governance and Nomination
Committee;

 

(cc) reviewing
and approving, with the involvement of the Disclosure Committee, the content of the principal communications by the Corporation to its
shareholders and the public, such as quarterly and annual financial statements and management's discussion and analysis, annual information
form, management information circular, prospectuses and other similar documents which may be issued and distributed, provided that the
quarterly and annual financial statements and related management's discussion and analysis and earnings press releases and any other
public disclosure document containing financial information may be reviewed and approved by the Audit and Risk Committee instead of the
Board;

 

(dd) ensuring
ethical behavior and compliance with laws;

 

(ee) monitoring,
directly or through one of its committees, compliance with all codes of ethics;

 

(ff) consider
the means by which stakeholders can communicate with the members of the Board (including independent directors

 

(gg) monitoring
performance of the Corporation toward the achievement of approved goals and standards;approving with the recommendation of the Environmental
and Sustainability Committee, changes to the Corporation's ESG practices and other significant policies of the Corporation;

 

(hh) monitoring
the Corporation's commitment to the environment and sustainable development to all stakeholders and engage with stakeholders in respect
of ESG issues, including all employees of the Corporation fostering a culture of respect and accountability regarding such matters;

 

(ii) ensuring
that, with respect to matters under the Corporation's control, the Corporation conducts business in a climate that fosters the improvement
of socio-economic conditions in the communities where it holds an interest;

 

(jj) approving
with the recommendation of the Environmental and Sustainability Committee, the Corporation's annual ESG Report; and

 

(kk) reviewing
and considering all other related matters and issues which may be determined, from time to time, by the Environmental and Sustainability
Committee.

 

Directors are expected
to make reasonable efforts to attend all Board meetings and to review materials distributed to them in advance of Board meetings.

 

V. CHARTER

 

The Governance
and Nomination Committee shall periodically review this Charter and recommend appropriate changes to the Board.

 

This Charter
was approved and ratified by the Board of Directors on June 30, 2014 with effect as of April 30, 2014 and was last reviewed
and amended on November 9, 2020.

 

    	96	2021 Management Information Circular	 

     

    

 

 

ANY QUESTIONS
AND REQUESTS FOR ASSISTANCE

 

MAY BE DIRECTED
TO THE PROXY SOLICITOR AGENT:

 

 

 

North America
Toll Free 

1-877-452-7184

 

Collect Calls
Outside North America 

1-416-304-0211

 

Email: assistance@laurelhill.com

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