Osisko Announces Friendly Acquisition Agreement With Yamana Gold and Agnico Eagle - Seite 2

1. a 5% net smelter return royalty ("NSR") on the Canadian Malartic mine;
2. a 2% NSR on all existing exploration properties including Kirkland Lake, Hammond Reef, Pandora/Wood and Pandora assets;
3. C$155 million cash;
4. all assets and liabilities of Osisko in the Guerrero camp;
5. other investments.

The total value of the transaction is C$3.9 billion, or C$8.15 per common share of Osisko on a fully diluted basis. Following the completion of the transaction, Osisko shareholders will own approximately 14% of Yamana and approximately 17% of Agnico Eagle.

Value to Osisko Shareholders

• Values Osisko at C$3.9 billion or C$8.15 per share - a material premium to the current implied value of Goldcorp's revised hostile bid for Osisko and Osisko's current trading levels.
• In addition to meaningful continued participation in the Canadian Malartic mine, shareholders gain exposure to two leading mid-tier Americas gold producers.
• Participation in New Osisko, which will hold a significant portfolio of exploration assets with the ability to self-finance through its existing cash holdings and a 5% NSR on the producing Canadian Malartic mine.
• Potential additional upside from a 2% NSR on all existing exploration properties including Kirkland Lake, Hammond Reef, Pandora/Wood and Pandora.
• An attractive equity investment portfolio which has the potential to generate additional growth opportunities.

Osisko's board of directors has unanimously determined that the Agreement is in the best interests of Osisko and its shareholders and will recommend that Osisko shareholders vote in favour of the Agreement. Shareholders, including the directors and senior officers of Osisko, holding in aggregate over 5% of the issued and outstanding common shares of Osisko, have entered into voting agreements with Yamana and Agnico Eagle, pursuant to which they have agreed to vote their shares in favor of the Agreement.

Sean Roosen, President and CEO of Osisko stated: "Ten years ago we embarked on a journey to find a gold deposit. It was a plan that grew into the successful and highly profitable world class mine that is now Canadian Malartic. From the beginning, we have never strayed from our objective of building shareholder value. With the announcement today of the combined bid by Yamana and Agnico Eagle, I believe we have delivered shareholders the superior value option to the hostile attempt to acquire our Company. The new Osisko will be well funded with $155 million in cash, strong participation in the future cash flow from the Canadian Malartic camp through our 5% NSR, potential future benefits from the balance of Osisko's Canadian exploration portfolio through an overall 2% NSR, and a 100% ownership of Osisko's significant greenstone exploration project in Guerrero. The new Osisko will be a company with regular and strong cash flow, strong future potential for increasing cash flow, and tremendous upside exploration potential."