Osisko Announces TSX Approval for Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwired - Nov. 28, 2014) - Osisko Gold Royalties Ltd (TSX:OR) ("Osisko" or the "Corporation") is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved the Corporation's notice of intention to make a normal course issuer bid (the "Bid"). Under the terms of the Bid, Osisko may acquire up to 4,842,676 of its common shares ("Common Shares") from time to time in accordance with the normal course issuer bid procedures of the TSX, representing approximately 10% of the public float (as that term is defined in the policies of the TSX) as of November 26, 2014.

Repurchases under the Bid may commence on December 2, 2014 and will terminate on December 1, 2015 or on such earlier date as the Bid is complete. Purchases of Common Shares will be made through the facilities of the TSX in accordance with its rules. Daily purchases will be limited to 70,517 Common Shares, other than block purchase exemptions, being 25% of the average daily trading volume of the Common Shares on the TSX, being 282,068 Common Shares, since the Common Shares began trading on the TSX. The price that the Corporation may pay for any Common Shares purchased under the Bid will be the prevailing market price at the time of purchase and any Common Shares purchased by the Corporation will be cancelled.

The Board of Directors of Osisko believes that, from time to time, the underlying value of Osisko may not be reflected in the market price of the Common Shares.

As of November 26, 2014, there were approximately 50,694,832 Common Shares issued and outstanding. The 4,842,676 Common Shares that may be repurchased under the Bid represent 10% of the public float and approximately 9.6% of the issued and outstanding Common Shares on November 26, 2014.

Osisko has appointed Macquarie Capital Markets Canada Ltd. to make any purchases under the Bid on its behalf.

About Osisko Gold Royalties Ltd

Osisko is a gold-focused royalty and stream company whose cornerstone asset is a 5% Net Smelter Royalty ("NSR") royalty on the world-class Canadian Malartic gold mine, located in Malartic, Quebec. The Company also holds a 2% NSR royalty on the Upper Beaver, Kirkland Lake and Hammond Reef gold exploration projects in Northern Ontario. The Corporation has over $180 million in cash resources, no debt and a portfolio of investments in emerging exploration companies. As announced on November 17, 2014, Osisko and Virginia have entered into a definitive agreement to combine the two companies to create a new leading intermediate royalty company with two world-class gold royalty assets in Québec.