Early Warning News Release

Osisko Gold Royalties Ltd.

MONTRÉAL, QUEBEC--(Marketwired - Oct. 10, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko" or the "Corporation") announces that it has subscribed to 850,000 common shares of Osisko Mining Inc. (TSX:OSK) ("Osisko Mining") at a price of $4.20 per common share for an aggregate subscription price of $3,570,000 pursuant to the bought deal private placement of common and flow-through shares of Osisko Mining previously announced on August 29, 2017 (the "Financing"). Concurrent to the Financing, the Corporation purchased, pursuant to the terms of a share purchase and sale agreement, direct ownership of an additional 1,900,000 common shares of Osisko Mining at a price of $4.20 per common share for an aggregate purchase price of $7,980,000 (the "Share Purchase" and collectively with the Financing, the "Transaction").