Early Warning News Release

Osisko Gold Royalties Ltd.

MONTRÉAL, QUÉBEC--(Marketwired - May 18, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko") announces that it has subscribed for and received from Barkerville Gold Mines Ltd. (TSX VENTURE:BGM) ("Barkerville") 11,333,054 units ("Units") at a price of $0.95 per Unit. Each Unit is comprised on one common share ("Common Share") in the share capital of Barkerville and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") of Barkerville. Each Warrant entitles the holder to acquire one Common Share at a purchase price of $1.30 for a period of 18 months from the closing of the previously announced non-brokered private placement (the "Private Placement"). The Private Placement was announced on April 27, 2017.