Early Warning News Release

Osisko Gold Royalties Ltd.

MONTRÉAL, QUÉBEC--(Marketwired - June 27, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko") announces that it has received from Harfang Exploration Inc. (formerly RedQuest Capital Corp.) ("Harfang") 5,000,000 common shares of Harfang (the "Securities"), representing approximately 17.83% of the issued and outstanding common shares of Harfang on an undiluted basis in connection with a qualifying transaction described in Harfang's filing statement dated June 14, 2017 (the "Filing Statement"). The Securities were received in exchange for 5,000,000 common shares of privately-held Ménarik Exploration Inc. (formerly Harfang Exploration Inc.), as described in the Filing Statement.