Early Warning News Release

Osisko Gold Royalties Ltd.

MONTREAL, QUEBEC--(Marketwired - July 19, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko") announces that pursuant to a subscription agreement dated July 18, 2017, it has subscribed for and received from Osisko Metals Incorporated (TSX VENTURE:OM) ("Osisko Metals") by way of a private placement 2,500,000 units ("Units") at a price of $0.80 per Unit for an aggregate acquisition cost of $2,000,000 (the "Private Placement"). Each Unit is comprised of one common share in the share capital of Osisko Metals ("Common Share") and one-half of one common share purchase warrant of Osisko Metals (each whole common share purchase warrant, a "Warrant"). Each Warrant initially entitles the holder to acquire one Common Share at a purchase price of $1.00 until July 18, 2019.