Early Warning News Release

Osisko Gold Royalties Ltd.

MONTRÉAL, QUÉBEC--(Marketwired - Sept. 29, 2017) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko" or the "Corporation") announces that it has subscribed to 2,878,750 common shares of Barkerville Gold Mines Ltd. (TSX VENTURE:BGM) ("Barkerville") at a price of $0.80 per common share for an aggregate subscription price of $2,303,000 pursuant to the financing of common and flow-through shares of Barkerville previously announced on September 1st, 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 8,225,000 common shares of Barkerville at a price of $0.80 per common share for an aggregate purchase price of $6,580,000 (the "Share Purchase" and collectively with the Financing, the "Transaction").