Early Warning News Release

Osisko Gold Royalties Ltd.

MONTRÉAL, QUÉBEC--(Marketwired - April 2, 2018) - Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) ("Osisko") announces that it has subscribed for and received from Niobay Metals Inc. (TSX VENTURE:NBY) ("Niobay") 9,000,000 common shares of Niobay at a price of $0.26 per share by way of a private placement of Niobay, for an aggregate subscription price of $2,340,000 (the "Private Placement"').