Slide 1: Q4 and Year 2022 Results
Q4 and Year 2022 RESULTS February 24, 2023
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements contained in this presentation may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legi
Slide 3: Key 2022 Accomplishments & Value Drivers
KEY 2022 ACCOMPLISHMENTS & VALUE DRIVERS BUSINESS PERFORMANCE BALANCE SHEET SHAREHOLDER SIMPLICATION RETURNS Three consecutive record Repayment of $300M of Deconsolidation of Osisko quarters of GEO18 deliveries converts at YE2022 with ~$63M returned to Development Corp. from & cash margins (Q2-Q4/23
Slide 4: A High-Quality Portfolio
A HIGH-QUALITY PORTFOLIO 6 3 125 5 Total Assets 11 Producing Asset 16 Assets undergoing expansion or ramp-up HIGH PRECIOUS METAL BEST-IN-CLASS PARTNERS LOW GEOPOLITICAL RISK LOW-COST MINES2 WEIGHTING 2022 GEOs BY GEOGRAPHY NPV BY CASH COST QUARTILE 2022 GEOs BY COMMODITY 1% 20% 27% 73% 80% 99% 4 PRE
Slide 5: Recent Acquisitions: CSA, Cascabel, Marimaca
RECENT ACQUISITIONS ABOUT THE ASSET DEVELOPMENTS Substantial ongoing investment in plant, mine and CSA High grade copper mine in a Tier 1 fleet to support LOM plan and beyond 100% Silver Stream jurisdiction with significant operating history NSW, Australia | Metals Acquisition Corp. Potential for co
Slide 6: Canadian Malartic
CANADIAN MALARTIC Flagship royalty on Canada’s 2nd largest gold mine Underground steady state production plan of 500-600koz of gold per year starting in 2028 once shaft access is complete3 Odyssey underground expected to contribute 50koz of gold in 2023, and 80koz of gold in 2024/25 Current Odyssey
Slide 7: Odyssey Underground
ODYSSEY UNDERGROUND Agnico Eagle expects to have up to 40ktpd of excess mill capacity starting in 2028 Potential for an additional ~500koz of annual regional gold production by 2030 based on Agnico’s plans to optimize assets and infrastructure +150-200koz of gold per annum starting in 2029 from Uppe
Slide 8: Producing Assets Highlights
PRODUCING ASSETS HIGHLIGHTS MANTOS BLANCOS EAGLE ÉLÉONORE 100% Ag Stream 5% NSR 2.2-3.5% NSR Antofagasta, Chile | Capstone Copper Corp. Yukon, Canada | Victoria Gold Corp. Québec, Canada | Newmont Corporation Phase 1 expansion (MB-CDP) ramped up to Operations working towards achieving steady Q4/22 s
Slide 9: Producing Assets Highlights (Cont'd)
PRODUCING ASSETS HIGHLIGHTS (CONT’D) SEABEE ISLAND GOLD LAMAQUE 3% NSR 1.38%-3% NSR 1% NSR Saskatchewan, Canada | SSR Mining Inc. Ontario, Canada | Alamos Gold Inc. Québec, Canada | Eldorado Gold Corp. 2022 gold production was a record 136koz, highlighting 2022 Phase 3+ Expansion Study outlined a 10
Slide 10: Entering an Important Phase of Growth
ENTERING AN IMPORTANT PHASE OF GROWTH NPV by Stage2 Gold Equivalent Ounces (oz AuEq) - Altar ‐ Amulsar ‐ Bralorne ‐ Cascabel 42% HIGH ‐ Casino ORGANIC ‐ Copperwood ‐ Corvette GROWTH 58% ‐ Hammond Reef ‐ Hermosa ‐ Horne 5 ‐ Marimaca 95,000 130,000 ‐ Oracle Ridge ‐ Pine Point PRODUCING EXPLORATION & 1
Slide 11: Near-Term Catalysts (2023 and early 2024)
NEAR-TERM CATALYSTS (2023 and early 2024) Metals Acquisition Corp. is advanced on securing full financing; transaction expected to close H1/23 100% Ag CSA Stream Potential for OR to acquire CSA Cu stream (H1/23) ~6-13k GEOs added to OR’s annual production (upper-end is Cu stream dependent) First pro
Slide 12: Near-Term Catalysts
NEAR-TERM CATALYSTS 2.5% Throughput expansion from 50tpd to 500tpd; 2023 expected exit rate of 500tpd (2023) TINTIC Metals Stream Ivanhoe Electric ongoing Cu porphyry exploration efforts on southern boundary (2023) 5.0% CARIBOO NSR Feasibility study complete; awaiting final permitting (Q4/23) 15% SA
Slide 13: Near-Term Catalysts
NEAR-TERM CATALYSTS 1.0% 2023 MRE Update (Q1/23) MARIMACA NSR Definitive Feasibility Study Results (Q4/23 or Q1/24) - 50-60ktpa Cu production vs. 36ktpa in PEA DOLPHIN 1.5% First concentrate production and sales (Q1/23 and H1/23) TUNGSTEN GRR WHAREKIRAUPONGA 2.0% Pre-feasibility Study results (H1/24
Slide 14: Financials
OSISKO GOLD ROYALTIES FINANCIALS [So a, a WWW.OSISKOGR.COM | NYSE&TSX:OR
Slide 15: 2022 Highlights
2022 HIGHLIGHTS Deconsolidation of Osisko Development as of September 30, 2022 Took up 20% participation right in Carbon Streaming Corporation’s and presentation of its results as discontinued operations on the Magdalena Bay Blue carbon project, expected to be one of the largest statements of loss a
Slide 16: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS DIAMONDS & OTHERS 10,713 GEOs (12.0%) 2022 GEOs BY ASSET 2022 GEOs BY COMMODITY21 SILVER 17,025 GEOs 89,367 (19.0%) 32,776 GEOs GOLD 61,629 GEOs (69.0%) 10,344 21 9,609 7,329 4,661 4,398 3,936 2,487 2,205 1,903 1,677 1,657 1,451 922 1,985 383 294 1,104 246 DIAMONDS (R
Slide 17: 2022 Financial Performance
2022 FINANCIAL PERFORMANCE RECORD REVENUES FROM RECORD CASH FLOWS GENERATED BY ROYALTIES AND STREAMS (C$ M) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS (C$ M) $217.8 $199.6 $175.1 $153.2 2021 2022 2021 2022 $224.9M including offtakes 17
Slide 18: 2022 Financial Performance (Cont'd)
2022 FINANCIAL PERFORMANCE (CONT’D) NET EARNINGS FROM ADJUSTED EARNINGS CONTINUING OPERATIONS (C$ M)20 (C$ M) $111.3 $85.3 $94.4 $76.6 2021 2022 2021 2022 18
Slide 19: 2022 Results
2022 RESULTS 3 MONTHS ENDED YEARS ENDED (C$ 000) Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2021 GOLD PRODUCTION (oz) 16,875 15,190 61,629 60,690 SILVER PRODUCTION (oz AuEq) 4,635 4,103 17,025 17,150 DIAMOND PRODUCTION (oz AuEq) 3,420 3,068 12,760 9,317 OTHER METALS PRODUCTION (oz AuEq) 93 5
Slide 20: 2022 Revenues Breakdown
2022 REVENUES BREAKDOWN 3 MONTHS ENDED YEARS ENDED (C$ 000) Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2021 ROYALTIES: Revenues $40,038 $34,502 $144,066 $140,279 Cost of Sales ($283) ($233) ($1,055) ($551) CASH MARGIN19: $39,755 $34,269 $143,011 $139,728 STREAMS: Revenues $21,876 $16,171 $73
Slide 21: Focused on Returns to Shareholders
FOCUSED ON RETURNS TO SHAREHOLDERS Cash returned to shareholder per GEO22 (C$ per GEO) 2,400 $2,374 $2,342 $2,255 2,200 2,000 $1,848 1,800 $1,644 1,600 Average Gold Price (AGP) 1,400 Buybacks (NCIB) per GEO 1,200 Dividend per GEO 1,000 $796 $824 800 $702 X% Buyback share of AGP 600 $409 $536 $556 $3
Slide 22: Balance Sheet Strength
BALANCE SHEET STRENGTH Credit Facility (C$ M) As at December 31, 2022 BALANCE SHEET ITEMS December 31, 2022 $200 Cash (C$ M) $90.5 Investments (C$ M)23 $392.4 AVAILABLE CREDIT: $600 M24 Debt (C$ M) $148.0 $400 Basic Shares Outstanding (M) 184.0 $150 UNDRAWN DRAWN ACCORDION SIGNIFICANT FINANCIAL FLEX
Slide 23: Unlocking Value
UNLOCKING VALUE SENIOR-QUALITY HIGH GROWTH EXISTING ASSET IMPROVING REALIGNED AS A PORTFOLIO WITH PHASE NAV EXPECTED TRANSACTION PURE PLAY HIGH UPCOMING TO GROW AS MARKET FOR ROYALTY & REPLACEMENT FROM PAID-FOR WELL AS RE- NEW GROWTH STREAMING VALUE ASSETS RATE OPPORTUNITIES COMPANY EV/2023E EBITDA2
Slide 24: Endnotes
ENDNOTES 1. Calculated by dividing the total dividends declared and the total value of shares buybacks by the GEOs earned in 2022. 2. Broker research, December 2022 3. Sourced from operator 4. Yamana Gold Inc’s Mineral Resources disclosure as of December 31, 2021 5. Refer to Agnico Eagle’ Mines Ltd’