Slide 1: Q2 2020 Results
Q2 2020 RESULTS AUGUST 6, 2020
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information and forward-looking statements (together, “forward-looking statements“) within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Ac
Slide 3: Q2 2020 Highlights
Q2 2020 HIGHLIGHTS 12,386 GEOs1 earned Commercial production was declared by Victoria on the Eagle Gold mine on July 1, Revenues from royalties and streams of 2020, on which Osisko holds a 5% NSR royalty C$28.7 million As a result of the COVID-19 pandemic, several Cash flow from operating activities
Slide 4: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS Q2 2020 GEOs BY ASSET Q2 2020 GEOs BY PRODUCT 4,999 DIAMONDS OTHER METALS 177 GEOs 458 GEOs (1%) (4%) SILVER 3,180 GEOs (26%) 12,386 GEOs GOLD 8,571 GEOs (69%) 1,545 911 809 723 629 590 518 446 298 187 162 70 141 144 166 36 12 GOLD SILVER DIAMONDS OTHER (R) = Royalty,
Slide 5: Q2 2020 Financial Performance
Q2 2020 FINANCIAL PERFORMANCE REVENUES FROM ROYALTIES CASH FLOW FROM OPERATING AND STREAMS (C$ M)3 ACTIVITIES (C$ M) $33.8 $28.7 $21.4 $15.4 Q2 2019 Q2 2020 Q2 2019 Q2 2020 5
Slide 6: Q2 2020 Revenue Breakdown
Q2 2020 REVENUE BREAKDOWN 3 MONTHS ENDED 6 MONTHS ENDED (C$ 000) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 ROYALTIES: Revenues $20,819 $23,909 $46,623 $47,354 Cost of Sales ($99) ($50) ($267) ($151) CASH MARGIN: $20,720 $23,859 $46,356 $47,203 STREAMS: Revenues $7,914 $9,872 $19,944 $1
Slide 7: Q2 2020 Financial Performance
Q2 2020 FINANCIAL PERFORMANCE EARNINGS (LOSS) ADJUSTED EARNINGS (C$ M) (C$ M) $13.0 $8.2 $5.7 Q2 2019 Q2 2020 Q2 2019 Q2 2020 ($6.5) 7
Slide 8: Q2 2020 Results
Q2 2020 RESULTS 3 MONTHS ENDED 6 MONTHS ENDED (C$ 000) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 GOLD PRODUCTION (oz) 8,571 13,260 20,019 26,771 SILVER PRODUCTION (oz AuEq) 3,180 2,975 7,378 6,122 DIAMONDS PRODUCTION (oz AuEq) 177 2,642 2,112 5,295 OTHER METALS (oz AuEq) 458 774 1,036
Slide 9: Strong Financial Position
STRONG FINANCIAL POSITION BALANCE SHEET ITEMS Jun. 30, 2020 CREDIT FACILITY (C$ M) Cash and cash equivalents (C$ M) $202.0 $88.6 Debt (C$ M) $421.7 Investments (C$ M)4 $318.2 AVAILABLE CREDIT: Basic Shares Outstanding (M) (as at July 31, 2020) 165.6 $411.4 M5 Quarterly Dividend (C$/Share) $0.05 Undr
Slide 10: Outlook
OUTLOOK Osisko has updated its guidance for the six months and the year ended December 31, 2020. This guidance excludes any potential impact on GEOs and cash margins if the Renard diamond mine would restart its operations in 2020 or if additional periods of care and maintenance were announced in lig
Slide 11: A Quality Portfolio
A QUALITY PORTFOLIO Over 135 royalties, streams 2019 CASH and precious metals offtakes OPERATING 91% 79% 76% 70% MARGINS 64% 48% Diversified cash flow from 17 OSISKO Franco Royal Gold Sandstorm Wheaton North 8 producing assets (primarily on Nevada American Majors gold mines) 14% 49% 48% 95% cash ope
Slide 12: A Quality Investment
A QUALITY INVESTMENT TSX | NYSE: OR Highest dividend in royalty Dividend Yield sector 1.2% 1.1% 0.8% 0.7% 0.6% 0.0% Significantly undervalued with opportunity for re-rate OSISKO Royal Gold Wheaton Franco Nevada Sandstorm North 8 American Majors High trading liquidity (on average $18.5M per day) P/NA
Slide 13: Sustained GEO Growth
SUSTAINED GEO GROWTH GEOs PRODUCTION ENTERING INTO THE NEXT PHASES OF GROWTH WITH AT 91% CASH CONTRIBUTION OF CANADA’S OPERATING NEXT MAJOR GOLD MINES MARGINS 140,000 + 80,553 78,006 58,933 30,588 38,270 12,499 2014 2015 2016 2017 2018 2019 Paid-For Royalty / Streaming 7 ROYALTIES CREATED THE ACCELE
Slide 14: Canadian Malartic Underground
CANADIAN MALARTIC One of the largest new gold resources globally UNDERGROUND Construction authorized for surface infrastructure and ramp into Odyssey and East Malartic9 10 diamond drill rigs operating to define and expand resources on East Gouldie East Gouldie, 5% NSR North Odyssey & East Malartic,
Slide 15: Canadian Malartic Underground
CANADIAN MALARTIC UNDERGROUND ROYALTY LIMITS WITH RESPECT TO THE MINERAL RESOURCE ZONES 15
Slide 16: Eagle, Éléonore, Mantos
EAGLE Canada’s newest gold mine Ramping up to 220,000 ounces of gold per year Large land package being 5% NSR actively explored Yukon, Canada | Victoria Gold Corp. ÉLÉONORE Operated by world’s leading gold company Newmont Corporation Among the largest mines in Québec Aggressive exploration campaign
Slide 17: Windfall, Hermosa, Horne 5
WINDFALL Unique combination of size and high grade Over 5 million ounce resource12 and growing, all above 1,200m depth 2.0-3.0% NSR Additional 250,000 metres of Québec, Canada | Osisko Mining Inc. drilling in 2020, 20+ drills on site HERMOSA World-class polymetallic deposit South32 is a major divers
Slide 18: Rare Exposure to an Entire Mining Camp: Cariboo Gold
CARIBOO GOLD 4.4 M OZ Au UNDERGROUND RESOURCE15 AND GROWING Decades of exploration potential with current resource sitting on 4 km of a 83 km trend 100% owned by Osisko +185,000 ounces of gold per year RARE EXPOSURE Low capex and easily scalable production TO AN ENTIRE Seeking external financing to
Slide 19: High Exposure to Gold Price
HIGH EXPOSURE TO GOLD PRICE BASED ON 2019 REVENUES 7% 10% 10% 18% 12% 9% 12% 33% 12% 9% OSISKO 17% PROVIDES THE HIGHEST 81% EXPOSURE TO 78% 68% 63% GOLD 53% OSISKO Royal Gold Franco Nevada Wheaton Sandstorm Precious Metals Gold Silver Energy Copper PGM Other 19
Slide 20: Hybrid Business Model
HYBRID BUSINESS MODEL 75% 25% EARLY STAGE CARIBOO CORE ROYALTY BUSINESS Accelerator Business North Spirit Discovery Group Leverage technical Cariboo is a district team to select early camp with decades stage stories of exploration potential In Accelerator companies, combine Seeking external assets/t
Slide 21: Optionality Through Accelerator Model
OPTIONALITY THROUGH ACCELERATOR MODEL Leverage technical skillset to find attractive exploration assets early and provide capital / expertise Attract additional market capital to invest on royalty ground Osisko shareholders exposed to over 18 million GEOs in resources through accelerator companies16
Slide 22: Q2 2020 Summary
Q2 2020 SUMMARY C$15.4 M 95% CASH FLOW FROM 12,386 C$318.2 M C$202.0 M OPERATING ACTIVITIES ATTRIBUTABLE CASH MARGIN EARNED IN Q2 2020 IN INVESTMENTS IN CASH GEOs EARNED FOR ON GEOs RECEIVED C$18.6 M AS AT JUN. 30, 2020 AS AT JUN. 30, 2020 Q2 2020 FOR Q2 2020 (exluding offtakes) BEFORE CHANGES IN NO
Slide 23: Endnotes
ENDNOTES 1. GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold pric