Slide 1: Q1 2025 Results
Q1 2025 RESULTS May 8, 2025 Amounts presented are in United States Dollars, except where otherwise noted
Slide 2: Cautionary Statements
CAUTIONARY 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 Ca
Slide 3: On Today's Call
ON TODAY’S CALL… Jason Attew Frédéric Ruel Iain Farmer President & CEO CFO & VP Finance VP Corporate Development …Also Available: André Le Bel Dr. Guy Desharnais Grant Moenting Heather Taylor VP Legal Affairs & VP Project Evaluation VP Capital Markets VP Sustainability & Corporate Secretary Communic
Slide 4: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS(i) 19,014 GOLD REVENUES OF $54.9 CASH BALANCE OF EQUIVALENT OUNCES MILLION & $63.1 MILLION & SHAREHOLDER (“GEOs1”) EARNED QUARTERLY CASH NET DEBT(ii) OF RETURNS MARGIN OF 97.1%2 ~$11.3 MILLION Q2 2025 quarterly (vs. 22,259 GEOs earned in dividend declared of Q1 2024) (97.0% in Q1
Slide 5: Sustainability Highlights
SUSTAINABILITLY HIGHLIGHTS Transparency and Recognition We are rated by ESG rating organizations on our performance (as of December 31, 2024) Ranked 4/105 for Precious Metals industry CDP discloser Ranked 2/80 Rated Prime by ISS ESG for Gold subindustry Supporting our Excellence in Environmental Emp
Slide 6: Q1 2025 Financial Performance
Q1 2025 FINANCIAL PERFORMANCE QUARTERLY REVENUES NET EARNINGS $0.14 per basic share �54.9 �45.0 $0.06 per basic share �25.6 �11.2 Q1 2024 Q1 2025 Q1 2024 Q1 2025 CASH FLOWS GENERATED BY OPERATING ADJUSTED EARNINGS4 ACTIVITIES $0.16 per $0.25 per basic share basic share3 $0.12 per $0.20 per basic sha
Slide 7: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 758 Q1 2025 Q1 2025 3.9% GEOs1 BY ASSET GEOs1 BY COMMODITY SILVER 5,393 19,014 7,198 28.4% GEOs1 GOLD 12,863 67.7% 2,580 1,657 1,214 958 883 881 623 735 571 512 363 279 304 121 17 38 57 23 COPPER & (R) = Royalty (S) = Stream GOLD SILVER OTHERS 7
Slide 8: Why Osisko? A High-Quality Portfolio
WHY OSISKO? A HIGH-QUALITY PORTFOLIO PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER 3 CSA 100% Ag & 3-4.875% Cu Streams MAC COPPER LIMITED 7 21 4 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 8 6 5 4 5 SASA 100% Ag Stream CENTRA
Slide 9: Why Osisko? Tier-1 Mining Jurisdictions + Margin Matters
WHY OSISKO? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS NAV Breakdown by Jurisdiction (%) 100% Highest Exposure to Tier-1 Mining 80% Jurisdictions(i) vs. relevant precious metals royalty & streaming peers 60% GEOs earned in-line with NAV exposure: 40% 78% of GEOs earned in 2024 from Tier-1 20% Mini
Slide 10: Canadian Malartic Complex
CANADIAN MALARTIC COMPLEX Flagship royalty on Canada’s 2nd largest operating gold mine From 2025- 27, production is expected to be sourced from the Barnat Pit (to be exhausted in 2028) and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance
Slide 11: Canadian Malartic Complex
Complex expected to have ~40ktpd of excess mill capacity CANADIAN MALARTIC COMPLEX starting in late 2028 or 20297 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years9 A pot
Slide 12: Dalgaranga
Located in Western Australia, one of the most prolific DALGARANGA and well-established mining jurisdictions, and it is one of the best gold development and production re-start projects globally March 17, 2025 announcement that Ramelius Resources and Spartan Resources have entered into a binding Tran
Slide 13: Cariboo
Fully-permitted primary gold project in British Columbia, CARIBOO Canada; a Tier-1 Mining Jurisdiction(i) Optimized Feasibility Study (OFS) for Cariboo released on April 28th, 2025 and included average annual production of ~190koz Au over a 10- yr LOM (202koz Au in the first 5 years) with first gold
Slide 14: An Important Phase of Growth
AN IMPORTANT PHASE OF GROWTH GUIDANCE AND 5-YEAR OUTLOOK1,17 (oz AuEq) Expansions Odyssey Shaft #2 Mantos Blancos Phase II Island Gold District Expansion CSA Expansion Project(s) + Development Amulsar Costa Fuego Cariboo Casino Renard is Shut Down Cascabel + 110,000 - 125,000 Copperwood Hammond Reef
Slide 15: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS18 PRODUCING ASSETS DEVELOPMENT ASSETS ISLAND GOLD DALGARANGA Updated Island Gold District LOM Plan (mid-2025) and Maiden Mineral Reserve & Feasibility Study (Q2 2025) 1.38-3.0% NSR Royalty 1.8% GRR Royalty(ii) Island Gold District Expansion Study (late 2025) Approva
Slide 16: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) March 31, 2025 CREDIT FACILITY(i)(ii) As at March 31, 2025 Cash $63.1 �139M Investments19 $115.8 (C$200M) Debt $74.3 Basic Shares Outstanding (M) 187.0 AVAILABLE CREDIT: �309M CASH FLOW WATERFALL ($ 000)18 Year-to-Date 2025 $448M20 (C$443M) (C$643M) I
Slide 17: Subject to Shareholder Approval at May 8, 2025 Annual and Special Meeting
Subject to Shareholder Approval at May 8, 2025 Annual and Special Meeting
Slide 18: Q1 2025 Results Presentation Appendix
Q1 2025 RESULTS PRESENTATION APPENDIX
Slide 19: Q1 2025 Results
Q1 2025 RESULTS THREE MONTHS ENDED ($ 000) March 31, 2025 March 31, 2024 GOLD PRODUCTION (oz) 12,863 15,894 SILVER PRODUCTION (oz AuEq) 5,393 5,650 COPPER & OTHER PRODUCTION (oz AuEq) 758 715 TOTAL PRODUCTION (oz AuEq) 19,014 22,259 REALIZED GOLD PRICE $2,863 $2,073 REVENUES $54,916 $45,047 GROSS PR
Slide 20: Q1 2025 Revenues Breakdown
Q1 2025 REVENUES BREAKDOWN THREE MONTHS ENDED ($ 000) March 31, 2025 March 31, 2024 ROYALTIES: Revenues $36,790 $33,029 Cost of Sales $(145) $(78) CASH MARGIN2: $33,935 $32,951 STREAMS: Revenues $18,126 $12,018 Cost of Sales $(1,474) $(1,281) CASH MARGIN2: $16,652 $10,737 TOTAL CASH MARGIN: $53,297
Slide 21: Equity Portfolio Breakdown
EQUITY PORTFOLIO BREAKDOWN As at March 31, 2025 OTHERS �28.0M �49.6M | 24.4% OWNERSHIP ASSETS INTEREST CARIBOO (Au) 5.0% NSR ROYALTY TINTIC (Au, Ag, Cu) 2.5% METALS STREAM MARKET SAN ANTONIO 15% STREAM (Au, Ag) VALUE: �38.2M | 4.85% OWNERSHIP $115.8M19 ASSET INTEREST 100% Ag STREAM + CSA (Cu, Ag) 3-
Slide 22: Unlocking Value
UNLOCKING VALUE SENIOR-QUALITY LOW-RISK PROLONGED EXISTING ASSET ACTIVE PORTFOLIO WITH PRECIOUS PERIOD OF NAV EXPECTED TRANSACTION HIGH METALS GROWTH FROM TO GROW, AS MARKET FOR REPLACEMENT EXPOSURE TO ASSETS ALREADY WELL AS RE- NEW GROWTH VALUE ‘TIER 1’ MINING PAID-FOR RATE OPPORTUNITIES JURISDICTI
Slide 23: Endnotes
ENDNOTES 1. GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper