Analyst Note

This document has been prepared for general information purposes only and should not be considered a solicitation to purchase or sell securities. Any opinions or analysis herein reflect the views of the Analyst as at the date appearing above, and are subject to change without notice. The information contained in this document is derived from sources we deem to be reliable, but cannot be guaranteed. PearTree Securities Inc. (“PT Securities”) and/or its a�liates and/or any of their respective o�cers, directors, and representatives (collectively “PearTree”), shall not be held liable for any loss or damage resulting from the use of the information or the implementation of the recommendations contained herein. PT Securities is registered as an Exempt Market Dealer. PT Securities is a subsidiary of PearTree Financial Services Ltd., an unregistered firm that consults to charities on tax and other matters related to a flow through share donation program. Peartree may, in exchange for remuneration, participate in the financing of companies mentioned in this document. Peartree and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell these stocks on the market or otherwise.

By Éric Lemieux, MSc, P.GeoMining & Exploration Analytics eric.lemieux@peartreesecurities.com

Osisko Gold Royalties Ltd. (OR-T)

Calling Cariboo

Event: Osisko Royalties enters into new royalty, private placement agreements in British Columbia.

Impact: Mix Osisko enters into a private placement with Barkerville Gold Mines, acquires a NSR royalty, and sets royalty financing and technical advisory agreements in the Cariboo Gold District. Another new beginning.

Analysis

• On November 30, 2015, Osisko Gold Royalties Ltd. announced that it had entered an agreement with Barkerville Gold Mines Ltd. (BGM-V) to purchase 32M common shares of Barkerville via a private placement (C$0.32 per share, for total proceeds of $10.24M), as well as a 1.5% NSR royalty on the Cariboo Gold Project. The Cariboo Gold Project located in British Columbia, Canada, consists of a 1,164km2 land package in the Cariboo Gold District (see Exhibit 1) that includes several past producing mines along a strike length of ~60km and width of ~20km. The historical gold production in the Cariboo area is 3.8M oz. and the Cow Mountain deposit contains a NI 43-101 compliant mineral resource totaling 2.8M oz. Au in the indicated category (35.8 Mt @ 2.4g/t Au), with an additional 2.M oz. Au in the inferred category (27.4 Mt @ 2.3g/t).

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December 2, 2015

• A checkered history but a new team in place. Indeed on June 28, 2012, Barkerville had announced a new indicated mineral resource on the Cow Mountain property of ~10.6M oz Au (69Mt @ grading 4.78 g/t Au) with a “total geologic potential” for the Cariboo Project of between 65 and 90M oz. Au. If borne out, it would have made it one of the largest gold deposits in the world and a material change from the previous 6.6Mt @ 2.23 g/t Au (~431,000 ounces). On July 22, 2012, Barkerville issued a clarifying news release, disclosing that the BCSC had completed a technical disclosure review and had requested that Barkerville provide additional information to the BCSC to support the indicated resource estimate and exploration targets. The BCSC had expressed concerns about some of the methods, parameters, and assumptions that were used to estimate the mineral resources and potential exploration targets at Cow Mountain. Following the filing of the technical report by Mr. Peter T George on August 13, 2012, the BCSC issued a cease trade order (CTO) in respect of Barkerville’s securities for the failure to file a compliant technical report. A 12-month securities commission review ensued. The BCSC CTO was revoked effective July 15, 2013 when a comprehensive response letter and an updated technical report by Peter T. George, P. Geo., Ivor W.O. Jones, of Snowden Mining Industry Consultants Inc. and Michael B. Dufresne, M.Sc., P. Geol, of Apex Geosciences Ltd., was filed on May 2, 2013. This new Cow Mountain resource estimate included an indicated resource of 1.04M oz. Au. and an inferred resource of 3.94M oz. Au. The new technical report provided exploration target potential of 9 to 27M oz. Au on Island Mountain and Barkerville Mountain.

• History of gold at Cariboo: Since the mid-1990s, Barkerville (and predecessor International Wayside Gold Mines) has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. Three gold deposits (Mosquito Creek, Island Gold Mines and Caribou-Quartz) were mined between 1934 and 1987 for a total of 1.4M oz. @ ~13.70 g/t Au. It is estimated that an additional 1.6M oz. were mined previously by placer methods. Barkerville consolidated the land position and completed extensive exploration programs on the Cariboo Gold deposits, the Bonanza Ledge deposit, the Barkerville Mountain and Island Mountain exploration targets, as well as on seven past producing hard rock mines. The QR Property was acquired in February 2010 and includes a 900tpd gold milling facility and a permitted gold mine located ~110km by highway and all-weather road from the Barkerville Gold Camp. In November 2010, Barkerville acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. On May 15, 2015 Barkerville filed a new independent NI 43-101 compliant technical report on Cow Mountain based upon an open pit scenario for the mining of gold mineralization beneath the surface of Cow Mountain, in an area immediately surrounding the underground workings of the Cariboo Gold Quartz Mine using a 0.5g/t cut-off grade.

• Osisko appears comfortable to fund Barkerville’s exploration and development activities in an evolving gold mining district and should provide complementary technical support during these activities as well as in the construction phase. For a cash consideration of $25M, Osisko has acquired a 1.5% NSR royalty on the Cariboo Gold Project. Following the completion by Barkerville of a feasibility study on the Cariboo Gold Project, a gold stream agreement shall be negotiated between parties. If Osisko and Barkerville do not enter into an agreement after a 60-day period, Barkerville shall either grant a right to Osisko to purchase an additional 0.75% NSR royalty for consideration of $12.5M, or make a payment of $12.5M to Osisko. Osisko has the right to appoint two nominees to Barkerville’s board of directors. Upon closing of the private placement transaction, Sean Roosen shall be appointed as Co-Chairman of Barkerville and Chris Lodder, who is currently a director of Barkerville, will serve as Osisko’s second nominee. Additionally, upon closing of the royalty financing, Barkerville shall appoint Osisko’s nominees to President and COO of Barkerville. Following the Private Placement, Osisko expects to have ownership over 47,625,000 common shares of Barkerville, representing ~19.9% of the issued and outstanding Barkerville shares.

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• Osisko Gold Royalties Ltd is an intermediate mining royalty and exploration company with two world-class gold royalty assets – the Canadian Malartic mine (5% NSR royalty) and the Éléonore mine (2.5 to 3.5% NSR royalty) in Québec. These two cornerstone assets are complimented by a 3% NSR royalty on the Malartic CHL property, as well as a 2% NSR royalty on the Upper Beaver, Kirkland Lake, and Hammond Reef gold exploration projects in Northern Ontario. Osisko also owns a 9.75% equity interest in Labrador Iron Ore Royalty Corporation. On November 17, 2015, Osisko closed the first portion of the previously announced acquisition of a total of 31 Canadian royalties, held by Teck Resources Limited and its subsidiary Teck Metals Ltd., for a cash consideration of $28M (see November 9, 2015 Analyst Note). This first portion of the transaction consisted of a portfolio of 28 royalties acquired for a cash consideration of $24.2M, with an additional $2.5M to be paid on confirmation of certain rights. This portfolio includes a 2-3% NSR royalty on Richmont Mines Inc.’s producing Island Gold Mine in Ontario and a 2% NSR royalty on Integra Gold Corp.’s Lamaque property.

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