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PRELIMINARY Q4 2022 RESULTS

Osisko earned approximately 25,023 attributable gold equivalent ounces¹ (“GEOs”) in the fourth quarter of 2022, for a total of approximately 89,367 GEOs in 2022, representing record quarterly and annual deliveries for the Corporation.

Osisko recorded preliminary revenues from royalties and streams of $61.9 million during the fourth quarter and preliminary cost of sales (excluding depletion) of $4.7 million, resulting in a record quarterly cash margin² of approximately $57.2 million (or 92%).

For the year 2022, preliminary revenues from royalties and streams reached a record $217.8 million and preliminary cost of sales (excluding depletion) are estimated at $16.1 million, resulting in a record annual cash margin² of approximately $201.7 million (or 93%).

As at December 31^st, 2022, Osisko’s cash position amounted to approximately $90.5 million, after repaying, in full, the $300 million convertible debentures on December 31, 2022 and advancing US$50 million to SolGold plc (“SolGold”) pursuant to the previously announced royalty financing on the world-class Cascabel copper-gold property. The Corporation’s revolving credit facility was drawn by approximately $150 million at the end of 2022, with an additional amount of $400 million available to be drawn, plus the uncommitted accordion of up to $200 million.

Sandeep Singh, President and CEO of Osisko, commented: “2022 was an exceptionally positive year for Osisko.  We had successive quarters of record GEOs earned, revenues and cash margins, we added world-class assets to an already high-quality portfolio, took advantage of volatile markets to buy-back 1.7 million common shares for $22.1 million, reactivated stream payments from the Renard mine, simplified the business with the deconsolidation of Osisko Development Corp. realigning Osisko as a pure-play royalty and streaming business and continued to strengthen and diversify our Board of Directors.

“Our GEOs earned, year-over-year, increased by 12% in 2022 but fell slightly short of the low end of our guidance of 90,000 ounces. This was partly due to the Eagle mine still working towards steady-state production and the Mantos mine facing delays in the ramp up of their mill expansion. That extra growth will flow into upcoming quarters and we expect significant upward momentum in deliveries from both mines going forward. The higher gold-silver price ratio, experienced mostly in the second and third quarters, also reduced GEOs earned by approximately 1,550 ounces in 2022 versus expectations.

“Our asset base continues to outperform through numerous expansions, mine life extensions and reserve and resource replacement, and we look forward to continuing to showcase the depth and quality of our asset base throughout 2023.”

Further Information is attached.

Forward-looking Statements

Certain statements contained in this press release 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 legislation. These forward‐looking statements, by their nature, may require Osisko to make or rely on certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward‐looking statements. Forward‐looking statements are not guarantees of performance. These forward‐looking statements, may involve, but are not limited to, statements with respect to future events or future performance, the realization of the anticipated benefits deriving from Osisko’s investments, the general performance of the assets of Osisko, and the results of exploration, development and production activities as well as expansions projects relating to the properties in which Osisko holds a royalty, stream or other interest. Words such as “may”, “will”, “would”, “could”, “expect”, “suggest”, “appear”, “believe”, “plan”, “anticipate”, “intend”, “target”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward‐looking statements. Information contained in forward‐looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including, without limitation, management’s perceptions of historical trends; current conditions; expected future developments; the ongoing operation of the properties in which Osisko holds a royalty, stream or other interest by the operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Osisko considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko and its business. Such risks and uncertainties include, among others, that the financial information presented in this press release is preliminary and could be subject to adjustments, the successful continuation of operations underlying the Corporation’s assets, the performance of the assets of Osisko, the growth and the benefits deriving from its portfolio of investments, risks related to the operators of the properties in which Osisko holds a royalty, stream or other interest, including changes in the ownership and control of such operators; risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Osisko holds a royalty, stream or other interest, the influence of macroeconomic developments as well as the impact of and the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses. In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third party public disclosure.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer profile on EDGAR at www.sec.gov. The forward‐ looking statements set forth herein reflect Osisko’s expectations as at the date of this press release and are subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.