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THE HE L LEAD ADING G INT NTERMEDIAT ATE ROYAL ALTY C COMPAN ANY Corporate Presentation September 201 2016 For orward L Look ooking Statement nts Certain statements contained in this presentation may be deemed


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THE HE L LEAD ADING G INT NTERMEDIAT ATE ROYAL ALTY C COMPAN ANY

Corporate Presentation

September 201 2016

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SLIDE 2

For

  • rward L

Look

  • oking Statement

nts

Certain statements contained in this presentation may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko (the “Corporation”) expect to occur including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects and opportunities are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (Including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the Corporation, the view on (i) the quality and the potential of the Corporation’s assets, production forecasts for properties in which the corporation holds a royalty. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporation; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporation holds a royalty; development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which the Corporation hold a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which the Corporation hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by the Corporation; the impossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or

  • perators 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 the Corporation 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. For additional information on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com. The Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. Safe Harbour Statement: This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd. By accepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to keep strictly confidential the contents

  • f this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the contents for any purpose other than

evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation, other confidential information or any such other material. Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of the Company. 2

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SLIDE 3

As a s at Septe tember 6, 6, 2016 2016

TSX & NYSE:OR $1.6B

MARKET C CAP

$45.4M

2015 2015 REVENUES

~$425M

CA CASH & CA & CASH EQUIVALENTS

(at June 30, 2016)

$150-$200M

AVAILABLE C E CRED EDIT

34,500-37,200 oz

ATTRIBU BUTABL BLE G GOLD OUNCE CES S FO FOR 2 2016

TWO O WO OF T THE PREM EMIER ER ROYAL ALTY TY A ASSETS TS IN THE HE G GOLD LD SECTOR OR STRONG C CASH SH POSIT ITIO ION QUART RTERLY RLY DIVI VIDE DEND TOTAL TAL OF 5 52 ROYAL ALTI TIES A AND NO S STREAMS TRACK R RECOR ORD D OF S SUCCE CCESS GOLD F FOCU CUSED

THE L LEADING INTER TERMEDIATE TE GOLD RO ROYALTY Y COMPANY Y

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SLIDE 4

High Quality Precious Metals Royalties

$342 $234 $231 $192 $164 $143 $138 $118 $0 $50 $100 $150 $200 $250 $300 $350 $400

Penasquito Stillw illwater er Canad adian an Malartic De Detour Lak Lake Co Cortez Éléonore Gold Q Quarry Go Goldstrike

Worldwide e Rank nking o

  • f P

Prec ecious us Met etals R s Royalties es - 5% N % NPV ( V (US$ M M) Osi sisk sko holds t s two o

  • f the

he highes est q qua uality royalties i es in t the s he sector

Source: BMO Capital Markets Equity Research. NPV shown using a 5% discount rate and BMO commodity pricing for gold of US$1,292/oz for 2016, US$1,350/oz for 2017, US$1,250/oz for 2018 and US$1,200/oz for 2019 and LT.

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SLIDE 5

Accomplishments in 24 Months

  • RAISED T

D TOTAL OF ~ F ~ $500M 0M I IN CAPITAL

  • SEC

ECUR URED ED $ $200M I IN AVAILABLE C E CRED EDIT

  • SUCCESSFUL

ULLY ES Y ESTABLISHED ED R ROYALTY I Y INCUB UBATOR M MODEL EL

  • GREW I

INVESTM TMENT T PORTF TFOLIO T TO TOTAL AL V VALUE O OF DEPLOY OYED ~$212M 212M O OF C CAPITAL INT NTO I INV NVESTMENTS

  • GREW R

ROYAL ALTY TY P PORTF TFOLIO TO A A TOTAL AL O OF 5 52 ROYAL ALTI TIES + + 3 ROYAL ALTY TY O OPTIONS

  • TOTAL O

OF $26. F $26.6M IN DI DIVIDENDS DE DECLARED

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Strong Gold Market with Upward Momentum

Osi sisk sko Q Qua uarter erly Realized ed G Gold Price ( e (C$/ $/oz

  • z)

Best gold pr prices i s in CAD si D since 2014 2014

Ma Max L London P PM F M Fixing in CAD: $1, $1,877/ 877/oz

  • z on Sep. 6

6 2011 2011

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SLIDE 7

Prod

  • ducin

ing Royalt lties es

ÉLÉON ONOR ORE 2. 2.0-3. 3.5% 5% N NSR

ISLA LAND G GOLD LD 1. 1.7% 7%-2. 2.55% N 55% NSR VEZZA ZZA 5% N 5% NSR – 40% N 40% NPI

CANAD ADIAN AN M MALAR ARTI TIC 5% N 5% NSR SR

IR IRON OR ORE COM OMPANY OF OF C CANADA ( (LIF) 0. 0.7% 7% P PASS-TH THROUGH S SAL ALES R S ROYALTY TY

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SLIDE 8

OPERATORS: Agnico Eagle / Yamana Gold LOCA CATIO ION: Malartic, Québec RE RESER ERVES: Current reserves of 7.72 M oz Au1 ROYALT LTY:

  • 5% NSR royalty
  • $0.40/tonne on milled ore from
  • utside the current property area for

life of mill starting in June 2021 2015 2015 PROD ODUCT CTIO ION: 572.0 k oz H2 H2 2016 2016 PROD ODUCT CTIO ION: 292.2 K oz GU GUIDANCE:

  • 2016:

2016: 560 to 580 k oz

  • 2017:

2017: 590 to 600 k oz

  • 2018:

2018: 610 k oz OSISKO KO ATTRIBU IBUTABL BLE GOLD O OUNCE CES:

  • 2016:

2016: 28.0 to 29.0 k oz

  • 2017:

2017: 29.5 to 30.0 k oz

  • 2018:

2018: 30.5 k oz

1. See Appendix A for full disclosure on Reserves & Resources.

Canadian Malartic Production Outlook (k oz Au)

560-580 k oz 2016E

Osisko Gold Royalties Attributable Royalty Ounces (k oz Au)

28.0-29.0 k oz 2016E

Key Producing Assets | CANADIAN M MALARTIC – 5% 5% NS NSR

THE L LARGES EST GOLD M MINE NE I IN N CANADA DA

YTD: 292.2 K oz YTD: 14.4 K oz

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SLIDE 9

CANADIAN MALARTIC | PIT E EXT XTENSIO ION P PERMIT ITTIN ING A ACTIV IVIT ITES

Source: Agnico Eagle

  • Pit extension program at Canadian Malartic to access higher grades and softer ore
  • Permitting activities for the Canadian Malartic pit extension and deviation of Highway

117 are continuing

  • As part of the Québec environmental impact evaluation process, public hearings on

the Canadian Malartic pit extension project took place on June 14 to 16 and July 12 and 13, 2016 in Malartic, Quebec

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SLIDE 10

CANADIAN MALARTIC EXPLORATION | OD ODYSSEY NOR NORTH & & SOU OUTH

  • 57 holes (53,417 metres) completed
  • Showing similarities to the Goldex mine deposit in terms of grade and potential

amenability to underground bulk mining

  • Ody

dysse ssey No Nort rth has been traced from a depth of 600 to 1,300 metres below surface along a strike length of approximately 1.5 kilometres

  • Ody

dysse ssey South h currently has a strike length of 0.5 kilometres, and has been located between approximately 200 and 550 metres below surface

  • Additional drilling totalling $5.5 million (35,000 metres) has been added to the original

budget of $8.0 million (60,000 metres) for a total of $13.5 million for 2016

  • An initial inferred mineral resource estimate for the Odyssey zones is expected as of

year-end 2016.

  • OSISKO HOLDS A 5% NSR ROYALTY ON THE ODYSSEY SOUTH ZONE AND A 3% NSR

ROYALTY ON THE ODYSSEY NORTH ZONE Expandi nding ng Canada da’s l largest g gold d mine

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SLIDE 11

CANADIAN MALARTIC EXPLORATION | OD ODYSSEY NOR NORTH & & SOU OUTH

Source: Agnico Eagle

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SLIDE 12

1. See Appendix A for full disclosure on Reserves & Resources.

Éléonore Production Outlook (k oz Au)

250-280 2016E

Osisko Gold Royalties Attributable Royalty Ounces (k oz Au)

5.5-6.2 2016E

OPER ERATOR: R: Goldcorp (100%) LOCA CATIO ION: James Bay, Québec RE RESER ERVES: Current reserves of 5.35 M oz Au1 ROYALT LTY:

  • 2.0% NSR royalty on the first 3 M oz
  • f Au production
  • 0.25% increase for every additional

1M oz of production thereafter, to a maximum of 3.50%

  • Adjustment of +10% if Au is higher

than US$500/oz 2015 2015 PROD ODUCT CTIO ION: 268.1 k oz Q2 2 2016 2016 PROD ODUCT CTIO ION: 140.7 k oz 2016 GU 2016 GUIDANCE: 250-280 k oz 2016 O 2016 OSISKO ATTRIBU IBUTABL BLE GOLD O OUNCE CES: 5.5 to 6.2 k oz

Key Producing Assets | ÉLÉON ONOR ORE – 2. 2.0 t 0 to 3. 3.5% 5% NS NSR

FIRST O OUNCE CES REC ECEI EIVED ED I IN DEC ECEM EMBER ER 2 2015

YTD:140.7 K OZ YTD: 3.7 K OZ

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SLIDE 13

Source: Goldcorp public disclosure.

  • Deposit remains open at depth
  • Drilling in 2016 will continue to target

the 494 zone for reserve replacement and test the deep projection of the centre and southern ore bodies and the 494 zone.

  • Positive results continue in the 494 zone

adding confidence to the size and importance of this structure. ÉLÉO ÉONORE EXPLOR ORATI TION ON UPDATE

Key Producing Assets | ÉLÉON ONOR ORE – 2. 2.0 t 0 to 3. 3.5% 5% NS NSR

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SLIDE 14
  • Operating since 2007
  • Recently announced an updated PEA
  • n Deep resources at the Island Gold

Mine

  • 2015 production: 55,040 oz Au
  • 142,000m Phase 2 drilling campaign

underway

  • 9.8% equity position in LIF
  • Investment in LIF provides exposure

to Iron Ore Canada (“IOC”) – 7.0% top-line royalty – 15% equity interest in IOC – $0.10/t commission on all iron

  • re sales by IOC
  • Equivalent to 0.7% pass-through

sales royalty

  • Operating since 1954

IRON OR ORE CO COMPANY OF OF CANAD ADA ( (LIF) 0. 0.7% 7% P PASS-THR HROUGH H SALES ROYALTY ISLA SLAND G GOLD LD 1. 1.7% 7%-2. 2.55% 5% NS NSR

Producing Royalties

  • Operated by Ressources Nottaway
  • inc. (private company)
  • The property is located 25km from

Matagami, Québec

  • Custom milling at IAMGOLD’s

Westwood (Doyon) facility

VEZZA ZA 5% NS % NSR 40% 40% N NPI

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SLIDE 15

NEW G GROWT OWTH

ODYS YSSEY EY 3% N 3% NSR UPPER ER B BEA EAVER ER KIRKLA LAND L LAKE C E CAMP 2% N 2% NSR CARIB IBOO OO 1. 1.5% 5% N NSR MARBA BAN 0.425% N 25% NSR LAMAQUE QUE 1. 1.7% 7% N NSR PA PANDORA 2% N 2% NSR WINDFA FALL 0. 0.5% 5% N NSR HERMOSA S SULF LFIDES ES 1% N NSR SR HORNE 5 E 5 1% N NSR SR

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SLIDE 16

1. See the technical report titled “Technical Report and Updated Preliminary Economic Assessment for the Lamaque Project” dated February 27th 2015 on Integra Gold’s profile at www.sedar.com 2. Integra Gold may repurchase 50% of Osisko’s 1.7% NSR royalty for total consideration of $1,000,000

New Growth

ROYALTY: 2 2% % NSR

  • Potential to add mill feed for

Agnico-Eagle Lapa Mine

  • Exploration drift from Lapa

underway

  • 2016 exploration budget:

$4.1M

ROYALTY: 1 1.7% NSR NSR

  • PEA stage:
  • Average annual prod.

109.9 K oz

  • Mine life: 4.5 years
  • 2016 drill program: 100 km

PA PANDORA LAMAQUE1,

1,2

ROYALTY: 2 2% % NSR

  • 2016 exploration budget:

$5.2M

ROYALTY: 0. 0.42 425% 5% N NSR

  • Also includes a right to $5

million payment upon commercial production on the Marban property.

CARIBOO OO MAR ARBAN AN

ROYALTY: 1 1.5% NSR NSR

  • 2016 exploration budget:

$15M

ODYSSE SSEY

ROYALTY: 3 3% % NSR

  • 2016 exploration budget: $8M

UPPE PPER BEA EAVER ER - KIRKL KLAND ND L LAKE

ROYALTY: 1 1% % NSR

  • Drilling underway to expand

Taylor Deposit

HERMOS OSA WINDF DFALL

ROYALTY: 0 0.5% NSR NSR

  • 55,000 drill program

initiated with positive initial results

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SLIDE 17

The Royalty Model

ROYAL ALTY TY I INCUBATI TION

Construct ction

  • n

Refinancing

OSIS ISKO IS IS A PRO ROVIDER R OF CAPITAL T L TO THE HE MINI NING NG S SECTOR

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SLIDE 18

Royalty Incubation Process - Acquiring Royalties at Discounted Valuations

Net C Cost o

  • f Royalty Purchase a

at Ju June 30, 30, 2016 2016 ( (C$ M $ M)

Purchased a a 1. 1.5% 5% N NSR i in February 2016 2016 Purchased a a 1% 1% NSR i in April 2016 2016

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

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SLIDE 19

Significant Value in Investment Portfolio

Value o e of Inves estmen ent P Portfolio1 (C$ M) M) Unrea ealized g ed gain2 of appr pproximatel ely $ $67 m million a at q qua uarter er end ( nd (Q2) 2)

1. Fair value of marketable securities in associates and other as at June 30, 2016, excluding Labrador Iron Ore Royalty Corporation 2. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

104.2 171.8 Cost Base Market Value at June 30, 2016 104.9

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SLIDE 20

Company ny Key A Asse ssets Location % O Owner nersh ship

  • Windfall Lake
  • Garcon
  • Marban

Québec, Canada Ontario, Canada 15.9%

  • Cariboo Gold

Project BC, Canada 17.6%

  • Horne 5

Québec, Canada 16.2%

  • Hermosa

Arizona, US 4.1%

  • Neita

Dominican Republic 14.8%

Key Portfolio Investments

Key P Portfolio I Investments a s at Ju June 30, 30, 2016 2016

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SLIDE 21

EXPLOR ORATION ON PROPERT RTIES

COU OULON ON P PROJECT POLYMET ETALL LLIC MINERALIZ IZATION ION CON ONFIR IRMS M MININ ING POTE TENTI TIAL GUERRE RRERO 9,600 K 00 KM2 AREA EA I IN GUER ERRER ERO, M MEX EXICO

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SLIDE 22

Source: Factset

Discounted Value vs Royalty Peers

1. 1.4x 1. 1.8x 2. 2.0x 2. 2.1x 2. 2.4x

Osi sisk sko Sandstor

  • rm

Royal al G Gold Silv ilver W Whea eaton Franco co N Nev evada

P/NAV M V Mul ultipl ple

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SLIDE 23

Invest i in Osisko ko

52

ROYAL ALTI TIES & & NO S STREAMS

~$625M 25M

IN CAS ASH & & AVAILA LABLE LE CRED EDIT

DIVIDE DEND D YIELD ELD

~0.9% 9%

TWO O WO OF T THE PREM EMIER ER ROYAL ALTY TY A ASSETS TS IN THE HE G GOLD LD SECTOR OR GOLD F FOCU CUSED TRACK R RECOR ORD D OF S SUCCE CCESS

30,1 30,125

ZER ERO-COS OST oz

  • z

IN N CANA NADA I IN N 2015 2015

34, 34,500 t 500 to 37, 37,200 200 oz

  • z

ATTR TTRIBUTA TABLE GOL OLD OU OUNCES F FOR OR 2016 2016

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SLIDE 24

APPENDIX

Appendix A – Reserves & Resources

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SLIDE 25

Appendix A – Reserves and Resources

1. Agnico Eagle and Yamana public disclosure – as at December 31, 2015 2. See Goldcorp press release dated February 25, 2016, titled Goldcorp Reports Fourth Quarter 2015 Results; Provides Updated Reserves and Resources Estimates and 2016 Guidance 3. See Richmont press release dated February 9, 2016, titled Richmont Increases Mineral Reserves by 187% and Island Gold Mine Increases Mineral Reserves by 206%, With a 29% Increase in Reserve Grade

CANAD ADIAN AN M MALAR ARTI TIC1

RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Proven 0.97 1.72 54.9 Probable 1.12 6.00 166.6 Total Proven & Probable 1.08 7.72 221.5

*Cut-off grade: 0.345-0.351 g/t | Gold Price: $1,150/oz Au

GLOBAL RESOURCES (EXCLUDING RESERVES)* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Measured 1.32 0.15 3.5 Indicated 1.55 1.10 22.2 Total Meas. & Ind. 1.51 1.25 25.7 Inferred 1.47 0.43 9.0

*Cut-off grade: 0.34-0.40 g/t and 1.0 g/t below open pit | Gold Price: $1,150/oz Au | exchange rate

  • f CAN$1.24 = US$1.00

ÉLÉON ONOR ORE2

RESERVES* CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Proven & Probable 5.87 5.35 28.32 GLOBAL RESOURCES (EXCLUDING RESERVES) CATEGORY AU GRADE (G/T) AU (M OZ) TONNES (MT) Total Meas. & Ind. 5.49 0.81 4.58 Inferred 7.11 2.28 9.97

ISLA LAND GOLD3

RESERVES - ABOVE 400M* CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Proven 7.00 21.80 97.0 Probable 6.88 54.90 248.0 Total Proven & Probable 6.91 76.70 345.0 GLOBAL RESOURCES (EXCLUDING RESERVES) – ABOVE 400M* CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Measured 5.80 1.35 7.5 Indicated 6.96 52.7 235.5 Total Meas. & Ind. 6.92 54.1 243.0 Inferred 7.44 98.7 412.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00.

RESERVES – BELOW 400M* CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Proven 7.72 66.1 266.5 Probable 8.66 418.9 1,504.0 Total Proven & Probable 8.52 485.0 1,770,5 GLOBAL RESOURCES (EXCLUDING RESERVES) – BELOW 400M* CATEGORY AU GRADE (G/T) AU (K OZ) TONNES (KT) Indicated 5.20 17.65 105.5 Inferred 8.67 669.35 2,402.5

*Based on a gold price of US$1,300/oz and an exchange rate of CAN$1.2037 = US$1.00. 25