1. A REIT for gold mines.

2. A toll collector for gold production.

3. A franchisor for gold mines.

• Gold Royalties: Financial interests that provide a percentage of future gold production or revenue from mining properties.
• Gold Streams: Agreements to purchase a fixed percentage of future gold production from specific mines at a predetermined, low price.
• Silver Royalties and Streams: Financial interests and purchase agreements related to future silver production, often acquired as part of broader precious metals deals.

Osisko Gold Royalties Ltd (symbol: OGG) is a royalty and streaming company, meaning it provides upfront financing to mining companies in exchange for a percentage of future production (a royalty) or the right to purchase a fixed percentage of future production at a pre-set low price (a stream). When OGG receives physical precious metals (like gold or silver) through its streaming agreements, it sells these metals into the global commodity market.

Therefore, Osisko Gold primarily sells to other companies in the wholesale precious metals market, rather than directly to individuals. Its major customers are typically institutional buyers that facilitate the flow of gold in the global market. Given the highly liquid and commoditized nature of gold sales, specific long-term "major customers" are usually not disclosed by companies like Osisko Gold. However, the types of companies that purchase gold from OGG when it sells its metal include:

• Precious Metal Refiners: These companies purify raw or semi-processed gold into high-purity bullion. They are crucial intermediaries in the supply chain. Examples of major refiners include Valcambi, PAMP, Heraeus, and Metalor. These are often private companies or specialized divisions within larger groups.
• Bullion Banks: Large financial institutions with dedicated precious metals trading desks that act as market makers, facilitators, and distributors of gold to various clients (e.g., investors, jewelers, central banks, industrial users). Examples include JP Morgan Chase & Co. (NYSE: JPM), HSBC Holdings plc (LSE: HSBA / NYSE: HSBC), and UBS Group AG (SIX: UBSG / NYSE: UBS).
• Large Commodity Trading Houses: Specialized firms that buy and sell large quantities of commodities, including precious metals, often facilitating trades between producers and end-users.

Due to the transactional nature of commodity sales in a deep and liquid market, Osisko Gold Royalties does not typically name specific "major customers" with whom it has long-term off-take agreements for its gold sales. The buyers are varied institutional participants in the global gold market.

Sean E. Roosen, Chairman of the Board and Chief Executive Officer

Sean E. Roosen was appointed CEO in November 2020 and is a founder of Osisko Gold Group Inc.. He was a co-founder of Osisko Mining Corp., which developed and sold the Canadian Malartic mine in 2014 to Agnico Eagle Mines Limited and Yamana Gold Inc.. Mr. Roosen was also a co-winner of the Prospectors and Developers Association of Canada (“PDAC”)'s “Prospector of the Year Award” for 2007.

Alexander Dann, C.P.A., Chief Financial Officer and Vice President, Finance

Alexander Dann was appointed Director of Finance/CFO in February 2021. He is a Chartered Professional Accountant (C.P.A.).

Chris Lodder, President

Chris Lodder has over 30 years of experience in exploration and mine development. He served as President, CEO, and a Director of Barkerville Gold Mines from 2016 until its acquisition by Osisko Gold Royalties in 2019.

David Rouleau, Vice President, Project Development

David Rouleau is the Vice President, Project Development for Osisko Gold Group Inc..

Laurence Farmer, General Counsel, Vice President, Strategic Development and Corporate Secretary

Laurence Farmer serves as the General Counsel, Vice President, Strategic Development and Corporate Secretary for Osisko Gold Group Inc..

1. Financing and Capital Access Risks: Osisko Gold's ability to execute its development and exploration activities is heavily dependent on securing adequate financing. The company has explicitly stated that its available capital resources have been insufficient to fund planned activities, necessitating additional funding. Shareholders have experienced substantial dilution in the past year, with a 123% increase in shares outstanding. Recent financing through convertible senior notes also led to a stock decline due to dilution concerns. Furthermore, the company has operated certain test mining activities, such as those at the Trixie test mine, without the benefit of a feasibility study, increasing the uncertainty of achieving anticipated recovery levels or costs and carrying a higher risk of economic and technical failure. This financial dependency and potential for dilution pose a significant risk to the company's future growth and stability.
2. Operational and Project Development Risks: The company faces considerable operational risks associated with developing its mining projects, including obtaining and maintaining necessary third-party approvals and permits from governmental bodies. There is also a risk that exploration activities may not accurately predict mineralization, and management's geological modeling could contain errors. The company's test mining operations, such as those at Trixie, have been subject to suspensions, highlighting the precarious nature of early-stage production. A fatal incident at the Cariboo Gold Project in early 2026 also underscores the critical safety risks and potential for operational disruptions in mining development.
3. Commodity Price Volatility: Osisko Gold's future revenues and profitability are directly exposed to the fluctuations in global metal and commodity prices, particularly gold. Adverse movements in these prices could significantly impact the economic viability of its projects and overall financial performance.

Expected Drivers of Future Revenue Growth for Osisko Gold (OGG)

Osisko Gold Group (OGG) is anticipated to drive future revenue growth over the next two to three years primarily through the advancement of its flagship projects, particularly the Cariboo Gold Project, coupled with ongoing exploration and development of its broader asset portfolio. The company, which recently changed its name from Osisko Development Corp., is focused on converting gold discoveries into producing assets in North America.

• Ramp-up of Production at the Cariboo Gold Project: The Cariboo Gold Project in British Columbia is Osisko Gold Group's flagship asset, and its progression from development to full-scale production is a key driver for future revenue. The company is actively engaged in site activities, construction management, and drilling programs to advance the project.
• Successful Exploration and Resource Expansion: Osisko Gold Group continues to conduct extensive exploration and infill drilling programs across its properties, including within and adjacent to the Cariboo Gold Project. These efforts aim to expand existing mineral resources, delineate new discoveries, and extend mine life, thereby supporting long-term production growth.
• Advancement of Other Precious Metals Development Properties: Beyond the Cariboo Gold Project, Osisko Gold Group is focused on the development of other precious metals resource properties within its North American portfolio. The successful advancement of these additional projects through various stages of development to eventual production will contribute to a diversified and growing revenue stream.

Share Repurchases

• Osisko Gold Group (formerly Osisko Development Corp.) had a 3-Year Share Buyback Ratio of -50.00% as of March 2026, indicating net share issuance rather than repurchases over that period.

Share Issuance

• Osisko Gold Group reported a net issuance of stock totaling $344.95 million for the fiscal year 2025.
• The company completed private placements for approximately US$203.1 million in gross proceeds during the third quarter of 2025.
• An additional private placement for approximately US$60.2 million (C$82.5 million) in gross proceeds was completed subsequent to Q3 2025.

Inbound Investments

• During Q3 2025, Osisko Gold Group drew approximately US$100.0 million under a US$450 million senior secured project loan credit facility from funds advised by Appian Capital Advisory Limited, designated for the development and construction of the Cariboo Gold Project.

Capital Expenditures

• Capital expenditures for Osisko Gold Group were approximately -$103.18 million for the fiscal year 2025.
• Annual capital expenditure for Osisko Development Corp. (now Osisko Gold Group) was -C$144.2 million for December 2025.
• The primary focus of capital expenditures has been on advancing pre-construction activities and underground mine development at the Cariboo Gold Project.