OR Royalties Inc 6-K, filed May 12, 2022

OR Royalties Inc. (OR)

6-K 2022-05-12 For: 2022-03-31

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Added on April 08, 2026

About this 6-K

OR Royalties Inc filed this 6-K on May 12, 2022.

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Exhibit		Description

99.1		Interim Consolidated Financial Statements for the three months ended March 31, 2022
99.2		Management's Discussion and Analysis for the three months ended March 31, 2022
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate – CFO
99.5		Press Release of Dividends
99.6		Press Release of Q1 2022 results

Date: May 12, 2022	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

		March 31,		December 31,
		2022		2021
	Notes	$		$

Assets

Current assets

Cash	4	449,450		115,698
Restricted cash	12	206,490		-
Short-term investments		2,960		-
Amounts receivable		16,308		14,691
Inventories	5	25,053		18,596
Other assets		7,169		3,941
		707,430		152,926

Non-current assets

Investments in associates	6	129,687		125,354
Other investments	7	130,700		169,010
Royalty, stream and other interests	8	1,146,284		1,154,801
Mining interests and plant and equipment	9	644,960		635,655
Exploration and evaluation		3,640		3,635
Goodwill		111,204		111,204
Other assets		18,810		18,037
		2,892,715		2,370,622

Liabilities

Current liabilities

Accounts payable and accrued liabilities		43,936		30,049
Dividends payable		10,167		9,157
Subscription receipts liability	12	207,980		-
Provisions and other liabilities	10	6,844		12,179
Current portion of long-term debt	11	298,033		294,891
		566,960		346,276

Non-current liabilities

Provisions and other liabilities	10	55,612		60,334
Long-term debt	11	116,328		115,544
Deferred income taxes		67,396		68,407
		806,296		590,561

Equity

Share capital		2,082,961		1,783,689
Warrants		-		18,072
Contributed surplus		62,547		42,525
Equity component of convertible debentures		14,510		14,510
Accumulated other comprehensive income		26,458		58,851
Deficit		(280,855	)	(283,042	)
Equity attributable to Osisko Gold Royalties Ltd's shareholders		1,905,621		1,634,605
Non-controlling interests		180,798		145,456
Total equity		2,086,419		1,780,061
		2,892,715		2,370,622


		2022		2021
	Notes	$		$

Revenues	14	59,398		66,923

Cost of sales	14	(11,162	)	(20,397	)
Depletion and amortization		(12,026	)	(11,927	)
Gross profit		36,210		34,599

Other operating expenses
General and administrative		(12,644	)	(9,906	)
Business development		(1,421	)	(987	)
Exploration and evaluation		(120	)	(337	)
Mining operating expenses		(15,246	)	-
Impairment - royalty, stream and other interests		-		(2,288	)
Operating income		6,779		21,081
Interest income		1,191		1,310
Finance costs		(6,373	)	(6,143	)
Foreign exchange gain (loss)		1,187		(1,129	)
Share of income (loss) of associates		2,273		(32	)
Other losses, net	14	(5,224	)	(1,910	)
(Loss) earnings before income taxes		(167	)	13,177
Income tax expense		(5,362	)	(3,414	)
Net (loss) earnings		(5,529	)	9,763

Net earnings (loss) attributable to:
Osisko Gold Royalties Ltd's shareholders		326		10,557
Non-controlling interests		(5,855	)	(794	)

Net earnings per share
Basic and diluted	15	-		0.06


	2022		2021
	$		$


Net (loss) earnings	(5,529	)	9,763

Other comprehensive (loss) income

Items that will not be reclassified to the consolidated statement of income (loss)

Changes in fair value of financial assets at fair value through comprehensive income	(15,769	)	484
Income tax effect	2,063		2,705

Items that may be reclassified to the consolidated statement of income (loss)

Currency translation adjustments	(6,806	)	(7,051	)

Other comprehensive (loss) income	(20,512	)	(3,862	)

Comprehensive (loss) income	(26,041	)	5,901

Comprehensive (loss) income attributable to:
Osisko Gold Royalties Ltd's shareholders	(20,097	)	6,695
Non-controlling interests	(5,944	)	(794	)

The notes are an integral part of these unaudited condensed interim consolidated financial statements.
	2

				Equity attributed to Osisko Gold Royalties Ltd's shareholders
		Number of								Equity	Accumulated
		common				Warrants				component of	other						Non-
		shares		Share				Contributed		convertible	comprehensive						controlling
	Notes	outstanding		capital				surplus		debentures	income⁽ⁱ⁾		Deficit		Total		interests		Total
				$		$		$		$	$		$		$		$		$
Balance - January 1, 2022		166,517,489		1,783,689		18,072		42,525		14,510	58,851		(283,042	)	1,634,605		145,456		1,780,061

Net earnings (loss)		-		-		-		-		-	-		326		326		(5,855	)	(5,529	)
Other comprehensive loss		-		-		-		-		-	(20,423	)	-		(20,423	)	(89	)	(20,512	)
Comprehensive (loss) income		-		-		-		-		-	(20,423	)	326		(20,097	)	(5,944	)	(26,041	)

Bought deal financing	12	18,600,000		311,962		-		-		-	-		-		311,962		-		311,962
Share issue costs, net of income taxes of $3.7 million		-		(10,247	)	-		-		-	-		-		(10,247	)	-		(10,247	)
Net investments from minority shareholders	12	-		-		-		-		-	-		-		-		40,446		40,446
Effect of changes in ownership of a subsidiary on non-controlling interest		-		-		-		-		-	-		1,213		1,213		(1,213	)	-
Dividends declared	12	-		-		-		-		-	-		(10,167	)	(10,167	)	-		(10,167	)
Shares issued - Dividends reinvestment plan	12	29,929		434		-		-		-	-		-		434		-		434
Shares issued - Employee share purchase plan		4,809		73		-		-		-	-		-		73		-		73
Share options - Share-based compensation		-		-		-		698		-	-		-		698		807		1,505
Share options exercised		41,526		774		-		(152	)	-	-		-		622		-		622
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-		867		-	-		-		867		889		1,756
Income tax impact		-		-		-		176		-	-		-		176		-		176
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-		262		-	-		-		262		357		619
Income tax impact		-		-		-		99		-	-		-		99		-		99
Normal course issuer bid purchase of common shares	12	(347,492	)	(3,724	)	-		-		-	-		(1,155	)	(4,879	)	-		(4,879	)
Warrants expired unexercised	12	-		-		(18,072	)	18,072		-	-		-		-		-		-
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of income taxes		-		-		-		-		-	(11,970	)	11,970		-		-		-
Balance - March 31, 2022		184,846,261		2,082,961		-		62,547		14,510	26,458		(280,855	)	1,905,621		180,798		2,086,419

		Three months ended	Year ended
		March 31, 2022	December 31, 2021
		$	$
Balance - Beginning of period		125,354	119,219
	Acquisitions	-	2,366
	Exercise of warrants	-	1,437
	Share of income (loss)	2,273	(3,950	)
	Share of other comprehensive income	-	(1,665	)
	Net gain on ownership dilution	2,060	1,847
	Deemed issuance of Osisko common shares held by an associate	-	6,100
Balance - End of period		129,687	125,354

			Three months ended March 31, 2022
	Royalty interests		Stream interests		Offtake interests		Total
	$		$		$		$
Balance - January 1	703,113		438,032		13,656		1,154,801
Acquisitions	9,290		-		-		9,290
Depletion	(6,855	)	(4,443	)	-		(11,298	)
Currency translation adjustments	(1,676	)	(4,637	)	(196	)	(6,509	)

Balance - March 31	703,872		428,952		13,460		1,146,284

Producing
Cost	630,876		514,767		-		1,145,643
Accumulated depletion and impairment	(402,229	)	(214,434	)	-		(616,663	)
Net book value - March 31	228,647		300,333		-		528,980

Development
Cost	225,701		179,110		30,673		435,484
Accumulated depletion and impairment	(652	)	(50,491	)	(26,045	)	(77,188	)
Net book value - March 31	225,049		128,619		4,628		358,296

Exploration and evaluation
Cost	251,311		-		8,832		260,143
Accumulated depletion	(1,135	)	-		-		(1,135	)
Net book value - March 31	250,176		-		8,832		259,008

Total net book value - March 31	703,872		428,952		13,460		1,146,284

			Year ended December 31, 2021
	Royalty interests		Stream interests		Offtake interests		Total
	$		$		$		$
Balance - January 1	656,661		440,941		18,526		1,116,128
Additions	77,702		13,234		-		90,936
Conversion of an offtake into a stream	-		4,682		(4,682	)	-
Depletion	(28,958	)	(19,403	)	-		(48,361	)
Impairment	(2,288	)	-		-		(2,288	)
Translation adjustments	(4	)	(1,422	)	(188	)	(1,614	)
Balance - December 31	703,113		438,032		13,656		1,154,801

Producing
Cost	626,345		518,934		-		1,145,279
Accumulated depletion and impairment	(395,874	)	(210,884	)	-		(606,758	)
Net book value - December 31	230,471		308,050		-		538,521

Development
Cost	226,438		181,209		31,120		438,767
Accumulated depletion and impairment	(572	)	(51,227	)	(26,424	)	(78,223	)
Net book value - December 31	225,866		129,982		4,696		360,544

Exploration and evaluation
Cost	247,680		-		8,960		256,640
Accumulated depletion	(904	)	-		-		(904	)
Net book value - December 31	246,776		-		8,960		255,736

Total net book value - December 31	703,113		438,032		13,656		1,154,801

	Three months ended March 31, 2022						Year ended December 31, 2021
	Mining interests		Plant and equipment ⁽ⁱ⁾		Total		Mining interests		Plant and equipment ⁽ⁱ⁾		Total
	$		$		$		$		$		$
							(Note 3)				(Note 3)

Net book value - Beginning of period	543,953		91,702		635,655		459,303		30,209		489,512
Additions	13,078		3,546		16,624		131,908		58,192		190,100
Impairment	-		-		-		(58,417	)	-		(58,417	)
Mining exploration tax credits	-		-		-		(1,585	)	-		(1,585	)
Change in environmental rehabilitation assets	(2,333	)	-		(2,333	)	19,522		-		19,522
Depreciation	(517	)	(3,338	)	(3,855	)	-		(7,814	)	(7,814	)
Depreciation capitalized	140		-		140		4,136		-		4,136
Share-based compensation capitalized	253		-		253		2,127		-		2,127
Transfers	-		-		-		(11,221	)	11,221		-
Disposals and others	99		(2,798	)	(2,699	)	-		(213	)	(213	)
Currency translation adjustments	931		244		1,175		(1,820	)	107		(1,713	)

Net book value - End of period	555,604		89,356		644,960		543,953		91,702		635,655

Closing balance
Cost	614,538		105,688		720,226		602,370		105,112		707,482
Accumulated depreciation and impairment	(58,934	)	(16,332	)	(75,266	)	(58,417	)	(13,410	)	(71,827	)

Net book value	555,604		89,356		644,960		543,953		91,702		635,655

	Three months ended March 31, 2022
	Land and buildings		Machinery and equipment		Construction- in-progress		Total Plant and equipement
	$		$		$		$

Net book value – Beginning of period	24,332		43,121		24,249		91,702
Additions	347		2,412		787		3,546
Depreciation	(578	)	(2,760	)	-		(3,338	)
Transfers	-		12,057		(12,057	)	-
Disposals and others	(33	)	(2,765	)	-		(2,798	)
Currency translation adjustments	3		301		(60	)	244
Net book value – End of period	24,071		52,366		12,919		89,356

Closing balance
Cost	30,052		62,717		12,919		105,688
Accumulated depreciation and impairment	(5,981	)	(10,351	)	-		(16,332	)
Net book value	24,071		52,366		12,919		89,356

	Three months ended March 31, 2022								Year ended December 31, 2021
	Environ- mental rehabi- litation⁽ⁱ⁾		Lease liabilities⁽ⁱⁱ⁾		Deferred premium on flow-through shares ⁽ⁱⁱⁱ⁾		Total		Environ- mental rehabi- litatio⁽ⁱ⁾		Lease liabilities⁽ⁱⁱ⁾		Deferred premium on flow-through shares		Total
	$		$		$		$		$		$		$		$
Balance - Beginning of period	53,237		18,362		914		72,513		34,601		11,366		-		45,967
New (reduction in) liabilities	195		(1,544	)	-		(1,349	)	20,433		13,578		-		34,011
Revision of estimates	(3,163	)	-		-		(3,163	)	(1,457	)	-		-		(1,457	)
Accretion	447		-		-		447		1,192		-		-		1,192
Settlement/payments of liabilities	(463	)	(5,272	)	-		(5,735	)	(1,240	)	(6,582	)	-		(7,822	)
Issuance of flow-through shares	-		-		-		-		-		-		7,885		7,885
Recognition of deferred premium on flow-through shares	-		-		(341	)	(341	)	-		-		(6,971	)	(6,971	)
Currency translation adjustments	83		1		-		84		(292	)	-		-		(292	)

Balance - End of period	50,336		11,547		573		62,456		53,237		18,362		914		72,513

Current portion	2,871		3,400		573		6,844		2,287		8,978		914		12,179
Non-current portion	47,465		8,147		-		55,612		50,950		9,384		-		60,334

	50,336		11,547		573		62,456		53,237		18,362		914		72,513

	Three months ended March 31, 2022			Year ended December 31, 2021
			Weighted			Weighted
	Number of		average	Number of		average
	options		exercise price	options		exercise price
			$			$
Balance - Beginning of period	3,730,580		14.09	4,240,869		14.22
Granted⁽ⁱ⁾	-		-	763,700		13.27
Exercised	(41,526	)	14.98	(1,043,903	)	13.75
Forfeited / Cancelled	(7,333	)	13.50	(58,866	)	13.45
Expired	-		-	(171,220	)	16.04
Balance - End of period	3,681,721		14.08	3,730,580		14.09
Options exercisable - End of period	2,062,990		14.55	1,881,416		14.78

		Options outstanding		Options exercisable
			Weighted
			average
		Weighted	remaining		Weighted
Exercise		average	contractual		average
price range	Number	exercise price	life (years)	Number	exercise price
$		$			$
10.58 - 12.97	1,316,531	12.70	3.2	748,999	12.71
13.10 - 14.78	1,737,860	13.80	2.6	807,061	14.10
15.97 - 18.07	559,500	16.63	1.1	439,100	16.61
24.72 - 27.77	67,830	26.97	0.1	67,830	26.97
	3,681,721	14.08	2.6	2,062,990	14.55

	OSISKO GOLD ROYALTIES LTD
	(Registrant)

	March 31,	December 31,
	2022	2021
	$	$

Ore in stockpiles ⁽^{i), (ii)}	4,964	4,194
Gold-in-circuit and doré bars ⁽ⁱ⁾^{, (ii)}	11,226	8,638
Refined precious metals ⁽ⁱ⁾^{, (ii)}	4,302	1,113
Supplies and other ⁽ⁱ⁾	4,561	4,651
	25,053	18,596

	Three months ended March 31, 2022⁽ⁱ⁾		Year ended December 31, 2021
Dividend per share	-		1.5%
Expected volatility	-		40%
Risk-free interest rate	-		0.7%
Expected life	-		46 months
Weighted average share price	-	$	13.27
Weighted average fair value of options granted	-	$	3.66

	Three months ended March 31, 2022		Year ended December 31, 2021
	DSU⁽ⁱ⁾	RSU⁽ⁱⁱ⁾	DSU⁽ⁱ⁾		RSU⁽ⁱⁱ⁾

Balance - Beginning of period	376,203	878,397	408,564		1,242,902
Granted	-	-	64,720		293,610
Reinvested dividends	1,397	3,261	5,185		15,102
Settled	-	-	(102,266	)	(398,173	)
Forfeited	-	-	-		(275,044	)
Balance - End of period	377,600	881,658	376,203		878,397
Balance - Vested	312,167	-	311,010		-

	2022		2021
	$		$

Revenues

Royalty interests ⁽ⁱ⁾	34,989		34,911
Stream interests ⁽ⁱ⁾	15,700		14,086
Offtake interests ⁽ⁱ⁾	-		17,926
Mining activities ⁽ⁱⁱ⁾	9,167		-
Intersegment transactions	(458	)	-
	59,398		66,923

Cost of sales

Royalty interests ⁽ⁱ⁾	94		174
Stream interests ⁽ⁱ⁾	3,087		2,984
Offtake interests ⁽ⁱ⁾	-		17,239
Mining activities ⁽ⁱⁱ⁾	8,439		-
Intersegment transactions	(458	)	-
	11,162		20,397

Other losses, net

Change in fair value of financial assets at fair value through profit and loss	(8,176	)	(1,908	)
Net gain on acquisition of investments⁽ⁱⁱⁱ⁾	48		438
Net gain on dilution of investments in associates	2,060		1,391
Impairment of other investments	(520	)	(2,112	)
Flow-through shares premium income	341		469
Other	1,023		(188	)
	(5,224	)	(1,910	)

	2022	2021
	$	$

Net earnings attributable to Osisko Gold Royalties Ltd's shareholders	326	10,557

Basic weighted average number of common shares outstanding (in thousands)	166,926	165,842
Dilutive effect of share options	352	123
Diluted weighted average number of common shares	167,278	165,965

Net earnings per share
Basic and diluted	-	0.06

	2022		2021
	$		$

Interests received measured using the effective rate method	195		424
Interests paid on the long-term debt	1,093		1,223
Income taxes paid	234		915

Changes in non-cash working capital items
Increase in accounts receivable	(1,801	)	(2,289	)
Increase in inventories	(6,417	)	(8,691	)
(Increase) decrease in other current assets	(765	)	812
Increase (decrease) in accounts payable and accrued liabilities	9,970		(4,760	)
	987		(14,928	)

			March 31, 2022
	Level 1	Level 2	Level 3	Total
	$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss⁽ⁱ⁾
Warrants on equity securities and convertible debentures and notes
Publicly traded mining exploration and development companies
Precious metals	-	-	29,396	29,396
Other minerals	5,960	-	8,733	14,693
Financial assets at fair value through other comprehensive (loss) income⁽ⁱ⁾
Equity securities
Publicly traded mining exploration and development companies
Precious metals	25,935	-	-	25,935
Other minerals	32,121	-	-	32,121
	64,016	-	38,129	102,145

			December 31, 2021
	Level 1	Level 2	Level 3	Total
	$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss⁽ⁱ⁾
Warrants on equity securities and convertible debentures and notes
Publicly traded mining exploration and development companies
Precious metals	-	-	24,327	24,327
Other minerals	13,048	-	10,607	23,655
Financial assets at fair value through other comprehensive (loss) income⁽ⁱ⁾
Equity securities
Publicly traded mining exploration and development companies
Precious metals	46,668	-	-	46,668
Other minerals	47,563	-	-	47,563
	107,279	-	34,934	142,213

	March 31, 2022		December 31, 2021
	Fair value	Carrying amount	Fair Value	Carrying amount
	$	$

Long-term debt - Level 1	303,240	294,852	303,000	293,282

	As at March 31, 2022 and December 31, 2021
	Osisko Gold Royalties ⁽ⁱ⁾	Osisko Development⁽ⁱⁱ⁾
	(Royalties, streams and other interests)	(Mining exploration, evaluation and development)	Intersegment transactions ⁽ⁱⁱⁱ⁾		Consolidated
	$	$	$		$

Assets and liabilities

As at March 31, 2022

Cash	392,648	56,802	-		449,450
Restricted cash	-	206,490	-		206,490
Current assets	406,664	301,066	(300	)	707,430
Investments in associates and other investments	215,598	44,789	-		260,387
Royalty, stream and other interests	1,238,741	-	(92,457	)	1,146,284
Mining interests and plant and equipment	7,715	570,431	66,814		644,960
Exploration and evaluation assets	-	3,640	-		3,640
Goodwill	111,204	-	-		111,204

Total assets	1,981,580	937,078	(25,943	)	2,892,715

Total liabilities (excluding long-term debt and subscription receipts liability)	92,154	117,744	(25,943	)	183,955

Subscription receipts liability	-	207,980	-		207,980

Long-term debt	407,332	7,029	-		414,361

As at December 31, 2021

Cash	82,291	33,407	-		115,698
Current assets	91,594	61,422	(90	)	152,926
Investments in associates and other investments	231,884	62,480	-		294,364
Royalty, stream and other interests	1,247,489	-	(92,688	)	1,154,801
Mining interests and plant and equipment	7,991	559,332	68,332		635,655
Exploration and evaluation assets	-	3,635	-		3,635
Goodwill	111,204	-	-		111,204

Total assets	1,691,958	703,110	(24,446	)	2,370,622

Total liabilities (excluding long-term debt)	89,416	115,156	(24,446	)	180,126

Long-term debt	406,671	3,764	-		410,435

	For the three months ended March 31, 2022 and 2021
	Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾
	(Royalties, streams and other interests)		(Mining exploration, evaluation and development)		Intersegment transactions ⁽ⁱⁱⁱ⁾		Consolidated
	$		$		$		$
Revenues, expenses and cash flows

For the three months ended March 31, 2022

Revenues	50,689		9,167		(458	)	59,398
Gross profit	36,210		-		-		36,210
Operating expenses (G&A, bus. dev and exploration)	(6,257	)	(7,928	)	-		(14,185	)
Mining operating expenses	-		(15,246	)	-		(15,246	)
Impairments	(520	)	-		-		(520	)
Net earnings (loss)	16,804		(22,333	)	-		(5,529	)

Cash flows from operating activities
Before working capital items	39,892		(17,269	)	-		22,623
Working capital items	615		372		-		987
After working capital items	40,507		(16,897	)	-		23,610
Cash flows from investing activities	(15,586	)	3,314		-		(12,272	)
Cash flows from financing activities	285,528		37,137		-		322,665

For the three months ended March 31, 2021

Revenues	66,923		-		-		66,923
Gross profit	34,599		-		-		34,599
Operating expenses (G&A, bus. dev and exploration)	(6,029	)	(5,201	)	-		(11,230	)
Mining operating expenses	-		-		-		-
Impairments	(4,400	)	-		-		(4,400	)
Net earnings (loss)	13,464		(3,701	)	-		9,763

Cash flows from operating activities
Before working capital items	39,540		2,422		(5,710	)	36,252
Working capital items	(2,802	)	(12,126	)	-		(14,928	)
After working capital items	36,738		(9,704	)	(5,710	)	21,324
Cash flows from investing activities	(13,781	)	(21,708	)	5,710		(29,779	)
Cash flows from financing activities	(7,511	)	35,613		-		28,102

	North America	South America	Australia	Africa	Europe	Total
	$	$	$	$	$	$

2022

Royalties	33,806	336	35	812	-	34,989
Streams	8,629	4,237	276	-	2,558	15,700
Offtakes	-	-	-	-	-	-

	42,435	4,573	311	812	2,558	50,689

2021

Royalties	33,505	274	-	1,132	-	34,911
Streams	5,449	5,519	489	-	2,629	14,086
Offtakes	17,926	-	-	-	-	17,926

	56,880	5,793	489	1,132	2,629	66,923

	March 31, 2022			December 31, 2021
	Canada	Mexico	Total	Canada	Mexico	Total
	$	$	$	$	$	$
Assets
Inventories	21,075	3,978	25,053	13,933	4,663	18,596
Mining interests, plant and equipment	464,246	106,185	570,431	455,849	103,483	559,332
Exploration and evaluation assets	3,640	-	3,640	3,635	-	3,635
Total assets	807,815	129,263	937,078	575,651	127,459	703,110

Description of the Business	2
Business Model and Strategy	2
Uncertainty due to COVID-19	2
Highlights - Subsequent to March 31, 2022	3
Summary table - Financial highlights	4
Portfolio of Royalty, Stream and Other Interests	5
Equity Investments	18
Sustainability Activities	20
Mining Exploration and Evaluation / Development Activities	21
Dividend Reinvestment Plan	24
Normal Course Issuer Bid	24
Gold Market and Currency	24
Selected Financial Information	25
Overview of Financial Results	26
Liquidity and Capital Resources	30
Cash Flows	32
2022 Guidance and 5-Year Outlook	33
Quarterly Information	34
Segment Disclosure	35
Related Party Transactions	38
Contractual Obligations and Commitments	39
Off-balance Sheet Items	41
Outstanding Share Data	41
Subsequent Events to March 31, 2022	41
Risks and Uncertainties	41
Disclosure Controls and Procedures and Internal Control over Financial Reporting	41
Basis of Presentation of Consolidated Financial Statements	42
Critical Accounting Estimates and Judgements	43
Financial Instruments	43
Technical Information	43
Non-IFRS Financial Performance Measures	43
Forward-looking Statements	45
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	46
Corporate Information	47

Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2022 - First Quarter Report

	For the three months ended March 31,
	Osisko Gold Royalties ⁽ⁱ⁾				Osisko Development⁽ⁱⁱ⁾				Consolidated ^(vi)
	2022		2021		2022		2021		2022		2021
	$		$		$		$		$		$

Cash (March 31, 2022 and Dec. 31, 2021) ⁽ⁱⁱⁱ⁾	392,648		82,291		56,802		33,407		449,450		115,698

Revenues	50,689		66,923		9,167		-		50,689		66,923
Cash margin ^(iv)	47,508		46,526		-		-		47,508		46,526
Gross profit	36,210		34,599		-		-		36,210		34,599
Operating expenses (G&A, bus. dev and exploration)	(6,257	)	(6,029	)	(7,928	)	(5,201	)	(14,185	)	(11,230	)
Mining operating expenses	-		-		(15,246	)	-		-		-
Net earnings (loss)	16,804		13,464		(22,333	)	(3,701	)	(5,529	)	9,763
Net earnings (loss) attributable to Osisko's shareholders	16,804		13,464		(16,478	)	(2,907	)	326		10,557
Net earnings (loss) per share attributable to Osisko's shareholders	0.10		0.08		(0.10	)	(0.02	)	0.00		0.06
Adjusted net earnings (loss) ^(v)	24,843		23,439		(22,670	)	(5,042	)	2,173		18,397
Adjusted net earnings (loss) per basic share ^(v)	0.15		0.14		(0.14	)	(0.03	)	0.01		0.11

Cash flows from operating activities
Before working capital items	39,892		39,540		(17,269	)	2,422		22,623		36,252
Working capital items	615		(2,802	)	372		(12,126	)	987		(14,928	)
After working capital items	40,507		36,738		(16,897	)	(9,704	)	23,610		21,324
Cash flows from investing activities	(15,586	)	(13,781	)	3,314		(21,708	)	(12,272	)	(29,779	)
Cash flows from financing activities	285,528		(7,511	)	37,137		35,613		322,665		28,102

	Three months ended March 31,
	2022	2021

Gold

Canadian Malartic royalty	8,112	8,808
Eagle Gold royalty	1,604	1,664
Éléonore royalty	1,020	1,558
Seabee royalty	808	590
Island Gold royalty	652	620
Pan royalty	368	385
Ermitaño ⁽ⁱ⁾	522	-
Lamaque royalty	447	445
Matilda stream	117	214
Bald Mountain royalty	280	264
Others	469	319
	14,399	14,867

Silver

Mantos Blancos stream	1,774	2,460
Sasa stream	1,027	1,171
Gibraltar stream	491	624
Canadian Malartic royalty	94	113
Others	59	203
	3,445	4,571
Diamonds

Renard stream ⁽ⁱⁱ⁾	3,025	1,759
Others	50	22
	3,075	1,781
Other metals

Kwale royalty	342	500
Others	15	-
	357	500

Total GEOs	21,276	21,719

Total GEOs, excluding GEOs earned on the Renard stream ⁽ⁱⁱⁱ⁾	18,251	19,960

Asset stage	Royalties	Streams	Offtakes	Total number of assets

Producing	13	6	-	19
Development (construction)	11	4	2	17
Exploration and evaluation	124	-	1	125
	148	10	3	161

Asset	Operator	Interest	Commodity	Jurisdiction

North America
Canadian Malartic	Agnico Eagle Mines Limited Yamana Gold Inc.	5% NSR royalty	Au, Ag	Canada
Eagle Gold	Victoria Gold Corp.	5% NSR royalty	Au	Canada
Éléonore	Newmont Corporation	2.2-3.5% NSR royalty	Au	Canada
Seabee	SSR Mining Inc.	3% NSR royalty	Au	Canada
Gibraltar	Taseko Mines Limited	75% stream	Ag	Canada
Island Gold	Alamos Gold Inc.	1.38-3% NSR royalty	Au	Canada
Pan	Calibre Mining Corp.	4% NSR royalty	Au	USA
Lamaque	Eldorado Gold Corporation	1% NSR royalty	Au	Canada
Bald Mtn. Alligator Ridge / Duke & Trapper	Kinross Gold Corporation	1% / 4% GSR⁽ⁱ⁾ royalty	Au	USA
Parral⁽ⁱⁱ⁾	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Santana	Minera Alamos Inc.	3% NSR royalty	Au	Mexico
Ermitaño	First Majestic Silver Corp.	2% NSR royalty	Au, Ag	Mexico
Renard⁽ⁱⁱⁱ⁾	Stornoway Diamonds (Canada) Inc.	9.6% stream	Diamonds	Canada

Outside of North America
Mantos Blancos	Capstone Copper Corp.	100% stream	Ag	Chile
Sasa	Central Asia Metals plc	100% stream	Ag	Macedonia
Kwale	Base Resources Limited	1.5% GRR⁽ⁱ^v⁾	Rutile, Ilmenite, Zircon	Kenya
Matilda	Wiluna Mining Corporation	1.65% stream	Au	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador
Brauna	Lipari Mineração Ltda	1% GRR	Diamonds	Brazil

	Osisko Gold Royalties		Osisko Development		Consolidated
Investments	Carrying value ⁽ⁱ⁾	Fair Value ⁽ⁱⁱ⁾	Carrying value ⁽ⁱ⁾	Fair value ⁽ⁱⁱ⁾	Carrying value ⁽ⁱ⁾	Fair value ⁽ⁱⁱ⁾
	$	$	$	$	$	$

Associates	117,054	212,029	12,633	39,628	129.687	251,657
Other	36,909	36,909	21,147	21,147	58,056	58,056
	153,963	248,938	33,780	60,775	187,743	309,713

Investment	Company Holding the Investment	Number of Shares Held	Ownership
			%

Osisko Mining	Osisko Gold Royalties	50,023,569	14.4
Osisko Metals	Osisko Gold Royalties	31,127,397	15.4
Falco	Osisko Development ⁽ⁱ⁾	46,885,240	17.3