Osisko Gold Royalties Ltd.: Early Warning Release (Aug. 29, 2019)

Each Unit is comprised of one (1) common share of Sable (the “Share”) and one-half of one common share purchase warrant of Sable (the “Warrant”) entitling the holder to purchase one (1) additional common share of Sable at a price of $0.21 per common share for a period of 36 months from the closing of the Private Placement.

Immediately prior to the closing of the Private Placement, Osisko did not have beneficial ownership of, or control and direction over, any common share of Sable. Immediately following the closing of the Transaction, Osisko owns, beneficial ownership of, or control and direction over:

1. 16,000,000 common shares, representing approximately 9.9% of Sable’s issued and outstanding common shares;
   
   
2. 8,000,000 Warrants representing, together with the 16,000,000 Shares, approximately 14.1% of the number of Sable’s issued and outstanding common shares on a partially diluted basis (assuming only the exercise of the 8,000,000 Warrants held by Osisko).

Osisko acquired the securities described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional Common Shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Sable in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Sable and other relevant factors.

A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Sable’s profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd. is an intermediate precious metal royalty company that holds a North American focused portfolio of over 135 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its 5% NSR royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada. As of August 26, 2019, 143,875,955 common shares were issued and outstanding. Osisko also owns a portfolio of publicly held resource companies, including a 32.6% interest in Barkerville Gold Mines Ltd., a 16.4% interest in Osisko Mining Inc. and a 19.9% interest in Falco Resources Ltd.

Osisko is incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.