Corporate

Presentation

PDAC 2017 Convention

MARCH 2017
Forward Looking Statements
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 Corporations
growth, results of operations, estimated future revenues, statements or estimates of mineral resources and reserves,
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 a
transaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of the
Corporation, the view on the quality and the potential of the Corporations assets, production forecasts for properties in
which the Corporation holds a royalty or other interest. 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 or other interest; 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 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 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 Corporations 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 Corporation, the investor agrees: (1) to
keep strictly confidential the contents of 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
Corporation.
Cautionary the Use of Note to U.S. Investors Regarding Mineral Reserve and Mineral
Resource Estimates
Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its
mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of
mineral properties are governed by NI 43-101. The definitions of NI 43-101 are adopted from those given by the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM). U.S. reporting requirements are governed by the
Industry Guide 7 (Guide 7) of the Security and Exchange Commission ("SEC"). This presentation includes estimates
of mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting standards have
similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody
different approaches and definitions. For example, under Guide 7, mineralization may not be classified as a reserve
unless the determination has been made that the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. Consequently, the definitions of Proven Mineral Reserves
and Probable Mineral Reserves under CIM standards differ in certain respects from the standards of the
SEC. Osisko also reports estimates of mineral resources in accordance with NI 43-101. While the terms Mineral
Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource are
recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are
not permitted to report estimates of mineral resources of any category in documents filed with the SEC. As such,
certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral
reserves and mineral resources under Canadian standards is not comparable to similar information made public by
United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not
to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resource exists, or is
economically or legally mineable. Further, an Inferred Mineral Resource has a great amount of uncertainty as to its
existence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or other economic studies.
2
The Leading Intermediate Gold Royalty Company

Royalties: Osisko receives a percentage of the precious

metal production generated from a mine at no cost.

3
The Leading Intermediate Gold Royalty Company

2 OF THE PREMIER
QUARTERLY DIVIDEND
ROYALTY ASSETS

OVER 50 ROYALTIES
AND ONE STREAM IN GOLD FOCUSED
NORTH AMERICA

We Offer Safe Exposure To Gold & Leverage Through Resource Growth

4
Strong Balance Sheet

~$700M IN CASH &

STRONG CASH POSITION
AVAILABLE CREDIT

TRACK RECORD OF
$222M1 IN INVESTMENTS
SUCCESS

STRONG ABILITY TO TRANSACT

1. Fair value of marketable securities as at December 31, 2016

5
The Royalty Model How it Works

ROYALTY MODEL ACCELERATOR MODEL

Construction
Refinancing

6
How Osisko Shareholder Benefit

GOLD PRICE LEVERAGE

100% EXPLORATION UPSIDE FROM ASSET

0% EXPOSURE OF CONSTRUCTION OR EXPANSION CAPITAL

0% EXPOSURE TO OPERATING COST

ZERO-COST TO OSISKO FOLLOWING INVESTMENT

OSISKO GOLD ROYALTIES:

PAYS DIVIDEND TO SHAREHOLDERS

INVEST IN OTHER ROYALTIES

7
Our Performance

NET CASH FLOWS FROM OPERATING ACTIVITIES ($C M)

$20.0
$15.9 $15.0
$15.0 $12.6
$9.8
$10.0 $8.4
$6.5
$5.0
$1.5
$0.0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

NET EARNINGS ($M) REVENUES ($M) DIVIDEND ($)

$33.2 $70 $62.7 $0.05
$35
$60
$30 $45.4 $0.04
$24.0 $50
$25 $0.03
$20 $40
$15 $30 $0.02
$10 $20 $0.01
$5 $10 $0.00
$0 $0
Nine Months Ended Nine Months Ended Twelve Months Ended Twelve Months Ended
Sept. 30 2015 Sept. 30 2016 Dec. 31, 2015 Dec. 31, 2016

~$700M IN CASH & $221.7M IN

AVAILABLE CREDIT INVESTMENTS
1. Fair value of marketable securities as at December 31, 2016
8
High Quality Portfolio of Producing and Early Stage Royalties & Stream

PRODUCING & CASH GROWTH ASSETS

FLOWING ASSETS FOCUSED ON
IN QUBEC, NORTH AMERICA
ONTARIO & BC WINDFALL

COULON
POLYMETALLIC
PROJECT

CARIBOO
GIBRALTAR PANDORA
HORNE 5

UPPER BEAVER
KIRKLAND LAKE
CAMP
LONORE LAMAQUE
ODYSSEY
NORTH
HERMOSA
VEZZA

CANADIAN MARBAN
MALARTIC GUERRERO
ISLAND GOLD 9,600 KM2 AREA IN
GUERRERO, MEXICO

TWO OF THE PREMIER GOLD ROYALTIES IN THE SECTOR

GOLD FOCUSED
PORTFOLIO OF OVER 50 EXPLORATION STAGE ROYALTIES PROVIDE GREAT OPTIONALITY
9
 CANADIAN
MALARTIC
High Quality Cash Flow Generating Assets 5% NSR

2016 GEO PRODUCTION OF 38.3 K OZ

LONORE
2-3.5% NSR
457

ROYALTIES
ISLAND GOLD
1.7-2.55% NSR

2017: 100%
~2,800 GEOs Of Revenues in
EXPECTED Canada at Zero- VEZZA
FROM THE 5% NSR 40% NPI
Cost Gold in 2016
GIBRALTAR
SILVER STREAM
GIBRALTAR
SILVER STREAM

STREAM
200 k oz Ag / yr
from 2017-2030
37,813 350 k oz Ag / yr
from 2031-2039+
GOLD SILVER

10
 Canadian Malartic Royalty 5% NSR

THE LARGEST
GOLD MINE
IN CANADA

OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%)

LOCATION: Malartic, Qubec

RESERVES: Current P&P reserves of 7.1 M oz Au1

5% NSR royalty
ROYALTY: $0.40/tonne on milled ore from
outside the current property area
for life of mill starting in June 2021

2016 PRODUCTION: 585 K oz2

OPERATOR
2017: 600 k oz PROVEN & PROBABLE
GUIDANCE (Au):
2018: 650 k oz
2019: 640 k oz
RESERVES OF
7.1 M oz Au1
OSISKO 2017: 30.5 to 31.5 k oz
ATTRIBUTABLE 2018: 33 k oz
GEOs: 2019: 32.5 k oz

1. See Appendix for full disclosure on Reserves & Resources. 11

2. Based on Agnico Eagles press release dated February 15, 2017, titled: Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results
 Canadian Malartic Exploration Upside| Odyssey North & South

Initial inferred mineral resources of

1.43 Moz (20.7 million tonnes grading
2.15 g/t gold) for North and South
Odyssey Zones.
155 holes (119,396 metres) completed in 2016

1.43 M oz Au
Inferred Resources1
Osisko holds a 5% NSR royalty on the Odyssey

and growing
South zone and a 3% NSR royalty on the
Odyssey North zone

NEAR-TERM PRODUCTION POTENTIAL

(2018-2020) FROM ODYSSEY SOUTH
UNDERGROUND1

FURTHER PRODUCTION GROWTH

POTENTIAL FROM ODYSSEY NORTH
UNDERGROUND
(2021 AND BEYOND)1

1. Based on Agnico Eagles press release dated February 15, 2017, titled: Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results 12
 lonore Royalty 2.0 to 3.5% NSR

4.57 M oz Au
OPERATOR: Goldcorp (100%)
LOCATION: James Bay, Qubec
RESERVES: Current P&P reserves of 4.57 M oz Au1
2.0% NSR on the first 3 M oz of Au
0.25% increase for every additional
ROYALTY: 1M oz of production thereafter, to a
maximum of 3.50%

Potential to 1,500m
+10% if Au is higher than US$500/oz

2016 PRODUCTION: 278 k oz2

2017 OPERATOR
315 k oz2
GUIDANCE:
2017 OSISKO
ATTRIBUTABLE GOLD 6.8 to 7.0 k oz
OUNCES:
OSISKO ATTRIBUTABLE
GOLD OUNCES AT FULL GROWING TO > 10,000 - 15,000 OZ RAMP UP TO TO FULL
PRODUCTION:
PRODUCTION BY 2020
1. See Appendix for full disclosure on Reserves & Resources.
2. Based on Goldcorp press release dated February 15, 2017, titled Goldcorp Reports Fourth Quarter and Full Year 2016 Results.
13
 Gibraltar Stream 100% of Attributable Payable Silver
B.-C.

LONG LIFE
PRODUCING
ASSET IN CANADA

OPERATOR: Taseko (75%)

LOCATION: Cariboo Regional District, British Columbia
MINE PLAN: 23-year mine life

100% of Tasekos share of payable

silver for the first 5.9M oz
STREAM: 35% of payable silver thereafter
US$2.75/oz silver transfer payment
Fixed silver payability of 90%

200 k oz from 2017 to 20301

SILVER PRODUCTION:
350 k oz from 2031 to 2039+

EFFECTIVE DATE: The stream is effective as of Jan 1, 2017

In Sept. 2016, Taseko announced a new

EXPLORATION
high grade copper-gold-silver zone CONSISTENT SILVER GRADE
POTENTIAL:
northwest of the existing pits IN COPPER CONCENTRATE
1. Based on Tasekos guidance. Taseko does not report silver resources or reserves.
14
Other Producing & Cash Flowing Royalties

ISLAND GOLD VEZZA

1.7%-2.55% 5% NSR
NSR 40% NPI

Operating since 2007 Operated by Ressources Nottaway inc.

2016 production: 83,323 oz Au (private company)
On February 2, 2017, Richmont The property is located 25km from
announced a guidance of between Matagami, Qubec
87,000 to 93,000 gold ounces for
2017
On January 31, 2017, Richmont
announced an increase of 34% in
mineral reserves at the Island Gold
Mine

15
New Growth Focused on North America

OVER 50 ROYALTIES IN THE

PORTFOLIO TO PROVIDE UPSIDE COULON
POLYMETALLIC
TO OR SHAREHOLDERS PROJECT

WINDFALL
FARM-IN AGREEMENT 1.5% NSR
JAMES BAY - LABRADOR
TROUGH PROPERTIES
1.5% - 3.5% NSR

HORNE 5
1% NSR
PANDORA
2% NSR
CARIBOO
1.5% NSR
UPPER BEAVER
KIRKLAND LAKE CAMP
2% NSR
LAMAQUE
1.7% NSR
HERMOSA
1% NSR

GROWTH
ROYALTY MARBAN
ASSETS 0.425% NSR
ODYSSEY NORTH
GUERRERO 3% NSR
EXPLORATION 9,600 KM2 AREA IN
PROPERTIES GUERRERO, MEXICO
16
Accelerator Model

Use Osisko Groups solid experience in exploration, engineering,

construction & financing to advance projects on which Osisko owns
FUNDAMENTAL royalties
CONCEPT Support accelerator companies at board level and key management roles
Maintain key shareholder position to drive further benefits to OR
Tax efficient way of deploying capital as investments in flow-through
shares shelter royalty income
KEY ACCELERATOR COMPANIES

OR Representation: OR Representation:
Chairman: Sean Roosen Chairman: Sean Roosen
CEO: Luc Lessard CEO: John Burzynski
CFO: Vincent Metcalfe Equity Investment: $29.5 million
Equity Investment: $6.7 million Royalty Investment: $9.8 million
Royalty Investment: $10.0 million Royalties: 1.5% NSR Windfall
Royalty: 1% NSR 0.425% Marban
Stream: Ability to apply royalty as
prepayment against a gold/silver stream
17
Accelerator Case Study Osisko Mining Corporation Prior to Acquisition
(1) (2)
Market Cap. Cumulative Equity Financing Price
$21 $7,000

$18 > 9 year cycle $6,000

Market Capitalization and Cumulative Financing (C$ mm)

$15 $5,000

FUNDAMENTAL CONCEPT IS
TO SHORTEN THE CREATION
Share Price (C$)

$12 $4,000
& DEVELOPMENT OF
CASH FLOWING ROYALTIES
$9 $3,000

$6 $2,000

$3 $1,000

-- --
Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13

Source: Company filings, FactSet

1. FactSet basic share market capitalization.
2. Equity financings only; includes bought deals, private placements, non-brokered financings, and subsequent warrant and option exercises. 18
Accelerator Model Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.5% NSR IN FEBRUARY 2016 PURCHASED A 1% NSR IN APRIL 2016

$25.0 $17.9 1

$19.0 1
$10.0

($7.9)
$6.0

Cost to purchase Unrealized gain on Net cost of royalty

royalty equity investment Cost to purchase Unrealized gain on Net cost of royalty
royalty equity investment

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost 19
Accelerator Model Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.0% NSR IN MAY 2016 PURCHASED A 1% NSR IN APRIL 2016

$33.6
$13.2

$10.0

$9.8

($3.2)
($23.8)
Cost to purchase Unrealized gain on Net cost of royalty Cost to purchase Unrealized gain on Net cost of royalty
royalty equity investment royalty equity investment

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost 20
Significant Value Creation Through Investment Portfolio

VALUE OF INVESTMENT VALUE OF NEW ROYALTY

PORTFOLIO1 (C$ M) PURCHASES (C$ M)

$261.8
EQUITY POSITIONS
HAVE ALLOWED TO
$205.9 GENERATE OVER $62M
OF NEW ROYALTIES
$155.3
+
$62.0

$35.5M of
Flow-Through

Cost Base Market Value at Dec. Market Value at Feb. Paid Value of New Royalties
31, 2016 22, 2017

1. Fair value of marketable securities in associates and other as at December 31, 2016. Without investment in Labrador Iron Royalty Corporation. 21
Positive Royalty Portfolio Developments within Accelerator Model

ROYALTY: 1% NSR
HORNE 5 Significant increase in resource: 7.1 M oz AuEq M&I / 1.7 M oz AuEq Inferred
$36.5 M bought deal financing completed in November 2016
35,000 m of drilling in 2016 will expand project footprint.

ROYALTY: 1% NSR
Maiden resource announced on Taylor deposit:
HERMOSA 31.1 M tons at 10.9% ZnEq Indicated / 82.7 M tons at 11.1% ZnEq Inferred
Deposit still open in all directions
Aggressive drilling to continue on the property

ROYALTY: 1.5% NSR

WINDFALL 150,000 m drilling program ongoing; recently increased drilling program to 250,000 m
Advanced exploration programs ongoing to define deposit

ROYALTY: 0.425% NSR

MARBAN New resource announced in 2016: 1.48 M oz M&I / 0.13 M oz Inferred
20,000 m drilling in 2016

ROYALTY: 1.5% NSR

CARIBOO New mineralized zones discovered on Island Mountain in December 2016

22
The Drills Are Turning Upside on Growth Portfolio

OVER 860,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2017 (> 800,000 m IN 2016)
450,000

400,000
ZERO-COST TO
350,000
OSISKO GOLD
300,000 ROYALTIES
250,000
250,000
115,000
200,000

130,000 100,000
81,000
150,000

100,000 (1)
172,000 50,000
150,000
120,000 119,000 40,000
(2)
50,000 102,000 40,000
65,000 30,000
35,000 30,000 25,800
0 15,000
Windfall Island Gold Cariboo Canadian Lamaque Hermosa Horne5 lonore Urban Barry Upper Beaver
Malartic

2016 2017 Drilling Metres

SIGNIFICANT INVESTMENT BY OPERATORS ON OSISKOS ROYALTY PROPERTIES;

RESERVES & RESOURCES UPSIDE AT NO COST TO OSISKO
1. Assumption based on current program 23
2. $10 million budget (assumes $250 per metre)
The Team

MANAGEMENT TEAM

Co-Founder of Osisko Transformed Osisko 18 years of

Mining Corporation Mining into a leading experience in
Transformed Osisko intermediate producer finance, treasury
Mining into a leading Over 30 years of and financial
intermediate producer experience in the reporting
mining industry

Sean Roosen Bryan A. Coates Elif Lvesque

Chair & CEO President CFO & VP, Finance

10 years of 20 years of 10 years of 15 years of

experience in experience experience in experience
the mining in legal the mining in financial
industry in affairs in industry reporting,
corporate the mining related to including
development industry capital over 10
and mining markets and years in the
investment mergers & mining
banking acquisition industry.

Joseph de la Plante Andr Le Bel Vincent Metcalfe Frdric Ruel

VP, Corporate Development VP, Legal Affairs & VP, Investor Relations VP, Corporate Controller
Corporate Secretary

24
The Technical Team

Transformed Osisko Co-Founder of Osisko More than 25 years

Mining into a leading Mining Corporation of experience in
intermediate producer Transformed Osisko mining exploration
VP Construction of Mining into a leading
Osisko Mining during intermediate
the build of Canadian producer
Malartic

Luc Lessard Robert Wares Paul Archer

SVP, Technical Services Consultant, Geology Chief Geologist

Chris Lodder Franois Vzina Christian Laroche

Consultant, Geology, Director, Mining Director, Metallurgy
South America

IN-HOUSE TECHNICAL TEAM TO EVALUATE & REVIEW OPPORTUNITIES

TEAM WITH OVER 200 YEARS OF EXPERIENCE IN GEOLOGY, ENGINERING,
AND MINE BUILDING
25
Corporate Summary
As at February 21, 2017 TOP SHAREHOLERS
VAN ECK ASSOCIATES CORPORATION 18,875,902 17.70%
$1.6B TOCQUEVILLE ASSET MANAGEMENT, L.P. 5,175,736 4.85%
MARKET CAP CAISSE DE DPT ET PLACEMENT DU QUBEC 4,983,862 4.67%
MONTRUSCO BOLTON INVESTMENTS, INC 4,846,845 4.54%
BLACKROCK INVESTMENT MANAGEMENT (U.K.), LTD 4,138,362 3.88%
$40.7M FIRST EAGLE INVESTMENT MANAGEMENT, LLC 3,991,137 3.74%
OPERATING CASH FLOW PSP INVESTMENTS 3,526,232 3.31%
YTD-Q3 2016 EDGEPOINT INVESTMENT GROUP, INC. 3,206,877 3.01%
T. ROWE PRICE ASSOCIATES, INC. 3,144,900 2.95%
$499.2M M&G INVESTMENT MANAGEMENT, LTD 2,226,748 2.09%

CASH & CASH EQUIVALENTS

(at December 31, 2016) RESEARCH COVERAGE
BANK OF AMERICA MERRILL LYNCH Michael Jalonen
$150-$200M BMO CAPITAL MARKETS Andrew Kaip
AVAILABLE CREDIT CANACCORD GENUITY Peter Bures
CIBC WORLD MARKETS Cosmos Chiu
CORMARK Richard Gray
38,270 oz DESJARDINS Michael Parkin
ATTRIBUTABLE GOLD EQUIVALENT DUNDEE Josh Wolfson
GMP Ian Parkinson
OUNCES RECEIVED FOR 2016 HAYWOOD Tara Hassan
MACQUARIE CAPITAL MARKETS Michael Siperco
QUARTERLY DIVIDEND NATIONAL BANK FINANCIAL Shane Nagle
PARADIGM CAPITAL Don Blyth
DISTRIBUTION OF30.8 $ SINCE INCEPTION Dan Rollins
RBC CAPITAL MARKETS
SCOTIA CAPITAL Trevor Turnbull
TD SECURITIES Carey MacRury

26