The 15% interest represents the remaining portion of a portfolio of royalties it acquired from Teck Resources in October 2015.

The portfolio consists of 28 royalties on properties in Canada, including royalties on Alamos Gold's Island Gold mine in Ontario and Eldorado Gold's Lamaque mine in Quebec. In 2019, these royalties contributed about 3,000 gold-equivalent ounces to Osisko's production. The operators of both mines are set to undergo meaningful capital programmes to improve and expand operations.

"This transaction increases Osisko's ownership in a quality royalty portfolio of Canadian assets and adds immediate cash flow on premium assets such as the Island Gold and Lamaque mines," said chair and CEO Sean Roosen.

The transaction increases Osisko's existing royalties on Island Gold from 1.17%-2.55% to 1.38%-3.0%. Its net smelter return (NSR) royalty on Lamaque increases from 0.85% to 1%. Its NSR on O3 Mining's Marban in Quebec increases from 0.425% to 0.5%.

The portfolio also includes other precious metal royalty assets on exploration and development properties.

Osisko's portfolio is anchored by a 5% NSR on the Canadian Malartic mine, the largest gold mine in Canada.

Shares in Osisko Gold Royalties are trading at C$11.07, valuing the company at $1.8 billion.