DISCLAIMER ABITIBI ROYALTIES INC.

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2 2 ABITIBI ROYALTIES INC. DISCLAIMER Non-Commercial Individual Reference Use Only The entire contents of this presentation are protected by copyright and may be used and copied for non-commercial, individual reference only. Any other use of the contents of this presentation is prohibited unless the user first obtains the Company s written permission. No Offer to Purchase Securities The information in this presentation is intended for use only by persons resident in jurisdictions where such use is lawful. Nothing on this presentation constitutes, and under no circumstances is to be construed as, an offer or solicitation to purchase securities of, or advertisement for, securities of the Company. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended or any state securities laws. No Warranties The information in this presentation is provided as is and without warranty of any kind. Although it is believed to be accurate as of this date, the Company disclaims all liability for any failure to update it. This presentation could include inaccuracies, typographical errors, or out-of-date information, and changes to it may be made at any time without prior notice. You are therefore advised to use this presentation at your own risk. Forward Looking Statements Certain statements contained in this presentation (including information incorporated by reference) are "forward looking statements". Our forward-looking statements include, without limitation: The sensitivity of earnings, cash flows and financing to gold and other metal prices; Statements as to the projected exploration and development of certain properties, including estimates of development and other capital costs and financing plans for these projects; Estimates of future production costs and other expenses; Estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; Estimates of future costs and other liabilities for environmental matters; Estimates of reserves, and statements regarding future exploration results and reserve replacement; Statements regarding future transactions relating to portfolio management or rationalization efforts; and Estimates regarding timing of future capital expenditures and exploration, development, production or closure activities. This list is not exhaustive of the factors that may affect our business, our value as a company, and our forward looking statements. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to: the price of gold; currency fluctuations; geological and metallurgical assumptions; the results of exploration; operating performance of equipment, processes and facilities; labor relations; timing of receipt of necessary governmental permits or approvals; domestic and foreign laws or regulations, particularly relating to the environment and mining; domestic and international economic and political conditions; the ability of the Company to obtain or maintain necessary financing; and other risks and hazards associated with mining exploration, development and operations. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Use of Information Any information communicated to the Company through this presentation becomes the Company s exclusive property. the Company shall be entitled to use any such information for any purpose without restriction or compensation to any person. Such information provided by the user shall be deemed to be non-confidential. Technical Information Unless otherwise indicated, the technical information presented herein has been reviewed by the Company s Chairman, Glenn J. Mullan, P.Geo, a qualified person in accordance with National instrument Standards for Disclosure for Mineral Projects.

3 3 ABITIBI ROYALTIES INC. MANAGEMENT GLENN MULLAN CHAIRMAN (Val-d Or, Quebec) - President Prospectors & Developers Association (PDAC) - CEO, Chairman Golden Valley Mines - Founder: Abitibi Royalties IAN BALL DIRECTOR (Toronto, Ontario) - President & CEO Abitibi Royalties - Former President McEwen Mining ANDREW PEPPER DIRECTOR (Montreal, Quebec) - Chairman Abitibi Royalties Compensation Committee - President Link Plan Management - Founding Partner Windermere Capital DR. JENS ZINKE DIRECTOR (Montreal, Quebec) - Chairman Abitibi Royalties Audit Committee - Former Vice-President Sales Canadian Royalties LOUIS DOYLE DIRECTOR (Montreal, Quebec) - Managing Director of Quebec Bourse - Former Vice-President TSX-Venture Exchange FRANK MARIAGE DIRECTOR (Montreal, Quebec) - Partner Fasken Martineau - Chairman Quebec Mineral Exportation Association (AEMQ)

4 4 ABITIBI ROYALTIES INC. INVESTMENT HIGHLIGHTS $98.2 MM MARKET CAPITALIZATION * $37.2 MM SECURITIES/CASH ** NO DEBT! 23 ROYALTIES 3% NSR ODYSSEY NORTH (CDN MALARTIC) GENERATING INCREASING CASH FLOW 11.4 MM SHARES BUYING BACK SHARES *As at December 11, 2017 **Cash and securities balances are approximate as at December 11, 2017

5 5 CORPORATE PHILOSOPHY TO BUILD THE BEST GOLD COMPANY STRUCTURE SMALL NUMBER OF SHARES - NOT JUST ABOUT SIZE - VALUE MEANINGFUL CASH FLOW PER SHARE GOLD KEEP ON BALANCE SHEET CONTINUE TO GROW BUYBACKS EXPLORATION GROWTH SHARECOUNT NOT EXPOSURE TO EXCITING THROUGH CASH FLOW / DISCOVERY CREATIVE ALTERNATIVES

6 6 RZZ VERSUS ROYALTY CO. TO BECOME THE BEST GOLD COMPANY Jan 1, 2014 Current 2016 YTD Abitibi Royalties 2360% Abitibi Royalties 161% Royal Gold 34% Franco-Nevada 127% Royal Gold 67% Franco-Nevada 23% Royal Gold 81% Wheaton Precious Metals 51% Altius 13% Wheaton Precious Metals 28% Sandstorm 46% Sandstorm 10% Sandstorm 21% Franco-Nevada 27% Osisko Gold Royalties 9% Altius 11% Altius 25% Gold Spot 8% Gold Spot 4% Gold Spot 5% Wheaton Precious Metals 7% Osisko Gold Royalties (6%) Osisko Gold Royalties (4%) Abitibi Royalties 0% *As at December 13, 2017

7 7 RZZ VERSUS SMALL GOLD PRODUCERS TO BECOME THE BEST GOLD COMPANY Jan 1, 2014 Current 2016 YTD Abitibi Royalties 2360% McEwen Mining 171% Kirkland Lake 160% Kirkland Lake 564% Abitibi Royalties 161% Argonaut 10% Wesdome Gold 198% Klondex 121% Abitibi Royalties 0% Klondex 88% Alio Gold 118% Alio Gold (6%) McEwen Mining (6%) Argonaut 78% Wesdome Gold (14%) Argonaut (58%) Wesdome Gold 65% McEwen Mining (31%) Alio Gold (66%) Kirkland Lake 45% Klondex(49%) *As at December 13, 2017

8 8 STARTS WITH A SOLID FOUNDATION

9 9 ABITIBI ROYALTIES INC. # 1 BUILDING WEALTH FOR OUR OWNERS ABOUT About Per PER Share SHARE Value VALUE Small Share Count: 11,401,535 Authorized Buyback: 555,697* Repurchased: 153,200/Avg. Cost $6.13** GOAL: REDUCE SHARE COUNT TO 10 MILLION OVER 3 YEARS *Authorized buyback remaining under the 2017 NCIB (Oct. 6, 2017 Oct. 5, 2018) **As at November 30, 2017, and repurchased under the 2015 NCIB, 2016 NCIB and the 2017 NCIB

10 10 ABITIBI ROYALTIES INC. # 2 REOCCURRING & GROWING CASH FLOW 2017 Estimated CF: CF/Share: $2.0 - $2.5 Million $ $0.22 CASH FLOW CASH FLOW 2018 Estimated CF: CF/Share: $3.0 - $3.5 Million $ $0.30 (Excludes Odyssey, Near Pit Targets and East Malartic) 2019 Estimated CF: CF/Share: $4.0 - $4.5 Million $ $0.40 (Excludes Odyssey, Near Pit Targets and East Malartic) *Cash flow estimate for 2017 is based on dividend payouts by Agnico Eagle and Yamana Gold, premiums being generated from the sale of covered calls on shares owned by the Company, puts to repurchase Agnico Eagle shares previously sold and other investment income. There is no guarantee that the Company will sell the required number of covered calls, puts or receive the required premiums to meet this estimate. Cash flow estimates for 2018 and 2019 are based on Canadian gold price of $ 1600/oz. and royalty production schedule (see press release dated March 10, 2017 for further details), in addition to premiums generated from covered calls/puts, dividends and other investment income. All cash flow estimates are based on an after tax basis.

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12 12 ABITIBI ROYALTIES INC. # 3 STRONG BALANCE SHEET Cash $7.4 M* Other $100,000 Yamana Shares $11.3 M* Agnico Eagle Shares $18.4 M* *Cash and securities balances are approximate as at December 11, 2017

13 13 ABITIBI ROYALTIES INC. # 3 STRONG BALANCE SHEET

14 14 ABITIBI ROYALTIES INC. # 4 UNIQUE OWNERSHIP STRUCTURE RICHARDSON GMP CLIENTS 6% BOARD / MANAGEMENT (CEO uses all of after-tax salary for share purchases) 5% OTHER SHAREHOLDERS 23% GOLDEN VALLEY MINES LTD. 49% QUEBEC LABOUR FUNDS 5% ROB MCEWEN (Doubled Investment June 2, 2016 to Cdn$4.3 million) 12%

15 15 ORGANIC GROWTH WILL SEPARATE US

16 16 EXPOSURE TO SIGNIFICANT DISCOVERIES # 5 CANADIAN MALARTIC MINE 1. ODYSSEY PROJECT EXPLORATION THE VALUE DRIVER! 2. NEW INTERNAL ZONES PART OF ODYSSEY Significant New Drill Intercepts 3. EAST MALARTIC MINE New Area of Focus - Significant Drill Intercepts 4. NEAR PIT TARGETS Potentially expanding Canadian Malartic Pit to the East

17 17 US$11M EXPLORATION BUDGET AT MALARTIC = 99,700m DRILLING (2017) ODYSSEY NEW DISCOVERY CANADIAN MALARTIC MINE For full resource estimates pertaining to the area shown on the map, please see Abitibi Royalties news release dated March 10, 2017.

18 18 POTENTIAL SOURCES OF NEAR- TERM CASH FLOW ( ) NEAR PIT TARGETS

19 PORPHYRY 12 SELECT DRILL RESULTS WELL MINERALIZED ALONG STRIKE 19

20 20 MALARTIC CAMP = 5.1MM OZ. PRODUCED

21 21 NEAR SURFACE MINERALIZATION OSISKO DRILLING = 10.7MM OZ. RESERVES

22 22 BULK TONNAGE UNDERGROUND MINING NEXT EVOLUTION

23 23 BULK TONNAGE UNDERGROUND MINING (3%NSR) NEXT EVOLUTION *Norrie Zone: Osisko Mining drill hole; remaining are historic holes. Please see news release August 19, 2014 for further information.

24 24 BULK TONNAGE UNDERGROUND MINING (3%NSR) NEXT EVOLUTION Porphyry Swarm Zone results are historic (Report: Metallogeny of the East Malartic Gold Deposits, Quebec - Michael Issigonis, Travelling Professor, BUNTEP, Brandon University, Manitoba 2006; and Report: Porphyry Swarm: The high grade gold - Michael Issigonis ). Please see news release dated September 5, 2017 for further information.

25 25 BULK TONNAGE UNDERGROUND MINING (3%NSR) NEXT EVOLUTION For further information on the Internal Zone, please see Abitibi Royalties press release dated February 21, 2017, Yamana s press release dated February 16, 2017 and Agnico Eagle s press release dated February 15, 2017.

26 26 SCHEMATIC LONGITUDINAL SECTION CANADIAN MALARTIC MINE & ABITIBI ROYALTIES 3% NSR Property boundaries as shown have not been surveyed or verified by the Abitibi Royalties. The resource estimate shown for the Odyssey Project is the portion attributable to Abitibi Royalties 3% NSR (as of December 31, 2016).

27 ODYSSEY PROJECT NEW RESOURCE EST. FEB 2018 SCHEMATIC LONGITUDINAL SECTION 27 NEW EXCLUDED FROM CURRENT RESOURCE ESTIMATE NEW EXCLUDED FROM CURRENT RESOURCE ESTIMATE Abitibi Royalties 3% NSR, based on available data, is believed to cover Odyssey North, majority of the Jupiter Zones (1-4) and Internal North Zones (N1- N8). In addition, the Company s 3% NSR covers the Jeffrey Zone and the extreme northwest portion of Odyssey South. To view property boundaries pertaining to Abitibi Royalties 3% NSR, please see slides 17 and 18.

28 28 ODYSSEY NORTH SIGNIFICANT DISCOVERY AT CANADA S LARGEST GOLD MINE The inferred mineral resource does not include drill results from internal zones that extend from the Odyssey North Zone. Drilling carried out to date suggests that these internal Yamana indicated that Odyssey could operate between 8,000-10,000 tonnes per day (tpd). The operators have provided a range for Odyssey North s gold grade at between zones could increase mineral resources and enhance the 1.5 to 3.0 grams per tonne (gpt), with an average grade being economics of the project by adding higher grade ounces that shown as 2 gpt (Agnico Eagle Exploration News Release July would require minimal additional infrastructure to access. 27, 2016 and Yamana s Q Results Conference Call Presentation July 29, 2016). Agnico Eagle Q Results News Release (Feb. 15, 2017) Abitibi Royalties News Release (Oct. 31, 2016) There are no assurances that all or any of the recent expansion or internal zones at Odyssey North has occurred on Malartic CHL where Abitibi Royalties holds a 3% NSR. Nor does the Company know the impact from Odyssey possible production pertaining to its 3% NSR at this time.

29 29 F R E E O P T I O N : S H O U L D E C O N O M I C S U N D E R G R O U N D > O P E N P I T CANADIAN MALARTIC MILL 55,000 TPD CANADA S LARGEST GOLD MINE

30 30 PRICE TO NAV ROYALTY COMPANY VALUATIONS LOOKING TO INCREASE NAV & VALUATION CANADA S LARGEST GOLD MINE Source: Scotiabank October 31, 2017 NAV = Net Asset Value

31 31 # 6 ABITIBI ROYALTIES SEARCH PAYING CLAIM FEES IN EXCHANGE FOR ROYALITES INNOVATION = ORGANIC GROWTH

32 32 VARIOUS ROYALTIES NEAR GOLDCORP S RED LAKE MINE RED LAKE & MADSEN ROYALTIES

33 33 2% ROYALTY NEXT TO NEW GOLD S RAINY RIVER MINE RAINY RIVER DISTRICT ROYALTIES

34 34 EFEMÇUKURU MINE 3% NSR DRILLING PLANNED SURROUNDING ELDORADO

35 35 A B I T I B I R O Y A L T I E S I N C. SHARE STRUCTURE + TREASURY DECEMBER 11, 2017 PRICE: $ WK: $ $10.75 SHARES OUTSTANDING: 11.4M OPTIONS: 625,311 RESTRICTED SHARE UNITS: 583,365 MARKET CAP: $98.2M OWNERSHIP GOLDEN VALLEY MINES LTD. ROB McEWEN INSIDERS QC LABOUR FUNDS RICHARDSON GMP 49% 12% 5% 5% 6% TREASURY CHART $12 CASH LONG-TERM DEBT YRI/AEM SHARE VALUE OTHER $7.4 MILLION * $0 $29.7 MILLION * $100,000 $10 $8 $6 $4 $2 * APPROXIMATE VALUE AS AT DECEMBER 11, 2017 $

36 36 T H A N K Y O U CONTACT US CORPORATE ADDRESS 2864, chemin Sullivan Val- d Or, Quebec J9P 0B9 INVESTOR RELATIONS INFO@ABITIBIROYALTIES.COM