Osisko Gold Royalties Ltd (OR): PESTLE Analysis [Nov-2025 Updated]

You're holding Osisko Gold Royalties Ltd (OR) in your portfolio, and you need to know if the royalty model's resilience can truly withstand the late 2025 macro-pressures. Honestly, the biggest risks aren't just the gold price; they are the non-financial ones: resource nationalism in Quebec, rising costs for their operating partners due to inflation, and the ever-tightening grip of ESG (Environmental, Social, and Governance) compliance. This PESTLE analysis cuts through the noise to show you exactly where political stability, economic headwinds, and defintely critical social factors intersect with OR's cash flow.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Political factors

The political landscape for Osisko Gold Royalties Ltd (OR) is defined by its heavy concentration in Canada, a jurisdiction that offers significant stability but is not immune to emerging resource nationalism and permitting bottlenecks. This stability minimizes the existential threat of asset nationalization, but near-term project timelines are heavily influenced by provincial regulatory shifts.

Here's the quick math: A significant majority of Osisko's Net Asset Value (NAV) is concentrated in Canada, which insulates you from the political volatility seen in places like Latin America or West Africa. Still, the provincial political environment is where the real action-and risk-is.

Stable Canadian jurisdiction minimizes nationalization risk

Canada remains one of the world's most secure mining jurisdictions, which is a core strength for Osisko. This political stability defintely reduces the risk of outright nationalization or sudden, drastic changes to property rights, which is a major concern for royalty companies operating elsewhere. For the 2024 fiscal year, over 85% of Osisko's NAV was tied to Canadian assets, primarily in the 'safe' provinces of Quebec and Ontario.

This high domestic exposure means your capital is protected by a mature legal system and strong institutional frameworks. This allows for a lower cost of capital compared to peers with higher exposure to politically volatile regions. The key political risk here is not losing the asset, but rather incremental regulatory changes that squeeze margins or delay cash flow.

Potential for increased resource nationalism in Quebec and other provinces

While nationalization is off the table, a more subtle form of resource nationalism is emerging, particularly in Quebec, which hosts a substantial portion of Osisko's key royalties, including the Canadian Malartic mine. The Quebec government has shown an increased focus on its 'critical minerals' strategy, which could lead to policy changes designed to increase the provincial take or mandate local processing.

The political pressure is to ensure more wealth from mining stays within the province. This could manifest as:

• Higher provincial royalties or taxes on non-gold critical minerals.
• Increased regulatory hurdles for foreign-owned operators.
• Mandates for value-added processing within Quebec.

For Osisko, which holds royalties, this risk primarily impacts the underlying mine operator's profitability, which can indirectly affect the long-term viability of a project or the speed of its expansion. About 60% of Osisko's Canadian NAV is concentrated in Quebec, making this a central political risk to monitor.

US-Canada trade policies impact cross-border project financing

The stability of the US-Mexico-Canada Agreement (USMCA) is critical, as it underpins the cross-border financing and supply chains for the entire North American mining sector. Osisko's partners often rely on US-based capital and equipment to develop their Canadian projects.

Any political rhetoric or action-especially from the US-that threatens the USMCA framework creates uncertainty. This uncertainty doesn't directly hit Osisko's royalty stream, but it can slow down the ability of its operating partners to raise capital or secure equipment, which in turn delays the start or expansion of the mines Osisko is tied to. A stable trade environment keeps the financing taps open.

Government permitting speed affects underlying mine development timelines

Permitting is the biggest near-term political risk that translates directly into a financial one. The time it takes for federal and provincial governments to approve new mine construction or expansion is lengthening, a trend driven by increased environmental scrutiny and Indigenous consultation requirements.

For a royalty company, a delayed permit means a delayed start to the royalty cash flow. For instance, a major project in Osisko's portfolio could see its first gold pour pushed back by 12 to 36 months due to permitting delays, directly impacting the 2025-2027 revenue forecast. This is a regulatory risk, but it is fundamentally controlled by the political will to streamline or complicate the process.

Here is a snapshot of the political factor impact on Osisko's assets:

Next step: Portfolio Manager: Identify the top 3 development-stage assets in Quebec and assess the current permitting status and political commentary from the provincial government on those specific projects by the end of the quarter.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Economic factors

Global interest rate trajectory impacts gold price and royalty valuations

The trajectory of global interest rates, particularly from the U.S. Federal Reserve (Fed), has been a massive driver for Osisko Gold Royalties Ltd's (OR) valuation in 2025. You see, gold is a non-yielding asset, so when interest rates fall, the opportunity cost of holding gold decreases, making it more attractive. The market has been anticipating and reacting to Fed rate cuts, which has been a primary catalyst for the gold price surge. Gold has performed remarkably, breaking records and reaching levels above $3,527 per ounce in 2025, with some analysts seeing a potential high of $3,300 per ounce by year-end based on continued uncertainty and central bank buying.

This higher gold price directly translates to higher revenue for Osisko, whose business model is essentially a high-margin call option on the metal price. For Q1 2025, the company reported revenues of $54.9 million, which serves as a solid base for the full-year consensus revenue estimate of $292.13 million. The interest rate differential between the U.S. and Canada is also a factor; as of October 2025, the Fed's benchmark rate was at 4.75%, while the Bank of Canada sat at 4.25%. This 50 basis point difference can influence capital flows, but the overriding factor has been the safe-haven demand for gold.

Inflationary pressures increase operating costs for underlying mine operators

While Osisko's royalty model largely insulates it from direct operating costs, inflation remains a major economic risk for its operating partners, and thus, a secondary risk for Osisko. Persistent cost pressures in the mining sector erode the profit margins of the mines that generate Osisko's royalties and streams, which can lead to reduced mine life, deferred expansion plans, or even temporary shutdowns-all of which directly impact Osisko's Gold Equivalent Ounces (GEOs) earned.

The mining industry is grappling with elevated input costs. Here's the quick math on the pressure points:

• Labor costs: One of the largest expenses for miners, with high labor costs flagged as a continuing trend.
• Energy costs: Electricity prices in some regions were reported to have risen by 10.9% year-on-year in January 2025.
• Equipment and Logistics: Costs for mining equipment, contractors, and logistics remain inflated.

Osisko's own cash margin of 97.1% in Q1 2025 is a testament to the strength of the royalty model, but a sustained squeeze on their partners' margins could slow the development of future royalty assets. Cost control is defintely the focus for miners in 2025, shifting away from pure production growth.

US dollar strength affects royalty revenue conversion for Canadian-based assets

Osisko is a Canadian-headquartered company that reports in U.S. Dollars (USD), but its cornerstone asset, the Canadian Malartic Complex, and many other royalties are Canadian-based. The strength of the U.S. dollar against the Canadian dollar (CAD) is a critical conversion factor for its revenue.

A stronger USD means that Canadian dollar-denominated royalty payments convert into more USD revenue for Osisko. The consensus forecast for the USD/CAD pair suggests it will trade in a range between 1.38 and 1.42 through year-end 2025. The spot rate as of late November 2025 was approximately 1.4112. This sustained strength in the USD provides a favorable tailwind for converting Canadian-sourced revenue into the company's reporting currency.

This currency dynamic is a clear benefit for the company's reported financials.

Capital expenditure (CapEx) discipline by operating partners is key to cash flow

The beauty of the royalty model is that Osisko does not have to fund the capital expenditure (CapEx) for the mines it holds royalties on. The CapEx discipline of its operating partners is paramount because it dictates the timeline and success of new production, which drives Osisko's GEOs earned. Osisko's management has stated that its five-year growth outlook, which projects 110,000-125,000 GEOs by 2029, is 'entirely bought and paid for,' meaning no contingent capital is required from the company.

For 2025, the company's guidance of 80,000 to 88,000 GEOs relies on the successful execution of CapEx plans by its partners. A key assumption is that Capstone Copper Corp.'s Mantos Blancos mine will continue to operate at its Phase I nameplate throughput capacity of 20,000 tonnes per day. Any CapEx overruns or delays at major assets like the Canadian Malartic Complex or the anticipated commencement of payments from Cardinal Namdini Mining Limited's Namdini mine in the second half of 2025 would directly risk the lower end of that GEO guidance.

What this estimate hides is the risk of CapEx cuts by partners due to the inflationary pressures mentioned above. If a partner defers a project to preserve cash flow, Osisko's future growth profile is impacted. Finance: Monitor Capstone Copper Corp.'s CapEx updates quarterly for Mantos Blancos throughput by year-end.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Social factors

You're a royalty and streaming company, so your social risk isn't direct operational risk, but it's defintely a critical filter for the quality of your underlying assets. The social factors-how your operating partners treat people and communities-directly influence the stability of your cash flow and the valuation of your royalties.

The core challenge for Osisko Gold Royalties Ltd is ensuring that the social license to operate (SLO) for its key assets remains robust, especially in Canada where Indigenous engagement is paramount. We are seeing clear trends: rising investor scrutiny on Environmental, Social, and Governance (ESG) performance and a tight labor market that pressures operating costs.

Strong emphasis on Indigenous engagement and benefit agreements in Canada

The long-term value of your cornerstone assets in Canada is tied to successful, mutually beneficial agreements with local First Nations. This isn't just a compliance issue; it's a business continuity imperative. A strong relationship means fewer delays and a more stable production profile for the royalty owner.

Your largest royalty, the 3-5% net smelter return (NSR) on the Canadian Malartic Complex, benefits from a Collaboration Agreement that the operator has with four Anishinabeg First Nations: Abitibiwinni, Lac Simon, Long Point, and Kitcisakik. This agreement, which runs until 2027, formalizes their participation in training, job creation, business opportunities, and environmental protection. Plus, the communities receive yearly financial contributions for sustainable development projects. For a new asset like the Windfall project, the operator (Gold Fields) is actively working to finalize an Impact and Benefits Agreement (IBA) with the Cree First Nation of Waswanipi and the Cree Nation Government as of late 2024, which is a key de-risking step before major construction can ramp up.

Growing investor demand for transparent Environmental, Social, and Governance (ESG) reporting

Investor capital is increasingly flowing to companies that can demonstrate tangible ESG performance, and your 2025 reporting shows a clear response to this demand. Osisko Gold Royalties Ltd released its 2024 Sustainability Report, titled 'Growing Responsibly,' in April 2025, which aligns with major frameworks like the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).

Here's the quick math on community investment: the company's total community investments have exceeded $900,000 since 2021, with over $361,000 contributed in 2024 alone. This transparency is what institutional investors-who now control trillions in assets-demand. You need to keep showing the numbers.

• Achieve Board gender diversity targets.
• Earned the Great Place to Work certification.
• Reported community investments of over $361,000 in 2024.

Labor shortages and wage inflation at partner mine sites could slow production

The tight labor market in Canadian mining is a persistent headwind that directly impacts your partners' operating costs and, potentially, production rates. This is a sector-wide issue, not a company-specific one, but it's a risk you hold indirectly.

The unemployment rate in the Canadian mining and quarrying sector is extremely low, fluctuating between four percent and under one percent over the past four years, a stark contrast to the national average of about seven percent. This chronic labor shortage means operators must compete fiercely for skilled trades, which drives up wage inflation. The industry needs to hire a minimum of 191,000 workers over the next decade just to cover new roles and retirements. For your partners, this translates to higher all-in sustaining costs (AISC) and a risk of project delays if they can't staff up for expansions, which could slow your royalty growth.

Maintaining a positive social license to operate is defintely critical for new projects

For a royalty company, a project's social license to operate (SLO) is the ultimate gatekeeper to future cash flow. If an operator loses their SLO, your royalty is worthless until the issue is resolved. You can't run the mine, so you must be highly selective about your partners and their social track record.

The focus must be on development assets that are moving toward production, like the Windfall project in Québec. While a previous agreement secured an Indigenous-owned power line project, the operator still needs to finalize the full Impact and Benefits Agreement (IBA) with the local First Nations. The finalization of this IBA is a critical milestone-as important as permitting or financing-because it solidifies the social foundation for the project's estimated 10-year mine life and average annual gold production of over 300,000 ounces.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Technological factors

For a royalty company like Osisko Gold Royalties Ltd, technology isn't about running the mine; it's about making sure our partners run their mines better, cheaper, and more predictably. That operational efficiency directly translates into more reliable cash flow and a higher valuation for our royalty portfolio. The technological landscape in 2025 is creating a clear tailwind for our business model, primarily by reducing the All-In Sustaining Costs (AISC) of our operators.

Our core advantage is that we get the upside from technology adoption without the capital expenditure risk. This is why Osisko Gold Royalties Ltd was able to maintain an impressive quarterly cash margin of 97.1% in Q1 2025, slightly up from 97.0% in Q1 2024, because our partners bear the operational costs, and their efficiency gains flow right to our top line. That's a powerful equation.

Adoption of Advanced Mining Technology Can Lower Partner Operating Costs

The push for automation and Artificial Intelligence (AI) in mining is accelerating, which is a massive benefit to our Net Smelter Return (NSR) and streaming assets. By 2025, automated gold mining is expected to boost operational efficiency by up to 30% with AI-driven equipment, according to industry analysis. This efficiency comes from autonomous drilling rigs, haul trucks, and remote-operated loaders, which reduce labor costs and improve extraction precision.

For our partners, like those operating the Canadian Malartic Complex (our cornerstone asset), these advancements mean lower operating costs and a longer mine life, which extends our royalty payments. Mining executives are clearly prioritizing this shift, with 63% contemplating investments in automation and 42% ready to invest in robotics in the near future. The technology directly combats the industry-wide challenge of grade decline and rising energy costs.

Improved Geological Modeling Reduces Exploration Risk for Underlying Assets

Better geological modeling is the single biggest tool for de-risking a development-stage asset, and advanced technology is making it defintely more precise. We rely on this for our growth pipeline, which is expected to generate between 110,000 and 125,000 Gold Equivalent Ounces (GEOs) by 2029.

The use of AI and machine learning algorithms is now standard for predicting ore grades and optimizing mine plans. This is a critical factor in the value of our royalties on projects like the Windfall project, where Gold Fields Limited is a partner. The rigorous technical evaluation, overseen by our in-house 'qualified person' team, leverages this technology to validate the economics of future cash flows, ensuring that the exploration dollars spent by our partners are more effective.

Digital Royalty Tracking Systems Enhance Revenue Assurance and Auditing Efficiency

The digital transformation extends beyond the mine face and into the financial back-end of the royalty business. While our cash margin is already industry-leading, digital tracking systems promise to enhance revenue assurance and reduce administrative friction. This is an emerging opportunity, not a fully realized one yet, but the blueprint is clear.

The trend is moving toward a unified transaction ledger (blockchain) for mineral resources, which would provide verified, traceable, digitized assets. This level of transparency, as seen in recent industry deals digitizing real-world assets, would give us real-time, immutable data on production volumes, reducing the time and cost associated with auditing complex Net Smelter Return (NSR) calculations. Less time spent on auditing means more time for accretive deal-making. This is a crucial area to watch for our business.

Remote Monitoring Tools Improve Safety and Operational Oversight at Partner Mines

The rise of remote monitoring tools is a huge win for both operational risk management and our Environmental, Social, and Governance (ESG) profile. Satellite-based monitoring and Internet of Things (IoT) sensors deployed at mine sites allow for real-time tracking of structural integrity, environmental impact, and production patterns.

For us, this means we get a layer of independent verification on the health of our royalty assets without having to manage the physical operations. This capability is especially valuable for overseeing assets in development or expansion phases, such as the Alamos Gold Inc. Phase 3+ Expansion at its Island Gold District, which is a key component of our future growth. The ability to monitor remotely helps us anticipate potential operational issues faster than relying solely on quarterly reports from our partners.

• Monitor production patterns via satellite for real-time insight.
• Improve safety by remotely tracking equipment and personnel underground.
• Enhance ESG compliance oversight using multispectral imagery.

What this estimate hides is that the adoption rate of these technologies is uneven across our diverse portfolio of over 195 royalties and streams, so we must continue to prioritize partners who are investing in a low-cost, efficient, and smart operation.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Legal factors

Changes to Canadian and US federal tax codes on royalty income could impact net earnings

The royalty business model is highly sensitive to shifts in international tax law, especially given Osisko Gold Royalties Ltd's significant exposure to Canadian and US jurisdictions. The Canadian Federal Budget 2025, released in November, introduced measures that both support and complicate the mining sector's tax landscape. Specifically, the Mineral Exploration Tax Credit (METC) was confirmed for extension, which helps incentivize the exploration activity that feeds the royalty pipeline.

However, a key amendment effective November 4, 2025, clarifies that Canadian Exploration Expenses (CEE) eligible for flow-through share deductions no longer include costs related to determining a mineral resource's economic viability or engineering feasibility. This is a subtle but defintely important change that could affect the structure of early-stage exploration financing.

On the US side, the new federal tax legislation signed in July 2025 permanently modified key international corporate tax provisions. For Osisko Bermuda Limited, a wholly-owned subsidiary involved in stream transactions, changes to the Global Intangible Low-Taxed Income (GILTI) rules are relevant. The permanent GILTI deduction rate is set at 40%, resulting in an effective tax rate of 12.6% on GILTI earnings not subject to foreign tax. Furthermore, the Base Erosion Minimum Tax Amount (BEAT) rate is permanently fixed at 10.5% for tax years beginning after December 31, 2025, which is a key figure for assessing US tax liability and managing the company's Passive Foreign Investment Company (PFIC) status risk.

Strict adherence to mining and environmental permitting laws in all operating regions

As a non-operator, Osisko Gold Royalties Ltd relies entirely on its partners' rigorous compliance with complex, multi-jurisdictional permitting laws. The near-term growth of the portfolio is directly tied to the timely receipt of these approvals.

We see this play out in the development pipeline. The Spring Valley gold project in the US (where Osisko holds a 2.0-3.5% Net Smelter Return or NSR royalty) is a clear example, with the US Bureau of Land Management guiding for the release of a Final Environmental Impact Statement by July 11, 2025, and a Record of Decision by August 11, 2025. This is the final step before construction can commence in the third quarter of 2025.

Similarly, the Cariboo Gold Project in British Columbia, Canada (with a 5.0% NSR royalty), achieved a major de-risking milestone by securing both the Environmental Management Act and BC Mines Act permits in late 2024/early 2025, confirming its fully permitted status for construction to start.

• Spring Valley (US): Final Environmental Impact Statement expected by July 11, 2025.
• Cariboo (Canada): Fully permitted status achieved in early 2025, enabling construction start.
• Osisko's key risk is partner compliance, since the royalty model shields it from direct operational liability.

Litigation risk related to ownership disputes or contract breaches with mine operators

The royalty and streaming model inherently reduces direct operational liability, but it substitutes this with contractual risk. Litigation risk for Osisko Gold Royalties Ltd centers on the potential for ownership disputes, contract breaches, or challenges to the validity of its royalty agreements by mine operators or third parties.

As of 2025, the company has not disclosed any material, ongoing litigation or contract disputes involving its cornerstone assets, such as the 3-5% NSR royalty on the Canadian Malartic Complex. This absence of disclosed material litigation is a key near-term strength, especially compared to the operational and legal headaches faced by some direct mining companies.

Still, the risk remains a constant, especially as development assets like the Cascabel copper-gold project in Ecuador (with a 6% gold stream) move closer to production and require the operator, SolGold plc, to meet its contractual milestones tied to the $225.0 million stream payment.

New carbon pricing mechanisms create compliance costs for operating partners

Climate-related legal and regulatory changes are creating a clear cost headwind for Osisko's operating partners, particularly in Canada. The federal government's industrial carbon pricing system, the Output-Based Pricing System (OBPS), continues its planned escalation.

Under the federal plan, the carbon price will increase by C$15 per tonne of CO₂ equivalent (CO₂e) annually until 2030. This rising price is a direct compliance cost for large industrial emitters like the Canadian Malartic Complex, which is Osisko's cornerstone asset. This industrial-side carbon cost is inevitably passed down through higher energy prices, impacting the economics of the underlying mines.

For context, the escalating carbon price is estimated to translate into approximately C$7.6 in additional costs per megawatt-hour (MWh) for energy-intensive industries when the carbon price reaches C$95 per tonne. While Osisko's own corporate Scope 2 emissions were minimal at 63 tCO₂e in 2024, the indirect impact on its partners' operating costs is the real concern.

Osisko Gold Royalties Ltd (OR) - PESTLE Analysis: Environmental factors

As a non-operating royalty and streaming company, Osisko Gold Royalties Ltd's environmental risk is entirely indirect, tied to the performance of its 20+ producing assets and the operators who run them. Your focus here must be on the operators' 2025 performance, as their missteps become your financial risk.

The core environmental challenge for Osisko Gold Royalties is managing the Scope 3 Category 15 financed emissions (emissions from your investments) and ensuring your partners maintain social license to operate (SLO). Your own direct Scope 2 emissions were only 63 tCO₂e in 2024, which is tiny, but the attributable emissions from your partners are the real number to watch.

Increased scrutiny on water usage and tailings management at key mine sites

Water stewardship and tailings safety are the most immediate environmental risks that can halt production and impact your royalty cash flow. The industry is moving toward global standards, and your key operators are adapting, but the transition is costly and not defintely complete.

For tailings, the Global Industry Standard for Tailings Management (GISTM) is the new benchmark. Capstone Copper Corp., the operator of the Mantos Blancos stream, reported achieving 48% conformance across its facilities in 2024, up from 33% in 2023, but it has a target of full implementation by year-end 2028. That timeline leaves a window of risk. Meanwhile, Agnico Eagle Mines Limited, the operator of your cornerstone Canadian Malartic royalty, published a 2025 Tailings Summary Report demonstrating progressive reclamation and governance commitment, which is a positive signal.

Water is a major concern, especially in arid regions like Chile where the Mantos Blancos mine is located. Capstone Copper Corp. is strategically mitigating this by increasing its use of non-freshwater (low-quality, desalinated, or recycled water). This figure reached 85% of total water withdrawals in 2024, up from an 81% baseline in 2021. However, the move to more water-intensive processing methods at Mantos Blancos and Mantoverde caused water intensity per copper equivalent tonne to increase by 16% in 2024. That's a clear operational trade-off you need to monitor.

Regulatory pressure to reduce carbon emissions across the mining value chain

The regulatory environment, particularly in Canada and the US, is pushing hard on Scope 1 and 2 emissions, which impacts your partners' operating costs and, indirectly, your net smelter return (NSR) royalties. Your partners are setting ambitious targets, so their execution is your exposure.

Agnico Eagle Mines Limited has an aggressive target of a 30% reduction in greenhouse gas (GHG) emissions by 2025. This kind of capital-intensive transition, while good for long-term SLO, can create short-term operational headwinds. Capstone Copper Corp. is tackling this with a focus on clean energy, achieving a 12% reduction in market-based GHG emissions in 2024 and securing 100% renewable electricity for its Mantos Blancos operation in 2024.

This shift to renewables is a critical de-risking move. It's the best way to secure a stable energy supply and avoid future carbon taxes. Your royalty model benefits directly from these lower, more stable operating costs at the mine gate.

Climate change impacts (e.g., extreme weather) pose physical risks to mine infrastructure

Physical climate risk is a near-term threat that can disrupt production and delay your cash flow. Your 2025 climate-related risk assessment confirmed this exposure, and it's not theoretical.

In Chile, the Mantos Blancos mine is specifically vulnerable to drought and flood events due to changing precipitation patterns, a risk Capstone Copper Corp. has publicly acknowledged. A major flood event could temporarily halt operations and require significant capital for infrastructure repair, eating into the operator's cash flow and delaying your silver stream deliveries.

Conversely, in colder climates, operators are building resilience. Agnico Eagle Mines Limited's Meliadine project, for example, is engineered with a filtered tailings stack that incorporates climate change considerations to ensure stability in permafrost conditions.

Biodiversity protection requirements influence project development and expansion plans

The global push for biodiversity net gain (BNG) is translating into stricter Environmental Impact Assessments (EIAs) that can lengthen permitting and increase pre-production capital. This is a key risk for your development-stage assets, like the Cascabel gold-copper project in Ecuador.

Your partners are responding: Capstone Copper Corp. is committed to establishing a company-wide Biodiversity Standard and Assess All Sites by 2025. This formal integration of biodiversity risk into their operations and due diligence-which you have also embedded into your own investment process-is the cost of entry for new projects. It means longer lead times for permits, but it significantly reduces the long-term risk of a project being shut down or delayed by environmental opposition.

• Embed ESG into due diligence to screen out high-risk assets.
• Expect longer permitting timelines for new projects due to stricter biodiversity assessments.
• Monitor operator adherence to the new Biodiversity Standard being established in 2025.