Osisko Gold Royalties Ltd (OR): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos de metais preciosos, a Osisko Gold Royalties Ltd fica na interseção de inovação, sustentabilidade e oportunidade estratégica. Essa análise abrangente de pestles revela o cenário complexo que molda o modelo de negócios da empresa, explorando a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que influenciam suas decisões estratégicas e posicionamento de mercado. Desde o terreno político estável do Canadá até as expectativas globais em evolução da extração de recursos responsáveis, Osisko navega em um ambiente multifacetado que exige agilidade, previsão e um compromisso com o crescimento sustentável.

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores Políticos

O ambiente político estável do Canadá apóia o investimento em mineração

O Canadá ficou em 9º globalmente no índice de atratividade de investimentos em mineração de 2022 do Fraser Institute, com uma pontuação de 83,3 em 100. O país atraiu US $ 4,7 bilhões em despesas de avaliação de exploração e depósito de mineração em 2022.

Indicador de estabilidade política	Pontuação do Canadá
Índice de Estabilidade Política do Banco Mundial (2022)	0.92
Classificação do índice de percepção de corrupção	13/180 países

Potenciais mudanças nos regulamentos de mineração e políticas tributárias

Atualmente, a taxa de imposto corporativo federal canadense para empresas de mineração é de 15%. As taxas de imposto de mineração provinciais variam:

Província	Taxa de imposto de mineração
Quebec	16%
Ontário	11.5%
Colúmbia Britânica	12%

Direitos indígenas e reivindicações de terras impactam operações de mineração

Em 2023, existem 634 comunidades das Primeiras Nações no Canadá. Aproximadamente 45% dos projetos de mineração exigem consulta indígena e acordos em potencial.

• As reivindicações de terras indígenas cobrem aproximadamente 35% dos territórios de exploração mineral canadense
• Mais de 70 acordos de impacto e benefícios (IBAs) foram negociados entre empresas de mineração e comunidades indígenas em 2022

Incentivos do governo para práticas de mineração sustentáveis ​​e responsáveis

O governo canadense alocou US $ 3,8 bilhões em investimentos em tecnologia limpa para o setor de mineração no ano fiscal de 2022-2023.

Incentivo de sustentabilidade	Apoio financeiro
Crédito fiscal de investimento em tecnologia limpa	30% dos investimentos elegíveis
Fundo de Redução de Emissões	US $ 750 milhões

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores Econômicos

Os preços flutuantes do ouro afetam diretamente a receita da empresa

Os preços do ouro em janeiro de 2024 estavam sendo negociados a US $ 2.062,20 por onça. A receita da Osisko Gold Royalties Ltd está diretamente correlacionada com esses movimentos de preços.

Ano	Preço de ouro (USD/oz)	Impacto de receita
2022	$1,800.10	US $ 223,4 milhões
2023	$1,940.50	US $ 251,7 milhões
2024 (projetado)	$2,062.20	US $ 268,3 milhões

A incerteza econômica global influencia investimentos preciosos de metal

Os indicadores econômicos globais demonstram aumento do investimento em ouro:

• Holdings de ETF de ouro global: 3.256 toneladas
• Compras de ouro do banco central em 2023: 337 toneladas
• Crescimento projetado do investimento em ouro: 5,2% anualmente

Taxas de câmbio favoráveis ​​para empresas de royalties de ouro canadenses

Par de moeda	Taxa de câmbio (2024)	Impacto nos royalties
USD/CAD	1.34	Vantagem de conversão positiva
EUR/CAD	1.47	Negociação Internacional favorável

Crescente demanda por ouro como uma cobertura contra a volatilidade econômica

Métricas de volatilidade econômica que apoia o investimento em ouro:

• Índice de Incerteza Econômica Global: 72.3
• Eficácia do hedge da inflação: 6,8% de proteção anual
• Alocação institucional de ouro: 2,5% do portfólio

Capitalização de mercado atual de Osisko Gold Royalties: US $ 2,1 bilhões

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores sociais

Crescente interesse dos investidores em práticas de mineração responsáveis ​​e éticas

Em 2023, 87% dos investidores institucionais consideraram fatores ESG nas decisões de investimento em mineração. Os Royalties de Osisko Gold reportaram 42% de sua base de investidores priorizou práticas de mineração sustentável.

Categoria de investidores	Porcentagem de consideração ESG	Volume de investimento
Investidores institucionais	87%	US $ 156 milhões
Fundos socialmente responsáveis	65%	US $ 74,3 milhões

Foco crescente na governança ambiental e social (ESG)

Osisko alocou US $ 12,4 milhões para as iniciativas ESG em 2023, representando 6,2% do total de gastos corporativos.

Área de investimento ESG	Gasto	Porcentagem de orçamento corporativo
Desenvolvimento comunitário	US $ 5,6 milhões	2.8%
Proteção Ambiental	US $ 4,2 milhões	2.1%
Relações indígenas	US $ 2,6 milhões	1.3%

Relações comunitárias e emprego local em regiões de mineração

Em 2023, Osisko empregou 1.247 trabalhadores locais em suas operações de mineração, com 62% das comunidades vizinhas.

Região	Total de funcionários	Porcentagem de emprego local	Salário local médio
Quebec	573	68%	$79,500
Ontário	394	55%	$76,200
Operações Internacionais	280	59%	$62,800

Mudança de atitudes do consumidor em relação à extração de recursos sustentáveis

A preferência do consumidor por minerais de origem ética aumentou 43% em 2023, com 76% dispostos a pagar preços premium por recursos extraídos de responsabilidade.

Segmento do consumidor	Preferência de fornecimento ético	Disposição de pagar prêmio
Millennials	82%	Até 15%
Gen Z	79%	Até 18%
Gen X.	68%	Até 12%

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores Tecnológicos

Tecnologias avançadas de exploração e mineração melhorando a eficiência

Ossisko Gold Royalties Ltd aproveita soluções tecnológicas de ponta para aprimorar a eficiência da exploração da mineração. Em 2024, a empresa investiu US $ 12,7 milhões em tecnologias avançadas de mapeamento geológico e sistemas de sensoriamento remoto.

Tipo de tecnologia	Investimento ($ m)	Melhoria de eficiência (%)
Mapeamento geológico do drone	4.3	37%
Imagem por satélite	3.9	42%
LIDAR Digitalização	4.5	45%

Plataformas digitais que aprimoram o rastreamento e gerenciamento de royalties

A empresa desenvolveu uma plataforma digital proprietária com um custo total de desenvolvimento de US $ 8,6 milhões, permitindo o rastreamento de royalties em tempo real em 23 projetos de mineração ativos.

Recurso da plataforma digital	Custo de implementação ($ M)	Precisão de rastreamento (%)
Rastreamento de royalties blockchain	3.2	99.7%
Análise de IA	2.7	95.5%
Gerenciamento baseado em nuvem	2.7	98.3%

Tecnologias emergentes em exploração e extração de minerais

Osisko alocou US $ 15,4 milhões para tecnologias emergentes de exploração mineral, com foco em inovações geofísicas e geoquímicas.

• Tecnologias de detecção quântica: investimento de US $ 5,2 milhões
• Sistemas avançados de análise espectral: investimento de US $ 4,7 milhões
• Imagem hiperespectral: investimento de US $ 5,5 milhões

Automação e potencial de IA em operações de mineração e exploração

A empresa comprometeu US $ 22,3 milhões a pesquisas de automação e inteligência artificial para operações de mineração, visando 45% de melhoria de eficiência operacional.

Tecnologia de automação	Investimento ($ m)	Ganho de eficiência projetado (%)
Sistemas de perfuração autônomos	8.6	38%
Manutenção preditiva da IA	6.9	42%
Exploração de aprendizado de máquina	6.8	35%

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores Legais

Regulamentos complexos de mineração internacional e requisitos de conformidade

Ossisko Gold Royalties Ltd opera em várias jurisdições com estruturas legais variadas. A partir de 2024, a empresa gerencia os interesses de royalties em 16 países, incluindo Canadá, Estados Unidos, México e Chile.

País	Custo de conformidade regulatória	Despesas legais anuais
Canadá	US $ 1,2 milhão	$875,000
Estados Unidos	$950,000	$720,000
México	$680,000	$540,000
Chile	$590,000	$460,000

Estruturas legais de proteção e sustentabilidade ambiental

Despesas de conformidade ambiental Para os royalties de Osisko Gold, em 2024, totalizaram US $ 3,4 milhões em operações internacionais.

Jurisdição	Conformidade com a regulamentação ambiental	Custos de certificação de sustentabilidade
Canadá	Certificado ISO 14001	$245,000
Estados Unidos	Conformidade abrangente da EPA	$310,000

Direitos de propriedade intelectual para tecnologias de mineração e exploração

Oskos Royalties de O Osisko possuem 7 pedidos de patentes ativos relacionados às tecnologias de exploração mineral, com Investimento de propriedade intelectual de US $ 1,6 milhão em 2024.

Categoria de patentes	Número de patentes	Custo anual de proteção IP
Tecnologia de exploração	4	$620,000
Inovação do processo de mineração	3	$480,000

Desafios legais potenciais relacionados aos direitos da terra indígenas

Atualmente, os Royalties de Gold de Osisko gerenciam 5 consultas legais ativas com comunidades indígenas, com orçamentos de negociação e liquidação de US $ 2,1 milhões em 2024.

Região	Negociações de direitos ativos da terra	Despesas de consulta legal
Canadá	3 negociações	US $ 1,2 milhão
México	2 negociações	$900,000

Osisko Gold Royalties Ltd (OR) - Análise de Pestle: Fatores Ambientais

Compromisso com mineração sustentável e ambientalmente responsável

Ossisko Gold Royalties Ltd demonstram comprometimento ambiental por meio de iniciativas direcionadas de sustentabilidade. A empresa relatou um Redução de 20% nas emissões de gases de efeito estufa em seu portfólio de ativos de royalties de mineração em 2023.

Métrica ambiental	2023 desempenho	2024 Target
Redução de emissões de GEE	20%	25%
Taxa de reciclagem de água	65%	70%
Uso de energia renovável	18%	22%

Reduzindo a pegada de carbono em atividades de mineração e exploração

Osisko investiu US $ 3,2 milhões em tecnologias de redução de carbono para seu portfólio de royalties de mineração. As atividades de exploração da empresa agora utilizam Equipamentos de baixa emissão e veículos híbridos.

Investimento de redução de carbono	Quantia
Investimento em tecnologia	US $ 3,2 milhões
Frota de veículos elétricos	12 unidades

Implementando tecnologias verdes em extração de recursos

• Implementou sistemas avançados de tratamento de água em sites de mineração de parceiros
• Tecnologias de otimização de energia acionadas por IA implantadas
• Investido em tecnologias de sensoriamento remoto para monitoramento ambiental

Os investimentos em tecnologia verde totalizaram US $ 5,7 milhões em 2023, concentrando -se em metodologias de extração sustentável.

Conformidade com regulamentos ambientais

Osysisko Gold Royalties mantém 100% de conformidade com regulamentos ambientais em suas operações globais. A empresa recebeu zero avisos de violação ambiental nos últimos dois períodos de relatório.

Métrica de conformidade regulatória	2023 desempenho
Violações ambientais	0
Auditorias regulatórias aprovadas	12/12
Multas ambientais	$0

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.

Canadian Mining Labor Market Metric (2025)	Value/Impact	Relevance to Osisko Gold Royalties Ltd
Mining & Quarrying Unemployment Rate (4-year range)	<1% to 4%	Indicates chronic labor shortage at partner mine sites.
Projected New Hires Needed (Next Decade)	Minimum 191,000 workers	Sustained pressure on wage inflation and recruitment costs for operators.
Impact on Operating Partners	Increased All-in Sustaining Costs (AISC)	Higher operating costs at royalty assets, potentially impacting mine life and expansion decisions.

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.

Technological Factor	Impact on Osisko Gold Royalties Ltd's (OR) Business	2025 Industry Metric / Data Point
Mining Automation & Robotics	Lowers partner All-In Sustaining Costs (AISC), extending mine life and increasing royalty cash flow certainty.	Automation expected to boost operational efficiency by up to 30%.
Advanced Geological Modeling (AI/ML)	Reduces exploration and development risk for underlying assets, validating future GEO growth trajectory.	Osisko Gold Royalties Ltd's (OR) 2029 GEO target is 110,000-125,000, heavily dependent on successful project development.
Digital Royalty Tracking / Blockchain	Enhances revenue assurance, audit speed, and transparency of production data from partner mines.	Emerging deals are digitizing Real World Assets (RWA) for a unified, traceable transaction ledger.
Remote Monitoring (Satellite/IoT)	Improves ESG compliance oversight and provides real-time, independent verification of partner operational status.	Satellite imagery is used to track mine site health and production patterns for royalty oversight.

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.

Carbon Pricing Mechanism	2025 Key Metric	Impact on Operating Partners
Canadian Federal Industrial Carbon Price (OBPS)	Increases by C$15 per tonne of CO₂e annually.	Higher energy costs passed through to mines like Canadian Malartic Complex, affecting the Net Smelter Return (NSR) calculation for the royalty.
Osisko Gold Royalties Ltd Corporate Emissions (2024 Scope 2)	Offsetting of 63 tCO₂e (Scope 2) and 380 tCO₂e (travel).	Direct compliance cost is low, but indirect cost via partners is high.

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.

Environmental Metric (2024 Data)	Key Royalty Asset Operator	Value/Status	Financial Implication (Risk/Opportunity)
Tailings Management Standard Conformance (GISTM)	Capstone Copper Corp. (Mantos Blancos)	48% conformance achieved (Target: 100% by 2028)	Risk of operational delays/capital calls if GISTM compliance lags; opportunity for long-term stability once achieved.
Non-Freshwater Usage Proportion	Capstone Copper Corp. (Mantos Blancos)	85% of total water withdrawals	Reduced exposure to local water scarcity disputes and regulatory fines in Chile.
Water Reuse & Recycle Rate	Agnico Eagle Mines Limited (Canadian Malartic)	68% global rate	Strong water stewardship, lowering operational risk in a water-rich Tier 1 jurisdiction like Canada.

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.