Royal Gold, Inc. 2021 ESG Report 30 At the completion of the Phase 2 due diligence multiple deliverables are produced to document the due diligence team findings. These include, but are not limited to, the following: • Subject Matter Expert Reports: reports prepared by team members for their thematic review area; • A Value Drivers & Risk Workbook: a compilation of key findings, risks and actions to mitigate identified risks with contributions from all due diligence team members; • ESG Checklist: a comprehensive document driving the collection and recording of ESG information (as discussed below) The findings of the due diligence provide the content for a Due Diligence Findings Management Presentation that summarizes the due diligence work completed and critical findings, with contributions from all team members. The process described above is graphically represented in the figure below. Phase 2 Review Management Presentations Information Review Data Analysis Site Visit Interviews Due Diligence Design Critical / Unique Issues Recognized Technical Scope Defined Team Member Selection Phase I Review Subject Matter Expert Reports Value Driver & Risk Workbook ESG Checklist Due Diligence Findings Management Presentation Assessment of Technical and Legal ESG Issues As an important part of our due diligence process, a thorough understanding must be obtained of the geographic setting in which a project has been or will be developed, the existing or potential environmental/social impacts, the regulatory framework, and the stakeholders who are involved and their views towards the project, among other considerations. Each investment opportunity presents unique characteristics and issues which require us to develop a specific ESG scope of review. These issues vary based on, among other considerations: project jurisdictions, geographic and climatic settings, ore processing methodology employed, water availability, and potential for cumulative impacts. As an example, Royal Gold’s risk assessment of a considered investment, as it pertains to ESG considerations, may include, but not necessarily be limited to, review of the following elements: