Royal Gold, Inc. 2021 ESG Report 29 We find that each investment opportunity has unique aspects that vary widely and each evaluation opportunity requires a project-specific due diligence scope and team. The team for each opportunity will require appropriate technical experts as well as experts with knowledge of the local operating environment, which could include, for example, a third-party expert with specific knowledge of permitting within a given jurisdiction. Our phased approach to project reviews allows the use of our Phase 1 review findings to develop a unique due diligence scope of work tailored to identify the skills we need on the due diligence team for Phase 2. In areas deemed to have a high level of risk we often include two experts to develop our findings. A summary example of our typical Phase 2 Due Diligence Team is provided in the figure below. Due Diligence Team Basic Team includes • Project Coordinator (Royal Gold leader) • Geologist • Resource Geologist • Mining Engineer • Metallurgist • Tailings Facility Engineer • Environmental/Permitting/Social Expert • Infrastructure For Greenfield Projects: • Capital Cost Estimator/Project Controls Expert • Capital Cost Benchmarking Expert Specialty Experts include: • Hydrologist / Hydrogeologist • Geotechnical Engineer • Specialty Metallurgical Expert • Country Specific Environmental, Social or Permitting Expert • Country/Political Risk Expert All Phase 2 due diligence activities are coordinated by Royal Gold management. This phase of due diligence typically consists of a review of publicly available information, as well as confidential information provided by the potential counterparty. A site visit to the asset under review is typically undertaken, although site visits have recently been impacted by COVID-19 related travel disruptions. The Phase 2 due diligence process typically affords an opportunity to interact with project and corporate management. This interaction can include virtual presentations, video conference calls, in-person question and answer sessions, touring the site and meeting with project stakeholders. An assessment of the potential counterparty’s capacity to successfully execute their plan is a critical consideration of the due diligence process. The ability of Royal Gold to interact with project management is determined by the investment opportunity. For example, the opportunity to purchase a third-party royalty on a mining operation may not allow for communications with the Operator, as the royalty is not being sold by the operation’s owner. Conversely, the purchase of a metal stream is typically with an owner of the mine or project, which allows for direct access to the management team. Royal Gold always endeavors to interact with project management as directly as possible. Due Diligence Site Visit, Peru