Royal Gold, Inc. 2021 ESG Report 2 Table of Contents 4 About Us 5 Who We Are 5 What We Do 6 How We Manage our Business 7 Where We Are 8 Taxes We Pay 9 Portfolio Manager vs. Mine Owner and Operator 9 About This Report 11 Our Approach to ESG 11 A Q&A with the CEO 15 Message of Support from our Compensation, Nominating and Governance Committee 16 Our Vision Mission and Core Values 17 Our Four ESG Pillars 18 Governance and Culture 19 Board of Directors Composition and Experience 20 The Role of Our Board in ESG 21 The Role of Our Management in ESG 22 ESG Alignment in Compensation 23 Key Policies Related to ESG 23 ESG Policy 23 Code of Business Conduct and Ethics 23 Anti-Corruption Policy 24 Whistleblower Policy 24 Human Rights Policy 24 Tax Policy 24 Cyber Disclosure 25 Supplier Code of Conduct 25 Employees and Talent 25 Our Approach 26 Health and Safety 26 COVID-19 Response