Royal Gold, Inc. 2021 ESG Report 3 27 Investment Strategy 28 Our Approach to Due Diligence 28 Our Due Diligence Process 30 Assessment of Technical and Legal ESG Issues 32 ESG Checklist and Assessment of Environmental Management Systems 34 Jurisdictional Review 34 ESG Risk Evaluation 35 Investment Committee 36 Deal Creation and ESG 37 Stewardship 39 Asset Monitoring 40 Asset Reporting 42 Climate Change and Increasing Our Alignment with TCFD Recommendations 42 Our Approach 42 Our Initial Actions 44 Royal Gold Direct GHG Emissions 45 Operator GHG Emissions 47 Operator GHG Emission Intensity 48 Water Availability and Risk 49 Water Consumption Intensity 50 Water Risk 52 Tailings Management 53 Active in Our Communities 56 ESG Ratings and Other Progress Reporting 57 ESG Ratings 58 Net Zero on Direct Emissions 58 Looking for Other Ways to move ESG Forward Outside of our Investments 59 Turnover and Talent Retention 60 Diversity 60 Political Contributions and Whistleblower Complaints 61 Support of Our Operators 62 Golden Star Oil Palm Plantation, Ghana 63 Pueblo Viejo, Dominican Republic 63 Rainy River, Canada 64 NX Gold, Brazil 65 Appendices 66 Operator GHG Emissions 72 Operator Water Consumption 78 Water Sensitivity Assessment 81 Operator ESG Charters