Royal Gold, Inc. 2021 ESG Report 23 Key Policies Related to ESG Royal Gold strives to be a trusted steward of shareholder capital and a valued partner to our Operators by maintaining the highest standards of business ethics and personal integrity. ESG governance is grounded in a suite of Board-approved policies and codes that collectively establish the framework by which we conduct our internal and external business operations. All policies are reviewed annually by our Board or by a Board committee and updated as necessary to align with corporate best practices. These policies apply to Royal Gold, Inc. and all of its subsidiaries. Links to all of our corporate policies may be found in the ESG Document Library section of our website: ESG Document Library The subsections below generally summarize the content of our key policies related to ESG, with specific links to each policy provided following the summary. ESG Policy Our Environmental, Social and Governance (ESG) Policy reflects Royal Gold’s core commitment to furthering responsible and sustainable mineral development as a means to create long-term value for our stakeholders. In our ESG Policy we detail our commitment to integrate the International Council on Mining and Metals’ 10 Principles of Sustainable Development and the World Gold Council’s Responsible Gold Mining Principles into our own operations as appropriate, and to seek relationships with mine Operators who adhere to these or similar commitments. The policy also establishes the manner in which we integrate our ESG commitments into the review of potential investments, our agreements for new investments and ongoing monitoring of our investments. ESG Policy Code of Business Conduct and Ethics Royal Gold’s commitment to maintaining the highest ethical standards is set forth in our Code of Business Conduct and Ethics. This Code of Conduct provides the framework by which we commit to comply with applicable law and promote a workplace free from harassment and discrimination, maintain confidentiality of information belonging to the company and our Operators and other contracting parties, avoid conflicts of interest, safeguard company assets and opportunities, and conduct ourselves according to the highest standards of ethics in our financial disclosures and other business dealings and communications, among other responsibilities. Our Code of Conduct also provides that company funds may not be used for political contributions. Employees are required to affirm their understanding of the Code of Conduct on an annual basis. Code of Business Conduct and Ethics Anti-Corruption Policy Our Anti-Corruption Policy expands on the standards established under our Code of Conduct and details our commitment to avoid bribery and other illegal and corrupt conduct. It also requires to make the same commitment from our Operators, consultants and other contracting parties and to maintain accurate records and adequate internal controls meeting the requirements of applicable law. Anti-Corruption Policy