Royal Gold, Inc. 2021 ESG Report 19 Governance and Culture Royal Gold is committed to leading corporate governance practices that promote the long-term interests of our shareholders, strengthen Board of Directors and management accountability, enable strong and open relationships with our Operators, employees and other stakeholders, and build public trust in our company, both now and in the future. Becoming and remaining the “Gold Standard” in stream and royalty mine finance requires us to observe the highest ethical standards to maintain a reputation for open communication and accountability. This is in addition to meeting our obligations under law and publicly traded company listing rules. Board of Directors Composition and Experience Good governance begins with effective oversight by our Board and its committees, and effective execution by our talented workforce. Our Board is comprised of seven directors. All directors, other than our CEO, are independent, as are our Chairman and all members of each of the Board’s two standing committees. These are the Audit and Finance (“AF Committee”) and the Compensation, Nominating and Governance Committee (“CNG Committee”). A significant portion of our Board’s oversight responsibility is carried out through its standing committees. Two CNG Committee members and five Board members have self-identified expertise in ESG and apply this perspective to the exercise of their oversight responsibilities. This allows alignment of our ESG practices with the interests of Royal Gold, its shareholders and other stakeholders. Our Board and its Subcommittees are graphically shown in the figure below. Additional information on our Board and its committees can be found on our website. Board of Directors Our Board oversees enterprise-level risk, including risks associated with strategy and operations Management Our management administers, reviews, and updates our enterprise risk management program and provides quarterly reviews to our Board Audit and Finance Committee • Integrity of financial statements • Internal controls • Disclosure controls and procedures • Accounting compliance • Cybersecurity • Compliance program • Capital structure and allocation Compensation, Nominating and Governance Committee • Regulatory • Board organization and membership • ESG, climate change and other sustainability initiatives • Diversity • Succession planning • Management development • Executive compensation and retention