Royal Gold, Inc. 2021 ESG Report 42 Climate Change and Increasing Our Alignment with TCFD Recommendations Climate change has the potential to transform the planet, the way we live, and the way we conduct business. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business. We can then integrate these factors into our strategic planning and help reduce the impacts. We are committed to increasing our disclosure of climate-relevant information to help our investors and other stakeholders understand our approach and the potential of climate change to impact our business. To do this we are working to meet the recommendations of the Financial Stability Board’s Task Force on Climate related Financial Disclosures (TCFD). We aspire to disclose the potential fiscal impacts of climate related change on Royal Gold and its business strategy, and to disclose the resilience of that strategy so that investors and other stakeholders are well informed about how Royal Gold is positioning itself in relation to climate-related risks and opportunities. Our Approach Our approach to climate change and climate risk is informed by three key principles: understanding the risks, measuring and reducing, to the extent practicable, our impacts on climate change, and disclosing our performance. We recognize the growing expectations of our stakeholders in understanding how climate change can impact our business and how our activities have a direct and indirect potential to impact climate over the short, medium and long terms. Our business is one that makes passive investments in mining operations. We recognize mining activities are inherently energy intensive and acknowledge our investments facilitate mining operations that contribute to GHG emissions. Governance Strategy Risk Management Metrics and Targets Governance: The organization’s governance around climate-related risks and opportunities Strategy: The actual and potential impacts of climate- related risks and opportunities on the organization’s businesses, strategy, and financial planning Risk Management : The processes used by the organization to identify, assess, and manage climate- related risks Metrics and Targets : The metrics and targets used to assess and manage relevant climate-related risks and opportunities. Our Initial Actions This report is our introductory TCFD disclosure. As we move forward, we will provide our stakeholders with more detailed assessments of how climate-related risks could impact our business. In 2022 we further aim to assess actions we can take to help reduce GHG emissions associated with our stream and royalty interests. The figure below sets out our key TCFD achievements for year 2021 and our year 2022 aspirations for further progress. We have in this inaugural report consolidated information from our stream and royalty interests to begin the conversation of how Royal Gold may be able to meaningfully contribute to reducing GHG emissions associated with our investments.