Royal Gold, Inc. 2021 ESG Report 47 Operator GHG Emission Intensity As part of our TCFD strategy we have also assembled GHG emission intensity data for our stream and royalty interests, which is a useful metric to assess ongoing performance. GHG emission intensity is measured as the tonnes of Scope 1 and 2 CO 2 (equivalent) emissions per net gold equivalent ounces (GEO) produced. The average emission intensity for our Principal Properties and other stream and royalty interests is shown in the figure below. Using a GHG intensity measurement as a Key Performance Indicator (KPI) allows performance that can be tracked over time regardless of changes in the annual production attributable to our stream and royalty interests. GHG intensity performance over the three-year period of 2018 - 2020, and representing approximately 96% of our revenue, shows GHG emissions intensity has remained relatively constant on a net GEO basis over the three-year period. Scope 1&2 GHG Emission Intensity (tCO 2 (eq)/Net Gold Equivalent Ounce) 0.80 0.85 0.80 2018 2019 2020 Principal Properties 1 Mount Milligan MM 0.20 0.26 0.29 Pueblo Viejo PV 1.97 2.12 2.05 Andacollo A 0.87 0.94 0.73 Peñasquito P 1.23 1.21 0.75 Cortez C 0.26 0.41 0.50 Wassa W 0.18 0.20 0.19 Royal Gold Portfolio Weighted Average Principal Properties 0.87 0.93 0.83 Other Properties O 0.66 0.65 0.69 No Data ND 0.80 0.85 0.80 Total 0.80 0.85 0.80 Net GEOs 2,3 260,600 267,700 267,900 Emissions tCO 2 (eq) 4 209,000 230,000 213,000 1 Principal Properties is a subset of our revenue generating properties that typically make up greater than 70% of our revenue. 2 Gold Equivalent Ounces (“GEO”) production is estimated based using the following metal prices for each year using production units identified by Skarn Associates: $1,758/oz Au; $20.54/oz Ag; $6,185.82/lb Cu; $1,826.14/lb Pb; $2,268.85/lb Zn, and typical metal payability factors associated with refining. 3 Metal delivered under stream contracts have been reduced by the contractual cost during the relevant period of sales to derive Net GEO. 4 Estimates subject to rounding Electricity Transmission Line, Nevada, USA