Royal Gold, Inc. 2021 ESG Report 35 Investment Committee Following due diligence, the final investment recommendation is the responsibility of the Royal Gold Investment Committee. The Investment Committee is led by our CEO, with support from the Executive Management team. These individuals bring extensive experience in the technical, financial and legal aspects of mining project investment, development and operations, and may be supported by external experts in subject matter areas including, but not limited to: permitting, geology, resource estimation, construction, mining operations, metallurgy and ore processing, water supply, tailings management, community engagement, political risk, and offtake marketing and sales. The investment recommendation process includes incorporation of the results of technical due diligence, including a significant ESG component. The full due diligence team consolidates their findings, which are presented to the Investment Committee, with each subject matter expert presenting the findings on their area of review. The Business Development team simultaneously gathers information on the structure of the transaction and manages any negotiations with the corresponding Operator. Legal due diligence takes place which includes, for example, ensuring that the Operator owns necessary mineral rights, identification of major pending permitting considerations or legal proceedings against the Operator. The CFO and Finance team assess the tax profile of the transaction and evaluate the financial health of the company. The Investor Relations team assesses how the new business and Operator will fit into Royal Gold’s portfolio and evaluates the public perception of the Operator. All of these inputs feed into the Investment Committee. The Investment Committee then, in turn, presents the business case and recommendation to the Board of Directors, including a summary of any ESG and climate change-related risks. This information flow is displayed graphically in the figure below. Board of Directors Reports on investment reviews and recommends investments Oversight of investment reviews. Approves or rejects investments Investment Committee (Headed by CEO with support of Executive Management) Key Functions: Due diligence review • Commercial • Technical • Legal • Financial • Marketing/IR • ESG and climate change Structures Investments • Stream • Royalty Investment Opportunity Information Inquiries/Site Visits