Royal Gold, Inc. 2021 ESG Report 6 Operator Purchase price to acquire royalty Percentage of revenue or metals (subject to relevant deductions) Royalty RGLD Gold AG Operator Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) Physical metal delivery Stream Phase of Project Exploration Development Production Royalty Royalty Stream Stream Royal Gold investment may include the right to finance future and/or further project development Proceeds generally used towards exploration or early project development Proceeds generally used towards project development Proceeds generally used towards production expansion, development of new projects, or other corporate purposes Typical Investment Size ~$10M-50M ~$50M-300M ~$200M-$1B+ Stream and royalty interests can be acquired by Royal Gold either directly from a mining company or from a third party. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, this financing provided by Royal Gold is typically directed by Operators towards three broad uses: 1. Investing directly in mining assets (for example, for mine development and construction, mine expansion or funding exploration work); 2. Providing liquidity to strengthen Operator balance sheets; and/or 3. Funding merger and acquisition activity Royal Gold’s business model is designed to provide shareholders with long-term exposure to mineral resource upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time and, accordingly, the sustainability of the assets in which we have interests is fundamental to our long-term success. Royal Gold is committed to sustainability at both the corporate level, and across the operations in which we have stream and royalty interests, and seeks counterparties with leading approaches to Environmental, Social and Governance (ESG) practices. How We Manage our Business The sustainability of our business depends to a significant degree on our ability to identify and manage the ESG risks inherent in our investments. For this reason, consideration of these risks is central to our corporate strategy and risk management. This includes the review of new opportunities for investment, the acquisition of existing stream or royalty interests obtained from third parties, and the ongoing oversight and management of our stream and royalty interests.