Royal Gold, Inc. 2021 ESG Report 52 Tailings Management Mining and ore processing create tailings which must be stored with both chemical and physical stability in mind. Long-term storage of waste product represents special concern to mining companies, local communities and regulators. In our due diligence of new business opportunities, we identify potential risk of tailings storage. This includes reviews of site seismic, hydrologic and geotechnical characterization, the design of facilities used to store the waste, and management of the storage facilities. We seek to ensure that well-designed storage plans have been developed or are currently employed to ensure long- term public safety and environmental protection. Our due diligence of all new opportunities includes a waste storage review, and based on the site circumstances, geotechnical expertise is engaged to support the review. From a design and operating perspective we strive to understand how facility designs and operation practices compare with international guidelines such as those promulgated by the Canadian Dam Association and Global Industry Standard on Tailings Management. For several of the more substantial assets within our portfolio, we typically have information and visitation rights that allow us on an annual basis to inspect the operation. During visits we engage with site personnel to understand how the tailings storage facilities are being constructed, operated and inspected. Specifically, we seek to confirm that facilities are being inspected on a regular basis by both the Engineer of Record and an independent third-party. In 2020, all six Operators of our producing Principal Properties disclosed details of their tailings storage facilities and operating practices, and we estimate that properties generating 95% of our revenue provide some level of disclosure on their tailings storage facilities. With the heightened public profile associated with tailings storage, we have provided links on our website to the tailings management disclosures presented by our stream and royalty Operators. Khoemacau Tailing Storage Facility, Botswana