Royal Gold, Inc. 2021 ESG Report 13 Long gone are the days when we viewed our company as a passive investor with no influence with our Operators. As it relates to ESG, we fully recognize we must include ESG factors as a critical component of our due diligence, our monitoring efforts, and our reporting requirements. We should seek to address local societal needs in the communities where we work on issues such as education, homelessness, food security and elder care. We also have a responsibility to our employees to provide a challenging work environment free from harassment and discrimination. Our second Core Value is Partnership and that can be seen in the site community support arrangements we have concluded. While we don’t see ourselves as being able to directly impact certain sustainable development goals at these sites, such as elimination of poverty or good health and well-being, we can certainly help our Operators achieve those goals. In the communities where we have our existing investments where there is no contractual requirement to contribute to social programs of our Operators, we have nevertheless concluded several voluntary investments, including support for Golden Star’s award-winning Oil Palm Plantation program, the shipment of medical supplies to community clinics around Pueblo Viejo, and support for increased access to healthcare near Rainy River. When it comes to new investments we continue to evolve and look for ways to include contractual commitments to contribute to the ESG programs of our Operators, like we did in our 2021 stream agreement for the NX Gold mine in Brazil where we committed to contribute $5 per gold ounce delivered to our account in support of the Operator’s community efforts. Our final Core Value is Integrity, which is fundamental to every action we take and every interaction we may have – both internally and externally. It has long been the fundamental basis for the strong Royal Gold culture that has pervaded the company for years. Others in the mine stream and royalty industry have aligned themselves with the International Council on Metals and Mining (ICMM) Mining Principles, the World Gold Council’s Responsible Gold Mining Principles and the United Nations (UN) Global Compact. You have taken a unique approach to ESG principles. Can you walk us through the thinking? For several years Royal Gold has endorsed the ICMM Mining Principles and the Responsible Gold Mining Principles of the World Gold Council as important standards for mining Operators to observe. However, while certain principles under each framework apply to our business, none of these map well enough to our business model to sufficiently serve as a guide for our ESG practices. Similarly, the UN identifies 17 Sustainable Development Goals but, as a passive investor, we struggle to assert that Royal Gold is addressing poverty, as an example, by contributing money to the Golden Star Oil Palm Plantation program in Ghana. We are merely assisting our partner, originally Golden Star and now Chifeng, in its program to address poverty. Our goal is to help those Operators making a direct impact on the ground meet their sustainable development goals. We are much more similar to a finance and asset management company than a mining company. As such, we first looked to the Principles of Responsible Investment (“PRI”) and the Principles for Responsible Banking (“PRB”) as possible guides since our business activity is more aligned with institutional investors and banks. However, there are key differences between our business and the PRI and PRB principles; for example we do not hold voting interests in our Operators like an institutional investor. We do not offer banking products to the developing world. And while PRI is the closest set of principles to our business model, we seek to go beyond those principles. We have already incorporated ESG into our investment decisions and are actively engaged with our Operators. For these reasons, we decided to take the best and most appropriate of the principles addressed above and blend them into our own ESG framework. So, in our approach, you will find concepts that track back to each of these