3 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Table of Contents About this report 4 2022 highlights 5 About Royal Gold 6 Who we are 7 Letter from our CEO 15 Q&A with Sybil Veenman, Board Member and Chair of the Compensation, Nominating and Governance Committee 16 Our Vision, Mission and Core Values 17 Pillars, progress and priorities 18 Governance 24 Corporate governance 25 Board composition 26 ESG governance 27 Key policies related to ESG 30 Taxes we pay 32 Investment strategy 33 Due diligence 34 Understanding our assets 42 ESG Stewardship 44 Our approach 45 Climate change and TCFD alignment 46 TCFD achievements and future plans 47 Climate scenario analysis 48 Resilience to climate change impacts 50 Operator ESG performance 54 Our People 63 Human capital 64 Diversity and inclusion 65 Health and safety 66 Turnover and talent retention 66 Supporting Our Operators and Communities 67 Community contributions 68 Mining community contribution highlights 69 Local office community contribution highlights 71 Next generation of leadership 73 Appendices 74 ESG scorecards 75 Operator production performance 77 Operator energy consumption 83 Operator GHG emissions 89 Operator water consumption 95 Water sensitivity assessment 101 Operator ESG frameworks and standards 103 GRI index 106 TCFD index and scenario analysis 109 SDG index 129 Glossary 130