38 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Jurisdictional review Understanding the jurisdictional context of a project’s ongoing or planned operations is a key component of our due diligence review. As part of our evaluation of a potential new business opportunity, we will assess geopolitical risk and consult third-party experts when necessary for an independent perspective on the political, social and permitting environment in the country where the opportunity is located. As part of our review for new business opportunities, we consult RepRisk, an ESG data provider, to understand the ESG risks associated with both the potential new business partner and the jurisdiction of interest. The RepRisk Index (“RRI”) for Countries (“Country RRI”) quantifies ESG and business conduct risks within a country. Updated daily, the RRI gives accurate and dynamic information on ESG risks and how they impact companies doing business or investing in a specific country. It provides meaningful insights into potential financial, reputational, and compliance risks, such as human rights violations, poor working conditions, corruption and environmental degradation. The RRI ranges from zero (lowest) to 100 (highest). The higher the value, the higher the risk exposure: – 0–25 generally denotes low risk exposure – 26–49 denotes medium risk exposure – 50–59 denotes high risk exposure – 60–74 denotes very high risk exposure – 75–100 denotes extremely high risk exposure The following graphics provide an assessment of jurisdictional risk for our portfolio of revenue- generating assets through an ESG lens over the period of 2018 through 2021, weighted by net revenue from each jurisdiction. The results indicate that over the four-year period we have no meaningful revenue from jurisdictions with an extremely high ESG risk rating and a reducing number in the very high risk category, declining from 28% to 16% over that period. Principal Properties that fall into the Very High ESG risk country classification include Pueblo Viejo (located in the Dominican Republic) and Khoemac a u (located in Botswana). Our overall revenue-weighted RRI score for country risk has increased slightly over the four years but remains within the medium ESG risk range, with a score of 35 in December 2021. RepRisk develops their Country RRI scores while considering ESG risks. Further review of our annual portfolio scores indicates that the RRI scoring percentages associated with environmental and social factors show an increase in importance or weight associated with those factors, while risk associated with governance shows a corresponding reduction. REPR ISK POR TFOLIO REVENUE WEIGHT SCORE 1, 2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2020 2021 2019 2018 49% 52% 52% 39% 23% 24% 15% 27% 28% 24% 19% 16% 1% 1% 1% 0% Peak RRI Low Medium High Very high Extreme Average RRI 14% 18% 0% 0% 0 10 20 30 40 50 60 70 80 90 100 Portfolio revenue % RRI REPR ISK POR TFOLIO REVENUE WEIGHT SCORE 0 10 20 30 40 50 60 70 80 90 100 2020 2021 2019 2018 26% 26% 27% 30% 42% 43% 44% 47% Environmental Social Governance Average RRI 29% 23% 32% 31% 2 Axes - left: Portfolio ESG %, right: RRI Peak RRI 0 10 20 30 40 50 60 70 80 90 100 RRI Portfolio ESG % 1 RepRisk scores presented in the graph represent the peak RRI value as of December each year. The peak RRI is the highest monthly RRI recorded for the jurisdiction over the preceding two years. 2 Based on a revenue weighted average from RepRisk ratings. Low Medium High Very high Extreme Average RRI Environmental Social Governance Average RRI