15 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Letter from our Chief Executive Officer Reflecting on Royal Gold’s efforts in 2022, I see meaningful progress related to our ESG journey alongside a steadfast commitment to continue to bring value to investors. Our key investment principles guide us and help us advance on this journey through deliberate and thoughtful planning under four ESG pillars, as outlined in the “Pillars, progress and priorities” section of this report. Informed decision making, disciplined processes and high standards of integrity and due diligence are the foundations of our pillars of Governance and Culture, Investment Strategy, Stewardship and Transparency, and these are detailed throughout this report. In 2022 we took the pivotal step of strengthening our performance in Governance and Culture (and across all of our ESG pillars) with the hiring of our first Vice President, Investment Stewardship. This role, integral to our progress, will enhance our ability to analyze ESG risk in our business operations, communicate on ESG matters with our Board and stakeholders, increase our ESG engagement with our investors and Operators, better adapt to reporting and regulatory changes and enhance our review of ESG issues in connection with new investment opportunities. We remain carbon neutral with respect to our direct corporate emissions and are proud of our achievement of tracking and reporting on 98% of our portfolio’s Scope 1 and Scope 2 emissions, which we refer to in this report as our Scope 3 Investment Emissions. Developing strategies to determine the most appropriate way to classify Scope 3 Investment Emissions is ongoing. As we work to access more information from the Operators of the Properties where we hold metal streams and royalties, we have also strengthened our commitment to all four of our ESG pillars (further discussed on pages 18–19 ), and, as a result, to our overall ESG program. Because we have relationships with many of our Operators, we can also look outside of operations for ways to support them, such as helping them achieve their own commitments to the SDGs in areas such as water, community healthcare and biodiversity, which are critical to their regions. Our work in 2022 with Project C.U.R.E. and the Khoemac a u mine in Botswana (as discussed in the “Supporting our Operators” section of this report) is one example of how we can have a positive social impact as a metals stream and royalty company. 2022 marks a significant milestone in our climate- related reporting. This was the first year that Royal Gold disclosed under the TCFD guidelines, with the completion of a climate scenario analysis that addresses questions relating to climate- related risks and opportunities for our Company. We are also disclosing for the first time our alignment with the GRI and our support for the SDGs. We will continue to calculate and offset our own direct corporate Scope 2 and Scope 3 emissions and investigate considerations of realistic mitigation measures for our Scope 3 Investment Emissions, given our business model (e.g., understanding the pro rata amount of carbon generated at mining properties associated with our interests). We are fortunate and grateful to have a small team with infrequent turnover; however, when we do seek new talent, we’ve been faced with the reality that there is a limited pool of highly experienced technical personnel from diverse backgrounds in our key locations. While we might not be able to affect the current talent pool in our particular local markets, we can aim to influence future generations, and so in 2022, we initiated three scholarships at three academic institutions known for their mining programs. These scholarships are directed to women and other underrepresented students, and we will continue to look for similar opportunities that will help build the next generation of talent in the mining industry. I am proud of our team and our progress in 2022, and I thank you for taking the time to read this report. Sincerely, William H. Heissenbuttel President and Chief Executive Officer We will continue to look for similar opportunities that will help build the next generation of talent in the mining industry. ”