110 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices TCFD index TCFD core element and recommended disclosures Reference Alignment status Governance The organization’s governance around climate-related risks and opportunities Describe the Board’s oversight of climate-related risks and opportunities Corporate governance, p. 25 The role of our Board in ESG, p. 27 Describe management’s role in assessing and managing climate- related risks and opportunities Our management team’s role in ESG, p. 28 Senior management investment decision- making, p. 40 Strategy The actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning, where such information is material Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term Climate scenario analysis, p. 48 Comparing climate scenarios, p. 113 Risk assessment time frames, p. 117 Physical risk drivers, p. 118 Transition risk drivers, p. 118 Describe the impact of climate- related risks and opportunities on the organization’s businesses, strategy and financial planning Financial impacts, p. 114 Climate scenario analysis, p. 119 Scenario 1: Current Policies, p. 120 Scenario 2: Delayed Transition, p. 123 Scenario 3: Net Zero 2050, p. 126 Climate-related opportunities, p. 128 Describe the resilience of the organization’s strategy, taking into consideration different climate- related scenarios, including a 2°C or lower scenario Resilience to climate change impacts, p. 50 Resilience of gold, p. 51 Operator climate change commitments, p. 54 TCFD core element and recommended disclosures Reference Alignment status Risk management How the organization identifies, assesses and manages climate-related risks Describe the organization’s processes for identifying and assessing climate-related risks Due diligence, p. 34 Describe the organization’s processes for managing climate- related risks Understanding our assets, p. 42 Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management Our management team’s role in ESG, p. 28 Due diligence, p. 34 Understanding our assets, p. 42 Metrics and targets The metrics and targets used to assess and manage relevant climate-related risks and opportunities, where such information is material Disclose the metrics used by the organization to assess climate- related risks and opportunities in line with its strategy and risk management process Our commitment to carbon neutrality, p. 52 Operator ESG performance, p. 54 Operator energy consumption, p. 83 Operator GHG emissions, p. 89 Operator water consumption, p. 95 Water sensitivity assessment, p. 101 Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions and the related risks Our commitment to carbon neutrality, p. 52 Operator GHG emissions, p. 56 Operator GHG emissions, p. 89 Describe the targets used by the organization to manage climate- related risks and opportunities and performance against targets TCFD achievements and future plans, p. 47 Our commitment to carbon neutrality, p. 52 High alignment with recommendation Moderate alignment with recommendation low alignment