46 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Climate change and TCFD alignment Our approach Climate change has the potential to transform the planet, the way we live and the way we conduct business. We recognize the growing expectations of our stakeholders in understanding how climate change can impact our business and how our activities have direct and indirect potentials to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize mining activities are inherently energy intensive and acknowledge that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate change and climate risk is informed by three fundamental principles: understanding the risks, measuring and reducing to the extent practicable our impacts on climate change, and disclosing our performance. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business, and how integrating these factors into our strategic planning can help reduce the impacts. We are also committed to increasing our disclosure of climate- relevant information to help our investors and other stakeholders understand our approach and the potential for climate change to impact our business. To do this, we are working to meet the recommendations of the Financial Stability Board’s TCFD. We aspire to disclose the potential financial impacts of climate-related change on Royal Gold and its business strategy and to disclose the resilience of that strategy so that investors and other stakeholders are well informed about how Royal Gold is positioning itself in relation to climate-related risks and opportunities. Our actions This report presents our continuation of and advancement in assessing how climate change could impact our business and how we are managing the associated risks. We continued our practice of tracking GHG emissions associated with our revenue-generating properties and supplemented that emissions information with energy consumption data for each of the properties. The Portfolio Data Appendix to this report presents energy consumption and GHG emissions data associated with our property portfolio over the period 2018 through 2021; it also provides an accounting of the emissions that may be attributed to our beneficial interest in the properties. We will model estimated emissions from our stream and royalty interests for each asset’s life- of-mine and take into account defined actions and pledges by each Operator to understand our future attributed emissions (our Scope 3 Investment Emissions). PROMOTING CLEAN TECH Since 2020, we have joined leading mining companies to sponsor the Colorado Cleantech Industry Association’s Mining Cleantech Challenge, an industry-judged competition to promote new clean technologies for mining projects.