28 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices The CNG Committee meets regularly with our senior management team to review ESG risks and opportunities related to our business strategy, including monitoring ESG management practices, and management’s progress on company ESG initiatives. This is detailed further in subsequent sections, under “Investment strategy” and “Environmental stewardship.” Key responsibilities of the CNG Committee: – Oversees our compensation strategy – Reviews and approves the compensation to be paid to executive officers – Recommends to the Board compensation to be paid to our non- employee Directors – Administers our equity incentive plan – Oversees the preparation of our compensation disclosures – Identifies and recommends to the Board Director-nominees – Advises the Board on corporate governance matters – Reviews our corporate governance policies – Oversees ESG, climate change and other sustainability initiatives – Has the authority to retain independent consultants 2022 performance – During 2022, the Board met 11 times and the CNG Committee held four formal meetings. – The full Board reviewed the 2021 ESG Report in advance of publication. The report included an assessment of the GHG emissions from the revenue-generating properties in our portfolio and benchmarking of how our portfolio performed with respect to Scope 1 and Scope 2 GHG emissions, compared to the gold mining industry overall. – Recommendations were presented to the Board for stream or royalty interests, which included GHG emission estimates for any proposed new interest. Our management team’s role in ESG Direct management responsibility for ESG considerations, including climate change, is assigned to our President and CEO. The sustainability of our business depends to a significant degree on our ability to identify and manage ESG risks inherent in our interests. For this reason, consideration of ESG risks is central to the development of our corporate strategy and ongoing oversight. Enterprise Risk Management Committee Royal Gold maintains an enterprise risk management (“ERM”) program aimed at actively identifying, assessing and mitigating the Company’s top risks associated with its operations and revenue- generating properties. We organize our risks within a set of broad subjects. Risks and mitigating actions associated with ESG and climate change are captured in several of these subjects, but captured more commonly in two subject areas: Business sustainability: We look to identify issues associated with changing laws and social norms on portfolio investments and business opportunities; and Investment portfolio performance: We look to identify issues that will impact the operations that generate revenue from our streams and royalties over the short, medium and long term, which would capture issues associated with increasing costs or revenue loss driven by actions addressing climate change, or underperformance in environmental management, social management or governance. ESG and other enterprise risks are monitored by the members of the ERM Committee, which includes members of our senior management team. This committee receives input from other members of the Royal Gold team, including individuals with responsibility for new business generation, financial performance, legal compliance and the technical assessment of our stream and royalty interests. The ERM Committee meets quarterly to consider present and potential risks to Royal Gold’s ongoing success, determine appropriate mitigation for risks that might arise and execute on mitigation strategies as appropriate. The Board is responsible for oversight of enterprise risk. Each quarter, management reports to the board on enterprise risk and the board reviews the adequacy of the ERM program on an annual basis and provides direction to management on appropriate changes to the ERM program that align with the Company’s business strategy.