33 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Investment strategy Royal Gold provides shareholders with exposure to precious metal- based revenue through the acquisition and management of streams and royalties. The evaluation of ESG factors is a key part of our extensive due diligence process on prospective stream and royalty investments to identify which opportunities will provide long-term value. Our active monitoring of stream and royalty interests within the portfolio also considers ESG factors which contribute over the long term. We understand that sustained economic performance cannot be obtained without sound ESG practices; therefore, the sustainability of our stream and royalty interests is fundamental to our long-term success. BUSINESS DEVELOPMENT PIPELINE LOW HIGH ESG DUE DILIGENCE 4 DEALS COMPLETED Lawyers Royalty Rio Royalty Idaho Royalty Great Bear Royalty ~100 Opportunities Presented/Generated 35 Screens Complete 14 Phase 1 Evaluations 7 Phase 2 Evaluations Below: Site visit, Manh Choh Project – Matthew Bidwell, Royal Gold Principal Geologist since 2011, Alaska, U.S.