40 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Senior management investment decision-making The final investment recommendation is the responsibility of the Royal Gold senior management team following the due diligence process. This team, which is led by our CEO, collectively brings extensive technical, commercial, financial and legal expertise related to the aspects of mining project investment, development and operations. The investment recommendation process involves incorporating the results of technical due diligence, including ESG components. Findings are presented to senior management, with each subject matter expert presenting findings during the technical review: Business Development: Gathers information on the structure of the transaction and manages negotiations with the corresponding Operator Legal: Evaluates legal risk associated with the project, Operator and/or transaction Finance: Assesses the tax profile and accounting treatment of the transaction and evaluates the sources of liquidity available to the Company for making investments Investor Relations: Assesses the “fit” of the new business and Operator with Royal Gold’s portfolio and evaluates public perception of the Operator ESG: Assesses Operator ESG-related policies and practices, including community engagement and climate change-related risk mitigation, and potential ESG impacts of investment to Royal Gold’s portfolio These inputs feed to senior management, which then presents the business case and recommendations to the Board of Directors. This information flow is displayed graphically in the figure on the right. SENIOR MANAGEMENT INVES TMENT DECISION - MAK ING INFOR MATION FLOW SENIOR MANAGEMENT INVESTMENT DECISION-MAKING (Headed by CEO with support of Executive Management) Inquiries/Site Visits BOARD OF DIRECTORS INVESTMENT OPPORTUNITY Oversight of investment reviews. Approves or rejects investments. Reports on investment reviews and recommends investments Information KEY FUNCTIONS Due diligence review Commercial Technical Legal Financial Marketing/IR ESG and climate change Structures investments Stream Royalty