2 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices FORWAR D - LOOK ING S TATEMENT This report includes “forward-looking statements” within the meaning of United States (“U.S.”) federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ, possibly materially, from these statements due to various factors. Forward-looking statements herein include, among others, statements regarding the following: our approach to developing new business; our ability to attract, develop and maintain a talented workforce and to ensure internal policies and practices support our corporate culture; the anticipated benefits arising from our newly hired Vice President, Investment Stewardship; promoting long-term shareholder interests; strengthening management accountability and building public trust; building and managing a diversified and cash-flowing portfolio and assets that have future potential; our ability to acquire new stream or royalty interests; providing shareholders long-term exposure to resource upside and metal price optionality; resource growth and mine life extension enhancing returns; identifying and managing environment, social and governance (“ESG”) and operating risks in new investments, acquisitions and existing stream and royalty interests, as well as in corporate strategy and oversight; commitment to sustainability and seeking counterparties who lead in ESG; engagement with counterparties; maintaining standards of ethics and integrity; maintaining a geographically and operationally diverse portfolio; potential for organic revenue growth and optionality through exploration success and future production expansions; stability of revenue and reduced exposure to individual assets; limited exposure to geopolitical volatility; competent evaluation of new opportunities and management of existing stream and royalty interests; scalable business allowing effective management with few employees; ability to influence counterparties through contractual arrangements and engagement; evolving content and focus of future ESG reports; the Company’s ability to influence Operators of stream and royalty properties, address societal needs, and provide a challenging work environment; assisting Operators to achieve sustainability goals; evolving ESG contractual commitments; reflecting ESG in the management of every aspect of business; employing highly qualified employees; maintaining a board with diverse and relevant backgrounds for proper oversight; requiring accountability at all levels and measuring performance; impacting operations through investment; incentivizing Operator behavior with improved economics; requiring covenants to track performance and regular dialogue with Operator management; endeavoring to disclose statistics related to royalty and stream interests; developing Task Force on Climate-related Financial Disclosures (“TCFD”) reporting and scenario analysis over time; playing a role in Operator efforts to address climate targets; Compensation, Nominating and Governance (“CNG”) Committee continuing to monitor, guide and probe ESG goals and targets; playing a role in Operator transition to a low-carbon economy, improving water efficiency and working towards UN Sustainable Development Goals (“UN SDGs”); enhancing diversity within the Company; exceeding ESG standards; vision to be the gold standard in everything we do by operating in alignment with core values; ensuring a safe, respectful and inclusive work environment; supporting local communities and Operators to enhance sustainability efforts; caring for and deploying shareholder capital to create long- term value; striving to develop and nurture long-term relationships with all stakeholders; exemplifying honesty, transparency and accountability; managing our business and reporting progress according to our four pillars and providing a meaningful way for stakeholders to judge ESG performance; creating a culture of responsible investing through governance, engagement, maintaining a work environment free of harassment and discrimination, implementing appropriate policies and retaining skilled board members and management; aligning business strategy with sustainable development goals and incorporating ESG into investment and ownership; incorporating ESG principles into due diligence; incentivizing Operator ESG behavior; being active owners and working responsibly and encouraging sustainable practices; incorporating ESG into stream and royalty contracts and reporting; supporting community programs and addressing societal issues, and supporting portfolio site programs; reviewing and reporting on activities and being transparent about impacts; commitment to leading corporate governance practices and remaining the gold standard through ethical standards, communication and accountability; CNG Committee members applying ESG expertise to the exercise of oversight; an Enterprise Risk Management Committee that considers potential risks, determines appropriate mitigation and executes on mitigation strategies; annual review and modification of the ESG strategy; ESG considerations in annual incentive compensation, aligning management with stakeholders; striving to be a trusted steward of shareholder capital and a valued partner; policies reviewed and updated annually as necessary to align with corporate best practices; ensuring the health and safety of our employees; demonstrating a thorough approach to ESG in investment review; conduct, scope and goals of due diligence and new investment reviews and approvals; mitigating risks identified in due diligence; reporting results of monitoring, including ensuring concerns are communicated to management and the board; understanding the impacts of climate change and transition risks; conducting and reporting TCFD scenario analysis, including providing more detailed assessments, setting targets and determining actions to reduce or offset greenhouse gas (“GHG”) emissions; commitment to carbon neutrality and reducing emissions and waste; measuring GHG and water intensity as key performance indicators (“KPIs”); increasing ESG transparency and disclosure; our ability to maintain a highly efficient business model; and the results of our community support program. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: a lower-price environment for gold or other metals; development activities relating to the properties in which we hold stream or royalty interests; adverse economic and market conditions; changes in, or the adoption of, new laws or regulations; and other factors described in our reports filed with the Securities and Exchange Commission (“SEC”), including our Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Statement Regarding Third-Party Information: Certain information provided in this report has been provided to us by third-party consultants or the Operators of the relevant properties or is publicly available information filed by these Operators with applicable securities regulatory bodies, including the SEC. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the Operators for information regarding those properties.