51 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Resilience of gold 1 Gold and climate change: Current and future impacts , World Gold Council, 2019 The World Gold Council offers the following views on the financial return performance of gold with respect to a range of warming levels (from 1.5°C to 4°C) in comparison to other asset classes. In general, transition impacts will be more prominent in earlier time frames and therefore affect asset classes more acutely in rapid transition (1.5°C and 2°C) scenarios; however, physical risks are most prominent in the higher temperature scenarios (3°C and 4°C) where impact overshadows transition aspects. Gold may lose some investment flows to low-carbon transition sectors in a 1.5°C scenario, due to risk factors that could negatively impact gold’s performance as an asset. These include an erosion of consumer confidence and shrinking discretionary spending levels, particularly in developing economies. Meanwhile, the urgent diversion of investment – either to build net zero carbon infrastructure (as part of transition strategies) or repair, replace or reconstruct resources resulting from physical damage – may significantly limit gold investment demand. In summary, gold generally performs well across most scenarios, due in part to its traditional role as a safe haven market insurance. 1 Andacollo Pit – Principal Property