7 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Who we are As of December 31, 2022, Royal Gold employed a small team of 31 employees, 22 of whom work remotely or from our headquarters in Denver, Colorado. The remaining employees work remotely or from our offices in Lucerne, Switzerland, and Toronto and Vancouver, Canada. We continually strive to be the gold standard in all that we do, including stream and royalty mine financing, by observing high ethical standards, maintaining a reputation for open communication and accountability, and meeting our obligations under law and publicly traded company listing rules. How we manage our business We strive to be a trusted steward of shareholder capital and a valued source of finance to Operators, by adhering to high standards of business ethics and personal integrity. Our ability to identify and manage present and potential ESG risks in our business is central to our corporate strategy and risk management and integral to the long-term success of our Company. This includes our review of new opportunities for investment, the acquisition of existing stream or royalty interests obtained from third parties, and the ongoing oversight and management of our stream and royalty interests. A thorough and disciplined approach to due diligence is embedded in our process for developing new business. We regularly monitor the ESG performance of our existing portfolio using public and non-public information and engage with Operators through site visits and other communications. Site visits typically occur on an annual basis for our Principal Properties (as defined below) and we may engage through other means more frequently when actual or potential issues are identified. Where we are As of December 31, 2022, Royal Gold owned stream and royalty interests covering 182 producing, development, evaluation and exploration-stage properties located in some of the world’s most prolific mining regions, which are operated by some of the most well-known companies in the mining industry. Royal Gold’s revenue is sourced from a geographically and operationally diverse portfolio of polymetallic and primary precious metals mines. The locations of our six Principal Properties, as well as our corporate offices, are shown on the following page. Additionally, the total number of producing, development, evaluation and exploration-stage stream and royalty interests is provided. Management periodically reviews the materiality of individual royalty and stream interests within the portfolio, and as of December 31, 2022 it was determined that we have six material stream and royalty interests: Andacollo, Cortez, Mount Milligan, Peñasquito, Pueblo Viejo and Khoemac a u. 1 1 Royal Gold management periodically reviews the materiality of individual royalty and stream interests within the portfolio. In making this determination, management considers primarily estimated future revenue and, to a lesser extent, historical revenue. Estimated future revenue is based on several factors, including mineral reserves and resources subject to our stream and royalty interests, production estimates, feasibility studies, technical reports, metal price and mine life assumptions. Based on these factors, we no longer consider our stream interest at the Wassa Gold Mine in Ghana to be a Principal Property. PORTFOLIO MANAGER VS. MINE OWNER AND OPERATOR Royal Gold does not actively own or develop mining properties or participate in mining activities at the properties where we hold stream and royalty interests; instead, our stream and royalty interests are passive interests in mine production. Having significant industry experience, our management team is well equipped to evaluate new opportunities and manage the existing portfolio of stream and royalty interests. The scalable nature of our business model also allows us to effectively manage our business with a fraction of the employees required to operate a mining company. The properties where we hold interests span various stages of mining projects, from the initial stages of exploration and evaluation through to development and production. Our Operators make all development and operating decisions, and in general, we have limited to no influence regarding the development or operation of the mineral properties through the contractual arrangements we put in place or are already in place when an investment is initiated and over the course of our relationship.