16 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Q&A with Sybil Veenman, Board Member and Chair of the Compensation, Nominating and Governance Committee Q: As you reflect on 2022, where would you say Royal Gold has made progress relating to ESG? A: I am pleased with the increasing focus on emissions and understanding water usage in our interests and potential interests. Although as a company we have yet to ultimately conclude on our appropriate role with respect to Operator performance, we’ve made advances in our understanding of their performance by collecting, analyzing and disclosing relevant information. I would also say that we’ve further defined our philosophy, approach and internal processes around ESG and reporting, and are actively explaining to the outside world what we’re doing and why, in greater detail than we have historically. Q: What is one of the challenges Royal Gold faces as it increases its reporting and disclosure, and how did you overcome the challenge? A: There are different frameworks that an asset manager or bank typically uses, and then there are disclosure frameworks used for mining companies. When we attempt to align with the specificities of these disclosure frameworks, many of them are not applicable due to the nature of our business. We have made some important strides by aligning with leading ESG standards, including TCFD, the GRI and SDGs, in addition to our commitments to ESG-focused mining industry standards such as the World Gold Council’s (“WGC’s”) Responsible Gold Mining Principles (“RGMPs”) and the International Council on Mining and Metals (“ICMM”) Mining Principles. We continue to engage with investors and other stakeholders to help us understand the most important ESG factors for us, and to discuss what those are and how they are relevant to our business. Q: How has ESG reporting and disclosure supported Royal Gold and its business strategy? A: Disclosing our inaugural 2021 ESG Report to the world formalized our vision, our mission and our core values; it also more formally articulated our philosophy, what we have been doing, what we are doing, and where we are headed. That report was an important step forward, also because it reinforced how ESG has shifted from a framework for managing reputational risk to a lens for understanding our relationship to systemic risk and sustainable economic performance. We continue to engage with investors and other stakeholders to discuss the ESG factors that are most relevant to our business and investments and the approach we are taking with respect to those. ”