35 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Royal Gold management coordinates all Phase 2 due diligence activities that typically involve the review of publicly available information and confidential information provided by the potential counterparty. Phase 2 is typically the stage at which we can interact with the project personnel and its corporate management. This interaction can include virtual presentations, video conference calls, in-person question and answer sessions, site tours and meetings with project stakeholders. Assessing the potential counterparty’s capacity to successfully execute their plan is a critical component of the due diligence process. Royal Gold tries to interact with project management as directly as possible; however, the investment opportunity determines the level of interaction. As an example, when reviewing an opportunity to purchase a third-party royalty on a mining operation, we might not have the ability to review confidential information with respect to the Operator, or property, because the royalty is not being sold by the operation’s owner; however, when reviewing an opportunity to purchase a metal stream from the operator of a property, we often have direct access to the management team and technical data for the property. PHA SE 2 REVIEW OUTPUT S INCLUDE THE FOLLOWING: – Subject Matter Expert Reports: Reports prepared by team members for their thematic review area – A Value Drivers & Risk Workbook: A compilation of key findings, risks and actions to mitigate identified risks, with contributions from all due diligence team members – ESG Checklist: A comprehensive document driving the collection and recording of ESG information (as discussed on page 37 ) ROYAL GOLD DUE DILIGENCE PROCESS These findings provide the content for a presentation of technical due diligence findings to our senior management team, including critical findings from all team members. The process described earlier is graphically represented in the figure below. DUE DILIGENCE DESIGN Critical/unique issues recognized Technical scope defined Team member selection Information review Management presentations Data analysis Site visit Interviews Subject matter expert reports Value drivers & risk workbook ESG checklist PHASE 1 REVIEW PHASE 2 REVIEW DUE DILIGENCE FINDINGS Management presentation