30 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices ESG alignment in executive compensation The CNG Committee sets annual targets for ESG performance as part of our annual short-term incentive compensation (bonus) program for all company personnel, which are intended to align company ESG performance with the interests of our shareholders and other stakeholders. In 2022, these ESG-related efforts and achievements accounted for 18.75% of the total short-term incentive compensation for our team, representing the highest-percentage bonus criterion and equal to one other bonus measure. The ESG factors that the Board considered in 2022 included issuing our first annual ESG report, addressing issues commonly raised in investor engagement, demonstrating advancement of work on TCFD disclosure, and improving diversity within the Company and industry. In 2022, Royal Gold hired a Vice President, Investment Stewardship, our first senior manager dedicated entirely to advancing our ESG practices and policies. This addition to our team reflects the importance we place on growing internally in this area as we increase our ESG reporting and disclosure. Our ESG strategy is reviewed annually, at minimum, by our President and CEO with senior management, and is modified as necessary as part of our corporate strategic planning and ERM processes. Senior management then presents relevant updates to the members of the CNG Committee. This input from Royal Gold management to the Board and its committees enables an integrated approach to ESG as part of our overall risk management effort. Key policies related to ESG For Royal Gold, ESG governance is grounded in a suite of Board- approved policies and codes that collectively establish the framework by which we conduct our internal and external business operations. All policies are reviewed by our Board or by a Board committee and updated as necessary. These policies apply to Royal Gold, Inc. and all of its subsidiaries. Links to all of our corporate policies may be found in the ESG Document Library section of our website, where you can also find our bylaws and Board committee charters. The list below highlights policies with significant ESG relevance. Environmental, Social and Governance Policy Our ESG Policy sets forth our core commitment to furthering responsible mineral development as a means of creating long-term value for our stakeholders. Diversity and Inclusion Policy The Royal Gold Diversity and Inclusion Policy was updated in 2022 to better reflect our commitment to inclusion. This policy defines our diversity and inclusion practices which focus on fostering an inclusive work environment where individuals are treated fairly and with respect and are given equal opportunity to develop and advance. People Policy We believe that our employees and officers are our most important assets. Our People Policy outlines our dedication to maintaining a safe and healthy workplace that is free from harassment and discrimination. “ ESG is a driver of sustainable economic performance and its principles have always played a role in how we operate, given our focus on investing in assets with sustainable long-term returns. Striving to be the gold standard in everything it does, the Company focuses on continuous improvement in ESG management within the context of its role as a largely passive investor. ” Sybil Veenman, Chair of the Compensation, Nominating and Governance Committee