6 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices About Royal Gold Royal Gold, Inc. and its consolidated subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” and “our”) is a leading precious metals stream and royalty company that owns passive stream and royalty interests in several of the world’s most attractive mines operated by third parties. We refer to these third parties as our “Operators.” Royal Gold common shares are listed and traded on the Nasdaq Global Select Market under the symbol “RGLD.” We align with experienced operators and focus on building and managing a diversified and cash-flowing portfolio of interests in producing mines while also creating a pipeline of earlier-stage assets that have the potential to be cash-flowing in the future. Metal stream and royalty interests are defined as follows: Stream: A metal stream is a purchase agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined by the purchase agreement for the life of the transaction. Royalty: A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metal produced from the mine after deducting contractually permitted costs, if any. Stream and royalty interests can be acquired by Royal Gold either directly from a mining company or from a third party. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, the financing provided by Royal Gold is typically directed by Operators towards three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity Operator Royalty Purchase price to acquire royalty Percentage of revenue or metals (subject to relevant deductions) Operator Stream Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) Physical metal delivery Phase of Project Exploration Royalty Development Royalty Stream Production Royalty Stream Royal Gold interests may include the right to finance future and/or further project development Proceeds generally used towards exploration or early project development Proceeds generally used towards project development Proceeds generally used towards production expansion, development of new projects, or other corporate purpose Typical Interest Size ~$10M–$50M ~$50M–$300M ~$200M–$1B+ Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage ESG matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates ESG into our corporate practices, our investment decisions and our relationships with our Operators and local communities.