18 Royal Gold, Inc. 2022 Environmental, Social and Governance Report About Royal Gold Governance ESG Stewardship Our People Our Operators and Communities Appendices Pillars, progress and priorities Our four ESG pillars We believe four key ESG pillars are worthy goals that support Royal Gold’s business model. Managing our business and reporting our progress in terms of these pillars will provide a meaningful way for our stakeholders to evaluate Royal Gold’s performance. GOVERNANCE AND CULTURE We will create a culture of responsible investing and partnership through effective governance and stakeholder engagement, through the following: – The maintenance of a work environment free from harassment and discrimination – The implementation of appropriate policies regarding anti-corruption, bribery, whistleblowing and compliance with laws – The retention of both a highly skilled and diverse Board and management team “ Our Governance and Culture pillar is especially important to our employees and our Board of Directors. Royal Gold recognizes that strong governance is necessary for us to be successful in executing on our business strategy, generating healthy returns for our stockholders, and fostering a collaborative working environment. ” Laura Gill, Vice President, Corporate Secretary and Chief Compliance Officer INVESTMENT STR ATEGY We will seek investments in the projects of like-minded Operators that share our values, and will strive to integrate ESG terms into our due diligence, decision-making and investment documentation through the following: – The consistent and robust integration of ESG matters into our investment decision-making – The utilization of ESG subject experts when required “ Our approach to stream and royalty investments is evolving to increase our influence with our Operator partners through more comprehensive investment terms and innovative ESG structures. ” Dan Breeze, Vice President, Corporate Development, RGLD Gold AG Stewardship