Overview Governance Strategy Risk Management Metrics and Targets Appendices 24 2023 CLIMATE REPORT ROYAL GOLD Future water risk The Aqueduct™ Water Risk Atlas also provides a tool to assess the change in four of the water stress indicators under three climate scenarios. WRI’s Business-as-Usual climate scenario is similar to NGFS’s Current Policies scenario. Evaluating our eleven jurisdictions against WRI’s Business-as-Usual climate scenario for three of our important water stress indicators: Baseline Water Stress, Interannual Variability and Seasonable Variability and comparing the results to Aqueduct’s current assessments for those indicators show that six of our eleven jurisdictions would see an increase in one of the three parameters while three jurisdictions would see modest decreases in interannual variability, as assessed for 2050. This analysis supports our qualitative physical risk assessment and indicates jurisdictions that may have higher sensitivities to a changing climate. Baseline water quantity stress Interannual variability Seasonal variability Aqueduct baseline water stress risk change Aqueduct interannual variability risk change Aqueduct seasonal variability risk change Jurisdiction Percentage of 2022 Net GEOs Arid/low water use Low Low- medium Medium High- medium High Extreme Low Low- medium Medium High- medium High Extreme Low Low- medium Medium High- medium High Extreme Central British Columbia Canada 27.0% Sánchez Ramírez Province Dominican Republic 12.4% Increasing Northern Nevada U.S. 16.0% Decreasing State of Zacatecas Mexico 7.6% Decreasing Coquimbo Region Chile 8.4% Increasing Ngamiland Region Botswana 3.1% Increasing Western Region Ghana 5.3% Increasing Ontario Canada 5.0% Western Australia Australia 3.2% Increasing Mato Grosso State Brazil 3.1% Increasing Newfoundland and Labrador Canada 1.5% Decreasing Total 92.6% Current  assessment Indicates  an  increase  in  the  water  quantity  stress  indicator Indicates  a  decrease  in  the  water  quantity  stress  indicator