32 2023 CLIMATE REPORT ROYAL GOLD Overview Governance Strategy Risk Management Metrics and Targets Appendices Climate-related opportunities Through our climate analysis, we have identified opportunities relating to climate change. All the identified opportunities could be beneficial regardless of the scenario considered; however, an assessment was made as to which scenarios may produce more opportunity to advance and during which of our three time periods the opportunity would most likely be more beneficial. An assessment was also made with respect to the positive attributes of each opportunity: Financial: It is likely that the project generates a financial rate of return. Reputation: The execution of the project will likely be viewed positively by the market and our shareholders. Scope 3 investment emissions footprint reduction: The project could directly or indirectly reduce the scope 1 and 2 investment emissions of our Operators that are captured in our portfolio’s emissions data. Opportunities are presented at a conceptual level, and detailed analysis could change our view of the potential benefits and impacts. Potential impacts Opportunity windows Opportunity Financial Reputational Scope 3 (investment) footprint reduction Short term (1–3 years) Medium term (5–10 years) Long term (>10 years) Low-carbon technologies are expected to become increasingly viable and advantageous from a cost perspective. The opportunity may exist to finance technology solutions. Net Zero 2050 Net Zero 2050 Delayed Transition Obtain and apply high-quality carbon offsets against the scope 1 and 2 emissions attributed to our stream and royalty interests ? 1 Net Zero 2050 Net Zero 2050 Net Zero 2050 Delayed Transition Financially support renewable energy projects to directly benefit an operation in our portfolio Financially support renewable energy projects that are currently in the planning stage with our Operators All scenarios All scenarios All scenarios Influence Operators Encourage our Operators who have not completed a climate risk assessment to advance on this subject All scenarios Include in new stream agreements a requirement to disclose climate-related risk with reference to the TCFD All scenarios Include in new stream agreements (where commercially practical) the provision of a financial incentive mechanism for reducing GHG emissions against a baseline All scenarios All scenarios Net Zero 2050 Delayed Transition 1 Reflects uncertainty of applicability of potential impact and potential impact applies mainly to mine operator.