Overview Governance Strategy Risk Management Metrics and Targets Appendices 16 2023 CLIMATE REPORT ROYAL GOLD Climate strategy We recognize that it is our responsibility to address the risks that affect our business, which increasingly include the impacts of a changing climate. In our 2021 ESG Report, we committed to improving our climate-related disclosure in line with the TCFD framework and in 2022, we engaged Millani, an ESG advisory firm, to support our efforts in conducting a climate scenario analysis to help us better understand the climate-related risks and opportunities that we face. CORPORATE APPROACH We have internally tracked the GHG emissions associated with our corporate activities since 2020 and most recently reported our direct corporate emissions in our 2021 and 2022 ESG Reports. Since 2021, we have committed to maintaining carbon neutrality for our corporate operations and will continue to evaluate ways we can reduce our direct carbon footprint. Since June 2020, we have purchased carbon credits to offset those of our corporate emissions that we are not able to reduce or eliminate. For more information on our corporate emissions performance and our commitment to carbon-neutrality with respect to our direct corporate emissions, please see pages 55–57 of our 2023 ISR. INVESTMENT PORTFOLIO APPROACH In 2022, we continued our engagement with Millani to help us advance our climate scenario analysis in support of our climate change risk analysis. Our Climate Playbook was developed, defining three climate scenarios, the physical and transitional risk drivers on which to focus with respect to our asset portfolio, and the appropriate timeframes for analysis. With the basic climate scenario parameters established, we worked with Millani to develop a qualitative risk assessment with respect to 10 assets and jurisdictions that generated about 84% of our Net GEOs in 2021. In 2022, we independently expanded the assets and jurisdictions included in our analysis, which now includes greater than 92% of our 2022 Net GEOs, using the same risk identification approach. We continued to advance and enhance our tracking and understanding of energy usage and resulting emissions associated with our portfolio for the five-year period, 2018–2022. This involved understanding the changes that the Operators of the properties associated with our stream and royalty interests implemented or plan to implement to their operations to reduce GHG emissions and the commitment the Operators have publicly made to reduce emissions. This understanding allows us to assess what the future emissions from the portfolio might look like and how additional investments might impact that future view. Thesis Gold’s Lawyers Property , British Columbia, Canada