Hydrologic drainage for the Andacollo mine water supply , Elqui River Valley Overview Governance Strategy Risk Management Metrics and Targets Appendices Table of Contents Leadership letter 3 Introduction 4 About Royal Gold 5 Where we are 7 Current climate 9 Historical climate impacts 11 Governance 12 Board oversight 13 Management’s role 14 Strategy 15 Climate strategy 16 Climate scenario analysis 17 Climate scenario 1: Current policies 19 Climate scenario 2: Delayed transition 20 Climate scenario 3: Net Zero 2050 21 Water risk 23 Future water risk 24 Physical risk summary 25 Transition risk summary 26 Financial risk 28 Climate change risk summary 31 Climate-related opportunities 32 Organizational resilience to climate change impacts 33 Risk Management 36 Identifying and assessing risks 37 Risk assessment timeframes 39 Risk drivers 40 Metrics and Targets 42 Tracking our performance 43 Appendices 46 GHG emissions footprint calculation methodology 46 Legal matters 47 2 2023 CLIMATE REPORT ROYAL GOLD