Overview Governance Strategy Risk Management Metrics and Targets Appendices 27 2023 CLIMATE REPORT ROYAL GOLD Operational parameters Shadow carbon prices Carbon price impact Estimate as a percentage of metal prices Qualitative transition risk potential impacts: medium term (M) and long term (L) Percentage of 2022 Net GEOs Stream or royalty metal Production life 1 (years) Total cost curve position (2022) Electrical grid emission intensity description (Skarn Associates) Medium term Average 2025–2030 Long term 2035 Forecast GHG emission intensity (2025) Medium term Long term Loss/delay due to social unrest Mineral reserve or resource loss Mine life extension at risk Jurisdiction US$/tCO 2 e US$/tCO 2 e tCO 2 e/GEO tCO 2 e/tCu Gold price: Copper price: $1,850 $4.00 Principal Properties jurisdictions Mount Milligan British  Columbia,  Canada GEO 1st Low carbon $184 $404 0.22 -2% -5% 27.0% Copper +2035 2nd $184 $404 3.30 -7% -15% L L Pueblo Viejo Dominican  Republic 12.4% GEO +2044 1st Broad mix $193 $416 2.79 -29% -63% L M/L L Carmen del Andacollo Chile 8.4% Copper +2036 4th Low carbon $193 $416 3.20 -7% -15% L L L Cortez Gold Mines Nevada,  U.S. 16.0% GEO +2042 1st Fossil light $225 $410 0.53 -6% -12% L L Peñasquito Mine Zacatecas,  Mexico 7.6% GEO +2032 1st Broad mix $201 $395 0.63 -7% -13% L L L Khoemac a u Botswana 3.1% Copper +2040 3rd Coal dominant $154 $359 6.30 -11% -26% L M/L L Other important jurisdictions Wassa Mine Ghana 5.3% GEO 2037 2nd Fossil light $154 $359 0.21 -2% -4% L L L Rainy River Mine Ontario,  Canada 5.0% GEO +2031 3rd Low carbon $184 $404 0.62 -6% -14% L L Various Mines Western  Australia 3.2% GEO +2030 2nd Broad mix $213 $359 0.50 -6% -10% L L Xavantina Mine Mato  Grosso,  Brazil 3.1% GEO +2028 1st Fossil light $204 $437 0.09 -1% -2% L L L Voisey’s Bay Mine Newfoundland  and  Labrador,  Canada 1.5% Copper +2036 1st Self generation $184 $404 2.10 -4% -10% L L Total 92.6% 1 Production life is based on reported ore reserves and/or technical reports issues by the Operator, while “+” indicates extension due to the conversion of mineral resources to reserves or the potential for exploration success to add additional production life. Good  Poor