14 2023 CLIMATE REPORT ROYAL GOLD Overview Governance Strategy Risk Management Metrics and Targets Appendices Management’s role Direct management of and responsibility for ESG considerations, including climate risk and climate change, is assigned to our President and CEO. Our VP, Investment Stewardship is also tasked with the oversight and management of ESG matters. Our business depends to a significant degree on our ability to identify, understand and manage sustainability and climate risks inherent in our investments. For this reason, consideration of ESG and climate-related risks is an important part of the development of our corporate strategy, enterprise risk management process and ongoing oversight. Board of Directors Enterprise Risk Management Senior management team Considers present and potential risks to Royal Gold’s ongoing success, including ESG and climate change considerations, and determines appropriate risk mitigation actions and strategies ESG Committee Senior management team Ensures that Royal Gold’s sustainability initiatives are effectively monitored, managed, and fulfilled. Business Development Senior management team Ensures that Royal Gold completes thorough due diligence and risk assessments for potential new stream and royalty opportunities, including climate and climate change risks Corporate Strategic Planning Senior management team Comprehensive Strategic Plan, including Sustainability and climate change objectives, with annual short-term and long-term goals Report quarterly and as otherwise appropriate to the CNG Committee Opportunity specific presentation materials to full Board (two separate presentations) Report quarterly and as otherwise appropriate Oversight and direction provided as required; ERM program reviewed annually Provides direction and approvals/ rejections as required Strategic Plan presented annually R I S K S A N D O P P O R T U N I T I E S