Overview Governance Strategy Risk Management Metrics and Targets Appendices 4 2023 CLIMATE REPORT ROYAL GOLD Introduction Royal Gold believes climate change has the potential to transform the planet, the way we live, and the way we conduct business. We are committed to understanding how the climate has historically impacted the jurisdictions where we have investments and how the physical impacts of climate change and the transition to a low-carbon economy might affect our business going forward. These findings provide input into our strategic planning, risk management framework, and investment decision making. OUR APPROACH We make passive investments, the value of which is based on minerals produced from mining operations. We recognize mining activities are inherently energy intensive and acknowledge that our investments may, under certain circumstances in which we are providing finance for the development or expansion of a mining operation, facilitate mining operations that contribute to greenhouse gas (“GHG”) emissions. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business, and how integrating these factors into our strategic planning and business development activities may help reduce the impacts. We are also working to increase our disclosure of climate-relevant information to help our investors and other stakeholders understand our approach and the potential for climate change to impact our business. To do this, we are working to meet the recommendations of the TCFD. We aspire to conduct our business transparently and disclose the potential financial impacts of climate-related change on Royal Gold and its business strategy. In doing so, we aim to ensure that investors and other stakeholders are well-informed about how Royal Gold is positioning itself in relation to climate-related risks and opportunities. This report is organized according to the TCFD framework elements: Governance, Strategy, Risk Assessment and Metrics and Targets, which further address the eleven TCFD recommended disclosures. Also, detailed in this report are our climate scenario analysis process and findings. The scope of this report includes climate-related information for our corporate operations from December 31, 2022 to December 31, 2023. Due to the delayed timing of availability of production and emission data from our Operators, we report portfolio data and analysis one year in arrears from December 31, 2021 to December 31, 2022. In cases where the report features forward- or backward- looking information to support the narrative, we have specified the referenced time period. Because our approach to climate matters does not change significantly year-over-year, we expect that this report will be updated periodically. We will continue to publish our corporate and Operators’ climate-related data annually as part of our ISR, which focuses on broader ESG topics. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories, scope 3 corporate emissions and scope 3 investment emissions. We have done this because, as a passive investor, we do not have direct influence or control over Operator emissions but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scope 1 and 2 emissions arising from our portfolio Operators.