Overview Governance Strategy Risk Management Metrics and Targets Appendices 47 2023 CLIMATE REPORT ROYAL GOLD Legal matters CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward- looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, the following: the potential effects of climate change and related regulation on the Company and the Operators and their projects; actions the Company or the Operators may take in response to climate change and related regulation; expected operating and financial performance of the Operators, including estimates of mineral resources and mineral reserves, production, mine life and mine life extensions; the Company’s liquidity, capital resources, and ability to fund the growth of its business; and future gold prices and prices for other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: the actual amount of global warming and the effect of such global warming being different, perhaps significantly, from the Company’s current projections; actions taken by governments and other entities and groups to mitigate climate change and in response to climate change; contractual issues involving our stream or royalty agreements, including as a result of climate change; future exploration and development activities by Operators, and our ability to identify, finance, value and complete acquisitions; increased competition for stream and royalty interests; a lower-price environment for gold, silver, copper or other metals; operating activities or financial performance of properties on which the Company holds stream or royalty interests, including variations between actual and forecasted performance, Operators’ ability to complete projects on schedule and as planned, Operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; contractual issues involving our stream or royalty agreements, adverse economic and market conditions; and other factors described in our most recent Annual Report on Form 10-K, including under the caption “Risk Factors,” and in our other filings with the Securities and Exchange Commission. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. The Company disclaims any obligation to update any forward- looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. STATEMENT REGARDING MATERIALITY This report discloses the Company’s GHG emissions, the GHG emissions associated with properties on which the Company holds stream or royalty interests, and certain scenario analyses, transition plans, and activities the Company or Operators may take to mitigate or adapt to climate change. While the Company believes that it is prudent to consider climate-related risks and the potential effects of climate change on the Company, the Company does not consider its GHG emissions or any scenario analyses, transition plans, or activities the Company or Operators may take to mitigate or adapt to climate change to be material to the Company’s business, strategy, results of operations, or financial condition, in light of the time horizons involved and the currently anticipated magnitude of the impact to the Company’s business, strategy, results of operations, or financial condition of climate change. STATEMENT REGARDING THIRD-PARTY INFORMATION Certain information provided in this report has been provided to us by third-party consultants, other third-party sources, or the Operators of the relevant properties or is publicly available information filed by these Operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the Operators for information regarding those properties.