Overview Governance Strategy Risk Management Metrics and Targets Appendices 38 2023 CLIMATE REPORT ROYAL GOLD MANAGING RISKS We rely on three internal processes that we use to manage the risks associated with business sustainability and climate change: • Enterprise Risk Management (“ERM”) program • Due diligence process for new opportunities • Performance monitoring process ERM Program: Royal Gold maintains an ERM program aimed at actively identifying, assessing and mitigating headline risks, including those associated with investments in revenue-generating properties over the short, medium and long term and those associated with climate and climate change. The Board is responsible for oversight of enterprise risk management. Each quarter, management reports to the Board on matters relating to enterprise risk. The Board reviews the adequacy of the ERM program on an annual basis and then provides direction to management on appropriate changes to the ERM program that align with the Company’s business strategy. New Opportunity Due Diligence Process: Key findings related to climate risks, water risks and expected emission performance associated with any new business opportunity (and the impact such new business would have on our portfolio emissions performance) are documented and reported to senior management and the Board. Performance Monitoring Process: Annually we review the portfolio with respect to GHG emission performance, energy consumption, and emissions reduction activities, and we track performance over time to gauge change and benchmark our portfolio performance against the gold industry. Quisqueya power plant , Dominican Republic