6 2023 CLIMATE REPORT ROYAL GOLD Overview Governance Strategy Risk Management Metrics and Targets Appendices OUR PROGRESS 1 Net GEO definition and calculation methodology provided on page 46 . This report presents our continued advancement in assessing how climate change could impact our business and how we are managing associated risks. In our 2022 ESG Report, we provided a discussion of our climate scenario analysis for ten important jurisdictions, based on revenue contribution. Our analytical efforts were supported by Millani, an ESG advisory firm. This report covers the six regions or jurisdictions associated with our Principal Properties, which contributed about 74% of our Net GEOs 1 in 2022, and in addition to our Principal Properties jurisdictions, our climate scenario analysis covers five additional jurisdictions, which cumulatively generated about 18% of our 2022 Net GEOs. All eleven jurisdictions are presented graphically on page 7 . In total, we have considered revenue-generating properties in our climate scenario analysis that made up more than 92% of our Net GEOs in 2022. All jurisdictions have the potential to contribute revenue to Royal Gold for the next ten years or more. Data to support our climate scenario analysis was principally obtained from the Network for Greening the Financial System ’s (“NGFS”) Climate Impact Explorer, the World Bank’s Climate Change Knowledge Portal, World Resources Institute’s (“WRI”) Aqueduct™ Water Risk Atlas and Skarn Associates’ GHG and Energy databases for gold and copper mines. All of these primary data sources were updated in 2023, which provided a key driver for the updated analysis in this report. We also continued our practice of tracking GHG emissions and energy consumption associated with all of our revenue-generating properties. Data associated with our property portfolio over the period 2018 through 2022 is provided in our ISR and presents an accounting of the emissions that may be attributed to our beneficial interest in the properties. CLIMATE DATA The main data source for temperature and precipitation information is the open-source data published by the Climate Research Unit (“CRU”) associated with East Anglia University in the United Kingdom. Climatic Research Unit gridded Time Series (“CRU TS”) is a widely used climate dataset on a 0.5° latitude by 0.5° longitude grid over all land domains of the world except Antarctica and covering the period 1901-2022. The database is accessible through Google Earth and provides three variables the CRU designates as primary: Mean Temperature (deg C), Diurnal Temperature Range (deg C) and Precipitation Rate (mm/month). Every month in the year has interpolated values for each variable and states how many stations contributed actual data for each gridded estimate. The interpolation targets the closest eight weather stations within a maximum radius. For the reporting of average precipitation and temperature statistics, the time period of 1991 to 2020 was chosen. This 30-year period aligns with the World Bank’s Climate Change Knowledge Portal, an important reference we used to assess potential climate impacts associated with the various climate scenarios we evaluated. Site visit , Peru