Overview Governance Strategy Risk Management Metrics and Targets Appendices 17 2023 CLIMATE REPORT ROYAL GOLD Climate scenario analysis OUR APPROACH We systematically define climate-related risks within our portfolio of revenue-generating stream and royalty interests in part using climate scenario analysis. Our process is defined in the flowchart. We rely on publicly available information to complete our climate scenario analysis. We specifically relied on the NGFS, the World Bank’s Climate Change Knowledge Portal, the Water Resources Institute’s Aqueduct™ Water Risk Atlas tool, along with various risk specific technical documents. Given our limited access to mine site level information, our assessments are high level in nature and the granularity of our data is typically at a state, provincial or watershed level versus being focused on a specific mining site. We also have limited knowledge concerning the physical systems the mine sites may have to address physical climate risks. Define Risks for Each Jurisdiction The NGFS Climate Impact Explorer, World Bank Climate Change Knowledge Portal, and the World Resources Institute Aqueduct Water Risk Atlas were all key data sources used to provide data and climate projections for risk analysis Define Climate Scenarios We selected three climate scenarios defined by the NGFS to allow analysis of a range of physical and transition risks DEFINE FINANCIAL IMPACTS Qualitative financial impacts were assessed for the Operators of each asset in the eleven jurisdictions and then we defined how those potential Operator impacts affect Royal Gold’s financial performance DEFINE PHYSICAL RISK DRIVERS We looked at each of our key jurisdictions and Principal Properties to define a set of physical risks through a workshop. We tested those risks across the 11 jurisdictions to understand level of importance and variation. DEFINE TRANSITION RISK DRIVERS We looked at each of our key jurisdictions and Principal Properties to define a set of transition risks through a workshop. DEFINE ASSESSMENT TIMEFRAMES Timeframes are required to assess risks in the short, medium and long term. A rationale was developed to define the three time periods.