Overview Governance Strategy Risk Management Metrics and Targets Appendices 19 2023 CLIMATE REPORT ROYAL GOLD Climate scenario 1: Current policies The Current Policies scenario assumes that only currently implemented government policies are preserved, leading to high physical risks. Under this scenario, emissions grow until 2080, leading to about 3°C of warming and severe physical risks. This includes irreversible changes like higher sea level increases. In this scenario, coal remains a key energy source until 2100. Oil consumption is reduced and replaced with natural gas, while energy from wind and solar continues to grow. At the end of the century, primary renewable power from wind and solar will represent only 52% of primary energy. With respect to important jurisdictions containing our stream and royalty interests, Canada is the only jurisdiction with meaningful carbon taxation in place, and under this scenario carbon taxation is assumed to remain the same. CURRENT POLICIES – PRIM ARY ENERGY MIX 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2030 2040 2050 2060 2070 2080 2090 2100 2020 Oil Coal Gas Nuclear Biomass Geothermal Wind Solar Hydro WORLD AVER AGE SURFACE TEMPER ATURE °C above pre-industrial levels Source: IISA NGFS Climate Scenarios Database, MESSAGEix-GLOBIOM 1.1-M-R12 model 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0.5 0 90%– 10% Current Policies Median Current Policies Median Delayed Transition Median Net Zero 2050 Source: IISA NGFS Climate Scenarios Database, MESSAGEix-GLOBIOM 1.1-M-R12 model.