Overview Governance Strategy Risk Management Metrics and Targets Appendices 11 2023 CLIMATE REPORT ROYAL GOLD Historical climate impacts Climate-related events have resulted in the deferral of production from several sites where we have stream and royalty interest in recent years, with notable impacts disclosed by Operators described below. It is important to stress that climate event impacts can be magnified or reduced through effective site design and management. Mount Milligan Water Shortage: The mine site was designed to collect and store water for use in the process plant from spring snowmelt. In December 2017, the operation was temporarily shut down and restarted with curtailed production through April 2018 as a result of a water shortage. A further production curtailment was experienced between December 2018 and March 2019. The water shortages were in part due to lower-than-average precipitation during the winter months, which impacted spring run-off, the primary water source for the operation. Mount Milligan Transportation Flooding: In November 2021, British Columbia experienced severe flooding, which impacted concentrate transport routes from Mount Milligan to the port of Vancouver; however, no material delays of stream metal deliveries were noted due to this event. Rainy River Pit Flooding: The mine’s water management infrastructure was inundated with several months of well-above-average precipitation between April and July 2022, which resulted in the maximum water storage capacity being reached and in turn prevented dewatering of the open-pit to allow for production access to planned mining areas. Revisions required in the mining plan delayed production and caused the mine operator to reduce annual production guidance. Andacollo Pit Flooding: Heavy precipitation at the Andacollo property in July 2022 resulted in flooding of portions of the open-pit, impacting production. Andacollo Water Shortage: An extended period with very low precipitation from mid-2022 to present is expected to reduce production through 2024. Robinson Mine Water Surplus: Historically high snowfall events followed by snow melt resulted in impacts to the open-pit operation in Q1 and Q2 2023 and continued impacts into Q3, resulting in reduced production. Wassa Pit Flooding: Unprecedented rainfall in June 2023 resulted in the flooding of open-pit and underground production areas, which caused a reduction in scheduled production. Peñasquito: Hurricane Orlene in October of 2022 contributed to delayed concentrate shipments from the port of Manzanillo on the west coast of Mexico, resulting in delayed revenue. Pueblo Viejo: Tropical storms and hurricanes are an annual occurrence in the Dominican Republic, and these have impacts on production; however, we believe due to robust facilities and operating practices, the impacts have not resulted in significant production loss, to date. HURRICANE AND TROPICAL STORM TRACKS 1973–2022 Storm tracks across the Dominican Republic show that Pueblo Viejo operation and surrounding areas are routinely impacted by the storm events. Tropical storm and hurricane tracks show storm status diminished before reaching the Peñasquito operation, while coastal areas and ports of export are routinely within storm tracks. Cyclones reach the north and west coast of Western Australia and diminish in intensity to tropical storm status as they reach the Kalgoorlie area. Cyclones diminish to tropical storms as they reach land along the east coast of southern Africa, with a limited number of storms reaching the Khoemac a u site. Extratropical Tropical  Depression Tropical  Storm Category  1 Category  2 Category  3 Category  4 Category  5