Overview Governance Strategy Risk Management Metrics and Targets Appendices 30 2023 CLIMATE REPORT ROYAL GOLD FINANCIAL RISK STEMMING FROM TRANSITION RISKS The table below summarizes how these transition risks, associated with the Net Zero 2050 and the Delayed Transition climate scenarios, may impact our financial performance for the measurement year 2035; it also provides detailed commentary for each jurisdiction and property. Again, we do not consider our list of risks to be exhaustive, and we expect that our risks will be updated and expanded with time. Potential financial impacts Risks and impacts Jurisdiction and sites Our Operators Our Company Transition risks Carbon pricing: In the absence of low-carbon alternatives, regulatory changes and high prices set for GHG emissions or carbon drive up the implied price for energy All jurisdictions/sites Operating costs: Increased costs due to the application of carbon taxation and reduction in ore reserves and resources due to higher costs Revenue: Loss of revenue Balance sheet: Mineral property impairment Trade restrictions: Metal concentrates produced with a high emissions footprint could become subject to trade restrictions through border adjustment carbon taxation, in which a tax equal to the difference between carbon taxes applied in the exporting country compared to the importing country would be levied Mexico: Peñasquito Botswana: Khoemac a u Canada: Voisey’s Bay U.S.: Robinson Operating costs: Carbon border taxation could result in higher operating costs through the payment of a carbon border tax on metal concentrates or the existence of carbon border taxation in some jurisdictions, either of which could drive up shipping and treatment charges for concentrates that have elevated carbon footprints Revenue: Loss of revenue Permitting approvals for production life extension: Sustained production is contingent on the ability to obtain federal and regional regulatory approvals, while political pressure could change regulations for mine development approvals, making it more difficult to permit future developments All Jurisdictions/sites Revenue: The inability or delay in obtaining permits for mine life extension could result in production loss or delay Revenue: Loss of revenue Balance sheet: Mineral property impairment Proximity to communities: Regulatory programs to quickly decarbonize cause social unrest and disproportionally impact the large, low-income portion of the population, resulting in impacts to supply chain logistics Ghana: Wassa Chile: Andacollo Dominican Republic: Pueblo Viejo Mexico: Peñasquito Botswana: Khoemac a u Revenue: Social stress could potentially manifest as impacts to the road transport of operating supplies and people; this would restrict full operations, which has the potential to impact metal production and profitability – or, alternatively, delays in the transport of metal concentrates to off-takers Revenue: Loss or delay of revenue Royal Gold reputational risk: Operations with high emissions intensity and an inability to effectively reduce intensity could become the focus of pressure from investors, to understand how Royal Gold plans to mitigate the emissions Dominican Republic: Pueblo Viejo No risk Operating costs: Increase due to the purchase of carbon offsets Labor union unrest: Regulatory programs to quickly decarbonize cause social unrest, in response to inflationary cost pressures; this can result in labor unrest and work stoppages to solicit higher wages Chile: Andacollo Mexico: Peñasquito Botswana: Khoemac a u Revenue: Work stoppages could delay revenue Operating costs: Labor unrest could result in higher operating costs Revenue: Delay of revenue