Overview Governance Strategy Risk Management Metrics and Targets Appendices 45 2023 CLIMATE REPORT ROYAL GOLD OUR OPERATORS’ EMISSIONS REDUCTION PROGRESS We have not set scope 3 investment emissions targets because we don’t have any control over operations at the properties where we have stream and royalty interests. However, we see a modest downward trend in our scope 3 investment emissions and emissions intensity over the 5-year period due, in part, to actions taken by our Operators to reduce their carbon footprints. The distribution of revenue between assets also impacts the GHG emissions allocated to us. We monitor the projects our Operators complete and have planned for the reduction of GHG emissions at the operations where we hold stream and royalty interests. A description of the projects identified is presented in the graphic. Teck Resources, Barrick and Newmont have disclosed comprehensive actions and plans to reduce emissions at the operations they manage. These three Operators generated about 40% of our Net GEOs in 2022, while operations that generated about 76% of our Net GEOs in 2022 have completed emission reduction projects or have disclosed plans for reduction projects prior to 2030. The figure at the right highlights disclosed projects and the Operators’ estimated annual emission reductions associated with both completed projects and planned projects. Teck’s power purchase agreement at Andacollo, which provided 8.4% of our Net GEOs in 2022, provides 100% renewable power and resulted in a reduction of about 79% in combined scope 1 and 2 emissions for the mine. At Pueblo Viejo, Barrick completed a fuel replacement project that allowed the diesel-fired Quisqueya I power plant to convert from heavy fuel oil to natural gas, supporting a reduction in scope 1 and 2 emissions (from which our scope 3 investment emissions are calculated) by about 13.5% in 2020. Barrick completed a further reduction in emissions by converting its lime kilns from diesel fuel to natural gas, resulting in a further drop of an estimated 6.6% in site emissions, compared to 2019. As a general statement, reduction in scope 2 emissions, which are the emissions associated with grid supplied power, offers the easiest approach to reduce emissions since power purchase agreements can be put in place to supply higher levels of renewable power than the local grid power provider can provide. However, scope 2 emissions are typically the smaller contributor to total emissions and site fossil fuel consumption presents the larger emission source to be mitigated. EMISSION REDUCTION PROJECTS COMPLETED AND PL ANNED BY OPER ATORS OF OUR STREA M AND ROYALT Y INTERESTS 2020 2020 2021 2022 2022 2022 2022 2024 2030+ 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2024 2025 2025 2030 GHG Emissions (tCO 2 e) Legend Approx. Site Reduction 14% 80% 7% 12% 5% 1% 4% 8% 10% 17% 13% 1% 6% 1 2 3 4 5 6 7 8 9 11 12 13 10 Emissions Reduction Projects 1 Andacollo – executed life-of-mine renewable power PPA (emissions reduction based on 2019) 2 Pueblo Viejo – conversion of Quisqueya power plant from diesel to natural gas 3 Nevada Gold Mines – executed renewable power PPA 4 Pueblo Viejo – conversion of lime kilns from diesel to natural gas 5 Mount Milligan – replacement of diesel generation with electrical power for remote water management facilities 6 Rainy River – truck haulage fuel efficiency improvement 7 Carosue Dam – install 6.3 MW solar energy project 8 Nevada Gold Mines – construct 200 MW solar energy project 9 Peñasquito – install solar power project or execute PPA for renewable energy 10 Nevada Gold Mines – convert TS power plant from coal to natural gas 11 Voisey’s Bay – construction of 21 MW wind energy project 12 Nevada Gold Mines – execute renewable power PPA 13 Nevada Gold Mines – geothermal energy project GHG emissions reductions are estimates published by the operator of the mine and are annualized. Percentage number associated with each bar indicate scope 1 and 2 emissions reduction as a percentage of the operation’s 2022 total reported emissions. Nevada Gold Mines includes the following operations in which we have royalty interests: Cortez, Leeville, Goldstrike, Twin Creeks. Stream Royalty