Overview Governance Strategy Risk Management Metrics and Targets Appendices 5 2023 CLIMATE REPORT ROYAL GOLD About Royal Gold Royal Gold, Inc. (together with its consolidated subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” and “our”) is a leading precious metals stream and royalty company that owns passive stream and royalty interests operated by third-party mining companies. We refer to these third parties as the “Operators.” A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. A royalty is a right to receive a percentage or other denomination of mineral production from a mining operation. The properties where we hold interests span various stages of mining project development, from the initial stages of exploration and evaluation through to development and production. Our Operators make all development and operating decisions, and in general, we have limited to no influence regarding the development or operation of the mineral properties through the contractual arrangements from which our interests are derived. Our business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time. PORTFOLIO MANAGER VS. MINE OWNER AND OPERATOR Royal Gold does not actively own or develop mining properties or participate in mining activities at the properties where we hold stream and royalty interests; instead, our stream and royalty interests are passive interests in mine production. Certain stream investments are primarily used for the development or expansion of a mining operation that contributes to GHG emissions. Stream investments for balance sheet restructuring or mergers and acquisitions, as well as the vast majority of our royalty investments, which are negotiated with third parties, do not contribute to a mine’s emissions or emissions intensity. ROYALTY VS. STREAM Royalty Operator Purchase price to acquire royalty Percentage of revenue or metals (subject to relevant deductions) Stream Physical metal delivery Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) Operator