Overview Governance Strategy Risk Management Metrics and Targets Appendices 39 2023 CLIMATE REPORT ROYAL GOLD Risk assessment timeframes A changing climate requires us to assess the impact of physical and transitional climate risk over time horizons relevant for decision-makers today. We tied our assessment time periods back to the production lives associated with our Principal Properties, all of which are expected to continue producing into the mid-2030s, and three of which have current production lives beyond 2040. All Principal Properties can potentially extend their production lives through additional exploration or the conversion of existing mineral resources to reserves. Starting in 2023, and taking the asset production life into account, we looked at three time periods in our scenario analysis, as follows. Short-term: The next three years, 2024–2026. Medium-term: The next 3–10 years, represented by 2030. Long-term: Greater than 10 years, represented by 2033–2050, when a target time period is required for impact analysis. For our purposes, 2035 is the time period used to assess long-term physical risks. Mount Milligan Pueblo Viejo Andacollo Peñasquito Cortez Khoemacau 2030 2040 2050 1–3 YEARS 3–10 YEARS >10 YEARS Production life based on ore reserves, arrow indicates extension potential