Overview Governance Strategy Risk Management Metrics and Targets Appendices 44 2023 CLIMATE REPORT ROYAL GOLD OUR OPERATORS’ EMISSIONS PERFORMANCE Understanding the GHG emission performance of individual assets and our portfolio of stream and royalty interests is a fundamental building block in understanding our portfolio’s climate impact. GHG emissions at a mine site are driven by the amount of diesel fuel consumed during mining, the amount of electrical energy consumed by the operation, the fuel sources used to generate grid power and the type of ore processing, among other factors. Scope 3 investment emissions are calculated as a proportion attributed to our interest relative to the total site production. A detailed calculation methodology is presented on page 46 . We have used Skarn Associates’ energy and emissions databases for gold and copper mines as our data source for site production, energy consumption and GHG emissions generation. In some cases, where the operator did not disclose energy or emissions information, we have used estimates prepared by Skarn. Using a GHG intensity measurement as a KPI allows us to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests. Due to the delayed timing of available energy and emissions data from our Operators, we report data and analysis one year in arrears and have presented performance data from 2018 through 2022, inclusive. GHG intensity performance over the five-year period shows GHG emissions intensity has experienced a modest improvement trend, and in 2022, the portfolio average was estimated at 0.74 tCO 2 e/net gold equivalent ounce (“Net GEO”). With an assessment of the scope 1 and 2 corporate GHG emission intensity associated with our stream and royalty interests, which we refer to as our scope 3 investment emissions, we have benchmarked this performance against the gold mining industry. This was developed using a GHG emission database compiled by Skarn Associates, which presents reported energy and emissions information. The figure to the right shows that our stream and royalty interests are in the middle of the third quartile of GHG emission intensity per GEO for the 63 million ounces of gold production represented in the database. For context, the figure to the right also shows the GHG emission intensity quartiles for properties that contribute more than 92% of our 2022 Net GEOs. Our emissions and emissions intensity can change from year to year due to the change in our revenue mix between our revenue generating properties, so modest changes may not be indicative of improvements by our Operators. Also, the conversion of mines that are not primary gold operations, which contributed in excess of 50% of our 2022 revenue, onto a gold industry emissions curve creates some inherent analytical uncertainty. The compilation and benchmarking process allowed us to critically look at the portfolio’s performance and what drives our performance into the mid- third quartile. Our emissions are heavily weighted by the Pueblo Viejo mine, which contributed 41% of our GHG emissions in 2022, while contributing just 12.4% of Net GEOs. The high intensity is due to the need for the site to generate its own power using LNG and having a high energy intensive process to treat the ore. Exclusive of the revenue and emissions from Pueblo Viejo, our portfolio would benchmark approximately in the lower end of the second quartile. The charts on the right illustrate our tracked scope 1 and 2 emissions (our scope 3 investment emissions) estimates for approximately 98% of the Net GEOs generated in the five-year period from 2018 through 2022; scope 1 and 2 GHG emissions intensity; and the gold industry’s scope 1 and 2 GHG emissions intensity relative to Royal Gold’s estimates, respectively. SCOPE 1 AND 2 GHG EMISSIONS ESTIMATES 2018 2019 2020 2021 (tCO 2 e) 2022 0 50,000 100,000 150,000 200,000 250,000 300,000 210,000 227,000 218,000 211,000 196,000 Scope  1 Scope  2 GEO  Production Scope  1  and  2 SCOPE 1 AND 2 GHG EMISSIONS INTENSITY 2018 2019 2020 2021 (tCO 2 e)/Net Gold Equivalent Ounces 2022 0.0 0.2 0.4 0.6 0.8 1.0 ~99% of Production 0.81 0.85 0.77 0.79 0.74 Scope  1 Scope  2 Scope  1  and  2 SKARN ASSOCIATES SCOPE 1 AND 2 GHG EMISSIONS CURVE FOR GOLD INDUSTRY E0: Scope 1 & 2 (kg/Au oz) Royal Gold Portfolio Estimate – 740 kg CO 2 e/GEO Gold Production 6,000 5,000 4,000 3,000 2,000 1,000 0.0 0% 25% 50% 75% 100% Mount Milligan (2nd quartile on copper emissions curve) Andacollo (1st quartile on copper emissions curve) Xavantina Voisey’s Bay Pueblo Viejo Khoemacau (4th quartile on copper emissions curve) Peñasquito South Laverton Wassa Cortez Rainy River Scope  1 Scope  2