Overview Governance Strategy Risk Management Metrics and Targets Appendices 3 Leadership letter We are pleased to present our first Climate Report. Although we have consistently reported on climate-related information since 2020 in our ESG Report, we felt the need to publish a stand-alone report which focuses primarily on climate change and the risks climate change could potentially have on our portfolio of metal streams and royalties. We believe this report will provide our investors and stakeholders with clearer and more expansive reporting against the Task Force on Climate-Related Financial Disclosures (“TCFD”) guidelines. We view our climate reporting as a process rather than a deliverable. We expect that our efforts will result in enhanced disclosure over time, meet our internal risk management needs, provide input into our strategic planning, as well as provide our investors with valuable information upon which they can make independent risk assessments. As owners of metal stream and royalty interests, which are passive interests in mine production, we indirectly bear the potential physical and transition risks to which our Operators are exposed without management control over or responsibility for the mines to which our streams and royalties relate. Our assessment of the impacts of climate change on our Operators has been informed by independent and internationally recognized standards and resources. However, it is important for us to emphasize that as passive investors, we do not possess and do not have rights to acquire the granular data needed to project changes in climate parameters and associated operational impacts. Therefore, our assessments are based on regional or jurisdictional trends and incomplete disclosure from the Operators and should be considered assumptive in nature. This report focuses on 11 regions or jurisdictions in our climate scenario analysis which in total, constituted approximately 92% of our Net GEOs in 2022, the most current year for which complete data on our portfolio is available. We will continue to publish our annual corporate and Operators’ climate- related performance in our Investment Stewardship Report (“ISR”) and anticipate that our Climate Report will be updated periodically. Please refer to our ISR to learn more about our other ESG-related risks and opportunities. Thank you for taking the time to review our first Climate Report and, as always, my team and I welcome comments or questions. LEARN MORE Detailed operator performance data is presented on pages 58-69 “ We continue to engage with investors and other stakeholders to discuss climate and climate change risk and impacts along with other ESG factors.” Sincerely, William H. Heissenbuttel President and Chief Executive Officer 2023 CLIMATE REPORT ROYAL GOLD