Overview Governance Strategy Risk Management Metrics and Targets Appendices 25 2023 CLIMATE REPORT ROYAL GOLD Physical risk summary The physical climate-related stressors and associated risks defined through our climate scenario analysis process for the eleven jurisdictions evaluated are summarized in the table to the right. Physical climate risks are most prominently associated with the Current Policies climate scenario. We make assumptions regarding how these risks may manifest themselves in the defined jurisdictions and how they may impact the operations of our revenue- generating properties. Given the granularity of data needed to project changes in climate parameters and associated operational impacts, such data require a high degree of site-specific knowledge, which we do not possess; therefore, our assessments are based on the jurisdictions and should be considered assumptive. Our observations represent our long-term time horizon (i.e., 10+ years), and we have chosen 2035 as our measurement point for forecast impacts presented. We have chosen six risk drivers: heat stress, wildfires, water stress (drought and precipitation variability) and flooding (site and transport infrastructure) to assess the physical risk associated with the jurisdictions. A description of the physical risk drivers is presented on page 40 , while the table to the right indicates the presence of each risk driver in the 11 jurisdictions assessed. The physical risk list is not considered exhaustive. Climate stressors Temperature Precipitation Extreme storms Physical risks Jurisdiction Percentage of 2022 Net GEOs Increase Increase Decrease Increase in intensity and/or frequency Heat stress Wildfires Water stress Flooding Precipitation variability Drought Site Transport infrastructure Principal Properties jurisdictions Central British Columbia Canada 27.0% Sánchez Ramírez Province Dominican  Republic 12.4% Northern Nevada U.S. 16.0% State of Zacatecas Mexico 7.6% Coquimbo Region Chile 8.4% Ngamiland Region Botswana 3.1% Other important jurisdictions Western Region Ghana  5.3% Ontario Canada 5.0% Western Australia Australia 3.2% Mato Grosso State Brazil 3.1% Newfoundland and Labrador Canada 1.5% Total 92.6% Yes ◆ May be directly or indirectly impacted by tropical storms and hurricanes