About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 4 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD About this report Royal Gold is committed to publishing an Investment Stewardship Report (“ISR”) annually. Within this report our stakeholders will find detailed information regarding our internal processes as they relate to risk management, ESG considerations and specific information on the ESG performance of the revenue- generating portion of our portfolio, including our “Principal Properties.” Our Principal Properties consist of six existing interests that in 2023 provided approximately 71% of our annual revenue. We define our streaming and royalty investments as “interests” and we refer to our mining company counterparties as our “Operators.” Our second ESG report, released in April 2023, included expanded TCFD disclosure. In 2024, we made the decision to publish a stand-alone climate report that aims to provide our investors and stakeholders with more expansive reporting against the TCFD disclosure guidelines. Six Principal Properties and an additional five regions or jurisdictions are considered in our climate scenario analysis, which in total constituted approximately 92% of our net GEOs in 2022. We will continue to publish Operators’ climate-related performance in the ISR annually and anticipate that the Climate Report, which includes more detailed information on climate change generally, will be updated periodically. We expect our future ISR and Climate Report will continue to evolve in both content and key areas of focus. The scope of this report includes ESG- related information for our Royal Gold corporate operations from December 31, 2022, to December 31, 2023. Due to the delayed timing of availability of production and emission data from our Operators, we report Operator data from December 31, 2021, to December 31, 2022. In cases where the report features forward- or backward-looking information to support the narrative, we have specified the referenced time period. This report is aligned with the Global Reporting Initiative (“GRI”) Standards, the United Nations Sustainable Development Goals (“SDGs”) and the Task Force on Climate-related Financial Disclosure (“TCFD”). In many cases, the most fulsome dataset and full scenario analysis for a given asset may be best reported by the Operator of that asset; however, we will endeavor to provide stakeholders with a straightforward assessment of the risks and ESG performance associated with our Principal Properties. We continue to refine our ESG performance scorecards for both our corporate offices and our Operator’s mines, summarizing what we believe are the key performance metrics of our business and our royalty and stream assets. The scorecards ( page 72 ) are supported by Operator data in the Appendices ( page 71 ). The Appendices also contain Royal Gold’s disclosures with reference to the GRI and TCFD standards and can be found on pages 108 and 112 , respectively. Unless otherwise noted, all amounts are in U.S. dollars. We welcome your questions and feedback on our report or performance. Please send your questions or comments to investorrelations@royalgold.com . LEARN MORE Click cover to access our Climate Report ROYAL GOLD OPERATOR FOOTPRINT CALCULATION METHODOLOGY OVERVIEW Royal Gold uses the attribution factor, net gold equivalent ounces production (“net GEO”) for its weighted GHG emissions, energy consumption and water consumption from each Property in which we hold a stream or royalty interest. This allows us to compare royalty and stream interests on an equivalent basis. This methodology is used to determine the environmental footprint that can be attributed to our beneficial interests in Properties. Our Operators’ GHG emission and energy and water consumption estimates were compiled by Skarn Associates, an independent ESG data analytics firm. We have relied on Skarn Associates’ database for energy, emissions and water consumption information for gold and copper mining operations. Royal Gold is an active participant in the World Gold Council Sustainability Taskforce, which is working to improve the streaming and royalty industries’ calculation methodologies, as there is currently no consistent standard for the industry. A detailed description of our methodology is included on page 117 of this report. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories, scope 3 corporate emissions and scope 3 investment emissions. We have done this because, as a passive investor, we do not have direct influence or control over the Operator’s emissions but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scope 1 and 2 emissions arising from our portfolio Operators.