About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 56 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR COMMITMENT TO CARBON NEUTRALITY Greenhouse gas (GHG) emissions stem from direct fuel combustion (scope 1) and purchasing electricity externally (scope 2), as well as activities indirectly influenced by the reporting organization throughout its value chain (scope 3). This report categorizes scope 3 emissions into those originating from our organization’s corporate operations and those of its Operators (scope 3 investment emissions). This segmentation allows us to address our own footprint as a passive investor more effectively, given our limited control over Operators’ emissions. Further details on Operators’ emissions can be found in the “Operator GHG emissions” section. Our organization’s 30 employees are based out of offices in the United States, Switzerland and Canada, with minimal direct environmental impact. We actively support and incentivize the use of public transportation for daily commuting by subsidizing these options. Additionally, our shift to a hybrid office model, along with 17% of our employees exclusively working from home, contributes to a significant reduction in both in-office emissions and those related to daily commuting. Two-thirds of our employees are based in our Denver headquarters, which is located in a Leadership in Energy and Environmental Design (“LEED”) Gold- certified building. We continue to leverage the upgrade of our information technology systems and the adoption of new technology that has increased virtual meetings. The tables on the right detail our energy consumption and scope 2 and 3 corporate emissions, which include employee travel and employee commuting. We have no corporate scope 1 emissions. ROYAL GOLD CORPORATE SCOPE 2 GHG EMISSIONS 1 2023 2021 2020 Denver, Colorado Toronto, Ontario Lucerne, Switzerland 0 20 40 60 80 100 2022 (tCO 2 e) 86 83 93 90 ROYAL GOLD CORPORATE TOTAL SCOPE 2 AND 3 GHG EMISSIONS 2023 2021 2020 0 160 320 480 640 800 2022 (tCO 2 e) 155 127 499 400 1 Our scope 2 corporate emissions are calculated internally and include our Denver, Toronto and Lucerne offices, which cover about 97% of our Company (30/31 employees in 2022). Our Vancouver office, which consists of a single office let in a third-party space, is omitted from the totals as associated energy consumption data are not readily available. Royal Gold uses emissions factors from government sources and the Greenhouse Gas Protocol’s GHG Emissions Calculations Tool to determine scope 2 corporate emissions. 2 Our scope 3 corporate emission calculations include employee business travel; these are provided by a third party, Egencia. Our employee commuting emissions are calculated internally. Egencia uses emissions factors from the United Kingdom’s Department for Environment, Food and Rural Affairs. Our scope 3 corporate emissions cover 100% of all Royal Gold employees. 3 Emissions in 2020 and 2021 are low due to limited travel during COVID. Denver, Colorado Toronto, Ontario Lucerne, Switzerland ROYAL GOLD CORPORATE SCOPE 3 GHG EMISSIONS 2,3 2023 2021 2020 0 80 160 240 320 400 2022 Employee business travel Employee commuting (tCO 2 e) 68 44 406 310 Employee business travel Employee commuting ROYAL GOLD CORPORATE ENERGY CONSUMPTION Estimated indirect grid electricity purchased (market-based) 2023 2021 2020 0 80 160 240 320 400 2022 (MWh) 247 250 275 258 Denver, Colorado Toronto, Ontario Lucerne, Switzerland