About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 26 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment stewardship priorities assessment STAKEHOLDER AND INVESTOR ENGAGEMENT Through regular and transparent engagement with stakeholders, we ensure that our strategies, activities and reporting align with the interests of those affected by our business. This extends to proactive engagement with investors, emphasizing dialogue, transparency and responsiveness. In 2023, we conducted over 142 meetings with current and prospective investors. ESG matters were discussed in approximately 11% of those meetings and they constituted the sole topic in approximately 1% of those meetings. Topics covered during those engagements included performance; feedback on our previously disclosed ESG reports; and other ESG topics such as climate, safety and biodiversity. We value stakeholder feedback and commit to ongoing open dialogue on corporate governance, sustainability and other relevant business matters. Royal Gold regularly engages with industry associations and other stakeholder groups. We are an active participant in the World Gold Council Sustainability Task Force , which meets monthly to discuss ESG matters. Royal Gold also participates in the National Mining Association’s ESG Stakeholder monthly meetings and has recently started regular engagement with the Aqueduct Alliance on water matters since becoming a member in 2023. ESG PRIORITY ASSESSMENT Royal Gold has been conscientious in evolving ESG strategy and has raised its awareness of stakeholder perceptions and needs. Different stakeholders expect information not only on how ESG risks may financially affect a company but also how a company’s actions may impact the environment and society. In 2023, with the help of our ESG consultant, Millani, we updated our approach to assess ESG risks and opportunities from both a financial and an impact perspective. As part of this undertaking, three main stakeholders were engaged: 1) our investors, 2) our Board and 3) our employees. In 2023, select investors were interviewed to gather their views on our most important ESG topics, disclosures and climate strategy. Royal Gold’s Board members were also interviewed during this process to gather perspectives on the Royal Gold ESG strategy and ESG risks and opportunities and to understand how our Directors perceive our performance and efforts to date. Finally, more recently, we conducted an employee perception survey that allowed us to reevaluate current and identify new ESG-related topics that are important to our Company from a financial and operational perspective. This survey also aimed to understand the most significant external impacts of Royal Gold on the environment and society. These combined efforts have helped us to update our ESG Priority Topic Matrix below. PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance PRIORITY TOPICS – OUR CORPORATE OFFICES PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance