About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 9 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Stream and royalty interests are defined as follows: Royalty: A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metal produced from the mine after deducting contractually permitted costs, if any. Stream: A stream is a contractual agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine at a predetermined price for the life of the agreement. Stream and royalty interests can be acquired by Royal Gold either directly from a mining company, from a third party or through M&A. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, the financing provided by Royal Gold is typically directed by Operators toward three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity ROYALTY VS. STREAM Royalty Operator Purchase price to acquire royalty Percentage of revenue or metals (subject to relevant deductions) Stream Physical metal delivery Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) Operator Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage ESG matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates ESG considerations into our corporate practices, our investment decisions and our relationships with our Operators. Phase of Project Exploration Royalty Development Royalty Stream Production Royalty Stream Royal Gold interests may include the right to finance future and/or further project development Proceeds generally used towards exploration or early project development Proceeds generally used towards project development Proceeds generally used towards production expansion, development of new projects, or other corporate purpose Typical Interest Size ~$5M–$15M ~$50M–$300M ~$200M–$1B+