About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 57 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OFFSETTING OUR CORPORATE EMISSIONS Since 2020, we have acquired verified carbon credits to offset scope 2 and 3 corporate emissions that we otherwise have been unable to eliminate, thus achieving carbon neutrality in our corporate operations. We commit to achieving carbon neutrality for our corporate operations and will continue to work to reduce our carbon footprint. Historically, we purchased verified carbon credits generated from the Manantiales Behr Wind Power Plant in Argentina from Mercuria Energy, a global energy and commodity trader with offices worldwide. To offset our 2022 and 2023 scope 2 and 3 corporate emissions, we purchased verified carbon credits through Anew Climate, LLC, a leading climate solutions company that offers environmentally focused products, services and investments that support decarbonization, including the sale of verified carbon credits. Our 2022 carbon offsets were sourced from the Blue Ridge Escarpment Forest Management Carbon Removal Project in South Carolina, U.S., and our 2023 carbon offsets were sourced from the GreenTrees Reforestation Project in Arkansas, U.S. GreenTrees Reforestation Project – Reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley GreenTrees is reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley. To date, GreenTrees has planted over 42 million trees on 120,000 acres, in partnership with private landowners. The tree plantings have generated millions of tons of verified carbon credits that are registered on the American Carbon Registry (“ACR”). These credits account for the vast majority of domestic forestry credits ever registered on the voluntary market. In recognition of its vision in building toward a 1,000,000-acre goal, the American Carbon Registry (“ACR”) awarded GreenTrees the Innovation Award in April of 2018. GreenTrees has delivered and/or retired millions of tonnes of carbon offsets to corporations and municipalities including Duke Energy, Norfolk Southern, and the Arbor Day Foundation. Technology and mechanism Reforestation: Replanting trees in a previously forested area Mechanism: Removal Durability: Permanence: 40+ years. The durability of this project is 40 years, based on its crediting period. However, the project is designed to have incentives to keep project lands permanently in forest. Project details Emissions reduced or carbon removed on an annual basis: 526,702 tonnes Project certifications Certifier: ACR Standard: American Carbon Registry Registry ID : ACR114 SDG Alignment: GreenTrees ACRE (Advanced Carbon Restored Ecosystem)