About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 35 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD CORPORATE STRATEGIC PLANNING Our management team meets to discuss the corporate strategy, including annual, short-term and long-term goals. Management’s process for reviewing ESG matters is summarized in the figure below. Board of Directors Enterprise Risk Management Senior management team Considers present and potential risks to Royal Gold’s ongoing success, including ESG and climate change considerations, and determines appropriate risk mitigation actions and strategies ESG Committee Senior management team Ensures that Royal Gold’s sustainability initiatives are effectively monitored, managed, and fulfilled. Business Development Senior management team Ensures that Royal Gold completes thorough due diligence and risk assessments for potential new stream and royalty opportunities, including climate and climate change risks Corporate Strategic Planning Senior management team Comprehensive Strategic Plan, including Sustainability and climate change objectives, with annual short-term and long-term goals Report quarterly and as otherwise appropriate to the CNG Committee Opportunity specific presentation materials to full Board (two separate presentations) Report quarterly and as otherwise appropriate Oversight and direction provided as required; ERM program reviewed annually Provides direction and approvals/ rejections as required Strategic Plan presented annually RISKS AND OPPORTUNITIES ESG ALIGNMENT IN EXECUTIVE COMPENSATION The CNG Committee sets annual targets for business integrity and risk management, which includes ESG performance as part of our annual short-term incentive compensation (bonus) program for all Company personnel. These targets are intended to align Company performance with the interests of our shareholders and other stakeholders. ESG factors the Board considered in 2023 included publishing our second ESG report, addressing issues commonly raised in investor engagement, demonstrating advancement on TCFD disclosures, continuing to make community contributions and contributing to diversity and inclusion initiatives. Our ESG strategy is reviewed annually, at a minimum, by our President and CEO together with senior management and is modified as necessary as part of our corporate strategic planning and ERM processes. Senior management then presents relevant updates to the members of the CNG Committee. This input from Royal Gold management to the Board and its committees enables an integrated approach to ESG as part of our overall risk management effort.