About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 32 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment Stewardship governance THE ROLE OF OUR BOARD IN INVESTMENT STEWARDSHIP Responsibility for Investment Stewardship oversight is assigned to the CNG Committee of the Board. All committee members are independent under Nasdaq and SEC rules, including enhanced independence rules applicable to audit and compensation committee members. Our CNG Committee determines the areas of expertise required to ensure maximum effectiveness of our Board and its committees for our specific business. The matrix below summarizes the knowledge, skills and experiences related to ESG as held by our Directors. The CNG Committee meets regularly with our senior management team to review investment stewardship and ESG-related risks and opportunities related to our business strategy, including monitoring ESG management practices and management’s progress on Company ESG initiatives. This is detailed further in subsequent sections, under “Investment strategy” and “Environmental stewardship” and is also available in Royal Gold’s 2023 Proxy Statement . 2023 performance • During 2023, the Board met seven times and the CNG Committee held four formal meetings. ESG matters were formally presented and discussed at all CNG Committee meetings. • The full Board reviewed the 2022 ESG Report in advance of publication. • ESG-related recommendations were presented to the Board, such as developing an ESG- focused three-year strategic plan, expanding philanthropic donations and refining ESG-related disclosures. BOARD SKILLS AND DIVERSITY MATRIX In 2023, we improved our Board Skills and Diversity Matrix approach by distributing a self-assessment survey that specifically focused on ESG-related topics with defined definitions. This approach helped our Directors refine their responses and allowed the opportunity to provide more detail on how their unique experiences are linked to specific ESG topics. While there were no substantive changes from the previous year’s results, some of our Directors made adjustments to their experience levels. Royal Gold Director Fabiana Chubbs completed the Institute of Corporate Directors course Board Oversight of Climate Change in 2023. “ Climate change is a topic we as a Board are continuously reviewing and discussing. Given the increasing complexities associated with climate change, I felt the need to increase and expand my knowledge on the subject. I participated in a three-day Board Oversight of Climate Change course in 2023 with 16 of my peers. Together, we discussed various strategies to enhance boardroom discussions on the monitoring and disclosure of climate-related risks.” Fabiana Chubbs Royal Gold Director since 2021