About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 60 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Total energy (direct 1 + indirect 2 ) intensity per GEO shows an upward trend from 2018 through 2022, which we have been able to compile with the help of an energy and emissions database of mining operations compiled by Skarn Associates. As part of our energy compilation efforts, we also have tracked the emissions associated with each unit of both direct and indirect energy consumed (emissions factors). The emissions factors associated with both direct and indirect energy have strong downward trends over the five-year measurement period resulting in a reduction of 13% and 37%, respectively. 1 Direct energy: the energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles, and to produce power and heat on-site. 2 Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy. The improvement in the energy emissions factors is viewed as a positive indicator of our Operators making changes in their mines to address climate change. • The improvement in the energy emissions factor associated with direct energy comes from fuel switching and has been largely impacted by the Pueblo Viejo mine switching from heavy fuel oil for power generation to liquified natural gas (LNG). Further fuel switching at the Pueblo Viejo mine’s lime kilns from diesel fuel to LNG is expected to show further improvement when 2023 energy and emission data are available. • The indirect emissions factor improvement can be largely attributed to Teck Resources’ Andacollo mine in Chile, a Principal Property in our portfolio, which entered into a long-term contract to purchase 100% renewable energy in mid-2020, significantly reducing the GHG emissions associated with each unit of electrical energy. We note that action by some of our other Operators to purchase cleaner power is in progress and would expect improvements to continue. With the improving total energy intensity, we see a downward trend in the amount of GHG emissions associated with each unit of total energy consumed. However, there is no guarantee that any trend will continue as a shift in the revenue generated by a higher energy emissions asset may negatively impact the portfolio’s figures. DIRECT AND INDIRECT ENERGY CONSUMPTION 2018 2019 2020 2021 (Tera Joule) 2022 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2,990 3,240 3,976 3,429 3,537 DIRECT AND INDIRECT ENERGY EMISSION FACTOR 2018 2019 2020 2021 (tCO 2 e/Tera Joule) 2022 0 10 20 30 40 50 60 70 80 70 70 55 62 55 Direct DIRECT AND INDIRECT ENERGY INTENSITY 2018 2019 2020 2021 (Giga Joule/Net Gold Equivalent Ounce) 2022 0 2 4 6 8 10 12 14 16 11.5 12.1 14.0 12.8 13.4 Indirect Total Direct Indirect Total Direct Indirect Total