About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 34 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR MANAGEMENT TEAM’S ROLE IN INVESTMENT STEWARDSHIP Direct management responsibility for the risks inherent in the business, including ESG risks such as climate change, is assigned to our President and CEO. The sustainability of our business largely depends on our ability to identify and manage risks inherent in our interests and is therefore central to the development of our corporate strategy and ongoing oversight. Enterprise Risk Management Committee Royal Gold’s enterprise risk management (“ERM”) program aims to actively identify, assess and mitigate the Company’s top risks associated with its operations and revenue-generating properties. We organize our risks within a set of broad subjects that are captured in two subject areas: Business sustainability: We look to identify issues associated with changing laws and social norms on portfolio investments and business opportunities. Investment portfolio performance: We look to identify issues that will impact the operations that generate revenue from our streams and royalties over the short, medium and long terms, which would capture issues associated with increasing costs or revenue loss. Enterprise risks, including ESG risks, are monitored by the members of the ERM Committee, which includes members of our senior management team. Input from other members of the Royal Gold team includes individuals with responsibility for new compliance and the technical assessment of our stream and royalty interests. The ERM Committee meets quarterly to consider present and potential risks to Royal Gold’s ongoing success and determine appropriate mitigation strategies to execute as appropriate. ESG Committee The Royal Gold ESG Committee is responsible for ensuring that Royal Gold’s sustainability and ESG initiatives are effectively monitored, managed and fulfilled and that issues are reported to the CNG Committee as appropriate. The ESG Committee’s specific responsibilities include the following: • Annually review ESG policies for relevance, making recommendations for updates to the CEO for CNG Committee approval. • Recommend ESG strategy to the CEO, including priorities, objectives and initiatives related to training, target setting, due diligence, surveys, reports, communication, standards, and assess emerging risks and opportunities aligned with Royal Gold’s ERM program. • Evaluate Operator ESG performance and, in collaboration with the legal department, ensure Operator compliance with ESG-related contractual standards. • Assess Operator charitable/social initiatives and explore opportunities for Royal Gold participation. • Review significant ESG events for potential material reputational and/or financial risks to Royal Gold and/or its Operators. The ESG Committee is a cross-functional management committee and consists of members of Royal Gold senior management with ESG-related expertise in the following areas: ESG, Operations, Compliance, Finance, Investor Relations and Legal and is led by the Vice President, Investment Stewardship. Business development The review of all new investment opportunities is the responsibility of Royal Gold’s senior management and is led by our CEO. These individuals bring extensive experience in the technical, financial and legal aspects of mining project investment, development and operations and may be supported by external experts in subject matter areas including, but not limited to, the following: permitting, geology, resource estimation, construction, mining operations, geotechnical, metallurgy, ore processing, water, tailings management, energy and emissions, community and Indigenous engagement, biodiversity, political risk and offtake marketing and sales. The senior management team presents each particular investment recommendation opportunity to the Board for a final decision.