CORTEZ, NEVADA GOLD MINES Nevada, U.S. | 2023 Revenue: $94,546,000 About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 14 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD The Cortez Complex is a series of large open-pit and underground mines, with oxide ore milling and heap leach processing facilities. The open-pits use conventional truck-and-shovel fleets and mining operations move between the various pits over the life of mine plan. Underground operations use large-scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on-site, while refractory ores are shipped to Nevada Gold Mine’s Carlin Complex for processing in its autoclave or roaster facilities. The mine dewatering wells supply the consumptive water used for mining and processing. Electrical power is obtained from the grid and generated from the Western 102 (natural gas) and TS (currently coal but will be converted to natural gas) power plants and power purchase agreements. Mining operations began in 1969, and the Operator estimates that defined mineral reserves and resources will support production past 2040, with the opportunity for the further addition of mineral reserves. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating Low Water stress rating by Aqueduct™ Water Risk Atlas Extremely high Total Recordable Incident Frequency Rate (TRIFR) 1 4th Water consumption intensity (m 3 /GEO) ranking 1st Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Yes IUCN Red List species (located in a 10 km radius of the Project center) 2 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 2nd Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area None Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 2nd Community Investment (US millions) 2 $17.9 1 Industry ranking based on 2022 ICMM data. 2 Total value is for Nevada Gold Mines.