About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 18 KHOEMAC A U , CUPRIC CANYON CAPITAL 1 Ngamiland, Botswana | 2023 Revenue: $34,602,000 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Khoe mac a u is a copper-silver mine located within the Ngamiland District of Botswana; it consists of an underground mine, Zone 5, and the Boseto ore- processing plant, separated by a distance of 35 km. The Boseto plant is accessed from the town of Maun and is approximately 25 km southwest of the town of Toteng. The 10,000-tonne per day operation includes a mechanized underground mine from the Zone 5 orebody and the Boseto sulfide flotation plant. The ore-processing plant utilizes conventional crushing, grinding and sulfide flotation facilities to generate a copper–silver concentrate. This concentrate is transported either 1,800 km to the Port of Durban in South Africa or 1,200 km to the Port of Walvis Bay in Namibia. Power is provided to the project through an extension to the national power grid, with energy supplied by the Botswana Power Company (predominantly coal fire power plants). Process water for the Boseto mill is produced from a shallow well field that produces brackish water; water for Zone 5 is produced from a freshwater wellfield. Production was initiated in July 2021. The operation has a mine life based on current ore reserves and resources of 20 years, with the Operator estimating a high potential for mine life extension. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating High Water stress rating by Aqueduct™ Water Risk Atlas Arid and low water use Total Recordable Incident Frequency Rate (TRIFR) 2 2nd Water consumption intensity (m 3 /GEO) ranking 3rd Tailing management disclosure Not reported ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Not reported IUCN Red List species (located in a 10 km radius of the Project center) 14 Corporate diversity and inclusion commitment Not reported GHG emissions intensity (tCO 2 e/GEO) ranking 4th Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area Okavango Delta System Corporate Human Rights Policy Not reported Total energy intensity (GJ/GEO) ranking 1st Community Investment (US millions) Not reported 1 MMG Limited acquired Cupric Canyon Capital and the Khoe mac a u Mine effective March 22, 2024. 2 Industry ranking based on 2022 ICMM data.