About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 37 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD ROYAL GOLD PORTFOLIO REPUTATIONAL ESG RISK -10 0 10 20 30 40 50 60 70 80 90 100 -20 -10 0 10 20 30 40 50 60 70 80 90 100 AA A BBB BB B CCC CC C AAA D Company RepRisk Index (RRI - Peak) Country RepRisk Index (RRI - Peak) 1 2 3 4 5 6 7 8 9 10 11 14 12 13 C CC CCC B BB BBB A AA AAA RRR Calibration and Risk Indication AAA, AA, A – low ESG risk exposure BBB, BB, B – medium ESG risk exposure CCC, CC, C – high ESG risk exposure D – very high ESG risk exposure Circle Size Denotes Asset Relative Net GEOs 1 6 11 2 7 12 3 8 13 4 9 14 5 10 For an in-depth understanding of Royal Gold’s investment strategy, approach to due diligence and how we understand and monitor our assets, please refer to our website. Royal Gold 2022 South Laverton Northern Star Resources Ltd. Voisey’s Bay Vale Canada Ltd Rainy River New Gold Inc. Cortez Nevada Gold Mines LLC Mount Milligan Centerra Gold Inc. Marigold SSR Mining Inc. Robinson KGHM Polska Miedz SA Andacollo Compania Minera Teck Carmen de Andacollo Dolores Pan American Silver Corporation Xavantina Ero Copper Wassa Golden Star Resources Ltd Peñasquito Minera Peñasquito SA de CV Khoemac a u Khoemac a u Copper Pueblo Viejo Pueblo Viejo Dominicana Corp Jurisdictional ESG risk Understanding the jurisdictional risks of a project’s ongoing or planned operations is a key component of both our due diligence review and portfolio monitoring processes. As part of our evaluation of a potential new business opportunity, we assess geopolitical risk and consult third-party experts when necessary for an independent perspective on the political, social and permitting environment in the country where the opportunity or operation is located. In addition, as part of our review for new business opportunities and for portfolio monitoring, we consult RepRisk, an ESG analytics firm, to understand ESG and business conduct risk. RepRisk maintains a database that assigns ESG risk scores to both companies and countries. The RepRisk Index (“RRI”) is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks. The RRI ranges from 1 (lowest) to 100 (highest). Our assessments track the RRI for both countries and operating companies. The Country RRI provides accurate and dynamic information on ESG risks and how they impact companies doing business or investing in a specific country. It provides meaningful insights into potential financial, reputational and compliance risks, such as human rights considerations, poor working conditions, corruption and environmental degradation. Using both the RRI for operating companies and the Country RRI where operations are situated allows us to assign a RepRisk Rating (RRR) for an asset, which ranges from AAA to D. The graphic to the left provides a portfolio assessment of the ESG reputational risk for 2022, weighted by net GEOs from each asset. Overall, our portfolio has a weighted average RRR of “BBB.” The results indicate a high quality portfolio with zero revenue from assets carrying an ESG rating of “D.”