About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 105 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PORTFOLIO WATER CONSUMPTION INTENSITY SUMMARY Royal Gold net GEOs 2 (%) Royal Gold attributed consumption 5 Consumption intensity (validated) Industry quartile ranking 10 Year 1 (ML) (kL/GEO) (kL/t ore treated) kL/GEO kL/t ore treated Properties with Water Consumption Estimates 2018 98.0% 5,838 23 0.62 4th 2nd 2019 97.9% 5,683 22 0.57 4th 2nd 2020 99.1% 5,685 21 0.53 4th 2nd 2021 99.4% 6,146 22 0.51 4th 2nd 2022 99.4% 6,566 25 0.60 4th 2nd Properties Without Water Consumption Data 6 2018 2.0% 119 2019 2.1% 120 2020 0.9% 52 2021 0.6% 34 2022 0.6% 37 Total 2018 100.0% 5,956 23 0.62 2019 100.0% 5,803 22 0.57 2020 100.0% 5,737 21 0.53 2021 100.0% 6,181 22 0.51 2022 100.0% 6,603 25 0.60 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 Gold equivalent ounces (“GEO”) production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 117 for complete definition). 3 Royal Gold’s interest is either a portion of the mineral properties or part of a complex, and water usage is assumed to be equally proportioned to all GEOs. 4 Mine site water consumption estimates were compiled by Skarn Associates and we have relied on their database for emissions presented for gold and copper mining operations. 5 Royal Gold’s attributed water consumption = Site consumption x Royal Gold % of site production. 6 Water consumption for mineral properties that were not included in the Skarn Associates database have been assumed to be equal to the average of the portfolio. 7 Beginning January 1, 2023, Wassa is no longer considered a Principal Property. 8 Stream interest was acquired in 2021. 9 Production was initiated in 2021. 10 Industry quartile ranking is based both on Skarn Associates’ water consumption intensity curve for gold production (kL/oz Au) and their water consumption intensity curve for copper production (kL/t Cu). Operations are benchmarked against the gold production intensity curve unless otherwise indicated with the designation “(Cu)” indicating the ranking is based on the copper water consumption intensity curve.