About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 23 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD 2 Competition and Capital Markets IMPACT Increased competition for new business opportunities from debt providers, the capital markets and other royalty and streaming companies can result in fewer investment opportunities and lower returns and impact our ability to meet strategic growth goals. MITIGATION AND COMMENTARY We seek to maintain flexibility in the structuring of transactions to address the unique needs of each potential counterparty, identify opportunities with excellent upside that warrant a focus on longer term returns and stress the advantages of royalty and stream financing relative to other sources of capital. 2023 Summary During 2023, available capital from the debt and equity markets for precious and base metal mining companies and projects remained relatively limited due to higher interest rates and lower interest in mining equities. MINING DEBT ISSUANCE (US$M) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2019 2020 2022 2023 2021 MINING EQUITY ISSUANCE (US$M) 0 1,000 2,000 3,000 4,000 5,000 2019 2020 2022 2023 2021 Source: RBC Capital Markets Global Precious Metals Equities Outlook January 2024. Precious Base Diversified, Bulk and Other Precious Base Bulk and Other TRANSACTION DEAL VALUE (US$B) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2023 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2019 2020 2021 2022 Source: National Bank Financial Stream and Royalty Sector Update December 2023. Stream Royalty Corporate