About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 66 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR TAILINGS MANAGEMENT The safety of people and neighboring communities and the protection of the environment are top priorities. Concerns over tailings and waste products from mining and ore processing underscore the importance of proper management and storage to ensure chemical and physical stability, meeting public safety and regulatory standards. Our approach As part of our due diligence with respect to new business opportunities, we identify potential risks associated with tailings storage, including reviews of a site’s seismic, hydrological and geotechnical characterization; the design of facilities used to store waste; management monitoring plans for the storage facilities; and emergency planning in the event of a facility failure. We typically enlist geotechnical expertise to assess each site’s unique conditions, comparing facility designs and operations against international guidelines like the Canadian Dam Association and the Global Industry Standard on Tailings Management. This evaluation helps us gauge how Operators handle this critical aspect of their projects. In some cases, our due diligence reveals substandard tailing storage practices, leading us to discontinue the pursuit of those opportunities. We possess restricted access to properties under stream agreements and site access to those classified as Principal Properties, including Cortez but not Peñasquito, where we hold royalty interests. Interacting with site personnel and robust Company disclosure aids in our understanding that sites have undergone inspection by the Engineer of Record and an independent third party. In 2023, all six Operators of our Principal Properties disclosed details of their tailings storage facilities and operating practices, and we estimate that properties generating 85% revenue provide some level of disclosure on their tailings storage facilities. Given the heightened public profile associated with tailings storage, we have provided links on our website to the tailings management disclosures presented by our stream and royalty Operators. LaRonde Zone 5 , Agnico Eagle Mines Limited, Quebec, Canada