About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 27 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Approach When selecting potential ESG topics for this assessment, a cross-reference of relevant ESG standards (in particular the Sustainability Accounting Standards Board (“SASB”) for the Asset Management & Custody Activities and Metals & Mining industries), peer and mining operator disclosures, as well as our existing ESG priorities was conducted. In total, we considered a total of 14 ESG-related topics. For the purposes of this report, we have disclosed what we believe are our most important ESG topics relating to our mining operator interests and our corporate offices. Compared to our previous ESG priorities assessment, the list of topics assessed has been expanded to include both direct and indirect topics. Indirect topics include risks at the mine site level that are managed by Operators, but nevertheless represent indirect risks or opportunities for Royal Gold. Direct topics include risks at Royal Gold corporate offices affecting its 30 employees. The assessment of responses included both a qualitative and quantitative review of inputs. This approach resulted in two graphs that reflect impact on society and environment along with impact on our financial performance from both a mining operator prospective and Royal Gold corporate office prospective. ESG Priority Assessment Process Identify ESG priority topics Interview Board and select investors and survey employees Analyze outcomes (risk and opportunity assessment) Finalize and update ESG Priority Matrix with CEO and Executive Management guidance “ As part of our annual corporate strategic planning, we will continue to review the results of our ESG priorities assessment and aim to make improvements in our business practices and employee education on the management and understanding of identified ESG risks.” Allison Forrest Royal Gold Vice President Investment Stewardship since 2022