2023 Investment Stewardship Report

2023 Investment Stewardship Report

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 2 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Table of Contents A message from our Chief Executive Officer 3 About this report 4 2023 highlights 5 In conversation: A roundtable discussion with members of our Board 6 About Royal Gold 8 Where we are 11 Principles of Investment Stewardship 19 Investment Stewardship – Discussion of risk 21 Investment stewardship priorities assessment 26 Governance 29 Corporate governance 30 Investment Stewardship governance 32 Key policies related to ESG 38 Human rights 39 Cybersecurity 40 Taxes, associations and political contributions 41 Our People 42 Talent attraction and retention 43 Diversity and inclusion 44 Health and safety 45 Supporting Our Operators and Communities 46 Community investments and relations 47 Mining community contribution highlights 47 Local office community contribution highlights 51 Other contribution highlights 53 ESG Stewardship 54 Climate change 55 Operator ESG performance 58 Legal matters 70 Appendices 71 ESG scorecards 72 Operator production performance 75 Operator energy consumption 82 Operator GHG emissions 90 Operator water consumption 98 Operator ESG frameworks and standards 106 GRI index 108 TCFD index 112 SDG index 113 Glossary 114 GHG emissions footprint calculation methodology 117

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 3 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD A message from our Chief Executive Officer As we embarked on preparing this report, we considered the need to expand its scope. We are mindful of our responsibility not only for managing risks that fall under the umbrella of ESG but also for managing the many other risks inherent in our stewardship of the business. We decided to reimagine this publication as a report of Investment Stewardship . There are numerous definitions of investment stewardship in the market today, few of which fit our role as a passive investor with limited ability to influence the decisions of Operators. We define investment stewardship as the responsible allocation, management and oversight of our capital to create value for our stakeholders. In this report, we have chosen to integrate more of the risks we face as stewards of our business. In addition to ESG risks, we regularly evaluate risks associated with broad market factors such as changing commodity prices and interest rates, the availability of competing sources of capital for mining projects, the availability of alternative investments to our stockholders such as alternative investments, technical risks associated with the development and operation of our portfolio of investments, geopolitical events, cybersecurity and regulatory changes in the jurisdictions where we maintain our stream and royalty interests. Our ability to properly manage these risks is reflected in the ultimate assessment of our business: the valuation premium investors are willing to pay for Royal Gold shares. We are aware of the heightened sensitivity to the term “ESG” in markets and political discourse, particularly in the United States. Nevertheless, the risks covered by the acronym ESG remain deeply embedded in the way we do business and an inability to address them would diminish our valuation. We have not moved away from these core factors, nor from using the term “ESG” where appropriate. Instead, we will address ESG risks in a broader discussion aimed at assisting our stakeholders’ understanding of risks facing our business. Similarly, our Vision, Mission and Core Values, first outlined in our 2021 ESG Report, remain unchanged, and this report will give you a sense for how we have applied those to our People, our Principles and our Processes as discussed on page 20 . Our experienced team is committed to conducting our business in a professional, honest and transparent manner. Our Board has the requisite diversity of skills to support us in the management of our business. In this report, we have grouped our corporate risks into six categories: 1) Economic Factors and Metal Prices, 2) Competition and Capital markets, 3) Technical Risks, 4) Leverage and Liquidity, 5) Regulatory, Political and Sustainability, 6) Reputation and Investor Sentiment, which collectively outline our approach to Investment Stewardship. We also summarize key events and important milestones from 2023. Interspersed in these discussions are the same rigorous descriptions of those key factors in the areas of the environment, human capital and corporate governance. During the reimagination of this report, we also decided to publish a separate Climate Report, which we believe provides our investors and stakeholders with more comprehensive information relating to our climate change risks and opportunities. “ I hope you appreciate our efforts to broaden the discussion of risk in this report. I thank you for taking the time to review this report and, as always, my team and I welcome comments or questions.” Sincerely, William H. Heissenbuttel President and Chief Executive Officer

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 4 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD About this report Royal Gold is committed to publishing an Investment Stewardship Report (“ISR”) annually. Within this report our stakeholders will find detailed information regarding our internal processes as they relate to risk management, ESG considerations and specific information on the ESG performance of the revenue- generating portion of our portfolio, including our “Principal Properties.” Our Principal Properties consist of six existing interests that in 2023 provided approximately 71% of our annual revenue. We define our streaming and royalty investments as “interests” and we refer to our mining company counterparties as our “Operators.” Our second ESG report, released in April 2023, included expanded TCFD disclosure. In 2024, we made the decision to publish a stand-alone climate report that aims to provide our investors and stakeholders with more expansive reporting against the TCFD disclosure guidelines. Six Principal Properties and an additional five regions or jurisdictions are considered in our climate scenario analysis, which in total constituted approximately 92% of our net GEOs in 2022. We will continue to publish Operators’ climate-related performance in the ISR annually and anticipate that the Climate Report, which includes more detailed information on climate change generally, will be updated periodically. We expect our future ISR and Climate Report will continue to evolve in both content and key areas of focus. The scope of this report includes ESG- related information for our Royal Gold corporate operations from December 31, 2022, to December 31, 2023. Due to the delayed timing of availability of production and emission data from our Operators, we report Operator data from December 31, 2021, to December 31, 2022. In cases where the report features forward- or backward-looking information to support the narrative, we have specified the referenced time period. This report is aligned with the Global Reporting Initiative (“GRI”) Standards, the United Nations Sustainable Development Goals (“SDGs”) and the Task Force on Climate-related Financial Disclosure (“TCFD”). In many cases, the most fulsome dataset and full scenario analysis for a given asset may be best reported by the Operator of that asset; however, we will endeavor to provide stakeholders with a straightforward assessment of the risks and ESG performance associated with our Principal Properties. We continue to refine our ESG performance scorecards for both our corporate offices and our Operator’s mines, summarizing what we believe are the key performance metrics of our business and our royalty and stream assets. The scorecards ( page 72 ) are supported by Operator data in the Appendices ( page 71 ). The Appendices also contain Royal Gold’s disclosures with reference to the GRI and TCFD standards and can be found on pages 108 and 112 , respectively. Unless otherwise noted, all amounts are in U.S. dollars. We welcome your questions and feedback on our report or performance. Please send your questions or comments to investorrelations@royalgold.com . LEARN MORE Click cover to access our Climate Report ROYAL GOLD OPERATOR FOOTPRINT CALCULATION METHODOLOGY OVERVIEW Royal Gold uses the attribution factor, net gold equivalent ounces production (“net GEO”) for its weighted GHG emissions, energy consumption and water consumption from each Property in which we hold a stream or royalty interest. This allows us to compare royalty and stream interests on an equivalent basis. This methodology is used to determine the environmental footprint that can be attributed to our beneficial interests in Properties. Our Operators’ GHG emission and energy and water consumption estimates were compiled by Skarn Associates, an independent ESG data analytics firm. We have relied on Skarn Associates’ database for energy, emissions and water consumption information for gold and copper mining operations. Royal Gold is an active participant in the World Gold Council Sustainability Taskforce, which is working to improve the streaming and royalty industries’ calculation methodologies, as there is currently no consistent standard for the industry. A detailed description of our methodology is included on page 117 of this report. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories, scope 3 corporate emissions and scope 3 investment emissions. We have done this because, as a passive investor, we do not have direct influence or control over the Operator’s emissions but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scope 1 and 2 emissions arising from our portfolio Operators.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 5 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD 2023 highlights $1.2M contributed to support organizations in our office and mining Operator communities Supporting 5 schools with academic scholarships to develop the industry’s next generation of leaders 100% scope 2 and 3 corporate emissions offset, achieving carbon neutrality for four consecutive years, from 2020 to 2023 1 1st year publishing a separate Climate Report and 3rd year reporting in alignment with the TCFD framework 5 years of a declining trend in GHG emission intensity for our scope 3 investment emissions 98% of scope 3 investment emissions were successfully tracked and reported 1 25% of our senior management identified as female 0% annualized employee turnover rate 1 In this report, we segment scope 3 corporate emissions into those arising from our corporate activities (which we refer to as our scope 3 corporate emissions) and those of our portfolio Operators (which we refer to as our scope 3 investment emissions). We have done this because, as a passive investor, we do not have direct influence or control over the Operator’s emissions but do manage and assert more control over our own direct footprint. Our scope 3 corporate emissions are largely those associated with business travel and employee commuting.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 6 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD In conversation: A roundtable discussion with members of our Board Royal Gold Board of Directors, Bill Hayes, Sybil Veenman and Jamie Sokalsky reflect on topics from investment stewardship to climate, underscoring risk management as a long-standing and fundamental aspect of operating the business in a responsible and sustainable manner. William M. Hayes Chair Independent Director Jamie C. Sokalsky Chair, Audit Committee Independent Director Sybil E. Veenman Chair, Compensation, Nominating and Governance Committee Independent Director Q. Royal Gold made a purposeful shift from ESG to Investment Stewardship with this report. Why is this an important distinction? Sybil Veenman: Personally, I’ve found the term ESG to be overly broad, covering a vast array of topics from climate and water use to human capital and cybersecurity. These and other topics that fall under the ESG label have always been considerations for managing our business for strong, sustainable returns in a responsible manner. The recent shift to investment stewardship resonates with our business model as we are primarily passive investors with indirect influence. Investment stewardship, as a term, reflects a more comprehensive view of our investment decision-making, considering not just environmental and social aspects but also market dynamics and geopolitical events. It’s simply a more accurate description of what we do, offering a better starting point for educating stakeholders about our business model and the challenges we face. Bill Hayes: Regardless of the shift in terminology, we haven’t changed the way we do business. We will continue to disclose our risks, report the way we manage them and share that story, whether it is through policies, statements or in a consolidated report like this one. We have a strong history of telling our stories – positive and negative – and that differentiates us.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 7 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Q. Have you seen any significant changes in the issues that are being brought forward in this reporting year when compared to prior reports? Sybil Veenman: This report is a continuation of robust ESG disclosures we have made in the past while integrating our new investment stewardship themes. One important change we made this year to our Board activities is increasing the time of our Compensation, Nominating and Governance (CNG) Committee meetings, which has given us more time to discuss and evaluate topics related to sustainability. Climate continues to be an important topic of our discussions. Our own climate impacts – that is, our direct corporate- related impacts – are relatively easy to explain and understand, but our role as an investor and lack of influence for the climate impacts of the assets we are invested in is more complicated. Jamie Sokalsky: Climate is an example of a challenge for us as we try to deepen our disclosures because we do not control the actions of our Operators. Externally, we see increasing pressure from regulators and investors on climate matters, and as a result, we are having ongoing discussions about how we manage and report our attributable emissions. The publication of our first climate report this year is a step in the right direction for more in-depth climate reporting. Q. As the world changes across many dimensions, so do the risks to our business. How does Royal Gold evolve its approach to investing and meeting shareholder expectations for managing these risks? Bill Hayes: We have integrated new tools to help us better assess risks associated with water stress and we are taking a closer look at biodiversity risks to new and existing portfolio interests. I believe these measures will enhance our already robust due diligence and operational oversight systems. Our management team continuously looks for new and integrative ways to address operational risks while balancing stakeholder expectations. Jamie Sokalsky: Our team has in-depth experience overseeing varying levels of risk in many different jurisdictions. When comparing today versus a decade ago, we are reviewing much more closely, and trying to anticipate, regulatory change and stakeholder requirements with respect to climate, water stress, etc. Many of our Operators have successfully navigated or continue to navigate increasing political uncertainty while adapting to regulatory change and managing stakeholder concerns. Bill Hayes: Many investors expect the highest possible returns; however, we need to maintain balance in our portfolio and really, what we are seeking here as a company, and as a Board, is balance. We are running a business with shareholders waiting for dividends and stakeholders waiting for projects that aim to contribute positively to local economies. I am confident we are well positioned to maintain our focus through our stewardship of a diverse investment portfolio and a balanced approach to sustainability. Q. How do you decide which Operator communities to support? Bill Hayes: We are actively and creatively looking to support our Operators, the local communities where we have offices and the mining industry at large, and we seek projects where we can contribute and make a meaningful difference. One approach we’ve taken with respect to our Operators is a contribution based on gold equivalent ounces produced. We are proud to see our contributions go toward the development of a functioning medical clinic in Botswana where there wasn’t one last year. We strive to make contributions that are good for the community and our Operators.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 8 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD About Royal Gold Royal Gold, Inc. and its consolidated subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” and “our”) is a leading precious metals stream and royalty company that owns passive stream and royalty interests in producing mines and development projects operated by several of the world’s most well- known mining companies. We refer to these third parties as our “Operators.” Royal Gold common shares are listed and traded on the Nasdaq Global Select Market under the symbol “RGLD.” We focus on building and managing a diversified and cash-flowing portfolio of interests in producing mines by aligning with experienced operators while creating a pipeline of earlier-stage assets that have the potential to be cash-flowing in the future. PORTFOLIO MANAGER VS. MINE OWNER AND OPERATOR Royal Gold does not actively own or develop mining properties or participate in mining activities at the properties where we hold stream and royalty interests; instead, our stream and royalty interests are passive interests in mine production. The properties where we hold interests span various stages of mining project development, from the initial stages of exploration and evaluation through to development and production. Our Operators make all development and operating decisions, and in general, we have limited to no influence regarding the development or operation of the mineral properties through the contractual arrangements we put in place, or that are already in place, when an investment is initiated and over the course of our relationship. Our management team has significant industry experience and is well equipped to evaluate new opportunities by performing project, Operator and country due diligence, and manage the existing portfolio of stream and royalty interests. Our scalable business model also allows us to effectively manage our business with a small team of professionals.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 9 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Stream and royalty interests are defined as follows: Royalty: A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metal produced from the mine after deducting contractually permitted costs, if any. Stream: A stream is a contractual agreement that provides, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine at a predetermined price for the life of the agreement. Stream and royalty interests can be acquired by Royal Gold either directly from a mining company, from a third party or through M&A. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, the financing provided by Royal Gold is typically directed by Operators toward three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity ROYALTY VS. STREAM Royalty Operator Purchase price to acquire royalty Percentage of revenue or metals (subject to relevant deductions) Stream Physical metal delivery Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) Operator Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage ESG matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates ESG considerations into our corporate practices, our investment decisions and our relationships with our Operators. Phase of Project Exploration Royalty Development Royalty Stream Production Royalty Stream Royal Gold interests may include the right to finance future and/or further project development Proceeds generally used towards exploration or early project development Proceeds generally used towards project development Proceeds generally used towards production expansion, development of new projects, or other corporate purpose Typical Interest Size ~$5M–$15M ~$50M–$300M ~$200M–$1B+

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 10 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD WHO WE ARE As of December 31, 2023, Royal Gold employed a team of 30 employees, 22 of whom work from our headquarters in Denver, Colorado. The remaining eight employees work from our offices in Switzerland and Canada. We continually strive to be the “gold standard” in all that we do by observing high ethical standards, maintaining a reputation for open communication and accountability, and meeting our obligations under law and publicly traded company listing rules. HOW WE MANAGE OUR BUSINESS We strive to be a trusted steward of shareholder capital and a valued source of finance to Operators, by maintaining high standards of business ethics and personal integrity. Our ability to identify and manage present and potential risks in our business is central to our corporate strategy and risk management and integral to the long-term success of our Company. This includes our review of new opportunities for investment, the acquisition of existing stream or royalty interests obtained from third parties, and the ongoing oversight and management of our stream and royalty interests. A disciplined approach to due diligence and portfolio monitoring is embedded in our processes for developing new business, and we regularly monitor the ESG performance in our existing portfolio using public and non-public information, supported through communications with Operators and site visits. Site visits typically occur on an annual basis for our Principal Properties (as defined below) and we may engage through other means more frequently when actual or potential issues are identified. Pueblo Viejo , Barrick Gold Corp., Sánchez Ramírez, Dominican Republic As of December 31, 2023, we have six material (or principal) stream and royalty interests: Andacollo, Cortez, Mount Milligan, Peñasquito, Pueblo Viejo and Khoemac a u. 1 1 Royal Gold management periodically reviews the materiality of individual royalty and stream interests within the portfolio. In making this determination, management considers primarily estimated future revenue and, to a lesser extent, historical revenue. Estimated future revenue is based on several factors, including mineral reserves and resources subject to our stream and royalty interests, production estimates, feasibility studies, technical reports, metal price and mine life assumptions.

1 5 6 4 3 2 Where we are About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 11 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD As of December 31, 2023, Royal Gold owned stream and royalty interests covering 178 producing, development, evaluation and exploration-stage properties located in some of the world’s most prolific mining regions. Royal Gold’s revenue is sourced from a geographically and operationally diverse portfolio of primary precious metals and polymetallic mines. PRINCIPAL ASSETS 1 Andacollo Coquimbo Region, Chile 2 Cortez Nevada, United States 3 Khoemac a u Ngamiland, Botswana 4 Mount Milligan British Columbia, Canada 5 Peñasquito Zacatecas, Mexico 6 Pueblo Viejo Sánchez Ramírez, Dominican Republic 1 5 6 4 3 2 178 Total Properties 6 Principal 37 Producing 22 Development 52 Evaluation (not shown on map) 67 Exploration (not shown on map )

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 12 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR PRINCIPAL PROPERTIES Our Principal Properties consist of six producing mines subject to our stream and royalty interests, which in 2023 generated approximately 71% of our annual revenue. For each of the properties featured in this section, we’ve highlighted its Operator, the revenue generated by Royal Gold, and Operator ESG highlights. ROYAL GOLD’S REVENUE BREAKDOWN OF PRINCIPAL PROPERTIES FOR THE CALENDAR YEAR 2023 $USD $430,254,000 Subtotal of Principal Properties $605,717,000 Total revenue Mount Milligan 26% $158,167,000 Other properties 29% $175,463,000 Peñasquito 3% $17,772,000 Khoemac a u 5% $34,602,000 Andacollo 8% $48,920,000 Pueblo Viejo 13% $76,247,000 Cortez 16% $94,546,000 Peñasquito , Newmont Corporation, Zacatecas State, Mexico

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 13 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD ANDACOLLO, TECK RESOURCES Coquimbo Region, Chile | 2023 Revenue: $48,920,000 Andacollo is an open-pit mine and processing operation located in central Chile, Coquimbo Region, near the southern limit of the Atacama Desert, approximately 2.4 kilometers (“km”) southwest of the town of Carmen de Andacollo and 55 km southeast of the regional capital of La Serena. The mining operation employs conventional trucks and hydraulic shovels and processes ore through a 55,000-tonne per day copper flotation plant, producing a marketable copper-gold concentrate, which is transported about 56 km to the Port of Coquimbo and shipped to smelters primarily in Europe. Water supply for the operation is from groundwater wells located 50 km from the mine site on the coast near La Serena, and the national grid supplies power with a power purchase agreement providing 100% renewable power. The mine has been operating since 1996 and has a defined life of mine to 2036, with additional mineral resources that could extend mine life. In 2023, Andacollo was awarded the Copper Mark of environmentally and socially responsible production practices. To be verified for Copper Mark, operations are assessed and independently verified against 32 responsible production criteria including greenhouse gas emissions, community health and safety, respect for Indigenous rights and business integrity. ESG Scorecard 1 JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating Moderate Water stress rating by Aqueduct™ Water Risk Atlas Extremely high Total Recordable Incident Frequency Rate (TRIFR) 2 2nd Water consumption intensity (m 3 /GEO) ranking 4th Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Yes IUCN Red List species (located in a 10 km radius of the Project center) 14 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 1st Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area Coquimbo desert scrub Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 4th Community Investment (US millions) $2.0 1 More details on our Principal Properties can be found on page 115 . 2 Industry ranking based on 2022 ICMM data.

CORTEZ, NEVADA GOLD MINES Nevada, U.S. | 2023 Revenue: $94,546,000 About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 14 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD The Cortez Complex is a series of large open-pit and underground mines, with oxide ore milling and heap leach processing facilities. The open-pits use conventional truck-and-shovel fleets and mining operations move between the various pits over the life of mine plan. Underground operations use large-scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on-site, while refractory ores are shipped to Nevada Gold Mine’s Carlin Complex for processing in its autoclave or roaster facilities. The mine dewatering wells supply the consumptive water used for mining and processing. Electrical power is obtained from the grid and generated from the Western 102 (natural gas) and TS (currently coal but will be converted to natural gas) power plants and power purchase agreements. Mining operations began in 1969, and the Operator estimates that defined mineral reserves and resources will support production past 2040, with the opportunity for the further addition of mineral reserves. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating Low Water stress rating by Aqueduct™ Water Risk Atlas Extremely high Total Recordable Incident Frequency Rate (TRIFR) 1 4th Water consumption intensity (m 3 /GEO) ranking 1st Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Yes IUCN Red List species (located in a 10 km radius of the Project center) 2 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 2nd Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area None Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 2nd Community Investment (US millions) 2 $17.9 1 Industry ranking based on 2022 ICMM data. 2 Total value is for Nevada Gold Mines.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 15 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD MOUNT MILLIGAN, CENTERRA GOLD British Columbia, Canada | 2023 Revenue: $158,167,000 Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and-shovel fleet, with ore processed through a 60,000-tonne per day flotation processing plant, to produce a concentrate containing copper, gold and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver, where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Water for the operation is collected from surface run- off and stored in the tailings pond; it is supplemented by pumping groundwater and other surface water resources. Power is supplied by BC Hydro through a 92-km transmission line that is fed from the Peace River hydroelectricity generation facilities. Commercial production was achieved in February 2014, and the operation has a mine life based on ore reserves through 2035. The Operator is completing a preliminary economic assessment to review the potential to extend the mine life. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating Moderate Water stress rating by Aqueduct™ Water Risk Atlas Low Total Recordable Incident Frequency Rate (TRIFR) 1 4th Water consumption intensity (m 3 /GEO) ranking 4th Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Not reported IUCN Red List species (located in a 10 km radius of the Project center) 1 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 1st Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area None Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 3rd Community Investment (US millions) Not reported 1 Industry ranking based on 2022 ICMM data.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 16 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PEÑASQUITO, NEWMONT CORPORATION Zacatecas, Mexico | 2023 Revenue: $17,772,000 The Peñasquito open-pit mine and ore-processing facilities are located approximately 200 km northeast of the city of Zacatecas. The Peñasquito mine has two open-pit mines with a conventional truck-and-shovel fleet. Sulfide ore undergoes processing in a facility with a daily capacity of up to 130,000 tonnes, producing zinc and lead concentrates. Concentrates are shipped by truck to seaports for export or to Mexican smelters. Process water is drawn from groundwater wells in the Cedros basin and pumped to the site. Power is supplied under a power purchase agreement with the Comisión Federal de Electricidad, through the national power grid. Open-pit mining commenced in 2010 with a current mine life out to approximately 2031. The Operator estimates that exploration potential could extend mine life to 2040. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating High Water stress rating by Aqueduct™ Water Risk Atlas Arid and low water use Total Recordable Incident Frequency Rate (TRIFR) 1 3rd Water consumption intensity (m 3 /GEO) ranking 4th Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Yes IUCN Red List species (located in a 10 km radius of the Project center) 10 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 3rd Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area None Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 2nd Community Investment (US millions) $3.0 1 Industry ranking based on 2022 ICMM data.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices PUEBLO VIEJO, BARRICK GOLD Sánchez Ramírez, Dominican Republic | 2023 Revenue: $76,247,000 17 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD The Pueblo Viejo conventional open-pit mine is located in the province of Sánchez Ramírez, approximately 100 km northwest of the national capital, Santo Domingo. The Pueblo Viejo ore is refractory and consists primarily of gold and silver associated with pyrite. Whole ore and sulfide flotation concentrate is fed to the autoclaves for pressure oxidation and subsequently treated in a carbon-in-leach (“CIL”) circuit. Carbon acid wash, elution and smelting produces gold and silver doré bars. The processing plant design capacity is 38,000 tonne per day. An expansion of tailings storage capacity is also underway. Water is supplied by two reservoirs that collect surface run-off. The primary source of electric power for the mine is the Quisqueya 1 power plant, converted to a liquefied natural gas (“LNG”) fuel source from heavy fuel oil in 2020. Located along the southern coast, it connects to the mine through two 230-kV transmission lines. Commercial production was achieved in January 2013 and the mine life is expected to extend to the mid-2040s. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating High Water stress rating by Aqueduct™ Water Risk Atlas Low- medium Total Recordable Incident Frequency Rate (TRIFR) 1 1st Water consumption intensity (m 3 /GEO) ranking 4th Tailing management disclosure Yes ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Yes IUCN Red List species (located in a 10 km radius of the Project center) 30 Corporate diversity and inclusion commitment Yes GHG emissions intensity (tCO 2 e/GEO) ranking 4th Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area Aniana Vargas National Park Corporate Human Rights Policy Yes Total energy intensity (GJ/GEO) ranking 4th Community Investment (US millions) $6.7 1 Industry ranking based on 2022 ICMM data.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 18 KHOEMAC A U , CUPRIC CANYON CAPITAL 1 Ngamiland, Botswana | 2023 Revenue: $34,602,000 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Khoe mac a u is a copper-silver mine located within the Ngamiland District of Botswana; it consists of an underground mine, Zone 5, and the Boseto ore- processing plant, separated by a distance of 35 km. The Boseto plant is accessed from the town of Maun and is approximately 25 km southwest of the town of Toteng. The 10,000-tonne per day operation includes a mechanized underground mine from the Zone 5 orebody and the Boseto sulfide flotation plant. The ore-processing plant utilizes conventional crushing, grinding and sulfide flotation facilities to generate a copper–silver concentrate. This concentrate is transported either 1,800 km to the Port of Durban in South Africa or 1,200 km to the Port of Walvis Bay in Namibia. Power is provided to the project through an extension to the national power grid, with energy supplied by the Botswana Power Company (predominantly coal fire power plants). Process water for the Boseto mill is produced from a shallow well field that produces brackish water; water for Zone 5 is produced from a freshwater wellfield. Production was initiated in July 2021. The operation has a mine life based on current ore reserves and resources of 20 years, with the Operator estimating a high potential for mine life extension. ESG Scorecard JURISDICTION AND COMPANY REPUTATION WATER SAFE OPERATION RepRisk ESG reputational risk rating High Water stress rating by Aqueduct™ Water Risk Atlas Arid and low water use Total Recordable Incident Frequency Rate (TRIFR) 2 2nd Water consumption intensity (m 3 /GEO) ranking 3rd Tailing management disclosure Not reported ENERGY AND CLIMATE BIODIVERSITY HUMAN CAPITAL Corporate emission reduction targets Not reported IUCN Red List species (located in a 10 km radius of the Project center) 14 Corporate diversity and inclusion commitment Not reported GHG emissions intensity (tCO 2 e/GEO) ranking 4th Designated protected area or Key Biodiversity Area (KBA) covering all or part of Project area Okavango Delta System Corporate Human Rights Policy Not reported Total energy intensity (GJ/GEO) ranking 1st Community Investment (US millions) Not reported 1 MMG Limited acquired Cupric Canyon Capital and the Khoe mac a u Mine effective March 22, 2024. 2 Industry ranking based on 2022 ICMM data.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 19 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Principles of Investment Stewardship Royal Gold is committed to conducting business with discipline, consistency, strategy, transparency and reliability, integrating these values into every aspect of our operations, as reflected in our Mission, Vision and Core Values. Our conduct and efforts continue to contribute to a sustainable and responsible business approach while guiding the way forward on People, Principles and Processes. VISION, MISSION AND CORE VALUES Royal Gold aspires to be the “gold standard” in everything we do, and we operate in alignment with the following Vision, Mission and Core Values that are shared throughout the Company. Mission To shape the future of mine finance through creativity, collaboration and a commitment to mutually beneficial outcomes for all stakeholders. Vision To be the gold standard as an employer, a financing partner, an investment and a community member. LEARN MORE

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 20 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR PEOPLE, PRINCIPLES AND PROCESSES We have evolved our four ESG pillars as described in our 2022 ESG Report into what we now describe as our People, our Principles and our Processes, which cover a broader range of matters important to our business. We believe these three themes best capture what means the most to Royal Gold. Managing our business and reporting our progress on our People, our Principles and our Processes provides an effective and concise way for our stakeholders to evaluate Royal Gold’s performance. We have described our approach on this page. PEOPLE The ability to effectively deliver on our core values depends on our team. We seek to assemble, develop and retain a team with distinct experiences and talents that contribute to the success of our Company. We believe the following qualities are necessary for success: Skills: We seek team members who have skills in our specific areas of focus, such as finance, business development, technical, legal and accounting. Cooperation: Our transactions often touch all areas of our Company, and we believe coordination and cooperation are essential to our success. All of our employees understand that with a small team, everyone must work together to reach our common goals. Culture: We operate in an inclusive, challenging and enjoyable work environment. Each individual contributes their unique skills and abilities toward our success. Initiative: Our team members proactively aspire to create new business opportunities and address the Company’s challenges. Ethics: We expect our team will act with integrity and humility with fellow employees, our Operators, investors and other stakeholders. PRINCIPLES We conduct our business according to a set of operating principles that we believe are characteristics of a successful organization: Discipline: We attempt to manage all aspects of the business using the same rigor across the organization. This includes reviewing new business opportunities, monitoring our portfolio, and applying appropriate accounting and tax practices. Consistency: Through our messaging and our direct interaction with stakeholders, we seek to present an approach that does not vary based on the trends at the time. Strategy: We aim to maintain our strategy of seeking high-quality precious metal assets in safe jurisdictions with experienced operators. Transparency: We are committed to maintaining transparent communications with our stakeholders. Reliability: We want our stakeholders to be comfortable with our approach to the management of our key risks and be able to rely on our team as stewards of capital. PROCESSES Our processes are designed to manage risk and are largely grouped around our Board and committee responsibilities, our legal and regulatory compliance, our due diligence reviews for new investments, the monitoring of our portfolio of properties, and accounting and financial controls. A summary of how we manage some of these important risk processes is provided on the following pages. Enterprise Risk Management: We strive to ensure management regularly reviews the various risks associated with the company’s investments and business, which includes an assessment of the size, direction and severity of various risks. Due Diligence: We seek to review all aspects of operations in which we contemplate an investment, including risk areas that range from geology to permitting to the social license of projects and the sponsoring companies. Portfolio Monitoring: We actively monitor our stream and royalty interests to understand evolving legal, technical and financial aspects of the company and project, including their economic and operational health and their reputation in the jurisdictions and nearby communities where they operate. Board and Committee Effectiveness: Our highly capable and independent Board consists of individuals with diverse skills and experience that align with our business strategy, and our committee members are all qualified to assess the risk areas assigned to our Audit and Finance Committee and CNG Committee. Xavantina , Ero Copper Corp., Mato Grosso State, Brazil

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 21 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment Stewardship – Discussion of risk 1 Economic Factors and Metal Prices IMPACT Economic factors can result in adverse movements in metal prices, resulting in lower financial results and cash flows, increased stress on our portfolio properties, less investor interest in gold and our sector, fewer investment opportunities and the potential for impairments. MITIGATION AND COMMENTARY We seek to invest in assets that can withstand commodity price cycles and with companies that have a conservative financial profile, maintain control of our general and administrative expenses to ensure healthy margins and cash flows, maintain a conservative balance sheet with sufficient liquidity, and continue to promote gold as an investment. 2023 Summary During 2023, the global economy experienced a significant increase in interest rates brought about by the U.S. Federal Reserve’s efforts to control high inflation. The effect was an increase in positive real interest rates, creating an environment where investors could typically earn more from an investment in the U.S. dollar than in gold, which is not typically positive for the price of gold. As the end of the year approached, rates fell on the expectation that the U.S. Federal Reserve would reduce interest rate increases. Illustrations of the market yield on 10-Year Constant Maturity U.S. Treasury Securities and Real Interest Rates are provided to the right: MARKET YIELD ON U.S. TREASURY SECURITIES AT 10-YEAR CONSTANT MATURITY 0 1.0 2.0 3.0 4.0 5.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Percent Source: Federal Reserve Bank of St. Louis 10-YEAR REAL INTEREST RATES 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 Percent Source: Federal Reserve Bank of St. Louis “ To us, investment stewardship means the responsible allocation, management and oversight of our capital to create long-term value for our stakeholders.” Bill Heissenbuttel Royal Gold President and CEO

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 22 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Despite the overall higher level of interest rates and net outflows from gold ETFs during the year, the gold price performance was strong during the year with continued strong demand for the metal by Central Banks. ANNUAL CHANGE IN GOLD-BACKED ETF s BY REGION 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Data as of 31 December 2023 0 150 300 -450 -300 -150 (US$B) Tonnes 1,000 -500 0 500 -1,000 North America Europe Asia Other Total AUM (rhs) ANNUAL AND CUMULATIVE NET GOLD DEMAND FROM CENTRAL BANKS (TONNES) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2023 Data as of 31 December 2023 0 400 800 1,200 0 2,000 4,000 6,000 8,000 2019 2020 2021 2022 Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council While gold may face downward price pressure in the short term from a “higher for longer” U.S. Federal Reserve approach to interest policy, the rising U.S. government debt may provide support for the metal longer term. Rising government debt can cause concerns over the serviceability of debt obligations and may result in the depreciation of the U.S. dollar, thereby increasing the potential for gold price appreciation. FEDERAL DEBT HELD BY THE PUBLIC (PERCENT OF GDP) Central bank net purchases Cumulative total (rhs) 1943 1953 1963 1973 1983 1993 2003 2013 2023 2033 2053 2043 0 25 50 75 100 125 150 175 200 0 25 50 75 100 125 150 175 200 Data as of 31 December 2023 Projected Source: Congressional Budget Office: The Budget and Economic Outlook: 2023 to 2033 Debt rises in relation to GDP over the next three decades, exceeding any previously recorded level – and it is on track to continue growing after 2053. Site visit , British Columbia, Canada

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

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 24 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD 3 Technical Risks IMPACT The technical risks associated with developing and/or operating the mining operations in which we invest can have an impact on our near-term and long-term cash flows and may result in impairments and/or a loss of reputation regarding our ability to conduct due diligence. MITIGATION AND COMMENTARY We seek to mitigate this risk through the maintenance of a diversified portfolio of revenue- producing properties, completion of technical due diligence prior to an investment and the active monitoring of our portfolio. 2023 Summary Our financial results in 2023 were impacted primarily by events at two of our Principal Properties. At Peñasquito, a strike action by the National Union of Mine and Metal Workers of the Mexican Republic resulted in a suspension of operations for approximately four months. For the year ended 2023, Royal Gold recognized revenue of US$17.8 million, a 59% decrease from the $43.2 million recognized in 2022. At Pueblo Viejo, equipment design deficiencies caused delays to completion of the plant expansion project. According to Barrick, ramp-up to full production was delayed from mid-2023 and is now expected to be reached in 2024. Additionally, continued low silver recoveries resulted in the deferral of silver deliveries under the terms of our streaming agreement, with the total deferred ounces standing at 854,000 at year end 2023. Although the events above impacted 2023 financial results, a number of positive developments in the portfolio were observed: • At Cortez (various royalties), the Record of Decision approving the Goldrush project was received in December 2023 and Barrick outlined the results of conceptual studies at the Fourmile Project that indicate the potential to produce 300,000 to 400,000 ounces of gold over a 15+ year mine life. • At Great Bear (2% NSR royalty), Kinross announced an initial mineral resource estimate of 2.737 million ounces in the indicated category and 2.29 million ounces in the inferred category. • At Xavantina (25% gold stream), Ero Copper announced record gold production of 59,222 ounces. • At Bellevue (2% NSR royalty), first gold production was announced on October 26, 2023. • At Robinson (3% NSR royalty), KGHM announced the extension of the mine life, which now stands at 14 years as of mid-2023. • At Côté Gold and Mara Rosa, the Operators announced that construction was progressing, and production at both projects was expected to commence in the first half of 2024. During the year, our technical team visited 11 of our operating properties, including four of our Principal Properties. 4 Leverage and Liquidity IMPACT The risk of excessive leverage, and the cost of servicing floating rate debt in a rising interest rate environment, can lead to lower cash flows available for reinvestment and payment of dividends. MITIGATION AND COMMENTARY We seek to mitigate this risk through a prudent use of debt and the repayment of that debt as cash flows permit. 2023 Summary During 2023, we generated $416 million in operating cash flow, compared to $417 million in 2022. We started 2023 with $575 million drawn under our $1 billion revolving credit facility and were able to reduce the amount outstanding to $250 million by the end of the year. We ended 2023 with total liquidity of approximately $845 million, including $750 million of availability under the revolving credit facility. We were also able to extend the final maturity of the facility to June 2028 with our existing bank group. For the year, our cash general and administrative expenses were $30.1 million, which was approximately 5% of revenue and an indication that we have been able to maintain very healthy cash margins despite the impact of inflation on certain of our costs.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 25 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD 5 Regulatory, Political, Sustainability and Human Capital IMPACT The risks associated with increased regulation and compliance requirements; foreign and domestic political events; cybersecurity events and sustainability matters, including climate change and human capital management, can increase our costs, reduce our cash flows and potentially harm our reputation. MITIGATION AND COMMENTARY We seek to mitigate this risk through the implementation of appropriate governance practices, internal controls, procedures and cybersecurity risk threat mitigation, completion of political due diligence for new and existing interests, and understanding the potential impacts that climate change and other environmental and social risks may have on our portfolio as a whole. 2023 Summary During the year, new cybersecurity risk reporting requirements were introduced by the U.S. Securities and Exchange Commission (“SEC”) that required enhanced disclosure in our most recent 10-K filing. In addition, stricter incentive compensation clawback provisions required by the SEC were also introduced that have resulted in the formulation of new policies regarding previously awarded compensation. Compliance with emerging labor laws will be managed through our due diligence review process, the monitoring of our Operator’s policies on labor laws, and the review of publicly available information. We reviewed the Company’s various policies and, where appropriate, updated them for any changes by changes in law or regulation. We also refreshed our Board committee composition, through the rotation of Ronald Vance from the CNG Committee to the Audit and Finance Committee (“AFC”) and the rotation of William Hayes from the AFC to the CNG Committee. In terms of political risk, our operations were largely unaffected by government actions. An initiative to rewrite the constitution in Chile failed to receive the necessary support. Elections are upcoming in 2024 in the Dominican Republic, Mexico, the U.S. and Botswana, four host countries for our Principal Properties. During the year, the actions of the Panamanian government with respect to First Quantum’s Cobre Panama project, and the resulting loss of streaming revenue, are an indication that the risks of adverse government action can negatively impact the value of our investments. The global minimum tax progressed in a number of countries, most notably in Canada, and the passage of such a tax is expected to impact certain of our competitors and potentially reduce the disadvantaged nature of our tax regime. We pay U.S. tax on all royalty revenue and are subject to the GILTI tax regime of the I.R.S. for our streaming business, which acts like a global minimum tax on earnings from our streaming business. A number of sustainability-related achievements were realized in 2023, including the following: • Issuance of our second ESG report in April 2023. • Completion of a successful transition in the technical leadership team with the retirement of Mark Isto and the appointment of Martin Raffield as the new head of Operations. • Conducting Board and investor ESG priority assessments and a Board self-assessment. • Completion of compliance and culture training for our staff. • Maintaining our carbon neutrality with respect to our scope 2 and 3 corporate emissions through the purchase of carbon credit offsets. • Obtaining third-party verification of our scope 2 and 3 corporate emissions for 2020–2023. • Continuing to contribute to local community charitable organizations and providing financial support for certain programs in the communities surrounding some of our investment properties. We also initiated two new scholarships for mining education at the University of Nevada, Reno, and the Great Basin College in Elko, Nevada. 6 Reputation and Investor Sentiment IMPACT The risk associated with decreasing investor interest in gold and a loss of confidence in management’s ability to properly manage risk and effectively communicate with the market and our shareholders. MITIGATION AND COMMENTARY We seek to mitigate these risks through frequent interaction with our shareholders and, where appropriate, by addressing concerns and recommendations. 2023 Summary During the annual shareholders’ meeting, the three Directors standing for re-election (Fabiana Chubbs, Kevin McArthur and Sybil Veenman) received votes for re-election that exceeded 93% of total votes cast. During 2023, the closing price for our common shares was as high as $143.87/share and as low as $102.87/share. Our closing price on December 31, 2023, was $120.96/share. Our market capitalization was just under $8 billion. Concerns voiced by investors during various engagements in the year included increased competition, the price paid for acquisitions, political risks, our debt outstanding, views on the gold price and portfolio events at Peñasquito and Pueblo Viejo. Given the continued strong cash flows of the Company, we were able to increase our annual dividend for 2024 by approximately 7% to $1.60/ share, the 23rd consecutive annual increase in the dividend rate.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 26 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment stewardship priorities assessment STAKEHOLDER AND INVESTOR ENGAGEMENT Through regular and transparent engagement with stakeholders, we ensure that our strategies, activities and reporting align with the interests of those affected by our business. This extends to proactive engagement with investors, emphasizing dialogue, transparency and responsiveness. In 2023, we conducted over 142 meetings with current and prospective investors. ESG matters were discussed in approximately 11% of those meetings and they constituted the sole topic in approximately 1% of those meetings. Topics covered during those engagements included performance; feedback on our previously disclosed ESG reports; and other ESG topics such as climate, safety and biodiversity. We value stakeholder feedback and commit to ongoing open dialogue on corporate governance, sustainability and other relevant business matters. Royal Gold regularly engages with industry associations and other stakeholder groups. We are an active participant in the World Gold Council Sustainability Task Force , which meets monthly to discuss ESG matters. Royal Gold also participates in the National Mining Association’s ESG Stakeholder monthly meetings and has recently started regular engagement with the Aqueduct Alliance on water matters since becoming a member in 2023. ESG PRIORITY ASSESSMENT Royal Gold has been conscientious in evolving ESG strategy and has raised its awareness of stakeholder perceptions and needs. Different stakeholders expect information not only on how ESG risks may financially affect a company but also how a company’s actions may impact the environment and society. In 2023, with the help of our ESG consultant, Millani, we updated our approach to assess ESG risks and opportunities from both a financial and an impact perspective. As part of this undertaking, three main stakeholders were engaged: 1) our investors, 2) our Board and 3) our employees. In 2023, select investors were interviewed to gather their views on our most important ESG topics, disclosures and climate strategy. Royal Gold’s Board members were also interviewed during this process to gather perspectives on the Royal Gold ESG strategy and ESG risks and opportunities and to understand how our Directors perceive our performance and efforts to date. Finally, more recently, we conducted an employee perception survey that allowed us to reevaluate current and identify new ESG-related topics that are important to our Company from a financial and operational perspective. This survey also aimed to understand the most significant external impacts of Royal Gold on the environment and society. These combined efforts have helped us to update our ESG Priority Topic Matrix below. PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance PRIORITY TOPICS – OUR CORPORATE OFFICES PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance PRIORITY TOPICS – OUR MINING OPERATOR INTERESTS PRIORITY TOPICS – OUR CORPORATE OFFICES Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Increasing Increasing Higher impact Higher Impact Impact on Society and the Environment Impact on Royal Gold’s Financial Performance Talent Attraction and Retention Community Investments and Relations Sociopolitical Health, Safety and Wellness Water Management Human Rights and Indigenous Peoples Rights Ethics, Integrity and Compliance Tailings and Waste Management Climate Change Climate Change Biodiversity and Land Use GHG Emissions Risk Management Risk Management Talent Attraction and Retention Cybersecurity Community Investments and Relations Health, Safety and Wellness ESG Integration in Decision-Making Diversity and Inclusion Ethics, Integrity and Compliance Environmental Social Governance

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

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 28 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PROGRESS ON OUR 2023 ESG PLANS The table below highlights our progress on the 2023 ESG priorities disclosed in our 2022 ESG Report. 2023 plans 2023 progress and achievements Climate change Achieve carbon neutrality for corporate emissions annually and implement reduction strategies where we can. Verified “Improved Forest Management Carbon-Removal” credits were secured in 2023 to offset our 2022 scope 2 and 3 corporate emissions. In 2023, we engaged a third-party to verify our corporate footprint. Evaluate opportunities to make a positive impact and reduce risk for our interests with respect to climate change. We continue to evaluate and better understand the risk associated with climate change for our interests. Royal Gold joined the World Resources Institute (“WRI”) Aqueduct Alliance in 2023. Participation in the Alliance allows us the opportunity to access the latest water-related data and engage with WRI experts which, in turn, helps us better understand the water- related risks associated with our portfolio. Engage with our Operators who provide more than 2% of our revenue and work to understand what actions they are specifically taking to reduce GHG emissions and where appropriate, determine if we can be a source of financing to advance selected initiatives. We continue to make an effort to engage with our Operators, when appropriate, on opportunities relating to GHG emissions. In 2023, we reviewed potential emissions reduction opportunities but did not participate in the funding of any projects. We will continue to seek emissions reduction opportunities in 2024. Community investment Aim to contribute $1.5 million in support to organizations that serve the critical needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. In 2023, Royal Gold contributed a total of $1.2 million to over 29 organizations globally, all of which align with the SDGs. ESG governance Refresh our ESG priorities assessment. We conducted a new assessment in 2023 that captured feedback from our Board and select investors. The results of the assessment will help shape future ESG-related training opportunities for our employees. More information on our assessment can be found on page 26 . Complete diversity and inclusion educational awareness training for employees. Royal Gold implemented an online compliance and culture education/training program in 2023. We conducted anti- harassment training that helped to establish the foundation for future diversity and inclusion education opportunities. 2024 ESG PRIORITIES In 2024, we will continue to evaluate meaningful ways to make improvements across our business. The table below outlines Royal Gold’s ESG priorities for 2024. 2024 ESG priorities Climate change • We will continue to engage with our Operators to understand what actions they are specifically taking to reduce GHG emissions and where appropriate, determine if we can be a source of financing to advance selected initiatives. • We will continue to maintain carbon neutrality for our corporate emissions through the purchase of high-quality, verified carbon offsets and implement reduction strategies for our corporate operations where we can. Community investment • We aim to contribute $1.5 million in support to organizations that serve the critical needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. In 2024, we plan to engage with our Operators to identify new projects that we can support financially. • We aim to continue and strengthen our scholarship and mining education contributions in 2024. ESG governance • We plan to complete ESG-focused educational courses for employees. • We plan to complete annual cybersecurity training for employees. • We plan to evaluate the potential expansion of our alignment with internationally recognized ESG-related standards.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 29 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Governance Our ability to identify and manage risks, including ESG risks, in our corporate operations and portfolio interests is fundamental to our long-term success. With a history of dedicated focus on rigorous oversight from our Board and its committees, coupled with the effective execution of strategies by our people, we are well positioned to not only navigate challenges but also to advance our business. This long-standing commitment to strong governance is an integral component in our approach to sustainable and responsible investment stewardship. In This Section Corporate governance Investment Stewardship governance Key policies related to ESG Human rights Cybersecurity Taxes, associations and political contributions

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 30 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Corporate governance OUR APPROACH Royal Gold is dedicated to corporate governance practices that prioritize the long-term interests of our shareholders through robust oversight models established with the Board of Directors that foster accountability within our management team and nurture transparent relationships with Operators, employees and other stakeholders to build public trust in our Company. The Board, comprised of highly capable and independent Directors with diverse skills and experience aligned with our business strategy, ensures vigilant oversight of the management team. Their valuable perspectives actively promote the best interests of Royal Gold and our stakeholders, while our talented management team, with significant industry and company-specific experience, diligently implements our policies and practices. The Board oversees enterprise risk, with quarterly management reports and annual reviews of the Enterprise Risk Management (“ERM”) program, and directs management on aligning changes to the ERM program with the Company’s business strategy. A substantial part of the Board’s oversight responsibility is carried out through its standing committees. Several Board members, equipped with diverse experience in the many topics related to ESG, risk management and sustainability more broadly, apply this perspective to their oversight duties, enabling the alignment of our ESG practices with the interests of Royal Gold, its shareholders and other stakeholders. The figure to the right illustrates the responsibilities within our Board and its subcommittees. Additional information on our Board and its committees can be found on our website . Our management team has significant industry and company-specific experience and is responsible for ensuring that our policies and practices drive our performance. AUDIT AND FINANCE COMMITTEE - Integrity of financial statements - Internal controls - Disclosure controls and procedures - Accounting compliance - Cybersecurity - Compliance program - Capital structure and allocation COMPENSATION, NOMINATING AND GOVERNANCE COMMITTEE - Regulatory - Board organization and membership - ESG, sustainability and climate change - Diversity - Succession planning - Executive compensation and retention Board of Directors Our Board oversees enterprise-level risk, including risks associated with ESG and other areas of business strategy and operations Management Our management administers, reviews and updates our enterprise risk management program and provides quarterly reviews to our Board

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 31 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD BOARD COMPOSITION 1 Our Board is comprised of seven Directors. All Directors, excluding our Chief Executive Officer (“CEO”), are independent; our Chair and all members of each of the Board’s two standing committees, namely the Audit and Finance Committee and the CNG Committee, are also independent. For an in-depth review of our Board and Board-level subcommittees, please refer to our Annual Report . 1 Details in the Board of Directors chart are as of the report publication date. Board Characteristics 2 >70 years 2 61-70 years 3 51-60 years 66 YEARS AVERAGE 1 Insider 6 Independent 86% INDEPENDENT 2 10+ years 3 6-10 years 2 1-5 years 9 YEARS AVERAGE 43% CITIZENS OF ANOTHER COUNTRY 29% WOMEN 14% ETHNICALLY OR RACIALLY DIVERSE Other public board service Our independent directors serve on an average of one outside public company board AGE 2 >70 years 2 61-70 years 3 51-60 years 66 YEARS AVERAGE INDEPENDENCE 1 Insider 6 Independent 86% INDEPENDENT TENURE 2 10+ years 3 6-10 years 2 1-5 years 9 YEARS AVERAGE

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 32 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment Stewardship governance THE ROLE OF OUR BOARD IN INVESTMENT STEWARDSHIP Responsibility for Investment Stewardship oversight is assigned to the CNG Committee of the Board. All committee members are independent under Nasdaq and SEC rules, including enhanced independence rules applicable to audit and compensation committee members. Our CNG Committee determines the areas of expertise required to ensure maximum effectiveness of our Board and its committees for our specific business. The matrix below summarizes the knowledge, skills and experiences related to ESG as held by our Directors. The CNG Committee meets regularly with our senior management team to review investment stewardship and ESG-related risks and opportunities related to our business strategy, including monitoring ESG management practices and management’s progress on Company ESG initiatives. This is detailed further in subsequent sections, under “Investment strategy” and “Environmental stewardship” and is also available in Royal Gold’s 2023 Proxy Statement . 2023 performance • During 2023, the Board met seven times and the CNG Committee held four formal meetings. ESG matters were formally presented and discussed at all CNG Committee meetings. • The full Board reviewed the 2022 ESG Report in advance of publication. • ESG-related recommendations were presented to the Board, such as developing an ESG- focused three-year strategic plan, expanding philanthropic donations and refining ESG-related disclosures. BOARD SKILLS AND DIVERSITY MATRIX In 2023, we improved our Board Skills and Diversity Matrix approach by distributing a self-assessment survey that specifically focused on ESG-related topics with defined definitions. This approach helped our Directors refine their responses and allowed the opportunity to provide more detail on how their unique experiences are linked to specific ESG topics. While there were no substantive changes from the previous year’s results, some of our Directors made adjustments to their experience levels. Royal Gold Director Fabiana Chubbs completed the Institute of Corporate Directors course Board Oversight of Climate Change in 2023. “ Climate change is a topic we as a Board are continuously reviewing and discussing. Given the increasing complexities associated with climate change, I felt the need to increase and expand my knowledge on the subject. I participated in a three-day Board Oversight of Climate Change course in 2023 with 16 of my peers. Together, we discussed various strategies to enhance boardroom discussions on the monitoring and disclosure of climate-related risks.” Fabiana Chubbs Royal Gold Director since 2021

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 33 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD The most notable change for the 2023 matrix was the increase in experience associated with “Labor Relations.” We believe that an updated definition of the topic helped our Directors better relate their own experiences to the topic. Based on the results of this survey, the highest-ranking ESG-related skill for all of our Directors is Stakeholder Relations, with 100% of the Board citing they have “Extensive Experience” in this area. Knowledge, skills and experience Chubbs Hayes Heissenbuttel McArthur Sokalsky Vance Veenman Knowledge, skills and experience Chubbs Hayes Heissenbuttel McArthur Sokalsky Vance Veenman Biodiversity Legal and Regulatory (Sociopolitical) Climate Change Labor Relations Corporate Governance Permitting Cybersecurity Public Policy Environment Risk Management Health and Safety Stakeholder Engagement Human Capital (Talent, Attraction and Retention) Tailings Water Indigenous Relations Board Tenure Years 3 16 4 10 8 11 7 Some Experience Extensive Experience

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 34 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR MANAGEMENT TEAM’S ROLE IN INVESTMENT STEWARDSHIP Direct management responsibility for the risks inherent in the business, including ESG risks such as climate change, is assigned to our President and CEO. The sustainability of our business largely depends on our ability to identify and manage risks inherent in our interests and is therefore central to the development of our corporate strategy and ongoing oversight. Enterprise Risk Management Committee Royal Gold’s enterprise risk management (“ERM”) program aims to actively identify, assess and mitigate the Company’s top risks associated with its operations and revenue-generating properties. We organize our risks within a set of broad subjects that are captured in two subject areas: Business sustainability: We look to identify issues associated with changing laws and social norms on portfolio investments and business opportunities. Investment portfolio performance: We look to identify issues that will impact the operations that generate revenue from our streams and royalties over the short, medium and long terms, which would capture issues associated with increasing costs or revenue loss. Enterprise risks, including ESG risks, are monitored by the members of the ERM Committee, which includes members of our senior management team. Input from other members of the Royal Gold team includes individuals with responsibility for new compliance and the technical assessment of our stream and royalty interests. The ERM Committee meets quarterly to consider present and potential risks to Royal Gold’s ongoing success and determine appropriate mitigation strategies to execute as appropriate. ESG Committee The Royal Gold ESG Committee is responsible for ensuring that Royal Gold’s sustainability and ESG initiatives are effectively monitored, managed and fulfilled and that issues are reported to the CNG Committee as appropriate. The ESG Committee’s specific responsibilities include the following: • Annually review ESG policies for relevance, making recommendations for updates to the CEO for CNG Committee approval. • Recommend ESG strategy to the CEO, including priorities, objectives and initiatives related to training, target setting, due diligence, surveys, reports, communication, standards, and assess emerging risks and opportunities aligned with Royal Gold’s ERM program. • Evaluate Operator ESG performance and, in collaboration with the legal department, ensure Operator compliance with ESG-related contractual standards. • Assess Operator charitable/social initiatives and explore opportunities for Royal Gold participation. • Review significant ESG events for potential material reputational and/or financial risks to Royal Gold and/or its Operators. The ESG Committee is a cross-functional management committee and consists of members of Royal Gold senior management with ESG-related expertise in the following areas: ESG, Operations, Compliance, Finance, Investor Relations and Legal and is led by the Vice President, Investment Stewardship. Business development The review of all new investment opportunities is the responsibility of Royal Gold’s senior management and is led by our CEO. These individuals bring extensive experience in the technical, financial and legal aspects of mining project investment, development and operations and may be supported by external experts in subject matter areas including, but not limited to, the following: permitting, geology, resource estimation, construction, mining operations, geotechnical, metallurgy, ore processing, water, tailings management, energy and emissions, community and Indigenous engagement, biodiversity, political risk and offtake marketing and sales. The senior management team presents each particular investment recommendation opportunity to the Board for a final decision.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 35 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD CORPORATE STRATEGIC PLANNING Our management team meets to discuss the corporate strategy, including annual, short-term and long-term goals. Management’s process for reviewing ESG matters is summarized in the figure below. Board of Directors Enterprise Risk Management Senior management team Considers present and potential risks to Royal Gold’s ongoing success, including ESG and climate change considerations, and determines appropriate risk mitigation actions and strategies ESG Committee Senior management team Ensures that Royal Gold’s sustainability initiatives are effectively monitored, managed, and fulfilled. Business Development Senior management team Ensures that Royal Gold completes thorough due diligence and risk assessments for potential new stream and royalty opportunities, including climate and climate change risks Corporate Strategic Planning Senior management team Comprehensive Strategic Plan, including Sustainability and climate change objectives, with annual short-term and long-term goals Report quarterly and as otherwise appropriate to the CNG Committee Opportunity specific presentation materials to full Board (two separate presentations) Report quarterly and as otherwise appropriate Oversight and direction provided as required; ERM program reviewed annually Provides direction and approvals/ rejections as required Strategic Plan presented annually RISKS AND OPPORTUNITIES ESG ALIGNMENT IN EXECUTIVE COMPENSATION The CNG Committee sets annual targets for business integrity and risk management, which includes ESG performance as part of our annual short-term incentive compensation (bonus) program for all Company personnel. These targets are intended to align Company performance with the interests of our shareholders and other stakeholders. ESG factors the Board considered in 2023 included publishing our second ESG report, addressing issues commonly raised in investor engagement, demonstrating advancement on TCFD disclosures, continuing to make community contributions and contributing to diversity and inclusion initiatives. Our ESG strategy is reviewed annually, at a minimum, by our President and CEO together with senior management and is modified as necessary as part of our corporate strategic planning and ERM processes. Senior management then presents relevant updates to the members of the CNG Committee. This input from Royal Gold management to the Board and its committees enables an integrated approach to ESG as part of our overall risk management effort.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 36 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD ESG DUE DILIGENCE Royal Gold’s investment strategy plays a crucial role in responsible stewardship. By aligning the strategy with sound ESG principles, we consistently demonstrate a commitment to sustainable and ethical practices. Our rigorous due diligence helps identify opportunities that align with the Company’s values and long-term goals. This process, central to our business model, involves seeking out and promoting responsible and sustainable mineral development across our portfolio. A comprehensive understanding of the Company’s assets is an essential component of responsible investment stewardship, which involves ongoing monitoring and assessment of our stream and royalty interests. The evaluation of ESG factors is a key part of our extensive due diligence process on prospective stream and royalty investments to identify which opportunities will provide long-term value. Our active monitoring of stream and royalty interests within the portfolio also considers ESG factors that contribute over the long term. We understand that sustained economic performance cannot be obtained without sound ESG practices; therefore, the sustainability of our stream and royalty interests is fundamental to our long-term success. Our approach While we do not take an active role in the management of the mining projects in which we hold stream and royalty interests and generally have limited influence over the decisions of our Operators, it has always been central to our business model that successful mining projects create sustainable benefits for all stakeholders, including shareholders, project labor and local communities. In line with our ESG Policy, we therefore seek to promote responsible and sustainable mineral development across our portfolio. Royal Gold endorses the International Council on Mining and Metals (“ICMM”) Mining Principles and the World Gold Council’s (“WGC’s”) Responsible Gold Mining Principles (“RGMPs ”), both of which promote ethical and sustainable resource development. These principles are integrated into Royal Gold’s business planning and operations, as appropriate, and we encourage our Operators to adhere to these or similar principles in their management and operations. For the 2023 calendar year, Operators responsible for generating more than 93% of our revenue endorsed either the World Gold Council’s RGMPs or the ICMM Mining Principles and/or subscribed to one or more similar international charters respecting ESG issues. Please see the Appendices, starting on page 71 , which identify our Operators, their calendar year 2022 contribution to Royal Gold revenue, and the ESG charters to which each Operator subscribes. Our process The initial ESG due diligence process is a critical time to identify any potential ESG risks prior to entering into an agreement with an Operator. Royal Gold’s operations and senior management teams are responsible for completing due diligence reviews and assessing findings from those reviews. For each potential new interest our Operations Team conducts an internal “Phase 1” review – a high-level review focused on financial, technical, ESG and political risk considerations. If the results of the Phase 1 review are positive, the review moves to “Phase 2.” For this more detailed evaluation, a team of subject matter experts provides in-depth assessments across various topics. Operator expectations When selecting new investments or entering into other relationships with Suppliers, including our Operators, Royal Gold considers whether potential Suppliers and Operators hold values and promote practices that, as applicable, align with our Supplier Code of Conduct and, where possible, establishes contractual standards for and monitors Supplier and Operator compliance with relevant portions of this code. Suppliers and Operators are expected to comply with the laws of the jurisdictions in which they operate, including, but not limited to, those concerning health and safety, human rights, the environment, bribery and corruption, securities and taxes. We also encourage our Operators to pursue, where possible, internationally recognized best practices for improvements in environmental performance related to water and energy conservation, biodiversity management, pollution control, tailings management and reduction of greenhouse gas emissions. If Suppliers and Operators are not meeting the standards set out in our Supplier Code of Conduct, Royal Gold may need to take measures to encourage the relevant Supplier to comply, and, where warranted, further action may be required. LEARN MORE Click to access the Supplier Code of Conduct .

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.”

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 38 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Key policies related to ESG For Royal Gold, ESG governance is grounded in a suite of Board-approved policies and codes that collectively establish the framework by which we conduct our internal and external business operations. All policies are reviewed by our Board or by a Board committee and updated as necessary. These policies apply to Royal Gold, Inc. and all of its subsidiaries. Links to all of our corporate policies may be found in the ESG Document Library section of our website, where you can also find our bylaws and Board committee charters. The list below highlights policies with significant ESG relevance. Environmental, Social and Governance Policy Our ESG Policy sets forth our core commitment to furthering responsible mineral development as a means of creating long-term value for our stakeholders. Diversity and Inclusion Policy This policy defines our diversity and inclusion practices, which focus on fostering an inclusive work environment where individuals are treated fairly and with respect and are given equal opportunity to develop and advance. People Policy We believe that our employees and officers are our most important assets. Our People Policy outlines our dedication to maintaining a safe and healthy workplace that is free from harassment and discrimination. Code of Business Conduct and Ethics Our Code of Business Conduct and Ethics provides the framework by which we commit to maintaining the highest ethical standards in our operations and our relationship to our employees, counterparties and other stakeholders. Anticorruption Policy Our Anticorruption Policy outlines our prohibitions against illegal and improper conduct, including bribery and corruption in all forms. Human Rights Policy Our Royal Gold Human Rights Policy provides a framework to ensure human rights are respected in all Company operations. Royal Gold believes that human rights are basic standards aimed to secure dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. Supplier Code of Conduct Our Supplier Code of Conduct , which includes our stream and royalty partners, outlines expectations regarding the standard business practices of Suppliers that conduct business with Royal Gold, Inc. and its subsidiaries and affiliates. Whistleblower Policy Royal Gold’s Whistleblower Policy encourages and enables the reporting of any suspected illegal activities, unethical behavior or other misconduct. The Whistleblower Policy is intended to provide a means for Directors, officers and employees of the Company to report serious concerns that could have a negative impact on Royal Gold or its stockholders, such as actions that may lead to false or inaccurate financial reporting, are unlawful, are not in line with Company policy or otherwise amount to serious improper conduct. As indicated in the figure to the right, there were no whistleblower complaints between 2019 and 2023.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 39 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Human rights Human rights are basic standards aimed at securing dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. We endorse the ICMM Mining Principles and the WGC’s Responsible Gold Mining Principles, each of which incorporates the United Nations Guiding Principles on Business and Human Rights, among other related standards. Royal Gold regularly reviews our Operators’ human rights and child labor disclosures. We also refer to the United Nations Children’s Fund (“UNICEF”) Children’s Rights in the Workplace Index Score along with the RepRisk child labor monitoring and due diligence activities. We also regularly review our regulatory reporting obligations with respect to human rights and child labor and will file the appropriate disclosures when required. 96% of our Operators have a human rights policy or statement referring to an international standard 86% of our Operators have a child labor policy or statement on child labor in their Human Rights policy Rainy River , New Gold Inc., Ontario, Canada

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 40 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Cybersecurity Our Cybersecurity Disclosure Policy and Incident Response Plan are designed to establish acceptable uses of electronic devices, communications systems and network resources and a framework for reporting and managing cybersecurity incidents. Our Board and senior management oversee matters relating to cybersecurity. Under its Charter, the Audit and Finance Committee of our Board is responsible for reviewing the security of our information technology systems and operations, including programs and defenses against cyber threats. The full Board is briefed on cybersecurity at least annually and receives more frequent updates as needed. Our Audit and Finance Committee has direct oversight for cyber risk and receives quarterly updates. Our Senior Vice President and Chief Financial Officer is responsible for cybersecurity matters at the management level. Employees complete cybersecurity training programs semi- annually, or more frequently as warranted by changes to the business operating environment. In 2023, 100% of Royal Gold employees completed cybersecurity training. C YBER RISK SCORE Low Risk High Risk 850 500 650 775 300 763 ISS 5.0.0 Cyber Risk Score As of 05 February 2024 The ISS Cyber Risk Score predicts the likelihood that an organization will suffer a material cybersecurity breach within a 12-month period. “ Our cybersecurity practices at Royal Gold are consistently being evaluated and refined. Annual trainings and various exercises help equip our employees with advanced strategies and tools to protect against evolving cybersecurity threats.” Mike Doerr Royal Gold Vice President, Controller since 2007

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 41 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Taxes, associations and political contributions TAX Royal Gold’s Tax Policy aligns with all applicable laws and Company policies, prioritizing integrity and disclosure. Operating in multiple jurisdictions, we paid significant income and withholding taxes from 2020–2023, mainly in the United States, Mexico, Switzerland and Canada. Apart from these, we handle production taxes on royalty payments, government royalties, mineral rights taxes, VAT and HST/GST. For 2023, these non-income taxes are included in the costs and expenses section of our consolidated statements of operations and comprehensive income in our annual report on Form 10-K for the year ended December 31, 2023. INCOME AND WITHHOLDING TAXES PAID (US$M) 0 10 20 30 40 50 60 70 80 2019 2020 2021 2022 $ in USD millions 2023 Includes income and withholding taxes. Fiscal years ended June 30. MEMBERSHIPS AND INDUSTRY ASSOCIATIONS Royal Gold has been a long-standing member of the following industry associations and organizations. Below is a list of our memberships and corresponding annual fees paid. Organization Fees paid in 2023 National Mining Association $76,467 World Gold Council $14,180 Nevada Mining Association $12,500 Women in Mining $5,000 The Denver Gold Group $3,000 Other tax-exempt groups (under $2,000 per group) $4,571 Total $115,718 Most recently, Royal Gold joined the Women in Mining (“WIM”) network in 2023 as a Silver Corporate Supporter. We share the belief that WIM can play an important role in the future of mining and our participation is consistent with our shared goal of helping to develop and inspire the next generation of talent in the mining industry. Royal Gold has also been a supporter of the Women’s Mining Coalition since 2016. POLITICAL CONTRIBUTIONS Royal Gold’s Code of Business Conduct and Ethics provides that corporate funds may not be provided to political candidates, entities or organizations without the written consent of our CEO, or the Chair of the Audit and Finance Committee of our Board in the case of a political contribution suggested by our CEO. This includes direct cash contributions, the donation of property or services, and purchases associated with fundraising events. We made no political contributions between 2019 and 2023. U.S. Mexico Switzerland Canada Other (Argentina, Australia, Bolivia, Burkina Faso, Nicaragua, Spain, U.K.)

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 42 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Our People Building and cultivating an exceptional workforce is crucial to delivering excellence to our stakeholders. Beyond competitive compensation and career growth, today’s workforce seeks connection with a company’s core values. We are dedicated to creating a workplace that attracts top talent and provides a sense of purpose in every professional journey. In This Section Talent attra ction and retention Diversity and inclusion Health and safety

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 43 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Talent attraction and retention Attracting, securing, developing and continually engaging our employees is key to our success. The complexity of providing financing for mining projects worldwide demands a high-performing and collaborative team with a diverse set of backgrounds, skill sets, experience and perspectives to ensure that we meet our business objectives. OUR APPROACH With significant experience in key disciplines of geology, and mining operations, as well as project development, finance, accounting and law, we seek to expose our people to a variety of projects and involve them in key business decisions. We believe this approach helps our employees expand their skills by creating meaningful experiences, which in turn, results in advancing Company objectives. Our comprehensive compensation package includes competitive wages, health and dental benefits, and various insurance coverage. We regularly benchmark all levels of wages and total compensation and ensure that the majority of all short-term incentive compensation is based on corporate-wide, shared benchmarks. The following personal development opportunities are an important part of our culture and help to inspire and motivate our team: Continuing education and skill enhancement: We offer financial support to employees and Directors who wish to enhance their education in areas key to our business. In 2023, Royal Gold supported a variety of educational and skills development opportunities totaling $52,050. This included executive leadership training for senior management, various continuing education courses for employees and specialized educational courses for some of our Directors. Secondments: Employees are welcome to broaden their skills and perspectives through secondment opportunities across our offices and apply these perspectives when they return to their role. Succession planning: Ensuring a robust succession plan at all senior management levels, including our Board, is imperative given the flat structure of our organization. Emerging talent experiences the boardroom, the field and educational opportunities, fostering a comprehensive understanding of the Company in a positive environment that encourages knowledge-sharing. EMPLOYEE WELLNESS AND TALENT RETENTION The sustained growth and success of our business rely on the well-being of our people. We firmly believe that our approach to nurturing personal and career development opportunities, combined with a strong record of internal promotion, contributes to our very low voluntary turnover rate. As of December 31, 2023, Royal Gold maintains a small but efficient team of 30 employees. The value generated per employee highlights the efficiency of our business model, underscoring the importance of retaining our workforce. With a commendable track record, the Company consistently maintains a low average voluntary turnover rate, excluding retirements of long-serving staff members. 2023 employee statistics 0 recordable health and safety incidents from 2019–2023 0 employee turnover 2022: 1 2021: 1 2020: 3 2019: 1 30 number of employees 2 2022: 31 2021: 29 2020: 29 2019: 25 1 retirement of a long-serving employee 2022: 0 2021: 1 2020: 2 2019: 0 0% annualized employee turnover rate 3 2022: 3.4% 2021: 3% 2020: 7% 2019: 0% 1 Three employees elected not to disclose their gender and, therefore, are not reflected in the total numbers. 2 Headcount at December 31, 2023. 3 Calculated based on employee headcount at January 1, 2023, and excludes the retirement of long-serving employees.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 44 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Diversity and inclusion Royal Gold values diverse voices and opinions across our business, fostering an inclusive work environment aligned with our Diversity and Inclusion Policy and People Policy. In our Board composition, one-third of independent Directors are women, and one identifies as a minority. When seeking new Board candidates, we actively include diverse individuals in the search process. As of December 31, 2023, 44% of our employees and 25% of our senior management team identify as female. Lower diversity numbers can be attributed to a low turnover rate; however, whenever there is a normal course job opening and a process is achievable, Royal Gold actively strives to enhance workforce diversity by incorporating diversity criteria into their recruitment process. Royal Gold continued its programs of personnel training and investment in human capital throughout the year, including anti- harassment training. The figures on the right highlight employee statistics from 2020 to 2023. 2023 WORKFORCE DIVERSITY STATISTICS 14 number of male employees 1 2022: 15 2021: 17 52% male employees 1 2022: 56% 2021: 59% 75% male senior management 2022: 80% 2021: 87.5% 2020: 87.5% 2019: 100% 12 number of female employees 1 2022: 12 2021: 12 30 total number of employees 2 2022: 31 2021: 29 2020: 27 2019: 25 44% female employees 1 2022: 44% 2021: 41% 7% of employees identify as a visible minority 3 2022: 7% 2021: 4% 25% female senior management 2022: 20% 2021: 12.5% 2020: 12.5% 2019: 0% 1 Three employees elected to not disclose their gender and, therefore, are not reflected in the totals. 2 Total employee headcount is not based on the employee survey. 3 A visible minority is defined as a person who is non- Caucasian in race or non-white in skin color. The visible minority population consists mainly of the following groups: South Asian, Chinese, Black, Filipino, Arab, Southeast Asian, West Asian, Korean and Japanese.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 45 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Health and safety The well-being of our employees encompasses more than workplace safety and travel precautions; it extends to their entire professional experience, covering the work environment and work–life balance. While our operations are primarily office- based, numerous employees travel to remote global locations. Our policies mandate compliance with legal and applicable health and safety requirements, including compliance with Operators’ health and safety procedures during site visits. Routine safety training for offices addresses various threats like medical emergencies, fire, extreme weather and physical office intrusions. Additionally, external resources are enlisted to deliver medical and emergency response services, along with evacuation assistance for our employees while traveling abroad.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 46 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Supporting Our Operators and Communities We actively seek ways to address the needs of communities where we live and work. Through leading charitable organizations, we can support our Operators in achieving their Sustainable Development Goals, build social resiliency and provide opportunities for our people to support causes that matter to them. In This Section Community investments and relations Mining community contribution highlights Local office community contribution highlights Other contribution highlights King of the Hills , Red 5 Limited, Eastern Goldfields, Western Australia

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 47 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Community investments and relations OUR APPROACH Supporting the communities near the mines in which we hold stream and royalty interests and those in our corporate office locations is an important component of Royal Gold’s stewardship efforts. Contributing to community organizations provides a way for us to drive meaningful impact while remaining neutral as a passive investor. We acknowledge our Operators’ demanding roles in mining operations and understand their limited capacity for additional projects. To address this, we collaborate with leading charitable organizations as project facilitators, ensuring effective community engagement while allowing Operators to concentrate on their primary responsibilities. Our internal Donations Committee administers our annual charitable giving and selects donation recipients associated with our local office communities, projects associated with our mining Operators, organizations that support mining and university scholarships. The Donations Committee meets quarterly to discuss and review potential programs and projects to support. We aim to donate $1.5 million annually. In 2023, Royal Gold contributed a total of $1.2 million to support organizations that serve critical needs in the communities near our corporate offices and to support our Operator initiatives. We have contributed over $5.7 million to over 130 various charitable organizations since Royal Gold’s inception. Please visit our website to learn more about the organizations we support. Mining community contribution highlights Royal Gold has been a long-time contributor to our Operator community programs and partnerships worldwide. In the communities where we have our existing investments, Royal Gold has supported various voluntary community-related initiatives, including support for an agricultural program in Ghana, the shipment of medical supplies to community clinics near Barrick’s Pueblo Viejo mine in the Dominican Republic, support for increased access to healthcare near New Gold’s Rainy River mine in Canada, construction funding for the Toteng Clinic near the Khoemac a u mine in Botswana, and a contractual commitment embedded in our stream agreement to fund community programs at the Xavantina gold mine in Brazil. Royal Gold’s mining community contributions focus on supporting programs in the communities where we hold stream or royalty interests that promote sustainable development on a global scale. Royal Gold endeavors to support programs that aim to achieve impactful, measurable and sustainable outcomes that align with one or more of the Sustainable Development Goals. TARGET $1.5M in 2024 to support organizations that serve the critical needs of the communities in which our corporate offices and Operators are located CONTRIBUTED OVER $1.2M in 2023 to local charities and mining- related ESG projects The United Nations Sustainable Development Goals (SDGs) are a set of 17 global goals adopted by all UN Member States in 2015 as a universal call to action to put the world on a more sustainable path. With less than a decade left to achieve the SDGs, decisive action is needed across businesses and societies to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity by 2030. Throughout this report, we indicate where our corporate and Operator contributions align with the SDGs. Please see page 113 for our SDG index.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 48 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD IMPROVING EDUCATIONAL OUTCOMES Tristar Gold Royal Gold contributed funds in 2023 to help Tristar Gold (“Tristar”) facilitate the reconstruction of the João Paulo II Elementary School in the Community of Vila Esperança IV, which is the closest village to the Company’s Castelo de Sonhos project in Para State, Brazil. The village population is approximately 400 people, most of whom are small-scale farmers, loggers and miners. During development, Tristar conducted extensive socio-economic baseline studies and identified that education in the community was massively underfunded and was in need of redevelopment and assistance. The existing community elementary school has struggled since it started in 2011, primarily due to the lack of teachers and a poorly constructed and undersized building. Tristar has worked with the village to begin the redevelopment of the school, which will contribute to improved educational outcomes and the safety and well-being of children as well as providing a much-needed space for community gathering, planning and celebration. SDG 1 No Poverty: Increase school attendance for children in vulnerable situations, reduce dropouts, and prepare students for employment and decent work. A key focus will be training the students to become aware of their capacity to transform their lives and helping them to understand they can contribute to society and achieve financial independence, regardless of the economic situation in which they find themselves. SDG 5 Gender Equality: Ensure equal, permanent access to early childhood and fundamental education for all children in Vila Esperança IV, eliminating gender disparities in education. “ We have made great strides in the reconstruction of João Paulo II Elementary School in 2023. Tristar and the community of Esperança IV is appreciative of Royal Gold’s generosity and commitment to this project.” Andrew Grant Vice President, Sustainability, Tristar Gold

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 49 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD EXPANDING YOUNG MINDS AND IMPROVING CLASSROOM ATTENDANCE Ero Copper Corp. Royal Gold has committed to contributing $5 per ounce of gold delivered under its stream agreement with Ero Copper (“Ero”). These funds are to assist Ero in fulfilling its ESG commitments within the area of influence of the Xavantina mine in Brazil. In 2023, Ero and Royal Gold determined that the Hope Project, an educational initiative established in 1997 and in partnership with the Municipal Department of Nova Xavantina City, would be the project Royal Gold would help financially support. Ero has had a long and successful relationship with the Hope Project and has provided financial donations as well as volunteer participation since 2012. Specifically, Royal Gold’s contribution is helping to increase the diversification of educational content for students aged 7 to 17 who come from vulnerable families. Royal Gold’s contribution helped increase student attendance from 48 to 79 students in addition to helping expand classroom materials and resources. SDG 2 Zero Hunger: The project provides children with a healthy eating routine and direct exposure to agricultural production techniques and sustainable cooking practices. This program directly contributes to ending hunger, achieving food security, improving nutrition and promoting sustainable agriculture practices. SDG 4 Quality Education: The project seeks to ensure that all children in the community complete free, equitable and quality primary and secondary education that leads to relevant and effective learning outcomes. The project also aims to prepare children and young adults for the job market with professional education from volunteers. “ Hope Project is dedicated to mitigating vulnerability among children and young adults in the Nova Xavantina region by offering a nurturing and positive environment enriched with sociocultural, educational, recreational and vocational activities. This initiative seeks to lower school dropout rates and foster improved living conditions and financial autonomy for those at risk. We greatly appreciate Royal Gold’s financial support in these efforts.” Brett Hannigan Vice President, Business Development and Evaluations, Ero Copper Corp.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 50 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD IMPROVING QUALITY OF EDUCATION THROUGH SCHOOL STRENGTHENING Newmont Corporation In 2023, Royal Gold provided $150,000 in funding towards two projects near the Peñasquito mine in Zacatecas, Mexico: Proeducación IAP – Excellence in Schools Initiative and University of Zacatecas Foundation. Proeducación is a non-profit organization with more than 20 years of experience promoting actions to improve the quality of education in Mexico through its own model of school strengthening. Proeducación has been working with Newmont since October 2021; together they have implemented the Excellence in Schools Program in 12 communities, including some of Peñasquito’s impacted communities. Royal Gold’s donation will support three elementary schools in the communities of Matamoros, Nuevo Peñasco and El Vergel. The University of Zacatecas Foundation is a non-profit organization that contributes to the education and welfare of children and young people in impoverished living conditions in the state of Zacatecas, Mexico. Newmont has been working with the University of Zacatecas Foundation since 2018 and has implemented three different programs focused on scholarships for students in the 25 mine- impacted communities. Royal Gold’s funding will support a new program with the university. SDG 4 Quality Education: Both projects were designed for the specific needs of the population, including education level; available school infrastructure; and the social, economic and cultural characteristics of the local population. Both programs are aligned with Newmont’s standard for community development: 1) promote community participation, 2) promote inclusiveness, and 3) have a measurable impact. SDG 10 Reduced Inequalities: Guaranteeing access to quality education in a comfortable and structurally adequate environment, the project empowers and promotes the social, economic and political inclusion of all, regardless of age, gender, disability, race, ethnicity, origin, religion or economic status, thus reducing individual inequalities. In addition, the project allows rural and more remote areas of the country to have access to education with more infrastructure, reducing regional inequalities. Chifeng Jilong Gold Mining Co., Ltd. In 2021 Royal Gold subsidiary RGLD Gold AG entered into a five-year, $750,000 contribution agreement with the multi-award-winning Golden Star Oil Palm Plantations (“GSOPP”). GSOPP is a subsidiary of Chifeng Jilong Gold, which acquired the project in 2022. The GSOPP program partners with Ghanaian community authorities and farmers in the mine area to develop oil palm farms without new deforestation and currently provides income for hundreds of farmers and part-time contractors. Royal Gold’s contribution is used to expand and help maintain the organization’s operations around the Wassa mine and thereby promotes regional sustainable agribusiness. The GSOPP program was the winner of the 2018 Prospectors & Developers Association of Canada (“PDAC”) Environmental and Social Responsibility Award as well as the 2021 Mines and Money ESG Producer of the Year Award. In 2022, SCS Global Services certified that an independent audit was completed and conformity to applicable standards was confirmed, thus designating the project as a SCS sustainable business. SDG 11 Sustainable Cities and Communities: An important, but unanticipated, benefit of the project recently realized is the impact on nearby illegal mining. Oil palm farms established on reclaimed mining areas have been a more consistent, safer and legal source of income, effectively reducing or eliminating unsafe and illegal mining.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 51 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Local office community contribution highlights Our internal Donations Committee administers our annual charitable giving and selects donation recipients in our local office communities. “ I am proud to work for a company that is deeply focused on its community contributions. Having worked for Royal Gold for nearly two decades, I have experienced firsthand how our company has helped support many domestic and international organizations throughout the years. I have especially enjoyed working with our local partners in Denver to not only facilitate monetary donations but also to coordinate employee volunteering opportunities. Bringing our employees together to help support a cause is very rewarding.” Bambi Booker Royal Gold Executive Assistant and Office Coordinator since 2006 SPITEX, LUCERNE, SWITZERLAND Spitex is a non-profit organization whose primary mission is to provide on-site healthcare for those residents of Lucerne who need outpatient care but are otherwise capable of remaining in their preferred home surroundings. Services provided include palliative and cancer care, psychological assistance, and physical and household services for the physically impaired. Royal Gold has supported Spitex since 2020, providing a total of $438,000, which has helped support two areas important to the organization. The first project is a multi-year program to reorganize Spitex for maximum efficiency and employee satisfaction. The organization has been challenged by demographic changes, including an aging population and a shortage of nurses. The Spitex New Work and Self-Organization initiative seeks to stay ahead of these developments through a combination of technology, training and structure. The second project involves helping Spitex update its electric vehicle fleet. Spitex’s caregivers spend much of their time commuting to resident’s homes, resulting in the need to acquire additional e-bikes. The e-bikes are less expensive to operate than cars and also relieve the caregiver of the often difficult chore of finding available parking. For nighttime use or when extra equipment must be carried, the team has begun replacing its gasoline-powered smart cars with e-smart cars, which will help Spitex comply with city emissions regulations and reduce maintenance costs. SDG 13 Climate Action: One important goal for Spitex is to electrify its vehicle fleet to become carbon neutral. Royal Gold’s financial assistance is helping Spitex reach this goal. “ Thanks to Royal Gold’s financial contribution, Spitex Lucerne’s business model is being developed more sustainably, especially as we are now better equipped to electrify our vehicle fleet.” Christoph Buerkli President of the Board, Spitex Luzern

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 52 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PROJECT C.U.R.E., COLORADO, U.S. Royal Gold has played a supportive role over the years by providing financial support to Project C.U.R.E. for the distribution of medical supplies and the purchase of box trucks and a forklift. In 2023, Royal Gold made a $75,000 donation to Project C.U.R.E. to support the humanitarian relief efforts related to the earthquakes in Turkey and Syria in early 2023. Since 2020, Royal Gold has donated a total of $638,315 to Project C.U.R.E. For three years in a row, Denver office employees have volunteered at the Denver Project C.U.R.E. warehouse sorting, organizing and packaging medical equipment and supplies. Every year, over 30,000 volunteers sort donated supplies, repair equipment and load semi-truck-sized containers from seven distribution centers across the United States. Each week, Project C.U.R.E. delivers approximately three to five semi-truck-sized ocean containers packed with medical equipment and supplies that are desperately needed to save lives in hospitals and clinics in resource-limited countries. SDG 3 Good Health and Well-Being: Our long- standing partnership with Project C.U.R.E. has focused on improving access to medical equipment and services in our local Colorado community and in our Operators’ local communities. Royal Gold has made several economic contributions to Project C.U.R.E., including support for employee volunteering over the years, which contributes to SDG 3, Good Health and Well-Being. FOOD BANK CONTRIBUTIONS Royal Gold has supported the Food Bank of the Rockies (Colorado, U.S.), the Greater Vancouver Food Bank (Vancouver, Canada) and the Daily Bread Food Bank (Toronto, Canada) since 2020, with a combined total contribution of over $575,000. Royal Gold’s monetary contributions to these organizations have provided numerous benefits including helping to reduce the number of children facing food insecurity. In 2023, Royal Gold’s donation to the Food Bank of the Rockies supported the Totes of Hope Program. The Totes of Hope program was created in 2006 to assist children with nutritious, kid-friendly food to sustain them over the weekend when school is not in session and other food programs may be unavailable. SDG 2 Zero Hunger: Childhood hunger and food insecurity are tied to a variety of socioeconomic factors, the most predominate being poverty. Royal Gold has consistently supported three food bank organizations that aim to eliminate hunger in the communities where our offices are located.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 53 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Other contribution highlights AQUEDUCT ALLIANCE Royal Gold joined the World Resources Institute (“WRI”) Aqueduct Alliance in 2023. The WRI is a global research non-profit that focuses on sustainable practices for business, economics, finance and governance, with the purpose of better supporting human society in six areas: food, forests, water, energy, cities and climate. SDG 13 Climate Action: Royal Gold actively uses Aqueduct™ Water Risk Atlas, an open-source tool developed by WRI, to publish water stress assessments, flood and drought risk assessments, and other climate condition assessments for our portfolio. We also consult Aqueduct during our new investment due diligence. As an Aqueduct Alliance member, Royal Gold is able to access new data and tools, engage with cross-sector and industry collaborators, and seek guidance from Aqueduct experts and leaders. FUTURE LEADERS IN RESPONSIBLE MINING SCHOLARSHIP Educating the industry’s next generation of mining leaders is a top priority for Royal Gold and we are committed to funding scholarships that support mining-related education. We recognize our responsibility to contribute to resource development in our sector, especially given workforce shortages that we expect will increase over time. SDG 4 Quality Education: In 2023, Royal Gold increased its scholarship funds totaling annual donations of $120,000 to five US-based colleges, universities and technical programs that have a deep commitment to science, technology, engineering and math excellence and the mining industry. All our scholarships aim to support students who have demonstrated a commitment to promoting the advancement of women in mining and/or a commitment to working with underrepresented communities. In 2023, Royal Gold established new scholarships with the University of Nevada, Reno and Great Basin College, two Nevada-based universities with a core focus on mining-related education. The University of Nevada, Reno Foundation Established in 1874, the University of Nevada, Reno’s (“UNR”) Mackay School of Earth Sciences and Engineering has offered programs in geology, geography, geophysics, geological engineering and mining engineering since 1888. The Royal Gold Scholarship of $25,000, established in 2023, supports students pursuing an undergraduate degree in the Mackay School. Great Basin College Foundation Great Basin College (“GBC”) was established in 1967 and is based in Elko, Nevada. GBC has had a long-standing relationship with the mining industry and offers hands-on learning experiences and internships with local mining and contracting companies. The $25,000 Royal Gold Scholarship, which was established in 2023, will be awarded annually to selected students who are seeking education in the diesel, welding, industrial maintenance, electrical, instrumentation, and machinist technology programs (together, the “Career and Technical Education Program”). Colorado School of Mines Foundation The Royal Gold Scholarship was established at the Colorado School of Mines in 2022 for the purpose of providing financial aid to enrolled undergraduate students in pursuit of a degree in the area of mining engineering. Total annual funding for this scholarship is $20,000. Montana Technological (Montana Tech) University Foundation Royal Gold established a $25,000 annual scholarship in 2022 at Montana Tech to support students majoring in mining engineering or metallurgical and materials engineering. South Dakota Mines Center for Alumni Relations and Advancement In 2022, a $25,000 annual scholarship was established with South Dakota Mines to support students majoring in mining engineering. Lauren Fritz , Royal Gold Scholarship recipient and mining engineer major, South Dakota Mines

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 54 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD ESG Stewardship Understanding environmental and social risks, opportunities and impacts of the stream and royalty interests we hold is one of our key investment principles. Our disciplined and deliberate approach to ESG stewardship reflects our business model and the level of influence and relationships we have with the Operators of our stream and royalty interests. In This Section Climate change Operator ESG performance Legal matters Golden Star Oil Palm Project, Ghana, West Africa (Royal Gold-supported community program)

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 55 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Climate change OUR APPROACH Climate change has the potential to transform the planet, the way we live and the way we conduct business. We recognize the expectations of our stakeholders in understanding how climate change can impact our business and how our activities have direct and indirect potentials to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize mining activities are inherently energy intensive and acknowledge that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate change and climate risk is informed by three fundamental principles: understanding potential physical and transition risk associated with climate change, investigating actions and strategies that may be appropriate to reduce those risks, and monitoring energy and emissions and disclosing our findings. This year, we published our first climate report, which discusses our approach to identifying, assessing and managing climate-related risks and opportunities. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business, and how integrating these factors into our strategic planning can help reduce the impacts. Carbon neutral since 2020 1 85% of our 2023 revenue is associated with Operators that have disclosures in line with the TCFD 1 Across scope 2 and 3 corporate emissions. LEARN MORE Click cover to access our Climate Report GreenTrees ACRE (Advanced Carbon Restored Ecosystem)

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 56 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR COMMITMENT TO CARBON NEUTRALITY Greenhouse gas (GHG) emissions stem from direct fuel combustion (scope 1) and purchasing electricity externally (scope 2), as well as activities indirectly influenced by the reporting organization throughout its value chain (scope 3). This report categorizes scope 3 emissions into those originating from our organization’s corporate operations and those of its Operators (scope 3 investment emissions). This segmentation allows us to address our own footprint as a passive investor more effectively, given our limited control over Operators’ emissions. Further details on Operators’ emissions can be found in the “Operator GHG emissions” section. Our organization’s 30 employees are based out of offices in the United States, Switzerland and Canada, with minimal direct environmental impact. We actively support and incentivize the use of public transportation for daily commuting by subsidizing these options. Additionally, our shift to a hybrid office model, along with 17% of our employees exclusively working from home, contributes to a significant reduction in both in-office emissions and those related to daily commuting. Two-thirds of our employees are based in our Denver headquarters, which is located in a Leadership in Energy and Environmental Design (“LEED”) Gold- certified building. We continue to leverage the upgrade of our information technology systems and the adoption of new technology that has increased virtual meetings. The tables on the right detail our energy consumption and scope 2 and 3 corporate emissions, which include employee travel and employee commuting. We have no corporate scope 1 emissions. ROYAL GOLD CORPORATE SCOPE 2 GHG EMISSIONS 1 2023 2021 2020 Denver, Colorado Toronto, Ontario Lucerne, Switzerland 0 20 40 60 80 100 2022 (tCO 2 e) 86 83 93 90 ROYAL GOLD CORPORATE TOTAL SCOPE 2 AND 3 GHG EMISSIONS 2023 2021 2020 0 160 320 480 640 800 2022 (tCO 2 e) 155 127 499 400 1 Our scope 2 corporate emissions are calculated internally and include our Denver, Toronto and Lucerne offices, which cover about 97% of our Company (30/31 employees in 2022). Our Vancouver office, which consists of a single office let in a third-party space, is omitted from the totals as associated energy consumption data are not readily available. Royal Gold uses emissions factors from government sources and the Greenhouse Gas Protocol’s GHG Emissions Calculations Tool to determine scope 2 corporate emissions. 2 Our scope 3 corporate emission calculations include employee business travel; these are provided by a third party, Egencia. Our employee commuting emissions are calculated internally. Egencia uses emissions factors from the United Kingdom’s Department for Environment, Food and Rural Affairs. Our scope 3 corporate emissions cover 100% of all Royal Gold employees. 3 Emissions in 2020 and 2021 are low due to limited travel during COVID. Denver, Colorado Toronto, Ontario Lucerne, Switzerland ROYAL GOLD CORPORATE SCOPE 3 GHG EMISSIONS 2,3 2023 2021 2020 0 80 160 240 320 400 2022 Employee business travel Employee commuting (tCO 2 e) 68 44 406 310 Employee business travel Employee commuting ROYAL GOLD CORPORATE ENERGY CONSUMPTION Estimated indirect grid electricity purchased (market-based) 2023 2021 2020 0 80 160 240 320 400 2022 (MWh) 247 250 275 258 Denver, Colorado Toronto, Ontario Lucerne, Switzerland

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 57 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OFFSETTING OUR CORPORATE EMISSIONS Since 2020, we have acquired verified carbon credits to offset scope 2 and 3 corporate emissions that we otherwise have been unable to eliminate, thus achieving carbon neutrality in our corporate operations. We commit to achieving carbon neutrality for our corporate operations and will continue to work to reduce our carbon footprint. Historically, we purchased verified carbon credits generated from the Manantiales Behr Wind Power Plant in Argentina from Mercuria Energy, a global energy and commodity trader with offices worldwide. To offset our 2022 and 2023 scope 2 and 3 corporate emissions, we purchased verified carbon credits through Anew Climate, LLC, a leading climate solutions company that offers environmentally focused products, services and investments that support decarbonization, including the sale of verified carbon credits. Our 2022 carbon offsets were sourced from the Blue Ridge Escarpment Forest Management Carbon Removal Project in South Carolina, U.S., and our 2023 carbon offsets were sourced from the GreenTrees Reforestation Project in Arkansas, U.S. GreenTrees Reforestation Project – Reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley GreenTrees is reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley. To date, GreenTrees has planted over 42 million trees on 120,000 acres, in partnership with private landowners. The tree plantings have generated millions of tons of verified carbon credits that are registered on the American Carbon Registry (“ACR”). These credits account for the vast majority of domestic forestry credits ever registered on the voluntary market. In recognition of its vision in building toward a 1,000,000-acre goal, the American Carbon Registry (“ACR”) awarded GreenTrees the Innovation Award in April of 2018. GreenTrees has delivered and/or retired millions of tonnes of carbon offsets to corporations and municipalities including Duke Energy, Norfolk Southern, and the Arbor Day Foundation. Technology and mechanism Reforestation: Replanting trees in a previously forested area Mechanism: Removal Durability: Permanence: 40+ years. The durability of this project is 40 years, based on its crediting period. However, the project is designed to have incentives to keep project lands permanently in forest. Project details Emissions reduced or carbon removed on an annual basis: 526,702 tonnes Project certifications Certifier: ACR Standard: American Carbon Registry Registry ID : ACR114 SDG Alignment: GreenTrees ACRE (Advanced Carbon Restored Ecosystem)

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 58 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator ESG performance ESG stewardship means continually maintaining an understanding of the stream and royalty interests we hold with respect to production, operational, environmental, and social and governance, among other considerations. Understanding the ESG performance of Operators and properties in which we hold stream and royalty interests begins with collecting information through a monitoring process. This monitoring process supports the systematic reporting of relevant information to senior management and the Board. We obtain monitoring data and other information via contractual rights, from our Operators’ public disclosures and from third-party data sources. Operator annual ESG reports are also important sources of data. OPERATOR ESG-RELATED POLICY STATEMENTS AND STANDARDS We expect to see an annual ESG report and policy statements, standards or detailed descriptive content within the ESG reports or websites related to 15 subject areas from Operators of the revenue- generating portion of our portfolio. In reviewing disclosures weighted by our 2023 revenue, approximately 90% of our portfolio revenue is provided by companies that provide disclosure against 11 of the 15 areas. We hope to see further improvements in disclosures within the portfolio. Portfolio performance disclosure falls below 100%, as some of our revenue is generated by private companies, which have no disclosure obligations. Policy/standard/statement disclosure 1 % of 2023 revenue covered ESG Reports for 2022 86% Environmental Environmental/Sustainability Policy 99% Biodiversity Policy/Standard 84% TCFD Framework Climate Change Disclosure 85% Certified by Cyanide Code 2 71% Tailings Management Practices Disclosure 85% Social Safety & Health Policy 99% Human Rights Policy/Statement 92% Child Labor Policy/Statement 3 84% Diversity Policy 93% Community/Sustainability/Stakeholder Engagement Policy 87% Formal Community Grievance Mechanism 85% Governance Code of Conduct 88% Anti-bribery/Corruption Policy 87% Supply Chain Policy/Standards 79% Whistleblower Policy/Process 88% 1 Compliance with the criteria is given for having a standalone policy or part of a broader policy; or a description provided on the company website or ESG report that provides enough detail to define the approach to the defined subject. 2 Cyanide Code only applies to sites using cyanide. 3 Aligned if “child labor” referenced in Human Rights Policy. Xavantina , Ero Copper Corp., Mato Grosso State, Brazil

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 59 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR ENERGY CONSUMPTION We track the energy consumption associated with our portfolio of assets as useful metrics to assess ongoing performance and drivers behind GHG emissions. Generally, as the processing of ore on- site increases, energy use also increases. As mines become deeper and cover more area, more energy is required for such activities as mine ventilation and dewatering, and more energy and fuel are needed to haul ore and waste rock over greater vertical and horizontal distances. Mines with lower ore grades or more complex processing can also increase energy intensity. We collect and assess direct and indirect energy consumption and usage intensity (i.e., gigajoules (GJ) per GEO, and kilowatt hours per tonne of ore processed), which allows us to understand the operational efficiency attributed to our stream and royalty interests, to benchmark our portfolio performance, to better understand operator scope 1 and scope 2 GHG emission generation, and to evaluate risks and opportunities associated with our investment portfolio. RELATIONSHIPS BETWEEN ENERGY CONSUMPTION AND GHG EMISSIONS Scope 1 Emissions Scope 2 Emissions Fuel Consumed x Fuel Emissions Factor Ore & Waste Moved Diesel Fuel Consumption x Diesel Fuel Emissions Factor Other Fuels Consumed at Minesite x Fuel Emissions Factor (i.e., heating fuels, small vehicle operation) Fugitive Emissions (i.e., gases from blasting operations) Direct Energy Indirect Energy Power Consumption x Percentage of Power Purchased x Grid Factor Non-power Generation Site Generated Power Grid Supplied Power

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 60 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Total energy (direct 1 + indirect 2 ) intensity per GEO shows an upward trend from 2018 through 2022, which we have been able to compile with the help of an energy and emissions database of mining operations compiled by Skarn Associates. As part of our energy compilation efforts, we also have tracked the emissions associated with each unit of both direct and indirect energy consumed (emissions factors). The emissions factors associated with both direct and indirect energy have strong downward trends over the five-year measurement period resulting in a reduction of 13% and 37%, respectively. 1 Direct energy: the energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles, and to produce power and heat on-site. 2 Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy. The improvement in the energy emissions factors is viewed as a positive indicator of our Operators making changes in their mines to address climate change. • The improvement in the energy emissions factor associated with direct energy comes from fuel switching and has been largely impacted by the Pueblo Viejo mine switching from heavy fuel oil for power generation to liquified natural gas (LNG). Further fuel switching at the Pueblo Viejo mine’s lime kilns from diesel fuel to LNG is expected to show further improvement when 2023 energy and emission data are available. • The indirect emissions factor improvement can be largely attributed to Teck Resources’ Andacollo mine in Chile, a Principal Property in our portfolio, which entered into a long-term contract to purchase 100% renewable energy in mid-2020, significantly reducing the GHG emissions associated with each unit of electrical energy. We note that action by some of our other Operators to purchase cleaner power is in progress and would expect improvements to continue. With the improving total energy intensity, we see a downward trend in the amount of GHG emissions associated with each unit of total energy consumed. However, there is no guarantee that any trend will continue as a shift in the revenue generated by a higher energy emissions asset may negatively impact the portfolio’s figures. DIRECT AND INDIRECT ENERGY CONSUMPTION 2018 2019 2020 2021 (Tera Joule) 2022 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2,990 3,240 3,976 3,429 3,537 DIRECT AND INDIRECT ENERGY EMISSION FACTOR 2018 2019 2020 2021 (tCO 2 e/Tera Joule) 2022 0 10 20 30 40 50 60 70 80 70 70 55 62 55 Direct DIRECT AND INDIRECT ENERGY INTENSITY 2018 2019 2020 2021 (Giga Joule/Net Gold Equivalent Ounce) 2022 0 2 4 6 8 10 12 14 16 11.5 12.1 14.0 12.8 13.4 Indirect Total Direct Indirect Total Direct Indirect Total

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 61 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR GHG EMISSIONS As part of our climate change disclosure strategy, we continued to compile a scope 1 and scope 2 GHG emissions inventory of our stream and royalty interests that generate revenue for Royal Gold, which we refer to as our scope 3 investment emissions. We have been able to track Operator scope 1 and scope 2 emissions estimates for approximately 99% of the net GEOs generated in the five-year period from 2018 through 2022. These emissions are illustrated graphically in the figure below. An Appendix included with this report ( pages 90-97 ) details our revenue-generating assets and their associated GHG emissions data, as compiled by Skarn Associates. We have weighted the emissions intensity from each stream and royalty interest, based on the net GEOs we receive as a proportion of the total GEOs produced by each asset, to determine our scope 3 investment emissions. A more detailed description of the asset weighting process to estimate portfolio intensity is provided in the Glossary on page 114 . Understanding the GHG emission performance of individual assets and our portfolio of stream and royalty interests is a fundamental building block in our climate scenario analysis and an important factor in assessing our resilience to transition impacts associated with climate change. It also helps us strategically consider ways to reduce or offset the GHG emissions associated with our stream and royalty interests. GHG emissions at a mine site are driven by the amount of diesel fuel consumed during mining, the amount of electrical energy consumed by the operation, the fuel sources used to generate grid power and the type of ore processing, among other factors. The GHG emissions connected to our portfolio (our Investment Emissions) are dominated by scope 1 emissions, which are associated with using fossil fuels to power mobile equipment and in some cases generate power. Scope 1 emissions comprised approximately 80% of the total scope 1 and 2 investment emissions from the calendar year 2022. A further breakdown of scope 1 emissions shows that on average 46% for the five-year period presented is associated with site power generation. Approximately 89% of the site power generation emissions are associated with the Pueblo Viejo mine for the five-year period. OPERATOR GHG EMISSION INTENSITY We feel that GHG emission intensity is a useful key performance indicator (“KPI”) to monitor with respect to our scope 3 investment emissions. We define GHG emission intensity as the tonnes of scope 1 and scope 2 CO 2 (equivalent) emissions per net GEO produced. The average emission intensity for the revenue-generating portion of our stream and royalty portfolio is shown in the figure to the right. Using a GHG intensity measurement as a KPI allows for the ability to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests. GHG intensity performance over the five-year period of 2018–2022, representing approximately 99% of our net GEOs, shows GHG emissions intensity has experienced a modest improvement trend. SCOPE 1 AND 2 GHG EMISSIONS ESTIMATES 2018 2019 2020 2021 (tCO 2 e) 2022 0 50,000 100,000 150,000 200,000 250,000 300,000 210,000 227,000 218,000 211,000 196,000 Scope 1 Scope 2 GEO Production Scope 1 and 2 SCOPE 1 EMISSIONS BREAKDOWN 2018 2019 2020 2021 (tCO 2 e) 2022 0 50,000 100,000 150,000 200,000 152,000 163,000 181,000 156,000 157,000 Non-power generation Site Power Generation Scope 1 SCOPE 1 AND 2 GHG EMISSIONS INTENSITY 2018 2019 2020 2021 (tCO 2 e)/Net Gold Equivalent Ounces 2022 0.0 0.2 0.4 0.6 0.8 1.0 ~99% of Production 0.81 0.85 0.77 0.79 0.74 Scope 1 Scope 2 Scope 1 and 2 Using a GHG intensity measurement as a KPI allows for the ability to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 62 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR WATER AVAILABILITY AND RISK Mining and ore-processing operations require significant amounts of water. Water sourcing and consumption can be prominent concerns for local communities and established water users, and unique water supply and management strategies are often used at mining operations to allow production while addressing local environmental and social concerns. Many of the opportunities we evaluate are in areas of elevated water stress, which require in- depth reviews of the Operator’s water management plans, including stakeholders’ concerns. In our due diligence for new opportunities, we review the project water balance, the sustainability of water supply sources and the potential for water competition with other users in the region. We routinely benchmark the actual or estimated water consumption performance of a project against similar operations. Ongoing monitoring of water availability and risk is required to understand if there is a change in risk exposure from the period when our initial due diligence was conducted. We collect water consumption data to understand water use intensity, and also consult external sources that assess water-related risks. These data collection activities also support our efforts to understand how climate change could impact our stream and royalty interests. OPERATOR WATER CONSUMPTION INTENSITY We track water consumption intensity as a useful metric to assess performance of production from our portfolio of stream and royalty interests. Water consumption intensity is measured as cubic meters of water consumed per net GEO produced or tonne of ore processed by each operation. Using an intensity measurement as a KPI allows changes to be tracked over time, and it remains relevant regardless of changes in annual production. An Appendix starting on page 98 details our revenue-generating mineral properties for the 2018–2022 period and their associated water consumption data, as compiled by Skarn Associates. In many cases, when mining companies disclose water data, the volume of reported withdrawn water does not represent the total water used in the operation. Not all rainwater, run-off, dewatering, and other flows are completely captured and disclosed in the reported water balance indicators. As a result, there is a potential to underreport water consumption or reuse efficiencies, and we rely on Skarn Associates to provide a systematic view of water consumption. There has been a modest improvement trend (as seen in the chart to the right) in water consumption intensity performance associated with our portfolio over the period 2018–2021, while we saw a significant upward adjustment in 2022. The year- over-year change in 2022’s water consumption intensity, as measured by both GEOs and ore tonnage processed, is attributed to an increase in the water consumption and consumption intensity at Mount Milligan and lower ore grades at several properties, including Pueblo Viejo and Andacollo. The Skarn water database allows us to benchmark the attributed production from our stream and royalty interests and shows that water consumption intensity per net GEO benchmarks in the 4th quartile of produced gold, while water consumption intensity per tonne of ore processed benchmarks in the 2nd quartile. We interpret this as meaning that the Operators of the properties generating our revenue are generally efficient at managing water usage at their sites, as evidenced by the low water intensity per tonne of ore treated, while the higher water consumption intensity per net GEO indicates the metal production per tonne is lower than the industry average. WATER CONSUMPTION INTENSITY 2018 2019 2020 2021 (kLiters/Net GEO 2022 0 10 20 30 40 0.0 0.2 0.4 0.6 0.8 (kLiters/t ore processed 23 22 21 22 25 Intensity (kL/Net GEO) Intensity (kL/t ore processed)

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 63 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Validated Consumption Intensity m 3 /oz Au Eq Royal Gold Portfolio Estimate - 25 kL/GEO Cumulative Gold Production (koz) Source: Skarn Associates. 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 0% 25% 50% 75% 100% Cortez Khoemacau (1st Quartile on copper intensity curve) Mount Milligan Peñasquito Pueblo Viejo Andacollo (4th Quartile on copper intensity curve) Validated Consumption Intensity m 3 /Ore Treated Royal Gold Portfolio Estimate - 0.60 KL/t ore treated Cumulative Gold Production (koz) Source: Skarn Associates. 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 0% 25% 50% 75% 100% Mount Milligan Andacollo (2nd Quartile on copper intensity curve) Peñasquito Khoemacau (3rd Quartile on copper intensity curve) Cortez Pueblo Viejo OPERATOR WATER RISK Water-related risks are one of the parameters we use to assess climate-related risks and potential impacts on our stream and royalty interests as we advance our TCFD climate scenario analysis. We aim to understand the water-related risks to our interests, communicate those risks to our stakeholders and engage with our Operators when we see risk to better understand the issue. OUR APPROACH Our stream and royalty interests are geographically and climatologically diverse. We looked to systematically understand the risk in our portfolio associated with water supply and to be able to independently and effectively communicate our findings to stakeholders. We based this assessment of our portfolio of stream and royalty interests on a global water risk mapping tool, Aqueduct™ Water Risk Atlas, developed by the WRI. The Atlas is based on a framework of eight physical water risk indicators: water stress, water depletion, interannual variability, seasonal variability, groundwater table decline, riverine flood risk, coastal flood risk and drought risk.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 64 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD We have chosen to focus on three indicators – water stress, interannual variability and drought risk – as these directly correlate to our Principal Properties having sufficient water to operate or potentially receiving excess precipitation. An assessment of the three water risk indicators for our full portfolio is presented in the graphs. Approximately 39% of our net GEOs in 2022 were associated with jurisdictions classified as having extremely high or high water stress or being classified as arid/low water use, which has been relatively consistent over the last five years. Interannual variability has a modest increasing trend with time, and about 37% of our 2022 net GEOs were produced from jurisdictions with either extremely high or high designations. With respect to drought risk, none of our 2022 net GEOs were produced from a jurisdiction classified as high or greater, but 36% of the net GEOs were produced from jurisdictions with medium drought risk. The review shows that all our Principal Properties have at least one elevated physical water risk indicator. For example, Andacollo’s water stress indicator is classified as extremely high, as it is located in a very low-precipitation region with significant competition for available water resources from agriculture and domestic uses. The interannual variability is also classified as extremely high, indicating elevated risk in annual precipitation rates. In 2022, Andacollo experienced unusually high precipitation events that caused the curtailment of operations for five days due to flooding and impacted open-pit operations for months, while the Elqui River drainage that provides the recharge of their wellfield is currently undergoing drought conditions, resulting in the reduction in the ore-processing rate. 1 Kuzma, S., M.F.P. Bierkens, S. Lakshman, T. Luo, L. Saccoccia, E. H. Sutanudjaja, and R. Van Beek. 2023. “Aqueduct 4.0: Updated decision-relevant global water risk indicators.” Technical Note. Washington, DC: World Resources Institute. Available online at: doi.org/10.46830/ writn.23.00061. BASELINE WATER STRESS INTERANNUAL VARIABILITY DROUGHT RISK 47.2% Low 13% Low-Medium 0.2% Medium-High 2.4% High 22.3% Extremely High 14.9% Arid/Low Water 59.1% Low-Medium 3.6% Medium-High 15.1% High 22.1 % Extremely High 29.0% Low 32.9% Low-Medium 22.6% Medium 13.9% Medium-High Aqueduct™ Indicators provide estimates of the stated indicators of water risk with a resolution of approximately 10 km x 10 km. 1 Baseline Water Stress measures the ratio of total water withdrawals to available renewable surface and groundwater supplies. Water withdrawals include domestic, industrial, irrigation and livestock consumptive and nonconsumptive uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. Interannual Variability measures the average between year variability of available water supply, including both renewable surface and groundwater supplies. Higher values indicate wider variations in available supply from year to year. Drought Risk measures where droughts are likely to occur, the population and assets exposed, and the vulnerability of the population and assets to adverse effects. Higher values indicate higher risk of drought.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 65 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR WATER SOURCES AND EXPOSURE TO WATER STRESS, AS DEFINED BY AQUEDUCT USA Cortez Gold Mines Water Stress Interannual Variability Drought Risk 89% GW PR Canada Mount Milligan Water Stress Interannual Variability Drought Risk 92% SW GW PR Dominican Republic Pueblo Viejo Water Stress Interannual Variability Drought Risk 66% SW GW PR Chile Andacollo Water Stress Interannual Variability Drought Risk 75% GW PR Mexico Peñasquito Arid/Low Water Use Interannual Variability Drought Risk 66% GW PR Botswana Khoemacau Interannual Variability Drought Risk n/a GW PR SW GW PR Extreme Abundant Scarcity Reuse and recycling rate Precipitation and runoff Ground water Surface water Water source Water stress Med High to High Low Moderate to Moderate Low Arid/Low Water Use x x Arid/Low Water Use x

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

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 67 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR BIODIVERSITY Biodiversity, or the rate of loss of biodiversity worldwide is considered one of the planet’s key risks by the World Economic Forum. Royal Gold is committed to developing a path forward with respect to systematically reporting biodiversity metrics across our stream and royalty portfolio. By generating this information for our portfolio we learn which sites may have elevated levels of risk, allowing us to investigate these sites in more depth. Furthermore, the educational value of understanding biodiversity in greater depth enhances our due diligence efforts. Importance of Biodiversity By endorsing the ICMM Mining Principles, Royal Gold recognizes Principle 7: Conservation of Biodiversity. As a streaming and royalty company, we are beginning to explore how we can actively contribute to the conservation of biodiversity and integrate approaches to land-use planning. Some of our initial evaluations of biodiversity impacts with respect to our portfolio include the utilization of the Integrated Biodiversity Assessment Tool (“IBAT”). Presently, we are in the early stages of assessing our current portfolio risks and opportunities in addition to improving our biodiversity-related due diligence for new investments. IBAT is a web-based map and reporting tool that provides fast, easy and integrated access to three of the world’s most authoritative global biodiversity datasets: The IUCN Red List of Threatened Species, the World Database on Protected Areas, and the World Database of Key Biodiversity Areas. IBAT can also help users understand the “range rarity” (rarity-weighted species richness) of certain locations, which considers the number of species present at a given location and the relative importance of that location for the species, in terms of the proportion of its global range that it represents. The chart on the following page shows the proximity of our Principal Properties to any Key Biodiversity Areas (“KBAs”), including any identified International Union for Conservation of Nature (“IUCN”) species within a 10-km radius of the point selected to represent the operation’s position and the corresponding IBAT Rarity Weighted Richness score. We expect to continue to improve our monitoring and reporting of biodiversity topics.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 68 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Project Located with Designated Protected Area Project Located with Key Biodiversity Area (KBA) IUCN Red List Species Rarity-Weighted Richness Property Name Name of Area Name of Area Critically Endangered Endangered Vulnerable Near Threatened Least Concern Data Deficient IBAT Scoring Mount Milligan None None 0 1 9 10 317 2 Pueblo Viejo Aniana Vargas National Park None 8 22 29 34 581 8 Andacollo None Quisco Coquimbano 4 10 31 31 510 29 Khoemac a u Okavango Delta System None 5 9 15 17 896 10 Cortez None None 0 2 9 7 386 1 Peñasquito None None 1 9 7 14 552 9 The rarity-weighted richness map is a raster layer showing the relative importance of each ~10 km grid cell in terms of its aggregate contribution to the global distribution of species of mammals, birds, amphibians, crabs, crayfishes and shrimps. The rarity-weighted richness for each species within a grid cell was calculated as the contribution of the cell toward the global distribution of the species. These scores were summed across all species present within a grid cell to give an overall score. High values show that a cell holds a large number of species and/ or that the average ranges of the species present in the cell are small, so that the cell represents a relatively high proportion of their range. Loss of species’ populations in such cells is therefore of disproportionate significance in terms of loss of global biodiversity (at least for the taxonomic groups considered). Rarity-weighted richness is also known as ‘range-size rarity’ or ‘range-rarity’, and has been used as a metric of ‘biodiversity significance’, as well as feeding into the Biodiversity Impact Metric. Mount Milligan Cortez Peñasquito Pueblo Viejo Andacollo Khoemac a u

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 69 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR SAFETY We are committed, alongside Operators of our stream and royalty interests, to prioritize the health and safety of workers, families and local communities. We actively seek new business opportunities with those companies that exhibit these shared, fundamental values. We use two metrics to track the performance of our portfolio of revenue-generating stream and royalty interests: the Total Recordable Incident Frequency Rate (“TRIFR”) and the number of fatal accidents. TRIFR is the number of fatalities, lost-time injuries, substitute work, and other injuries requiring treatment by a medical professional per million hours worked, and is an established internationally accepted performance metric collected and reported by most companies. A compilation of 2020, 2021 and 2022 TRIFR statistics from Operators that generated 83%, 82% and 89% of our revenue, respectively, showed our portfolio had an estimated 3.1, 3.6 and 2.9 TRIFR per one million work hours for each of those years, respectively. A comparative benchmarking was completed using TRIFRs published by the ICMM, based on an average 2.53 billion work hours per year, which show a downward trend year over year. Improvement in our 2022 over 2021 TRIFR can be attributed to an improvement in the performance at one of our Principal Properties. We regret that the operations generating our stream and royalty revenue experienced six fatal accidents in 2022: one accident at Cortez in Nevada, one at the Pueblo Viejo expansion project in the Dominican Republic, one at the Xavantina mine in Brazil, one at the Dolores mine in Mexico and a double fatality at the Khoemac a u operation in Botswana. TOTAL REPORTABLE INCIDENT FREQUENCY RATE 1,2 2020 2021 2022 2.0 2.5 3.0 3.5 4.0 3.1 3.6 2.9 1 TRIFR per 1,000,000 work hours is weighted by work hours. 2 2021 Royal Gold’s TRIFR was adjusted with updated asset data from that used in our 2022 ESG report. 3 Represents data compiled by the ICMM from its members and is publicly reported. Royal Gold ICMM 3 Xavantina , Ero Copper Corp., Mato Grosso State, Brazil

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 70 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Legal matters Cautionary Note Regarding Forward-Looking Statements This report includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward- looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, the following: the potential effects of climate change and related regulation on the Company and the Operators and their projects; actions the Company or the Operators may take in response to climate change and related regulation; expected operating and financial performance of the Operators, including estimates of mineral resources and mineral reserves, production, mine life and mine life extensions; the Company’s liquidity, capital resources, and ability to fund the growth of its business; and future gold prices and prices for other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: the actual amount of global warming and the effect of such global warming being different, perhaps significantly, from the Company’s current projections; actions taken by governments and other entities and groups to mitigate climate change and in response to climate change; contractual issues involving our stream or royalty agreements, including as a result of climate change; future exploration and development activities by Operators, and our ability to identify, finance, value and complete acquisitions; increased competition for stream and royalty interests; a lower-price environment for gold, silver, copper or other metals; operating activities or financial performance of properties on which the Company holds stream or royalty interests, including variations between actual and forecasted performance, Operators’ ability to complete projects on schedule and as planned, Operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; contractual issues involving our stream or royalty agreements, adverse economic and market conditions; and other factors described in our most recent Annual Report on Form 10-K, including under the caption “Risk Factors,” and in our other filings with the Securities and Exchange Commission. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. The Company disclaims any obligation to update any forward- looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Statement Regarding Materiality This report discloses the Company’s GHG emissions, the GHG emissions associated with properties on which the Company holds stream or royalty interests, and certain scenario analyses, transition plans, and activities the Company or Operators may take to mitigate or adapt to climate change. While the Company believes that it is prudent to consider climate-related risks and the potential effects of climate change on the Company, the Company does not consider its GHG emissions or any scenario analyses, transition plans, or activities the Company or Operators may take to mitigate or adapt to climate change to be material to the Company’s business, strategy, results of operations, or financial condition, in light of the time horizons involved and the currently anticipated magnitude of the impact to the Company’s business, strategy, results of operations, or financial condition of climate change. Statement Regarding Third-Party Information Certain information provided in this report has been provided to us by third-party consultants, other third-party sources, or the Operators of the relevant properties or is publicly available information filed by these Operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the Operators for information regarding those properties.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 71 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Appendices In This Section ESG scorecards Operator production performance Operator energy consumption Operator GHG emissions Operator water consumption Operator ESG frameworks and standards GRI index TCFD index SDG index Glossary GHG emissions footprint calculation methodology Wassa , Chifeng Jilong Gold Mining Co., Ltd., Western Region of Ghana

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 72 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD ESG scorecards 1 Some employees elected to not disclose their gender and, therefore, are not reflected in the totals. 2 Total employee headcount is not based on employee survey. 3 Percentages based on survey respondents and not total number of employees. CORPORATE PERFORMANCE SCORECARD 2019 2020 2021 2022 2023 Employees Statistics Number of Male Employees 1 not surveyed at the time not surveyed at the time 17 15 15 Number of Female Employees 1 not surveyed at the time not surveyed at the time 12 12 12 Total Number of Employees 2 25 27 29 31 30 % of Female Employees 1 not surveyed at the time not surveyed at the time 41% 44% 44% % of Male Employees 1 not surveyed at the time not surveyed at the time 59% 56% 52% % of Female Senior Management 0% 12.5% 12.5% 20% 25% % of Male Senior Management 100% 87.5% 87.5% 80% 75% % of Employees that Identify as a Visible Minority 3 not surveyed at the time not surveyed at the time 4% 7% 7% Diversity Statistics – Board of Directors % of Female Board Members 17% 17% 29% 29% 29% % of Board Members that Identify as an Under-Represented Minority 0% 14% 14% 14% 14% 2019 2020 2021 2022 2023 ESG External Ratings S&P Sustainability Score 7 22 22 34 33 Sustainalytics 23.4 22.8 18.7 9.1 9.7 MSCI A A AA AA AA ISS ESG Corporate Rating n/a C- C- C- C- ISS – Governance Score 2 2 1 1 1 ISS – Environment Score 9 10 10 8 8 ISS – Social Score 9 7 8 6 7 Safe Operation Total Recordable Incident Frequency Rate (TRIFR) 0 0 0 0 0 Energy and Climate Change Corporate Scope 2 GHG Emissions (tCO 2 e) n/a 86 83 90 93 Corporate Scope 3 GHG Emissions (tCO 2 e) n/a 68 44 310 406 Corporate Total Scope 2 and 3 GHG Emissions (tCO 2 e) n/a 155 127 400 499 Corporate Energy Consumption (MWh) n/a 247 250 258 275 Community Engagement Community Investments ($US) n/a $1,016,000 $1,014,000 $1,105,000 $1,241,000 Governance Political Contributions 0 0 0 0 0 Whistleblower Complaints 0 0 0 0 0 Memberships and Industry Association Payments n/a n/a n/a n/a $115,718

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 73 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PRINCIPAL PROPERTIES ESG SCORECARD Mount Milligan Pueblo Viejo Andacollo Cortez Penasquito Khoemac a u Jurisdiction & Company RepRisk ESG reputational risk rating Moderate High Moderate Low High High Energy & Climate Corporate emission reduction targets publicly reported No Yes Yes Yes Yes No GHG emissions intensity (tCO 2 e/GEO) ranking 1st 4th 1st 2nd 3rd 4th Total energy intensity (GJ/GEO) ranking 3rd 4th 4th 2nd 2nd 1st Water Water stress rating by Aqueduct Water Risk Atlas Low Low-Medium Extremely High Extremely High Arid and Low Water Use Arid and Low Water Use Water consumption intensity (m 3 /GEO) ranking 4th 4th 4th 1st 4th 3rd Water consumption Intensity 2nd 4th 2nd 1st 3rd 3rd (m 3 /t ore processed) Biodiversity IUCN Red List species (critically endangered + endangered) 1 30 14 2 10 14 Designated protected area or Key Biodiversity Area (KBAs) covering all or part of Project’s active footprint Aniana Vargas National Park Coquimbo desert scrub Okavango Delta System Safe Operation Total Reportable Incident Rate (TRIFR) Industry ranking based on 2022 ICMM data 4th 1st 2nd 4th 3rd 2nd Tailing management disclosure Yes Yes Yes Yes Yes No Workforce and Communities Corporate diversity and inclusion commitment Yes Yes Yes Yes Yes No Human Rights Policy Yes Yes Yes Yes Yes No Community Investment (US millions) n/a $6.72 $2.05 $17.90 $3.40 n/a

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 74 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD STREAM AND ROYALTY PORTFOLIO PERFORMANCE SCORECARD 1,2,3 Gold industry 4 Parameter 2018 2019 2020 2021 2022 2022 Average 50th Percentile Revenue ($ million) $430 $468 $562 $654 $603 Net Gold Equivalent Ounces (GEO) Sold 5,6 259,000 268,000 268,000 284,000 265,000 Energy and Climate Change 6 GHG Emission (tCO 2 e) 210,000 227,000 211,000 218,000 196,000 GHG Emissions Intensity (tCO 2 e/GEO) 0.81 0.85 0.79 0.77 0.74 0.79 0.62 Total Energy Intensity (GJ/GEO) 11.5 12.1 12.8 14.0 13.4 8.9 7.9 Energy Emissions Factor (tCO 2 (eq)/TJ) 70 70 62 55 55 88 75 Process Electrical Energy Intensity (kW-hr/t processed) 38.4 40.4 39.9 40.5 40.9 30.5 23.2 Percentage of Electrical Energy from Grid 73% 72% 69% 68% 71% 77% Grid Factor (tCO 2 e/MWh) 0.22 0.22 0.18 0.12 0.14 0.39 0.35 Diesel Fuel Intensity (liters/t mined) 1.14 1.15 1.02 1.09 1.07 1.1 0.8 Percentage of Portfolio revenue Production with Absolute GHG Emissions Reduction Target(s) by 2030 54% Percentage of Portfolio revenue Production with Net Zero GHG Emission Target by 2050 46% Water Availability 7 Water Consumption Intensity (m 3 /Net GEO) 23.0 21.7 21.4 21.7 25.0 16.3 12.5 Water Consumption Intensity (m 3 /t ore treated) 0.62 0.57 0.53 0.51 0.60 0.88 0.67 Percentage of Revenue from High or Extremely High Water Stress Regions 8 37% 37% 38% 41% 40% Percentage of Revenue from Regions with High or Extremely High Interannual Precipitation Variability 33% 34% 32% 33% 37% Safe Operations Total Recordable Incident Frequency Rate (TRIFR) 3.1 3.6 2.9 2.7 Number of Fatal Accidents 2 2 6 Percentage of Applicable Revenue Covered by Tailing Disclosure 90% 85% Percentage of Applicable Revenue That Are Signatories to the International Cyanide Management Code 76% 71% 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 Metrics are weighted average using Net GEOs. 3 We use the most current data available and adjust our calculations accordingly. None of the changes made to past data are material. 4 Energy and GHG emissions industry average statistics are based on data provided by Skarn Associates and industry average safety statistics were obtained from the ICMM. 5 Gold Equivalent Ounces (“GEO”) production is estimated based on the following metal prices for each year using production units identified by Skarn Associates: $1,758/oz Au; $20.54/oz Ag; $6,185.82/lb Cu; $1,826.14/lb Pb; $2,268.85/lb Zn. 6 Net GEO production data may be updated for minor errors and inconsistencies identified in prior years. 7 Energy, GHG emissions and water data used to estimate portfolio performance was provided by Skarn Associates. Some data is estimated by Skarn and Skarn may update prior year estimates. 8 Also includes jurisdictions classified as “Arid and Low Water Use.”

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 75 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator production performance The following table presents production performance data for a majority of our revenue-generating mineral properties, as available from Skarn Associates, an independent ESG data analytics firm, for calendar years 2018 through 2022. Net GEOs are from Royal Gold’s production records and are determined in accordance with the methodology on page 4 . Entries labelled “NR” means the data were not reported in the Skarn Associates database and those labelled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Principal Properties Andacollo 2018 15.3% 39,594 21,549 291 13.6% Teck Resources Limited 2019 17.2% 46,041 16,987 233 19.8% 2020 13.4% 35,785 19,811 247 14.5% 2021 11.4% 32,453 18,621 190 17.1% 2022 8.4% 22,194 17,199 162 13.7% Cortez 2018 1.5% 3,876 17,002 1,201 0.3% Nevada Gold Mines LLC 2019 4.3% 11,551 22,025 963 1.2% 2020 6.1% 16,353 21,169 798 2.0% 2021 11.0% 31,165 29,208 731 4.3% 2022 10.6% 28,085 14,783 869 3.2% Khoemac a u 9 2018 – – – – – Khoemac a u Copper 2019 – – – – – 2020 – – – – – 2021 0.7% 2,042 1,800 121 1.7% 2022 3.1% 8,290 3,600 228 3.6% Mount Milligan 2018 22.6% 58,573 13,556 280 20.9% Centerra Gold Inc. 2019 23.3% 62,325 16,350 312 20.0% 2020 24.8% 66,521 20,067 310 21.4% 2021 23.5% 66,779 20,900 327 20.4% 2022 27.0% 71,347 21,348 317 22.5% Peñasquito 2018 5.1% 13,119 35,248 731 1.8% Newmont Corporation 2019 4.1% 10,874 19,964 660 1.6% 2020 7.1% 19,102 30,590 1,317 1.5% 2021 8.2% 23,305 35,720 1,509 1.5% 2022 7.6% 20,060 35,928 1,354 1.5%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 76 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Pueblo Viejo 2018 16.8% 43,574 8,347 1,032 4.2% Barrick Gold Corporation 2019 17.3% 46,353 8,607 1,046 4.4% 2020 16.9% 45,246 8,828 960 4.7% 2021 14.1% 40,191 9,110 866 4.6% 2022 12.4% 32,937 9,448 768 4.3% Non-principal Properties Allan/Borax 2018 0.3% 706 NR NR NR Nutrien Ltd. 2019 0.3% 701 NR NR NR 2020 0.3% 743 NR NR NR 2021 0.3% 746 NR NR NR 2022 0.3% 713 NR NR NR Bald Mountain 3 2018 0.5% 1,365 23,654 285 0.5% Kinross Gold Corporation 2019 0.2% 589 16,475 188 0.3% 2020 0.0% 83 18,303 191 0.0% 2021 0.2% 491 19,063 205 0.2% 2022 0.4% 1,014 15,924 214 0.5% Bogoso and Prestea 2018 2.6% 6,803 1,302 75 9.1% Future Global Resources Ltd. 2019 1.4% 3,878 719 48 8.1% 2020 0.9% 2,299 295 30 7.7% 2021 0.4% 1,166 328 33 3.6% 2022 0.6% 1,486 369 35 4.2% Canadian Malartic 3 2018 2.5% 6,454 20,484 706 0.9% Agnico Eagle Mines Ltd. 2019 1.8% 4,833 21,049 679 0.7% 2020 1.6% 4,373 20,506 569 0.8% 2021 1.5% 4,178 22,260 722 0.6% 2022 1.0% 2,597 19,540 665 0.4% Dolores 2018 2.0% 5,299 6,903 184 2.9% Pan American Silver Corporation 2019 1.9% 5,037 6,777 177 2.8% 2020 1.5% 4,048 6,430 142 2.8% 2021 2.0% 5,658 7,774 186 3.0% 2022 1.9% 5,089 7,957 163 3.1%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 77 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Don Mario 2018 0.5% 1,379 NR NR NR Orvana Minerals Corporation 2019 0.2% 585 NR NR NR 2020 – – – – – 2021 – – – – – 2022 – – – – – Don Nicolas 3 2018 0.0% 127 286 25 0.5% Cerrado Gold, Inc. 2019 – – – – – 2020 0.4% 1,141 333 17 6.7% 2021 0.2% 572 414 43 1.3% 2022 0.2% 638 395 54 1.2% El Limón 2018 0.6% 1,557 448 50 3.1% Calibre Mining Corporation 2019 0.6% 1,739 482 63 2.8% 2020 0.9% 2,339 428 65 3.6% 2021 1.0% 2,705 496 68 4.0% 2022 1.2% 3,152 494 77 4.1% Gold Hill 3 2018 0.3% 661 24,770 385 0.2% Kinross Gold Corporation 2019 0.2% 422 25,804 363 0.1% (Round Mountain Complex) 2020 0.2% 525 23,975 325 0.2% 2021 0.2% 427 16,623 254 0.2% 2022 0.2% 416 26,688 226 0.2% Goldstrike 3 2018 1.0% 2,584 8,365 1,019 0.3% Nevada Gold Mines LLC 2019 0.9% 2,422 16,044 1,720 0.1% (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin) 2020 0.7% 1,947 19,829 1,667 0.1% 2021 0.6% 1,680 23,223 1,502 0.1% 2022 0.7% 1,736 19,574 1,649 0.1% Gwalia 3 2018 1.5% 3,975 672 257 1.5% Genesis Minerals Limited 2019 1.0% 2,784 659 184 1.5% 2020 0.9% 2,287 697 156 1.5% 2021 0.9% 2,587 998 188 1.4% 2022 0.8% 2,231 999 158 1.4%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 78 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Holt 3 2018 3.1% 8,061 860 127 6.3% Agnico Eagle Mines Ltd. 2019 2.7% 7,139 854 114 6.3% 2020 1.3% 3,487 215 29 11.9% 2021 – – – – – 2022 – – – – – King of the Hills 2018 – – – – – Red 5 Limited 2019 0.4% 976 NR NR NR 2020 0.2% 486 NR NR NR 2021 0.0% 89 NR NR NR 2022 0.2% 510 2,364 70 0.7% LaRonde Zone 5 3 2018 0.1% 166 2,333 392 0.0% Agnico Eagle Mines Ltd. 2019 0.5% 1,321 2,927 436 0.3% 2020 0.4% 1,157 2,674 370 0.3% 2021 0.4% 1,207 2,961 403 0.3% 2022 0.6% 1,509 2,816 378 0.4% Las Cruces 2018 1.4% 3,761 1,544 249 1.5% First Quantum Minerals Ltd. 2019 0.9% 2,539 1,354 169 1.5% 2020 1.1% 2,888 1,462 191 1.5% 2021 0.3% 755 683 48 1.6% 2022 0.2% 504 607 34 1.5% Leeville (North) 3 2018 0.8% 2,020 20,243 928 0.2% Nevada Gold Mines LLC 2019 0.3% 848 16,044 1,720 0.0% (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants) 2020 0.3% 930 19,829 1,667 0.1% 2021 1.0% 2,949 23,223 1,502 0.2% 2022 0.9% 2,339 19,574 1,649 0.1% Marigold 3 2018 1.6% 4,064 27,526 205 2.0% SSR Mining Inc. 2019 1.5% 4,041 25,676 220 1.8% 2020 1.7% 4,630 23,556 234 2.0% 2021 1.6% 4,662 19,999 235 2.0% 2022 1.3% 3,387 21,818 230 1.5%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 79 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Meekathara 3 2018 0.7% 1,888 2,264 134 1.4% Westgold Resources Ltd. 2019 0.7% 1,989 2,319 173 1.1% 2020 0.8% 2,099 2,794 183 1.1% 2021 0.7% 1,973 2,998 190 1.0% 2022 0.6% 1,645 2,778 202 0.8% Mulatos 2018 3.0% 7,871 6,886 175 4.5% Alamos Gold Inc. 2019 0.8% 2,082 7,290 142 1.5% 2020 – – – – – 2021 – – – – – 2022 – – – – – Rainy River 2018 3.7% 9,472 6,546 230 4.1% New Gold Inc. 2019 5.5% 14,718 8,023 257 5.7% 2020 4.7% 12,623 8,819 233 5.4% 2021 5.2% 14,722 9,250 242 6.1% 2022 5.0% 13,150 8,602 235 5.6% Red Chris 2018 – – – – – Newmont Corporation 2019 – – – – – 2020 – – – – – 2021 – – – – – 2022 0.5% 1,315 9,457 172 0.8% Robinson 2018 2.0% 5,194 14,200 218 2.4% KGHM International Ltd. 2019 1.9% 5,088 14,200 232 2.2% 2020 2.2% 5,986 14,000 195 3.1% 2021 1.8% 5,209 14,000 246 2.1% 2022 1.9% 5,058 14,000 210 2.4% Skyline 2018 0.3% 743 NR NR NR Wolverine Fuels, LLC 2019 0.3% 775 NR NR NR 2020 0.3% 846 NR NR NR 2021 0.1% 212 NR NR NR 2022 0.0% 127 NR NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 80 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 South Laverton 3 2018 1.3% 3,409 2,221 176 1.9% Northern Star Resources Ltd. 2019 1.1% 3,060 2,378 198 1.5% 2020 2.2% 5,975 2,690 213 2.8% 2021 1.9% 5,484 3,728 254 2.2% 2022 1.3% 3,437 3,717 195 1.8% Southern Cross 2018 0.4% 1,133 2,345 162 0.7% Shandong Tianye Group 2019 0.4% 1,079 2,345 162 0.7% 2020 0.3% 898 2,345 162 0.6% 2021 0.3% 956 2,345 162 0.6% 2022 0.3% 758 2,345 162 0.5% Taparko 3 2018 0.8% 2,016 1,974 101 2.0% Nord Gold N.V. 2019 0.4% 1,033 1,920 69 1.5% 2020 0.6% 1,671 1,797 92 1.8% 2021 0.5% 1,347 1,639 68 2.0% 2022 0.1% 227 394 17 1.3% Twin Creeks 3 2018 0.0% 19 7,151 362 0.0% Nevada Gold Mines LLC 2019 0.1% 174 5,900 667 0.0% (Twin Creeks combined production with Turquoise Ridge in 2019) 2020 0.1% 213 5,875 552 0.0% 2021 0.0% 2 6,167 563 0.0% 2022 0.0% 13 1,780 459 0.0% Voisey’s Bay 2018 1.8% 4,732 2,000 422 1.1% Vale S.A. 2019 2.0% 5,327 2,116 390 1.4% 2020 1.5% 3,902 1,800 367 1.1% 2021 2.6% 7,393 2,061 398 1.9% 2022 1.5% 4,028 1,664 248 1.6% Wassa 7 2018 4.6% 11,949 1,601 150 8.0% Chifeng Jilong Gold Mining Co., Ltd. 2019 4.4% 11,851 1,548 156 7.6% 2020 5.0% 13,429 2,011 168 8.0% 2021 4.9% 14,000 1,690 155 9.0% 2022 5.2% 13,887 1,893 173 8.0%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 81 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Royal Gold attributable 2,5 (GEO) Ore processed 4 (kt) Reported production 4,5 (kGEO) RGLD % of site reported GEO production 6 Wharf 2018 0.6% 1,436 4,467 78 1.8% Coeur Mining, Inc. 2019 0.6% 1,683 4,185 85 2.0% 2020 0.7% 1,861 4,275 96 1.9% 2021 0.6% 1,801 4,268 92 2.0% 2022 0.5% 1,383 4,090 80 1.7% Williams 3 2018 0.5% 1,400 3,062 171 0.8% Barrick Gold Corporation 2019 0.6% 1,623 2,914 213 0.8% 2020 0.7% 1,775 2,002 223 0.8% 2021 0.4% 1,266 1,237 150 0.8% 2022 0.2% 486 1,180 133 0.4% Xavantina 8 2018 – – – – – Ero Copper 2019 – – – – – 2020 – – – – – 2021 1.2% 3,482 172 38 9.1% 2022 3.1% 8,219 190 44 18.9% Other Interests 2018 0.2% 451 NR NR NR 2019 0.2% 520 NR NR NR 2020 0.1% 364 NR NR NR 2021 0.2% 526 NR NR NR 2022 0.2% 645 NR NR NR Total 2018 100.0% 259,433 2019 100.0% 268,001 2020 100.0% 268,012 2021 100.0% 284,177 2022 100.0% 264,614 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 property production or a portion of production from an operating complex. 4 Site production figures were compiled by Skarn Associates, and we have relied on their database for gold and copper mining operations. 5 GEO production is estimated based on the following metal prices for each year using production units identified by Skarn Associates: $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. 6 Royal Gold’s percentage of site production is determined by dividing the net Gold Equivalent Ounces we receive based on the methodology defined in footnote (3) by the Site Reported Production in Gold Equivalent Ounces, defined in footnote (5). 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.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 82 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator energy consumption The following table presents estimates for direct and indirect energy usage, which can be attributed to our interests, for a majority of our revenue-generating mineral properties, as available from Skarn Associates, an independent ESG data analytics firm, for calendar years 2018 through 2022. The table also details the GHG emissions associated with each unit of direct and indirect energy and provides a weighted average performance for the portfolio. Entries labelled “NR” means the data were not reported in the Skarn Associates database and those labelled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Principal Properties Andacollo 2018 15.3% 3rd (Cu) 78 262 340 71 116 106 25 Teck Resources Limited 2019 17.2% 3rd (Cu) 98 319 417 71 113 103 26 2020 13.4% 3rd (Cu) 81 253 334 71 76 75 24 2021 11.4% 4th (Cu) 103 338 441 71 0 16 30 2022 8.4% 4th (Cu) 81 254 335 71 0 17 30 Cortez 2018 1.5% 1st 10 4 13 71 83 74 18 Nevada Gold Mines LLC 2019 4.3% 2nd 47 18 65 71 81 74 19 2020 6.1% 2nd 85 27 112 71 81 73 18 2021 11.0% 2nd 179 54 234 71 71 71 12 2022 10.6% 2nd 130 45 175 71 91 76 26 Khoemac a u 9 2018 – – – – – – – – – Khoemac a u Copper 2019 – – – – – – – – – 2020 – – – – – – – – – 2021 0.7% 1st (Cu) 5 6 11 74 259 172 52 2022 3.1% 2nd (Cu) 22 25 46 74 259 172 52 Mount Milligan 2018 22.6% 3rd 151 354 505 71 3 23 35 Centerra Gold Inc. 2019 23.3% 3rd 187 386 573 70 8 29 33 2020 24.8% 3rd 203 459 662 70 11 29 30 2021 23.5% 2nd 202 443 645 70 3 24 29 2022 27.0% 3rd 252 473 725 70 3 26 27 Peñasquito 2018 5.1% 4th 83 79 162 74 122 98 35 Newmont Corporation 2019 4.1% 4th 67 61 127 74 129 100 51 2020 7.1% 2nd 63 66 129 74 127 101 41 2021 8.2% 2nd 87 81 168 74 111 91 41 2022 7.6% 2nd 85 75 160 74 117 94 39

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 83 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Pueblo Viejo 2018 16.8% 4th 1,117 0 1,117 77 0 77 253 Barrick Gold Corporation 2019 17.3% 4th 1,251 0 1,251 77 0 77 266 2020 16.9% 4th 1,404 17 1,422 62 156 64 308 2021 14.1% 4th 1,646 24 1,669 60 164 62 355 2022 12.4% 4th 1,326 19 1,346 60 163 61 305 Non-principal Properties Allan/Borax 2018 0.3% NR NR NR NR NR NR NR NR Nutrien Ltd. 2019 0.3% NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR 2021 0.3% NR NR NR NR NR NR NR NR 2022 0.3% NR NR NR NR NR NR NR NR Bald Mountain 3 2018 0.5% 2nd 8 1 9 71 98 73 1.5 Kinross Gold Corporation 2019 0.2% 3rd 5 0 5 71 196 82 2.6 2020 0.0% 3rd 1 0 1 71 196 82 2.6 2021 0.2% 3rd 4 0 5 71 155 78 2.5 2022 0.4% 2nd 8 1 9 71 102 74 3.0 Bogoso and Prestea 2018 2.6% 2nd 18 15 33 71 37 55 35.9 Future Global Resources Ltd. 2019 1.4% 3rd 13 16 29 71 36 51 78.7 2020 0.9% 1st 3 6 9 71 94 86 78.7 2021 0.4% 1st 1 3 5 71 97 89 78.7 2022 0.6% 2nd 5 4 10 71 98 83 78.7 Canadian Malartic 3 2018 2.5% 3rd 29 22 51 69 0 39 32.8 Agnico Eagle Mines Ltd. 2019 1.8% 3rd 23 15 38 70 0 42 27.7 2020 1.6% 3rd 23 16 39 70 1 41 28.2 2021 1.5% 2nd 18 11 29 70 1 43 24.2 2022 1.0% 2nd 12 9 21 69 1 39 34.3 Dolores 2018 2.0% 3rd 35 10 44 70 126 82 13.3 Pan American Silver Corporation 2019 1.9% 3rd 37 10 48 70 128 83 15.0 2020 1.5% 4th 35 10 45 70 127 83 15.0 2021 2.0% 2nd 27 12 39 70 98 79 14.1 2022 1.9% 2nd 21 12 32 70 44 61 13.0

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 84 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Don Mario 2018 0.5% NR NR NR NR NR NR NR NR Orvana Minerals Corporation 2019 0.2% NR NR NR NR NR NR NR NR 2020 – – – – – – – – – 2021 – – – – – – – – – 2022 – – – – – – – – – Don Nicolas 3 2018 0.0% 4th 2 0 2 63 0 63 75.9 Cerrado Gold, Inc. 2019 – – – – – – – – – 2020 0.4% 4th 18 0 18 59 0 59 75.9 2021 0.2% 3rd 6 0 6 63 0 63 75.9 2022 0.2% 2nd 5 0 5 63 0 63 75.9 El Limón 2018 0.6% 4th 16 5 21 74 83 76 102.6 Calibre Mining Corporation 2019 0.6% 4th 15 5 20 74 83 76 102.6 2020 0.9% 3rd 17 6 23 74 83 76 102.6 2021 1.0% 3rd 19 8 27 74 83 76 113.3 2022 1.2% 2nd 12 10 22 73 0 39 141.2 Gold Hill 3 2018 0.3% 3rd 4 1 5 71 94 77 8.1 Kinross Gold Corporation 2019 0.2% 3rd 3 1 4 71 85 74 8.5 (Round Mountain Complex) 2020 0.2% 3rd 4 1 5 71 93 76 9.1 2021 0.2% 3rd 4 1 5 71 159 94 12.3 2022 0.2% 4th 4 1 5 71 187 101 8.1 Goldstrike 3 2018 1.0% 4th 23 9 32 71 83 74 120.5 Nevada Gold Mines LLC 2019 0.9% 4th 41 18 59 77 59 72 287.7 (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin) 2020 0.7% 4th 26 8 33 79 81 79 143.1 2021 0.6% 4th 26 7 33 78 77 78 114.4 2022 0.7% 4th 23 4 27 88 145 96 162.8 Gwalia 3 2018 1.5% 1st 16 0 16 63 0 63 108.6 Genesis Minerals Limited 2019 1.0% 2nd 18 0 18 62 0 62 133.5 2020 0.9% 3rd 21 0 21 61 0 61 163.6 2021 0.9% 2nd 21 0 21 60 0 60 130.3 2022 0.8% 3rd 21 0 21 60 0 60 130.3

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 85 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Holt 3 2018 3.1% 2nd 13 37 50 74 4 23 187.2 Agnico Eagle Mines Ltd. 2019 2.7% 2nd 13 36 49 74 4 23 187.2 2020 1.3% 2nd 8 19 27 74 4 25 206.4 2021 – – – – – – – – – 2022 – – – – – – – – – King of the Hills 2018 – – – – – – – – – Red 5 Limited 2019 0.4% NR NR NR NR NR NR NR NR 2020 0.2% NR NR NR NR NR NR NR NR 2021 0.0% NR NR NR NR NR NR NR NR 2022 0.2% 4th 10 0 10 64 0 64 34.7 LaRonde Zone 5 3 2018 0.1% 2nd 0 1 1 59 1 15 182.5 Agnico Eagle Mines Ltd. 2019 0.5% 1st 2 5 7 59 1 18 147.0 2020 0.4% 2nd 2 5 6 60 0 16 152.4 2021 0.4% 1st 2 5 6 61 0 17 146.6 2022 0.6% 2nd 3 7 9 61 0 17 162.0 Las Cruces 2018 1.4% 2nd (Cu) 10 15 26 68 68 68 183.8 First Quantum Minerals Ltd. 2019 0.9% 2nd (Cu) 6 12 18 67 68 68 164.9 2020 1.1% 1st (Cu) 3 13 16 60 43 46 168.9 2021 0.3% 4th (Cu) 3 8 11 70 42 48 214.9 2022 0.2% 4th (Cu) 2 7 9 70 42 48 205.5 Leeville (North) 3 2018 0.8% 4th 52 20 73 79 59 73 179.9 Nevada Gold Mines LLC 2019 0.3% 4th 15 6 21 77 59 72 287.7 (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants) 2020 0.3% 4th 12 4 16 79 81 79 143.1 2021 1.0% 4th 45 12 57 78 77 78 114.4 2022 0.9% 4th 31 6 37 88 145 96 162.8 Marigold 3 2018 1.6% 3rd 30 3 32 71 181 79 1.3 SSR Mining Inc. 2019 1.5% 2nd 27 2 29 70 81 68 1.4 2020 1.7% 3rd 39 3 42 70 81 64 1.6 2021 1.6% 3rd 43 3 46 70 97 63 1.9 2022 1.3% 3rd 32 2 34 70 98 65 2.2

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 86 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Meekathara 3 2018 0.7% 4th 23 0 23 70 0 70 56.1 Westgold Resources Ltd. 2019 0.7% 3rd 20 0 20 70 0 70 56.1 2020 0.8% 4th 24 0 24 70 0 70 56.1 2021 0.7% 3rd 22 0 22 70 0 70 52.5 2022 0.6% 3rd 17 0 17 70 0 70 54.8 Mulatos 2018 3.0% 3rd 60 0 60 74 0 74 6.5 Alamos Gold Inc. 2019 0.8% 4th 22 0 22 74 141 74 6.0 2020 – – – – – – – – – 2021 – – – – – – – – – 2022 – – – – – – – – – Rainy River 2018 3.7% 4th 75 32 107 70 2 50 32.8 New Gold Inc. 2019 5.5% 4th 106 54 160 70 2 47 32.4 2020 4.7% 4th 89 53 142 70 6 46 30.8 2021 5.2% 4th 111 65 176 70 6 46 31.9 2022 5.0% 4th 94 59 154 70 8 46 34.1 Red Chris 2018 – – – – – – – – – Newmont Corporation 2019 – – – – – – – – – 2020 – – – – – – – – – 2021 – – – – – – – – – 2022 0.5% 4th 11 9 20 65 7 37 34.3 Robinson 2018 2.0% 4th (Cu) 50 50 100 71 158 114 40.7 KGHM International Ltd. 2019 1.9% 4th (Cu) 46 46 92 71 158 114 40.7 2020 2.2% 4th (Cu) 64 63 127 71 158 114 40.7 2021 1.8% 4th (Cu) 44 44 88 71 158 114 40.7 2022 1.9% 4th (Cu) 50 49 100 71 158 114 40.7 Skyline 2018 0.3% NR NR NR NR NR NR NR NR Wolverine Fuels, LLC 2019 0.3% NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR 2021 0.1% NR NR NR NR NR NR NR NR 2022 0.0% NR NR NR NR NR NR NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 87 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) South Laverton 3 2018 1.3% 2nd 21 0 21 74 0 74 35.5 Northern Star Resources Ltd. 2019 1.1% 2nd 18 0 18 74 0 74 36.0 2020 2.2% 2nd 36 0 36 74 0 74 36.3 2021 1.9% 2nd 46 0 46 70 0 70 49.1 2022 1.3% 4th 40 0 40 74 0 74 20.6 Southern Cross 2018 0.4% 2nd 4 2 6 74 194 117 35.7 Shandong Tianye Group 2019 0.4% 2nd 4 2 6 74 192 116 35.7 2020 0.3% 1st 3 1 4 74 189 111 29.0 2021 0.3% 1st 3 2 5 74 187 116 34.1 2022 0.3% 1st 2 2 4 74 182 129 54.5 Taparko 3 2018 0.8% 4th 24 0 24 75 0 75 11.0 Nord Gold N.V. 2019 0.4% 4th 14 0 14 75 0 75 11.3 2020 0.6% 4th 18 0 18 75 0 75 11.9 2021 0.5% 4th 28 0 28 75 0 75 12.3 2022 0.1% 4th 7 0 7 75 0 75 12.3 Twin Creeks 3 2018 0.0% 4th 0 0 0 71 77 73 98.7 Nevada Gold Mines LLC 2019 0.1% 4th 2 1 2 86 81 85 205.6 (Twin Creeks combined production with Turquoise Ridge in 2019) 2020 0.1% 4th 2 1 3 86 81 85 182.8 2021 0.0% 4th 0 0 0 85 71 82 157.2 2022 0.0% 4th 0 0 0 78 105 84 564.0 Voisey’s Bay 2018 1.8% 1st (Cu) 12 0 12 71 0 71 51.7 Vale S.A. 2019 2.0% 1st (Cu) 16 0 16 71 0 71 51.7 2020 1.5% 1st (Cu) 11 0 11 71 0 71 51.7 2021 2.6% 1st (Cu) 22 0 22 71 0 71 51.7 2022 1.5% 1st (Cu) 21 0 21 71 0 71 60.1 Wassa 7 2018 4.6% 1st 20 20 41 71 37 54 43.7 Chifeng Jilong Gold Mining Co., Ltd. 2019 4.4% 1st 22 21 44 71 36 54 50.4 2020 5.0% 1st 23 26 50 71 37 53 45.8 2021 4.9% 1st 34 34 69 71 184 127 62.3 2022 5.2% 1st 34 34 68 71 184 128 62.3

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 88 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 Energy emission factor Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (tCO 2 e/Tera joule) (kW-hr/t ore treated) Wharf 2018 0.6% 4th 9 7 15 71 93 80 22.0 Coeur Mining, Inc. 2019 0.6% 3rd 9 7 16 71 114 88 22.0 2020 0.7% 2nd 7 7 13 71 96 83 22.0 2021 0.6% 4th 14 7 21 71 43 62 22.0 2022 0.5% 4th 13 6 18 71 46 63 22.0 Williams 3 2018 0.5% 3rd 5 6 11 66 12 35 71.1 Barrick Gold Corporation 2019 0.6% 2nd 4 6 10 66 5 31 76.9 2020 0.7% 1st 4 5 9 65 8 32 100.5 2021 0.4% 2nd 3 5 8 63 8 27 153.2 2022 0.2% 2nd 1 2 4 64 8 28 155.1 Xavantina 8 2018 – – – – – – – – – Ero Copper 2019 – – – – – – – – – 2020 – – – – – – – – – 2021 1.2% 1st 4 9 12 74 17 34 153.6 2022 3.1% 1st 9 18 27 74 17 36 140.9 Other Interests 2018 0.2% NR NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR NR 2020 0.1% NR NR NR NR NR NR NR NR 2021 0.2% NR NR NR NR NR NR NR NR 2022 0.2% NR NR NR NR NR NR NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 89 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PORTFOLIO ENERGY INTENSITY SUMMARY Year 1 Royal Gold net GEOs 2 (%) Industry quartile ranking 10 RGLD attributed energy estimates 4,5 RGLD attributed energy intensity Energy emission factor Direct Indirect Total Direct Indirect Total Direct Indirect Total Electrical power consumption (Tera joule) (Giga joule/GEO) (tCO 2 e/Tera joule) (kW-hr/t processed) Properties with Energy Estimates 2018 98.7% 4th 1,999 953 2,952 7.8 3.7 11.5 75 60 70 38 2019 98.7% 4th 2,150 1,047 3,197 8.1 4.0 12.1 75 60 70 40 2020 99.1% 4th 2,328 1,070 3,398 8.8 4.0 12.8 67 52 62 40 2021 99.4% 4th 2,772 1,182 3,954 9.8 4.2 14.0 65 31 55 40 2022 99.4% 4th 2,383 1,134 3,518 9.1 4.3 13.4 65 34 55 41 Properties Without Emissions Data 6 2018 1.3% 26 12 38 2019 1.3% 29 14 43 2020 0.9% 21 10 31 2021 0.6% 15 7 22 2022 0.6% 13 6 20 Total 2018 100.0% 2,025 966 2,990 7.8 3.7 11.5 75 60 70 2019 100.0% 2,179 1,061 3,240 8.1 4.0 12.1 75 60 70 2020 100.0% 2,350 1,079 3,429 8.8 4.0 12.8 67 52 62 2021 100.0% 2,788 1,188 3,976 9.8 4.2 14.0 65 31 55 2022 100.0% 2,397 1,141 3,537 9.1 4.3 13.4 65 34 55 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 property or part of a complex, and energy usage is assumed to be equally proportioned to all GEOs. 4 Mine site energy estimates were compiled by Skarn Associates and we have relied on their database for energy presented for gold and copper mining operations. 5 Royal Gold’s attributed energy consumption = Site energy consumption x Royal Gold % of site production. 6 Energy intensity 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’ energy intensity curve for gold production (GJ/oz Au) and their energy intensity curve for copper production (GJ/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 energy consumption intensity curve.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 90 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator GHG emissions The following table presents Scope 1 and 2 GHG emissions performance data for a majority of our revenue-generating mineral properties, as available from Skarn Associates, an independent ESG data analytics firm, for calendar years 2018 through 2022. The table also provides the emissions estimates that can be attributed to our streams and royalties and the average emission intensity for our portfolio. We have estimates of GHG emissions associated with about 99% of our net GEOs in each of the five years presented. The process to calculate the GHG emission footprint for our portfolio is described in detail on page 117 . Entries labelled “NR” means the data were not reported in the Skarn Associates database and those labelled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Principal Properties Andacollo 2018 15.3% 40,503 224,501 265,004 0.14 0.77 0.91 3rd (Cu) 5,506 30,518 36,023 Teck Resources Limited 2019 17.2% 35,000 181,966 216,965 0.15 0.78 0.93 3rd (Cu) 6,918 35,968 42,887 2020 13.4% 39,680 133,247 172,927 0.16 0.54 0.70 2nd (Cu) 5,749 19,305 25,053 2021 11.4% 42,616 0 42,616 0.22 0.00 0.22 1st (Cu) 7,273 0 7,273 2022 8.4% 41,650 0 41,650 0.26 0.00 0.26 1st (Cu) 5,707 0 5,707 Cortez 2018 1.5% 215,000 93,000 308,000 0.18 0.08 0.26 1st 694 300 994 Nevada Gold Mines LLC 2019 4.3% 274,152 123,849 398,001 0.28 0.13 0.41 2nd 3,289 1,486 4,774 2020 6.1% 292,832 108,216 401,047 0.37 0.14 0.50 2nd 5,998 2,217 8,215 2021 11.0% 297,000 56,000 353,000 0.41 0.08 0.48 2nd 12,663 2,388 15,050 2022 10.6% 284,000 42,000 326,000 0.33 0.05 0.38 2nd 9,182 1,358 10,540 Khoemac a u 9 2018 – – – – – – – – – – – Khoemac a u Copper 2019 – – – – – – – – – – – 2020 – – – – – – – – – – – 2021 0.7% 22,069 87,148 109,218 0.18 0.72 0.90 3rd (Cu) 373 1,473 1,846 2022 3.1% 44,139 174,296 218,435 0.19 0.77 0.96 4th (Cu) 1,608 6,351 7,959 Mount Milligan 2018 22.6% 51,010 5,157 56,167 0.18 0.02 0.20 1st 10,685 1,080 11,765 Centerra Gold Inc. 2019 23.3% 65,741 16,018 81,759 0.21 0.05 0.26 1st 13,148 3,204 16,351 2020 24.8% 66,580 23,867 90,447 0.21 0.08 0.29 1st 14,265 5,114 19,379 2021 23.5% 69,406 5,848 75,254 0.21 0.02 0.23 1st 14,168 1,194 15,361 2022 27.0% 78,652 6,714 85,366 0.25 0.02 0.27 1st 17,695 1,511 19,205

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 91 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Peñasquito 2018 5.1% 344,519 537,601 882,120 0.47 0.74 1.21 4th 6,181 9,644 15,825 Newmont Corporation 2019 4.1% 300,254 475,382 775,635 0.45 0.72 1.17 4th 4,945 7,829 12,774 2020 7.1% 321,156 577,458 898,614 0.24 0.44 0.68 3rd 4,658 8,375 13,032 2021 8.2% 418,372 578,188 996,560 0.28 0.38 0.66 3rd 6,461 8,929 15,390 2022 7.6% 436,674 587,649 1,024,323 0.32 0.43 0.76 3rd 6,469 8,706 15,175 Pueblo Viejo 2018 16.8% 2,029,000 0 2,029,000 1.97 0.00 1.97 4th 85,693 0 85,693 Barrick Gold Corporation 2019 17.3% 2,165,898 0 2,165,898 2.07 0.00 2.07 4th 95,994 0 95,994 2020 16.9% 1,860,150 57,914 1,918,064 1.94 0.06 2.00 4th 87,648 2,729 90,377 2021 14.1% 2,129,000 85,000 2,214,000 2.46 0.10 2.56 4th 98,819 3,945 102,764 2022 12.4% 1,847,000 73,000 1,920,000 2.41 0.10 2.50 4th 79,228 3,131 82,359 Non-principal Properties Allan/Borax 2018 0.3% NR NR NR NR NR NR NR NR NR NR Nutrien Ltd. 2019 0.3% NR NR NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR NR NR 2021 0.3% NR NR NR NR NR NR NR NR NR NR 2022 0.3% NR NR NR NR NR NR NR NR NR NR Bald Mountain 3 2018 0.5% 120,513 12,165 132,678 0.42 0.04 0.47 2nd 578 58 636 Kinross Gold Corporation 2019 0.2% 115,195 30,245 145,440 0.61 0.16 0.77 3rd 361 95 456 2020 0.0% 127,155 33,951 161,106 0.66 0.18 0.84 3rd 55 15 70 2021 0.2% 127,142 26,931 154,073 0.62 0.13 0.75 3rd 305 65 369 2022 0.4% 117,108 17,277 134,385 0.55 0.08 0.63 3rd 555 82 636 Bogoso and Prestea 2018 2.6% 14,153 6,215 20,368 0.19 0.08 0.27 1st 1,282 563 1,845 Future Global Resources Ltd. 2019 1.4% 11,057 7,174 18,231 0.23 0.15 0.38 2nd 901 584 1,485 2020 0.9% 2,624 7,736 10,361 0.09 0.26 0.35 1st 202 596 798 2021 0.4% 2,707 8,960 11,667 0.08 0.27 0.36 1st 96 319 416 2022 0.6% 8,815 10,120 18,936 0.25 0.29 0.54 2nd 371 426 798 Canadian Malartic 3 2018 2.5% 217,225 1,143 218,368 0.31 0.00 0.31 1st 1,986 10 1,996 Agnico Eagle Mines Ltd. 2019 1.8% 228,467 874 229,341 0.34 0.00 0.34 1st 1,626 6 1,632 2020 1.6% 210,457 1,100 211,557 0.37 0.00 0.37 1st 1,619 8 1,627 2021 1.5% 219,283 1,025 220,308 0.30 0.00 0.31 1st 1,270 6 1,276 2022 1.0% 210,117 1,273 211,390 0.32 0.00 0.32 1st 821 5 826

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 92 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Dolores 2018 2.0% 86,749 41,634 128,383 0.47 0.23 0.70 3rd 2,495 1,197 3,692 Pan American Silver Corporation 2019 1.9% 93,898 46,883 140,781 0.53 0.26 0.79 3rd 2,666 1,331 3,996 2020 1.5% 87,521 43,884 131,405 0.62 0.31 0.92 3rd 2,492 1,250 3,742 2021 2.0% 64,650 38,516 103,166 0.35 0.21 0.55 2nd 1,964 1,170 3,134 2022 1.9% 48,116 16,206 64,322 0.30 0.10 0.39 1st 1,501 506 2,007 Don Mario 2018 0.5% NR NR NR NR NR NR NR NR NR NR Orvana Minerals Corporation 2019 0.2% NR NR NR NR NR NR NR NR NR NR 2020 – – – – – – – – – – – 2021 – – – – – – – – – – – 2022 – – – – – – – – – – – Don Nicolas 3 2018 0.0% 19,768 0 19,768 0.78 0.00 0.78 3rd 99 0 99 Cerrado Gold, Inc. 2019 – – – – – – – – – – – 2020 0.4% 15,979 0 15,979 0.94 0.00 0.94 4th 1,074 0 1,074 2021 0.2% 29,257 0 29,257 0.67 0.00 0.67 3rd 386 0 386 2022 0.2% 28,522 0 28,522 0.53 0.00 0.53 2nd 340 0 340 El Limón 2018 0.6% 38,503 13,695 52,199 0.77 0.27 1.04 4th 1,199 427 1,626 Calibre Mining Corporation 2019 0.6% 41,434 14,738 56,171 0.66 0.23 0.89 4th 1,142 406 1,548 2020 0.9% 35,308 13,088 48,396 0.54 0.20 0.75 3rd 1,273 472 1,745 2021 1.0% 35,912 16,735 52,646 0.53 0.25 0.78 3rd 1,433 668 2,101 2022 1.2% 21,668 0 21,668 0.28 0.00 0.28 1st 887 0 887 Gold Hill 3 2018 0.3% 151,838 68,196 220,034 0.39 0.18 0.57 3rd 261 117 378 Kinross Gold Corporation 2019 0.2% 157,664 67,518 225,182 0.43 0.19 0.62 3rd 183 79 262 (Round Mountain Complex) 2020 0.2% 162,248 73,114 235,362 0.50 0.22 0.72 3rd 262 118 380 2021 0.2% 150,293 117,245 267,538 0.59 0.46 1.05 4th 252 197 449 2022 0.2% 154,384 145,219 299,603 0.68 0.64 1.33 4th 284 267 552 Goldstrike 3 2018 1.0% 639,000 300,000 939,000 0.63 0.29 0.92 4th 1,621 761 2,382 Nevada Gold Mines LLC 2019 0.9% 2,277,984 742,215 3,020,199 1.32 0.43 1.76 4th 3,208 1,045 4,254 (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin) 2020 0.7% 1,749,640 526,175 2,275,816 1.05 0.32 1.37 4th 2,044 615 2,659 2021 0.6% 1,792,700 320,000 2,112,700 1.19 0.21 1.41 4th 2,005 358 2,363 2022 0.7% 1,924,900 148,000 2,072,900 1.17 0.09 1.26 4th 2,027 156 2,183

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 93 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Gwalia 3 2018 1.5% 65,558 0 65,558 0.25 0.00 0.25 1st 1,013 0 1,013 Genesis Minerals Limited 2019 1.0% 74,803 0 74,803 0.41 0.00 0.41 2nd 1,129 0 1,129 2020 0.9% 86,500 0 86,500 0.56 0.00 0.56 2nd 1,270 0 1,270 2021 0.9% 93,000 0 93,000 0.49 0.00 0.49 2nd 1,278 0 1,278 2022 0.8% 90,218 0 90,218 0.57 0.00 0.57 2nd 1,277 0 1,277 Holt 3 2018 3.1% 15,787 2,510 18,297 0.12 0.02 0.14 1st 999 159 1,158 Agnico Eagle Mines Ltd. 2019 2.7% 15,668 2,491 18,159 0.14 0.02 0.16 1st 982 156 1,138 2020 1.3% 4,832 693 5,525 0.16 0.02 0.19 1st 573 82 656 2021 – – – – – – – – – – – 2022 – – – – – – – – – – – King of the Hills 2018 – – – – – – – – – – – Red 5 Limited 2019 0.4% NR NR NR NR NR NR NR NR NR NR 2020 0.2% NR NR NR NR NR NR NR NR NR NR 2021 0.0% NR NR NR NR NR NR NR NR NR NR 2022 0.2% 87,061 0 87,061 1.25 0.00 1.25 4th 635 0 635 LaRonde Zone 5 3 2018 0.1% 31,010 851 31,861 0.08 0.00 0.08 1st 13 0 13 Agnico Eagle Mines Ltd. 2019 0.5% 38,306 861 39,167 0.09 0.00 0.09 1st 116 3 119 2020 0.4% 31,861 204 32,065 0.09 0.00 0.09 1st 100 1 100 2021 0.4% 35,820 217 36,037 0.09 0.00 0.09 1st 107 1 108 2022 0.6% 41,181 274 41,455 0.11 0.00 0.11 1st 164 1 165 Las Cruces 2018 1.4% 46,900 69,400 116,300 0.19 0.28 0.47 1st 709 1,049 1,757 First Quantum Minerals Ltd. 2019 0.9% 36,100 54,900 91,000 0.21 0.32 0.54 2nd 542 824 1,365 2020 1.1% 41,253 38,000 79,253 0.22 0.20 0.41 1st 623 574 1,197 2021 0.3% 25,400 22,000 47,400 0.53 0.46 0.99 3rd 399 346 745 2022 0.2% 17,000 19,000 36,000 0.51 0.57 1.07 4th 255 285 540 Leeville (North) 3 2018 0.8% 1,894,327 545,308 2,439,636 2.04 0.59 2.63 4th 4,126 1,188 5,314 Nevada Gold Mines LLC 2019 0.3% 2,277,984 742,215 3,020,199 1.32 0.43 1.76 4th 1,123 366 1,489 (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants) 2020 0.3% 1,749,640 526,175 2,275,816 1.05 0.32 1.37 4th 976 294 1,270 2021 1.0% 1,792,700 320,000 2,112,700 1.19 0.21 1.41 4th 3,519 628 4,147 2022 0.9% 1,924,900 148,000 2,072,900 1.17 0.09 1.26 4th 2,731 210 2,941

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 94 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Marigold 3 2018 1.6% 106,100 23,500 129,600 0.52 0.11 0.63 3rd 2,102 466 2,567 SSR Mining Inc. 2019 1.5% 101,861 10,284 112,145 0.46 0.05 0.51 2nd 1,869 189 2,058 2020 1.7% 138,792 10,616 149,408 0.59 0.05 0.64 3rd 2,741 210 2,951 2021 1.6% 152,504 12,906 165,410 0.65 0.05 0.70 3rd 3,022 256 3,278 2022 1.3% 150,063 16,622 166,685 0.65 0.07 0.72 3rd 2,210 245 2,455 Meekathara 3 2018 0.7% 116,966 0 116,966 0.87 0.00 0.87 4th 1,645 0 1,645 Westgold Resources Ltd. 2019 0.7% 122,832 0 122,832 0.71 0.00 0.71 3rd 1,408 0 1,408 2020 0.8% 145,905 0 145,905 0.80 0.00 0.80 3rd 1,676 0 1,676 2021 0.7% 148,748 0 148,748 0.78 0.00 0.78 3rd 1,542 0 1,542 2022 0.6% 142,447 0 142,447 0.71 0.00 0.71 3rd 1,161 0 1,161 Mulatos 2018 3.0% 101,031 0 101,031 0.58 0.00 0.58 3rd 4,531 0 4,531 Alamos Gold Inc. 2019 0.8% 108,894 105 108,999 0.77 0.00 0.77 3rd 1,597 2 1,598 2020 – – – – – – – – – – – 2021 – – – – – – – – – – – 2022 – – – – – – – – – – – Rainy River 2018 3.7% 140,749 1,865 142,614 0.61 0.01 0.62 3rd 5,794 77 5,870 New Gold Inc. 2019 5.5% 142,871 2,254 145,125 0.56 0.01 0.56 2nd 8,178 129 8,307 2020 4.7% 138,485 5,462 143,947 0.59 0.02 0.62 3rd 7,498 296 7,793 2021 5.2% 142,994 5,899 148,893 0.59 0.02 0.62 3rd 8,713 359 9,072 2022 5.0% 131,384 8,208 139,592 0.56 0.03 0.60 2nd 7,366 460 7,827 Red Chris 2018 – – – – – – – – – – – Newmont Corporation 2019 – – – – – – – – – – – 2020 – – – – – – – – – – – 2021 – – – – – – – – – – – 2022 0.5% 92,283 8,538 100,821 0.54 0.05 0.59 3rd (Cu) 707 65 773 Robinson 2018 2.0% 149,061 329,614 478,675 0.68 1.51 2.19 4th (Cu) 3,544 7,838 11,382 KGHM International Ltd. 2019 1.9% 149,061 329,614 478,675 0.64 1.42 2.07 4th (Cu) 3,276 7,244 10,519 2020 2.2% 146,962 324,972 471,933 0.75 1.66 2.41 4th (Cu) 4,500 9,952 14,452 2021 1.8% 146,962 324,972 471,933 0.60 1.32 1.92 4th (Cu) 3,117 6,891 10,008 2022 1.9% 146,962 324,972 471,933 0.70 1.55 2.25 4th (Cu) 3,540 7,827 11,367

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 95 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Skyline 2018 0.3% NR NR NR NR NR NR NR NR NR NR Wolverine Fuels, LLC 2019 0.3% NR NR NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR NR NR 2021 0.1% NR NR NR NR NR NR NR NR NR NR 2022 0.0% NR NR NR NR NR NR NR NR NR NR South Laverton 3 2018 1.3% 82,143 0 82,143 0.47 0.00 0.47 2nd 1,593 0 1,593 Northern Star Resources Ltd. 2019 1.1% 87,006 0 87,006 0.44 0.00 0.44 2nd 1,342 0 1,342 2020 2.2% 96,570 0 96,570 0.45 0.00 0.45 2nd 2,708 0 2,708 2021 1.9% 150,238 0 150,238 0.59 0.00 0.59 2nd 3,244 0 3,244 2022 1.3% 166,156 0 166,156 0.85 0.00 0.85 3rd 2,933 0 2,933 Southern Cross 2018 0.4% 40,369 58,526 98,895 0.25 0.36 0.61 3rd 282 409 692 Shandong Tianye Group 2019 0.4% 40,369 57,690 98,059 0.25 0.36 0.61 2nd 269 384 653 2020 0.3% 37,907 46,214 84,121 0.23 0.29 0.52 2nd 210 256 466 2021 0.3% 35,834 53,765 89,599 0.22 0.33 0.55 2nd 212 317 529 2022 0.3% 33,077 83,735 116,812 0.20 0.52 0.72 3rd 155 392 547 Taparko 3 2018 0.8% 88,989 0 88,989 0.89 0.00 0.89 4th 1,785 0 1,785 Nord Gold N.V. 2019 0.4% 69,000 0 69,000 1.00 0.00 1.00 4th 1,030 0 1,030 2020 0.6% 76,000 0 76,000 0.82 0.00 0.82 3rd 1,374 0 1,374 2021 0.5% 106,246 0 106,246 1.57 0.00 1.57 4th 2,114 0 2,114 2022 0.1% 39,525 0 39,525 2.34 0.00 2.34 4th 530 0 530 Twin Creeks 3 2018 0.0% 243,493 196,173 439,666 0.67 0.54 1.22 4th 13 10 23 Nevada Gold Mines LLC 2019 0.1% 591,994 180,684 772,678 0.89 0.27 1.16 4th 154 47 202 (Twin Creeks combined production with Turquoise Ridge in 2019) 2020 0.1% 521,255 159,059 680,314 0.94 0.29 1.23 4th 201 61 263 2021 0.0% 458,300 85,000 543,300 0.81 0.15 0.96 4th 2 0 2 2022 0.0% 471,100 56,000 527,100 1.03 0.12 1.15 4th 13 2 15 Voisey’s Bay 2018 1.8% 75,609 0 75,609 0.18 0.00 0.18 1st (Cu) 847 0 847 Vale S.A. 2019 2.0% 81,705 0 81,705 0.21 0.00 0.21 1st (Cu) 1,117 0 1,117 2020 1.5% 73,397 0 73,397 0.20 0.00 0.20 1st (Cu) 780 0 780 2021 2.6% 83,745 0 83,745 0.21 0.00 0.21 1st (Cu) 1,557 0 1,557 2022 1.5% 91,521 0 91,521 0.37 0.00 0.37 1st (Cu) 1,489 0 1,489

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 96 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Year 1 Royal Gold net GEOs 2 (%) Operator emission estimates 2 Operator emission intensity 4 Industry quartile ranking 10 RGLD attributed emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Wassa 7 2018 4.6% 18,061 9,364 27,424 0.12 0.06 0.18 1st 1,442 747 2,189 Chifeng Jilong Gold Mining Co., Ltd. 2019 4.4% 20,890 9,950 30,840 0.13 0.06 0.20 1st 1,585 755 2,340 2020 5.0% 20,409 12,200 32,608 0.12 0.07 0.19 1st 1,635 977 2,612 2021 4.9% 26,820 69,770 96,590 0.17 0.45 0.62 3rd 2,422 6,302 8,724 2022 5.2% 29,557 78,144 107,701 0.17 0.45 0.62 3rd 2,376 6,282 8,658 Wharf 2018 0.6% 33,585 32,789 66,374 0.43 0.42 0.85 4th 620 605 1,225 Coeur Mining, Inc. 2019 0.6% 33,715 37,674 71,389 0.40 0.44 0.84 3rd 668 746 1,414 2020 0.7% 24,769 32,564 57,333 0.26 0.34 0.60 2nd 482 633 1,115 2021 0.6% 50,928 14,694 65,622 0.55 0.16 0.71 3rd 995 287 1,282 2022 0.5% 52,158 14,921 67,079 0.65 0.19 0.84 3rd 898 257 1,155 Williams 3 2018 0.5% 36,752 8,967 45,719 0.22 0.05 0.27 1st 301 73 375 Barrick Gold Corporation 2019 0.6% 38,248 3,651 41,900 0.18 0.02 0.20 1st 291 28 319 2020 0.7% 31,281 5,665 36,946 0.14 0.03 0.17 1st 249 45 294 2021 0.4% 21,000 5,000 26,000 0.14 0.03 0.17 1st 177 42 219 2022 0.2% 22,000 5,000 27,000 0.17 0.04 0.20 1st 80 18 98 Xavantina 8 2018 – – – – – – – – – – – Ero Copper 2019 – – – – – – – – – – – 2020 – – – – – – – – – – – 2021 1.2% 3,052 1,653 4,705 0.08 0.04 0.12 1st 279 151 430 2022 3.1% 3,657 1,660 5,317 0.08 0.04 0.12 1st 691 314 1,004 Other Interests 2018 0.2% NR NR NR NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR NR NR NR 2020 0.1% NR NR NR NR NR NR NR NR NR NR 2021 0.2% NR NR NR NR NR NR NR NR NR NR 2022 0.2% NR NR NR NR NR NR NR NR NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 97 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PORTFOLIO EMISSION INTENSITY SUMMARY Year 1 Royal Gold net GEOs 2 (%) RGLD attributed emissions Emission intensity Industry quartile ranking 10 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) Properties with Emissions Estimates 2018 98.7% 149,637 57,297 206,934 0.58 0.22 0.81 3rd 2019 98.7% 161,058 62,905 223,963 0.61 0.24 0.85 3rd 2020 99.1% 154,934 54,192 209,126 0.58 0.20 0.79 3rd 2021 99.4% 180,164 36,292 216,456 0.64 0.13 0.77 3rd 2022 99.4% 155,887 38,856 194,743 0.59 0.15 0.74 3rd Properties Without Emissions Data 6 2018 1.3% 1,916 733 2,649 2019 1.3% 2,167 846 3,013 2020 0.9% 1,423 498 1,921 2021 0.6% 1,003 202 1,205 2022 0.6% 880 219 1,099 Total 2018 100.0% 151,552 58,031 209,583 0.58 0.22 0.81 2019 100.0% 163,224 63,751 226,976 0.61 0.24 0.85 2020 100.0% 156,357 54,690 211,046 0.58 0.20 0.79 2021 100.0% 181,167 36,494 217,660 0.64 0.13 0.77 2022 100.0% 156,767 39,076 195,843 0.59 0.15 0.74 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 energy usage is assumed to be equally proportioned to all GEOs. 4 Mine site emissions 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 emissions = Site emissions x Royal Gold % of site production. 6 Emissions intensity 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’ emissions intensity curve for gold production (tCO 2 e/oz Au) and the emissions intensity curve for copper production (CO 2 e/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 emissions intensity curve.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 98 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator water consumption The following table presents water consumption and water use intensity for a majority of our revenue-generating mineral properties, as available from Skarn Associates, an independent ESG data analytics firm, for calendar years 2018 through 2022. The table also provides the water consumption that can be attributed to our streams and royalties and the average water intensity for our portfolio. We have estimates of consumption and water use intensity associated with about 98% of our net GEOs in each of the five years presented. Entries labelled “NR” means the data were not reported in the Skarn Associates database and those labelled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Principal Properties Andacollo 2018 15.3% 9,306 1,265 32 0.43 – – Teck Resources Limited 2019 17.2% 8,770 1,734 38 0.52 – – 2020 13.4% 9,032 1,309 37 0.46 – – 2021 11.4% 8,896 1,518 47 0.48 – – 2022 8.4% 9,242 1,266 57 0.54 4th (Cu) 2nd (Cu) Cortez 2018 1.5% 3,230 10 3 0.19 1st 1st Nevada Gold Mines LLC 2019 4.3% 4,185 50 4 0.19 1st 1st 2020 6.1% 4,022 82 5 0.19 1st 1st 2021 11.0% 4,965 212 7 0.17 2nd 1st 2022 10.6% 3,104 100 4 0.21 1st 1st Khoemac a u 9 2018 – – – – – – – Khoemac a u Copper 2019 – – – – – – – 2020 – – – – – – – 2021 0.7% 1,440 24 12 0.80 – – 2022 3.1% 2,700 98 12 0.75 1st (Cu) 3rd (Cu) Mount Milligan 2018 22.6% 6,252 1,310 22 0.46 4th 2nd Centerra Gold Inc. 2019 23.3% 6,697 1,339 21 0.41 3rd 2nd 2020 24.8% 7,333 1,571 24 0.37 4th 1st 2021 23.5% 8,023 1,638 25 0.38 4th 1st 2022 27.0% 10,427 2,346 33 0.49 4th 2nd

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 99 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Peñasquito 2018 5.1% 65,914 1,182 90 1.87 4th 4th Newmont Corporation 2019 4.1% 37,333 615 57 1.87 4th 4th 2020 7.1% 43,103 625 33 1.41 4th 4th 2021 8.2% 48,222 745 32 1.35 4th 4th 2022 7.6% 30,180 447 22 0.84 4th 3rd Pueblo Viejo 2018 16.8% 14,440 610 14 1.73 3rd 4th Barrick Gold Corporation 2019 17.3% 14,890 660 14 1.73 3rd 4th 2020 16.9% 15,273 720 16 1.73 3rd 4th 2021 14.1% 17,127 795 20 1.88 3rd 4th 2022 12.4% 18,802 807 24 1.99 4th 4th Non-principal Properties Allan/Borax 2018 0.3% NR NR NR NR NR NR Nutrien Ltd. 2019 0.3% NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR 2021 0.3% NR NR NR NR NR NR 2022 0.3% NR NR NR NR NR NR Bald Mountain 3 2018 0.5% 1,419 7 5 0.06 1st 1st Kinross Gold Corporation 2019 0.2% 824 3 4 0.05 1st 1st 2020 0.0% 1,281 1 7 0.07 2nd 1st 2021 0.2% 1,771 4 9 0.09 2nd 1st 2022 0.4% 2,317 11 11 0.15 3rd 1st Bogoso and Prestea 2018 2.6% 1,226 111 16 0.94 3rd 3rd Future Global Resources Ltd. 2019 1.4% 1,700 138 36 2.36 4th 4th 2020 0.9% 589 45 20 2.00 4th 4th 2021 0.4% 656 23 20 2.00 3rd 4th 2022 0.6% 739 31 21 2.00 4th 4th Canadian Malartic 3 2018 2.5% 11,882 109 17 0.58 3rd 2nd Agnico Eagle Mines Ltd. 2019 1.8% 9,858 70 15 0.47 3rd 2nd 2020 1.6% 8,039 62 14 0.39 3rd 2nd 2021 1.5% 11,795 68 16 0.53 3rd 2nd 2022 1.0% 14,836 58 22 0.76 4th 3rd

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 100 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Dolores 2018 2.0% 924 27 5 0.13 1st 1st Pan American Silver Corporation 2019 1.9% 1,328 38 7 0.20 2nd 1st 2020 1.5% 1,340 38 9 0.21 2nd 1st 2021 2.0% 1,667 51 9 0.21 2nd 1st 2022 1.9% 1,916 60 12 0.24 3rd 1st Don Mario 2018 0.5% NR NR NR NR NR NR Orvana Minerals Corporation 2019 0.2% NR NR NR NR NR NR 2020 – – – – – – – 2021 – – – – – – – 2022 – – – – – – – Don Nicolas 3 2018 0.0% 115 1 5 0.40 1st 1st Cerrado Gold, Inc. 2019 – – – – – – – 2020 0.4% 133 9 8 0.40 2nd 2nd 2021 0.2% 166 2 4 0.40 1st 2nd 2022 0.2% 158 2 3 0.40 1st 1st El Limón 2018 0.6% 896 28 18 2.00 3rd 4th Calibre Mining Corporation 2019 0.6% 964 27 15 2.00 3rd 4th 2020 0.9% 1,084 39 17 2.53 3rd 4th 2021 1.0% 1,180 47 17 2.38 3rd 4th 2022 1.2% 986 40 13 1.99 3rd 4th Gold Hill 3 2018 0.3% 6,688 11 17 0.27 3rd 1st Kinross Gold Corporation 2019 0.2% 6,709 8 18 0.26 3rd 1st (Round Mountain Complex) 2020 0.2% 5,994 10 18 0.25 3rd 1st 2021 0.2% 4,322 7 17 0.26 3rd 1st 2022 0.2% 6,939 13 31 0.26 4th 1st Goldstrike 3 2018 1.0% 20,494 52 20 2.45 3rd 4th Nevada Gold Mines LLC 2019 0.9% 8,985 13 5 0.56 1st 2nd (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin) 2020 0.7% 11,104 13 7 0.56 2nd 2nd 2021 0.6% 13,934 16 9 0.60 2nd 2nd 2022 0.7% 11,157 12 7 0.57 1st 2nd

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 101 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Gwalia 3 2018 1.5% 1,118 17 4 1.66 1st 4th Genesis Minerals Limited 2019 1.0% 1,086 16 6 1.65 2nd 4th 2020 0.9% 1,027 15 7 1.47 2nd 4th 2021 0.9% 1,062 15 6 1.06 1st 4th 2022 0.8% 1,230 17 8 1.23 2nd 4th Holt 3 2018 3.1% 370 23 3 0.43 1st 2nd Agnico Eagle Mines Ltd. 2019 2.7% 367 23 3 0.43 1st 2nd 2020 1.3% 93 11 3 0.43 1st 2nd 2021 – – – – – – – 2022 – – – – – – – King of the Hills 2018 – – – – – – – Red 5 Limited 2019 0.4% NR NR NR NR NR NR 2020 0.2% NR NR NR NR NR NR 2021 0.0% NR NR NR NR NR NR 2022 0.2% 1,773 13 25 0.75 4th 3rd LaRonde Zone 5 3 2018 0.1% 1,633 1 4 0.70 1st 3rd Agnico Eagle Mines Ltd. 2019 0.5% 2,049 6 5 0.70 1st 3rd 2020 0.4% 1,872 6 5 0.70 1st 3rd 2021 0.4% 2,072 6 5 0.70 1st 3rd 2022 0.6% 1,917 8 5 0.68 1st 3rd Las Cruces 2018 1.4% 1,235 19 5 0.80 NR NR First Quantum Minerals Ltd. 2019 0.9% 1,059 16 6 0.78 NR NR 2020 1.1% 1,249 19 7 0.85 NR NR 2021 0.3% 683 11 14 1.00 NR NR 2022 0.2% 607 9 18 1.00 NR NR Leeville (North) 3 2018 0.8% 10,324 22 11 0.51 2nd 2nd Nevada Gold Mines LLC 2019 0.3% 8,985 4 5 0.56 1st 2nd 2020 0.3% 11,104 6 7 0.56 2nd 2nd 2021 1.0% 13,934 27 9 0.60 2nd 2nd 2022 0.9% 11,157 16 7 0.57 1st 2nd

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 102 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Marigold 3 2018 1.6% 1,628 32 8 0.06 2nd 1st SSR Mining Inc. 2019 1.5% 1,624 30 7 0.06 2nd 1st 2020 1.7% 1,611 32 7 0.07 2nd 1st 2021 1.6% 1,645 33 7 0.08 2nd 1st 2022 1.3% 1,564 23 7 0.07 1st 1st Meekathara 3 2018 0.7% NR NR NR NR NR NR Westgold Resources Ltd. 2019 0.7% NR NR NR NR NR NR 2020 0.8% 1,397 16 8 0.50 2nd 2nd 2021 0.7% 1,165 12 6 0.39 1st 1st 2022 0.6% 1,294 11 6 0.47 1st 1st Mulatos 2018 3.0% 1,169 52 7 0.17 2nd 1st Alamos Gold Inc. 2019 0.8% 989 15 7 0.14 2nd 1st 2020 – – – – – – – 2021 – – – – – – – 2022 – – – – – – – Rainy River 2018 3.7% 4,767 196 21 0.73 4th 3rd New Gold Inc. 2019 5.5% 2,482 142 10 0.31 2nd 1st 2020 4.7% 2,399 130 10 0.27 2nd 1st 2021 5.2% 1,696 103 7 0.18 2nd 1st 2022 5.0% 4,657 261 20 0.54 3rd 2nd Red Chris 2018 – – – – – – – Newmont Corporation 2019 – – – – – – – 2020 – – – – – – – 2021 – – – – – – – 2022 0.5% 21,908 168 128 2.32 4th 4th Robinson 2018 2.0% 18,959 451 87 1.34 NR NR KGHM International Ltd. 2019 1.9% 19,409 427 84 1.37 NR NR 2020 2.2% 19,170 587 98 1.37 NR NR 2021 1.8% 19,081 405 78 1.36 NR NR 2022 1.9% 19,040 459 91 1.36 NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 103 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Skyline 2018 0.3% NR NR NR NR NR NR Wolverine Fuels, LLC 2019 0.3% NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR 2021 0.1% NR NR NR NR NR NR 2022 0.0% NR NR NR NR NR NR South Laverton 3 2018 1.3% 1,776 34 10 0.80 2nd 3rd Northern Star Resources Ltd. 2019 1.1% 1,751 27 9 0.74 2nd 3rd 2020 2.2% 1,791 50 8 0.67 2nd 3rd 2021 1.9% 1,962 42 8 0.53 2nd 2nd 2022 1.3% 2,142 38 11 0.58 3rd 2nd Southern Cross 2018 0.4% 1,172 8 7 0.50 2nd 2nd Shandong Tianye Group 2019 0.4% 1,172 8 7 0.50 2nd 2nd 2020 0.3% 1,172 6 7 0.50 2nd 2nd 2021 0.3% 1,172 7 7 0.50 2nd 2nd 2022 0.3% 1,172 5 7 0.50 2nd 2nd Taparko 3 2018 0.8% 1,609 32 16 0.82 3rd 3rd Nord Gold N.V. 2019 0.4% 1,491 22 22 0.78 3rd 3rd 2020 0.6% 1,684 30 18 0.94 3rd 3rd 2021 0.5% 1,844 37 27 1.13 4th 4th 2022 0.1% 445 6 26 1.13 4th 4th Twin Creeks 3 2018 0.0% 1,569 0 4 1.94 1st 4th Nevada Gold Mines LLC 2019 0.1% 2,870 1 4 0.49 1st 2nd (Twin Creeks combined production with Turquoise Ridge in 2019) 2020 0.1% 4,065 2 7 0.69 2nd 3rd 2021 0.0% 6,017 0 11 0.98 2nd 3rd 2022 0.0% 1,211 0 3 0.68 1st 3rd Voisey’s Bay 2018 1.8% 5,280 59 12 2.64 NR NR Vale S.A. 2019 2.0% 5,280 72 14 2.50 NR NR 2020 1.5% 5,280 56 14 2.93 NR NR 2021 2.6% 5,280 98 13 2.56 NR NR 2022 1.5% 2,583 42 10 1.55 NR NR

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 104 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Mineral property/operator Royal Gold net GEOs 2 (%) Validated consumption 4 (ML) 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 Wassa 7 2018 4.6% 1,718 137 11 1.07 2nd 4th Chifeng Jilong Gold Mining Co., Ltd. 2019 4.4% 1,985 151 13 1.28 3rd 4th 2020 5.0% 1,931 155 12 0.96 3rd 4th 2021 4.9% 1,859 168 12 1.10 3rd 4th 2022 5.2% 2,082 167 12 1.10 3rd 4th Wharf 2018 0.6% 893 16 11 0.20 2nd 1st Coeur Mining, Inc. 2019 0.6% 837 17 10 0.20 2nd 1st 2020 0.7% 855 17 9 0.20 2nd 1st 2021 0.6% 854 17 9 0.20 2nd 1st 2022 0.5% 818 14 10 0.20 2nd 1st Williams 3 2018 0.5% 1,646 13 10 0.54 2nd 2nd Barrick Gold Corporation 2019 0.6% 1,662 13 8 0.57 2nd 2nd 2020 0.7% 2,917 23 13 1.46 3rd 4th 2021 0.4% 1,138 10 8 0.92 2nd 3rd 2022 0.2% 1,062 4 8 0.90 2nd 3rd Xavantina 8 2018 – – – – – – – Ero Copper 2019 – – – – – – – 2020 – – – – – – – 2021 1.2% 69 6 2 0.40 1st 2nd 2022 3.1% 76 14 2 0.40 1st 1st Other Interests 2018 0.2% NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR 2020 0.1% NR NR NR NR NR NR 2021 0.2% NR NR NR NR NR NR 2022 0.2% NR NR NR NR NR NR

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.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 106 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator ESG frameworks and standards The following table highlights widely recognized ESG frameworks and standards to which our Operators adhere; 100% of RGLD revenue is represented in the table 1 . Operator Project Percentage of 2023 Royal Gold revenue World Gold Council RGMPs International Council on Mining and Metals (“ICMM”) International Finance Corporation (“IFC”) Mining Association of Canada Towards Sustainable Mining United Nations Global Compact United Nations Sustainable Development Goals (“SDGs”) Agnico Eagle Mines Ltd. LaRonde Zone 5 0.41% Yes (Member) – – Yes (Member) – Yes Canadian Malartic 0.24% Americas Gold and Silver Corporation Relief Canyon 0.01% – – – – Aligned Yes Aurora Metals Ltd. Balcooma 0.00% – – – – – – Barrick Gold Corporation Pueblo Viejo 12.59% Yes (Member) Yes (Member) Yes Yes (Member) Yes (Participant) Yes Williams -0.16% Calibre Mining Corporation El Limón 0.87% Yes (Member) Yes (Member) Yes – – Yes Centerra Gold Inc. Mount Milligan 26.11% Yes (Member) Aligned Yes – – Yes Cerrado Gold, Inc. Don Nicolas 0.07% – – – – – – Chifeng Jilong Gold Mining Co., Ltd. Wassa 5.42% – – – – – – Coeur Mining, Inc. Wharf 0.60% – Aligned – – – Yes Ero Copper Xavantina 4.19% – Aligned – Aligned Yes (Participant) Yes Excelsior Mining Corporation Johnson Camp 0.01% – – – – – – First Quantum Minerals Ltd. Las Cruces 0.09% – Aligned Aligned Yes (Member) – Yes Future Global Resources Ltd. Bogoso and Prestea 0.55% Aligned Aligned Yes – Aligned Yes Hecla Mining San Juan Silver (Bulldog) 0.02% – – – Yes (Member) – Yes i-80 Gold Corp. Ruby Hill 0.07% – – – – – – Granite Creek (Pinson) 0.08% KGHM International Ltd. Robinson 1.50% – – – – – Yes Khoemac a u Copper Khoemac a u 5.71% – – Yes – – – Kinross Gold Corporation Bald Mountain 0.26% Yes (Member) – – Yes (Member) Yes (Participant) Yes Gold Hill 0.04% Matsa Resources Red October 0.00% – – – – – – Nevada Gold Mines LLC Cortez 15.61% Yes (Member) Yes (Member) – Yes (Member) Yes (Participant) Yes Goldstrike 0.26% Leeville (North) 0.94% Twin Creeks 0.01%

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 107 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Operator Project Percentage of 2023 Royal Gold revenue World Gold Council RGMPs International Council on Mining and Metals (“ICMM”) International Finance Corporation (“IFC”) Mining Association of Canada Towards Sustainable Mining United Nations Global Compact United Nations Sustainable Development Goals (“SDGs”) New Gold Inc. Rainy River 6.40% – – – Yes (Member) Yes (Participant) Yes Newmont Corporation Peñasquito 2.93% Yes (Member) Yes (Member) Yes Yes (Member) Yes (Participant) Yes Red Chris 0.52% Nord Gold N.V. Taparko 0.00% – Aligned Yes – Pending Yes Northern Star Resources Ltd. South Laverton 1.20% – Aligned – – Yes (Participant) Yes Nutrien Ltd. Allan/Borax 0.21% – – – – Yes (Participant) Yes Pan American Silver Corporation Dolores 1.32% Aligned Aligned Aligned Yes (Member) Yes (Participant) Yes Red 5 Limited King of the Hills 0.69% – – – – – – Shandong Tianye Group Southern Cross 0.26% – – – – – – SSR Mining Inc. Marigold 0.84% – Aligned Yes Aligned – Yes Genesis Minerals Limited Gwalia 0.62% – – – Yes (Member) – Yes Teck Resources Limited Andacollo 8.08% – Yes (Member) Yes Yes (Member) Yes (Participant) Yes Vale S.A. Voisey’s Bay 0.88% – Yes (Member) Yes Yes (Member) Yes (Participant) Yes Westgold Resources Ltd. Meekathara 0.36% Aligned Aligned – – – Yes Wolverine Fuels, LLC Skyline 0.16% – – – – – – Southern Copper Los Chancas 0.00% – – – – – Yes FireFly Metals Green Bay Copper (Rambler North) 0.01% – – – – – – Other 0.01% Total 100.00% 1 “–” Indicates that the company has not publicly disclosed its support for a particular standard or the standard does not apply.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 108 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD GRI index Statement of use: Royal Gold’s 2023 Investment Stewardship Report has been developed with reference to the GRI Standards for the period December 31, 2022 to December 31, 2023, for our corporate information and December 31, 2021 to December 31, 2022, for Operator information. GRI 1 used: GRI 1: Foundation 2021 GRI disclosure Description Location in report GRI 2: General Disclosures 2-1 Organizational Details About Royal Gold, p. 8 Back cover, p. 118 2-2 Entities included in the organization’s sustainability report About Royal Gold, p. 8 2-3 Reporting period, frequency and contact point About this report, p. 4 2-4 Restatements of information Restatement of corporate emissions data as per updated emissions factors. 2-5 External assurance We have not sought external assurance for this report. 2-6 Activities, value chain and other business relationship About Royal Gold, p. 8–11 2-7 Employees Diversity and inclusion, p. 44 2-8 Workers who are not employees All our workers are employees. 2-9 Governance structure and composition Corporate governance, p. 30–31 2-10 Nomination and selection of the highest governance body Board of Directors’ Governance Guidelines 2-11 Chair of the highest governance body Board Composition, p. 31 2-12 Role of the highest governance body in overseeing the management of impacts Corporate governance, p. 30–31 Investment Stewardship governance, p. 32, 35 2-13 Delegation of responsibility for managing impacts Corporate governance, p. 30–31 Investment Stewardship governance, p. 32–37 2-14 Role of the highest governance body in sustainability reporting Corporate governance, p. 30 2-16 Communication of critical concerns Whistleblower Policy Code of Business Conduct and Ethics 2-22 Statement on sustainable development strategy A Message from our Chief Executive Officer, p. 3 In conversation: A roundtable discussion with members of our Board, p. 6–7 2-23 Policy commitments Key policies related to ESG, p. 38 2-29 Approach to stakeholder engagement Stakeholder and investor engagement, p. 26

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 109 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD GRI disclosure Description Location in report GRI 3: Material Topics 3-1 Process to determine material topics Investment stewardship priorities assessment, p. 26–27 3-2 List of material topics Investment stewardship priorities assessment, p. 26 GRI 205: Anti-corruption 3-3 Management of Material Topics Anticorruption Policy Code of Business Conduct and Ethics 205-2 Communication and training about anti-corruption policies and procedures The Anticorruption Policy applies to all Royal Gold employees. This policy also applies, if documented in a written agreement, to any agent, consultant, representative, broker, distributor, joint venture partner or other third party that is retained by Royal Gold to act on its behalf with regard to its business (together, “third-party contractors”). 205-3 Confirmed incidents of corruption and actions taken There were no incidents of corruption in 2023 GRI 207: Tax 3-3 Management of Material Topics Tax Policy 207-1 Approach to tax Taxes, associations and political contributions, p. 41 207-2 Tax governance, control and risk management Tax Policy 207-4 Country-by-country reporting Taxes, associations and political contributions, p. 41 GRI 302: Energy 3-3 Management of Material Topics Our commitment to carbon neutrality, p. 56 Operator ESG performance, p. 58 Operator energy consumption, p. 59-60 302-1 Energy consumption within the organization Our commitment to carbon neutrality, p. 56 302-2 Energy consumption outside the organization Our commitment to carbon neutrality, p. 56 Operator energy consumption, p. 59–60 302-3 Energy intensity Operator energy consumption, p. 59–60 GRI 303: Water and Effluents 3-3 Management of Material Topics Operator ESG performance, p. 58 Operator water availability and risk, p. 62 Operator water consumption intensity, p. 62 303-5 Water consumption Operator water consumption intensity, p. 62 Appendix > Operator water consumption, p. 98–105

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 110 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD GRI disclosure Description Location in report GRI 304: Biodiversity 3-3 Management of Material Topics Operator ESG performance, p. 58 Operator biodiversity, p. 67 304-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations Operator biodiversity, p. 67 GRI 305: Emissions 3-3 Management of Material Topics Climate change, p. 55–57 Operator ESG performance, p. 58 305-1 Direct (Scope 1) GHG emissions Our commitment to carbon neutrality, p. 56 305-2 Energy indirect (Scope 2) GHG emissions Our commitment to carbon neutrality, p. 56 305-3 Other indirect (Scope 3) GHG emissions Operator GHG emissions, p. 61 Appendix > Operator GHG emissions, p. 90–96 305-4 GHG emissions intensity Operator GHG emission intensity, p. 61 Appendix > Portfolio emission intensity summary, p. 97 GRI 308: Supplier Environmental Assessment 3-3 Management of Material Topics Supplier Code of Conduct 308-1 New Suppliers that were screened using environmental criteria 308-2 Negative environmental impacts in the supply chain and actions taken GRI 401: Employees 3-3 Management of Material Topics Talent attraction and retention, p. 43–44 401-1 New employee hires and employee turnover 2023 employee statistics, p. 43 GRI 403: Occupational Health and Safety 3-3 Management of Material Topics Health and safety, p. 45 Operator safety, p. 69 403-5 Worker training on occupational health and safety Health and safety, p. 45 403-9 Work-related injuries Appendix > Corporate performance scorecard, p. 72 Operator safety, p. 69 GRI 405: Diversity and Equal Opportunity 3-3 Management of Material Topics Diversity and inclusion, p. 44 405-1 Diversity of governance bodies and employees Board composition, p. 31 Diversity and inclusion, p. 44

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 111 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD GRI disclosure Description Location in report GRI 413: Local Communities 3-3 Management of Material Topics Community investments and relations, p. 47 413-1 Operations with local community engagement, impact assessments and development programs Community investments and relations, p. 47–53 GRI 414: Supplier Social Assessment 3-3 Management of Material Topics Supplier Code of Conduct 414-1 New Suppliers that were screened using social criteria GRI 415: Public Policy 3-3 Management of Material Topics Political contributions, p. 41 Code of Business Conduct and Ethics 415-1 Political contributions Political contributions, p. 41

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 112 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD TCFD index TCFD core element and recommended disclosures Reference Governance Describe the Board’s oversight of climate-related risks and opportunities 2023 Climate Report > Board Oversight, p. 14 2023 Climate Report > Management’s Role, p. 15 Describe management’s role in assessing and managing climate-related risks and opportunities 2023 Climate Report > Management’s Role, p. 15 Strategy Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term 2023 Climate Report > Climate strategy, p. 17 2023 Climate Report > Climate-related opportunities, p. 33 2023 Climate Report > Risk Assessment Time Frames, p. 40 2023 Climate Report > Risk Drivers, p. 41–42 Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning 2023 Climate Report > Strategy, p. 24–33 Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario 2023 Climate Report > Climate scenario analysis, p. 18–23 2023 Climate Report > Organizational resilience to climate change impacts, p. 34–36 Risk Management Describe the organization’s processes for identifying and assessing climate-related risks 2023 Climate Report > Identifying and assessing risks, p. 38 Describe the organization’s processes for managing climate-related risks 2023 Climate Report > Managing risks, p. 39 Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management 2023 Climate Report > Identifying and assessing risks, p. 38 Principles of Investment Stewardship, p. 19–25 ESG Due Diligence, p. 36–37 Metrics and Targets Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process 2023 Climate Report > Organizational resilience to climate change impacts, p. 34–36 2023 Climate Report > Tracking our performance, p. 44–46 Operator ESG performance, p. 58-65 ISR Appendix > Operator energy consumption, p. 82–89 ISR Appendix > Operator GHG emissions, p. 90–97 ISR Appendix > Operator water consumption, p. 98-105 Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks 2023 Climate Report > Tracking our achievements performance, p. 44–46 Climate change, p. 55-57 ISR Appendix > Operator GHG emissions, p. 90-97 Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets 2024 ESG Priorities, p. 28 Offsetting our corporate emissions, p. 57

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 113 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD SDG index The table below highlights our direct and indirect contributions featured in this report. Direct contributions are those that we have influenced, whereas indirect contributions are those resulting from the carbon credits we purchased or Operator initiatives that we supported. The list also features SDGs that we believe link to key ESG achievements from our Principal Properties. Topic Operator/agency/institution SDG contributions Location in report Carbon offsets Anew Climate 3 8 12 13 15 Offsetting our carbon footprint, p. 57 Mining community contributions Wassa Mine – Golden Star Oil Palm Plantations 11 Mining community contribution highlights, p. 47-50 Peñasquito Mine – Newmont 4 10 Xavantina Mine – Ero Copper Corp. 2 4 Castelo de Sonhos – Tristar Gold 1 5 Local community contributions Project C.U.R.E. 3 Local office community contribution highlights, p. 51-52 Food Bank of the Rockies 2 Greater Vancouver Food Bank 2 Daily Bread Food Bank 2 Spitex 13 Water Aqueduct Alliance 13 Other contribution highlights, p. 53 Scholarships The University of Nevada, Reno Foundation 4 10 Future Leaders in Responsible Mining Scholarships, p. 53 Great Basin College Foundation 4 10 Colorado School of Mines Foundation 4 10 Montana Technological University Foundation 4 10 South Dakota Mines Center for Alumni Relations and Advancement 4 10

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 114 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Glossary Term/abbreviation Definition Aqueduct™ Water Risk Atlas published by the World Resources Institute CNG Committee Compensation, Nominating and Governance Committee CSA S&P Global Corporate Sustainability Assessment Direct energy The energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles, and to produce power and heat on-site DJSI World Dow Jones Sustainability™ World Index ERM Enterprise Risk Management ESG Environment, social and governance GEO Gold equivalent ounce GHG Greenhouse gas GRI Global Reporting Initiative Grid factor CO 2 emission factor (tCO 2 /MWh), which is associated with each unit of electricity provided by an electricity system IBAT Integrated Biodiversity Assessment Tool ICMC International Cyanide Management Code ICMM International Council on Mining and Metals IFC International Finance Corporation Indirect energy Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy IUCN International Union for Conservation of Nature KBA Key Area of Biodiversity KPI Key performance indicator NGFS Network of Central Banks and Supervisors for Greening the Financial System Operators Third parties that operate mining projects of our precious metal stream and royalty interests Principal Property Properties deemed material to Royal Gold taking into account current revenue, future revenue, mine life, and typically make up at least 5% of our revenue RGMPs World Gold Council’s Responsible Gold Mining Principles SEC Securities and Exchange Commission Term/abbreviation Definition Scope 1 emissions Emissions from sources that Royal Gold owns or controls directly Scope 2 emissions Emissions that Royal Gold causes indirectly from the energy we purchase and use Scope 3 Investment Emissions Royal Gold segments Scope 3 emissions into those arising from our direct corporate activities (which we refer to as our direct Scope 3 emissions) and those of our portfolio Operators (which we refer to as our Scope 3 Investment Emissions). We have done this because, as a passive investor, we do not have direct influence or control over the Operator’s emissions, but we do manage and assert more control over our own direct footprint. Scope 3 Corporate Emissions Emissions that are not produced by Royal Gold, and not the result of activities from assets owned or controlled by us, but by those that we are indirectly responsible for, across our value chain (e.g., emissions linked to employee business travel, and employee commuting) SDGs United Nations Sustainable Development Goals TCFD Task Force on Climate-related Financial Disclosures Total energy A measure of both the Direct and Indirect energy consumed TRIFR Total Reportable Incident Frequency Rate, which includes the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional per million hours worked Under-represented minority An individual who self-identifies in one or more of the following groups: Black or African–American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or two or more races or ethnicities (Nasdaq, 2020) Visible minority A visible minority is defined as persons who are non-Caucasian in race or non- white in color; the visible minority population consists mainly of the following groups: South Asian, Chinese, Black, Filipino, Arab, Southeast Asian, West Asian, Korean and Japanese WGC World Gold Council WRI World Resources Institute

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 115 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD PRINCIPAL PROPERTIES ESG SCORECARD METRICS Term/abbreviation Definition RepRisk ESG reputational risk rating This metric is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks and independently assesses the ESG reputational risk for both countries and operating companies and combines the two into a single rating. Corporate emission reduction target This is a measure of the percentage of our revenue associated with companies who have made commitment(s) to reduce total GHG emissions by 2030; these commitments may not be directly applicable to the property where we have our stream or royalty interests but refers to corporate commitments. GHG emission intensity (tCO 2 e/GEO) ranking An average estimate of the CO 2 e emissions generated for every net GEO; a declining intensity could indicate that higher-grade ore is being processed, less energy is being used in ore processing, or energy with a lower energy emission factor is being employed Total energy intensity (GJ/GEO) ranking A measure of both the Direct and Indirect energy consumed for each net GEO. An increasing Total Energy Intensity factor likely indicates the ore value being processed is reducing or an ore characteristic is requiring more energy for processing. Energy emissions factor An estimate of the average amount of CO 2 e generated (Scopes 1 and 2) for every terra joule of energy consumed in the mine site production process; a reduction in the factor can indicate switching from higher-emission fuels to lower-emission fuels, and/or an increase in the amount of electrical energy generated from renewable sources. Water stress rating by Aqueduct™ Water Risk Atlas A measure of the ratio of total water withdrawals to available renewable surface and groundwater supplies. Water withdrawals include domestic, industrial, irrigation and livestock consumptive and nonconsumptive uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. Water consumption intensity (m 3 /GEO ranking) An estimate of the amount of water consumed by the operation for mining and ore process; intensity is tracked using two denominators: net GEOs and ore tonnage processed IUNC Red List species (critically endangered and endangered located in the Project area) This metric indicates the number of species classified as Critically Endangered or Endangered within a 10 km radius of the operation’s ore processing facility. Term/abbreviation Definition Designated protected areas or Key Biodiversity Areas (KBAs) covering all or part of the project area This identifies any area formally designated as a protected area by the country or international organization or the designation as covering a Key Biodiversity Area, which is a geographical region that has been determined to be of international importance in terms of biodiversity conservation. The designation assumes a 10 km radius from the operation’s processing plant. Total Reportable Incident Rate (TRIFR) Industry ranking based on 2022 ICMM data This metric measures the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional, per million hours worked, and compares the specific site to the 2022 industry average TRIFR as published by the ICMM Tailing management disclosure This metric is intended to confirm the portion of the portfolio revenue associated with companies that have publicly disclosed their tailing management practices Corporate diversity and inclusion commitment This measure indicates that the company has disclosed targets related to diversity and inclusion at the corporate level but such commitments may not specifically translate to the mine operation’s level Human Rights Policy This indicates that the company has a disclosed policy on human rights or provides enough information in other disclosures that have clear statements on human rights Community Investment (US millions) This reports the amount of community donations disclosed by the mine operator with respect to the specific operation, unless otherwise noted

Term/abbreviation Definition Percentage of revenue from regions with high or extremely high interannual precipitation variability “Interannual variability” measures the average between-year variability of available water supply, including both renewable surface and groundwater supplies; higher values indicate wider variations in available supply from year to year TRIFR Total recordable injury frequency rate (or total recordable injury rate); the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional, per million hours worked; the 2022 industry average TRIFR was obtained from the ICMM Number of fatal accidents An accounting of fatal accidents that have occurred on sites where we have royalty or stream interests; in cases where our interest covers a select portion of the operation and the fatal accident is not directly associated with our beneficial interest, the incident is not counted Tailing management disclosure This metric is intended to confirm the portion of the portfolio revenue associated with companies that have publicly disclosed their tailing management practices Percentage of applicable revenue sales that are signatories to the ICMC This metric is intended to confirm the portion of the portfolio revenue associated with mine sites that are certified under the International Cyanide Management Code (“ICMC”) or have applied for certification with a review or have a determination pending About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 116 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR ESG SCORECARD METRICS Term/abbreviation Definition Net gold equivalent ounces (“net GEO”) See the comprehensive methodology on the next page GHG emission intensity An average estimate of the CO 2 e emissions generated for every net GEO; a declining intensity could indicate that higher-grade ore is being processed, less energy is being used in ore processing, or energy with a lower energy emission factor is being employed Total energy intensity A measure of both the Direct and Indirect energy consumed for each net GEO. An increasing Total Energy Intensity factor likely indicates the ore value being processed is reducing or an ore characteristic is requiring more energy for processing. Energy emissions factor An estimate of the average amount of CO 2 e generated (Scopes 1 and 2) for every terra joule of energy consumed in the mine site production process; a reduction in the factor can indicate switching from higher-emission fuels to lower-emission fuels, and/or an increase in the amount of electrical energy generated from renewable sources Percentage of portfolio revenue production with absolute GHG emissions reduction target(s) by 2030 This is a measure of the percentage of our revenue associated with companies who have made commitment(s) to reduce total GHG emissions by 2030; these commitments may not be directly applicable to the property where we have our stream or royalty interests but refers to corporate commitments Percentage of portfolio revenue production with net zero GHG emission target by 2050 A measure of the percentage of our revenue associated with companies that have made a commitment to achieving net zero GHG emissions by 2050; these commitments may not be directly applicable to the property where we have our stream or royalty interest, but rather refers to corporate commitments Water consumption intensity An estimate of the amount of water consumed by the operation for mining and ore process; intensity is tracked using two denominators: net GEOs and ore tonnage processed Percentage of revenue from high or extremely high water stress regions Baseline water stress measures the ratio of total water withdrawals to available renewable water supplies. Water withdrawals include domestic, industrial, irrigation and livestock consumptive and non-consumptive uses. Available renewable water supplies include surface and groundwater supplies, and this measure considers the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. This metric is based on the region’s classification estimated by the WRI’s Aqueduct 4.0™ Water Risk Atlas tool.

About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 117 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD GHG emissions footprint calculation methodology Royal Gold stream and royalty footprint methodology overview Our objective is to define the beneficial interest we receive as a stream or royalty holder in comparison to the total production from a mining operation, and then aggregate our portfolio of assets using a unit of measure that normalizes commodity output and commodity price. In this manner, we can compare asset or portfolio performance over time while setting aside changes in the underlying commodity prices. We use the GEO as the standard unit of measure. We start with the commodity units of which we take delivery (in the case of streams) or the commodity units associated with our royalty payments, and by using a standard set of metal prices, we multiply the commodity units by the standard commodity price for the commodity of interest; this is then divided by the standard gold price, with the result being a GEO value. In the case of metal streams, we pay to the Operator who delivers the metal a predetermined metal price per unit, which is typically a percentage of the metal’s market price at the time of delivery; this is called the cash price. The gold stream for our Mount Milligan property uses a fixed cash price of $435 per ounce versus a percentage of the gold market price. Our beneficial interest is determined after we make our cash price payment to the Operator. Royal Gold’s Net GEOs = ∑ [Metal units x (1 – Fixed cash price percentage) x Standard metal price] Standard gold price We then want to determine the percentage interest we receive of the full operation where the stream or royalty applies. To normalize this calculation, we convert the production from the operation of interest into GEOs, again using the same set of standard metal prices referenced at the bottom of this description. In the case of a property that produces multiple commodities, all commodities are converted to GEOs. Operator’s site production GEOs = ∑ [Metal units x Standard metal price] Standard gold price Royal Gold’s percentage of site production = Royal Gold’s Net GEOs Operator’s site production GEOs Having determined both our Net GEOs and the Operator’s site production GEOs, we can then calculate Royal Gold’s percentage of site production: Assets that produce concentrates that require third-party processing can result in a period of two to six months between the time metals are reported as produced and the time Royal Gold would take delivery. Our calculations have not tried to match this timing. With Royal Gold’s percentage of site production determined, parameters such as energy consumption, GHG emissions and water consumption can then be assessed with respect to the quantity of the specified parameter attributable to us. This approach allows each stream and royalty to be systematically assessed: it allows for a determination of the energy consumption, GHG emissions or water consumption associated with beneficial interest for the portfolio over a set of years and allows us to assess intensity as measured by consumption attributed to Royal Gold divided by our Net GEOs. Standard metal prices Gold: $1,758/oz Nickel: $13,672/t Silver: $20.54/oz Moly: $25,992/t Copper: $6,186/t Cobalt: $31,161/t Lead: $1,826/t Zinc: $2,269/t Although, the standard metal prices may change in the future, we would expect that all reported data would use the revised set of metal prices.

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