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