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.