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.