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