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 .