About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 20 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OUR PEOPLE, PRINCIPLES AND PROCESSES We have evolved our four ESG pillars as described in our 2022 ESG Report into what we now describe as our People, our Principles and our Processes, which cover a broader range of matters important to our business. We believe these three themes best capture what means the most to Royal Gold. Managing our business and reporting our progress on our People, our Principles and our Processes provides an effective and concise way for our stakeholders to evaluate Royal Gold’s performance. We have described our approach on this page. PEOPLE The ability to effectively deliver on our core values depends on our team. We seek to assemble, develop and retain a team with distinct experiences and talents that contribute to the success of our Company. We believe the following qualities are necessary for success: Skills: We seek team members who have skills in our specific areas of focus, such as finance, business development, technical, legal and accounting. Cooperation: Our transactions often touch all areas of our Company, and we believe coordination and cooperation are essential to our success. All of our employees understand that with a small team, everyone must work together to reach our common goals. Culture: We operate in an inclusive, challenging and enjoyable work environment. Each individual contributes their unique skills and abilities toward our success. Initiative: Our team members proactively aspire to create new business opportunities and address the Company’s challenges. Ethics: We expect our team will act with integrity and humility with fellow employees, our Operators, investors and other stakeholders. PRINCIPLES We conduct our business according to a set of operating principles that we believe are characteristics of a successful organization: Discipline: We attempt to manage all aspects of the business using the same rigor across the organization. This includes reviewing new business opportunities, monitoring our portfolio, and applying appropriate accounting and tax practices. Consistency: Through our messaging and our direct interaction with stakeholders, we seek to present an approach that does not vary based on the trends at the time. Strategy: We aim to maintain our strategy of seeking high-quality precious metal assets in safe jurisdictions with experienced operators. Transparency: We are committed to maintaining transparent communications with our stakeholders. Reliability: We want our stakeholders to be comfortable with our approach to the management of our key risks and be able to rely on our team as stewards of capital. PROCESSES Our processes are designed to manage risk and are largely grouped around our Board and committee responsibilities, our legal and regulatory compliance, our due diligence reviews for new investments, the monitoring of our portfolio of properties, and accounting and financial controls. A summary of how we manage some of these important risk processes is provided on the following pages. Enterprise Risk Management: We strive to ensure management regularly reviews the various risks associated with the company’s investments and business, which includes an assessment of the size, direction and severity of various risks. Due Diligence: We seek to review all aspects of operations in which we contemplate an investment, including risk areas that range from geology to permitting to the social license of projects and the sponsoring companies. Portfolio Monitoring: We actively monitor our stream and royalty interests to understand evolving legal, technical and financial aspects of the company and project, including their economic and operational health and their reputation in the jurisdictions and nearby communities where they operate. Board and Committee Effectiveness: Our highly capable and independent Board consists of individuals with diverse skills and experience that align with our business strategy, and our committee members are all qualified to assess the risk areas assigned to our Audit and Finance Committee and CNG Committee. Xavantina , Ero Copper Corp., Mato Grosso State, Brazil