About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 7 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Q. Have you seen any significant changes in the issues that are being brought forward in this reporting year when compared to prior reports? Sybil Veenman: This report is a continuation of robust ESG disclosures we have made in the past while integrating our new investment stewardship themes. One important change we made this year to our Board activities is increasing the time of our Compensation, Nominating and Governance (CNG) Committee meetings, which has given us more time to discuss and evaluate topics related to sustainability. Climate continues to be an important topic of our discussions. Our own climate impacts – that is, our direct corporate- related impacts – are relatively easy to explain and understand, but our role as an investor and lack of influence for the climate impacts of the assets we are invested in is more complicated. Jamie Sokalsky: Climate is an example of a challenge for us as we try to deepen our disclosures because we do not control the actions of our Operators. Externally, we see increasing pressure from regulators and investors on climate matters, and as a result, we are having ongoing discussions about how we manage and report our attributable emissions. The publication of our first climate report this year is a step in the right direction for more in-depth climate reporting. Q. As the world changes across many dimensions, so do the risks to our business. How does Royal Gold evolve its approach to investing and meeting shareholder expectations for managing these risks? Bill Hayes: We have integrated new tools to help us better assess risks associated with water stress and we are taking a closer look at biodiversity risks to new and existing portfolio interests. I believe these measures will enhance our already robust due diligence and operational oversight systems. Our management team continuously looks for new and integrative ways to address operational risks while balancing stakeholder expectations. Jamie Sokalsky: Our team has in-depth experience overseeing varying levels of risk in many different jurisdictions. When comparing today versus a decade ago, we are reviewing much more closely, and trying to anticipate, regulatory change and stakeholder requirements with respect to climate, water stress, etc. Many of our Operators have successfully navigated or continue to navigate increasing political uncertainty while adapting to regulatory change and managing stakeholder concerns. Bill Hayes: Many investors expect the highest possible returns; however, we need to maintain balance in our portfolio and really, what we are seeking here as a company, and as a Board, is balance. We are running a business with shareholders waiting for dividends and stakeholders waiting for projects that aim to contribute positively to local economies. I am confident we are well positioned to maintain our focus through our stewardship of a diverse investment portfolio and a balanced approach to sustainability. Q. How do you decide which Operator communities to support? Bill Hayes: We are actively and creatively looking to support our Operators, the local communities where we have offices and the mining industry at large, and we seek projects where we can contribute and make a meaningful difference. One approach we’ve taken with respect to our Operators is a contribution based on gold equivalent ounces produced. We are proud to see our contributions go toward the development of a functioning medical clinic in Botswana where there wasn’t one last year. We strive to make contributions that are good for the community and our Operators.