About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 61 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD OPERATOR GHG EMISSIONS As part of our climate change disclosure strategy, we continued to compile a scope 1 and scope 2 GHG emissions inventory of our stream and royalty interests that generate revenue for Royal Gold, which we refer to as our scope 3 investment emissions. We have been able to track Operator scope 1 and scope 2 emissions estimates for approximately 99% of the net GEOs generated in the five-year period from 2018 through 2022. These emissions are illustrated graphically in the figure below. An Appendix included with this report ( pages 90-97 ) details our revenue-generating assets and their associated GHG emissions data, as compiled by Skarn Associates. We have weighted the emissions intensity from each stream and royalty interest, based on the net GEOs we receive as a proportion of the total GEOs produced by each asset, to determine our scope 3 investment emissions. A more detailed description of the asset weighting process to estimate portfolio intensity is provided in the Glossary on page 114 . Understanding the GHG emission performance of individual assets and our portfolio of stream and royalty interests is a fundamental building block in our climate scenario analysis and an important factor in assessing our resilience to transition impacts associated with climate change. It also helps us strategically consider ways to reduce or offset the GHG emissions associated with our stream and royalty interests. GHG emissions at a mine site are driven by the amount of diesel fuel consumed during mining, the amount of electrical energy consumed by the operation, the fuel sources used to generate grid power and the type of ore processing, among other factors. The GHG emissions connected to our portfolio (our Investment Emissions) are dominated by scope 1 emissions, which are associated with using fossil fuels to power mobile equipment and in some cases generate power. Scope 1 emissions comprised approximately 80% of the total scope 1 and 2 investment emissions from the calendar year 2022. A further breakdown of scope 1 emissions shows that on average 46% for the five-year period presented is associated with site power generation. Approximately 89% of the site power generation emissions are associated with the Pueblo Viejo mine for the five-year period. OPERATOR GHG EMISSION INTENSITY We feel that GHG emission intensity is a useful key performance indicator (“KPI”) to monitor with respect to our scope 3 investment emissions. We define GHG emission intensity as the tonnes of scope 1 and scope 2 CO 2 (equivalent) emissions per net GEO produced. The average emission intensity for the revenue-generating portion of our stream and royalty portfolio is shown in the figure to the right. Using a GHG intensity measurement as a KPI allows for the ability to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests. GHG intensity performance over the five-year period of 2018–2022, representing approximately 99% of our net GEOs, shows GHG emissions intensity has experienced a modest improvement trend. SCOPE 1 AND 2 GHG EMISSIONS ESTIMATES 2018 2019 2020 2021 (tCO 2 e) 2022 0 50,000 100,000 150,000 200,000 250,000 300,000 210,000 227,000 218,000 211,000 196,000 Scope 1 Scope 2 GEO Production Scope 1 and 2 SCOPE 1 EMISSIONS BREAKDOWN 2018 2019 2020 2021 (tCO 2 e) 2022 0 50,000 100,000 150,000 200,000 152,000 163,000 181,000 156,000 157,000 Non-power generation Site Power Generation Scope 1 SCOPE 1 AND 2 GHG EMISSIONS INTENSITY 2018 2019 2020 2021 (tCO 2 e)/Net Gold Equivalent Ounces 2022 0.0 0.2 0.4 0.6 0.8 1.0 ~99% of Production 0.81 0.85 0.77 0.79 0.74 Scope 1 Scope 2 Scope 1 and 2 Using a GHG intensity measurement as a KPI allows for the ability to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests.