About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 24 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD 3 Technical Risks IMPACT The technical risks associated with developing and/or operating the mining operations in which we invest can have an impact on our near-term and long-term cash flows and may result in impairments and/or a loss of reputation regarding our ability to conduct due diligence. MITIGATION AND COMMENTARY We seek to mitigate this risk through the maintenance of a diversified portfolio of revenue- producing properties, completion of technical due diligence prior to an investment and the active monitoring of our portfolio. 2023 Summary Our financial results in 2023 were impacted primarily by events at two of our Principal Properties. At Peñasquito, a strike action by the National Union of Mine and Metal Workers of the Mexican Republic resulted in a suspension of operations for approximately four months. For the year ended 2023, Royal Gold recognized revenue of US$17.8 million, a 59% decrease from the $43.2 million recognized in 2022. At Pueblo Viejo, equipment design deficiencies caused delays to completion of the plant expansion project. According to Barrick, ramp-up to full production was delayed from mid-2023 and is now expected to be reached in 2024. Additionally, continued low silver recoveries resulted in the deferral of silver deliveries under the terms of our streaming agreement, with the total deferred ounces standing at 854,000 at year end 2023. Although the events above impacted 2023 financial results, a number of positive developments in the portfolio were observed: • At Cortez (various royalties), the Record of Decision approving the Goldrush project was received in December 2023 and Barrick outlined the results of conceptual studies at the Fourmile Project that indicate the potential to produce 300,000 to 400,000 ounces of gold over a 15+ year mine life. • At Great Bear (2% NSR royalty), Kinross announced an initial mineral resource estimate of 2.737 million ounces in the indicated category and 2.29 million ounces in the inferred category. • At Xavantina (25% gold stream), Ero Copper announced record gold production of 59,222 ounces. • At Bellevue (2% NSR royalty), first gold production was announced on October 26, 2023. • At Robinson (3% NSR royalty), KGHM announced the extension of the mine life, which now stands at 14 years as of mid-2023. • At Côté Gold and Mara Rosa, the Operators announced that construction was progressing, and production at both projects was expected to commence in the first half of 2024. During the year, our technical team visited 11 of our operating properties, including four of our Principal Properties. 4 Leverage and Liquidity IMPACT The risk of excessive leverage, and the cost of servicing floating rate debt in a rising interest rate environment, can lead to lower cash flows available for reinvestment and payment of dividends. MITIGATION AND COMMENTARY We seek to mitigate this risk through a prudent use of debt and the repayment of that debt as cash flows permit. 2023 Summary During 2023, we generated $416 million in operating cash flow, compared to $417 million in 2022. We started 2023 with $575 million drawn under our $1 billion revolving credit facility and were able to reduce the amount outstanding to $250 million by the end of the year. We ended 2023 with total liquidity of approximately $845 million, including $750 million of availability under the revolving credit facility. We were also able to extend the final maturity of the facility to June 2028 with our existing bank group. For the year, our cash general and administrative expenses were $30.1 million, which was approximately 5% of revenue and an indication that we have been able to maintain very healthy cash margins despite the impact of inflation on certain of our costs.