About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 55 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Climate change OUR APPROACH Climate change has the potential to transform the planet, the way we live and the way we conduct business. We recognize the expectations of our stakeholders in understanding how climate change can impact our business and how our activities have direct and indirect potentials to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize mining activities are inherently energy intensive and acknowledge that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate change and climate risk is informed by three fundamental principles: understanding potential physical and transition risk associated with climate change, investigating actions and strategies that may be appropriate to reduce those risks, and monitoring energy and emissions and disclosing our findings. This year, we published our first climate report, which discusses our approach to identifying, assessing and managing climate-related risks and opportunities. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business, and how integrating these factors into our strategic planning can help reduce the impacts. Carbon neutral since 2020 1 85% of our 2023 revenue is associated with Operators that have disclosures in line with the TCFD 1 Across scope 2 and 3 corporate emissions. LEARN MORE Click cover to access our Climate Report GreenTrees ACRE (Advanced Carbon Restored Ecosystem)