About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 10 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD WHO WE ARE As of December 31, 2023, Royal Gold employed a team of 30 employees, 22 of whom work from our headquarters in Denver, Colorado. The remaining eight employees work from our offices in Switzerland and Canada. We continually strive to be the “gold standard” in all that we do by observing high ethical standards, maintaining a reputation for open communication and accountability, and meeting our obligations under law and publicly traded company listing rules. HOW WE MANAGE OUR BUSINESS We strive to be a trusted steward of shareholder capital and a valued source of finance to Operators, by maintaining high standards of business ethics and personal integrity. Our ability to identify and manage present and potential risks in our business is central to our corporate strategy and risk management and integral to the long-term success of our Company. This includes our review of new opportunities for investment, the acquisition of existing stream or royalty interests obtained from third parties, and the ongoing oversight and management of our stream and royalty interests. A disciplined approach to due diligence and portfolio monitoring is embedded in our processes for developing new business, and we regularly monitor the ESG performance in our existing portfolio using public and non-public information, supported through communications with Operators and site visits. Site visits typically occur on an annual basis for our Principal Properties (as defined below) and we may engage through other means more frequently when actual or potential issues are identified. Pueblo Viejo , Barrick Gold Corp., Sánchez Ramírez, Dominican Republic As of December 31, 2023, we have six material (or principal) stream and royalty interests: Andacollo, Cortez, Mount Milligan, Peñasquito, Pueblo Viejo and Khoemac a u. 1 1 Royal Gold management periodically reviews the materiality of individual royalty and stream interests within the portfolio. In making this determination, management considers primarily estimated future revenue and, to a lesser extent, historical revenue. Estimated future revenue is based on several factors, including mineral reserves and resources subject to our stream and royalty interests, production estimates, feasibility studies, technical reports, metal price and mine life assumptions.