About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 6 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD In conversation: A roundtable discussion with members of our Board Royal Gold Board of Directors, Bill Hayes, Sybil Veenman and Jamie Sokalsky reflect on topics from investment stewardship to climate, underscoring risk management as a long-standing and fundamental aspect of operating the business in a responsible and sustainable manner. William M. Hayes Chair Independent Director Jamie C. Sokalsky Chair, Audit Committee Independent Director Sybil E. Veenman Chair, Compensation, Nominating and Governance Committee Independent Director Q. Royal Gold made a purposeful shift from ESG to Investment Stewardship with this report. Why is this an important distinction? Sybil Veenman: Personally, I’ve found the term ESG to be overly broad, covering a vast array of topics from climate and water use to human capital and cybersecurity. These and other topics that fall under the ESG label have always been considerations for managing our business for strong, sustainable returns in a responsible manner. The recent shift to investment stewardship resonates with our business model as we are primarily passive investors with indirect influence. Investment stewardship, as a term, reflects a more comprehensive view of our investment decision-making, considering not just environmental and social aspects but also market dynamics and geopolitical events. It’s simply a more accurate description of what we do, offering a better starting point for educating stakeholders about our business model and the challenges we face. Bill Hayes: Regardless of the shift in terminology, we haven’t changed the way we do business. We will continue to disclose our risks, report the way we manage them and share that story, whether it is through policies, statements or in a consolidated report like this one. We have a strong history of telling our stories – positive and negative – and that differentiates us.