2024 Investment Stewardship Report

2024 Investment Stewardship Report ROYALGOLD, INC Logo

ROYAL GOLD Table of Contents 3 A Letter From the CEO About Royal Gold 5 About This Report 6 2024 Highlights 7 A Message From Our Chair 8 About Royal Gold 11 Where We Are 17 Principles of Investment Stewardship 19 Year in Review: Investment Stewardship Risk Discussion 25 Investment Stewardship Priorities and Engagement Governance 30 Corporate Governance 32 Investment Stewardship Governance 35 Investment Stewardship Policies 36 Due Diligence and Portfolio Monitoring 40 Human Rights 41 Cybersecurity 42 Taxes, Associations and Political Contributions Our People 44 Talent Attraction and Retention 45 Human Capital 46 Health, Safety and Wellness Supporting Operators and Communities 48 Community Investment 49 Mining Community Investment Highlights 52 Local Office Community Investment Highlights 54 Future Leaders in Responsible Mining Scholarship Investment Stewardship 56 Climate Change 61 Operator Performance 74 Operator Safety 75 Biodiversity and Our Portfolio 77 Operator Tailings Management 78 Legal Matters Appendices 80 Corporate Performance 81 Principal Property Performance 83 Operator Production Performance 94 Operator Energy Consumption 104 Portfolio Energy Intensity Summary 105 Operator GHG Emissions 116 Operator Water Consumption 127 Operator Sustainability Frameworks and Standards 129 GRI Index 133 TCFD Index 134 SDG Index 135 Glossary 137 Principal Properties Sustainability Scorecard Metrics 138 GHG Emissions Footprint Calculation Methodology 2024 Investment Stewardship Report 2

Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices A Letter From the CEO I am once again happy to provide our annual Investment Stewardship Report. As you may remember, we adopted a stewardship approach last year to broaden what was a discussion of sustainability into a broader discussion of risk. We have defined investment stewardship as “the responsible allocation, management and oversight of our capital to creating value for our stakeholders,” and I can confirm that this approach remains unchanged. I want to be clear that specific sustainability-related risks remain important to our overall business and that we will continue to address those risks through mitigation and management. The key risks in this report are unchanged from last year, and we remain committed to the Vision, Mission and Core Values that we adopted four years ago. I can also assure you that the skill with which we identify, manage and mitigate risk in our business is matched by the excellent oversight of those risks by our Board. We believe our Board has the requisite experience and skill base to provide such oversight. While a broader discussion of risk is included in this report, I will highlight two areas that were prominent for us during the year. In the area of economic factors and metal prices, we saw a substantial positive movement in the price of gold and silver. The average price of those metals increased 22.9% and 21.1% to $2,386/ounce and $28.27/ounce, respectively, from 2023 to 2024. Central bank purchases, lower interest rates and political upheaval and unrest, including the U.S. election, all contributed to the notable increases in precious metal prices. While metal prices increased, we did not see the same flow-through of demand for gold equities during the year. We continue to seek new potential investors in Royal Gold and believe that a focus on our business fundamentals, namely exceptional investment opportunities and sound financials, will attract those investors. The other area of focus is leverage and liquidity. The higher metal prices improved our cash flows, and we were able to fully repay the outstanding balance under our revolving credit facility in August 2024. If you recall, we financed more than $900 million of acquisitions in 2022 through the use of cash on the balance sheet, cash from operations and our debt facility. At the beginning of 2023, we had $575 million outstanding under our revolving credit, and we paid back that amount in approximately 18 months. Our shareholders suffered no dilution through an equity raise, and there are already indications that the upside in those acquisitions is emerging. We paid approximately $105 million in dividends during 2024 and increased the dividend for calendar 2025 to $1.80/share. We have paid a dividend since 2000 and increased it for 24 consecutive years. 2024 Investment Stewardship Report 3 We have replenished our liquidity available for future acquisitions and are well positioned to pursue future non-dilutive opportunities. In terms of sustainability, our due diligence and portfolio monitoring seeks to identify key environmental risks, including the impact to air, water and biodiversity, and our process also involves an assessment of the impact of projects on the communities around them. We also have remained active in helping develop the next generation of mining professionals through various scholarships at five universities and colleges, and we have remained supportive of efforts in our local communities to address food insecurity and healthcare. I hope you find this report informative in terms of our risk management efforts. We always welcome comments and questions, and we look forward to keeping you updated on our progress in certain areas over the course of the year. Sincerely, William H. Heissenbuttel President and Chief Executive Officer “Specific sustainability-related risks remain important to our overall business, and we will continue to address those risks through mitigation and management.” ROYAL GOLD

2024 Investment Stewardship Report 4 About Royal Gold Royal Gold owns a large portfolio of producing, development, evaluation and exploration stage streams and royalties on properties located in some of the world’s most prolific gold regions and operated by some of the most well-known companies in the mining industry. With this high-quality portfolio that spans the development cycle for mining projects, Royal Gold maintains upside potential through exploration success by the Operators and generally benefits when new reserves are discovered and produced. In This Section 5 About This Report 6 2024 Highlights 7 A Message From Our Chair 8 About Royal Gold 11 Where We Are 17 Principles of Investment Stewardship 19 Year in Review: Investment Stewardship Risk Discussion 25 Investment Stewardship Priorities and Engagement ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

About This Report At Royal Gold, we are committed to publishing our Investment Stewardship Report (ISR) annually. In this report, our stakeholders will find detailed information regarding our internal processes as they relate to risk management, sustainability considerations and specific information on the performance of the revenue-generating portion of our portfolio. This includes our Principal Properties, which consist of four existing interests that provided approximately 54% of our annual revenue in 2024. We define our streaming and royalty investments as “interests,” and we refer to the operators of our stream and royalty properties as the “Operators.” Our first Climate Report, published in 2024, provides our investors and stakeholders with more expansive climate-related reporting and can be accessed here . Operator climate-related performance will continue to be reported annually in this report, and our Climate Report will be periodically updated. The scope of this report includes sustainability- related information for our Royal Gold corporate operations from December 31, 2023, to December 31, 2024. Due to the delayed timing and availability of production and emission data from the Operators, we report Operator data from December 31, 2022, to December 31, 2023. In cases where the report features forward- or backward-looking information to support the narrative, we have specified the referenced time period. All quartile references throughout the report reflect “1st quartile” as best. This report reflects our disclosures relating to the Global Reporting Initiative (GRI) Standards, the United Nations Sustainable Development Goals (SDGs) and the Task Force on Climate-related Financial Disclosure (TCFD). In many cases, the most fulsome dataset and full scenario analysis for a given asset may be best reported by the Operator of that asset; however, we will aim to provide stakeholders with a straightforward assessment of the risks and performance associated with our Principal Properties. We continue to refine our performance scorecards for both our corporate offices and the Operators’ mines, summarizing what we believe are the key performance metrics of our business and our royalty and stream assets. The scorecards can be in detail in the Appendices starting on page 79 . The Appendices also contain Royal Gold’s disclosures relating to the GRI and TCFD standards. These disclosures are on pages 129 and 133 , respectively. Unless otherwise noted, all amounts are in U.S. dollars. We welcome your questions and feedback on our report or performance. Please send your questions or comments to investorrelations@royalgold.com . LEARN MORE Click here to access our Climate Report ROYAL GOLD OPERATOR FOOTPRINT CALCULATION METHODOLOGY OVERVIEW Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 5 Royal Gold uses the attribution factor “net gold equivalent ounce (GEO) production” for its weighted greenhouse gas (GHG) emissions, energy consumption and water consumption from each property in which we hold a stream or royalty interest. This allows us to compare royalty and stream interests on an equivalent basis. The methodology is used to determine the environmental footprint that can be attributed to our beneficial interests in properties. Our Operators’ GHG emission and energy and water consumption estimates were compiled by Skarn Associates, an independent mining sustainability data analytics firm. We rely on Skarn Associates’ database for energy, emissions and water consumption information for gold and copper mining operations. Currently, there is no consistent standard for calculating a net GEO for the industry. A detailed description of our methodology is on page 138 of this report. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories: scope 3 corporate emissions and scope 3 investment emissions. We do this because as a passive investor, we do not have direct influence or control over the Operators’ emissions, but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scopes 1 and 2 emissions arising from our portfolio Operators.

2024 Highlights ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 6 $1.49M contributed to support organizations in our office and mining Operator communities 4th year reporting our progress and performance against the TCFD guidelines recommendations 100% of scope 2 and 3 corporate emissions offset, achieving carbon neutrality for five consecutive years, from 2020 to 2024 1 7% annualized employee turnover rate 5 scholarships awarded to dozens of students to develop the industry’s next generation of leaders 99% of scope 3 investment emissions successfully tracked and reported 1 6 years of a declining trend in GHG emission intensity for our scope 3 investment emissions 100% Director experience in the mining industry 1 In this report, we segment scope 3 corporate emissions into those arising from our corporate activities (which we refer to as our scope 3 corporate emissions) and those of our portfolio Operators (which we refer to as our scope 3 investment emissions). We do this because as a passive investor, we do not have direct influence or control over the Operators’ emissions but do manage and assert more control over our own direct footprint. Our scope 3 corporate emissions are largely those associated with business travel and employee commuting.

A Message From Our Chair William M. Hayes, Royal Gold Board of Directors Chair DEAR STAKEHOLDERS, On behalf of the Board of Directors, I am pleased to present our 2024 Investment Stewardship Report, a reflection of our ongoing commitment to risk management across our business, including responsible mining and environmental stewardship, which plays a valuable role in creating value for our stakeholders. We recognize the importance of balancing economic growth with sustainability. Our commitment to these principles is not only critical to maintaining the trust of our investors, employees, Operators and communities but also essential to positioning our portfolio for long-term success in a rapidly evolving global landscape. We are proud of the significant progress we have made in our disclosures of the environmental footprints of the Operators, promoting transparent and ethical governance and contributing to sustainability-related projects that are positive and beneficial to our communities. We continue to support initiatives focused on healthcare, education and local employment. Through partnerships with local stakeholders, we aim to foster sustainable development and create lasting positive impacts. Transparency and integrity remain at the core of our business model. In 2024, we enhanced our reporting practices by publishing our first Climate Report and Asset Handbook. Both of these important disclosures demonstrate our long-standing commitment and accountability to our stakeholders. While we are proud of our progress, we recognize that challenges remain. The mining industry faces increasing pressure to meet the world’s growing demand for critical minerals while mitigating environmental and social impacts. We remain focused on refining our approach, listening to our stakeholders and continuously aiming to invest in responsible mining operations. We are committed to continuing our journey toward a sustainable and resilient future. We will continue to explore new opportunities to encourage innovation, ensure the safety and well-being of our employees and assist the Operators, where appropriate, with their sustainability efforts. Thank you for your continued support and confidence in our company. William M. Hayes Independent Board Chair “Royal Gold is committed to continuing our journey toward a sustainable and resilient future, with transparency and integrity remaining at the core of our business model.” ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 7

About Royal Gold Royal Gold, Inc., together with our subsidiaries, (“Royal Gold,” the “Company,” “we,” “us,” and “our”) is a leading precious metals stream and royalty company that owns passive stream and royalty interests in producing mines and development projects operated by some of the world’s most well-known mining companies. Royal Gold common shares are listed and traded on the Nasdaq Global Select Market under the symbol “RGLD”. We focus on building and managing a diversified and cash-flowing portfolio of interests in producing mines by aligning with experienced Operators while creating a pipeline of earlier-stage assets that have the potential to be cash-flowing in the future. Portfolio Manager Versus Mine Owner and Operator Royal Gold does not actively own or develop mining properties or participate in mining activities at the properties where we hold stream and royalty interests; instead, our stream and royalty interests are passive interests in mine production. The properties where we hold interests span various stages of mining project development, from the initial stages of exploration and evaluation through development and production. The Operators make all development and operating decisions, and in general, we have limited to no influence regarding the development or operation of the mineral properties through the contractual arrangements we put in place, or that are already in place, when an investment is initiated and over the course of our relationship. Our management team has significant industry experience and is well equipped to evaluate new opportunities by performing project, Operator and country due diligence and to manage the existing portfolio of stream and royalty interests. Our scalable business model also allows us to effectively manage our business with a small team of professionals. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 8

Stream and royalty interests are defined as follows: ROYALTY A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metal produced from the mine after deducting contractually permitted costs, if any. STREAM A stream is a contractual agreement that provides, in exchange for an up-front payment, the right to purchase all or a portion of one or more metals produced from a mine at a predetermined price for the life of the agreement. Stream and royalty interests can be acquired by Royal Gold either directly from a mining company, from a third party or through a merger or acquisition transaction. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, the financing provided by Royal Gold is typically directed by Operators toward three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 9 ROYALTY VERSUS STREAM Purchase Price SELLER ROYAL GOLD ENTITY Transfer of Contractual Rights OPERATOR Royalty Revenue Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) RGLD GOLD AG OPERATOR STREAM Physical metal delivery PHASE OF PROJECT Royal Gold interests may include the right to finance future and/ or further project development Typical interest size Exploration Proceeds generally used toward exploration or early project development ~$5M-$15M Development Proceeds generally used toward project development ~$50M-$300M Production Proceeds generally used toward production expansion, development of new projects, or other corporate purpose ~$200M-$1B+ Operators ROYALTY ROYALTY STREAM STREAM Third parties ROYALTY ROYALTY ROYALTY Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage sustainability matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates sustainability considerations into our corporate practices, our investment decisions and our relationships with the Operators.

Who We Are As of December 31, 2024, Royal Gold employed a team of 29 employees, 20 of whom work from our headquarters in Denver, Colorado. Nine of our 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 current and potential risks in our business is central to our corporate strategy and is integral to the long-term success of our Company. This includes the 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 performance of our existing portfolio using public and non-public information, supported through communications with Operators and site visits. Site visits typically occur annually for our Principal Properties, 1 and we may engage through other means more frequently when actual or potential issues are identified. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 10 As of December 31, 2024, we had four principal stream and royalty interests: Andacollo, Cortez, Mount Milligan and Pueblo Viejo. 1 Royal Gold management periodically reviews the materiality of individual stream and royalty interests in 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.

1 3 4 2 Where We Are As of December 31, 2024, Royal Gold owned stream and royalty interests covering 175 producing, development, evaluation and exploration-stage properties located in some of the world’s most prolific mining regions. Royal Gold’s revenue is sourced from a geographically and operationally diverse portfolio of primary precious metals and polymetallic mines. 175 Total Properties ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 11 42 Producing (including Principal Properties) 18 Development 4 Principal 65 Exploration (not shown on map) 50 Evaluations (not shown on map) PRINCIPAL ASSETS 1 ANDACOLLO Coquimbo , Chile 2 CORTEZ Nevada, USA 3 MOUNT MILLIGAN British Columbia, Canada 4 PUEBLO VIEJO Sánchez Ramírez, Dominican Republic

Our Principal Properties Our Principal Properties consist of four producing mines subject to our stream and royalty interests, which in 2024 generated approximately 54% of our annual revenue. For each of the properties featured in this section, we’ve highlighted its Operator, the revenue generated by Royal Gold, and Operator sustainability highlights. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices ROYAL GOLD’S REVENUE BREAKDOWN OF PRINCIPAL PROPERTIES FOR THE CALENDAR YEAR 2023 ($USD) 2024 Investment Stewardship Report 12 $386,424,000 $719,395,000 Subtotal of Principal Properties Total Revenue 46.3% Other Properties $332,971,000 Mount Milligan $186,039,000 25.9% 6.6% Andacollo $47,531,000 9.7% Cortez $69,795,000 11.5% Pueblo Viejo $83,059,000

1 ANDACOLLO, TECK RESOURCES Coquimbo Region, Chile | 2024 Revenue: $47,531,000 Andacollo is an open-pit mine and processing operation in central Chile, Coquimbo region, near the southern limit of the Atacama Desert, approximately 2.4 kilometers (km) southwest of the town of Carmen de Andacollo and 55 km southeast of the regional capital of La Serena. The mining operation employs conventional trucks and hydraulic shovels, and it processes ore through a 55,000-tonne-per-day copper flotation plant, producing a marketable copper-gold concentrate that is transported about 56 km to the Port of Coquimbo and shipped to smelters primarily in Europe. Water supply for the operation is from groundwater wells located 50 km from the mine site on the coast near the city of La Serena. Andacollo has experienced production limitations related to water, and the long-term availability of water will continue to be a priority as a new environmental permit will be required to extend the mine life. The national grid supplies 100% renewable power to the mine through a power purchase agreement. The switch to 100% renewable power aims to avoid approximately 200,000 tonnes of CO 2 e per year. The mine has been operating since 1996 and has a defined life of mine to 2037, with additional permitting or amendments required to execute the life of mine plan beyond 2032 and additional mineral resources that could extend the mine life. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 13 SUSTAINABILITY SCORECARD - 2024 JURISDICTION AND COMPANY REPUTATION RepRisk ESG country risk rating WATER Water stress rating by Aqueduct™ Water Risk Atlas SAFE OPERATION Total Recordable Incident Frequency Rate 1 quartile ranking Moderate RepRisk ESG company reputational risk rating Extremely High Water consumption intensity (m 3/ GEO) quartile ranking 2 4th Number of fatal accidents Moderate Corruption Perception Index quartile ranking 4th Water consumption intensity (m 3 /tonne ore processed) quartile ranking 2 0 Tailing management disclosure 1st Quartile 2nd Yes ENERGY AND CLIMATE Corporate emission reduction targets BIODIVERSITY IUCN Red List species, critically endangered and endangered (located in a 10 km radius of the project center) COMMUNITY AND HUMAN RIGHTS Corporate Human Rights Policy Yes GHG emissions intensity (tCO 2 e/GEO) quartile ranking 2 14 Designated protected area or key biodiversity area (KBA) covering all or part of the project area Yes Modern Slavery Disclosure 1st Total energy intensity (GJ/GEO) quartile ranking 2 Quisco Coquimbano Report Community Investment (U.S. millions) 4th $2.3 Grievance Mechanism Yes 1 Industry ranking based on 2023 International Council on Mining and Metals (ICMM) data 2 Based on Skarn Associates Gold Industry ranking curves for 2023

2 CORTEZ, NEVADA GOLD MINES Nevada, United States | 2024 Revenue: $69,795,000 The Cortez Complex is a series of large open-pit and underground mines, with oxide ore milling and heap leach processing facilities. The open pits use conventional truck-and-shovel fleets, and mining operations move between the various pits over the life of mine plan. Underground operations use large- scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on-site, while refractory ores are shipped to the Nevada Gold Mines (NGM) Carlin Complex for processing in its autoclave or roaster facilities. The mine dewatering wells supply the consumptive water used for mining and processing. Electrical power is obtained from the grid and is generated from the Western 102 (natural gas power plant). In 2024, NGM completed the construction of the second and final phase of a 200-megawatt solar power plant, which will have the capacity to produce 17% of NGM’s annual power demand while realizing an equivalent emissions reduction of approximately 234Kt of CO2 per year. Mining operations began in 1969, and the Operator estimates that defined mineral reserves and resources will support production past 2042, with the opportunity for the further addition of mineral reserves. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 14 SUSTAINABILITY SCORECARD - 2024 JURISDICTION AND COMPANY REPUTATION RepRisk ESG country risk rating WATER Water stress rating by Aqueduct™ Water Risk Atlas SAFE OPERATION Total Recordable Incident Frequency Rate 1 quartile ranking Moderate RepRisk ESG company reputational risk rating Extremely High Water consumption intensity (m 3/ GEO) quartile ranking 2 2nd Number of fatal accidents Moderate Corruption Perception Index quartile ranking 1st Water consumption intensity (m 3 /tonne ore processed) quartile ranking 2 0 Tailing management disclosure 1st Quartile 1st Yes ENERGY AND CLIMATE Corporate GHG emission reduction targets BIODIVERSITY International Union for Conservation of Nature (IUCN) Red List species, critically endangered and endangered (located in a 10- km radius of the project center) COMMUNITY AND HUMAN RIGHTS Corporate Human Rights Policy Yes Scope 1 and 2 GHG emissions intensity (tCO 2 e/GEO) quartile ranking 2 2 Designated protected area or KBA covering all or part of the project area Yes Modern Slavery Disclosure 1st Total energy intensity (GJ/GEO) quartile ranking 2 None Report Community Investment (U.S. millions) 3 2nd $18.8 Grievance Mechanism Yes 1 Industry ranking based on 2023 International Council on Mining and Metals (ICMM) data 2 Based on Skarn Associates Gold Industry ranking curves for 2023 3 Total value is for Nevada Gold Mines

3 MOUNT MILLIGAN, CENTERRA GOLD British Columbia, Canada | 2024 Revenue: $186,039,000 Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and- shovel fleet, with ore processed through a 60,000- tonne per day flotation processing plant, to produce a concentrate containing copper, gold and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver, where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Water for the operation is collected from surface runoff and stored in the tailings pond; it is supplemented by pumping groundwater and other surface water resources. Power is supplied by BC Hydro through a 92-km transmission line that is fed from the Peace River hydroelectricity generation facilities. The operation has a mine life based on ore reserves through 2036. The Operator is completing a preliminary feasibility study to review the potential to extend the mine life. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 15 SUSTAINABILITY SCORECARD - 2024 JURISDICTION AND COMPANY REPUTATION RepRisk ESG country risk rating WATER Water stress rating by Aqueduct™ Water Risk Atlas SAFE OPERATION Total Recordable Incident Frequency Rate 1 quartile ranking Low RepRisk ESG company reputational risk rating Low Water consumption intensity (m 3/ GEO) quartile ranking 4th Number of fatal accidents Low Corruption Perception Index quartile ranking 4th Water consumption intensity (m 3 /tonne ore processed) quartile ranking 0 Tailing management disclosure 1st Quartile 1st Yes ENERGY AND CLIMATE Corporate emission reduction targets BIODIVERSITY IUCN Red List species, critically endangered and endangered (located in a 10 km radius of the project center) COMMUNITY AND HUMAN RIGHTS Corporate Human Rights Policy No GHG emissions intensity (tCO 2 e/GEO) quartile ranking 1 Designated protected area or KBA covering all or part of the project area Yes Modern Slavery Disclosure 1st Total energy intensity (GJ/GEO) quartile ranking None Report Community Investment (U.S. millions) 4th Not Reported Grievance Mechanism Yes 1 Industry ranking based on 2023 ICMM data 2 Based on Skarn Associates Gold Industry ranking curves for 2023

4 PUEBLO VIEJO, BARRICK GOLD Sánchez Ramírez, Dominican Republic | 2024 Revenue: $83,059,000 The Pueblo Viejo conventional open-pit mine is located in the province of Sánchez Ramírez, approximately 100 km northwest of the national capital, Santo Domingo. The Pueblo Viejo ore is refractory and consists primarily of gold and silver associated with pyrite. Whole ore and sulfide flotation concentrate is fed to the autoclaves for pressure oxidation and subsequently treated in a carbon-in-leach circuit. Carbon acid wash, elution and smelting produces gold and silver doré bars. The processing plant design capacity is 38,000 tonnes per day. The construction of a new tailings storage facility is planned as part of an effort to extend the mine life. As part of this undertaking, a Resettlement Action Plan was prepared in alignment with international standards. The mine is committed to continuing dialogue and reaching agreements with the impacted communities. Water is supplied by two reservoirs that collect surface runoff. The primary source of electric power for the mine is the Quisqueya 1 power plant, converted to a liquefied natural gas (LNG) fuel source from heavy fuel oil in 2020. Located along the southern coast, it connects to the mine through two 230-kV transmission lines. This conversion aims to decrease GHG emissions by 30%. Commercial production was achieved in January 2013, and the mine life is expected to extend to the mid-2040s. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 16 SUSTAINABILITY SCORECARD - 2024 JURISDICTION AND COMPANY REPUTATION RepRisk ESG country risk rating WATER Water stress rating by Aqueduct™ Water Risk Atlas SAFE OPERATION Total Recordable Incident Frequency Rate 1 quartile ranking High RepRisk ESG company reputational risk rating Low-Medium Water consumption intensity (m 3/ GEO) quartile ranking 2 1st Number of fatal accidents Very High Corruption Perception Index quartile ranking 4th Water consumption intensity (m 3 /tonne ore processed) quartile ranking 2 0 Tailing management disclosure 3rd Quartile 4th Yes ENERGY AND CLIMATE Corporate emission reduction targets BIODIVERSITY IUCN Red List species, critically endangered and endangered (located in a 10-km radius of the project center) COMMUNITY AND HUMAN RIGHTS Corporate Human Rights Policy Yes GHG emissions intensity (tCO 2 e/GEO) quartile ranking 2 30 Designated protected area or KBA covering all or part of the project area Yes Modern Slavery Disclosure 4th Total energy intensity (GJ/GEO) quartile ranking 2 Aniana Vargas National Park Report Community Investment (U.S. millions) 4th $10.2 Grievance Mechanism Yes 1 Industry ranking based on 2023 ICMM data 2 Based on Skarn Associates Gold Industry ranking curves for 2023

Principles of Investment Stewardship Royal Gold is committed to conducting business with discipline, consistency, strategic focus, transparency and reliability, integrating these values into every aspect of our operations as reflected in our Vision, Mission and Core Values. Our conduct and efforts continue to contribute to a sustainable and responsible business approach while guiding the way forward on People, Principles and Processes. VISION, MISSION AND CORE VALUES Royal Gold aspires to be the gold standard in everything we do, and we operate in alignment with the following Vision, Mission and Core Values that are shared throughout the Company. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 17 Mission To shape the future of mine finance through creativity, collaboration and a commitment to mutually beneficial outcomes for all stakeholders Vision To be the gold standard as an employer, a financing partner, an investment and a community member Core Values RESPONSIBILITY INTEGRITY PARTNERSHIP People Initiative Ethics Skills Cooperation Culture Principles Strategy Consistency Transparency Discipline Reliability Processes Enterprise Risk Management Due Diligence Portfolio Monitoring Governance Risks 1 Economic Factors and Metal Prices 2 Competition and Capital Markets 3 Technical Risks 4 Leverage and Liquidity 5 Regulatory, Political, Sustainability and Human Capital 6 Reputation and Investor Sentiment

Our People, Principles and Processes Managing our business and reporting progress on our People, Principles and Processes provides an effective and concise way for our stakeholders to evaluate Royal Gold’s performance. PEOPLE The ability to effectively deliver on our core values depends on our team. We seek to assemble, develop and retain a team with distinct experiences and talents that contribute to the success of our Company. We believe the following qualities are necessary for success. Skills: We seek team members who have skills in our specific areas of focus, such as finance, business development, technical, legal and accounting. Cooperation: Our transactions often touch all areas of our Company, and we believe coordination and cooperation are essential to our success. All of our employees understand that with a small team, everyone must work together to reach our common goals. Culture: We operate in an inclusive, challenging and enjoyable work environment. Each individual contributes unique skills and abilities toward our success. Initiative: Our team members proactively aspire to create new business opportunities and address the Company’s challenges. Ethics: We expect our team to act with integrity and humility with fellow employees, the Operators, our investors and other stakeholders. PRINCIPLES We conduct our business according to a set of operating principles that we believe are characteristics of a successful organization. Discipline: We attempt to manage all aspects of the business using the same rigor across the organization. This includes reviewing new business opportunities, monitoring our portfolio and applying appropriate accounting and tax practices. Consistency: Through our messaging and our direct interaction with stakeholders, we seek to present an approach that does not vary based on the trends at the time. Strategy: We aim to maintain our strategy of seeking high-quality precious metal assets in safe jurisdictions with experienced Operators. Transparency: We are committed to maintaining transparent communications with our stakeholders. Reliability: We want our stakeholders to be comfortable with our approach to the management of our key risks and to be able to rely on our team as stewards of capital. PROCESSES Our processes are designed to manage risk and are largely grouped around our Board and committee responsibilities, our legal and regulatory compliance, our due diligence reviews for new investments, the monitoring of our portfolio of properties, and accounting and financial controls. A summary of how we manage some of these important risk processes is provided on the following pages. Enterprise Risk Management (ERM): We strive to ensure that management regularly reviews the various risks associated with the Company’s investments and business, which includes an assessment of the size, direction and severity of various risks. Due Diligence: We seek to review all aspects of operations in which we contemplate an investment, including risk areas that range from geology to permitting to the social license of projects and the sponsoring companies along with general jurisdictional risks. Portfolio Monitoring: We actively monitor our stream and royalty interests to understand evolving legal, technical and financial aspects of the companies and projects, including their economic and operational health and their reputations in the jurisdictions and nearby communities where they operate. Board and Committee Effectiveness: Our highly capable and independent Board consists of individuals with diverse skills and experience that align with our business strategy, and our committee members are all qualified to assess the risk areas assigned to our Audit and Finance Committee and Compensation, Nominating and Governance (CNG) Committee. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 18

Year in Review: Investment Stewardship Risk Discussion 1 ECONOMIC AND METAL PRICE RISKS IMPACT Economic factors can result in adverse movements in metal prices, resulting in lower financial results and cash flows, increased stress on our portfolio properties, less investor interest in gold and our sector, fewer investment opportunities and the potential for impairments. MITIGATION AND COMMENTARY We seek to invest in assets that can withstand commodity price cycles and with companies that have conservative financial profiles, maintain control of our general and administrative expenses to ensure healthy margins and cash flows, maintain a conservative balance sheet with sufficient liquidity and continue to promote gold as an investment. 2024 SUMMARY Gold delivered its best performance in 14 years for 2024, outperforming all major asset classes, and it closed at the then all-time high of $2,787.61/oz on October 30. This performance was supported by safe haven demand amid global political tensions and a 1.0% reduction in the U.S. Federal Reserve’s overnight borrowing rate. The last cut to interest rates in mid-December came with a cautionary outlook, with the Federal Reserve signaling a slower approach for future rate cuts given generally sticky inflation and an uptick in the year-over-year U.S. Consumer Price Index in the second half of 2024. This disappointed the markets and drove the USD Index to its annual high, leading to a sell-off for gold into year-end. The breakdown of the historic inverse relationship between gold and real interest rates continued in 2024, indicating that other factors are supporting a higher gold price. Despite the higher-for-longer interest rate approach that the Federal Reserve continues to employ, several macro factors provided support for gold. Persistent buying from Central Banks throughout the year, mainly from emerging markets, resulted in another strong year for net purchases, even with a six-month pause on purchases by the Chinese Central Bank. Appetite for gold exchange- traded funds (ETFs) improved with neutral net flows recorded after several years of large net outflows. Coupled with a stronger gold price, gold ETFs reached a record high total assets under management (AUM) of $271 billion, which is a 26% increase over 2023. Asia continued to lead inflows with the strongest demand on record. North American investor interest for gold improved while outflows in Europe narrowed from 2023. The projected growth of U.S. federal debt and the government’s ability to service the associated interest obligations may provide support for gold prices in the longer term from potential downward pressure on the U.S. dollar and general concerns about fiat currencies. “With gold posting its best annual return in more than a decade and outperforming all major asset classes, Royal Gold delivered a record year in 2024 in terms of revenue, operating cash flow and earnings while navigating the various investment stewardship risks to our business.” Dan Breeze Senior Vice President, Corporate Development, RGLD Gold AG 2024 Investment Stewardship Report 19 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices -10% -5% 0% 5% 10% 15% 20% 25% 30% Gold U.S. stocks Silver Emerging market (EM) stocks Balanced portfolio Developed markets (DM) stocks ex U.S. U.S. bonds U.S. cash Commodities Global treasuries ex U.S. Source: World Gold Council 2024 RETURNS BY MAJOR ASSET CLASS 2010 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 -3% -2% -1% 0% 1% 2% 3% Gold Price 10-Year Real Interest Rate (inverted) Source: Federal Reserve Bank of St. Louis GOLD PRICE VERSUS 10-YEAR REAL INTEREST RATES (INVERTED)

ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 20 ANNUAL CHANGE IN GOLD-BACKED ETFs BY REGION 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -1,000 -500 0 500 1,000 -450 -300 -150 0 150 300 North America Europe Asia Other Total AUM Data as of 31 December 2024 Source: World Gold Council Tonnes (US$B) FORECAST FEDERAL DEBT HELD BY THE PUBLIC (% OF GDP) 2024 2034 2044 2054 60 80 100 120 140 160 180 2024 Forecast 2014 Forecast 2019 Forecast Source: Congressional Budget Office ANNUAL AND CUMULATIVE NET GOLD DEMAND FROM CENTRAL BANKS (TONNES) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 400 800 1,200 0 2,000 4,000 6,000 8,000 10,000 Central bank net purchases Cumulative total Data as of December 31, 2024 Source: Metals Focus, Refinitive, Gold Fields Mineral Services (GFMS), ICE, Benchmark Administration, World Gold Council U.S. CONSUMER PRICE INDEX (YEAR OVER YEAR, %) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -2% 0% 2% 4% 6% 8% 10% Source: Bureau of Labor Statistics, Bloomberg

2 COMPETITION AND CAPITAL MARKETS IMPACT Increased competition for new business opportunities from debt providers, the capital markets, private equity and other royalty and streaming companies can result in fewer investment opportunities and lower returns and can impact our ability to meet strategic growth goals. MITIGATION AND COMMENTARY We seek to maintain flexibility in the structuring of transactions to address the unique needs of each potential counterparty, identify opportunities with excellent upside that warrant a focus on longer- term returns and stress the advantages of stream and royalty financing relative to other sources of capital. 2024 SUMMARY In 2024, there was an uptick in precious and base metal equity and debt issuance versus the previous few years, as confidence to fund projects grew with higher commodity prices and relatively lower interest rates. Issuance for the diversified and bulk subsectors surged compared to recent years for equity while debt was in line with the five-year average. The dollar volume of stream transactions was the second-highest on record (after 2015) and was concentrated in several large transactions in jurisdictions that carry elevated political risks. Royal Gold acquired two third-party royalties for $106 million that are over projects in Canada and the U.S., which we consider to be safe jurisdictions. MINING DEBT ISSUANCE (US$ MILLION) 2019 2020 2021 2022 2023 2024 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Precious Base Diversified, Bulk and Other Source: RBC Capital Markets MINING EQUITY ISSUANCE (US$ MILLION) 2019 2020 2021 2022 2023 2024 0 1,000 2,000 3,000 4,000 5,000 6,000 Source: RBC Capital Markets Precious Base Diversified, Bulk and Other TRANSACTION DEAL VALUE (US$ BILLION) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Stream Royalty Corporate Source: National Bank Financial Stream and Royalty Sector Update, December 2024 Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 21

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 these risks with an experienced in-house technical team and through the maintenance of a diversified portfolio of revenue- producing properties, completion of technical due diligence prior to an investment and active monitoring of our portfolio. We achieved strong financial results in 2024 with record revenue of $719 million, which was a 19% increase over the prior year. In particular, we were pleased to see positive developments at several of our Principal Properties, including an improvement in the mill throughput at Andacollo due to increased water availability and a labor agreement with the mining union at Peñasquito that will extend through 2026. Equipment design deficiencies at Pueblo Viejo caused further delays for the plant expansion after construction was reported as complete in 2024 and underperformance in throughput and gold/ silver recoveries. Ramp-up is expected to continue throughout 2025, and Barrick Gold is guiding for design capacity to be reached in 2027, with 2028 being the first year of full production throughput at 14.4 million tonnes per annum. Continued low silver recoveries resulted in the deferral of additional silver deliveries under the terms of our streaming agreement, with the total deferred ounces standing at 1.67 million at year end 2024. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 22 There were a number of positive developments in the portfolio throughout 2024, including: • At Mount Milligan, we agreed with Centerra to provide cost support to extend the mine life. The agreement provides near-term cash and gold consideration to Royal Gold in return for long- term cost support that extended the mine life to 2035 initially. We look forward to reviewing the preliminary feasibility study that is expected in the third quarter of 2025, which we expect will outline plans for a materially longer mine life. • At Cortez , the Record of Decision approving the Robertson project was received in November 2024, and feasibility study work is ongoing. Ramp-up is progressing at the Goldrush project, which is expected to achieve an annual gold production rate of 400,000 ounces. Exploration work is highlighting future growth potential at the Fourmile, Hanson and Swift targets. • At Andacollo, Teck reported that water supply issues that impacted production in the first half of 2024 have been addressed through the commissioning of new wells, with more to be commissioned in the first half of 2025. • The Khoemacau Mine underwent a change of ownership in early 2024. The new owner, MMG, is undertaking a feasibility study to add new milling capacity and open new orebodies on the property. MMG has indicated that the expansion project would commence in 2026, with first production expected in 2028. • First gold from Manh Choh was poured at the Fort Knox mill in July 2024. • Côté Gold reached commercial production in August 2024 and continued to ramp up through the remainder of the year. • In October 2024, Vale reported that the second underground mine of the Voisey's Bay Mine Extension project had achieved mechanical completion. According to Vale, development ore extraction at the Eastern Deeps deposit has started, and the mine is continuing its scheduled production ramp-up. • Kinross released the results of a preliminary economic assessment at Great Bear that highlighted an initial 12-year mine life with more than 500,000 ounces of gold expected annually in the first eight years. Initial production is targeted for mid-2029. • Hochschild Mining achieved first production at Mara Rosa in Brazil. • Bellevue Gold announced a five-year plan that will significantly increase production at the Bellevue Mine. 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 the prudent use of debt and the repayment of that debt as cash flows permit. 2024 SUMMARY Our operating cash flow increased 27% in 2024 to $530 million compared to 2023, mainly driven by higher gold and silver prices. In 2022, we drew down on a portion of our US$1 billion revolving credit facility to acquire two high-quality, long-life royalties in the U.S., and we have systematically repaid the outstanding balance from our strong cash flow generation. By the third quarter of 2024, we had fully repaid the $250 million that was outstanding on our facility at the start of the year and ended 2024 debt-free, with total liquidity of approximately $1.2 billion. Our cash general and administrative expenses were $29 million for the year, which was approximately 4% of revenue or 1% less than in 2023, which highlights the resilience of our business model to inflation and exposure to strong cash margins for our shareholders. REVOLVING CREDIT FACILITY (US$ MILLION) Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 0 100 200 300 400 500 600 700 800 900 1000 Total Credit Facility Available Amount Drawn

5 REGULATORY, POLITICAL, SUSTAINABILITY AND HUMAN CAPITAL IMPACT The risks associated with increased regulation and compliance requirements, foreign and domestic political events, cybersecurity events and sustainability matters, including climate change and human capital management, can increase our costs, reduce our cash flows and potentially harm our reputation. MITIGATION AND COMMENTARY We seek to mitigate this risk by implementing appropriate governance practices, internal controls, procedures and cybersecurity risk threat mitigation, completion of political due diligence for new and existing interests, and understanding the potential impacts that climate change and other environmental and social risks may have on our portfolio as a whole. 2024 SUMMARY During the year, the U.S. Securities and Exchange Commission (SEC) informed us that we could not rely on disclosure of mineral reserves/resources by Operators as a basis for our disclosure of mineral reserves/ resources in our annual Form 10-K filing. Mineral reserves and resources for the properties in which we hold interests are now provided on our website in greater detail than previously disclosed on our Form 10-K, and we intend to update this information more frequently to the benefit of our shareholders. The SEC’s climate disclosure rules were finalized but subsequently stayed pending judicial review. Additionally, the Federal Trade Commission issued a final rule that would have invalidated most non- compete agreements with employees, but this rule has similarly been enjoined pending appeal. In 2024, there were elections in the U.S., Dominican Republic and Mexico as well as in Botswana. Notably, the election in Botswana resulted in the incumbent party losing its position after governing since the country achieved independence in 1966. The change in government in the U.S. will likely increase the near-to- medium term volatility of global equity, commodity and currency markets and could improve the U.S. regulatory environment for resources. General elections are upcoming in 2025 in Canada and Chile, where two of our Principal Properties are located. The global minimum tax initiative was implemented in a number of countries, including Canada, where several of our direct competitors are based. This legislation increases the tax rates paid on revenue for Canadian-based competitors with international stream operations, which tax rates are now more in line with Royal Gold’s tax rates on streams that are subject to the global intangible low-taxed income (GILTI) tax structure under the U.S. Internal Revenue Service. We continue to pay U.S. and Canadian corporate tax rates on our royalty revenue. Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 23 A number of sustainability-related achievements were realized in 2024, including the following: • Issuing our third Investment Stewardship Report and our first Climate Report in April 2024. • Revising our Sustainability Policy (formerly the ESG Policy), Standards for Suppliers and Operators (formerly the Supplier Code of Conduct) and People Policy. • Maintaining our carbon neutrality with respect to our scope 2 and 3 corporate emissions through the purchase of carbon credit offsets. • Obtaining third-party verification of our scope 2 and 3 corporate emissions for 2020 to 2023. • Continuing to contribute to local community philanthropic organizations and providing financial support for certain programs in the communities surrounding some of our investment properties.

6 REPUTATION AND INVESTOR SENTIMENT IMPACT The risk associated with decreasing investor interest in gold and a loss of confidence in management’s ability to properly manage risk and effectively communicate with the market and our shareholders. MITIGATION AND COMMENTARY We seek to mitigate these risks through strong governance and transparent disclosure practices, frequent interaction with our shareholders and, where appropriate, by addressing concerns and recommendations received through these engagements. 2024 SUMMARY During the annual shareholders’ meeting, the two Directors standing for reelection (William H. Heissenbuttel and Jamie Sokalsky) received votes for reelection of 97% or more of the total votes cast. During 2024, the closing price for our common shares hit a then all-time high of $154.27/share and as low as $101.30/share. Our closing price on December 31, 2024, was $131.85/share, which reflected a market capitalization of approximately $8.7 billion. Given the continued strong cash flows of the Company, we were able to increase our annual dividend for 2025 by approximately 12.5% to $1.80/share, the 24th consecutive annual increase in the dividend rate. Total dividends paid out to date approximate $1 billion. Royal Gold remains the only precious metals company in the S&P High Yield Dividend Aristocrats index as a result of our multi-decade track record of dividend growth. Concerns shared by our investors during various engagements throughout the year included growing political risks, competition and transaction pricing and relative performance of the sector versus the gold price. We note that our assets have the lowest exposure to High Risk jurisdictions and among the highest exposure to Low Risk jurisdictions when compared to our direct royalty/streaming peers based on data from the Fraser Institute and S&P. The S&P High Yield Dividend Aristocrats® index is designed to measure the performance of companies within the S&P Composite 1500® that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 years. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 24 COUNTRY RISK (% OF NET ASSET VALUE) Low Medium High RGLD Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 0 25 50 75 100 Source: Scotiabank Royalty Rundown, Q1 2025

Investment Stewardship Priorities and Engagement Stakeholder and Investor Engagement Through regular and transparent engagement with stakeholders, we ensure that our strategies, activities and reporting align with the interests of those affected by our business. This extends to proactive engagement with investors that emphasizes dialogue, transparency and responsiveness. In 2024, we conducted 143 meetings with current and prospective investors. We discussed sustainability matters in approximately 8% of those meetings. Topics covered during investor engagements included performance, feedback on our previously disclosed reports and other topics such as climate, safety and biodiversity. We value stakeholder feedback and commit to ongoing open dialogue on corporate governance, sustainability and other relevant business matters. While Royal Gold engages with a variety of investors and potential investors, one particular investor, Findlay Park Partners LLP (Findlay Park), has been especially interested in engaging with us on our sustainability efforts over the past few years. Findlay Park is an independent investment partnership based in London, which invests primarily in U.S. equities on behalf on investors in the Findlay Park American Fund. Findlay Park aims to invest in businesses that it believes are either sustainable or engaged with the transition toward sustainability. Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices ROYAL GOLD 2024 Investment Stewardship Report 25 INVESTOR SPOTLIGHT - FINDLAY PARK When assessing royalty and streaming companies, we identified Royal Gold as having less exposure to operational sustainability risk. The company has also been highly responsive to engagement. In our earliest engagement with the company, we encouraged the allocation of more resources towards sustainability and governance efforts, as well as enhanced disclosure. We met with the company’s representative to provide feedback on material topics for inclusion. Many of these topics were incorporated into the firm’s first sustainability report in 2021. We saw the firm add a dedicated expert in this area – with highly relevant experience. Royal Gold implemented a reputational risk-related data platform (which we specifically recommended) to better inform its investment decision-making and risk management processes. We believe Royal Gold is continuing to take positive steps to better understand and improve on sustainability- related matters. “Engagement with Royal Gold was important to our initial investment and has been very fruitful ever since. We now see Royal Gold as an exemplar of sustainability risk management and disclosure.” Rose Vangerven CEO, Findlay Park Partners LLP

Royal Gold also regularly engages with industry associations and other stakeholder groups. We are an active participant in the World Gold Council Sustainability Task Force, which is working in collaboration to launch the Consolidated Mining Standard Initiative (CMSI). CMSI aims to bring together the best aspects of four well-established standards — the Copper Mark, the Mining Association of Canada’s Towards Sustainable Mining, the World Gold Council’s Responsible Gold Mining Principles and ICMM’s Mining Principles — into one global standard that reduces complexity and clarifies responsible practices for mining companies of all sizes across all locations and commodities. Investment Stewardship Priorities Assessment Royal Gold continues to evolve its investment stewardship strategy. Stakeholders expect information not only on how risks may financially affect a company but also how a company’s actions may impact the environment and society. Our priorities assessment takes into account perspectives from our investors, our Board and our employees. The two charts below highlight our priorities from two perspectives: consolidated risks identified in our portfolio and our corporate employees. CONSOLIDATED RISKS IDENTIFIED IN OUR PORTFOLIO Environmental Social Governance OUR CORPORATE EMPLOYEES ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 26

Approach Topics and the assessment process for this undertaking were cross-referenced with the Sustainability Accounting Standards Board (SASB) for the industries of “Asset Management & Custody Activities” and “Metals & Mining”, the Corporate Sustainability Reporting Directive (CSRD), peer and mining operator disclosures, and our existing investment stewardship priorities. We have disclosed what we believe are our most important investment stewardship topics relating to our mining operator interests (indirect topics) and our corporate offices (direct topics). Indirect topics include risks at the mine site level that are managed by Operators but nevertheless represent indirect risks or opportunities for Royal Gold. Direct topics include risks at Royal Gold corporate offices that affect its 29 employees. The assessment of responses included both a qualitative and quantitative review of inputs. This approach resulted in two graphs that reflect the impact on society and environment along with the impact on our financial performance from both a mining operator perspective and Royal Gold corporate office perspective. This report covers a variety of priority topics; however, we have chosen to specifically highlight the actions we are taking to manage the highest-ranking priorities identified in our assessment charts, which includes ethics, integrity and compliance, risk management, and tailings management. INVESTMENT STEWARDSHIP PRIORITY ASSESSMENT PROCESS Identify sustainability topics. Interview Board and select investors and survey employees. Analyze outcomes (risk and opportunity assessment). Finalize and update Investment Stewardship Priority Matrix with CEO and executive management guidance. Develop strategic action plan to monitor priority topics. Disclose progress made on action plan. COMPLETED IN PROGRESS ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 27

PROGRESS ON OUR 2024 PLANS The table below highlights our progress on the 2024 priorities disclosed in our 2023 Investment Stewardship Report. 2023 Plans 2024 Progress Achievements Climate change Achieve carbon neutrality for corporate emissions annually. Improved Forest Management Carbon-Removal credits were secured to offset our 2024 scope 2 and 3 corporate emissions. Evaluate opportunities to make a positive impact and reduce risk for our interests with respect to climate change. We continue to evaluate and better understand the risk associated with climate change for our interests. Engage with the Operators that provide more than 2% of our revenue and work to understand what actions they are specifically taking to reduce GHG emissions; where appropriate, determine if we can be a source of financing to advance selected initiatives. We continue to make an effort to engage with the Operators, when appropriate, on opportunities relating to GHG emissions. Community investment Aim to contribute $1.5 million in support to organizations that serve the needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. In 2024, Royal Gold contributed a total of $1.49 million to 31 organizations globally, all of which align with the SDGs. Governance Address matters identified in the 2023 investment stewardship priorities assessment. The results of the assessment were evaluated in 2024. Tailings management was identified as a priority topic, which prompted an internal review. Additionally, more in-depth details were disclosed in this report relating to other high-ranking priority topics that were identified during the assessment. Complete sustainability training for employees. We provided sustainability training to all employees in 2024. 2025 PRIORITIES In 2025, we will continue to evaluate meaningful ways to make improvements across our business. The bullets below outlines Royal Gold’s investment stewardship priorities for 2025. 2025 Investment Stewardship Priorities Climate Change • We will continue to engage with the Operators to understand what actions they are specifically taking to reduce GHG emissions; where appropriate, we will determine if we can be a source of financing to advance selected initiatives. • We will continue to maintain carbon neutrality for our corporate emissions through the purchase of high-quality, verified carbon offsets and implement reduction strategies for our corporate operations where we can. Community Investment • We aim to contribute $1.5 million in support to organizations that serve the needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. • We aim to continue and strengthen our scholarship and mining education contributions and have a target of establishing scholarships at two new universities. Investment Stewardship Governance • We plan to complete sustainability-focused educational opportunities for employees. • We plan to complete annual cybersecurity training for employees. • We plan to evaluate the potential expansion of our alignment with internationally recognized sustainability-related standards. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 28

2024 Investment Stewardship Report 29 Governance Our ability to identify and manage risks in our corporate operations and those associated with our portfolio of stream and royalty interests is fundamental to our long-term success. With a history of dedicated focus on rigorous oversight from our Board and its committees, coupled with the effective execution of strategies by our people, we are well positioned to not only navigate challenges but also to advance our business. This long-standing commitment to strong governance is an integral component of our approach to sustainable and responsible investment stewardship. In This Section 30 Corporate Governance 32 Investment Stewardship Governance 35 Investment Stewardship Policies 36 Due Diligence and Portfolio Monitoring 40 Human Rights 41 Cybersecurity 42 Taxes, Associations and Political Contributions Appendices ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship

Corporate Governance OUR APPROACH Royal Gold is dedicated to corporate governance practices that prioritize the long-term interests of our shareholders through robust oversight models established with the Board of Directors that foster accountability within our management team and nurture transparent relationships with Operators, employees and other stakeholders to build public trust in our Company. The Board, comprised of highly capable Directors with diverse skills and a majority of experience aligned with our business strategy, ensures vigilant oversight of the management team. Their valuable perspectives actively promote the best interests of Royal Gold and our stakeholders, while our talented management team, with significant industry and Company-specific experience, diligently implements our policies and practices. The Board oversees enterprise risk, with quarterly management reports and annual reviews of the ERM program, and directs management on aligning changes to the ERM program with the Company’s business strategy. A substantial part of the Board’s oversight responsibility is carried out through its standing committees. Several Board members, equipped with diverse experience in the many topics related to risk management and sustainability more broadly, apply this perspective to their oversight duties, enabling alignment of our practices with the interests of Royal Gold, its shareholders and other stakeholders. The figure to the right illustrates the responsibilities of our Board and its committees. Additional information on Board and its committees can be found on our website. Our management team has significant industry and Company-specific experience and is responsible for ensuring that our policies and practices drive our performance. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 30 Board of Directors Our Board oversees enterprise- level risk, including risks associated with strategy and operations Audit and Finance Committee • Integrity of financial statements • Internal controls • Disclosure controls and procedures • Accounting compliance • Cybersecurity • Compliance program • Capital structure and allocation Compensation, Nominating and Governance Committee • Regulatory • Board organization and membership • Sustainability • Succession planning • Management development • Executive compensation and retention Management Our management administers, reviews and updates our ERM program and provides quarterly reviews to our Board

Board Composition Our Board is composed of seven Directors. All Directors, excluding our Chief Executive Officer (CEO), are independent; our Chair and all members of each of the Board’s two standing committees, namely the Audit and Finance Committee and the CNG Committee, are also independent. For an in- depth review of our Board and its committees, please refer to our Proxy Statement. “ As CNG Committee Chair, I believe sustainability, strong corporate governance and responsible mining are not just responsibilities; they are strategic imperatives. Our long- term success depends on balancing our approach to stewardship, evaluating the social and environmental impacts of our activities and those of the Operators and ensuring that our Board and management operate with the highest levels of integrity. All of these are key to generating financial returns and creating lasting value for our stakeholders.” Sybil Veenman CNG Committee Chair AGE 2 2 3 >70 years 61-70 years 51-60 years 67 YEARS AVERAGE TENURE 2 3 2 10+ years 6-10 years 1-5 years 9 YEARS AVERAGE INDEPENDENCE 1 6 Insider Independent 86% INDEPENDENT 2024 Investment Stewardship Report 31 Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD Other public board service Each of our Independent Directors serves on one outside public company board, on average. 100% executive experience in the mining industry

Investment Stewardship Governance The Role of Our Board in Investment Stewardship The CNG Committee of the Board oversees investment stewardship. All committee members are independent under Nasdaq and SEC rules, including enhanced independence rules applicable to compensation committee members. Our CNG Committee determines the areas of expertise required to ensure maximum effectiveness of our Board and its committees for our specific business. The matrix here summarizes our Directors’ knowledge, skills and experience related to sustainability. The CNG Committee meets regularly with our senior management team to review investment stewardship and sustainability-related risks and opportunities related to our business strategy, including monitoring management practices and management’s progress on Company sustainability initiatives. This is detailed further in subsequent sections and is also addressed in Royal Gold’s 2025 Proxy Statement. 2024 PERFORMANCE • During 2024, the Board held nine meetings, and the CNG Committee held five meetings. Sustainability matters were formally presented and discussed at all CNG Committee meetings. • The full Board reviewed the 2023 Investment Stewardship Report in advance of publication. • The full Board reviewed the 2023 Climate Report in advance of publication. Sustainability-related knowledge, skills and experience Chubbs Hayes Heissenbuttel McArthur Sokalsky Vance Veenman Biodiversity Climate Change Corporate Governance Cybersecurity Environment Health and Safety Human Capital (Talent, Attraction and Retention) Indigenous Relations Legal and Regulatory (Sociopolitical) Labor Relations Permitting Public Policy Risk Management Stakeholder Engagement Tailings Water Board Tenure Years 4 17 5 11 9 12 8 Some Experience Extensive Experience Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 32

Our Management Team’s Role in Investment Stewardship Our President and CEO has direct management responsibility for the risks inherent in the business, including sustainability risks such as climate change. The sustainability of our business largely depends on our ability to identify and manage risks inherent in our interests and is therefore central to the development of our corporate strategy and ongoing oversight. Enterprise Risk Management Committee Royal Gold’s ERM program aims to actively identify, assess and mitigate the Company’s top risks associated with its operations and revenue- generating properties. We organize our risks within a set of broad subjects that are captured in two subject areas. Business sustainability: We look to identify issues associated with changing laws and social norms on portfolio investments and business opportunities. Investment portfolio performance: We look to identify issues that will impact the operations that generate revenue from our streams and royalties over the short, medium and long terms, which would capture issues associated with increasing costs or revenue loss. Enterprise risks, including sustainability risks, are monitored by the ERM Committee, which includes members of our senior management team. Input from other members of the Royal Gold team includes individuals responsible for new compliance and the technical assessment of our stream and royalty interests. The ERM Committee meets quarterly to consider present and potential risks to Royal Gold’s ongoing success and to determine mitigation strategies to execute as appropriate. Investment Stewardship Committee The Royal Gold Investment Stewardship Committee is responsible for ensuring that Royal Gold’s sustainability and sustainability initiatives are effectively monitored, managed and fulfilled and that issues are reported to the CNG Committee as appropriate. The Investment Stewardship Committee’s specific responsibilities include the following: • Annually review sustainability-related policies for relevance, recommending updates to the CEO for CNG Committee approval. • Recommend the investment stewardship strategy to the CEO, including priorities, objectives and initiatives related to training, target-setting, due diligence, surveys, reports, communication, standards, and assess emerging risks and opportunities aligned with Royal Gold’s ERM program. • Evaluate Operator sustainability performance and, in collaboration with the legal department, review Operator compliance with sustainability-related contractual standards. • Assess Operator philanthropic/social initiatives and explore opportunities for Royal Gold participation. • Review significant sustainability events for potential material reputational and/or financial risks to Royal Gold and/or its Operators. The Investment Stewardship Committee is a cross-functional management committee and consists of members of Royal Gold senior management with investment stewardship expertise in the following areas: sustainability, operations, compliance, finance, investor relations and legal. It is led by the Vice President of Investment Stewardship. Business Development Royal Gold’s senior management, led by our CEO, reviews all new investment opportunities. These individuals bring extensive experience in the technical, financial and legal aspects of mining project investment, development and operations. They may be supported by external experts in subject matter areas including the following: permitting, geology, resource estimation, construction, mining operations, geotechnical, metallurgy, ore processing, water, tailings management, energy and emissions, community and Indigenous engagement, biodiversity, political risk and off-take marketing and sales. The senior management team presents each particular investment opportunity above $2 million to the Board for a final decision. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 33

Investment Stewardship Alignment in Executive Compensation The CNG Committee sets annual targets for stewardship and risk management, which includes investment stewardship and sustainability performance as part of our annual short-term incentive compensation (bonus) program for all Company personnel. These targets are intended to align Company performance with the interests of our shareholders and other stakeholders. Sustainability, stewardship and risk management factors the Board considered in 2024 included publishing our third Investment Stewardship Report and our first Climate Report, publishing our first Asset Handbook, addressing issues commonly raised in investor engagement, demonstrating advancement on TCFD disclosures and strengthening our academic scholarships and donations program. Our investment stewardship strategy is reviewed annually, at a minimum, by our President and CEO together with senior management and is modified as necessary as part of our corporate strategic planning and ERM processes. Senior management then presents relevant updates to the CNG Committee. This input from Royal Gold management to the Board and its committees enables an integrated approach to sustainability as part of our overall risk management effort. CORPORATE STRATEGIC PLANNING Our management team meets to discuss corporate strategy, including annual, short-term and long-term goals. Management’s process for reviewing sustainability matters is summarized in the figure below. BOARD OF DIRECTORS Reports quarterly and as otherwise appropriate Oversight and direction provided as required; ERM program reviewed annually Reports quarterly and as otherwise appropriate to the CNG Committee Opportunity-specific presentation materials to full Board (two separate meetings) Provides direction and approvals/rejections as required Strategic plan presented annually ENTERPRISE RISK MANAGEMENT Senior management team Considers present and potential risks to Royal Gold’s ongoing success, including ESG and climate change considerations, and determines appropriate risk mitigation actions and strategies INVESTMENT STEWARDSHIP COMMITTEE Senior management team Ensures that Royal Gold’s sustainability initiatives are effectively monitored, managed and fulfilled BUSINESS DEVELOPMENT Senior management team Ensures that Royal Gold completes thorough due diligence and risk assessments for potential new stream and royalty opportunities, including climate and climate change risks CORPORATE STRATEGIC PLANNING Senior management team Comprehensive strategic plan, including sustainability and climate change objectives, with short-term and long-term goals Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 34 2024 Investment Stewardship Report RISKS AND OPPORTUNITIES

Investment Stewardship Policies For Royal Gold, governance is grounded in a suite of Board-approved policies and codes that collectively establish the framework by which we conduct our internal and external business operations. All policies are reviewed by our Board or a Board committee and updated as necessary. These policies apply to Royal Gold, Inc. and all of its subsidiaries. Links to our corporate policies are in the Document Library section of our website, along with our bylaws and Board committee charters. The list below highlights policies with significant sustainability relevance. Sustainability Policy Our Sustainability Policy (formerly referred to as the ESG Policy) sets forth our core commitment to furthering responsible mineral development as a means of creating long-term value for our stakeholders. People Policy We believe that our employees are our most important assets. Our People Policy outlines our dedication to maintaining a safe and healthy workplace that is free from harassment and discrimination. The People Policy also outlines Royal Gold’s approach to fostering an inclusive work environment where individuals are treated fairly and with respect and are given equal opportunities to develop and advance. Code of Business Conduct and Ethics Our Code of Business Conduct and Ethics provides the framework by which we commit to maintaining the highest ethical standards in our operations and our relationship to our employees, counterparties and other stakeholders. Anti-Corruption Policy Our Anti-Corruption Policy outlines our prohibitions against illegal and improper conduct, including bribery and corruption in all forms. Human Rights Policy Our Human Rights Policy provides a framework to ensure that human rights are respected in all Company operations. We believe that human rights are basic standards aimed to secure dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. Standards for Suppliers and Operators Our Standards for Suppliers and Operators (formerly referred to as the Supplier Code of Conduct) outline expectations regarding standards of conduct expected from suppliers and Operators that conduct business with us. When selecting new investments or undertaking other relationships with suppliers and Operators, we consider whether potential suppliers and Operators hold values and promote practices that, as applicable, align with our Standards, and we intend to show preference for those suppliers and Operators that demonstrate alignment with our Standards. Whistleblower Policy Our Whistleblower Policy encourages and enables the reporting of any suspected illegal activities, unethical behavior or other misconduct. The Whistleblower Policy is intended to provide a means for Directors, officers and employees of the Company and other stakeholders to report serious concerns that could have a negative impact on Royal Gold or its stockholders, such as actions that may lead to false or inaccurate financial reporting, are unlawful, are not in line with Company policy or otherwise amount to serious improper conduct. There were no whistleblower complaints between 2019 and 2024. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 35

Due Diligence and Portfolio Monitoring Royal Gold’s investment strategy plays a crucial role in responsible stewardship. By aligning the strategy with sound sustainability principles, we consistently demonstrate a commitment to sustainable and ethical practices. Our rigorous due diligence helps identify opportunities that align with the Company’s values and long-term goals. This process, central to our business model, involves seeking out and promoting responsible and sustainable mineral development across our portfolio. A comprehensive understanding of the Company’s assets is also an essential component of responsible investment stewardship, which involves ongoing monitoring and assessment of our stream and royalty interests. Risk evaluation is a foundational element of our extensive due diligence process on prospective stream and royalty investments to identify which opportunities will provide long-term value. Our active monitoring of stream and royalty interests within the portfolio also considers sustainability- related factors that contribute over the long term. Sustained economic performance generally cannot be obtained without sound investment stewardship practices; therefore, the sustainability of our stream and royalty interests is fundamental to our long- term success. Our Approach While we do not take an active role in the management of the mining projects in which we hold stream and royalty interests and generally have limited or no influence over the decisions of the Operators, it has always been central to our business model that successful mining projects create sustainable benefits for all stakeholders, including shareholders, project labor and local communities. In line with our Sustainability Policy, we therefore seek to promote responsible and sustainable mineral development across our portfolio. Royal Gold endorses the ICMM Mining Principles and the World Gold Council’s Responsible Gold Mining Principles (WGC RGMPs), both of which promote ethical and sustainable resource development. These principles are integrated into Royal Gold’s business planning and operations, as appropriate, and we encourage the Operators to adhere to these or similar principles in their management and operations. For the 2024 calendar year, Operators responsible for generating more than 90% of our revenue endorsed either the WGC RGMPs or the ICMM Mining Principles and/or subscribed to one or more similar sustainability initiatives. Please see the Appendices, starting on page 79 , which identify the Operators, their calendar year 2024 contributions to Royal Gold revenue and the sustainability initiatives to which each Operator subscribes. Our Process Our investment due diligence process is a critical time to identify any potential sustainability, technical and governance risks prior to entering into an agreement with an Operator or purchasing a royalty from a third party. Royal Gold’s senior management team is responsible for completing due diligence reviews and assessing findings from those reviews. For each new investment opportunity, our team conducts an internal Phase 1 review — a high-level and typically internal review of, as appropriate, financial, technical, legal, political and sustainability risk considerations. If the results of the Phase 1 are positive, the opportunity moves to a more detailed Phase 2 review encompassing a variety of consider. For the technical Phase 2 review, there is a more detailed evaluation. A team of subject matter experts is assembled, from both within our organization and from external third parties, to provide in-depth assessments on a variety of considerations for a potential investment. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 36 2024 Investment Stewardship Report OPERATOR EXPECTATIONS When selecting new investments or undertaking other relationships with suppliers and Operators, Royal Gold considers whether potential suppliers and Operators hold values and promote practices that align with our Standards for Suppliers and Operators, as applicable. Royal Gold seeks to build mutually beneficial working relationships with suppliers and Operators and intends to show preference for those that demonstrate alignment with our standards. Suppliers and Operators are expected to comply with the laws of the jurisdictions in which they operate, including those concerning health and safety, human rights, the environment, bribery and corruption, securities and taxes. We also encourage the Operators to pursue, where possible, internationally recognized best practices for improvements in environmental performance related to water and energy conservation, biodiversity management, pollution control, tailings management and reduction of GHG emissions. Where possible, Royal Gold seeks contractual standards for and monitors Operator compliance with the relevant portions of these Standards. Please refer to our Standards for Suppliers and Operators for more details.

Typical thematic areas include: • Geology, including exploration potential • Resource estimation • Mining methodology • Mine geotechnical stability • Metallurgy and ore processing • Location consideration — proximity to protected areas of high biodiversity, indigenous lands, climatic conditions • Environmental impacts • Community impacts • GHG emissions and climate change • Permitting, including local view of ongoing or future permitting requirements • Political risk • Project execution and capital cost • Tailings storage and waste rock management • Water supply, water consumption and water management • Infrastructure • Closure plans • Project mineral title • Local law on creditor rights • Local and cross border tax considerations • Operator/project financial health We find that each investment opportunity has unique aspects that vary widely and that each evaluation opportunity requires a project-specific due diligence scope and team. The team for each opportunity will require appropriate technical experts as well as experts with knowledge of the local operating environment, which could include, for example, a third-party expert with specific knowledge of permitting or local community dynamics within a given jurisdiction. Our phased approach to project reviews allows the use of our Phase 1 review findings to develop a unique due diligence scope of work tailored to identify the skills needed on the due diligence team for Phase 2. In areas deemed to have a high level of risk, we often include two experts to develop our findings. A summary example of our typical Phase 2 Due Diligence Team is provided in the figure on this page. Due Diligence Team Basic team includes: • Project Coordinator (Royal Gold leader) • Geologist • Resource Geologist • Mining Engineer • Metallurgist • Tailings Facility Engineer • Environmental/Permitting/Social Expert • Infrastructure Expert • Local legal counsel • Local and international tax advisors Greenfield projects include: • Capital Cost Estimator/Project Controls Expert • Capital Cost Benchmarking Expert Specialty experts include: • Hydrologist/Hydrogeologist • Geotechnical Engineer • Specialty Metallurgical Expert • Country-Specific Environmental, Social or Permitting Expert • Community/Indigenous Relations Expert • Biodiversity Expert • Country/Political Risk Expert All Phase 2 due diligence activities are coordinated by Royal Gold management. This phase of due diligence typically consists of a review of publicly available information as well as confidential information provided by the counterparty. The Phase 2 due diligence process typically affords an opportunity to interact with project and corporate management. This interaction can include virtual presentations, video conference calls, in-person question and answer sessions, site visit and meeting with project stakeholders. An assessment of the potential counterparty’s capacity to successfully execute its plan is a critical consideration of the due diligence process. The ability of Royal Gold to interact with project management is determined by the investment opportunity. For example, the opportunity to purchase a third-party royalty on a mining operation may not allow for communications with the Operator, as the royalty is not being sold by the operation’s owner. Conversely, the purchase of a metal stream is typically with an owner of the mine or project, which allows for direct access to the management team. Royal Gold always endeavors to interact with project management as directly as possible. Upon completion of the Phase 2 due diligence, multiple deliverables are produced to document the due diligence team findings. These include, the following: • Subject Matter Expert Reports — reports prepared by team members for their thematic review area • Value Drivers and Risk Workbook — a compilation of key findings, risks and actions to mitigate identified risks with contributions from all due diligence team members • Sustainability Checklist — a comprehensive document driving the collection and recording of sustainability-related information Due diligence findings provide the content for a Due Diligence Findings Management Presentation that summarizes the work completed and critical findings, with contributions from all team members. The process as described is represented in the figure below. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 37 PHASE 1 REVIEW PHASE 2 REVIEW Due Diligence Design Team Member Selection Technical Scope Defined Critical/Unique Issues Recognized Interviews Site Visit Data Analysis Information Review Management Presentations Sustainability Checklist Value Driver and Risk Workbook Subject Matter Expert Reports Due Diligence Findings Management Presentation

Asset Monitoring We actively monitor our stream and royalty interests to understand the Operators’ economic and operational health and their social license to operate. Our stream agreements typically have extensive information rights while our royalty agreements typically do not provide us with a contractual right to detailed, non-public information. In these instances, we rely on public disclosures by the Operators, which include their quarterly and annual reporting, sustainability, climate and modern slavery reports, among other reports, and a positive working relationship with the Operators to obtain our monitoring data. Where we have the right to do so, we often perform site visits to interface with Operator management teams and gather information and insights that are not available from public disclosures by the Operators. In addition, we rely on third-party information sources that: • Aggregate and vet site-specific data with respect to energy, GHG emissions and water usage, along with associated usage intensity • Aggregate information, with respect to tailing storage facilities, using a third-party with geotechnical expertise • Collect negative ESG news events and rank ESG reputational risk on the bases of asset, company and country • Systematically collect news articles relating to the Operators and projects • Collect digital satellite images of selected properties on an as-needed basis A graphical representation of our monitoring initiatives and our third-party information providers is in the figure to the right. Asset Monitoring Information Sources TAILING STORAGE FACILITIES Site-specific characteristics Hazard ratings Third-Party Engineering Firms OPERATOR REPORTING Monthly Site Reports Annual Site Visits Issue Discussions With Management Sustainability Reports and Data Asset Owner Public Disclosure REMOTE VISUAL TRACKING High-resolution satellite monitoring to understand development, disturbance and event impacts DAILY NEWS FLOW Systematic collection of news flow from our complete portfolio of assets ESG EVENT TRACKING Tracking of asset and parent company monitoring for negative ESG events and overall ESG Risk EXTERNAL DATA SOURCES Energy and GHG Emissions and Intensities Water Consumption and Intensities Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 38

ROYAL GOLD PORTFOLIO REPUTATIONAL ESG RISK RRR Calibration and Risk Indication AAA, AA, A – low ESG risk exposure CCC, CC, C – high ESG risk exposure Circle size denotes asset relative net GEOs. BBB, BB, B – moderate ESG risk exposure D – very high ESG risk exposure ROYAL GOLD 2024 1 SOUTH LAVERTON North Star Resources Ltd. 2 MANH CHOH Kinross Gold Corporation 3 RAINY RIVER New Gold Inc. 4 CORTEZ Nevada Gold Mines LLC 5 MOUNT MILLIGAN Centerra Gold Inc. 6 MARIGOLD SSR Mining Inc. 7 ROBINSON KGHM Polska Miedz SA 8 ANDACOLLO Compania Minera Teck Carmen de Andacollo 9 LEEVILLE Nevada Gold Mines LLC 10 XAVANTINA Ero Copper 11 WASSA Golden Star Resources Ltd 12 PEÑASQUITO Minera Peñasquito SA de CV 13 KHOEMACAU MMG Limited 14 PUEBLO VIEJO Pueblo Viejo Dominicana Corp Jurisdictional Risk Understanding the jurisdictional risks of a project’s ongoing or planned operations is a key component of both our due diligence review and portfolio monitoring processes. As part of our evaluation of a potential new business opportunity, we assess geopolitical risk and consult third-party experts when necessary for an independent perspective on the political, social and permitting environment in the country where the opportunity or operation is located. In addition, as part of our review for new business opportunities and for portfolio monitoring, we consult RepRisk , an ESG analytics firm, to understand ESG and business conduct risk. RepRisk maintains a database that assigns ESG risk scores to both companies and countries. The RepRisk Index (RRI) is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks. The RRI ranges from 1 (lowest) to 100 (highest). Our assessments track the Peak RRI for both countries and operating companies, which reflects the highest risk rating in the last two years. The Country RRI provides accurate and dynamic information on ESG risks and how they impact companies doing business or investing in a specific country. It provides meaningful insights into potential financial, reputational and compliance risks, such as human rights considerations, poor working conditions, corruption and environmental degradation. Using both the RRI for operating companies and the Country RRI where operations are situated allows us to assign a RepRisk Rating (RRR) for an asset, which ranges from AAA to D. The graphic to the left provides a portfolio assessment of the ESG reputational risk, weighted by 2024 revenue from each asset. Overall, our portfolio has a weighted average RRR of BBB. This is a modest improvement from the prior year due in part to improvements in the Company RRI for Centerra Gold (Mount Milligan) and Country RRI improvements for Botswana and the Dominican Republic but is partially offset by an increase in the Company RRI for Barrick (Pueblo Viejo and Cortez). The results indicate a high-quality portfolio with zero revenue from assets carrying an ESG risk rating of D. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 39

Human Rights Human rights are basic standards aimed at securing dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. Royal Gold endorses the ICMM Mining Principles and the WGC RGMPs, each of which incorporates the United Nations Guiding Principles on Business and Human Rights, among other related standards. Royal Gold regularly reviews the Operators’ human rights and child labor disclosures. We also refer to the United Nations Children’s Fund (UNICEF) Children’s Rights in the Workplace Index Score along with the RepRisk child labor monitoring and due diligence activities. We also regularly review our regulatory reporting obligations with respect to human rights and child labor and will file the appropriate disclosures when required. Our Royal Gold Human Rights Policy provides a framework to ensure that human rights are respected in all Company operations. Royal Gold believes that human rights are basic standards aimed to secure dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. Please refer to pages 63 - 65 to learn more about how we approach human rights due diligence and monitoring of our portfolio. 98% of the Operators have human rights policies or statements referring to an international standard. 89% of the Operators have child labor policies or statements on child labor in their human rights policies. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 40

Cybersecurity Our Cybersecurity Disclosure Policy and Incident Response Plan establish acceptable uses of electronic devices, communications systems and network resources as well as a framework for reporting and managing cybersecurity incidents. Our Board and senior management oversee matters relating to cybersecurity. Under its charter, the Audit and Finance Committee of our Board is responsible for reviewing the security of our information technology systems and operations, including programs and defenses against cyber threats. The full Board is briefed on cybersecurity at least annually and receives more frequent updates as needed. Our Audit and Finance Committee has direct oversight for cyber risk and receives quarterly updates. Our Senior Vice President and Chief Financial Officer is responsible for cybersecurity matters at the management level. Employees complete cybersecurity training programs semiannually or more frequently as warranted by changes to the business operating environment. In 2024, 100% of Royal Gold employees completed cybersecurity training. CYBER RISK SCORE 790 ISS Cyber Risk Score as of January 20, 2025 The Information Security Standard (ISS) Cyber Risk Score predicts the likelihood of an organization suffering a material cybersecurity breach within a 12-month period. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 41 2024 Investment Stewardship Report “At Royal Gold, cybersecurity is everyone’s responsibility. Continued investment in employee training ensures that we stay vigilant against cyber threats, protecting our data, our business and the trust of our partners.” Paul Libner Royal Gold Senior Vice President and Chief Financial Officer

Taxes, Associations and Political Contributions Tax Royal Gold’s Tax Policy aligns with all applicable laws and Company policies, prioritizing integrity and disclosure. Operating in multiple jurisdictions, we paid significant income and withholding taxes from 2020 to 2024, mainly in the United States, Mexico, Switzerland and Canada. Apart from these, we handle production taxes on royalty payments, government royalties, mineral rights taxes, value- added tax (VAT), harmonized sales tax (HST) and goods and services tax (GST). For 2024, these non- income taxes are included in the costs and expenses section of our consolidated statements of operations and comprehensive income in the financial statements included in our annual report on Form 10-K for the year ended December 31, 2024. INCOME AND WITHHOLDING TAXES PAID (US$M) 2020 2021 2022 2023 2024 0 10 20 30 40 50 60 70 80 U.S Canada Mexico Other (Argentina, Australia, Bolivia, Burkina Faso, Nicaragua, Spain, U.K.) Switzerland Includes income and withholding taxes. Memberships and Industry Associations Royal Gold has been a long-standing member of the following industry associations and organizations. Below is a list of our memberships and corresponding annual fees paid. Organization Fees paid in 2024 National Mining Association $84,114 World Gold Council $15,550 Nevada Mining Association $12,500 Women in Mining $5,000 The Denver Gold Group $3,000 Other tax-exempt groups (under $2,000 per group) $5,602 National Association of Corporate Directors $12,255 Total $138,021 Royal Gold has been a Women in Mining (WIM) Silver Corporate Supporter since 2022. We share the belief that WIM can play an important role in the future of mining, and our participation is consistent with our shared goal of helping to develop and inspire the next generation of talent in the mining industry. In 2025, Royal Gold sponsored the Networking Reception at the WIM Signature Gala. Royal Gold has also been a supporter of the Women’s Mining Coalition since 2016. Political Contributions Royal Gold’s Code of Business Conduct and Ethics states that corporate funds may not be provided to political candidates, entities or organizations without the written consent of our CEO or, in the case of a political contribution suggested by our CEO, the Chair of the Audit and Finance Committee of our Board. This includes direct cash contributions, donation of property or services and purchases associated with fundraising events. We made no political contributions between 2019 and 2024, and we intend to disclose any future political contributions in this report. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 42 2024 Investment Stewardship Report

43 2024 Investment Stewardship Report Our People Building and cultivating an exceptional workforce is crucial to delivering excellence to our stakeholders. Beyond competitive compensation and career growth, today’s workforce seeks connection with a company’s core values. We are dedicated to creating a workplace that attracts top talent and provides a sense of purpose in every professional journey. In This Section 44 Talent Attraction and Retention 45 Human Capital 46 Health, Safety and Wellness ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Talent Attraction and Retention Attracting, securing, developing and continually engaging our employees is key to our success. The complexity of providing financing for mining projects worldwide demands a high-performing and collaborative team with a diverse set of backgrounds, skill sets, experience and perspectives to ensure that we meet our business objectives. Our Approach With significant experience in the key disciplines of geology and mining operations as well as project development, finance, accounting and law, we seek to expose our people to a variety of projects and involve them in key business decisions. We believe this approach helps our employees expand their skills by creating meaningful experiences, which in turn results in advancing Company objectives. Our comprehensive compensation package includes competitive wages, health and dental benefits, and various insurance coverage. We regularly benchmark all levels of wages and total compensation and ensure that the majority of all short-term incentive compensation is based on corporate-wide, shared benchmarks. The following personal development opportunities are an important part of our culture and help inspire and motivate our team: Continuing education and skill enhancement: We offer financial support to employees and Directors who wish to enhance their education in areas key to our business. In 2024, Royal Gold supported a variety of educational and skills development opportunities totaling $17,029. Secondments: Employees are welcome to broaden their skills and perspectives through secondment opportunities across our offices and to apply these perspectives when they return to their role. Succession planning: Ensuring a robust succession plan at all senior management levels, including our Board, is imperative, given the flat structure of our organization. Emerging talent experiences the boardroom, the field and educational opportunities, which fosters a comprehensive understanding of the Company in a positive environment that encourages knowledge-sharing. Employee Statistics and Talent Retention The sustained growth and success of our business rely on the well-being of our people. We firmly believe that our approach to nurturing personal and career development opportunities, combined with a strong record of internal promotion, contributes to our very low voluntary turnover rate. As of December 31, 2024, Royal Gold maintained a small but efficient team of 29 employees. The value generated per employee highlights the efficiency of our business model, underscoring the importance of retaining our workforce. With a commendable track record, the Company consistently maintains a low average voluntary turnover rate, excluding retirements of long-serving staff members. 1 Headcount at December 31, 2024. 2 Calculated based on employee headcount at January 1, 2024; and excludes the retirement of long-serving employees. 2024 EMPLOYEE STATISTICS 0 recordable health and safety incidents 2020-2024 2023: 0 2022: 0 2021: 0 2020: 0 29 number of employees 1 2023: 30 2022: 31 2021: 29 2020: 29 0 retirement of long-serving employees 2023: 1 2022: 0 2021: 1 2020: 2 7% annualized employee turnover rate 2 2023: 0.0% 2022: 3.4% 2021: 3.0% 2020: 7.0% Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 44 2024 Investment Stewardship Report

Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD Human Capital Royal Gold strives to foster a work environment where individuals of all backgrounds are treated fairly and with respect and are given the opportunity to make contributions, grow professionally and reach their full potential. The wide array of perspectives and experiences of our Board of Directors and workforce enhances creativity, productivity and overall organizational strength. We are committed to providing equal opportunities for promotion, compensation, training and development to all qualified individuals. Royal Gold continued its programs of personnel training and investment in human capital throughout the year. We recognize and value the benefits that a talented and dedicated workforce brings to Royal Gold. The success of our business depends heavily on the quality and skills of our people. WORKFORCE TOTAL NUMBER OF EMPLOYEES (at year end) 29 29 31 30 29 2020 2021 2022 2023 2024 0 6 12 18 24 30 36 45 2024 Investment Stewardship Report

Health, Safety and Wellness The well-being of our employees encompasses more than workplace safety and travel precautions; it extends to their entire professional experience, covering the work environment and work–life balance. While our operations are primarily office- based, numerous employees travel to remote global locations. Our policies mandate compliance with legal and applicable health and safety requirements, including compliance with Operators’ health and safety procedures during site visits. Routine safety training occurs at all of our offices and addresses various threats like medical emergencies, fire, extreme weather and physical office intrusions. Royal Gold is committed to the well- being, including the physical and mental health, of all Company employees and their families. Headquarters Royal Gold’s headquarters are located in downtown Denver, Colorado, in a Hines-managed property referred to as “1144 Fifteenth.” Two-thirds of our employees are based at 1144 Fifteenth, which features state-of-the-art amenities, including a 5,000-square-foot fitness center, a tenant lounge, sculpted terraces and a coffee shop. It is among the most energy-efficient and environmentally friendly office spaces in Denver. The 1144 Fifteenth building achieved certification at the Gold level under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system, has an advanced air filtration system and a 10% higher energy efficiency rate than rival structures. The destination dispatch elevators use optimization technology to group passengers for maximum efficiency. The 1144 Fifteenth building maintains a WELL Health Rating by the International WELL Building Institute (IWBI™), which is leading the global movement to transform our buildings and communities. The WELL Health Safety Rating helps buildings and organizations address the health, safety and well-being of their most valuable asset: their people. Employee Travel From time to time, Company interests may require employees to travel to attend meetings or conferences or to visit mine sites. Royal Gold maintains a Travel Policy that outlines protocol for all employee business travel. Royal Gold uses SOS International Services, when required, to deliver medical and emergency response services and evacuation assistance for our employees while traveling abroad. Work-Life Balance We strive to maintain fair and flexible work and leave policies that facilitate work-life balance. Recognizing that technology has enabled many of our employees to effectively perform their duties from outside the office, Royal Gold’s remote work policy enables eligible employees to work remotely when applicable. Our policies also provide for paid leave for annual vacation time as well as personal reasons such as medical, bereavement, parental leave and leave for charitable volunteering. Our medical leave policy covers an employee’s leave for health concerns of the employee and their eligible dependents. Royal Gold provides competitive medical insurance, including for mental health, and other coverage for employees and their eligible dependents. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 46 2024 Investment Stewardship Report “Achieving the WELL Rating for the past 4 years is more than a milestone; it is a commitment to workplace safety, health and wellness. This achievement reflects our dedication to fostering an environment where employees thrive, because a healthier workplace leads to a stronger, more resilient community.” Kris Martin Management Assistant, Hines Property Management

Appendices Investment Stewardship Operators and Communities Introduction ROYAL GOLD 47 2024 Investment Stewardship Report Supporting Operators and Communities We actively seek ways to address the needs of the communities where we live and work. Through leading philanthropic organizations, we can support the Operators in achieving their SDGs, build social resiliency and provide opportunities for our people to support causes that matter to them. In This Section 48 Community Investment 49 Mining Community Investment Highlights 52 Local Office Community Investment Highlights 54 Future Leaders in Responsible Mining Scholarship About Royal Gold Governance Our People

Community Investment Our Approach Supporting the communities near the mines in which we hold stream and royalty interests and those near our corporate office locations is an important component of Royal Gold’s stewardship efforts. Contributing to community organizations provides a way for us to drive meaningful impact while remaining neutral as a passive investor. We acknowledge the Operators’ demanding roles in mining operations and understand their limited capacity for additional projects. To address this, we collaborate with leading philanthropic organizations as project facilitators, ensuring effective community engagement while allowing Operators to concentrate on their primary responsibilities. Our internal Donations Committee administers our annual giving and selects donation recipients associated with our local office communities, projects associated with our mining Operators, organizations that support mining and university scholarships. The Donations Committee comprises four senior managers and meets quarterly to discuss and review potential programs and projects to support. We aim to donate $1.5 million annually. In 2024, Royal Gold contributed $1.49 million to support organizations that serve needs in the communities near our corporate offices and to support Operator initiatives. We have contributed more than $7.89 million to more than 130 various philanthropic organizations since Royal Gold’s inception. Please visit our website to learn more about the organizations we support. TARGET $1.5M in 2024 to support organizations that serve the needs of the communities in which our corporate offices and Operators are located CONTRIBUTED $1.49M in 2024 to local charities and mining-related sustainability projects Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 48 2024 Investment Stewardship Report The United Nations SDGs are a set of 17 global goals adopted by all UN Member States in 2015 as a universal call to action to put the world on a more sustainable path. Throughout this report, we indicate where our corporate and Operator contributions align with the SDGs. Please see page 134 for our SDG Index.

Mining Community Investment Highlights Royal Gold’s mining community contributions support programs in the communities where we hold stream or royalty interests that promote sustainable development globally. Royal Gold supports programs that achieve impactful, measurable and sustainable outcomes that align with one or more of the SDGs. Royal Gold has been a long-time contributor to the Operator community programs and partnerships worldwide. In the communities where we have our existing investments, we’ve supported various voluntary, community-related initiatives. Over the years, Royal Gold’s support has included: contributed to capacity building in Ghana through a commitment to support sustainable agriculture, helping fund the shipment of medical supplies to community clinics near Barrick’s Pueblo Viejo mine in the Dominican Republic, providing construction funding for the Toteng Health Clinic near the Khoemacau mine in Botswana and establishing a contractual commitment embedded in our stream agreement to fund community programs at the Xavantina gold mine in Brazil. The following pages highlight some of our most recent mining community investment projects. All of these projects are funded in coordination with the Operators. 49 2024 Investment Stewardship Report Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD

Improving Reliable, Year-Long Learning with the Boys & Girls Club Royal Gold partnered with two facilities operated by the Boys & Girls Club of Truckee Meadows in Nevada, U.S. in 2024. The Boys & Girls Club is a registered charitable organization that serves nearly 14,000 youth in more than 50 locations across Nevada, specifically the communities of Reno, Sparks, Fernley, Ely, Tonopah, Panaca and Winnemucca. The Truckee Meadows division has been providing quality out-of-school time services in Northern Nevada for more than 47 years. Both of the branches that Royal Gold supported in 2024 aimed to address the childcare challenge in Nevada by establishing reliable, year-round childcare services. By offering accessible and high- quality childcare, both initiatives helped support parents in maintaining employment, thereby strengthening the local workforce. Beyond the immediate benefits for individual families, the reduction of this significant obstacle has far-reaching economic implications and fosters a more sustainable and flourishing local economy. SDG 2 Zero Hunger: Free meals and basic supplies are provided to all those who need these resources. SDG 4 Quality Education: Centers offer daily after-school homework help and tutoring as well as money management classes, college and career preparation, computer classes, science camps and reading clubs. “Royal Gold’s donation to two of our Boys & Girls Club locations has not only helped extend childcare hours for working families but also contributed to the construction of a commercial kitchen that provides nourishing meals for children. This contribution is an investment that aims to build stronger and more sustainable communities.” Nathan Green Executive Director, Boys & Girls Club of Winnemucca KGHM INTERNATIONAL LTD., ROBINSON MINE In early 2024, Royal Gold provided funding to the Truckee Meadows Early Learning Center in White Pine County. This center primarily serves the community of Ely, which is near KGHM International Ltd’s (KGHM) Robinson Mine. KGHM also made a significant contribution to the branch in 2022. Royal Gold acquired a royalty at the Robinson Mine in 2005. Royal Gold’s funding specifically supported the remodeling of an existing modular building. The remodel involved the creation of a training area for staff. Some of the funds were also used to help establish a commercial kitchen to prepare meals for children at the center. NEVADA GOLD MINES, CORTEZ Royal Gold provided funding to the NGM Early Learning Center in Winnemucca. This center primarily serves the community of Winnemucca, which is located near NGM’s operations. Royal Gold owns various royalty interests across the Cortez Complex, specifically the Cortez Mine and Turquoise Ridge Mine, which are closest to the community. The center continuously aims to enhance the accessibility of high-quality childcare and has offered extended hours at the NGM Learning Center. The goal of the extended hours is to ensure that families, particular those with members employed in the mining industry, have access to reliable childcare that aligns with their demanding and non-standard work schedules. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 50 2024 Investment Stewardship Report

Strengthening Education BELLEVUE GOLD LIMITED, BELLEVUE MINE The Centre of Resource Excellence (CoRE) Learning Foundation is a registered Australian charity that was established in 2017. CoRE’s mandate is to improve levels of science, technology, engineering and mathematics (STEM) engagement, motivation and enrollment for students. CoRE aims to provide students with skills, hope and confidence and supports them through acts of kindness, excitement and compassion. The CoRE Learning Model is an innovative educational approach with a primary focus on preparing students for meaningful careers in the resources industry. Since 2008, Royal Gold has held royalties over the Bellevue Mine. Royal Gold’s funding helped support CoRE’s Powering Tomorrow’s Innovators program, which aims to provide STEM education in the Goldfields region. SDG 4 Quality Education: CoRE works to deliver real-world, innovative STEM learning while bringing awareness to the importance of resources industry. SDG 8 Decent Work and Economic Growth: CoRE links education, industry, community and government to meet the needs of students and contribute to the development of a sustainable Australian workforce . CENTERRA GOLD, MOUNT MILLIGAN Centerra Gold and Royal Gold established a scholarship that supports the communities living near the Mount Milligan Mine in northern British Columbia, Canada. The Academic Award for Indigenous Students scholarship aims to accelerate access to post-secondary education among Indigenous youth. The scholarship is unique to northern British Columbia as it focuses on providing scholarships to Nak’azdli Whut’en, McLeod Lake Indian Band and Takla Lake First Nation exclusively. The recipients must be currently enrolled in various university programs that can be applicable in the mining industry and/or community development. Centerra Gold has supported many community-based organizations over the years. In addition to co-funding the Centerra Gold and Royal Gold Academic Award, Centerra has its own independent community scholarship. SDG 10 Reduced Inequalities: This scholarship specifically aims to accelerate access to secondary education among Indigenous youth. SDG 4 Quality Education: The Academic Award assists students from surrounding communities with the cost of post-secondary or continuing education opportunities. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 51

Local Office Community Investment Highlights MINING AND MINERAL EDUCATION Denver Museum of Nature & Science Royal Gold pledged $1 million in 2024 (over the next five years) to support the revitalization of the Gems and Minerals Hall at the Denver Museum of Nature & Science (DMNS). Specifically, Royal Gold is sponsoring the Gold Room. DMNS, established in 1908, is a registered 501(c)(3) nonprofit municipal natural history and science museum in Denver, Colorado. The museum is accredited by the American Alliance of Museums and is a Smithsonian Institution affiliate. In 2022, DMNS received 1.2 million visitors and was the fourth most-visited U.S. museum of nature and science. DMNS plans to expand and reimagine its Gems and Minerals Hall, slated to open in 2026. This monumental undertaking will cost an estimated $26 million over approximately four years and will increase the size of the hall by 50%. The reimagined Gems and Minerals Hall promises to provide an experiential educational opportunity unlike any other, displaying the museum’s fascinating and priceless collections while offering hands-on activities that demonstrate the critical role that minerals play in our daily lives. Royal Gold believes that educating stakeholders on the critical role that minerals play in our daily lives and the explanation of modern mining to the broader public is vitally important to our business and the mining industry at large. SDG 4 Quality Education: Research has shown that informal learning opportunities such as those offered at museums have a tremendous impact on lifelong science literacy. A 2014 international study found a positive correlation between visits to museums and science centers and scientific literacy; this correlation becomes stronger with increased frequency and recency. Moreover, improvements in knowledge, interest, engagement and confidence in science and technology endure for many years after a museum experience. The revitalized Gem and Mineral exhibit aims to inspire guests to have a newfound appreciation for the critical role that minerals play. “It is an honor to receive Royal Gold’s financial support for the revitalization of the Gems and Minerals Hall, specifically the Gold Room. Royal Gold’s donation is a reflection of our partnership with the state of Colorado, the mining community and beyond. The exhibit reflects both Royal Gold’s and DMNS’s commitment to mineral education, discovery and inspiring future generations.” Cadell Walker Director of Development, Denver Museum of Nature & Science ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 52

PROJECT C.U.R.E., COLORADO, U.S. Royal Gold has played a supportive role over the years by providing financial support to Project C.U.R.E. for the distribution of medical supplies globally and the purchase of box trucks and a forklift. In 2024, Royal Gold made a $75,000 donation to Project C.U.R.E. that included the purchase of a new truck to transport medical supplies in the Denver metro area. Since 2020, Royal Gold has donated $715,132 to Project C.U.R.E. For four years in a row, Denver office employees have volunteered at the Denver Project C.U.R.E. warehouse sorting, organizing and packaging medical equipment and supplies. Every year, more than 30,000 volunteers sort donated supplies, repair equipment and load semi-truck-sized containers from seven distribution centers across the United States. Each week, Project C.U.R.E. delivers three to five semi-truck-sized ocean containers packed with medical equipment and supplies that are desperately needed to save lives in hospitals and clinics in resource-limited countries. SDG 3 Good Health and Well-Being: Our long- standing partnership with Project C.U.R.E. has focused on improving access to medical equipment and services in our local Colorado community and in the Operators’ local communities. REDUCING HUNGER In 2024, Royal Gold supported the Food Bank of the Rockies (Colorado, U.S.), the Greater Vancouver Food Bank (Vancouver, Canada), the Daily Bread Food Bank (Toronto, Canada) and We Don’t Waste (Denver, U.S.), with a combined total contribution of $208,677. We Don’t Waste works to reduce hunger and food waste in the Denver area by recovering quality, unused food from the food industry and delivering it to nonprofit partners, such as food pantries, soup kitchens, shelters, schools and daycare programs, and more. SDG 2 Zero Hunger: Childhood hunger and food insecurity are tied to a variety of socioeconomic factors, the most predominate being poverty. Royal Gold has consistently supported three food bank organizations that aim to eliminate hunger in the communities where our offices are located. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 53

Future Leaders in Responsible Mining Scholarship Educating the industry’s next generation of mining leaders is a priority for Royal Gold, and we are committed to funding scholarships that support mining-related education. We recognize our responsibility to contribute to resource development in our sector, especially given that we expect workforce shortages to increase over time. SDG 4 Quality Education: In 2024, Royal Gold continued to increase its scholarship funds to five colleges, universities and technical programs in the U.S. that have a deep commitment to STEM excellence and the mining industry. In 2025, Royal Gold aims to expand our scholarship program to include international schools. SDG 10 Reduce Inequalities: All of our scholarships support students studying mining who have also demonstrated a commitment to promoting the advancement of women in mining and/or a commitment to working with underrepresented communities. The University of Nevada, Reno Foundation Established in 2023, the Royal Gold Scholarship of $25,000 supports students pursuing an undergraduate degree in the Mackay School of Earth Sciences and Engineering. Great Basin College Foundation The $25,000 Royal Gold Scholarship, which was established in 2023, is awarded annually to selected students seeking education in the diesel, welding, industrial maintenance, electrical, instrumentation, and machinist technology programs (together, the Career and Technical Education Program). Montana Technological (Montana Tech) University Foundation Royal Gold has a $30,000 annual scholarship at Montana Tech to support students majoring in mining engineering or metallurgical and materials engineering. South Dakota Mines Center for Alumni Relations and Advancement Royal Gold has a $30,000 annual scholarship at South Dakota Mines that support students majoring in mining engineering. Colorado School of Mines Foundation The Royal Gold Scholarship was established at the Colorado School of Mines in 2022 to provide financial aid to enrolled undergraduate students pursuing a degree in mining engineering. Total annual funding for this scholarship is $20,000. Royal Gold is continuing to explore potential expanded scholarship opportunities with the Colorado School of Mines. MINING ENGINEERING STUDENT, JORDAN NIGGEMYER Jordan was a Royal Gold Montana Tech University Scholarship recipient for the 2023-2024 academic school year. Jordan is a natural leader who has a very strong interest in mine reclamation and closure due to growing up in a coal mining area of West Virginia. She has become involved in several students clubs and in her second semester has taken over as the President of our Women in Mining (WIM) student chapter. Jordan will be returning to West Virginia this summer for an internship in her hometown. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 54 METALLURGICAL ENGINEERING STUDENT, ASH THOMPSON Ash Thompson is a Royal Gold University of Nevada Scholarship recipient majoring in metallurgical engineering and minoring in math, mining, and geology with a focus in geometallurgical studies. “I have had several internships throughout my time at university, all of which have solidified my love for the mining industry, especially metallurgy. After graduation, I already have my full-time position lined up as a Metallurgist One with Nevada Gold Mines. I am thankful to have received the Royal Gold Scholarship as an aid in my academic career so I can achieve my goals of becoming an industry professional!”

2024 Investment Stewardship Report 55 Investment Stewardship One of our key investment principles is understanding the environmental and social risks, opportunities and impacts of the stream and royalty interests we hold. Our disciplined, deliberate approach to investment stewardship reflects our business model and the level of influence and relationships we have with the Operators of our stream and royalty interests. In This Section 56 Climate Change 61 Operator Performance 74 Operator Safety 75 Biodiversity and Our Portfolio 77 Operator Tailings Management 78 Legal Matters ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

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 the climate can impact our business and how our activities have direct and indirect potential to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize that mining activities are inherently energy-intensive and that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate risk is informed by three fundamental principles: (1) understanding potential physical and transition risk associated with a changing climate, (2) investigating actions and strategies that may be appropriate to reduce those risks and (3) monitoring energy, emissions, emissions reduction plans and accomplishments of our metal stream and royalty Operators and disclosing our findings. In April 2024, 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. For a detailed discussion of the climate and climate change risks that we identified, consult our 2023 Climate Report. Approximately 91% of our 2024 revenue is associated with operators that report against TCFD guidelines. About 51% of our 2024 revenue is associated with companies that have made a commitment to being carbon-neutral for scope 1 and scope 2 emissions by 2050 or have stated a net zero ambition. More than 57% of our 2024 revenue was associated with operators that have made commitments to reduce GHG emissions by 2030. It is worth noting that Teck Resources, Barrick and Newmont have disclosed comprehensive actions and plans to reduce emissions at the operations they manage. These three Operators generated about 41% of our revenue in 2023, while their operations generated about 63% of the scope 1 and scope 2 emissions attributed to our stream and royalty interests. These same operators have completed the most impactful emission reduction projects or have disclosed plans for reduction projects prior to 2030. The three companies also made reduction commitments with respect to their scope 3 emissions. Operators of our Principal Properties and those that contributed at least 1.5% of our revenue in 2024 are presented in the graphic along with their emissions reduction commitments, as reported in their public disclosures. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 56 Operator Operation Percentage of 2024 Royal Gold Revenue Barrick Gold Corporation Pueblo Viejo 11.5% Williams 0.3% Centerra Gold Inc. Mount Milligan 25.9% Chifeng Jilong Gold Mining Co. Ltd. Wassa 6.7% Ero Copper Xavantina 5.4% KGHM Internal Ltd. Robinson 2.3% MMG Limited Khoemacau 4.7% Nevada Gold Mines LLC Cortez 9.7% Others 2.1% New Gold Inc. Rainy River 6.4% Newmont Corporation Peñasquito 6.4% Red Chris 0.4% Teck Resources Limited Andacollo 6.6% Total 88.4% Year Climate Scenario Analysis ‘15 ‘20 ‘25 ‘30 ‘35 ‘40 ‘45 ‘50 ‘55 ‘60 No Yes Unknown Yes Unknown Unknown Yes Yes Yes Yes Scope 1&2 Intensity Scope 1&2 Absolute Scope 3 Carbon Neutral (S1 & 2) Net Zero (S1, 2 & 3) Net Zero Ambition

Organization Resilience to Climate Change Impacts The mining sector is highly exposed to both physical and transition climate risks. These risks can directly impact the profitability, regulatory compliance, operational efficiency and reputational standing of mining operations. Financial resilience is critical to our ability to absorb shocks from climate impacts that are experienced by the operations where we hold stream and royalty interests. Our organization’s climate change resilience is a function of the characteristics of our portfolio, our actions to diligence additions to the portfolio and actions of the Operators of the properties that make up our stream and royalty portfolio. Our Portfolio Resilience We assess the resilience of our business through the stream and royalty interests that generate our revenue. The indicators by which we assess our portfolio’s financial resilience to potential impacts from climate related risks include: • Geographic and asset diversification • Commodity diversification • GHG emissions intensity (individual asset and portfolio) • Distribution of GEO production subject to carbon taxation • Jurisdictional water stress • Operator commitment to address climate change ASSET AND GEOGRAPHIC DIVERSIFICATION We had more than 40 assets providing revenue, as of December 31, 2024. In 2024, our largest revenue-generating asset was Mount Milligan in Central British Columbia, which generated 26% of our 2024 revenue. It has a 10-year operating history. All jurisdictions are subject to physical climate risks, and our geographic diversification ensures that acute climate risk events are not likely to impact multiple sites; additionally, no single chronic risk condition is likely to impact multiple jurisdictions within a select timeframe. REVENUE BY JURISDICTION 7.3% 34.9% 16.8% 6.0% 4.0% 6.6% 11.5% 11.4% 1.4% Canada Chile United States Australia Dominican Republic Brazil Africa Other Mexico REVENUE BY MINE TYPE 0.4% 7.2% 13.6% 26.2% 52.6% Gold Base Metal Copper/Gold Other Copper COMMODITY DIVERSIFICATION Our revenue is heavily weighted toward gold and silver. Primary gold mines generated 53% of our revenue in 2024; primary copper mines or mines with significant copper revenue generated 40% of our revenue; and primary base metal mines other than copper mines generated 7% of our revenue. The World Gold Council’s 2020 research of the potential impacts of climate change on the gold price stated the following: “Unlike most other metals, demand is uniquely diverse and not concentrated in any particular sector or geographic region. Furthermore, as a commodity, a culturally significant luxury good and a monetary asset, gold’s value drivers are not simply an expression of the supply/demand balance. This makes it remarkably robust as a store of value, even in the face of extreme conditions and duress in the wider markets and economy.” In an economy focused on energy transformation from fossil fuels, the need for copper, a critical energy transition metal, should increase support for current and future copper mines. In all climate scenarios, copper demand associated with clean energy increases per the International Energy Agency by 150% to more than 350% by 2050, compared to 2022, depending on the climate scenario selected. We see the metal mix in our portfolio supporting portfolio resilience with respect to transition risks. OPERATOR GHG EMISSION INTENSITY (SCOPE 1 AND SCOPE 2) Our scope 3 investment emissions in 2023 had a weighted average GHG emission intensity of 0.76 tCO 2 e/Net GEO (i.e., tonnes of CO 2 equivalent per net GEO), which shows a modest downward trend over the six-year period of 2018 through 2023. Analysis of our portfolio’s energy consumption and associated GHG emissions shows that the emissions intensity of the energy associated with our attributable stream and royalty interests has a strong improvement trend with time. However, as these figures are weighted by production, a shift in our revenue or the underlying production from an operation with low emissions to one with high emissions may change our portfolio’s characteristics. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 57

DISTRIBUTION OF REVENUE IN WATER STRESS JURISDICTIONS We rely on assessments of water stress published by the Water Resources Institute’s Aqueduct™ Water Risk Atlas. Baseline water stress measures the ratio of total water demand to available renewable surface and groundwater supplies. Water demand includes domestic, industrial, irrigation and livestock uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. In 2024, 21% of our revenue was produced from water basins with water stress classifications of High or Extremely High, while 15% of our revenue was generated from areas classified as Arid/Low water usage. The revenue associated with High, Extremely High and Arid/Low water usage has been relatively constant over the last five years. REVENUE BY BASELINE WATER STRESS Low High Low-Medium Extremely High Medium-High Arid/Low Water 51.5% 12.0% 2.3% 19.1% 0.0% 15.0% OPERATOR COMMITMENT TO CLIMATE CHANGE Our climate resilience is closely tied to the performance of the Operators, which generate our revenue, and how they address climate change at the operating level. We observe that 91% of our 2024 revenue was generated from assets where the operating company has initiated climate disclosure with reference to the TCFD framework. We look at the statistic as indicating a high degree of climate risk awareness. With respect to emission reduction targets by companies contributing to our 2024 revenue, 57% of our revenue is associated with operating companies that have set targets to be achieved by 2030 or earlier, and 51% of our revenue is associated with companies that have made a formal commitment to net zero GHG emissions by 2050. PRODUCTION SUBJECT TO CARBON TAX Mine site economic impacts associated with the application of a carbon tax can be significant, so operations where a carbon tax is already being applied have less transition risk, as the cost associated with carbon taxation is likely already included in economic modeling and mine planning. Three jurisdictions where we have stream or royalty interest impose some level of direct carbon taxation. Although Mexico and Chile impose modest carbon taxes on operations that generated about 14% of our revenue in 2024, Canada imposes the most significant tax, which varies by province but applies to about 35% of our 2024 revenue. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 58

Our Commitment to Carbon Neutrality GHG emissions stem from direct fuel combustion (scope 1) and purchasing electricity externally (scope 2) as well as activities indirectly influenced by the reporting organization throughout its value chain (scope 3). This report categorizes scope 3 emissions into those originating from our organization’s corporate operations and those of its Operators (scope 3 investment emissions). This segmentation allows us to address our own footprint as a passive investor more effectively, given our limited control over Operators’ emissions. Further details on Operators’ emissions are in the “Operator GHG emissions” section. Our organization’s 29 employees are based in offices in the United States, Switzerland and Canada, with minimal direct environmental impact. We actively support and incentivize the use of public transportation for daily commuting by subsidizing these options. Additionally, our shift to a hybrid office model, along with 17% of our employees exclusively working from home, contributes to a significant reduction in both in-office emissions and those related to daily commuting. The tables on the right detail our energy consumption and scope 2 and 3 corporate emissions, which include employee travel and employee commuting. We have no corporate scope 1 emissions. ROYAL GOLD CORPORATE SCOPE 2 GHG EMISSIONS 1, 4 (tCO2e) 81 79 86 90 81 2020 2021 2022 2023 2024 0 20 40 60 80 100 Total Denver, Colorado Toronto, Ontario Lucerne, Switzerland ROYAL GOLD CORPORATE TOTAL SCOPE 2 AND 3 GHG EMISSIONS (tCO2e) 149 122 386 505 475 2020 2021 2022 2023 2024 0 160 320 480 640 ROYAL GOLD CORPORATE SCOPE 3 GHG EMISSIONS 2,3, 4 (tCO2e) 68 43 300 415 393 2020 2021 2022 2023 2024 0 80 160 240 320 400 Total Employee business travel Employee commuting ROYAL GOLD CORPORATE ENERGY CONSUMPTION Estimated indirect grid electricity purchased (market-based) ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 59 (MWh) 247 250 258 275 267 2020 2021 2022 2023 2024 0 80 160 240 320 Total Denver, Colorado Toronto, Ontario Lucerne, Switzerland 1 Our scope 2 corporate emissions are calculated internally and include our Denver, Toronto and Lucerne offices, which cover about 97% of our Company (28/29 employees in 2024). Our Vancouver office, which consists of a single office let in a third-party space, is omitted from the totals as associated energy consumption data is not readily available. Royal Gold uses emissions factors from government sources and the Greenhouse Gas Protocol’s GHG Emissions Calculations Tool to determine scope 2 corporate emissions. 2 Our scope 3 corporate emission calculations includes private and commercial airline business travel emissions. Commercial airline emissions are provided by a third party, Egencia. Our employee commuting emissions and private airline emissions are calculated internally. Egencia uses emissions factors from the United Kingdom’s Department for Environment, Food and Rural Affairs. Our scope 3 corporate emissions cover 100% of all Royal Gold employees. 3 Emissions in 2020 and 2021 are low due to limited travel during COVID. 4 We update emission factors and recalculate emissions yearly. This process consists of reviewing data sources for recent publications, bringing newly published emission factors into our emission factor dataset, and recalculating entries to adopt the most recent emission factors where appropriate.

Offsetting Our Corporate Emissions Since 2020, we have acquired verified carbon credits to offset scope 2 and 3 corporate emissions that we otherwise have been unable to eliminate, thus achieving carbon neutrality for our corporate operations. We are committed to achieving carbon neutrality for our corporate operations, annually. In 2020 and 2021, we purchased verified carbon credits generated from the Manantiales Behr Wind Power Plant in Argentina from Mercuria Energy, a global energy and commodity trader. To offset our 2024 scope 2 and 3 corporate emissions, we purchased verified carbon credits through Anew Climate, LLC, a leading climate solutions company that offers environmentally focused products, services and investments that support decarbonization, including the sale of verified carbon credits. Our 2022 carbon offsets were sourced from the Blue Ridge Escarpment Forest Management Carbon Removal Project in South Carolina, U.S. For the past two years, Royal Gold sourced carbon credits from the GreenTrees Reforestation Project in Arkansas, U.S. GreenTrees Reforestation Project GreenTrees is reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley. To date, GreenTrees has planted more than 42 million trees on 120,000 acres in partnership with private landowners. The tree plantings have generated millions of tons of verified carbon credits that are registered on the American Carbon Registry (ACR). These credits account for the vast majority of domestic forestry credits registered on the voluntary market. In recognition of its vision in building toward a 1,000,000-acre goal, the ACR awarded GreenTrees the Innovation Award in April of 2018. GreenTrees has delivered and/or retired millions of tonnes of carbon offsets to corporations and municipalities, including Duke Energy, Norfolk Southern and the Arbor Day Foundation. Technology and mechanism Reforestation: Replanting trees in a previously forested area Mechanism: Removal Durability: 40+ years. The durability of this project is 40 years, based on its crediting period. However, the project is designed to have incentives to keep project lands permanently in forest. Project details Emissions reduced or carbon removed annually: 526,702 tonnes Project certifications Certifier: ACR Standard: American Carbon Registry Registry ID : ACR114 SDG Alignment: ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 60

Operator Performance Investment stewardship means continually maintaining an understanding of the stream and royalty interests we hold with respect to production, operational and ESG performance, among other considerations. Understanding the performance of Operators and properties in which we hold stream and royalty interests begins with collecting information through a monitoring process. This process supports the systematic reporting of relevant information to senior management and the Board. We obtain monitoring data and other information via contractual rights, from the Operators’ public disclosures and from third-party data sources. Operators’ annual sustainability reports and websites are also important sources of data that are reviewed extensively to compile views on Operator performance across a wide range of subjects. We have prepared a more in-depth look at how we assess the performance of the Operators of our stream and royalty interests with respect to both ethical and human rights performance in this year’s review, which we feel supports the quality of the Operators within our portfolio of interests. We also review our portfolio performance with respect to energy consumption, GHG emission generation, water consumption and associated consumption intensities over the period 2018 through 2023. Finally, reviews and analysis are provided on safety performance, tailings management and biodiversity as applied to our portfolio. Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices ROYAL GOLD 2024 Investment Stewardship Report 61 As we review Operator performance, we look for operations that have demonstrated exceptional performance in a variety of areas. The following sections includes spotlights on some of those accomplishments.

Ethics, Integrity, Compliance and Our Portfolio The update of our Investment Stewardship Priorities , which were initially presented in our 2023 Investment Stewardship Report, identified the ethics, integrity and compliance performance of our Operators as having the potential to impact our financial performance. We compiled a number of metrics to gauge performance, which are consistent with the WGC RGMPs: • Principle 1 - Ethical conduct: We will conduct our businesses with integrity, including absolute opposition to corruption. • Principle 3 - Supply chain: We will require that our suppliers conduct their businesses ethically and responsibly as a condition of doing business with us. Our assessment specifically looks at the governance framework of the Operators, and we look for the following policies or standards publicly disclosed: • Code of Business Conduct • Anti-Bribery/Anti-Corruption Policy, if not covered by the general Code of Conduct policy • Supply Chain Policy or standards • Corporate Whistleblower Policy or process • Local community grievance mechanism We further look for the following disclosures: • Evidence that training on the Operator’s Code of Conduct is provided to the Operator’s management and staff • Disclosure of political contributions or a statement that the company does not make political contributions • Disclosure of payments to governments in line with the principles of the Extractive Industries Transparency Initiative • Disclosure on decision-making involving sustainability policies or performance at Board and/or executive committee level • Reporting of noncompliance events, grievance statistics and whistleblower statistics Performance relating to ethics, integrity and compliance associated with the operators of our Principal Properties is presented in the table to the right along with an estimate of our portfolio performance based on 2024 revenue. PRINCIPAL PROPERTIES - ETHICS, INTEGRITY AND COMPLIANCE METRICS Policies/Standards/Disclosures Andacollo Cortez Mount Milligan Pueblo Viejo Portfolio 1 Operating Company Teck Resources Limited Nevada Gold Mines LLC Centerra Gold Inc. Barrick Gold Corporation Jurisdictional Assessments Corruption Perception Index 1st Quartile 1st Quartile 1st Quartile 3rd Quartile Policies/Standards Code of Business Conduct Yes Yes Yes Yes 93% Anti-Bribery/Anti-Corruption Policy 3 Yes Yes Yes Yes 93% Supply Chain Policy or standards Yes Referenced Yes Referenced 81% Corporate Whistleblower Policy or process Referenced Yes Yes Yes 93% Local Community Grievance mechanism Yes Yes Yes Yes 88% Disclosures Evidence that training on the Operator’s Code of Conduct is provided to the Operator’s staff Yes Yes Yes Yes 85% Disclosure of political contributions Yes Yes Unknown Yes 47% Disclosure of payments to governments, including EITI disclosure compliance Yes Yes Yes Yes 88% Disclosure of decision-making about sustainability policies or performance at Board and/or executive committee level Yes Yes Yes Yes 88% Reporting of noncompliance, grievances and whistleblower events Yes Yes Yes Yes 82% 1 Estimated compliance using 2024 revenue to determine a weighted average portfolio performance 2 “Referenced” indicates disclosures made by the company; stated such a policy or standard was in place, but the policy or standard could not be found in a search of disclosed materials 3 May be included in Code of Conduct Assessment Process We further assess our portfolio of revenue- generating stream and royalty interests using the Corruption Perception Index (CPI) as published by Transparency International to gauge risk. Less than 1% of our revenue was generated from countries that ranked in the bottom 20% of countries ranked by the CPI. Of the 180 countries ranked by CPI, Nicaragua, which contains the El Limon mine, where we hold a 3% net smelter return royalty on all metals produced, ranked 172 out of 180 countries. With respect to our Principal Properties, one incident of environmental noncompliance stood out. In late 2023, the Carmen de Andacollo operation received notification from Chile’s environmental regulator, Superintendency of the Environment (SMA), for alleged breaches of the operation’s mine permit. SMA stated that the company had not completed an infiltration capture system and had failed to monitor groundwater to ensure that the presence of chemicals do not exceed maximum allowable levels. 1 Teck Resources stated that it has developed a compliance plan in response to the authority’s requirements, including addressing the gaps and intensifying monitoring and studies. Ongoing investigations have shown that, so far, there is no impact on the receiving environment and that Teck Resources is completing construction of the seepage catchment system. 2 1 Canadian Mining Journal, October 17, 2023. Teck faces $8 million fine for alleged breach of environmental permit in Chile. 2 Teck’s 2023 Sustainability Report , page 41 . ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 62

Human Rights and Our Portfolio Human rights are basic standards aimed at securing dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards, as stated in our Human Rights Policy. Our Standards for Suppliers and Operators outline our expectations regarding standards of conduct expected from suppliers and Operators that conduct business with us. When selecting new investments or undertaking other relationships with suppliers and Operators, we consider whether potential suppliers and Operators hold values and promote practices that, as applicable, align with our Standards. We seek to build mutually beneficial working relationships with suppliers and Operators and intend to show preference for those suppliers and Operators that demonstrate alignment with our Standards. Suppliers are expected to comply with the laws of the jurisdictions in which they operate, including, but not limited to, those concerning health and safety, human rights, the environment, bribery and corruption, securities, and taxes. Suppliers are also expected to respect internationally recognized principles of human rights, including those set forth in our Human Rights Policy prohibiting child labor, forced labor, and human trafficking. When considering new acquisitions or monitoring our existing portfolio of stream and royalty interests, we evaluate an Operator’s business practices, approaches and values, including whether an Operator respects internationally recognized human rights, including those relating to child labor, human trafficking, slavery, and forced labor and avoids complicity in human rights violations by third parties, and complies with applicable labor protection laws related to collective bargaining, forced labor, child labor, and discrimination. However, as passive interest holders, our ability to monitor project operations and influence an Operator’s decision making is determined by the contract that governs our stream or royalty interest, and our contractual rights are often quite limited and we might not be in a position to influence or monitor project operations. MODERN SLAVERY The concept of modern slavery covers a set of specific legal concepts, including forced labor, debt bondage, forced marriage, slavery and slavery-like practices, and human trafficking. Although modern slavery is not defined in law, it is used as an umbrella term that focuses attention on commonalities across these legal concepts. Essentially, modern slavery refers to situations of exploitation that a person cannot refuse or leave because of threats, violence, coercion, deception and/or abuse of power. 1 1 Walk Free, What is modern slavery? | Walk Free As part of our efforts to fulfill our commitment to respect human rights in connection with our stream and royalty interests, we draw upon a wide variety of policies, practices and disclosures of our stream and royalty partners, which we evaluate during due diligence and routine performance monitoring of our portfolio. Royal Gold regularly reviews Operator human rights and child labor disclosures. We also reference recognized third-party data sources to assess human rights risks with jurisdictions where we operate, which include: • UNICEF Children’s Rights in the Workplace Index Score. • The Global Slavery Index, published by Walk Free. • RepRisk , one of our ESG data providers, identifies risks and incidents of human rights and child labor that are publicly reported and assessed by jurisdiction, industry and company. Regulatory disclosure requirements concerning modern slavery are increasing and offer a more systematic, focused look at how a company considers such in their business. • Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act (S.C. 2023) came into effect on January 1, 2024, with the requirement (based on applicability) to report by May 31, 2024, on specific details and steps taken to help prevent and reduce forced labor. • Australian Modern Slavery Act (2018) requires large businesses and other entities operating in Australia with a turnover of more than $100 million AUD to report annually on the actions they have taken to address modern slavery risks in their operations and supply chains. Approximately 88% of our 2024 revenue was generated by companies that published Modern Slavery reports. Our Principal Properties’ performance on human rights metrics is presented in the following table, along with performance of our portfolio of revenue- generating interest. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 63

CONFLICT-FREE GOLD STANDARD The Conflict-Free Gold Standard is designed to be implemented by World Gold Council member companies and other entities involved in the extraction of gold. It was developed to establish a common approach by which gold producers can assess and provide assurance that their gold has been extracted in a manner that does not cause, support or benefit unlawful armed conflict or contribute to serious human rights abuses or breaches of international humanitarian law. CHILDREN’S RIGHTS IN THE WORKPLACE INDEX The Children’s Rights in the Workplace Index, developed by UNICEF, is a benchmarking tool to evaluate and guide businesses on their responsibility toward children's rights in their operations and supply chains. The index defines three levels of recommended due diligence for each country based on the level of risk related to children's rights. These levels guide businesses in determining the depth of policies and practices required to address potential impacts on children in different regions. • Basic Due Diligence (Low-Risk Countries) • Enhanced Due Diligence (Medium-Risk Countries) • Heightened Due Diligence (High-Risk Countries) PRINCIPAL PROPERTIES - HUMAN RIGHTS METRICS Policies/Standards/Disclosures Andacollo Cortez Mount Milligan Pueblo Viejo Portfolio 1 Operators Teck Resources Limited Nevada Gold Mines LLC Centerra Gold Inc. Barrick Gold Corporation Policies/Standards Human Rights Policy Yes Yes Yes Yes 98% Child Labor Policy or referred to in Human Rights Policy Referenced Referenced Yes Yes 89% International Standards Voluntary Principles on Security and Human Rights Adopted Adopted Adopted Adopted 78% Prior and Informed Consent of Indigenous Peoples Aligned Aligned Aligned Aligned 83% United Nations Guiding Principles on Business and Human Rights Aligned Aligned Aligned Aligned 89% International Labour Organization Declaration of Fundamental Principles and Rights at Work Aligned Aligned Aligned Aligned 64% Disclosures Conflict-Free Gold Standard N/A Adopted and Verified Adopted and Verified Adopted and Verified 71% Modern Slavery Report Report Report Report Report 88% Human Rights Risk Assessment Process Yes Yes Yes Yes 83% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 1 Estimate compliance using 2024 revenue to determine a weighted average portfolio performance 2024 Investment Stewardship Report 64

MODERN SLAVERY AND CHILD LABOR Global Slavery Index: Vulnerability GLOBAL SLAVERY INDEX - VULNERABILITY • Published by Walk Free. • Measures the extent to which a population is vulnerable to modern slavery across 160 countries. • The index is based on a scale of 100, with a high score indicating higher vulnerability. UNICEF CHILDREN’S RIGHTS IN THE WORKPLACE INDEX Due Diligence Response Level: • Basic • Enhanced • Heightened high Low LEGEND Country (RGLD 2024 % Revenue) Global Slavery Index: Vulnerability Score UNICEF: Due Diligence Response Level Canada 34.9% 11 Basic United States 16.8% 25 Enhanced Mexico 7.3% 58 Enhanced Dominican Republic 11.5% 41 Enhanced Brazil 6.0% 47 Enhanced Ghana 6.7% 45 Enhanced Botswana 4.7% 45 Enhanced Australia 4.0% 7 Basic Chile 6.6% 22 Basic ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 65

Energy Consumption, GHG Emissions and Our Portfolio We track the energy consumption associated with our portfolio of revenue-generating assets as useful metrics to assess ongoing performance and drivers behind GHG emissions. Generally, as the processing of ore on-site increases, energy use also increases. As mines become deeper and cover more area, more energy is required for activities such as mine ventilation and dewatering, and more energy and fuel are needed to haul ore and waste rock over greater vertical and horizontal distances. Mines with lower ore grades or more complex processing can also show increased energy intensity. We collect and assess direct and indirect energy consumption and usage intensity (i.e., gigajoules per GEO and kilowatt hours per tonne of ore processed). This allows us to understand the operational efficiency attributed to our stream and royalty interests, to benchmark our portfolio performance, to better understand operator scope 1 and scope 2 GHG emission generation, and to evaluate risks and opportunities associated with our investment portfolio. RELATIONSHIPS BETWEEN ENERGY CONSUMPTION AND GHG EMISSIONS Direct Energy ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 66 Site-Generated Power Fuel Consumed x Fuel Emissions Factor Non-Power Generation Ore and Waste Moved Diesel Fuel Consumption x Diesel Fuel Emissions Factor Other Fuels Consumed at Mine Site x Fuel Emissions Factor (i.e., heating fuels, small vehicle operation) Fugitive Emissions (i.e., gases from blasting operations and certain ore processing operation) Scope 1 Emissions Indirect Energy Grid-Supplied Power Power Consumption x Percentage of Power Purchased x Grid Factor Scope 2 Emissions

Operator Energy Consumption Total energy (direct 1 + indirect 2 ) intensity per GEO shows a declining trend from 2021 through 2023, but energy intensity remains slightly higher than the base year of 2018. We compile with the help of an energy and emissions database of mining operations developed by Skarn Associates. As part of our energy compilation efforts, we also have tracked the emissions associated with each unit of both direct and indirect energy consumed (emissions factors). The emissions factors associated with both direct and indirect energy have strong downward trends over the six-year measurement period of (17)% and (46)%, respectively. The total energy emissions factor was (27)% for the six- year period. The improvement in the energy emissions factors is viewed as a positive indicator of the Operators making changes in their mines to improve energy efficiency and reduce GHG emissions. • The improvement in the energy emissions factor associated with direct energy comes from fuel switching and has been largely impacted by the Pueblo Viejo mine switching from heavy fuel oil for power generation in 2020 to LNG. Further fuel switching at the Pueblo Viejo mine’s lime kilns from diesel fuel to LNG in 2023 improved performance. • The indirect emissions factor improvement can be largely attributed to Teck Resources’ Andacollo mine in Chile, a Principal Property in our portfolio, which entered into a long-term contract to purchase 100% renewable energy in mid-2020, significantly reducing the GHG emissions associated with each unit of electrical energy. • We note that action by some of our other Operators to purchase cleaner power is in progress. With the improving total energy intensity, we see a downward trend in the amount of GHG emissions associated with each unit of total energy consumed. However, there is no guarantee that any trend will continue as a shift in the revenue generated by a higher energy emissions asset may negatively impact the portfolio’s figures. DIRECT AND INDIRECT ENERGY CONSUMPTION (Giga Joule) 2,990 3,240 3,429 3,976 3,537 3,057 2018 2019 2020 2021 2022 2023 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Direct Indirect Total DIRECT AND INDIRECT ENERGY EMISSIONS FACTOR 70 70 62 55 55 51 2018 2019 2020 2021 2022 2023 0 10 20 30 40 50 60 70 80 Direct Indirect Total DIRECT AND INDIRECT ENERGY INTENSITY (Giga Joule/Net Gold Equivalent Ounce) 11.5 12.1 12.8 14.0 13.4 11.8 2018 2019 2020 2021 2022 2023 0 2 4 6 8 10 12 14 16 Direct Indirect Total ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 67 2024 Investment Stewardship Report 1 Direct energy: the energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles and to produce power and heat on-site. 2 Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy.

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 six-year period from 2018 through 2023. These emissions are illustrated graphically in the figures to the right. The Appendix 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 included in the Appendix. 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 risks associated with climate change. 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 Operator 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 81% of the total scope 1 and 2 investment emissions from the calendar year 2023. A further breakdown of scope 1 emissions shows that on average 43% for the six-year period presented is associated with site power generation. Pueblo Viejo further reports scope 1 emissions from the production of lime, a consumable that typically would be reported in an Operator’s scope 3 emissions. Lime production at Pueblo Viejo contributed a further 27% of our scope 1 investment emissions. 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 of the Operators 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 us to track performance over time, regardless of changes in the annual production attributable to our stream and royalty interests. GHG intensity performance over the six-year period of 2018–2023 shows that GHG emissions intensity has experienced a modest improvement trend. Other Emissions 21% Power Generation 24% 197,000 tonnes CO 2 e 2023 scope 1 and 2 (scope 3 investment emissions) Scope 1 Other Fuels 2% Vehicle Diesel 35% Scope 2 19% SCOPE 1 AND 2 GHG EMISSIONS ESTIMATES (tCO2e, Net GEOs) 210,000 227,000 211,000 218,000 196,000 197,000 2018 2019 2020 2021 2022 2023 0 50,000 100,000 150,000 200,000 250,000 300,000 Scope 1 Scope 2 Scope 1 and 2 GEO Production SCOPE 1 AND 2 GHG EMISSIONS INTENSITY (tCO2e)/Net Gold Equivalent Ounces 0.81 0.85 0.79 0.77 0.74 0.76 2018 2019 2020 2021 2022 2023 0.0 0.2 0.4 0.6 0.8 1.0 Scope 1 Scope 2 Scope 1 and 2 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 68 2024 Investment Stewardship Report

Skarn Associates’ GHG emissions database allows us to benchmark the attributed production from our stream and royalty interests and shows Operator scope 1 and 2 GHG emission intensity per net GEO benchmarks in the third quartile of produced gold. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 69 2024 Investment Stewardship Report NEVADA GOLD MINES SPOTLIGHT ON SUSTAINABLE ENERGY AND EMISSIONS MANAGEMENT Many major mining companies have defined plans to reduce their GHG emissions footprints through transitioning to lower-emission energy sources. In our annual review of sustainability activities in our portfolio, Barrick Gold, through its joint venture with Newmont Corporation, NGM, was a standout in its actions to reduce GHG emissions. Barrick is targeting an overall 30% reduction in emissions by 2030 with the goal of achieving net zero by 2050. In August 2024, NGM completed the construction of the second and final phase of its 200- megawatt solar power plant, located adjacent to its TS Power Plant near Dunphy, Nevada. The combined power facility provides energy to NGM’s operations, which includes Cortez Gold Mines and the Carlin operation, where Royal Gold holds numerous royalties that generated about 17% of our 2023 revenue. The solar power plant has a reported capacity of producing 17% of NGM’s annual power demand while realizing an equivalent emissions reduction of 234,000 t of CO 2 per year. The solar facility is one of many initiatives to reduce NGM’s reliance on carbon-based electricity sources. NGM is also in the process of modifying its TS Power Plant to use cleaner-burning natural gas as a fuel source from coal.

Water Risk, Consumption and Our Portfolio Operator Water Availability and Risk Mining and ore processing operations require significant amounts of water. Water sourcing and consumption can be prominent concerns for local communities and established water users, and unique water supply and management strategies are often used at mining operations to allow production while addressing local environmental and social concerns. Many of the opportunities we evaluate are in areas of elevated water stress, which require in- depth reviews of the Operators’ water management plans, including stakeholders’ concerns. In our due diligence for new opportunities, we review the project water balance, the sustainability of water supply sources and the potential for water competition with other users in the region. We routinely benchmark the actual or estimated water consumption performance of a project against similar operations. Ongoing monitoring of water availability and risk is required to understand if there is a change in risk exposure from the period when our initial due diligence was conducted. We collect water consumption data to understand water use intensity and also consult external sources that assess water- related risks. These data collection activities also support our efforts to understand how climate risks could impact our stream and royalty interests. WATER CONSUMPTION INTENSITY (kLiters)/Net GEO (kLiters)/t ore processed 23 22 21 22 25 25 2018 2019 2020 2021 2022 2023 0 10 20 30 40 0.0 0.2 0.4 0.6 0.8 Intensity (kL/Net GEO) Intensity (kL/t ore processed) Operator Water Consumption Intensity We track water consumption intensity as a useful metric to assess performance of production from our portfolio of stream and royalty interests. Water consumption intensity is measured as cubic meters of water consumed per net GEO produced or tonne of ore processed by each operation. Using an intensity measurement as a KPI allows us to track changes over time, and it remains relevant regardless of changes in annual production. The Appendix details our revenue-generating mineral properties for the 2018–2023 period and their associated water consumption estimates, as compiled by Skarn Associates. In many cases, when mining companies disclose water data, the volume of reported withdrawn water does not represent the total water used in the operation. Not all rainwater, runoff, dewatering and other flows are completely captured and disclosed in the reported water balance indicators. As a result, there is a potential to underreport water consumption or reuse efficiencies, and we rely on Skarn Associates to provide a systematic view of water consumption, which in many cases requires estimation. Water consumption intensity on a net GEO basis has increased by about 9% over the six-year period from 2018 through 2023, while water consumption per tonne of ore processed has decreased by approximately 10% from 2018 through 2023. There were notable improvements in water consumption per tonne of ore processed since 2018 at Mount Milligan and Peñasquito, which were partially offset by water consumption increases at Pueblo Viejo, Cortez and Andacollo. The Skarn water database allows us to benchmark the attributed production from our stream and royalty interests and shows that water consumption intensity per net GEO benchmarks in the fourth quartile of produced gold, while water consumption intensity per tonne of ore processed benchmarks in the second quartile. We interpret this as meaning that the Operators of the properties generating our revenue are generally efficient at managing water usage at their sites, as evidenced by the low water intensity per tonne of ore treated, while the higher water consumption intensity per net GEO indicates that the metal production per tonne is lower than the industry average. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 70

Operator Water Risk Water-related risks are one of the parameters we use to assess climate-related risks and potential impacts on our stream and royalty interests as we advance our TCFD climate scenario analysis. We aim to understand the water-related risks to our interests, communicate those risks to our stakeholders and engage with the Operators when we seek to better understand site- specific issues. Our Approach Our stream and royalty interests are geographically and climatologically diverse. We strive to systematically understand the risk in our portfolio associated with water supply and to independently and effectively communicate our findings to stakeholders. We based this assessment of our portfolio of stream and royalty interests on a global water risk mapping tool, Aqueduct™ Water Risk Atlas, developed by the World Resource Institute. The atlas is based on a framework of eight physical water risk indicators: water stress, water depletion, interannual variability, seasonal variability, groundwater table decline, riverine flood risk, coastal flood risk and drought risk. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 71

We have focused on three risk indicators — water stress, interannual variability and drought risk — as these directly correlate to our Principal Properties having sufficient water to operate or potentially receiving excess precipitation. An assessment of the three water risk indicators for our full portfolio is presented in the graphs. Approximately 36% of our revenue in 2024 was associated with jurisdictions classified as having Extremely High or High water stress or being classified as Arid/Low water use, which has modestly increase over the last six years. Inter-annual variability also has an increasing trend with time, and about 35% of our 2024 revenue was produced from jurisdictions with either Extremely High or High designations. With respect to drought risk, none of our 2024 revenue was produced from a jurisdiction classified as High or greater, but 33% of the net GEOs were produced from jurisdictions with Medium or higher drought risk. Drought risk has had a significant and steady decreasing trend from 2018, when an estimated 51% of our portfolio production came from areas with a drought risk classified as Medium or higher. The review shows that three of our four Principal Properties have at least one elevated physical water risk indicator. For example, Andacollo’s water stress indicator is classified as Extremely High, as it is located in a very low-precipitation region with significant competition for available water resources from agriculture and domestic uses. The interannual variability is also classified as Extremely High, indicating elevated risk in annual precipitation rates. In 2022, Andacollo experienced unusually high precipitation events that caused the curtailment of operations for five days due to flooding and impacted open-pit operations for months. The Elqui River drainage that provides the recharge of its well field is currently undergoing drought conditions, which resulted in the reduction in the ore- processing rate in late 2023 and the first half of 2024. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 72 BASELINE WATER STRESS 15.0% Arid/Low Water 19.1% Extremely High 2.3% High 51.5% Low 12.0% Low-Medium 0% Medium-High INTERANNUAL VARIABILITY 21.4% Extremely High 0% Low 13.7% High 61.9% Low-Medium 3.0% Medium-High DROUGHT RISK 0% High 12.5% Medium-High 20.3% Medium 0.9% Not Reported 28.3% Low 38.0% Low-Medium Aqueduct™ Indicators provide estimates of the stated indicators of water risk with a resolution of approximately 10 km x 10 km. 1 Baseline Water Stress measures the ratio of total water withdrawals to available renewable surface and groundwater supplies. Water withdrawals include domestic, industrial, irrigation and livestock consumptive and non- consumptive uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. Interannual Variability measures the average between year variability of available water supply, including both renewable surface and groundwater supplies. Higher values indicate wider variations in available supply from year to year. Drought Risk measures where droughts are likely to occur, the population and assets exposed, and the vulnerability of the population and assets to adverse effects. Higher values indicate higher risk of drought. 1 Kuzma, S., M.F.P. Bierkens, S. Lakshman, T. Luo, L. Saccoccia, E. H. Sutanudjaja, and R. Van Beek. 2023. “Aqueduct 4.0: Updated decision-relevant global water risk indicators.” Technical Note. Washington, D.C.: World Resources Institute. Available online at: doi.org/10.46830/ writn.23.00061.

OUR WATER SOURCE AND EXPOSURE TO WATER STRESS, AS DEFINED BY AQUEDUCT ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 73 Canada Mount Milligan 80% USA Nevada Gold Mines 95% Water Stress Interannual Variability Drought Risk Water Stress Interannual Variability Drought Risk Water Stress Interannual Variability Drought Risk Water Stress Interannual Variability Drought Risk Chile Andacollo 80% Dominican Republic Pueblo Viejo 80% Water source Surface water Ground water Precipitation and runoff Water stress Abundant Scarcity Reuse and recycling rate Extreme Medium High to High Low Moderate to Moderate Low Arid/Low Water Use

Operator Safety We are committed, alongside Operators of our stream and royalty interests, to prioritizing the health and safety of workers, families and local communities. We actively seek new business opportunities with companies that exhibit these shared fundamental values. Approximately 99% of our 2023 revenue was generated from sites that disclosed a safety policy. We use two metrics to track the performance of our portfolio of revenue-generating stream and royalty interests: the Total Recordable Incident Frequency Rate (TRIFR) and the number of fatal accidents. TRIFR is the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional per million hours worked. It is an established internationally accepted performance metric collected and reported by most companies. A compilation of 2020-2023 TRIFR statistics from Operators is shown in the chart below. A comparative benchmarking was completed using TRIFRs published by the ICMM, based on an average 2.81 billion work hours per year, which show a downward trend year over year. Our portfolio weighted average TRIFR performance was unchanged from 2023 over 2022. Unfortunately, we regret to report that in 2024, the Xavantina mine in Brazil and the Rainy River mine in Canada each experienced a fatal accident. TOTAL REPORTABLE INCIDENT FREQUENCY RATE 1,2, 3 Royal Gold Portfolio ICMM 3.1 3.6 2.9 2.9 2020 2021 2022 2023 2.0 3.0 4.0 1 TRIFR per 1,000,000 work hours is weighted by work hours. 2 2021 Royal Gold’s TRIFR was adjusted with updated asset data from that we used in our 2022 ESG report. 3 Represents data that is compiled by the ICMM from its members and is publicly reported. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 74 VOISEY’S BAY MINE SPOTLIGHT ON SAFETY The Voisey’s Bay Mine, located in Newfoundland and Labrador and operated by Vale Base Metals, was the recipient of the John T. Ryan award for safety, presented by the Canadian Institute of Mining & Metallurgy annually to the mine with the lowest injury frequency rate during the previous year. Voisey’s Bay Mine was awarded the national title after achieving a zero-reportable injury rate for more than two million hours worked during 2022, which was accomplished while developing two new underground mines: Eastern Deeps and Reid Brook. This was the eighth time the operation has received the award since 2014. SPOTLIGHT ON OPERATOR SAFETY - MOUNT MILLIGAN Mount Milligan embarked on a formal campaign for continued improvement in costs, productivity and resource expansion in 2024, as a strategic initiative to extend the life of mine as part of a joint agreement with Royal Gold. Fundamental to the successful execution of the life of mine extension, the operating team at Mount Milligan embraced a continuous improvement culture in health and safety. During the course of the year, it improved the key safety metrics and embarked on numerous safety leadership initiatives. Examples of the continually improving safety-focused culture is the training and development of all personnel, including contractors in the facilitation of safety training modules, extensive focus on Visual Felt Leadership, mitigation of fatal risks for critical controls and adoption of a formal root cause analysis investigation system, which resulted in demonstrable and measurable changes in operating procedures. “Our lagging indicator safety metrics improved during the course of 2024, with a 10% reduction in total incidents and a more than 50% reduction in significant incidents.” Centerra Gold

Biodiversity and Our Portfolio Biodiversity, or the rate of loss of biodiversity worldwide, is considered one of the planet’s key risks by the World Economic Forum. Royal Gold is committed to developing a path forward with respect to systematically reporting biodiversity metrics across our stream and royalty portfolio. By generating this information, we learn which sites may have elevated levels of risk, allowing us to investigate them in more depth. Furthermore, the educational value of understanding biodiversity in greater depth enhances our due diligence efforts. Approximately 88% of our 2024 revenue was produced from sites that disclosed a Biodiversity Policy and detailed operating protocols related to biodiversity management. Importance of Biodiversity By endorsing the ICMM Mining Principles, Royal Gold recognizes Principle 7: Conservation of Biodiversity. As a streaming and royalty company, we are beginning to explore how we can actively contribute to the conservation of biodiversity and integrate approaches to land use planning. Some of our initial evaluations of biodiversity impacts with respect to our portfolio include the use of the Integrated Biodiversity Assessment Tool (IBAT). IBAT is a web-based map and reporting tool that provides fast, easy and integrated access to three of the world’s most authoritative global biodiversity datasets: The IUCN Red List of Threatened Species, the World Database on Protected Areas and the World Database of Key Biodiversity Areas (KBAs). IBAT can also help users understand the “range rarity” (rarity-weighted species richness) of certain locations, which considers the number of species present at a given location and the relative importance of that location for the species in terms of the proportion of its global range that it represents. The chart on the following page shows the proximity of our Principal Properties to any KBAs, including any identified International Union for Conservation of Nature species within a 10-km radius of the point selected to represent the operation’s position and the corresponding IBAT Rarity Weighted Richness score. We expect to continue to improve our monitoring and reporting of biodiversity topics. There were increases in the number of species listed as Endangered, Vulnerable and Near Threatened at two of our Principal Properties in 2024, which include Pueblo Viejo and Andacollo. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 75 PUEBLO VIEJO MINE SPOTLIGHT ON BIODIVERSITY Barrick Gold is committed to implementing high standards of environmental performance across all of its operational mines and exploration sites, including the Pueblo Viejo Mine. Barrick maintains a biodiversity policy that outlines its commitments and procedures, including the commitment to contribute to national and regional biodiversity planning, to apply mitigation hierarchy to manage and offset biodiversity impacts, and to develop site-specific Biodiversity Action Plans for all operations. Click here to learn more about Barrick’s approach to biodiversity. Pueblo Viejo, in conjunction with the government, has identified the nearby Aniana Vargas National Park as a biodiversity offset site. The park shares most of its fauna and flora, as well as unique animals such as the Hispaniolan Hutia (“Hutia”) rodent and the Samana least gecko, with the mine’s site. The Hutia is an endemic rodent species with restricted distribution across the island and is listed as Least Concern by the IUCN Red List of Threatened Species and the National Red List of Threatened Species from the Dominican Republic. Pueblo Viejo helped support a rescue and translocation plan for the Hutia within the mining concession area.

Cortez Pueblo Viejo Andacollo Mount Milligan Project Located With Designated Protected Area Project Located With KBA IUCN Red List Species (January 2025) Rarity-Weighted Richness Property Name Name of Area Name of Area Critically Endangered Endangered Vulnerable Near Threatened Least Concern Data Deficient IBAT Score Mount Milligan None None 0 1 9 10 317 2 Pueblo Viejo Aniana Vargas National Park None 8 22 29 34 581 8 Andacollo Quisco Coquimbano Quisco Coquimbano 4 10 31 31 510 29 Cortez None None 0 2 9 7 386 1 The rarity-weighted richness map is a raster layer showing the relative importance of each ~10 km grid cell in terms of its aggregate contribution to the global distribution of species of mammals, birds, amphibians, crabs, crayfishes and shrimps. The rarity-weighted richness for each species within a grid cell was calculated as the contribution of the cell toward the global distribution of the species. These scores were summed across all species present within a grid cell to give an overall score. High values show that a cell holds a large number of species and/or that the average ranges of the species present in the cell are small so that the cell represents a relatively high proportion of their range. Loss of species’ populations in such cells is therefore of disproportionate significance in terms of loss of global biodiversity (at least for the taxonomic groups considered). Rarity-weighted richness is also known as “range-size rarity” or “range rarity” and has been used as a metric of biodiversity significance as well as feeding into the Biodiversity Impact Metric. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 76

Operator Tailings Management The safety of people and neighboring communities and the protection of the environment are top priorities. Concerns about tailings and waste products from mining and ore processing underscore the importance of proper management and storage to ensure chemical and physical stability and meeting public safety and regulatory standards. Our Approach As part of our due diligence with respect to new business opportunities, we identify potential risks associated with tailings storage, including reviews of a site’s seismic, hydrological and geotechnical characterization; the design of facilities used to store waste; management monitoring plans for the storage facilities; and emergency planning in the event of a facility failure. We typically enlist geotechnical expertise to assess each site’s unique conditions, comparing facility designs and operations against international guidelines such as the Canadian Dam Association and the Global Industry Standard on Tailings Management. This evaluation helps us gauge how Operators handle this critical aspect of their projects. In some cases, our due diligence reveals substandard tailing storage practices, leading us to discontinue the pursuit of those opportunities. In 2024, all four Operators of our Principal Properties disclosed details of their tailings storage facilities and operating practices, and we estimate that properties generating 89% of revenue provide some level of disclosure on their tailings storage facilities. Given the heightened public profile associated with tailings storage, we have provided links on our website to the tailings management disclosures presented by our stream and royalty Operators. During our 2023 Investment Stewardship Priorities Assessment process, we conducted an internal employee survey that allowed us to reevaluate current topics and identify new topics that are important to our Company. The survey results highlighted that tailings management was perceived as having a high potential impact on both our Royal Gold financial performance and on communities and the environment around our operations. During 2024, we engaged a consultant to prepare a comparative assessment of all the tailings facilities in our portfolio using publically available information. The assessment focused on ranking both the physical and environmental characteristics of the facilities and ranking the level of internal and external oversight, with a view to identifying properties where additional focus should be applied during our monitoring process. This exercise was completed during 2024. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 77

Legal Matters Cautionary Note Regarding Forward-Looking Statements This report includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: the potential effects of climate change and related regulation on us or the Operators or their projects; actions we or the Operators may take in response to climate change and related regulation; the benefits of the various efforts described in this report, including, among others, those relating to sustainability, health and safety; our expected financial performance and outlook; Operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for investments, acquisitions and other transactions, and the process and criteria we use in evaluating such opportunities; anticipated benefits from investments, acquisitions and other transactions; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; the materiality of properties within our portfolio; macroeconomic and market conditions; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: environmental risks, including those caused by climate change; changes in laws or regulations governing us, Operators, or their properties, including actions taken by governments and other entities and groups to mitigate climate change and in response to climate change; contractual issues involving our stream or royalty agreements, including those as a result of climate change; future exploration and development activities by Operators; our ability to identify, finance, value and complete investments, acquisitions, or other transactions; increased competition for stream and royalty interests; changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, Operators’ ability to complete projects on schedule and as planned, Operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions or operational disruptions; changes of control of properties or Operators; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in management and key employees; and other factors described in our most recent Annual Report on Form 10-K, including under the caption Risk Factors, and in our other filings with the SEC. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Statement Regarding Materiality This report discloses the Company’s GHG emissions, the GHG emissions associated with properties on which the Company holds stream or royalty interests and certain scenario analyses, transition plans and activities the Company or Operators may take to mitigate or adapt to climate change. While the Company believes that it is prudent to consider climate-related risks and the potential effects of climate change on the Company, the Company does not consider its GHG emissions or any scenario analyses, transition plans or activities the Company or Operators may take to mitigate or adapt to climate change to be material to the Company’s business, strategy, results of operations or financial condition, in light of the time horizons involved and the currently anticipated magnitude of the impact to the Company’s business, strategy, results of operations or financial condition of climate change. Statement Regarding Third-Party Information The disclosures in this report relating to properties and operations on the properties in which we hold stream or royalty interests are based in most cases on information publicly disclosed by the Operators of these properties and information available in the public domain, and in some cases on information provide to us by consultants or other third-party sources. We do not independently prepare or verify information provided by consultants or other third-party sources or the information publicly disclosed by or provided directly to us by the Operators, and, as the holder of stream and royalty interests, we do not have access to the properties or operations or to sufficient data to do so. There can be no assurance that such third-party information is complete or accurate. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 78

ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 79 Appendices 80 Corporate Performance 81 Principal Property Performance 83 Operator Production Performance 94 Operator Energy Consumption 104 Portfolio Energy Intensity Summary 105 Operator GHG Emissions 116 Operator Water Consumption 127 Operator Sustainability Frameworks and Standards 129 GRI Index 133 TCFD Index 134 SDG Index 135 Glossary 137 Principal Properties Sustainability Scorecard Metrics 138 GHG Emissions Footprint Calculation Methodology

Corporate Performance 2019 2020 2021 2022 2023 2024 Employee Statistics Total Number of Employees 27 29 31 30 30 29 Total Employee Turnover 1 3 1 1 0 2 % of Employee Turnover 0 7 % 3 % 3 % 0 7 % ESG External Ratings CSA S&P Sustainability Score (scale 0-100, 100 is best) NR NR 21 34 31 36 Sustainalytics (scale 0-40+, lower score is better) 23.4 22.8 18.7 9.1 9.7 10.9 MSCI (AAA is best, CCC is least) A A AA AA AA AA ISS ESG Corporate Rating (A+ is best, D- is least) C- C- C- C- C- ISS – Governance Score (scale 1-10, lower score is better) 2 2 1 1 1 1 ISS – Environment Score (scale 1-10, lower score is better) 9 10 10 8 8 8 ISS – Social Score (scale 1-10, lower score is better) 9 7 8 6 7 6 Safe Operation TRIFR 0 0 0 0 0 0 Energy and Climate Change Corporate Scope 2 GHG Emissions (tCO 2 e) NR 81 79 86 90 81 Corporate Scope 3 GHG Emissions (tCO 2 e) NR 68 43 300 415 393 Corporate Total Scope 2 and 3 GHG Emissions (tCO 2 e) NR 149 122 386 505 475 Corporate Energy Consumption (MWh) NR 247 250 258 275 267 Community Engagement Community Investments ($US) NR $1,016,000 $1,014,000 $1,105,000 $1,241,000 $1,488,932 Governance Political Contributions 0 0 0 0 0 0 Whistleblower Complaints 0 0 0 0 0 0 Memberships and Industry Association Payments NR NR NR NR $115,718 $138,021 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 80

Principal Property Performance Mount Milligan Pueblo Viejo Cortez Andacollo 2024 Revenue Percentage 25.9 % 11.5 % 9.7 % 6.6 % Jurisdiction and Company RepRisk ESG reputational risk rating - country Low High Moderate Moderate RepRisk ESG reputational risk rating - company Low Very High Moderate Moderate Corruption Perception Index quartile ranking 1st Quartile 3rd Quartile 1st Quartile 1st Quartile Energy and Climate Corporate emission reduction targets publicly reported No Yes Yes Yes GHG emissions intensity (tCO 2 e/GEO) quartile ranking 2 1st 4th 1st 1st Total energy intensity (GJ/GEO) quartile ranking 2 4th 4th 2nd 4th Water Water stress rating by Aqueduct Water Risk Atlas Low Low-Medium Extremely High Extremely High Water consumption intensity (m 3 /GEO) quartile ranking 2 4th 4th 1st 4th Water consumption Intensity (m 3 /t ore processed) quartile ranking 2 1st 4th 1st 2nd Biodiversity IUCN Red List species (critically endangered + endangered) 1 30 2 14 Designated protected area or KBAs covering all or part of project’s active footprint None Aniana Vargas National Park None Quisco Coquimbano Safe Operation Total Reportable Incident Rate quartile ranking 1 4th 1st 2nd 4th Number of fatal accidents in 2023 — — — — Tailing management disclosure Yes Yes Yes Yes Workforce and Communities Human rights policy Yes Yes Yes Yes Modern slavery disclosure Report Report Report Report Community investment (U.S. millions) Not Reported $10.2 $18.8 $2.3 Grievance mechanism Yes Yes Yes Yes 1 Industry ranking based on 2023 ICMM data 2 Based on Skarn Associates Gold Industry ranking curves for 2023 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 81 2024 Investment Stewardship Report

Stream and Royalty Portfolio Performance Scorecard 1,2,3 Gold industry 4 Parameter 2018 2019 2020 2021 2022 2023 2023 Average Revenue ($ million) $430 $468 $562 $654 $603 $606 Net Gold Equivalent Ounces (GEO) Sold 5,6 259,000 268,000 268,000 284,000 265,000 259,000 Energy and Climate Change 6 GHG Emission (tCO 2 e) 210,000 227,000 211,000 218,000 196,000 197,000 Scope 1 and 2 GHG Emissions Intensity (tCO 2 e/GEO) 0.81 0.85 0.79 0.77 0.74 0.76 0.78 Total Energy Intensity (GJ/GEO) 11.5 12.1 12.8 14.0 13.4 11.8 8.6 Energy Emissions Factor (tCO 2 e/TJ) 70 70 62 55 55 51 79 Process Electrical Energy Intensity (kW-hr/t processed) 38.4 40.4 39.9 40.5 40.9 36.0 30.6 Percentage of Electrical Energy from Grid 73% 72% 69% 68% 71% 76% 78% Grid Factor (tCO 2 e/MWh) 0.22 0.22 0.18 0.12 0.14 0.12 0.34 Diesel Fuel Intensity (liters/t mined) 1.14 1.15 1.02 1.09 1.07 0.80 Percentage of Portfolio Revenue Production With Absolute GHG Emissions Reduction Target(s) by 2030 55% 57% Percentage of Portfolio Revenue Production With Net Zero GHG Emission Target by 2050 47% 51% Water Availability 7 Water Consumption Intensity (m 3 /Net GEO) 23.0 21.7 21.4 21.7 24.8 25.0 21.6 Water Consumption Intensity (m 3 /t ore treated) 0.62 0.57 0.53 0.51 0.60 0.56 0.62 Percentage of Revenue From High or Extremely High Water Stress Regions 8 40% 39% 40% 44% 40% 45% Percentage of Revenue From Regions With High or Extremely High Interannual Precipitation Variability 33% 34% 32% 35% 37% 43% Safe Operations TRIFR 3.1 3.6 2.9 2.9 2.6 Number of Fatal Accidents 2 2 6 — Percentage of Applicable Revenue Covered by Tailing Disclosure 90% 85 % 89 % Percentage of Applicable Revenue That Are Signatories to the International Cyanide Management Code 76% 71 % 68 % 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 Metrics are weighted average using net GEOs. 3 We use the most current data available and adjust our calculations accordingly. None of the changes made to past data are material. 4 Energy and GHG emissions industry average statistics are based on data provided by Skarn Associates for 2023, and industry average safety statistics were obtained from the ICMM for 2023. 5 GEO production is estimated based on the following metal prices for each year using production units identified by Skarn Associates: $1,758/oz Au; $20.54/oz Ag; $6,185.82/lb Cu; $1,826.14/lb Pb; $2,268.85/lb Zn. 6 Net GEO production data may be updated for minor errors and inconsistencies identified in prior years. 7 Energy, GHG emissions and water data used to estimate portfolio performance was provided by Skarn Associates. Some data is estimated by Skarn, and Skarn may update prior year estimates. 8 Also includes jurisdictions classified as Arid and Low water use. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 82

Operator Production Performance The following table presents production performance data for a majority of our revenue-generating mineral properties, as available from Skarn Associates, an independent mining sustainability data analytics firm, for calendar years 2018 through 2023. Net GEOs are from Royal Gold’s production records and are determined in accordance with the methodology on page 5 . Entries labeled “NR” means the data was not reported in the Skarn Associates database, and those labeled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Principal Properties Andacollo Teck Resources Limited 2018 15.3% 39,594 21,549 291 13.6% 2019 17.2% 46,041 16,987 233 19.8% 2020 13.4% 35,785 19,811 247 14.5% 2021 11.4% 32,454 18,621 190 17.1% 2022 8.4% 22,194 17,199 162 13.7% 2023 8.4% 21,696 16,323 159 13.7% Cortez 3 Nevada Gold Mines LLC 2018 1.5% 3,876 17,002 1,201 0.3% 2019 4.3% 11,551 22,025 963 1.2% 2020 6.1% 16,353 21,169 798 2.0% 2021 11.0% 31,165 29,208 731 4.3% 2022 10.6% 28,085 14,783 869 3.2% 2023 18.8% 48,683 25,595 893 5.5% Mount Milligan Centerra Gold Inc. 2018 22.6% 58,573 13,556 280 20.9% 2019 23.3% 62,325 16,350 312 20.0% 2020 24.8% 66,521 20,067 310 21.4% 2021 23.5% 66,779 20,900 327 20.4% 2022 27.0% 71,347 21,348 317 22.5% 2023 23.5% 61,040 21,680 266 23.0% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 83

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Pueblo Viejo Barrick Gold Corporation 2018 16.8% 43,574 8,347 1,032 4.2% 2019 17.3% 46,353 8,607 1,046 4.4% 2020 16.9% 45,246 8,828 960 4.7% 2021 14.1% 40,191 9,110 866 4.6% 2022 12.4% 32,937 9,448 768 4.3% 2023 10.6% 27,577 8,887 596 4.6% Non-Principal Properties Allan/Borax Nutrien Ltd. 2018 0.3% 706 NR NR NR 2019 0.3% 701 NR NR NR 2020 0.3% 743 NR NR NR 2021 0.3% 746 NR NR NR 2022 0.3% 713 NR NR NR 2023 0.3% 718 NR NR NR Bald Mountain 3 Kinross Gold Corporation 2018 0.5% 1,365 23,654 285 0.5% 2019 0.2% 589 16,475 188 0.3% 2020 0.0% 83 18,303 191 0.0% 2021 0.2% 491 19,063 205 0.2% 2022 0.4% 1,014 15,924 214 0.5% 2023 0.3% 874 17,306 158 0.6% Bogoso and Prestea Future Global Resources Ltd. 2018 2.6% 6,803 1,302 75 9.1% 2019 1.4% 3,878 719 48 8.1% 2020 0.9% 2,299 295 30 7.7% 2021 0.4% 1,166 328 33 3.6% 2022 0.6% 1,486 369 35 4.2% 2023 0.5% 1,214 306 29 4.2% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 84

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Canadian Malartic 3 Agnico Eagle Mines Ltd. 2018 2.5% 6,454 20,484 706 0.9% 2019 1.8% 4,833 21,049 679 0.7% 2020 1.6% 4,373 20,506 569 0.8% 2021 1.5% 4,178 22,260 722 0.6% 2022 1.0% 2,597 19,540 665 0.4% 2023 0.3% 758 19,697 701 0.1% Dolores Pan American Silver Corporation 2018 2.0% 5,299 6,903 184 2.9% 2019 1.9% 5,037 6,777 177 2.8% 2020 1.5% 4,048 6,430 142 2.8% 2021 2.0% 5,658 7,774 186 3.0% 2022 1.9% 5,089 7,957 163 3.1% 2023 1.6% 4,093 7,617 133 3.1% Don Mario Orvana Minerals Corporation 2018 0.5% 1,379 NR NR NR 2019 0.2% 585 NR NR NR 2020 —% — — — —% 2021 —% — — — —% 2022 —% — — — —% 2023 —% — — — —% Don Nicolas 3 Cerrado Gold, Inc. 2018 0.0% 127 286 25 0.5% 2019 —% — — — —% 2020 0.4% 1,141 333 17 6.7% 2021 0.2% 572 414 43 1.3% 2022 0.2% 638 395 54 1.2% 2023 0.1% 226 508 69 0.3% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 85

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 El Limón Calibre Mining Corporation 2018 0.6% 1,557 448 50 3.1% 2019 0.6% 1,739 482 63 2.8% 2020 0.9% 2,339 428 65 3.6% 2021 1.0% 2,705 496 68 4.0% 2022 1.2% 3,152 494 77 4.1% 2023 1.1% 2,728 508 72 3.8% Gold Hill 3 Kinross Gold Corporation (Round Mountain Complex) 2018 0.3% 661 24,770 385 0.2% 2019 0.2% 422 25,804 363 0.1% 2020 0.2% 525 23,975 325 0.2% 2021 0.2% 427 16,623 254 0.2% 2022 0.2% 416 26,688 226 0.2% 2023 0.0% 116 28,432 251 0.1% Goldstrike 3 Nevada Gold Mines LLC (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin.) 2018 1.0% 2,584 8,365 1,019 0.3% 2019 0.9% 2,422 16,044 1,720 0.1% 2020 0.7% 1,947 19,829 1,667 0.1% 2021 0.6% 1,680 23,223 1,502 0.1% 2022 0.7% 1,736 19,574 1,649 0.1% 2023 0.3% 813 11,798 1,411 0.1% Gwalia 3 Genesis Minerals Limited 2018 1.5% 3,975 672 257 1.5% 2019 1.0% 2,784 659 184 1.5% 2020 0.9% 2,287 697 156 1.5% 2021 0.9% 2,587 998 188 1.4% 2022 0.8% 2,231 999 158 1.4% 2023 0.7% 1,920 1,000 180 1.1% ROYAL GOLD 2024 Investment Stewardship Report 86 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Holt 3 Agnico Eagle Mines Ltd. 2018 3.1% 8,061 860 127 6.3% 2019 2.7% 7,139 854 114 6.3% 2020 1.3% 3,487 215 29 11.9% 2021 —% — — — —% 2022 —% — — — —% 2023 —% — — — —% Khoemacau MMG Limited (formally Khoemacau Copper) 2018 —% — — —% 2019 —% — — — —% 2020 —% — — — —% 2021 0.7% 2,042 1,800 121 1.7% 2022 3.1% 8,290 3,600 228 3.6% 2023 5.4% 13,943 3,258 210 6.7% King of the Hills Vault Minerals Limited 2018 —% — — — —% 2019 0.4% 976 NR NR NR 2020 0.2% 486 NR NR NR 2021 0.0% 89 NR NR NR 2022 0.2% 510 2,364 70 0.7% 2023 0.8% 2,158 4,714 211 1.0% LaRonde Zone 5 3 Agnico Eagle Mines Ltd. 2018 0.1% 166 2,333 392 0.0% 2019 0.5% 1,321 2,927 436 0.3% 2020 0.4% 1,157 2,674 370 0.3% 2021 0.4% 1,207 2,961 403 0.3% 2022 0.6% 1,509 2,816 378 0.4% 2023 0.5% 1,271 2,658 326 0.4% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 87

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Las Cruces First Quantum Minerals Ltd. 2018 1.4% 3,761 1,544 249 1.5% 2019 0.9% 2,539 1,354 169 1.5% 2020 1.1% 2,888 1,462 191 1.5% 2021 0.3% 755 683 48 1.6% 2022 0.2% 504 607 34 1.5% 2023 0.1% 214 647 14 1.6% Leeville (North) 3 Nevada Gold Mines LLC (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants.) 2018 0.8% 2,021 20,243 928 0.2% 2019 0.3% 848 16,044 1,720 0.0% 2020 0.3% 930 19,829 1,667 0.1% 2021 1.0% 2,949 23,223 1,502 0.2% 2022 0.9% 2,339 19,574 1,649 0.1% 2023 1.1% 2,953 11,798 1,411 0.2% Marigold 3 SSR Mining Inc. 2018 1.6% 4,064 27,526 205 2.0% 2019 1.5% 4,041 25,676 220 1.8% 2020 1.7% 4,630 23,556 234 2.0% 2021 1.6% 4,662 19,999 235 2.0% 2022 1.3% 3,387 21,818 230 1.5% 2023 1.0% 2,637 22,010 260 1.0% Meekathara 3 Westgold Resources Ltd. 2018 0.7% 1,888 2,264 134 1.4% 2019 0.7% 1,989 2,319 173 1.1% 2020 0.8% 2,099 2,794 183 1.1% 2021 0.7% 1,973 2,998 190 1.0% 2022 0.6% 1,645 2,778 202 0.8% 2023 0.4% 1,101 2,200 177 0.6% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 88

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Mulatos Alamos Gold Inc. 2018 3.0% 7,871 6,886 175 4.5% 2019 0.8% 2,082 7,290 142 1.5% 2020 —% — — —% 2021 —% — — — —% 2022 —% — — — —% 2023 —% — — — —% Peñasquito Newmont Corporation 2018 5.1% 13,119 35,248 731 1.8% 2019 4.1% 10,874 19,964 660 1.6% 2020 7.1% 19,102 30,590 1,317 1.5% 2021 8.2% 23,305 35,720 1,509 1.5% 2022 7.6% 20,060 35,928 1,354 1.5% 2023 3.4% 8,707 20,850 589 1.5% Rainy River New Gold Inc. 2018 3.7% 9,472 6,546 230 4.1% 2019 5.5% 14,718 8,023 257 5.7% 2020 4.7% 12,623 8,819 233 5.4% 2021 5.2% 14,722 9,250 242 6.1% 2022 5.0% 13,150 8,602 235 5.6% 2023 5.8% 15,053 8,764 259 5.8% Red Chris Newmont Corporation 2018 —% — — — —% 2019 —% — — — —% 2020 —% — — — —% 2021 —% — — — —% 2022 0.5% 1,315 9,457 172 0.8% 2023 0.6% 1,471 9,267 133 1.1% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 89

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Robinson KGHM International Ltd. 2018 2.0% 5,194 14,200 218 2.4% 2019 1.9% 5,088 14,200 232 2.2% 2020 2.2% 5,986 14,000 195 3.1% 2021 1.8% 5,209 14,000 246 2.1% 2022 1.9% 5,058 14,000 210 2.4% 2023 1.5% 3,817 10,000 129 3.0% Skyline Wolverine Fuels, LLC 2018 0.3% 743 NR NR NR 2019 0.3% 775 NR NR NR 2020 0.3% 846 NR NR NR 2021 0.1% 212 NR NR NR 2022 0.0% 127 NR NR NR 2023 0.3% 739 NR NR NR South Laverton 3 Northern Star Resources Ltd. 2018 1.3% 3,409 2,221 176 1.9% 2019 1.1% 3,060 2,378 198 1.5% 2020 2.2% 5,975 2,690 213 2.8% 2021 1.9% 5,484 3,728 254 2.2% 2022 1.3% 3,437 3,717 195 1.8% 2023 1.4% 3,726 3,798 248 1.5% Southern Cross Shandong Tianye Group 2018 0.4% 1,133 2,345 162 0.7% 2019 0.4% 1,079 2,345 162 0.7% 2020 0.3% 898 2,345 162 0.6% 2021 0.3% 956 2,345 162 0.6% 2022 0.3% 758 2,345 162 0.5% 2023 0.3% 814 2,345 164 0.5% ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 90

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Taparko 3 (historic royalty, no ownership today) 2018 0.8% 2,016 1,974 101 2.0% 2019 0.4% 1,033 1,920 69 1.5% 2020 0.6% 1,671 1,797 92 1.8% 2021 0.5% 1,347 1,639 68 2.0% 2022 0.1% 227 394 17 1.3% 2023 —% — — — —% Twin Creeks 3 Nevada Gold Mines LLC (Twin Creeks combined production with Turquoise Ridge in 2019.) 2018 0.0% 19 7,151 362 0.0% 2019 0.1% 174 5,900 667 0.0% 2020 0.1% 213 5,875 552 0.0% 2021 0.0% 2 6,167 563 0.0% 2022 0.0% 13 1,780 459 0.0% 2023 0.0% 20 4,241 514 0.0% Voisey’s Bay Vale S.A. 2018 1.8% 4,732 2,000 422 1.1% 2019 2.0% 5,327 2,116 390 1.4% 2020 1.5% 3,902 1,800 367 1.1% 2021 2.6% 7,393 2,061 398 1.9% 2022 1.5% 4,028 1,664 248 1.6% 2023 0.8% 2,062 1,760 145 1.4% Wassa Chifeng Jilong Gold Mining Co., Ltd. 2018 4.6% 11,949 1,601 150 8.0% 2019 4.4% 11,851 1,548 156 7.6% 2020 5.0% 13,429 2,011 168 8.0% 2021 4.9% 14,000 1,690 155 9.0% 2022 5.2% 13,887 1,893 173 8.0% 2023 5.2% 13,573 2,550 232 5.8% 2024 Investment Stewardship Report 91 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Wharf Coeur Mining, Inc. 2018 0.6% 1,436 4,467 78 1.8% 2019 0.6% 1,683 4,185 85 2.0% 2020 0.7% 1,861 4,275 96 1.9% 2021 0.6% 1,801 4,268 92 2.0% 2022 0.5% 1,383 4,090 80 1.7% 2023 0.7% 1,870 4,304 97 1.9% Williams 7 Barrick Gold Corporation 2018 0.5% 1,400 3,062 171 0.8% 2019 0.6% 1,624 2,914 213 0.8% 2020 0.7% 1,775 2,002 223 0.8% 2021 0.4% 1,266 1,237 150 0.8% 2022 0.2% 486 1,180 133 0.4% 2023 (0.2%) -487 1,265 141 (0.4%) Xavantina Ero Copper 2018 —% — — — —% 2019 —% — — — —% 2020 —% — — — —% 2021 1.2% 3,482 172 38 9.1% 2022 3.1% 8,219 190 44 18.9% 2023 4.1% 10,512 136 60 17.6% Other Interests 2018 0.2% 451 NR NR NR 2019 0.2% 520 NR NR NR 2020 0.1% 364 NR NR NR 2021 0.2% 526 NR NR NR 2022 0.2% 645 NR NR NR 2023 0.3% 657 NR NR NR ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 92

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributable 2 (GEO) Ore Processed 4 (kt) Reported Production 4,5 (kGEO) RGLD % of Site Reported GEO Production 6 Total 2018 100.0% 259,433 2019 100.0% 268,001 2020 100.0% 268,012 2021 100.0% 284,177 2022 100.0% 264,614 2023 100.0% 259,267 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 GEO production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 138 for complete definition). 3 Royal Gold’s interest is either a portion of the mineral property production or a portion of production from an operating complex. 4 Site production figures were compiled by Skarn Associates, and we have relied on its database for gold and copper mining operations. 5 GEO production is estimated based on the following metal prices for each year using production units identified by Skarn Associates: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co. 6 Royal Gold’s percentage of site production is determined by dividing the net GEO we receive based on the methodology defined in footnote (2) by the Site Reported Production in GEOs, defined in footnote (5). 7 Prior year production adjustments occurred in 2023, resulting in negative production. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 93

Operator Energy Consumption The following table presents estimates for direct and indirect energy usage, which can be attributed to our interests, for a majority of our revenue-generating mineral properties, as available from Skarn Associates for calendar years 2018 through 2023. The table also details the GHG emissions associated with each unit of direct and indirect energy and provides a weighted average performance for the portfolio. Entries labeled “NR” means the data was not reported in the Skarn Associates database, and those labeled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Principal Properties Andacollo Teck Resources Limited 2018 15.3% 78 262 340 71 116 106 25 2019 17.2% 98 319 417 71 113 103 26 2020 13.4% 81 253 334 71 76 75 25 2021 11.4% 103 338 441 71 — 16 30 2022 8.4% 81 254 335 71 — 17 30 2023 8.4% 4th 82 213 295 71 — 20 27 Cortez 3 Nevada Gold Mines LLC 2018 1.5% 10 4 13 71 83 74 18 2019 4.3% 47 18 65 71 81 74 19 2020 6.1% 85 27 112 71 81 73 18 2021 11.0% 179 54 234 71 71 71 12 2022 10.6% 130 45 175 71 91 76 26 2023 18.8% 2nd 223 79 302 71 21 58 16 Mount Milligan Centerra Gold Inc. 2018 22.6% 151 354 505 71 3 23 35 2019 23.3% 187 386 573 70 8 29 33 2020 24.8% 203 459 662 70 11 29 30 2021 23.5% 202 443 645 70 3 24 29 2022 27.0% 252 473 725 70 3 26 27 2023 23.5% 4th 237 491 728 70 3 25 27 2024 Investment Stewardship Report 94 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Pueblo Viejo Barrick Gold Corporation 2018 16.8% 1,117 — 1,117 77 — 77 253 2019 17.3% 1,251 — 1,251 77 — 77 266 2020 16.9% 1,404 17 1,422 62 156 64 308 2021 14.1% 1,646 24 1,669 60 164 62 355 2022 12.4% 1,326 19 1,346 60 163 61 305 2023 10.6% 4th 821 74 849 52 149 55 230 Non-Principal Properties Allan/Borax Nutrien Ltd. 2018 0.3% NR NR NR NR NR NR NR 2019 0.3% NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR 2021 0.3% NR NR NR NR NR NR NR 2022 0.3% NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR Bald Mountain 3 Kinross Gold Corporation 2018 0.5% 8 1 9 71 98 73 2 2019 0.2% 5 0 5 71 196 82 3 2020 0.0% 1 0 1 71 196 82 3 2021 0.2% 4 0 5 71 155 78 3 2022 0.4% 8 1 9 71 102 74 3 2023 0.3% 4th 8 1 10 71 92 74 3 Bogoso and Prestea Future Global Resources Ltd. 2018 2.6% 18 15 33 71 37 55 36 2019 1.4% 13 16 29 71 36 51 79 2020 0.9% 3 6 9 71 94 86 79 2021 0.4% 1 3 5 71 97 89 79 2022 0.6% 5 4 10 71 98 83 79 2023 0.5% 2nd 5 4 9 71 94 80 79 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 95

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Canadian Malartic 3 Agnico Eagle Mines Ltd. 2018 2.5% 29 22 51 69 — 39 33 2019 1.8% 23 15 38 70 — 42 28 2020 1.6% 23 16 39 70 1 41 28 2021 1.5% 18 11 29 70 1 43 24 2022 1.0% 12 9 21 69 1 39 34 2023 0.3% 3rd 4 3 6 71 1 42 34 Dolores Pan American Silver Corporation 2018 2.0% 35 10 44 70 126 82 13 2019 1.9% 37 10 48 70 128 83 15 2020 1.5% 35 10 45 70 127 83 15 2021 2.0% 27 12 39 70 98 79 14 2022 1.9% 21 12 32 70 44 61 13 2023 1.6% 1st 13 11 24 70 44 58 13 Don Mario Orvana Minerals Corporation 2018 0.5% NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR 2020 —% — — — — — — — 2021 —% — — — — — — — 2022 —% — — — — — — — 2023 —% NR — — — — — — — Don Nicolas 3 Cerrado Gold, Inc. 2018 0.0% 2 — 2 63 — 63 76 2019 —% — — — — — — NR 2020 0.4% 18 — 18 59 — 59 76 2021 0.2% 6 — 6 63 — 63 76 2022 0.2% 5 — 5 63 — 63 76 2023 0.1% 3rd 2 — 2 63 — 63 76 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 96

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) El Limón Calibre Mining Corporation 2018 0.6% 16 5 21 74 83 76 103 2019 0.6% 15 5 20 74 83 76 103 2020 0.9% 17 6 23 74 83 76 103 2021 1.0% 19 8 27 74 83 76 113 2022 1.2% 12 10 22 73 — 39 141 2023 1.1% 3rd 13 10 24 70 — 40 150 Gold Hill 3 Kinross Gold Corporation (Round Mountain Complex) 2018 0.3% 4 1 5 71 94 77 8 2019 0.2% 3 1 4 71 85 74 9 2020 0.2% 4 1 5 71 93 76 9 2021 0.2% 4 1 5 71 159 94 12 2022 0.2% 4 1 5 71 187 101 8 2023 0.0% 3rd 1 — 1 71 174 40 8 Goldstrike 3 Nevada Gold Mines LLC (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin.) 2018 1.0% 23 9 32 71 83 74 121 2019 0.9% 41 18 59 77 59 72 288 2020 0.7% 26 8 33 79 81 79 143 2021 0.6% 26 7 33 78 77 78 114 2022 0.7% 23 4 27 88 145 96 163 2023 0.3% 4th 14 3 17 74 17 63 246 Gwalia 3 Genesis Minerals Limited 2018 1.5% 16 — 16 63 — 63 109 2019 1.0% 18 — 18 62 — 62 134 2020 0.9% 21 — 21 61 — 61 164 2021 0.9% 21 — 21 60 — 60 130 2022 0.8% 21 — 21 60 — 60 130 2023 0.7% 3rd 18 — 18 61 — 61 130 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 97

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Holt 3 Agnico Eagle Mines Ltd. 2018 3.1% 13 37 50 74 4 23 187 2019 2.7% 13 36 49 74 4 23 187 2020 1.3% 8 19 27 74 4 25 206 2021 —% — — — — — — — 2022 —% — — — — — — — 2023 —% — — — — — — — — Khoemacau MMG Limited (formally Khoemacau Copper) 2018 —% — — — — — — — 2019 —% — — — — — — — 2020 —% — — — — — — — 2021 0.7% 5 6 11 74 259 172 52 2022 3.1% 22 25 46 74 259 172 52 2023 5.4% 1st (Cu) 36 38 74 71 233 157 49 King of the Hills Vault Minerals Limited 2018 —% — — — — — — — 2019 0.4% NR NR NR NR NR NR NR 2020 0.2% NR NR NR NR NR NR NR 2021 0.0% NR NR NR NR NR NR NR 2022 0.2% 10 — 10 64 — 64 35 2023 0.8% 4th 27 — 27 62 — 62 42 LaRonde Zone 5 3 Agnico Eagle Mines Ltd. 2018 0.1% — 1 1 59 1 15 183 2019 0.5% 2 5 7 59 1 18 147 2020 0.4% 2 5 6 60 — 16 152 2021 0.4% 2 5 6 61 — 17 147 2022 0.6% 3 7 9 61 — 17 162 2023 0.5% 2nd 2 6 9 61 — 157 162 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 98

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Las Cruces First Quantum Minerals Ltd. 2018 1.4% 10 15 26 68 68 68 184 2019 0.9% 6 12 18 67 68 68 165 2020 1.1% 3 13 16 60 43 46 169 2021 0.3% 3 8 11 70 42 48 215 2022 0.2% 2 7 9 70 42 48 206 2023 0.1% 4th (Cu) 1 3 4 70 42 48 79 Leeville (North) 3 Nevada Gold Mines LLC (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants.) 2018 0.8% 52 20 73 79 59 73 180 2019 0.3% 15 6 21 77 59 72 288 2020 0.3% 12 4 16 79 81 79 143 2021 1.0% 45 12 57 78 77 78 114 2022 0.9% 31 6 37 88 145 96 163 2023 1.1% 4th 49 12 61 74 42 63 246 Marigold 3 SSR Mining Inc. 2018 1.6% 30 3 32 71 181 79 1 2019 1.5% 27 2 29 70 81 68 1 2020 1.7% 39 3 42 70 81 64 2 2021 1.6% 43 3 46 70 97 63 2 2022 1.3% 32 2 34 70 98 65 2 2023 1.0% 3rd 19 2 21 74 92 72 3 Meekathara 3 Westgold Resources Ltd. 2018 0.7% 23 — 23 70 — 70 56 2019 0.7% 20 — 20 70 — 70 56 2020 0.8% 24 — 24 70 — 70 56 2021 0.7% 22 — 22 70 — 70 53 2022 0.6% 17 — 17 70 — 70 55 2023 0.4% 3rd 12 — 12 70 — 70 63 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 99

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Mulatos Alamos Gold Inc. 2018 3.0% 60 — 60 74 — 74 7 2019 0.8% 22 — 22 74 141 74 6 2020 —% — — — — — — — 2021 —% — — — — — — — 2022 —% — — — — — — — 2023 —% — — — — — — — — Peñasquito Newmont Corporation 2018 5.1% 83 79 162 74 122 98 35 2019 4.1% 67 61 127 74 129 100 51 2020 7.1% 63 66 129 74 127 101 41 2021 8.2% 87 81 168 74 111 91 41 2022 7.6% 85 75 160 74 117 94 39 2023 3.4% 4th 44 74 119 74 71 72 67 Rainy River New Gold Inc. 2018 3.7% 75 32 107 70 2 50 33 2019 5.5% 106 54 160 70 2 47 32 2020 4.7% 89 53 142 70 6 46 31 2021 5.2% 111 65 176 70 6 46 32 2022 5.0% 94 59 154 70 8 46 34 2023 5.8% 4th 101 64 165 70 11 47 35 Red Chris Newmont Corporation 2018 —% — — — — — — — 2019 —% — — — — — — — 2020 —% — — — — — — — 2021 —% — — — — — — — 2022 0.5% 11 9 20 65 7 37 34 2023 0.6% 4th 15 13 28 69 5 39 36 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 100

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Robinson KGHM International Ltd. 2018 2.0% 50 50 100 71 158 114 41 2019 1.9% 46 46 92 71 158 114 41 2020 2.2% 64 63 127 71 158 114 41 2021 1.8% 44 44 88 71 158 114 41 2022 1.9% 50 49 100 71 158 114 41 2023 1.5% 4th 44 44 88 71 158 114 41 Skyline Wolverine Fuels, LLC 2018 0.3% NR NR NR NR NR NR NR 2019 0.3% NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR 2021 0.1% NR NR NR NR NR NR NR 2022 0.0% NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR South Laverton 3 Northern Star Resources Ltd. 2018 1.3% 21 — 21 74 — 74 36 2019 1.1% 18 — 18 74 — 74 36 2020 2.2% 36 — 36 74 — 74 36 2021 1.9% 46 — 46 70 — 70 49 2022 1.3% 40 — 40 74 — 74 21 2023 1.4% 3rd 31 — 31 73 — 73 29 Southern Cross Shandong Tianye Group 2018 0.4% 4 2 6 74 194 117 36 2019 0.4% 4 2 6 74 192 116 36 2020 0.3% 3 1 4 74 189 111 29 2021 0.3% 3 2 5 74 187 116 34 2022 0.3% 2 2 4 74 182 129 55 2023 0.3% 1st 2 2 5 74 182 129 54 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 101

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Taparko 3 (historic royalty, no ownership today) 2018 0.8% 24 — 24 75 — 75 11 2019 0.4% 14 — 14 75 — 75 11 2020 0.6% 18 — 18 75 — 75 12 2021 0.5% 28 — 28 75 — 75 12 2022 0.1% 7 — 7 75 — 75 12 2023 —% — — — — — — — — Twin Creeks 3 Nevada Gold Mines LLC (Twin Creeks combined production with Turquoise Ridge in 2019.) 2018 0.0% — — — 71 77 73 99 2019 0.1% 2 1 2 86 81 85 206 2020 0.1% 2 1 3 86 81 85 183 2021 0.0% — — — 85 71 82 157 2022 0.0% — — — 78 105 84 564 2023 0.0% 4th — — — 80 25 67 229 Voisey’s Bay Vale S.A. 2018 1.8% 12 — 12 71 — 71 52 2019 2.0% 16 — 16 71 — 71 52 2020 1.5% 11 — 11 71 — 71 52 2021 2.6% 22 — 22 71 — 71 52 2022 1.5% 21 — 21 71 — 71 60 2023 0.8% 2nd (Cu) 19 — 19 71 — 71 57 Wassa Chifeng Jilong Gold Mining Co., Ltd. 2018 4.6% 20 20 41 71 37 54 44 2019 4.4% 22 21 44 71 36 54 50 2020 5.0% 23 26 50 71 37 53 46 2021 4.9% 34 34 69 71 184 127 62 2022 5.2% 34 34 68 71 184 128 62 2023 5.2% 1st 22 30 51 74 188 140 56 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 102

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Total Energy Intensity (GJ/GEO) Quartile Ranking 8 RGLD Attributed Energy Estimates 4,5 Energy Emission Factor Electrical Power Consumption (kW-hr/t Ore Treated) Direct Indirect Total Direct Indirect Total (Tera Joule) (tCO 2 e/Tera Joule) Wharf Coeur Mining, Inc. 2018 0.6% 9 7 15 71 93 80 22 2019 0.6% 9 7 16 71 114 88 22 2020 0.7% 7 7 13 71 96 83 22 2021 0.6% 14 7 21 71 43 62 22 2022 0.5% 13 6 18 71 46 63 22 2023 0.7% 3rd 17 2 20 62 113 68 7 Williams 7 Barrick Gold Corporation 2018 0.5% 5 6 11 66 12 35 71 2019 0.6% 4 6 10 66 5 31 77 2020 0.7% 4 5 9 65 8 32 101 2021 0.4% 3 5 8 63 8 27 153 2022 0.2% 1 2 4 64 8 28 155 2023 (0.2%) 2nd -1 -2 -3 62 8 27 140 Xavantina Ero Copper 2018 —% — — — — — — — 2019 —% — — — — — — — 2020 —% — — — — — — — 2021 1.2% 4 9 12 74 17 34 154 2022 3.1% 9 18 27 74 17 36 141 2023 4.1% 1st 6 12 18 62 17 36 141 Other Interests 2018 0.2% NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR 2020 0.1% NR NR NR NR NR NR NR 2021 0.2% NR NR NR NR NR NR NR 2022 0.2% NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR 2024 Investment Stewardship Report 103 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Portfolio Energy Intensity Summary Year 1 Royal Gold Net GEOs 2 (%) Industry Quarti le Ranking 10 RGLD Attributed Energy Estimates 4,5 RGLD Attributed Energy Intensity Energy Emission Factor Electrical Power Consumption (kW-hr/ t Ore Treated) Direct Indirect Total (Tera Joule) Direct Indirect Total (Giga Joule/GEO) Direct Indirect Total (tCO 2 e/ Tera Joule) Properties With Energy Estimates 2018 98.7% 4th 1,999 954 2,952 7.8 3.7 11.5 75 60 70 38 2019 98.7% 4th 2,150 1,047 3,197 8.1 4.0 12.1 75 60 70 40 2020 99.1% 4th 2,329 1,069 3,398 8.8 4.0 12.8 67 51 62 40 2021 99.4% 4th 2,773 1,181 3,954 9.8 4.2 14.0 65 31 55 41 2022 99.4% 4th 2,383 1,135 3,517 9.1 4.3 13.4 65 34 55 41 2023 99.2% 4th 1,889 1,143 3,032 7.8 4.6 11.8 62 33 51 36 Properties Without Emissions Data 6 2018 1.3% 26 12 38 2019 1.3% 29 14 43 2020 0.9% 21 10 31 2021 0.6% 15 7 22 2022 0.6% 14 6 20 2023 0.8% 16 9 25 Total 2018 100.0% 2,025 966 2,990 7.8 3.7 11.5 75 60 70 2019 100.0% 2,179 1,061 3,240 8.1 4.0 12.1 75 60 70 2020 100.0% 2,350 1,079 3,429 8.8 4.0 12.8 67 51 62 2021 100.0% 2,788 1,188 3,976 9.8 4.2 14.0 65 31 55 2022 100.0% 2,397 1,141 3,537 9.1 4.3 13.4 65 34 55 2023 100.0% 1,905 1,152 3,057 7.8 4.6 11.8 62 33 51 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 GEO production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 138 for complete definition). 3 Royal Gold’s interest is either a portion of the mineral property or part of a complex, and energy usage is assumed to be equally proportioned to all GEOs. 4 Mine site energy estimates were compiled by Skarn Associates, and we have relied on its database for energy presented for gold and copper mining operations. 5 Royal Gold’s attributed energy consumption = Site energy consumption x Royal Gold % of site production. 6 Energy intensity for mineral properties that were not included in the Skarn Associates database have been assumed to be equal to the average of the portfolio. 7 Prior year production adjustments occurred in 2023, resulting in negative production. 8 Industry quartile ranking is based both on Skarn Associates’ energy intensity curve for gold production (GJ/oz Au) and its energy intensity curve for copper production (GJ/t Cu). Operations are benchmarked against the gold production intensity curve unless otherwise indicated with the designation “(Cu)” indicating the ranking is based on the copper energy consumption intensity curve. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 104

Operator GHG Emissions The following table presents scope 1 and 2 GHG emissions performance data for a majority of our revenue-generating mineral properties, as available from Skarn Associates for calendar years 2018 through 2023. The table also provides the emissions estimates that can be attributed to our streams and royalties and the average emission intensity for our portfolio. We have estimates of GHG emissions associated with about 99% of our net GEOs in each of the six years presented. The process to calculate the GHG emission footprint for our portfolio is described in detail on page 138 . Entries labeled “NR” means the data was not reported in the Skarn Associates database, and those labeled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Principal Properties Andacollo Teck Resources Limited 2018 15.3% 40,503 224,501 265,004 0.14 0.77 0.91 5,506 30,518 36,023 2019 17.2% 35,000 181,966 216,965 0.15 0.78 0.93 6,918 35,968 42,887 2020 13.4% 39,680 133,247 172,927 0.16 0.54 0.70 5,749 19,305 25,053 2021 11.4% 42,616 — 42,616 0.22 0.00 0.22 7,273 — 7,273 2022 8.4% 41,650 — 41,650 0.26 0.00 0.26 5,707 — 5,707 2023 8.4% 42,405 — 42,405 0.27 0.00 0.27 1st 5,790 — 5,790 Cortez 3 Nevada Gold Mines LLC 2018 1.5% 215,000 93,000 308,000 0.18 0.08 0.26 694 300 994 2019 4.3% 274,152 123,849 398,001 0.28 0.13 0.41 3,289 1,486 4,774 2020 6.1% 292,832 108,216 401,047 0.37 0.14 0.50 5,998 2,217 8,215 2021 11.0% 297,000 56,000 353,000 0.41 0.08 0.48 12,663 2,388 15,050 2022 10.6% 284,000 42,000 326,000 0.33 0.05 0.38 9,182 1,358 10,540 2023 18.8% 289,000 30,000 319,000 0.32 0.03 0.36 1st 15,761 1,636 17,397 Mount Milligan Centerra Gold Inc. 2018 22.6% 51,010 5,157 56,167 0.18 0.02 0.20 10,685 1,080 11,765 2019 23.3% 65,741 16,018 81,759 0.21 0.05 0.26 13,148 3,204 16,351 2020 24.8% 66,580 23,867 90,447 0.21 0.08 0.29 14,265 5,114 19,379 2021 23.5% 69,406 5,848 75,254 0.21 0.02 0.23 14,168 1,194 15,361 2022 27.0% 78,652 6,714 85,366 0.25 0.02 0.27 17,695 1,511 19,205 2023 23.5% 72,493 7,075 79,568 0.27 0.03 0.30 1st 16,664 1,626 18,290 ROYAL GOLD 2024 Investment Stewardship Report 105 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Pueblo Viejo Barrick Gold Corporation 2018 16.8% 2,029,000 — 2,029,000 1.97 — 1.97 85,693 — 85,693 2019 17.3% 2,165,898 — 2,165,898 2.07 — 2.07 95,994 — 95,994 2020 16.9% 1,860,150 57,914 1,918,064 1.94 0.06 2.00 87,648 2,729 90,377 2021 14.1% 2,129,000 85,000 2,214,000 2.46 0.10 2.56 98,819 3,945 102,764 2022 12.4% 1,847,000 73,000 1,920,000 2.41 0.10 2.50 79,228 3,131 82,359 2023 10.6% 1,787,000 87,000 1,874,000 3.00 0.15 3.15 4th 82,710 4,027 86,737 Non-Principal Properties Allan/Borax Nutrien Ltd. 2018 0.3% NR NR NR NR NR NR NR NR NR 2019 0.3% NR NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR NR 2021 0.3% NR NR NR NR NR NR NR NR NR 2022 0.3% NR NR NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR NR NR Bald Mountain 3 Kinross Gold Corporation 2018 0.5% 120,513 12,165 132,678 0.42 0.04 0.47 578 58 636 2019 0.2% 115,195 30,245 145,440 0.61 0.16 0.77 361 95 456 2020 0.0% 127,155 33,951 161,106 0.66 0.18 0.84 55 15 70 2021 0.2% 127,142 26,931 154,073 0.62 0.13 0.75 305 65 369 2022 0.4% 117,108 17,277 134,385 0.55 0.08 0.63 555 82 636 2023 0.3% 110,964 17,577 128,541 0.70 0.11 0.82 3rd 615 97 712 Bogoso and Prestea Future Global Resources Ltd. 2018 2.6% 14,153 6,215 20,368 0.19 0.08 0.27 1,282 563 1,845 2019 1.4% 11,057 7,174 18,231 0.23 0.15 0.38 901 584 1,485 2020 0.9% 2,624 7,736 10,361 0.09 0.26 0.35 202 596 798 2021 0.4% 2,707 8,960 11,667 0.08 0.27 0.36 96 319 416 2022 0.6% 8,815 10,120 18,936 0.25 0.29 0.54 371 426 798 2023 0.5 % 8,947 8,040 16,986 0.31 0.28 0.58 3rd 372 334 705 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 106

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Canadian Malartic 3 Agnico Eagle Mines Ltd. 2018 2.5 % 217,225 1,143 218,368 0.31 — 0.31 1,986 10 1,996 2019 1.8 % 228,467 874 229,341 0.34 — 0.34 1,626 6 1,632 2020 1.6 % 210,457 1,100 211,557 0.37 — 0.37 1,619 8 1,627 2021 1.5% 219,283 1,025 220,308 0.30 — 0.31 1,270 6 1,276 2022 1.0% 210,117 1,273 211,390 0.32 — 0.32 821 5 826 2023 0.3% 250,725 1,283 252,008 0.36 — 0.36 1st 271 1 273 Dolores Pan American Silver Corporation 2018 2.0% 86,749 41,634 128,383 0.47 0.23 0.70 2,495 1,197 3,692 2019 1.9% 93,898 46,883 140,781 0.53 0.26 0.79 2,666 1,331 3,996 2020 1.5% 87,521 43,884 131,405 0.62 0.31 0.92 2,492 1,250 3,742 2021 2.0% 64,650 38,516 103,166 0.35 0.21 0.55 1,964 1,170 3,134 2022 1.9% 48,116 16,206 64,322 0.30 0.10 0.39 1,501 506 2,007 2023 1.6% 31,889 15,514 47,403 0.24 0.12 0.36 1st 983 478 1,462 Don Mario Orvana Minerals Corporation 2018 0.5% NR NR NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR NR NR 2020 —% — — — — — — — — — 2021 —% — — — — — — — — — 2022 —% — — — — — — — — — 2023 —% — — — — — — — — — — Don Nicolas 3 Cerrado Gold, Inc. 2018 0.0% 19,768 — 19,768 0.78 — 0.78 99 — 99 2019 —% — — — — — — — — — 2020 0.4% 15,979 — 15,979 0.94 — 0.94 1,074 — 1,074 2021 0.2% 29,257 — 29,257 0.67 — 0.67 386 — 386 2022 0.2% 28,522 — 28,522 0.53 — 0.53 340 — 340 2023 0.1% 35,545 — 35,545 0.52 — 0.52 2nd 117 — 117 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 107

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) El Limón Calibre Mining Corporation 2018 0.6% 38,503 13,695 52,199 0.77 0.27 1.04 1,199 427 1,626 2019 0.6% 41,434 14,738 56,171 0.66 0.23 0.89 1,142 406 1,548 2020 0.9% 35,308 13,088 48,396 0.54 0.20 0.75 1,273 472 1,745 2021 1.0% 35,912 16,735 52,646 0.53 0.25 0.78 1,433 668 2,101 2022 1.2% 21,668 — 21,668 0.28 — 0.28 887 — 887 2023 1.1% 24,849 — 24,849 0.34 — 0.34 1st 937 — 937 Gold Hill 3 Kinross Gold Corporation (Round Mountain Complex) 2018 0.3% 151,838 68,196 220,034 0.39 0.18 0.57 261 117 378 2019 0.2% 157,664 67,518 225,182 0.43 0.19 0.62 183 79 262 2020 0.2% 162,248 73,114 235,362 0.50 0.22 0.72 262 118 380 2021 0.2% 150,293 117,245 267,538 0.59 0.46 1.05 252 197 449 2022 0.2% 154,384 145,219 299,603 0.68 0.64 1.33 284 267 552 2023 0.0% 132,994 135,690 268,684 0.53 0.54 1.07 4th 61 63 124 Goldstrike 3 Nevada Gold Mines LLC (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin.) 2018 1.0% 639,000 300,000 939,000 0.63 0.29 0.92 1,621 761 2,382 2019 0.9% 2,277,984 742,215 3,020,199 1.32 0.43 1.76 3,208 1,045 4,254 2020 0.7% 1,749,640 526,175 2,275,816 1.05 0.32 1.37 2,044 615 2,659 2021 0.6% 1,792,700 320,000 2,112,700 1.19 0.21 1.41 2,005 358 2,363 2022 0.7% 1,924,900 148,000 2,072,900 1.17 0.09 1.26 2,027 156 2,183 2023 0.3% 1,758,200 96,000 1,854,200 1.25 0.07 1.31 4th 1,013 55 1,069 Gwalia 3 Genesis Minerals Limited 2018 1.5% 65,558 — 65,558 0.25 — 0.25 1,013 — 1,013 2019 1.0% 74,803 — 74,803 0.41 — 0.41 1,129 — 1,129 2020 0.9% 86,500 — 86,500 0.56 — 0.56 1,270 — 1,270 2021 0.9% 93,000 — 93,000 0.49 — 0.49 1,278 — 1,278 2022 0.8% 90,218 — 90,218 0.57 — 0.57 1,277 — 1,277 2023 0.7% 101,435 — 101,435 0.56 0.00 0.56 2nd 1,082 — 1,082 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 108

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Holt 3 Agnico Eagle Mines Ltd. 2018 3.1% 15,787 2,510 18,297 0.12 0.02 0.14 999 159 1,158 2019 2.7% 15,668 2,491 18,159 0.14 0.02 0.16 982 156 1,138 2020 1.3% 4,832 693 5,525 0.16 0.02 0.19 573 82 656 2021 —% — — — — — — — — — 2022 —% — — — — — — — — — 2023 —% — — — — — — — — — — Khoemacau MMG Limited (formally Khoemacau Copper) 2018 —% — — — — — — — — — 2019 —% — — — — — — — — — 2020 —% — — — — — — — — — 2021 0.7% 22,069 87,148 109,218 0.18 0.72 0.90 373 1,473 1,846 2022 3.1% 44,139 174,296 218,435 0.19 0.77 0.96 1,608 6,351 7,959 2023 5.4% 39,949 134,235 174,184 0.19 0.64 0.83 3rd (Cu) 2,657 8,929 11,587 King of the Hills Vault Minerals Limited 2018 —% — — — — — — — — — 2019 0.4% NR NR NR NR NR NR NR NR NR 2020 0.2% NR NR NR NR NR NR NR NR NR 2021 0.0% NR NR NR NR NR NR NR NR NR 2022 0.2% 87,061 — 87,061 1.25 — 1.25 635 — 635 2023 0.8% 159,974 — 159,974 0.76 — 0.76 3rd 1,639 — 1,639 LaRonde Zone 5 3 Agnico Eagle Mines Ltd. 2018 0.1% 31,010 851 31,861 0.08 — 0.08 13 — 13 2019 0.5% 38,306 861 39,167 0.09 — 0.09 116 3 119 2020 0.4% 31,861 204 32,065 0.09 — 0.09 100 1 100 2021 0.4% 35,820 217 36,037 0.09 — 0.09 107 1 108 2022 0.6% 41,181 274 41,455 0.11 — 0.11 164 1 165 2023 0.5% 38,880 259 39,139 0.12 — 0.12 1st 152 1 153 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 109

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Las Cruces First Quantum Minerals Ltd. 2018 1.4% 46,900 69,400 116,300 0.19 0.28 0.47 709 1,049 1,757 2019 0.9% 36,100 54,900 91,000 0.21 0.32 0.54 542 824 1,365 2020 1.1% 41,253 38,000 79,253 0.22 0.20 0.41 623 574 1,197 2021 0.3% 25,400 22,000 47,400 0.53 0.46 0.99 399 346 745 2022 0.2% 17,000 19,000 36,000 0.51 0.57 1.07 255 285 540 2023 0.1% 7,463 7,738 15,201 0.55 0.57 1.11 4th (Cu) 116 121 237 Leeville (North) 3 Nevada Gold Mines LLC (Scope 1 emissions included portions of emissions from the Western 102 and TS power plants.) 2018 0.8% 1,894,327 545,308 2,439,636 2.04 0.59 2.63 4,126 1,188 5,314 2019 0.3% 2,277,984 742,215 3,020,199 1.32 0.43 1.76 1,123 366 1,489 2020 0.3% 1,749,640 526,175 2,275,816 1.05 0.32 1.37 976 294 1,270 2021 1.0% 1,792,700 320,000 2,112,700 1.19 0.21 1.41 3,519 628 4,147 2022 0.9% 1,924,900 148,000 2,072,900 1.17 0.09 1.26 2,731 210 2,941 2023 1.1% 1,758,200 96,000 1,854,200 1.25 0.07 1.31 4th 3,678 201 3,879 Marigold 3 SSR Mining Inc. 2018 1.6% 106,100 23,500 129,600 0.52 0.11 0.63 2,102 466 2,567 2019 1.5% 101,861 10,284 112,145 0.46 0.05 0.51 1,869 189 2,058 2020 1.7% 138,792 10,616 149,408 0.59 0.05 0.64 2,741 210 2,951 2021 1.6% 152,504 12,906 165,410 0.65 0.05 0.70 3,022 256 3,278 2022 1.3% 150,063 16,622 166,685 0.65 0.07 0.72 2,210 245 2,455 2023 1.0% 132,143 18,973 151,115 0.51 0.07 0.58 3rd 1,340 192 1,532 Meekathara 3 Westgold Resources Ltd. 2018 0.7% 116,966 — 116,966 0.87 — 0.87 1,645 — 1,645 2019 0.7% 122,832 — 122,832 0.71 — 0.71 1,408 — 1,408 2020 0.8% 145,905 — 145,905 0.80 — 0.80 1,676 — 1,676 2021 0.7% 148,748 — 148,748 0.78 — 0.78 1,542 — 1,542 2022 0.6% 142,447 — 142,447 0.71 — 0.71 1,161 — 1,161 2023 0.4% 130,348 — 130,348 0.74 — 0.74 3rd 810 — 810 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 110

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Mulatos Alamos Gold Inc. 2018 3.0% 101,031 — 101,031 0.58 — 0.58 4,531 — 4,531 2019 0.8% 108,894 105 108,999 0.77 — 0.77 1,597 2 1,598 2020 —% — — — — — — — — — 2021 —% — — — — — — — — — 2022 —% — — — — — — — — — 2023 —% — — — — — — — — — — Peñasquito Newmont Corporation 2018 5.1% 344,519 537,601 882,120 0.47 0.74 1.21 6,181 9,644 15,825 2019 4.1% 300,254 475,382 775,635 0.45 0.72 1.17 4,945 7,829 12,774 2020 7.1% 321,156 577,458 898,614 0.24 0.44 0.68 4,658 8,375 13,032 2021 8.2% 418,372 578,188 996,560 0.28 0.38 0.66 6,461 8,929 15,390 2022 7.6% 436,674 587,649 1,024,323 0.32 0.43 0.76 6,469 8,706 15,175 2023 3.4% 226,563 359,527 586,090 0.38 0.61 1.00 4th 3,348 5,313 8,660 Rainy River New Gold Inc. 2018 3.7% 140,749 1,865 142,614 0.61 0.01 0.62 5,794 77 5,870 2019 5.5% 142,871 2,254 145,125 0.56 0.01 0.56 8,178 129 8,307 2020 4.7% 138,485 5,462 143,947 0.59 0.02 0.62 7,498 296 7,793 2021 5.2% 142,994 5,899 148,893 0.59 0.02 0.62 8,713 359 9,072 2022 5.0% 131,384 8,208 139,592 0.56 0.03 0.60 7,366 460 7,827 2023 5.8% 127,029 12,459 139,488 0.49 0.05 0.54 2nd 7,376 723 8,099 Red Chris Newmont Corporation 2018 —% — — — — — — — — — 2019 —% — — — — — — — — — 2020 —% — — — — — — — — — 2021 —% — — — — — — — — — 2022 0.5% 92,283 8,538 100,821 0.54 0.05 0.59 707 65 773 2023 0.6% 94,133 5,938 100,071 0.71 0.05 0.75 3rd 1,038 65 1,103 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 111

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Robinson KGHM International Ltd. 2018 2.0% 149,061 329,614 478,675 0.68 1.51 2.19 3,544 7,838 11,382 2019 1.9% 149,061 329,614 478,675 0.64 1.42 2.07 3,276 7,244 10,519 2020 2.2% 146,962 324,972 471,933 0.75 1.66 2.41 4,500 9,952 14,452 2021 1.8% 146,962 324,972 471,933 0.60 1.32 1.92 3,117 6,891 10,008 2022 1.9% 146,962 324,972 471,933 0.70 1.55 2.25 3,540 7,827 11,367 2023 1.5% 104,973 232,123 337,095 0.82 1.81 2.62 4th 3,116 6,890 10,005 Skyline Wolverine Fuels, LLC 2018 0.3% NR NR NR NR NR NR NR NR NR 2019 0.3% NR NR NR NR NR NR NR NR NR 2020 0.3% NR NR NR NR NR NR NR NR NR 2021 0.1% NR NR NR NR NR NR NR NR NR 2022 0.0% NR NR NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR NR NR South Laverton 3 Northern Star Resources Ltd. 2018 1.3% 82,143 — 82,143 0.47 — 0.47 1,593 — 1,593 2019 1.1% 87,006 — 87,006 0.44 — 0.44 1,342 — 1,342 2020 2.2% 96,570 — 96,570 0.45 — 0.45 2,708 — 2,708 2021 1.9% 150,238 — 150,238 0.59 — 0.59 3,244 — 3,244 2022 1.3% 166,156 — 166,156 0.85 — 0.85 2,933 — 2,933 2023 1.4% 151,848 — 151,848 0.61 — 0.61 3rd 2,282 — 2,282 Southern Cross Shandong Tianye Group 2018 0.4% 40,369 58,526 98,895 0.25 0.36 0.61 282 409 692 2019 0.4% 40,369 57,690 98,059 0.25 0.36 0.61 269 384 653 2020 0.3% 37,907 46,214 84,121 0.23 0.29 0.52 210 256 466 2021 0.3% 35,834 53,765 89,599 0.22 0.33 0.55 212 317 529 2022 0.3% 33,077 83,735 116,812 0.20 0.52 0.72 155 392 547 2023 0.3% 33,077 83,735 116,812 0.20 0.51 0.71 3rd 164 416 581 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 112

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Taparko 3 (historic royalty, no ownership today) 2018 0.8% 88,989 — 88,989 0.89 — 0.89 1,785 — 1,785 2019 0.4% 69,000 — 69,000 1.00 — 1.00 1,030 — 1,030 2020 0.6% 76,000 — 76,000 0.82 — 0.82 1,374 — 1,374 2021 0.5% 106,246 — 106,246 1.57 — 1.57 2,114 — 2,114 2022 0.1% 39,525 — 39,525 2.34 — 2.34 530 — 530 2023 —% — — — — — — — — — — Twin Creeks 3 Nevada Gold Mines LLC (Twin Creeks combined production with Turquoise Ridge in 2019.) 2018 0.0% 243,493 196,173 439,666 0.67 0.54 1.22 13 10 23 2019 0.1% 591,994 180,684 772,678 0.89 0.27 1.16 154 47 202 2020 0.1% 521,255 159,059 680,314 0.94 0.29 1.23 201 61 263 2021 0.0% 458,300 85,000 543,300 0.81 0.15 0.96 2 — 2 2022 0.0% 471,100 56,000 527,100 1.03 0.12 1.15 13 2 15 2023 —% 443,800 43,000 486,800 0.86 0.08 0.95 3rd 17 2 19 Voisey’s Bay Vale S.A. 2018 1.8% 75,609 — 75,609 0.18 — 0.18 847 — 847 2019 2.0% 81,705 — 81,705 0.21 — 0.21 1,117 — 1,117 2020 1.5% 73,397 — 73,397 0.20 — 0.20 780 — 780 2021 2.6% 83,745 — 83,745 0.21 — 0.21 1,557 — 1,557 2022 1.5% 91,521 — 91,521 0.37 — 0.37 1,489 — 1,489 2023 0.8% 93,134 — 93,134 0.64 — 0.64 3rd (Cu) 1,326 — 1,326 Wassa Chifeng Jilong Gold Mining Co., Ltd. 2018 4.6% 18,061 9,364 27,424 0.12 0.06 0.18 1,442 747 2,189 2019 4.4% 20,890 9,950 30,840 0.13 0.06 0.20 1,585 755 2,340 2020 5.0% 20,409 12,200 32,608 0.12 0.07 0.19 1,635 977 2,612 2021 4.9% 26,820 69,770 96,590 0.17 0.45 0.62 2,422 6,302 8,724 2022 5.2% 29,557 78,144 107,701 0.17 0.45 0.62 2,376 6,282 8,658 2023 5.2% 27,544 95,700 123,244 0.12 0.41 0.53 2nd 1,609 5,592 7,201 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 113

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Operator Emission Estimates 4 Operator Emission Intensity 2, 4 GHG Emissions Intensity Quartile Ranking 8 RGLD Attributed Emissions 5 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) (tCO 2 e) Wharf Coeur Mining, Inc. 2018 0.6% 33,585 32,789 66,374 0.43 0.42 0.85 620 605 1,225 2019 0.6% 33,715 37,674 71,389 0.40 0.44 0.84 668 746 1,414 2020 0.7% 24,769 32,564 57,333 0.26 0.34 0.60 482 633 1,115 2021 0.6% 50,928 14,694 65,622 0.55 0.16 0.71 995 287 1,282 2022 0.5% 52,158 14,921 67,079 0.65 0.19 0.84 898 257 1,155 2023 0.7% 56,405 12,700 69,105 0.58 0.13 0.72 3rd 1,092 246 1,337 Williams 7 Barrick Gold Corporation 2018 0.5% 36,752 8,967 45,719 0.22 0.05 0.27 301 73 375 2019 0.6% 38,248 3,651 41,900 0.18 0.02 0.20 291 28 319 2020 0.7% 31,281 5,665 36,946 0.14 0.03 0.17 249 45 294 2021 0.4% 21,000 5,000 26,000 0.14 0.03 0.17 177 42 219 2022 0.2% 22,000 5,000 27,000 0.17 0.04 0.20 80 18 98 2023 (0.2%) 20,000 5,000 25,000 0.14 0.04 0.18 1st -69 -17 -86 Xavantina Ero Copper 2018 —% — — — — — — — — — 2019 —% — — — — — — — — — 2020 —% — — — — — — — — — 2021 1.2% 3,052 1,653 4,705 0.08 0.04 0.12 279 151 430 2022 3.1% 3,657 1,660 5,317 0.08 0.04 0.12 691 314 1,004 2023 4.1% 2,620 1,190 3,810 0.04 0.02 0.06 1st 462 210 671 Other Interests 2018 0.2% NR NR NR NR NR NR NR NR NR 2019 0.2% NR NR NR NR NR NR NR NR NR 2020 0.1% NR NR NR NR NR NR NR NR NR 2021 0.2% NR NR NR NR NR NR NR NR NR 2022 0.2% NR NR NR NR NR NR NR NR NR 2023 0.3% NR NR NR NR NR NR NR NR NR NR ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 114

Portfolio Emission Intensity Summary Year 1 Royal Gold Net GEOs 2 (%) RGLD Attributed Emissions 5 Emission Intensity Industry Quartile Ranking 8 Scope 1 Scope 2 Scope 1 & 2 Scope 1 Scope 2 Scope 1 & 2 (tCO 2 e) (tCO 2 e/GEO) Properties With Emissions Estimates 2018 98.7% 149,636 57,298 206,934 0.58 0.22 0.81 3rd 2019 98.7% 161,057 62,905 223,963 0.61 0.24 0.85 3rd 2020 99.1% 154,934 54,192 209,125 0.58 0.20 0.79 3rd 2021 99.4% 180,164 36,292 216,455 0.64 0.13 0.77 3rd 2022 99.4% 155,887 38,857 194,744 0.59 0.15 0.74 3rd 2023 99.2% 158,529 37,201 195,730 0.62 0.14 0.76 3rd Properties Without Emissions Data 6 2018 1.3% 1,916 733 2,649 2019 1.3% 2,167 846 3,013 2020 0.9% 1,423 498 1,921 2021 0.6% 1,003 202 1,205 2022 0.6% 880 219 1,099 2023 0.8% 1,303 306 1,609 Total 2018 100.0% 151,552 58,031 209,583 0.58 0.22 0.81 2019 100.0% 163,224 63,751 226,976 0.61 0.24 0.85 2020 100.0% 156,357 54,690 211,046 0.58 0.20 0.79 2021 100.0% 181,167 36,494 217,660 0.64 0.13 0.77 2022 100.0% 156,767 39,076 195,843 0.59 0.15 0.74 2023 100.0% 159,832 37,507 197,339 0.62 0.14 0.76 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 GEO) production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 138 for complete definition). 3 Royal Gold’s interest is either a portion of the mineral properties or part of a complex, and energy usage is assumed to be equally proportioned to all GEOs. 4 Mine site emissions estimates were compiled by Skarn Associates, and we have relied on its database for emissions presented for gold and copper mining operations. 5 Royal Gold’s attributed emissions = Site emissions x Royal Gold % of site production. 6 Emissions intensity for mineral properties that were not included in the Skarn Associates database have been assumed to be equal to the average of the portfolio. 7 Prior year production adjustments occurred in 2023, resulting in negative production. 8 Industry quartile ranking is based both on Skarn Associates’ emissions intensity curve for gold production (tCO 2 e/oz Au) and the emissions intensity curve for copper production (CO 2 e/t Cu). Operations are benchmarked against the gold production intensity curve unless otherwise indicated with the designation “(Cu)” indicating the ranking is based on the copper emissions intensity curve. 9 Scope 2 emissions are Market Based. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 115

Operator Water Consumption The following table presents water consumption and water use intensity for a majority of our revenue-generating mineral properties, as available from Skarn Associates for calendar years 2018 through 2023. The table also provides the water consumption that can be attributed to our streams and royalties and the average water intensity for our portfolio. We have estimates of consumption and water use intensity associated with about 98% of our net GEOs in each of the six years presented. Entries labeled “NR” means the data were not reported in the Skarn Associates database, and those labeled “–” are for periods when Royal Gold did not have royalty or stream revenue from the mineral property. Skarn Associates may update prior year information, which we may have presented in prior reports. We use the most current data available from Skarn Associates and adjust our presentation of data and calculations accordingly. Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Principal Properties Andacollo Teck Resources Limited 2018 15.3% 9,306 1,265 32 0.43 2019 17.2% 8,770 1,734 38 0.52 2020 13.4% 9,032 1,309 37 0.46 2021 11.4% 8,896 1,518 47 0.48 2022 8.4% 9,242 1,266 57 0.54 2023 8.4% 8,732 1,192 55 0.54 4th 2nd Cortez 3 Nevada Gold Mines LLC 2018 1.5% 3,230 10 3 0.19 2019 4.3% 4,185 50 4 0.19 2020 6.1% 4,022 82 5 0.19 2021 11.0% 4,965 212 7 0.17 2022 10.6% 3,104 100 4 0.21 2023 18.8% 5,375 293 6 0.21 1st 1st Mount Milligan Centerra Gold Inc. 2018 22.6% 6,252 1,310 22 0.46 2019 23.3% 6,697 1,339 21 0.41 2020 24.8% 7,333 1,571 24 0.37 2021 23.5% 8,023 1,638 25 0.38 2022 27.0% 10,427 2,346 33 0.49 2023 23.5% 8,833 2,030 33 0.41 4th 1st ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 116

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Pueblo Viejo Barrick Gold Corporation 2018 16.8% 14,440 610 14 1.73 2019 17.3% 14,890 660 14 1.73 2020 16.9% 15,273 720 16 1.73 2021 14.1% 17,127 795 20 1.88 2022 12.4% 18,802 807 24 1.99 2023 10.6% 19,817 917 33 2.23 4th 4th Non-Principal Properties Allan/Borax Nutrien Ltd. 2018 0.3% NR NR NR NR 2019 0.3% NR NR NR NR 2020 0.3% NR NR NR NR 2021 0.3% NR NR NR NR 2022 0.3% NR NR NR NR 2023 0.3% NR NR NR NR NR NR Bald Mountain 3 Kinross Gold Corporation 2018 0.5% 1,419 7 5 0.06 2019 0.2% 824 3 4 0.05 2020 0.0% 1,281 1 7 0.07 2021 0.2% 1,771 4 9 0.09 2022 0.4% 2,317 11 11 0.15 2023 0.3% 3,224 18 20 0.19 3rd 1st Bogoso and Prestea Future Global Resources Ltd. 2018 2.6% 1,226 111 16 0.94 2019 1.4% 1,700 138 36 2.36 2020 0.9% 589 45 20 2.00 2021 0.4% 656 23 20 2.00 2022 0.6% 739 31 21 2.00 2023 0.5% 612 25 21 2.00 4th 4th ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 117

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Canadian Malartic 3 Agnico Eagle Mines Ltd. 2018 2.5% 11,882 109 17 0.58 2019 1.8% 9,858 70 15 0.47 2020 1.6% 8,039 62 14 0.39 2021 1.5% 11,795 68 16 0.53 2022 1.0% 14,836 58 22 0.76 2023 0.3% 16,588 18 24 0.84 4th 3rd Dolores Pan American Silver Corporation 2018 2.0% 924 27 5 0.13 2019 1.9% 1,328 38 7 0.20 2020 1.5% 1,340 38 9 0.21 2021 2.0% 1,667 51 9 0.21 2022 1.9% 1,916 60 12 0.24 2023 1.6% 2,173 67 16 0.29 3rd 1st Don Mario Orvana Minerals Corporation 2018 0.5% NR NR NR NR 2019 0.2% NR NR NR NR 2020 —% — — — — 2021 —% — — — — 2022 —% — — — — 2023 —% — — — — — — Don Nicolas 3 Cerrado Gold, Inc. 2018 0.0% 115 1 5 0.40 2019 —% — — — — 2020 0.4% 133 9 8 0.40 2021 0.2% 166 2 4 0.40 2022 0.2% 158 2 3 0.40 2023 0.1% 203 1 3 0.40 1st 1st ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 118

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) El Limón Calibre Mining Corporation 2018 0.6% 896 28 18 2.00 2019 0.6% 964 27 15 2.00 2020 0.9% 1,084 39 17 2.53 2021 1.0% 1,180 47 17 2.38 2022 1.2% 986 40 13 1.99 2023 1.1% 918 35 13 1.81 3rd 4th Gold Hill 3 Kinross Gold Corporation (Round Mountain Complex) 2018 0.3% 6,688 11 17 0.27 2019 0.2% 6,709 8 18 0.26 2020 0.2% 5,994 10 18 0.25 2021 0.2% 4,322 7 17 0.26 2022 0.2% 6,939 13 31 0.26 2023 0.0% 7,579 4 30 0.27 4th 1st Goldstrike 3 Nevada Gold Mines LLC (Goldstrike and Carlin were combined by Nevada Gold Mines for reporting purposes starting in 2019 and are referred to as Carlin.) 2018 1.0% 20,494 52 20 2.45 2019 0.9% 8,985 13 5 0.56 2020 0.7% 11,104 13 7 0.56 2021 0.6% 13,934 16 9 0.60 2022 0.7% 11,157 12 7 0.57 2023 0.3% 6,725 4 5 0.57 1st 2nd Gwalia 3 Genesis Minerals Limited 2018 1.5% 1,118 17 4 1.66 2019 1.0% 1,086 16 6 1.65 2020 0.9% 1,027 15 7 1.47 2021 0.9% 1,062 15 6 1.06 2022 0.8% 1,230 17 8 1.23 2023 0.7% 1,400 15 8 1.40 2nd 4th ROYAL GOLD 2024 Investment Stewardship Report 119 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Holt 3 Agnico Eagle Mines Ltd. 2018 3.1% 370 23 3 0.43 2019 2.7% 367 23 3 0.43 2020 1.3% 93 11 3 0.43 2021 —% — — — — 2022 —% — — — — 2023 —% — — — — — — Khoemacau MMG Limited (formally Khoemacau Copper) 2018 —% — — — — 2019 —% — — — — 2020 —% — — — — 2021 0.7% 1,440 24 12 0.80 2022 3.1% 2,700 98 12 0.75 2023 5.4% 2,379 158 11 0.73 3rd 3rd King of the Hills Vault Minerals Limited 2018 —% — — — — 2019 0.4% NR NR NR NR 2020 0.2% NR NR NR NR 2021 0.0% NR NR NR NR 2022 0.2% 1,773 13 25 0.75 2023 0.8% 2,186 22 10 0.46 3rd 2nd LaRonde Zone 5 3 Agnico Eagle Mines Ltd. 2018 0.1% 1,633 1 4 0.70 2019 0.5% 2,049 6 5 0.70 2020 0.4% 1,872 6 5 0.70 2021 0.4% 2,072 6 5 0.70 2022 0.6% 1,917 8 5 0.68 2023 0.5% 1,632 6 5 0.61 1st 2nd ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 120

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Las Cruces First Quantum Minerals Ltd. 2018 1.4% 1,235 19 5 0.80 2019 0.9% 1,059 16 6 0.78 2020 1.1% 1,249 19 7 0.85 2021 0.3% 683 11 14 1.00 2022 0.2% 607 9 18 1.00 2023 0.1% 1,082 17 79 1.67 4th 4th Leeville (North) 3 Nevada Gold Mines LLC 2018 0.8% 10,324 22 11 0.51 2019 0.3% 8,985 4 5 0.56 2020 0.3% 11,104 6 7 0.56 2021 1.0% 13,934 27 9 0.60 2022 0.9% 11,157 16 7 0.57 2023 1.1% 6,725 14 5 0.57 1st 2nd Marigold 3 SSR Mining Inc. 2018 1.6% 1,628 32 8 0.06 2019 1.5% 1,624 30 7 0.06 2020 1.7% 1,611 32 7 0.07 2021 1.6% 1,645 33 7 0.08 2022 1.3% 1,564 23 7 0.07 2023 1.0% 1,694 17 7 0.08 2nd 1st Meekathara 3 Westgold Resources Ltd. 2018 0.7% NR NR NR NR 2019 0.7% NR NR NR NR 2020 0.8% 1,397 16 8 0.50 2021 0.7% 1,165 12 6 0.39 2022 0.6% 1,294 11 6 0.47 2023 0.4% 1,982 12 11 0.90 3rd 3rd ROYAL GOLD 2024 Investment Stewardship Report 121 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Mulatos Alamos Gold Inc. 2018 3.0% 1,169 52 7 0.17 2019 0.8% 989 15 7 0.14 2020 —% — — — — 2021 —% — — — — 2022 —% — — — — 2023 —% — — — — — — Peñasquito Newmont Corporation 2018 5.1% 65,914 1,182 90 1.87 2019 4.1% 37,333 615 57 1.87 2020 7.1% 43,103 625 33 1.41 2021 8.2% 48,222 745 32 1.35 2022 7.6% 30,180 447 22 0.84 2023 3.4% 18,765 277 32 0.90 4th 3rd Rainy River New Gold Inc. 2018 3.7% 4,767 196 21 0.73 2019 5.5% 2,482 142 10 0.31 2020 4.7% 2,399 130 10 0.27 2021 5.2% 1,696 103 7 0.18 2022 5.0% 4,657 261 20 0.54 2023 5.8% 6,024 350 23 0.69 4th 3rd Red Chris Newmont Corporation 2018 —% — — — — 2019 —% — — — — 2020 —% — — — — 2021 —% — — — — 2022 0.5% 21,908 168 128 2.32 2023 0.6% 19,920 220 149 2.15 4th 4th ROYAL GOLD 2024 Investment Stewardship Report 122 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Robinson KGHM International Ltd. 2018 2.0% 18,959 451 87 1.34 2019 1.9% 19,409 427 84 1.37 2020 2.2% 19,170 587 98 1.37 2021 1.8% 19,081 405 78 1.36 2022 1.9% 19,040 459 91 1.36 2023 1.5% 13,600 404 106 1.36 4th 4th Skyline Wolverine Fuels, LLC 2018 0.3% NR NR NR NR 2019 0.3% NR NR NR NR 2020 0.3% NR NR NR NR 2021 0.1% NR NR NR NR 2022 0.0% NR NR NR NR 2023 0.3% NR NR NR NR NR NR South Laverton 3 Northern Star Resources Ltd. 2018 1.3% 1,776 34 10 0.80 2019 1.1% 1,751 27 9 0.74 2020 2.2% 1,791 50 8 0.67 2021 1.9% 1,962 42 8 0.53 2022 1.3% 2,142 38 11 0.58 2023 1.4% 3,619 54 15 0.95 3rd 4th Southern Cross Shandong Tianye Group 2018 0.4% 1,172 8 7 0.50 2019 0.4% 1,172 8 7 0.50 2020 0.3% 1,172 6 7 0.50 2021 0.3% 1,172 7 7 0.50 2022 0.3% 1,172 5 7 0.50 2023 0.3% 1,172 6 7 0.50 2nd 2nd ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 123

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Taparko 3 (historic royalty, no ownership today) 2018 0.8% 1,609 32 16 0.82 2019 0.4% 1,491 22 22 0.78 2020 0.6% 1,684 30 18 0.94 2021 0.5% 1,844 37 27 1.13 2022 0.1% 445 6 26 1.13 2023 —% — — — — — — Twin Creeks 3 Nevada Gold Mines LLC (Twin Creeks combined production with Turquoise Ridge in 2019.) 2018 0.0% 1,569 — 4 0.71 2019 0.1% 2,870 1 4 0.49 2020 0.1% 4,065 2 7 0.69 2021 0.0% 6,017 — 11 0.98 2022 0.0% 1,211 — 3 0.68 2023 0.0% 6,676 — 13 1.57 3rd 4th Voisey’s Bay Vale S.A. 2018 1.8% 5,280 59 13 2.64 2019 2.0% 5,280 72 14 2.50 2020 1.5% 5,280 56 14 2.93 2021 2.6% 5,280 98 13 2.56 2022 1.5% 2,583 42 10 1.55 2023 0.8% 4,540 65 31 2.58 4th 4th Wassa Chifeng Jilong Gold Mining Co., Ltd. 2018 4.6% 1,718 137 11 1.07 2019 4.4% 1,985 151 13 1.28 2020 5.0% 1,931 155 12 0.96 2021 4.9% 1,859 168 12 1.10 2022 5.2% 2,082 167 12 1.10 2023 5.2% 2,805 164 12 1.10 3rd 4th ROYAL GOLD 2024 Investment Stewardship Report 124 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Mineral Property/Operator Year 1 Royal Gold Net GEOs 2 (%) Validated Water Consumption 4 (ML) Royal Gold Attributed Water Consumption 5 Water Consumption Intensity (Validated) Water Consumption Intensity Quartile Ranking 8 (ML) (kL/GEO) (kL/t Ore Treated) (kL/GEO) (kL/t Ore Treated) Wharf Coeur Mining, Inc. 2018 0.6% 893 16 11 0.20 2019 0.6% 837 17 10 0.20 2020 0.7% 855 17 9 0.20 2021 0.6% 854 17 9 0.20 2022 0.5% 818 14 10 0.20 2023 0.7% 607 12 6 0.14 1st 1st Williams 7 Barrick Gold Corporation 2018 0.5% 1,646 13 10 0.54 2019 0.6% 1,662 13 8 0.57 2020 0.7% 2,917 23 13 1.46 2021 0.4% 1,138 10 8 0.92 2022 0.2% 1,062 4 8 0.90 2023 (0.2)% 1,101 (4) 8 0.87 2nd 3rd Xavantina Ero Copper 2018 —% — — — — 2019 —% — — — — 2020 —% — — — — 2021 1.2% 69 6 2 0.40 2022 3.1% 76 14 2 0.40 2023 4.1% 54 10 1 0.40 1st 1st Other Interests 2018 0.2% NR NR NR NR 2019 0.2% NR NR NR NR 2020 0.1% NR NR NR NR 2021 0.2% NR NR NR NR 2022 0.2% NR NR NR NR 2023 0.3% NR NR NR NR NR NR ROYAL GOLD 2024 Investment Stewardship Report 125 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

Portfolio Water Consumption Intensity Summary Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributed Consumption 5 Consumption Intensity (Validated) Industry Quartile Ranking 8 (ML) (kL/GEO) (kL/t ore treated) (kL/GEO) (kL/t Ore Treated) Properties With Water Consumption Estimates 2018 98.0% 5,838 23 0.62 2019 97.9% 5,683 22 0.57 2020 99.1% 5,685 21 0.53 2021 99.4% 6,146 22 0.51 2022 99.4% 6,566 25 0.60 2023 99.2% 6,423 25 0.56 4th 2nd Properties Without Water Consumption Data 6 2018 2.0% 119 2019 2.1% 120 2020 0.9% 52 2021 0.6% 34 2022 0.6% 37 2023 0.8% 53 Total 2018 100.0% 5,957 23 0.62 2019 100.0% 5,803 22 0.57 2020 100.0% 5,737 21 0.53 2021 100.0% 6,180 22 0.51 2022 100.0% 6,603 25 0.60 2023 100.0% 6,476 25 0.56 1 The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2 GEO production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 138 for complete definition). 3 Royal Gold’s interest is either a portion of the mineral properties or part of a complex, and water usage is assumed to be equally proportioned to all GEOs. 4 Mine site water consumption estimates were compiled by Skarn Associates, and we have relied on its database for emissions presented for gold and copper mining operations. 5 Royal Gold’s attributed water consumption = Site consumption x Royal Gold % of site production. 6 Water consumption for mineral properties that were not included in the Skarn Associates database have been assumed to be equal to the average of the portfolio. 7 Prior year production adjustments occurred in 2023, resulting in negative production. 8 Industry quartile ranking is based both on Skarn Associates’ water consumption intensity curves for gold production. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 126

Operator Sustainability Frameworks and Standards The following table highlights widely recognized international frameworks and standards to which the Operators adhere; 100% of RGLD revenue is represented in the table. 1 Operator Project Percentage of 2024 Royal Gold Revenue WGC RGMPs ICMM International Finance Corporation Mining Association of Canada Towards Sustainable Mining United Nations Global Compact United Nations SDGs Agnico Eagle Mines Ltd. LaRonde Zone 5 0.50 % Yes (Member) Yes (Member) Yes Canadian Malartic 0.08 % Barrick Gold Corporation Pueblo Viejo 11.55% Yes (Member) Yes (Member) Yes Yes (Member) Yes (Participant) Yes Williams 0.26% Bellevue Gold Ltd. Bellevue 0.97 % Yes (Participant) Yes Calibre Mining Corporation El Limón 1.00 % Yes (Member) Yes (Mining) Yes Yes Centerra Gold Inc. Mount Milligan 25.86% Yes (Member) Aligned Yes Yes Cerrado Gold, Inc. Don Nicolas 0.36% Chifeng Jilong Gold Mining Co., Ltd. Wassa 6.75% Coeur Mining, Inc. Wharf 0.39 % Aligned Yes Ero Copper Xavantina 5.39 % Aligned Aligned Yes (Participant) Yes Hochschild Mining plc Mara Rosa 0.60 % Aligned Aligned Yes i-80 Gold Corp. Ruby Hill 0.03 % Granite Creek (Pinson) 0.15% IAMGOLD Corporation Côté 0.41 % KGHM International Ltd. Robinson 2.31 % Yes MMG Limited Khoemacau 4.67 % Yes (Member) Aligned Yes Kinross Gold Corporation Bald Mountain 0.09 % Yes (Member) Yes (Member) Yes (Participant) Yes Gold Hill 0.01 % Manh Choh 1.49 % Nevada Gold Mines LLC Cortez 9.70 % Yes (Member) Yes (Member) Yes (Member) Yes (Participant) Yes Goldstrike 0.24 % Leeville (North) 1.10 % Twin Creeks 0.00 % ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 127

Operator Project Percentage of 2024 Royal Gold Revenue WGC RGMPs ICMM International Finance Corporation Mining Association of Canada Towards Sustainable Mining United Nations Global Compact United Nations SDGs New Gold Inc. Rainy River 6.36% Yes (Member) Yes (Participant) Yes Newmont Corporation Peñasquito 6.41 % Yes (Member) Yes (Member) Yes Yes (Member) Yes (Participant) Yes Red Chris 0.36% Northern Star Resources Ltd. South Laverton 1.25% Aligned Yes (Participant) Yes Celtic/Wonder North 0.10 % Nutrien Ltd. Allan/Borax 0.17 % Yes (Participant) Yes Pan American Silver Corporation Dolores 0.94 % Aligned Aligned Aligned Yes (Member) Yes (Participant) Yes Shandong Tianye Group Southern Cross 0.33 % SSR Mining Inc. Marigold 1.12 % Aligned Yes Aligned Yes Genesis Minerals Limited Gwalia 0.56% Ulysses 0.02 % Teck Resources Limited Andacollo 6.61 % Yes (Member) Yes Yes (Member) Yes (Participant) Yes Vale S.A. Voisey’s Bay 0.84 % Yes (Member) Yes Yes (Member) Yes (Participant) Yes Vault Minerals Limited King of the Hills 0.74 % Westgold Resources Ltd. Meekathara 0.06% Aligned Aligned Yes Wolverine Fuels, LLC Skyline 0.19 % Other 0.03 % Total 100.00 % 1 “–” Indicates that the company has not publicly disclosed its support for a particular standard or that the standard does not apply. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 128

GRI Index Statement of use: Royal Gold’s 2024 Investment Stewardship Report has been developed with reference to the GRI Standards for the period December 31, 2023, to December 31, 2024, for our corporate information and December 31, 2022, to December 31, 2023, for Operator information. GRI 1 used: GRI 1: Foundation 2021 GRI Disclosure Description Location in Report GRI 2: General Disclosures 2-1 Organizational details About Royal Gold, p. 8 Back cover , p. 139 2-2 Entities included in the organization’s sustainability report About Royal Gold, p. 8 2-3 Reporting period, frequency and contact point About This Report, p. 5 2-4 Restatements of information Restatement of corporate emissions data as per updated emissions factors. 2-5 External assurance We have not sought external assurance for this report. 2-6 Activities, value chain and other business relationship About Royal Gold, pp. 8 – 1 0 2-7 Employees Our People, pp. 43 - 46 2-8 Workers who are not employees All of our workers are employees. 2-9 Governance structure and composition Corporate Governance, pp. 30 – 31 2-10 Nomination and selection of the highest governance body Board of Directors’ Governance Guidelines 2-11 Chair of the highest governance body Board Composition, p. 31 2-12 Role of the highest governance body in overseeing the management of impacts Corporate Governance, pp. 30 – 31 Investment Stewardship Governance, pp. 32 - 34 2-13 Delegation of responsibility for managing impacts Corporate Governance, pp. 30 – 31 Investment Stewardship Governance, pp. 32 – 3 4 2-14 Role of the highest governance body in sustainability reporting Corporate Governance, p. 30 2-16 Communication of critical concerns Whistleblower Policy Code of Business Conduct and Ethics 2-22 Statement on sustainable development strategy A Letter From the Chief Executive Officer, p. 3 A Message From Our Chair, p. 7 2-23 Policy commitments Investment Stewardship Policies, p. 35 2-29 Approach to stakeholder engagement Stakeholder and Investor Engagement, pp. 25 - 2 6 ROYAL GOLD 2024 Investment Stewardship Report 129 Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices

GRI Disclosure Description Location in Report GRI 3: Material Topics 3-1 Process to determine material topics Investment Stewardship Priorities Assessment, pp. 26 - 27 3-2 List of material topics Investment Stewardship Priorities Assessment, pp. 26 - 27 GRI 205: Anti-Corruption 3-3 Management of material topics The Anti-Corruption Policy applies to all Royal Gold employees. This policy also applies, if documented in a written agreement, to any agent, consultant, representative, broker, distributor, joint venture partner or other third party that is retained by Royal Gold to act on its behalf with regard to its business (together, “third-party contractors”). 205-2 Communication and training about anti-corruption policies and procedures The Anti-Corruption Policy applies to all Royal Gold employees. This policy also applies, if documented in a written agreement, to any agent, consultant, representative, broker, distributor, joint venture partner or other third party that is retained by Royal Gold to act on its behalf with regard to its business (together, “third-party contractors”). 205-3 Confirmed incidents of corruption and actions taken There were no incidents of corruption in 2024. GRI 207: Tax 3-3 Management of material topics Tax Policy 207-1 Approach to tax Taxes, Associations and Political Contributions, p. 42 207-2 Tax governance, control and risk management Tax Policy 207-4 Country-by-country reporting Taxes, Associations and Political Contributions, p. 42 GRI 302: Energy 3-3 Management of material topics Our Commitment to Carbon Neutrality, p. 59 Operator Performance, p. 61 Operator Energy Consumption, pp. 94 - 10 3 302-1 Energy consumption within the organization Our Commitment to Carbon Neutrality, p. 59 302-2 Energy consumption outside the organization Our Commitment to Carbon Neutrality, p. 59 Operator Energy Consumption, pp. 94 - 103 302-3 Energy intensity Operator Energy Consumption, pp. 94 - 103 GRI 303: Water and Effluents 3-3 Management of material topics Operator Performance, p. 61 Operator Water Availability and Risk, pp. 70 Operator Water Consumption Intensity, pp. 70 303-5 Water consumption Operator Water Consumption Intensity, pp. 70 Appendix > Operator Water Consumption, pp. 116 – 12 6 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 130

GRI Disclosure Description Location in Report GRI 304: Biodiversity 3-3 Management of material topics Operator Performance, p. 61 Operator Biodiversity, pp. 75 - 76 304-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations Operator Biodiversity, pp. 75 - 76 GRI 305: Emissions 3-3 Management of material topics Climate Change, pp. 56 – 60 Operator Performance, p. 61 305-1 Direct (scope 1) GHG emissions Our Commitment to Carbon Neutrality, p. 59 305-2 Energy indirect (scope 2) GHG emissions Our Commitment to Carbon Neutrality, p. 59 305-3 Other indirect (scope 3) GHG emissions Operator GHG Emissions, pp. 105 - 115 Appendix > Operator GHG Emissions, pp. 105 – 115 305-4 GHG emissions intensity Operator GHG Emission Intensity, p. 115 Appendix > Portfolio Emission Intensity Summary, p. 115 GRI 308: Supplier Environmental Assessment 3-3 Management of material topics Standards for Suppliers and Operators GRI 401: Employees 3-3 Management of material topics Talent Attraction and Retention, pp. 44 401-1 New employee hires and employee turnover 2024 Employee Statistics, pp. 44 GRI 403: Occupational Health and Safety 3-3 Management of material topics Operator Safety, p. 74 Appendix > Corporate Performance Scorecard, p. 80 Operator Safety, p. 74 403-5 Worker training on occupational health and safety Health, Safety and Wellness, p. 46 403-9 Work-related injuries Appendix > Corporate Performance Scorecard, p. 80 Operator Safety, p. 74 GRI 413: Local Communities 3-3 Management of material topics Community Investment, p. 48 413-1 Operations with local community engagement, impact assessments and development programs Community Investment, pp. 48 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 131

GRI Disclosure Description Location in Report GRI 414: Supplier Social Assessment 3-3 Management of material topics Standards for Suppliers and Operators 414-1 New suppliers that were screened using social criteria GRI 415: Public Policy 3-3 Management of material topics Political Contributions, p. 42 Code of Business Conduct and Ethics 415-1 Political contributions Political Contributions, p. 42 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 132

TCFD Index TCFD Core Element and Recommended Disclosures Reference Governance Describe the Board’s oversight of climate-related risks and opportunities. 2023 Climate Report > Board Oversight, p. 14 2023 Climate Report > Management’s Role, p. 15 Describe management’s role in assessing and managing climate-related risks and opportunities. 2023 Climate Report > Management’s Role, p. 15 Strategy Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term. 2023 Climate Report > Climate Strategy, p. 17 2023 Climate Report > Climate-Related Opportunities, p. 33 2023 Climate Report > Risk Assessment Time Frames, p. 40 2023 Climate Report > Risk Drivers, pp. 41 – 42 Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning. 2023 Climate Report > Strategy, pp. 24 – 33 Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. 2023 Climate Report > Climate Scenario Analysis, pp. 18 – 23 2023 Climate Report > Organizational Resilience to Climate Change Impacts, pp. 34 – 36 Risk Management Describe the organization’s processes for identifying and assessing climate-related risks. 2023 Climate Report > Identifying and Assessing Risks, p. 38 Describe the organization’s processes for managing climate-related risks. 2023 Climate Report > Managing Risks, p. 39 Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management. 2023 Climate Report > Identifying and Assessing Risks, p. 38 Investment Stewardship, pp. 55 - 78 Due Diligence and Portfolio Monitoring, pp. 36 – 39 Metrics and Targets Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. 2023 Climate Report > Organizational Resilience to Climate Change Impacts, p. p. 34–36 2023 Climate Report > Tracking our Performance, pp. 44 – 46 Operator Performance, p. 61 ISR Appendix > Operator Energy Consumption, pp. 94 – 103 ISR Appendix > Operator GHG Emissions, pp. 105 – 115 ISR Appendix > Operator Water Consumption, pp. 116 - 126 Disclose scope 1, scope 2 and, if appropriate, scope 3 GHG emissions and the related risks. 2023 Climate Report > Tracking our Achievements Performance, pp. 44 – 46 Climate Change, pp. 56 - 60 ISR Appendix > Operator GHG Emissions, pp. 105 - 115 Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. 2025 Investment Stewardship Priorities, p. 28 Offsetting Our Corporate Emissions, p. 60 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 133

SDG Index The table below highlights our direct and indirect contributions featured in this report. Direct contributions are those that we have influenced, whereas indirect contributions are those resulting from the carbon credits we purchased or Operator initiatives that we supported. The list also features SDGs that we believe link to key achievements from our Principal Properties. Topic Operator/Agency/Institution SDG Contributions Location in Report Carbon offsets Anew Climate 3 Offsetting Our Corporate Emissions, p. 60 8 12 13 15 Mining community contributions Robinson Mine – Boys & Girls Club 2, 4 Mining Community Contribution Highlights, pp. 49 - 51 Cortez and Turquoise Ridge NGM Mines – Boys & Girls Club 2, 4 Bellevue Mine - CoRE Learning Foundation 4, 8 Mount Milligan Mine - The Academic Award for Indigenous Students 4, 10 Local community contributions Denver Museum of Nature and Science 4 Local Office Community Contribution Highlights, pp. 52 - 53 We Don’t Waste, Food Bank of the Rockies, Greater Vancouver Food Bank, 2 Daily Bread Food Bank Project C.U.R.E. 3 Scholarships The University of Nevada, Reno Foundation 4, 10 Future Leaders in Responsible Mining Scholarships, p. 54 Great Basin College Foundation 4, 10 Colorado School of Mines Foundation 4, 10 Montana Technological University Foundation 4, 10 South Dakota Mines Center for Alumni Relations and Advancement 4, 10 ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 134

Glossary Term/Abbreviation Definition Aqueduct™ Water Risk Atlas published by the World Resources Institute CNG Committee Compensation, Nominating and Governance Committee CSA S&P Global Corporate Sustainability Assessment CSRD Corporate Sustainability Reporting Directive Direct energy The energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles and to produce power and heat on-site DJSI World Dow Jones Sustainability™ World Index ERM Enterprise risk management ESG Environment, social and governance GEO Gold equivalent ounce GHG Greenhouse gas GRI Global Reporting Initiative Grid factor CO 2 emission factor (tCO 2 /MWh), which is associated with each unit of electricity provided by an electricity system IBAT Integrated Biodiversity Assessment Tool ICMC International Cyanide Management Code ICMM International Council on Mining and Metals IFC International Finance Corporation Indirect energy Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy IUCN International Union for Conservation of Nature KBA Key area of biodiversity KPI Key performance indicator NGFS Network of Central Banks and Supervisors for Greening the Financial System Operators Third parties that operate mining projects of our precious metal stream and royalty interests ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 135

Term/abbreviation Definition Principal Property Properties deemed material to Royal Gold, taking into account current revenue, future revenue, mine life; typically make up at least 5% of our revenue WGC RGMPs World Gold Council Responsible Gold Mining Principles SEC Securities and Exchange Commission Scope 1 emissions Emissions from sources that Royal Gold owns or controls directly Scope 2 emissions Emissions that Royal Gold causes indirectly from the energy we purchase and use Scope 3 Investment Emissions Royal Gold segments scope 3 emissions into those arising from our direct corporate activities (which we refer to as our scope 3 corporate emissions) and those of our portfolio Operators (which we refer to as our scope 3 investment emissions). We have done this because, as a passive investor, we do not have direct influence or control over the Operator’s emissions, but we do manage and assert more control over our own direct footprint. Scope 3 Corporate Emissions Emissions that are not produced by Royal Gold and are not the result of activities from assets owned or controlled by us but by those that we are indirectly responsible for across our value chain (e.g., emissions linked to employee business travel and employee commuting) SDGs United Nations Sustainable Development Goals TCFD Task Force on Climate-related Financial Disclosures Total energy A measure of both the direct and indirect energy consumed TRIFR Total Reportable Incident Frequency Rate, which includes the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional per million hours worked WGC World Gold Council WRI World Resources Institute ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 136

Principal Properties Sustainability Scorecard Metrics Term/Abbreviation Definition RepRisk ESG reputational risk rating - country A metric that is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks and independently assesses the ESG reputational risk associated with a country, as defined by RepRisk. RepRisk ESG reputational risk rating - company A metric that is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks and independently assesses the ESG reputational risk associated with a company, as defined by RepRisk. Typically the assessment is done for the local operating entity. Corporate emission reduction target A metric that defines if an Operator has made commitment(s) to reduce total GHG emissions by 2030; these commitments may not be directly applicable to the property where we have our stream or royalty interests but refers to corporate commitments. GHG emission intensity (tCO 2 e/GEO) quartile ranking A measure of the GHG emissions intensity from an operation for each GEO produced. The quartile position is based on Skarn Associates’ GHG emissions intensity curve for the gold mining industry for 2023. Total energy intensity (GJ/GEO) quartile ranking A measure of both the direct and indirect energy consumed for each GEO produced. The quartile position is based on Skarn Associates’ energy intensity curve for the gold mining industry for 2023. Energy emissions factor An estimate of the average amount of CO 2 e generated (scope 1 and 2) for every terra joule of energy consumed in the mine site production process; a reduction in the factor can indicate switching from higher-emission fuels to lower-emission fuels and/or an increase in the amount of electrical energy generated from renewable sources. Water stress rating by Aqueduct™ Water Risk Atlas A measure of the ratio of total water withdrawals to available renewable surface and groundwater supplies. Water withdrawals include domestic, industrial, irrigation and livestock consumptive and non-consumptive uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. Water consumption intensity (m3/ GEO) quartile ranking A measure of the water consumed per GEO produced. The quartile position is based on Skarn Associates’ water intensity curve for the gold mining industry for 2023. Water consumption intensity (m 3 /t ore processed) quartile ranking A measure of the water consumed per tonne of ore processed. The quartile position is based on Skarn Associates’ water intensity curve for the gold mining industry for 2023. IUNC Red List species (critically endangered and endangered located in the project area) A metric that indicates the number of species classified as Critically Endangered or Endangered within a 10-km radius of the operation’s ore processing facility. Designated protected areas or KBAs covering all or part of the project area Identifies any area formally designated as a protected area by the country or international organization or the designation as covering a KBA, which is a geographical region that has been determined to be of international importance in terms of biodiversity conservation. The designation assumes a 10-km radius from the operation’s processing plant. TRIFR industry quartile ranking based on ICMM data Metric that measures the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional per million hours worked; compares the specific site to the 2023 industry average TRIFR as published by the ICMM. Tailing management disclosure Metric that confirms that an Operator has made publicly disclosed regarding their tailing management practices. Human Rights Policy Indicates that the company has a disclosed policy on human rights or provides enough information in other disclosures that have clear statements on human rights. Community Investment (US millions) Reports the amount of community donations disclosed by the mine operator with respect to the specific operation, unless otherwise noted. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 137

GHG Emissions Footprint Calculation Methodology Royal Gold Stream and Royalty Footprint Methodology Overview Our objective is to define the beneficial interest we receive as a stream or royalty holder in comparison to the total production from a mining operation and then aggregate our portfolio of assets using a unit of measure that normalizes commodity output and commodity price. In this manner, we can compare asset or portfolio performance over time while setting aside changes in the underlying commodity prices. We use the GEO as the standard unit of measure. We start with the commodity units of which we take delivery (in the case of streams) or the commodity units associated with our royalty payments, and by using a standard set of metal prices, we multiply the commodity units by the standard commodity price for the commodity of interest; this is then divided by the standard gold price, with the result being a GEO value. In the case of metal streams, we pay to the Operator who delivers the metal a predetermined metal price per unit, which is typically a percentage of the metal’s market price at the time of delivery; this is called the cash price. The gold stream for our Mount Milligan property uses a fixed cash price of $435 per ounce versus a percentage of the gold market price. Our beneficial interest is determined after we make our cash price payment to the Operator. Royal Gold’s Net GEOs = Ʃ [Metal units x (1 – Fixed cash price percentage) x Standard metal price] Standard gold price We then determine the percentage interest we receive of the full operation where the stream or royalty applies. To normalize this calculation, we convert the production from the operation of interest into GEOs, again using the same set of standard metal prices referenced at the bottom of this description. In the case of a property that produces multiple commodities, all commodities are converted to GEOs. Operator’s site production GEOs = Ʃ [Metal units x Standard metal price] Standard gold price Having determined both our Net GEOs and the Operator’s site production GEOs, we can then calculate Royal Gold’s percentage of site production: Royal Gold’s percentage of site production = Royal Gold’s Net GEOs Operators’s site production GEOs Assets that produce concentrates that require third-party processing can result in a period of two to six months between the time metals are reported as produced and the time Royal Gold would take delivery. Our calculations have not tried to match this timing. With Royal Gold’s percentage of site production determined, parameters such as energy consumption, GHG emissions and water consumption can then be assessed with respect to the quantity of the specified parameter attributable to us. This approach allows each stream and royalty to be systematically assessed. It allows for a determination of the energy consumption, GHG emissions or water consumption associated with beneficial interest for the portfolio over a set of years and allows us to assess intensity as measured by consumption attributed to Royal Gold divided by our net GEOs. Standard Metal Prices Gold: $1,758/oz Silver: $20.54/oz Copper: $6,186/t Lead: $1,826/t Nickel: $13,672/t Moly: $25,992/t Cobalt: $31,161/t Zinc: $2,269/t Although the standard metal prices may change in the future, we expect that all reported data would use the revised set of metal prices. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 138 2024 Investment Stewardship Report