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