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.