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