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