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