Operator Tailings Management The safety of people and neighboring communities and the protection of the environment are top priorities. Concerns about tailings and waste products from mining and ore processing underscore the importance of proper management and storage to ensure chemical and physical stability and meeting public safety and regulatory standards. Our Approach As part of our due diligence with respect to new business opportunities, we identify potential risks associated with tailings storage, including reviews of a site’s seismic, hydrological and geotechnical characterization; the design of facilities used to store waste; management monitoring plans for the storage facilities; and emergency planning in the event of a facility failure. We typically enlist geotechnical expertise to assess each site’s unique conditions, comparing facility designs and operations against international guidelines such as the Canadian Dam Association and the Global Industry Standard on Tailings Management. This evaluation helps us gauge how Operators handle this critical aspect of their projects. In some cases, our due diligence reveals substandard tailing storage practices, leading us to discontinue the pursuit of those opportunities. In 2024, all four Operators of our Principal Properties disclosed details of their tailings storage facilities and operating practices, and we estimate that properties generating 89% of revenue provide some level of disclosure on their tailings storage facilities. Given the heightened public profile associated with tailings storage, we have provided links on our website to the tailings management disclosures presented by our stream and royalty Operators. During our 2023 Investment Stewardship Priorities Assessment process, we conducted an internal employee survey that allowed us to reevaluate current topics and identify new topics that are important to our Company. The survey results highlighted that tailings management was perceived as having a high potential impact on both our Royal Gold financial performance and on communities and the environment around our operations. During 2024, we engaged a consultant to prepare a comparative assessment of all the tailings facilities in our portfolio using publically available information. The assessment focused on ranking both the physical and environmental characteristics of the facilities and ranking the level of internal and external oversight, with a view to identifying properties where additional focus should be applied during our monitoring process. This exercise was completed during 2024. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 77