Climate Change Our Approach Climate change has the potential to transform the planet, the way we live and the way we conduct business. We recognize the expectations of our stakeholders in understanding how the climate can impact our business and how our activities have direct and indirect potential to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize that mining activities are inherently energy-intensive and that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate risk is informed by three fundamental principles: (1) understanding potential physical and transition risk associated with a changing climate, (2) investigating actions and strategies that may be appropriate to reduce those risks and (3) monitoring energy, emissions, emissions reduction plans and accomplishments of our metal stream and royalty Operators and disclosing our findings. In April 2024, we published our first Climate Report, which discusses our approach to identifying, assessing and managing climate-related risks and opportunities. Royal Gold is committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business and how integrating these factors into our strategic planning can help reduce the impacts. For a detailed discussion of the climate and climate change risks that we identified, consult our 2023 Climate Report. Approximately 91% of our 2024 revenue is associated with operators that report against TCFD guidelines. About 51% of our 2024 revenue is associated with companies that have made a commitment to being carbon-neutral for scope 1 and scope 2 emissions by 2050 or have stated a net zero ambition. More than 57% of our 2024 revenue was associated with operators that have made commitments to reduce GHG emissions by 2030. It is worth noting that Teck Resources, Barrick and Newmont have disclosed comprehensive actions and plans to reduce emissions at the operations they manage. These three Operators generated about 41% of our revenue in 2023, while their operations generated about 63% of the scope 1 and scope 2 emissions attributed to our stream and royalty interests. These same operators have completed the most impactful emission reduction projects or have disclosed plans for reduction projects prior to 2030. The three companies also made reduction commitments with respect to their scope 3 emissions. Operators of our Principal Properties and those that contributed at least 1.5% of our revenue in 2024 are presented in the graphic along with their emissions reduction commitments, as reported in their public disclosures. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 56 Operator Operation Percentage of 2024 Royal Gold Revenue Barrick Gold Corporation Pueblo Viejo 11.5% Williams 0.3% Centerra Gold Inc. Mount Milligan 25.9% Chifeng Jilong Gold Mining Co. Ltd. Wassa 6.7% Ero Copper Xavantina 5.4% KGHM Internal Ltd. Robinson 2.3% MMG Limited Khoemacau 4.7% Nevada Gold Mines LLC Cortez 9.7% Others 2.1% New Gold Inc. Rainy River 6.4% Newmont Corporation Peñasquito 6.4% Red Chris 0.4% Teck Resources Limited Andacollo 6.6% Total 88.4% Year Climate Scenario Analysis ‘15 ‘20 ‘25 ‘30 ‘35 ‘40 ‘45 ‘50 ‘55 ‘60 No Yes Unknown Yes Unknown Unknown Yes Yes Yes Yes Scope 1&2 Intensity Scope 1&2 Absolute Scope 3 Carbon Neutral (S1 & 2) Net Zero (S1, 2 & 3) Net Zero Ambition