Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices A Letter From the CEO I am once again happy to provide our annual Investment Stewardship Report. As you may remember, we adopted a stewardship approach last year to broaden what was a discussion of sustainability into a broader discussion of risk. We have defined investment stewardship as “the responsible allocation, management and oversight of our capital to creating value for our stakeholders,” and I can confirm that this approach remains unchanged. I want to be clear that specific sustainability-related risks remain important to our overall business and that we will continue to address those risks through mitigation and management. The key risks in this report are unchanged from last year, and we remain committed to the Vision, Mission and Core Values that we adopted four years ago. I can also assure you that the skill with which we identify, manage and mitigate risk in our business is matched by the excellent oversight of those risks by our Board. We believe our Board has the requisite experience and skill base to provide such oversight. While a broader discussion of risk is included in this report, I will highlight two areas that were prominent for us during the year. In the area of economic factors and metal prices, we saw a substantial positive movement in the price of gold and silver. The average price of those metals increased 22.9% and 21.1% to $2,386/ounce and $28.27/ounce, respectively, from 2023 to 2024. Central bank purchases, lower interest rates and political upheaval and unrest, including the U.S. election, all contributed to the notable increases in precious metal prices. While metal prices increased, we did not see the same flow-through of demand for gold equities during the year. We continue to seek new potential investors in Royal Gold and believe that a focus on our business fundamentals, namely exceptional investment opportunities and sound financials, will attract those investors. The other area of focus is leverage and liquidity. The higher metal prices improved our cash flows, and we were able to fully repay the outstanding balance under our revolving credit facility in August 2024. If you recall, we financed more than $900 million of acquisitions in 2022 through the use of cash on the balance sheet, cash from operations and our debt facility. At the beginning of 2023, we had $575 million outstanding under our revolving credit, and we paid back that amount in approximately 18 months. Our shareholders suffered no dilution through an equity raise, and there are already indications that the upside in those acquisitions is emerging. We paid approximately $105 million in dividends during 2024 and increased the dividend for calendar 2025 to $1.80/share. We have paid a dividend since 2000 and increased it for 24 consecutive years. 2024 Investment Stewardship Report 3 We have replenished our liquidity available for future acquisitions and are well positioned to pursue future non-dilutive opportunities. In terms of sustainability, our due diligence and portfolio monitoring seeks to identify key environmental risks, including the impact to air, water and biodiversity, and our process also involves an assessment of the impact of projects on the communities around them. We also have remained active in helping develop the next generation of mining professionals through various scholarships at five universities and colleges, and we have remained supportive of efforts in our local communities to address food insecurity and healthcare. I hope you find this report informative in terms of our risk management efforts. We always welcome comments and questions, and we look forward to keeping you updated on our progress in certain areas over the course of the year. Sincerely, William H. Heissenbuttel President and Chief Executive Officer “Specific sustainability-related risks remain important to our overall business, and we will continue to address those risks through mitigation and management.” ROYAL GOLD