Investment Stewardship Priorities and Engagement Stakeholder and Investor Engagement Through regular and transparent engagement with stakeholders, we ensure that our strategies, activities and reporting align with the interests of those affected by our business. This extends to proactive engagement with investors that emphasizes dialogue, transparency and responsiveness. In 2024, we conducted 143 meetings with current and prospective investors. We discussed sustainability matters in approximately 8% of those meetings. Topics covered during investor engagements included performance, feedback on our previously disclosed reports and other topics such as climate, safety and biodiversity. We value stakeholder feedback and commit to ongoing open dialogue on corporate governance, sustainability and other relevant business matters. While Royal Gold engages with a variety of investors and potential investors, one particular investor, Findlay Park Partners LLP (Findlay Park), has been especially interested in engaging with us on our sustainability efforts over the past few years. Findlay Park is an independent investment partnership based in London, which invests primarily in U.S. equities on behalf on investors in the Findlay Park American Fund. Findlay Park aims to invest in businesses that it believes are either sustainable or engaged with the transition toward sustainability. Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices ROYAL GOLD 2024 Investment Stewardship Report 25 INVESTOR SPOTLIGHT - FINDLAY PARK When assessing royalty and streaming companies, we identified Royal Gold as having less exposure to operational sustainability risk. The company has also been highly responsive to engagement. In our earliest engagement with the company, we encouraged the allocation of more resources towards sustainability and governance efforts, as well as enhanced disclosure. We met with the company’s representative to provide feedback on material topics for inclusion. Many of these topics were incorporated into the firm’s first sustainability report in 2021. We saw the firm add a dedicated expert in this area – with highly relevant experience. Royal Gold implemented a reputational risk-related data platform (which we specifically recommended) to better inform its investment decision-making and risk management processes. We believe Royal Gold is continuing to take positive steps to better understand and improve on sustainability- related matters. “Engagement with Royal Gold was important to our initial investment and has been very fruitful ever since. We now see Royal Gold as an exemplar of sustainability risk management and disclosure.” Rose Vangerven CEO, Findlay Park Partners LLP