5 REGULATORY, POLITICAL, SUSTAINABILITY AND HUMAN CAPITAL IMPACT The risks associated with increased regulation and compliance requirements, foreign and domestic political events, cybersecurity events and sustainability matters, including climate change and human capital management, can increase our costs, reduce our cash flows and potentially harm our reputation. MITIGATION AND COMMENTARY We seek to mitigate this risk by implementing appropriate governance practices, internal controls, procedures and cybersecurity risk threat mitigation, completion of political due diligence for new and existing interests, and understanding the potential impacts that climate change and other environmental and social risks may have on our portfolio as a whole. 2024 SUMMARY During the year, the U.S. Securities and Exchange Commission (SEC) informed us that we could not rely on disclosure of mineral reserves/resources by Operators as a basis for our disclosure of mineral reserves/ resources in our annual Form 10-K filing. Mineral reserves and resources for the properties in which we hold interests are now provided on our website in greater detail than previously disclosed on our Form 10-K, and we intend to update this information more frequently to the benefit of our shareholders. The SEC’s climate disclosure rules were finalized but subsequently stayed pending judicial review. Additionally, the Federal Trade Commission issued a final rule that would have invalidated most non- compete agreements with employees, but this rule has similarly been enjoined pending appeal. In 2024, there were elections in the U.S., Dominican Republic and Mexico as well as in Botswana. Notably, the election in Botswana resulted in the incumbent party losing its position after governing since the country achieved independence in 1966. The change in government in the U.S. will likely increase the near-to- medium term volatility of global equity, commodity and currency markets and could improve the U.S. regulatory environment for resources. General elections are upcoming in 2025 in Canada and Chile, where two of our Principal Properties are located. The global minimum tax initiative was implemented in a number of countries, including Canada, where several of our direct competitors are based. This legislation increases the tax rates paid on revenue for Canadian-based competitors with international stream operations, which tax rates are now more in line with Royal Gold’s tax rates on streams that are subject to the global intangible low-taxed income (GILTI) tax structure under the U.S. Internal Revenue Service. We continue to pay U.S. and Canadian corporate tax rates on our royalty revenue. Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 23 A number of sustainability-related achievements were realized in 2024, including the following: • Issuing our third Investment Stewardship Report and our first Climate Report in April 2024. • Revising our Sustainability Policy (formerly the ESG Policy), Standards for Suppliers and Operators (formerly the Supplier Code of Conduct) and People Policy. • Maintaining our carbon neutrality with respect to our scope 2 and 3 corporate emissions through the purchase of carbon credit offsets. • Obtaining third-party verification of our scope 2 and 3 corporate emissions for 2020 to 2023. • Continuing to contribute to local community philanthropic organizations and providing financial support for certain programs in the communities surrounding some of our investment properties.