Ethics, Integrity, Compliance and Our Portfolio The update of our Investment Stewardship Priorities , which were initially presented in our 2023 Investment Stewardship Report, identified the ethics, integrity and compliance performance of our Operators as having the potential to impact our financial performance. We compiled a number of metrics to gauge performance, which are consistent with the WGC RGMPs: • Principle 1 - Ethical conduct: We will conduct our businesses with integrity, including absolute opposition to corruption. • Principle 3 - Supply chain: We will require that our suppliers conduct their businesses ethically and responsibly as a condition of doing business with us. Our assessment specifically looks at the governance framework of the Operators, and we look for the following policies or standards publicly disclosed: • Code of Business Conduct • Anti-Bribery/Anti-Corruption Policy, if not covered by the general Code of Conduct policy • Supply Chain Policy or standards • Corporate Whistleblower Policy or process • Local community grievance mechanism We further look for the following disclosures: • Evidence that training on the Operator’s Code of Conduct is provided to the Operator’s management and staff • Disclosure of political contributions or a statement that the company does not make political contributions • Disclosure of payments to governments in line with the principles of the Extractive Industries Transparency Initiative • Disclosure on decision-making involving sustainability policies or performance at Board and/or executive committee level • Reporting of noncompliance events, grievance statistics and whistleblower statistics Performance relating to ethics, integrity and compliance associated with the operators of our Principal Properties is presented in the table to the right along with an estimate of our portfolio performance based on 2024 revenue. PRINCIPAL PROPERTIES - ETHICS, INTEGRITY AND COMPLIANCE METRICS Policies/Standards/Disclosures Andacollo Cortez Mount Milligan Pueblo Viejo Portfolio 1 Operating Company Teck Resources Limited Nevada Gold Mines LLC Centerra Gold Inc. Barrick Gold Corporation Jurisdictional Assessments Corruption Perception Index 1st Quartile 1st Quartile 1st Quartile 3rd Quartile Policies/Standards Code of Business Conduct Yes Yes Yes Yes 93% Anti-Bribery/Anti-Corruption Policy 3 Yes Yes Yes Yes 93% Supply Chain Policy or standards Yes Referenced Yes Referenced 81% Corporate Whistleblower Policy or process Referenced Yes Yes Yes 93% Local Community Grievance mechanism Yes Yes Yes Yes 88% Disclosures Evidence that training on the Operator’s Code of Conduct is provided to the Operator’s staff Yes Yes Yes Yes 85% Disclosure of political contributions Yes Yes Unknown Yes 47% Disclosure of payments to governments, including EITI disclosure compliance Yes Yes Yes Yes 88% Disclosure of decision-making about sustainability policies or performance at Board and/or executive committee level Yes Yes Yes Yes 88% Reporting of noncompliance, grievances and whistleblower events Yes Yes Yes Yes 82% 1 Estimated compliance using 2024 revenue to determine a weighted average portfolio performance 2 “Referenced” indicates disclosures made by the company; stated such a policy or standard was in place, but the policy or standard could not be found in a search of disclosed materials 3 May be included in Code of Conduct Assessment Process We further assess our portfolio of revenue- generating stream and royalty interests using the Corruption Perception Index (CPI) as published by Transparency International to gauge risk. Less than 1% of our revenue was generated from countries that ranked in the bottom 20% of countries ranked by the CPI. Of the 180 countries ranked by CPI, Nicaragua, which contains the El Limon mine, where we hold a 3% net smelter return royalty on all metals produced, ranked 172 out of 180 countries. With respect to our Principal Properties, one incident of environmental noncompliance stood out. In late 2023, the Carmen de Andacollo operation received notification from Chile’s environmental regulator, Superintendency of the Environment (SMA), for alleged breaches of the operation’s mine permit. SMA stated that the company had not completed an infiltration capture system and had failed to monitor groundwater to ensure that the presence of chemicals do not exceed maximum allowable levels. 1 Teck Resources stated that it has developed a compliance plan in response to the authority’s requirements, including addressing the gaps and intensifying monitoring and studies. Ongoing investigations have shown that, so far, there is no impact on the receiving environment and that Teck Resources is completing construction of the seepage catchment system. 2 1 Canadian Mining Journal, October 17, 2023. Teck faces $8 million fine for alleged breach of environmental permit in Chile. 2 Teck’s 2023 Sustainability Report , page 41 . ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 62