ROYAL GOLD Table of Contents 3 A Letter From the CEO About Royal Gold 5 About This Report 6 2024 Highlights 7 A Message From Our Chair 8 About Royal Gold 11 Where We Are 17 Principles of Investment Stewardship 19 Year in Review: Investment Stewardship Risk Discussion 25 Investment Stewardship Priorities and Engagement Governance 30 Corporate Governance 32 Investment Stewardship Governance 35 Investment Stewardship Policies 36 Due Diligence and Portfolio Monitoring 40 Human Rights 41 Cybersecurity 42 Taxes, Associations and Political Contributions Our People 44 Talent Attraction and Retention 45 Human Capital 46 Health, Safety and Wellness Supporting Operators and Communities 48 Community Investment 49 Mining Community Investment Highlights 52 Local Office Community Investment Highlights 54 Future Leaders in Responsible Mining Scholarship Investment Stewardship 56 Climate Change 61 Operator Performance 74 Operator Safety 75 Biodiversity and Our Portfolio 77 Operator Tailings Management 78 Legal Matters Appendices 80 Corporate Performance 81 Principal Property Performance 83 Operator Production Performance 94 Operator Energy Consumption 104 Portfolio Energy Intensity Summary 105 Operator GHG Emissions 116 Operator Water Consumption 127 Operator Sustainability Frameworks and Standards 129 GRI Index 133 TCFD Index 134 SDG Index 135 Glossary 137 Principal Properties Sustainability Scorecard Metrics 138 GHG Emissions Footprint Calculation Methodology 2024 Investment Stewardship Report 2