6 REPUTATION AND INVESTOR SENTIMENT IMPACT The risk associated with decreasing investor interest in gold and a loss of confidence in management’s ability to properly manage risk and effectively communicate with the market and our shareholders. MITIGATION AND COMMENTARY We seek to mitigate these risks through strong governance and transparent disclosure practices, frequent interaction with our shareholders and, where appropriate, by addressing concerns and recommendations received through these engagements. 2024 SUMMARY During the annual shareholders’ meeting, the two Directors standing for reelection (William H. Heissenbuttel and Jamie Sokalsky) received votes for reelection of 97% or more of the total votes cast. During 2024, the closing price for our common shares hit a then all-time high of $154.27/share and as low as $101.30/share. Our closing price on December 31, 2024, was $131.85/share, which reflected a market capitalization of approximately $8.7 billion. Given the continued strong cash flows of the Company, we were able to increase our annual dividend for 2025 by approximately 12.5% to $1.80/share, the 24th consecutive annual increase in the dividend rate. Total dividends paid out to date approximate $1 billion. Royal Gold remains the only precious metals company in the S&P High Yield Dividend Aristocrats index as a result of our multi-decade track record of dividend growth. Concerns shared by our investors during various engagements throughout the year included growing political risks, competition and transaction pricing and relative performance of the sector versus the gold price. We note that our assets have the lowest exposure to High Risk jurisdictions and among the highest exposure to Low Risk jurisdictions when compared to our direct royalty/streaming peers based on data from the Fraser Institute and S&P. The S&P High Yield Dividend Aristocrats® index is designed to measure the performance of companies within the S&P Composite 1500® that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 years. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 24 COUNTRY RISK (% OF NET ASSET VALUE) Low Medium High RGLD Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 0 25 50 75 100 Source: Scotiabank Royalty Rundown, Q1 2025