Operator Water Risk Water-related risks are one of the parameters we use to assess climate-related risks and potential impacts on our stream and royalty interests as we advance our TCFD climate scenario analysis. We aim to understand the water-related risks to our interests, communicate those risks to our stakeholders and engage with the Operators when we seek to better understand site- specific issues. Our Approach Our stream and royalty interests are geographically and climatologically diverse. We strive to systematically understand the risk in our portfolio associated with water supply and to independently and effectively communicate our findings to stakeholders. We based this assessment of our portfolio of stream and royalty interests on a global water risk mapping tool, Aqueduct™ Water Risk Atlas, developed by the World Resource Institute. The atlas is based on a framework of eight physical water risk indicators: water stress, water depletion, interannual variability, seasonal variability, groundwater table decline, riverine flood risk, coastal flood risk and drought risk. ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 71