ROYAL GOLD PORTFOLIO REPUTATIONAL ESG RISK RRR Calibration and Risk Indication AAA, AA, A – low ESG risk exposure CCC, CC, C – high ESG risk exposure Circle size denotes asset relative net GEOs. BBB, BB, B – moderate ESG risk exposure D – very high ESG risk exposure ROYAL GOLD 2024 1 SOUTH LAVERTON North Star Resources Ltd. 2 MANH CHOH Kinross Gold Corporation 3 RAINY RIVER New Gold Inc. 4 CORTEZ Nevada Gold Mines LLC 5 MOUNT MILLIGAN Centerra Gold Inc. 6 MARIGOLD SSR Mining Inc. 7 ROBINSON KGHM Polska Miedz SA 8 ANDACOLLO Compania Minera Teck Carmen de Andacollo 9 LEEVILLE Nevada Gold Mines LLC 10 XAVANTINA Ero Copper 11 WASSA Golden Star Resources Ltd 12 PEÑASQUITO Minera Peñasquito SA de CV 13 KHOEMACAU MMG Limited 14 PUEBLO VIEJO Pueblo Viejo Dominicana Corp Jurisdictional Risk Understanding the jurisdictional risks of a project’s ongoing or planned operations is a key component of both our due diligence review and portfolio monitoring processes. As part of our evaluation of a potential new business opportunity, we assess geopolitical risk and consult third-party experts when necessary for an independent perspective on the political, social and permitting environment in the country where the opportunity or operation is located. In addition, as part of our review for new business opportunities and for portfolio monitoring, we consult RepRisk , an ESG analytics firm, to understand ESG and business conduct risk. RepRisk maintains a database that assigns ESG risk scores to both companies and countries. The RepRisk Index (RRI) is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks. The RRI ranges from 1 (lowest) to 100 (highest). Our assessments track the Peak RRI for both countries and operating companies, which reflects the highest risk rating in the last two years. The Country RRI provides accurate and dynamic information on ESG risks and how they impact companies doing business or investing in a specific country. It provides meaningful insights into potential financial, reputational and compliance risks, such as human rights considerations, poor working conditions, corruption and environmental degradation. Using both the RRI for operating companies and the Country RRI where operations are situated allows us to assign a RepRisk Rating (RRR) for an asset, which ranges from AAA to D. The graphic to the left provides a portfolio assessment of the ESG reputational risk, weighted by 2024 revenue from each asset. Overall, our portfolio has a weighted average RRR of BBB. This is a modest improvement from the prior year due in part to improvements in the Company RRI for Centerra Gold (Mount Milligan) and Country RRI improvements for Botswana and the Dominican Republic but is partially offset by an increase in the Company RRI for Barrick (Pueblo Viejo and Cortez). The results indicate a high-quality portfolio with zero revenue from assets carrying an ESG risk rating of D. Appendices Investment Stewardship Operators and Communities Our People Governance About Royal Gold Introduction ROYAL GOLD 2024 Investment Stewardship Report 39