About This Report At Royal Gold, we are committed to publishing our Investment Stewardship Report (ISR) annually. In this report, our stakeholders will find detailed information regarding our internal processes as they relate to risk management, sustainability considerations and specific information on the performance of the revenue-generating portion of our portfolio. This includes our Principal Properties, which consist of four existing interests that provided approximately 54% of our annual revenue in 2024. We define our streaming and royalty investments as “interests,” and we refer to the operators of our stream and royalty properties as the “Operators.” Our first Climate Report, published in 2024, provides our investors and stakeholders with more expansive climate-related reporting and can be accessed here . Operator climate-related performance will continue to be reported annually in this report, and our Climate Report will be periodically updated. The scope of this report includes sustainability- related information for our Royal Gold corporate operations from December 31, 2023, to December 31, 2024. Due to the delayed timing and availability of production and emission data from the Operators, we report Operator data from December 31, 2022, to December 31, 2023. In cases where the report features forward- or backward-looking information to support the narrative, we have specified the referenced time period. All quartile references throughout the report reflect “1st quartile” as best. This report reflects our disclosures relating to the Global Reporting Initiative (GRI) Standards, the United Nations Sustainable Development Goals (SDGs) and the Task Force on Climate-related Financial Disclosure (TCFD). In many cases, the most fulsome dataset and full scenario analysis for a given asset may be best reported by the Operator of that asset; however, we will aim to provide stakeholders with a straightforward assessment of the risks and performance associated with our Principal Properties. We continue to refine our performance scorecards for both our corporate offices and the Operators’ mines, summarizing what we believe are the key performance metrics of our business and our royalty and stream assets. The scorecards can be in detail in the Appendices starting on page 79 . The Appendices also contain Royal Gold’s disclosures relating to the GRI and TCFD standards. These disclosures are on pages 129 and 133 , respectively. Unless otherwise noted, all amounts are in U.S. dollars. We welcome your questions and feedback on our report or performance. Please send your questions or comments to investorrelations@royalgold.com . LEARN MORE Click here to access our Climate Report ROYAL GOLD OPERATOR FOOTPRINT CALCULATION METHODOLOGY OVERVIEW Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 5 Royal Gold uses the attribution factor “net gold equivalent ounce (GEO) production” for its weighted greenhouse gas (GHG) emissions, energy consumption and water consumption from each property in which we hold a stream or royalty interest. This allows us to compare royalty and stream interests on an equivalent basis. The methodology is used to determine the environmental footprint that can be attributed to our beneficial interests in properties. Our Operators’ GHG emission and energy and water consumption estimates were compiled by Skarn Associates, an independent mining sustainability data analytics firm. We rely on Skarn Associates’ database for energy, emissions and water consumption information for gold and copper mining operations. Currently, there is no consistent standard for calculating a net GEO for the industry. A detailed description of our methodology is on page 138 of this report. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories: scope 3 corporate emissions and scope 3 investment emissions. We do this because as a passive investor, we do not have direct influence or control over the Operators’ emissions, but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scopes 1 and 2 emissions arising from our portfolio Operators.