Operator Commitment to Climate Change Our climate resilience is closely linked to the performance of the Operator and how they address climate change at their operations. We observe that 90% of our 2025 revenue was generated from assets where the operating company has initiated climate disclosure with reference to the TCFD framework. We look at the statistic as indicating a high degree of climate risk awareness. 60% of 2025 revenue is associated with operating companies that have set emissions reduction targets to be achieved by 2030 or sooner, and 52% of our revenue is associated with companies that have made formal commitments toward achieving net zero GHG emissions by 2050. Teck Resources, Barrick and Newmont continuously update their comprehensive actions and plans to reduce emissions at the operations they manage. These three Operators generated about 36% of our revenue in 2024, while their operations generated about 57% of the scope 1 and scope 2 emissions attributed to our stream and royalty interests. These same operators have completed the most impactful emission reduction projects or have disclosed plans for reduction projects prior to 2030. Operator Percentage of 2025 Royal Gold Revenue Year Climate Scenario Analysis Target Status ‘15 ‘20 ‘25 ‘30 ‘35 ‘40 ‘45 ‘50 ‘55 ‘60 Barrick Gold Corporation 12.9% 🟇 No 2025 15% absolute reduction target achieved Centerra Gold Inc. 21.8% Yes Chifeng Jilong Gold Mining Co. Ltd. 5.0% 🟇 🟇 Unknown Ero Copper 2.9% Yes First Quantum 3.1% Yes KGHM International Ltd. 1.8% 🟇 Yes Kinross Gold Corporation 2.1% 🟇 Yes 1-2% annualized reductions achieved MMG Limited 4.5% 🟇 Yes Nevada Gold Mines LLC 7.7% 🟇 Yes 2025 15% absolute reduction target achieved New Gold Inc. (now Coeur Mining) 6.9% Yes Newmont Corporation 6.8% 🟇 Yes Teck Resources Limited 7.6% 🟇 Yes 83.1% Operators of our Principal Properties and those that contributed at least 1.5% of our revenue in 2025 are presented in the graph above with their emissions reduction commitments, as reported in their public disclosures. Scope 1&2 Intensity Scope 1&2 Absolute Scope 3 Absolute 🟇 Carbon Neutral (S1 & 2) 🟇 Net Zero (S1, 2) 🟇 Net Zero Ambition 🟇 Carbon Peak 30% 30% 30% 35% 33% 32% 15% 50% 1-2% 30% 15% 30% 50% 32% 30% INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 60