Operator Energy Consumption Total energy (direct 1 + indirect 2 ) intensity per GEO shows a declining trend from 2021 through 2024. We integrate energy and emissions data of mining operations developed by Skarn Associates. As part of our energy compilation efforts, we also have tracked the emissions associated with each unit of both direct and indirect energy consumed (emissions factors). The emissions factors associated with both direct and indirect energy have trended downward for the past six years but increased in 2024. The total energy emissions factor change was (19%) for the seven-year period. The improvement in overall direct and indirect energy consumption is a positive indicator of the Operators making changes in their mines to improve energy efficiency and reduce GHG emissions. Our portfolio overall direct and indirect energy consumption has consistently decreased since 2021. This decrease, as mentioned in previous reports, is largely attributed to Teck Resources’ Andacollo mine in Chile. The Andacollo mine entered into a long-term contract to purchase 100% renewable energy, which has significantly reduced emissions. DIRECT AND INDIRECT ENERGY CONSUMPTION (GIGA JOULE) 2,990 3,240 3,429 3,976 3,537 3,057 2,864 2018 2019 2020 2021 2022 2023 2024 — 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 a Total 🟇 Direct 🟇 Indirect DIRECT AND INDIRECT ENERGY INTENSITY (GIGA JOULE/NET GOLD EQUIVALENT OUNCE) 11.5 12.1 12.8 14.0 13.4 11.8 11.0 2018 2019 2020 2021 2022 2023 2024 0 3 6 9 12 15 a Total 🟇 Direct 🟇 Indirect DIRECT AND INDIRECT ENERGY EMISSIONS FACTOR 55 55 51 70 70 62 57 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50 60 70 80 a Total 🟇 Direct 🟇 Indirect 1. Direct energy: the energy produced and consumed by the Operator within its operations, projects and facilities; it may include energy from fuels, sunlight, wind, water, etc. and is used to run the Operator’s equipment and vehicles and to produce power and heat on-site. 2. Indirect energy: electricity, thermal or other energy sources provided by a retail provider or facility not owned or operated by the user of the energy. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 67