Portfolio Water Consumption Intensity Summary Year 1 Royal Gold Net GEOs 2 (%) Royal Gold Attributed Consumption 5 Consumption Intensity (Validated) Industry Quartile Ranking 8 (ML) (kL/GEO) (kL/t ore treated) (kL/GEO) (kL/t Ore Treated) Properties With Water Consumption Estimates 2019 97.9% 5,683 22 0.57 2020 99.1% 5,685 21 0.53 2021 99.4% 6,146 22 0.51 2022 99.4% 6,566 25 0.60 2023 99.2% 6,423 25 0.56 2024 97.9% 6,666 26 0.60 4th 2nd Properties Without Water Consumption Data 6 2019 2.1% 120 2020 0.9% 52 2021 0.6% 34 2022 0.6% 37 2023 0.8% 53 2024 2.1% 146 Total 2019 100.0% 5,803 22 0.57 2020 100.0% 5,737 21 0.53 2021 100.0% 6,180 22 0.51 2022 100.0% 6,603 25 0.60 2023 100.0% 6,476 25 0.56 2024 100.0% 6,812 26 0.60 1. The Company changed its fiscal year end from June 30 to December 31, effective as of December 31, 2021. Accordingly, certain amounts in this table have been adjusted to reflect unaudited calendar year information. 2. GEO production is estimated by multiplying the number of net metal or commodity units of which we take delivery, multiplied by the following standard set of commodity prices and divided by the stated gold price, with the same metal prices used for each year for comparative purposes: $1,758/oz Au; $20.54/oz Ag; $6,185.82/t Cu; $1,826.14/lb Pb; $2,268.85/t Zn; $13,672/t Ni; $25,992/t Mo; $31,161/t Co (see page 136 for complete definition). 3. Royal Gold’s interest is either a portion of the mineral properties or part of a complex, and water usage is assumed to be equally proportioned to all GEOs. 4. Mine site water consumption estimates were compiled by Skarn Associates, and we have relied on its database for emissions presented for gold and copper mining operations. 5. Royal Gold’s attributed water consumption = Site consumption x Royal Gold % of site production. 6. Water consumption for mineral properties that were not included in the Skarn Associates database have been assumed to be equal to the average of the portfolio. 7. Prior year production adjustments occurred in 2023, resulting in negative production. 8. Industry quartile ranking is based both on Skarn Associates’ water consumption intensity curves for gold production. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 126