Corporate Emissions GHG emissions stem from direct fuel combustion (scope 1) and purchasing electricity externally (scope 2) as well as activities indirectly influenced by the reporting organization throughout its value chain (scope 3). This report categorizes scope 3 emissions into those originating from our organization’s corporate operations and those of its Operators (scope 3 investment emissions). This segmentation allows us to address our own footprint as a passive investor more effectively, given our limited control over Operators’ emissions. Further details on Operators’ emissions are in the “Operator GHG emissions” section. Our organization’s 39 employees are based in offices in the United States, Switzerland and Canada, with minimal direct environmental impact. We actively support and incentivize the use of public transportation for daily commuting by subsidizing these options. Additionally, our hybrid office model contributes to a significant reduction in both in-office emissions and those related to daily commuting. The tables on the right detail our corporate energy consumption and scope 2 and 3 corporate emissions, which include employee travel and employee commuting. We have no corporate scope 1 emissions. Our scope 2 and 3 corporate emissions have increased primarily due to the additional employees added to the team in 2025 coupled with the travel associated with the increased business activity in 2025. In Vancouver, 90% of our corporate energy use is supplied from renewable, clean energy sources, mainly from hydroelectric generation. ROYAL GOLD CORPORATE SCOPE 2 GHG EMISSIONS 1, 4 (tCO 2 e) 78 76 83 86.9 78 79.2 3 3 3 3.5 3 5 4.5 81 79 86 90.4 81 89 2020 2021 2022 2023 2024 2025 0 20 40 60 80 100 a Total 🟇 Denver, Colorado 🟇 Toronto, Ontario 🟇 Lucerne, Switzerland 🟇 Vancouver, Canada ROYAL GOLD CORPORATE SCOPE 3 GHG EMISSIONS 2,3, 4 (tCO 2 e) 68 43 300 415 393 682 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 600 700 a Total 🟇 Employee business travel 🟇 Employee commuting ROYAL GOLD CORPORATE TOTAL SCOPE 2 AND 3 GHG EMISSIONS (tCO 2 e) 149 122 386 505 475 771 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 600 700 800 900 ROYAL GOLD CORPORATE ENERGY CONSUMPTION (MWh) Estimated indirect grid electricity purchased (market-based) 316 275 300 267 247 250 258 58 5 5 5 5 5 5 200 101 97 86 4 97 10 100 169 165 168 138 145 156 100 0 2020 2021 2022 2023 2024 2025 a Total 🟇 Denver, 🟇 Toronto, 🟇 Lucerne, 🟇 Vancouver, Colorado Ontario Switzerland Canada 1. Our scope 2 corporate emissions are calculated internally. Royal Gold uses emissions factors from government sources and the Greenhouse Gas Protocol’s GHG Emissions Calculations Tool to determine scope 2 corporate emissions. 2. Our scope 3 corporate emission calculations includes private and commercial airline business travel emissions. Commercial airline emissions are provided by a third party, Egencia. Our employee commuting emissions and private airline emissions are calculated internally. Egencia uses emissions factors from the United Kingdom’s Department for Environment, Food and Rural Affairs. Our scope 3 corporate emissions cover 100% of all Royal Gold employees. 3. Emissions in 2020 and 2021 are low due to limited travel during COVID. 4. We update emission factors and recalculate emissions yearly. This process consists of reviewing data sources for recent publications, bringing newly published emission factors into our emission factor dataset, and recalculating entries to adopt the most recent emission factors where appropriate. 5. All data associated with our Vancouver office only accounts for November and December 2025 as the Sandstorm acquisition closed at the end of October 2025. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 57