Operator Performance Investment stewardship means continually maintaining an understanding of the stream and royalty interests we hold with respect to production, operational and ESG performance, among other considerations. Understanding the performance of Operators and properties in which we hold stream and royalty interests begins with collecting information through a monitoring process. This process supports the systematic reporting of relevant information to senior management and the Board. We obtain monitoring data and other information via contractual rights, from the Operators’ public disclosures and from third-party data sources. Operators’ annual sustainability reports and websites are also important sources of data that are reviewed extensively to compile views on Operator performance across a wide range of subjects. We have prepared a more in-depth look at how we assess the performance of the Operators of our stream and royalty interests with respect to both ethical and human rights performance in this year’s review, which we feel supports the quality of the Operators within our portfolio of interests. We also review our portfolio performance with respect to energy consumption, GHG emission generation, water consumption and associated consumption intensities over the period 2018 through 2024. Finally, reviews and analysis are provided on safety performance, tailings management and biodiversity as applied to our portfolio. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 61 Khoemacau site visit, 2025