Organization Resilience to Climate Change Impacts The mining sector is highly expose to both physical and transition climate risks. These risks can directly impact the profitability, regulatory compliance, operational efficiency and reputational standing of mining operations. Financial resilience is critical to our ability to absorb shock from climate impacts that are experience by the operations where we hold stream and royalty interests. Our organization’s climate change resilience is a function of the characteristics of our portfolio, our actions to diligence additions to the portfolio and actions of the Operators of the properties in our portfolio. Our Portfolio Resilience We assess the resilience of our business through our stream and royalty interests. The indicators by which we assess out portfolio’s financial resilience to potential impacts from climate-related risks include: • Geographic and asset diversification • Commodity diversification • GHG emissions intensity (individual asset and portfolio) • Distribution of GEO production subject to carbon taxation • Jurisdictional water stress • Operator commitment to address climate change Production Subject to Carbon Tax Mine site economic impacts associated with the application of a carbon tax can be significant, so operations where a carbon tax is already being applied have less transition risk, as the cost associated with carbon taxation is likely already included in economic modeling and mine planning. Three jurisdictions where we have stream or royalty interest impose some level of direct carbon taxation. Although Mexico and Chile impose modest carbon taxes on operations that generated about 15% of our revenue in 2025, Canada imposes the most significant tax, which varies by province but applies to about 33% of our 2025 revenue. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 59 Quisqueya power plant, Dominican Republic