Safety We are committed, alongside Operators of our stream and royalty interests, to prioritizing the health and safety of workers, families and local communities. Approximately 92% of our 2024 revenue was generated from sites that disclosed a Health and Safety policy. We use two metrics to track the performance of our portfolio of revenue-generating stream and royalty interests: the Total Recordable Incident Frequency Rate (TRIFR) and the number of fatal accidents. TRIFR is the number of fatalities, lost-time injuries, substitute work and other injuries requiring treatment by a medical professional per million hours worked. A compilation of 2020-2024 TRIFR statistics from Operators is shown in the chart below. A comparative benchmarking was completed using TRIFRs published by the ICMM, based on an average X billion work hours per year, which show a downward trend year over year. Our portfolio weighted average TRIFR performance increased in 2024 compared to the prior year. This increase was not indicative of a broad-based deterioration in safety performance across our operations; rather, it was driven by a small number of isolated, site-specific incidents at a few operations. These events were distinct in nature and circumstance, reflecting localized operational factors rather than a systemic or portfolio-wide trend, and, taken together, they were sufficient to move the aggregate frequency rate upward for the year. Unfortunately, we regret to report that in 2024 Xavantina mine in Brazil, Dolores mine in Mexico and Rainy River in Canada each experienced a fatal accident. One fatality was experienced at Goldrush mine in Nevada in 2025. Mine simulator, Platreef site visit, 2025 TOTAL REPORTABLE INCIDENT FREQUENCY RATE 1,2 3.1 3.6 2.9 2.88 4.4 2020 2021 2022 2023 2024 0.0 1.0 2.0 3.0 4.0 5.0 🟇 Royal Gold Portfolio ICMM 1. TRIFR per 1,000,000 work hours is weighted by work hours. 2. Represents data that is compiled by the ICMM from its members and is publicly reported. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 72 Mount Milligan site visit, 2025