ROYAL GOLD PORTFOLIO REPRISK INDEX RRR Calibration and Risk Indication AAA, AA, A – low ESG risk exposure BBB, BB, B – moderate ESG risk exposure CCC, CC, C – high ESG risk exposure D – very high ESG risk exposure Circle size denotes asset relative net GEOs. • ROYAL GOLD 2025 SOUTH LAVERTON North Star Resources Ltd. VOISEY'S BAY Vale S.A. RAINY RIVER Coeur Mining, Inc. CORTEZ Nevada Gold Mines LLC MOUNT MILLIGAN Centerra Gold Inc. MARIGOLD SSR Mining Inc. ROBINSON KGHM Polska Miedz SA ANDACOLLO Compania Minera Teck Carmen de Andacollo EL LIMON Equinox Gold XAVANTINA Ero Copper WASSA Golden Star Resources Ltd PEÑASQUITO Minera Peñasquito SA de CV KHOEMACAU MMG Limited PUEBLO VIEJO Pueblo Viejo Dominicana Corp KANSANSHI First Quantum Minerals MANH CHOH Kinross Gold Corporation LEEVILLE NORTH Nevada Gold Mines LLC LARONDE ZONE 5 Agnico Eagle Mines Ltd. Jurisdictional Risk Understanding the jurisdictional risks of a project’s ongoing or planned operations is a key component of both our due diligence review and portfolio monitoring processes. As part of our evaluation of a potential new business opportunity, we assess geopolitical risk and consult third-party experts when necessary for an independent perspective on the political, social and permitting environment in the country where the opportunity or operation is located. In addition, as part of our review for new business opportunities and for portfolio monitoring, we consult RepRisk , an ESG analytics firm, to understand ESG and business conduct risk. RepRisk maintains a database that assigns ESG risk scores to both companies and countries. The RepRisk Index (RRI) is a proprietary algorithm that dynamically captures and quantifies the reputational exposure to ESG risks. The RRI ranges from 1 (lowest) to 100 (highest). Our assessments track the Peak RRI for both countries and operating companies, which reflects the highest risk rating in the last two years. The Country RRI provides accurate and dynamic information on ESG risks and how they impact companies doing business or investing in a specific country. It provides meaningful insights into potential financial, reputational and compliance risks, such as human rights considerations, poor working conditions, corruption and environmental degradation. Using both the RRI for operating companies and the Country RRI where operations are situated allows us to assign a RepRisk Rating (RRR) for an asset, which ranges from AAA to D. The Royal Gold Portfolio RepRisk Index (left) provides a portfolio assessment of the ESG reputational risk, weighted by 2025 revenue from each asset. Overall, our portfolio has a weighted average RRR of A. This is a modest increase in risk RRR from the prior year due to the addition of Kansanshi to the portfolio. The results indicate a high-quality portfolio with zero revenue from assets carrying an ESG risk rating of D. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 38