PROGRESS ON OUR 2024 PLANS The table below highlights our progress on the 2025 priorities disclosed in our 2024 Investment Stewardship Report. 2024 Plans 2025 Progress Achievements Environment and climate change • Achieve carbon neutrality for corporate emissions annually. • Improved Forest Management Carbon-Removal credits were secured to offset our 2024 scope 2 and 3 corporate emissions. • • Evaluate opportunities to make a positive impact and reduce risk for our interests with respect to climate change. • We will continue to evaluate and better understand the risk associated with climate change for our interests; however, no specific opportunities were pursued in 2025. • • Engage with the Operators that provide more than 2% of our revenue and work to understand what actions they are specifically taking to reduce GHG emissions; where appropriate, determine if we can be a source of financing to advance selected initiatives. • We continue to make an effort to engage with the Operators, when appropriate, on opportunities relating to GHG emissions. • Community investment • Aim to contribute $1.5 million in support to organizations that serve the needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. • In 2025, Royal Gold contributed a total of $1.56 million to 31 organizations globally, all of which align with the SDGs. • • Continue to strengthen our scholarship and mining education contributions by establishing two new scholarships. • In 2025, one new scholarship with the University of British Columbia was added to the Royal Gold scholarship portfolio. • Investment Stewardship Governance • Complete sustainability-focused educational opportunities for employees. • We provided cybersecurity training to all employees in 2025. • • Evaluate the potential expansion of our alignment with internationally recognized sustainability-related standards. • We deferred this target due to the significant time spent on the Sandstorm Gold and Horizon Copper transaction in 2025. 2026 PRIORITIES INVESTMENT STEWARDSHIP GOVERNANCE We will continue to evaluate meaningful ways to make improvements across our business. The bullets below outline Royal Gold’s investment stewardship priorities for 2026. • Conduct human rights training for employees. • Update our tailings assessment to include new properties. • Prepare to disclose our next Climate Report in 2027. • Complete a full review of our Investment Stewardship Priorities Assessment in 2026. • Establish one new mining-focused scholarship with a new university. • Evaluate the potential expansion of our alignment with internationally recognized sustainability-related standards. ENVIRONMENT • We will continue to engage with Operators to understand what actions they are specifically taking to reduce GHG emissions; where appropriate, we will determine if we can be a source of financing to advance selected initiatives. • We will continue to maintain carbon neutrality for our corporate emissions through the purchase of high-quality, verified carbon offsets and implement reduction strategies for our corporate operations where we can. COMMUNITY INVESTMENT • We aim to contribute $1.5 million in support to organizations that serve the needs of the communities in which our corporate offices and Operators are located, continuing to align with the SDGs. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 28