Royal Gold | 2025-2026 Investment Stewardship Report 4 "As we move through 2026, Royal Gold remains committed to advancing our journey toward a sustainable and resilient future, with transparency and integrity continuing to serve as the foundation of our business model." A Message From Our Chair William M. Hayes, Royal Gold Board of Directors Chair DEAR STAKEHOLDERS, As Chair of the Board of Directors, I am pleased to present our fifth annual Investment Stewardship Report. The Board plays a central role in continuing to ensure that our strategy is aligned with responsible capital allocation, effective risk management and strong governance. Investment stewardship, including sustainability, remain core priorities, guiding how we evaluate opportunities, monitor performance and support management in delivering value for our stakeholders. Following a very successful past year, we continued to strengthen our oversight of environmental and social risks and opportunities, recognizing their continued importance to long-term performance. In 2025, we remained focused on enhancing transparency, supporting responsible mining practices and monitoring portfolio risk, all while completing our most significant acquisitions to date, Sandstorm Gold and Horizon Copper along with the Kansanshi transaction. Engagement with stakeholders continues to inform our work. We value the perspectives of our investors, employees, Operators and the communities connected to our operations. Their insights help shape our priorities and reinforce our commitment to transparency and accountability. On behalf of the Board, I would like to thank our management team and employees for their dedication, and our shareholders and stakeholders for their continued trust and support. William M. Hayes Independent Board Chair INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES