Governance Our Approach Royal Gold is dedicated to corporate governance practices that prioritize the long-term interests of our shareholders through robust oversight models established with the Board of Directors that foster accountability within our management team and nurture transparent relationships with Operators, employees and other stakeholders to build public trust in our Company. The Board, comprised of highly capable Directors with diverse skills and a majority of experience aligned with our business strategy, ensures vigilant oversight of the management team. Their valuable perspectives actively promote the best interests of Royal Gold and our stakeholders, while our talented management team, with significant industry and Company-specific experience, diligently implements our policies and practices. The Board oversees enterprise risk, with quarterly management reports and annual reviews of the ERM program, and directs management on aligning changes to the ERM program with the Company’s business strategy. A substantial part of the Board’s oversight responsibility is carried out through its standing committees. Several Board members, equipped with diverse experience in the many topics related to risk management and sustainability more broadly, apply this perspective to their oversight duties, enabling alignment of our practices with the interests of Royal Gold, its shareholders and other stakeholders. The figure illustrates the responsibilities of our Board and its committees. BOARD OF DIRECTORS Our Board oversees enterprise-level risk, including risks associated with strategy and operations AUDIT AND FINANCE COMMITTEE Integrity of financial statements Internal controls Disclosure controls and procedures Accounting compliance Cybersecurity Compliance program Capital structure and allocation MANAGEMENT Our management administers, reviews and updates our ERM program and provides quarterly reviews to our Board COMPENSATION, NOMINATING AND GOVERNANCE COMMITTEE Regulatory Board organization and membership Sustainability Succession planning Management development Executive compensation and retention Board Composition Our Board is composed of seven Directors. Five out of seven Directors, excluding our Chief Executive Officer (CEO), are independent. For an in-depth review of our Board and its committees, please refer to our Proxy Statement. 3 61-70 years 2 >70 years 2 51-60 years AGE 67 Years Average 3 10+ years 1 1-5 years 3 6-10 years TENURE 9 Years Average 2 5 INDEPENDENCE 71% Independence 43% 29% 14% Citizens From Another Country Women Ethnically or Racially Diverse INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 30 Other public board service Each of our Independent Directors serves on one outside public company board, on average. 100% executive experience in the mining industry