Climate Change Our Approach Climate change has the potential to transform the planet, the way we live and the way we conduct business. We recognize the expectations of our stakeholders in understanding how the climate can impact our business and how our activities have direct and indirect potential to impact climate over the short, medium and long terms. Our business makes passive investments in mining operations. We recognize that mining activities are inherently energy-intensive and that our interests facilitate mining operations that contribute to GHG emissions. Our approach to climate risk continues to be informed by three fundamental principles: (1) understanding potential physical and transition risk associated with a changing climate, (2) investigating actions and strategies that may be appropriate to reduce those risks and (3) monitoring energy, emissions, emissions reduction plans and accomplishments of our metal stream and royalty Operators and disclosing our findings. Our Climate Report discusses our approach to identifying, assessing and managing climate-related risks and opportunities. Royal Gold remains committed to understanding how both the physical impacts of climate change and the transition to a low-carbon economy might affect our business and how integrating these factors into our strategic planning can help reduce the impacts. ROYAL GOLD OPERATOR FOOTPRINT CALCULATION METHODOLOGY OVERVIEW Royal Gold uses the attribution factor “net gold equivalent ounce (GEO) production” for its weighted greenhouse gas (GHG) emissions, energy consumption and water consumption from each property in which we hold a stream or royalty interest. This allows us to compare royalty and stream interests on an equivalent basis. The methodology is used to determine the environmental footprint that can be attributed to our beneficial interests in properties. Our Operators’ GHG emission and energy and water consumption estimates were compiled by Skarn Associates, an independent mining sustainability data analytics firm. We rely on Skarn Associates’ database for energy, emissions and water consumption information for gold and copper mining operations. Currently, there is no consistent standard for calculating a net GEO for the industry. A detailed description of our methodology is on page 136 of this report. ROYAL GOLD GHG EMISSIONS DEFINITIONS Scope 1 emissions: Emissions from sources that Royal Gold owns or controls directly. Royal Gold has no scope 1 emissions. Scope 2 emissions: Emissions that Royal Gold causes indirectly from the energy we purchase and use. Scope 3 emissions: Royal Gold segments scope 3 emissions into two categories: scope 3 corporate emissions and scope 3 investment emissions. We do this because as a passive investor, we do not have direct influence or control over the Operators’ emissions, but we do manage and assert more control over our own direct footprint. • Scope 3 corporate emissions: Emissions arising from our direct corporate activities, primarily relating to business travel and employee commuting. • Scope 3 investment emissions: Scopes 1 and 2 emissions arising from our portfolio Operators. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 56