BAYLEY ANDERSON, MINING ENGINEERING STUDENT AT SOUTH DAKOTA SCHOOL OF MINES Bayley Anderson, an undergraduate student at the South Dakota School of Mines, was awarded the 2025 Royal Gold Academic Scholarship. Bayley is pursuing a bachelor’s degree in Mining Engineering and a certificate in Explosives Engineering. Upon graduation, Bayley plans to build a career in the mining industry, with the goal of making mining more environmentally sustainable and cost-effective. CASEY VANDERVEEN, ELECTRICAL SYSTEMS STUDENT AT GREAT BASIN COLLEGE “I grew up in Winnemucca, Nevada, where I developed an early appreciation for hard work and the industries, which includes mining, that support our local communities. I have a special appreciation for mining since mining has supported my family for generations. I was drawn to mining because of its critical role in providing the raw materials that modern society depends on, as well as the opportunity to work in a hands-on, technically challenging field. Currently, I am pursuing my education through a hybrid electrical program at GBC, where I continue to build my technical knowledge while gaining practical experience. The flexibility of the hybrid program allows me to work full time while attending school full time, giving me the opportunity to support myself financially while furthering my education.” NATALIE HAGERTY, MINING ENGINEERING STUDENT AT UNIVERSITY OF NEVADA “I am a mining engineering student at the University of Nevada, Reno, and my interest in mining comes from a long-standing curiosity about minerals and how resources are responsibly developed. As I have continued on with my studies, I’ve enjoyed learning not only the technical side of mining but also the importance of safety, teamwork, and environmental responsibility. I try to balance my coursework with involvement outside the classroom, including being an officer in the Women in Mining Club and gaining hands-on experience through an industry internship, both of which have helped me grow professionally and personally. These experiences have taught me the value of asking questions, staying organized, and learning from others. As I continue my education, I am motivated to keep building my skills and contribute in a thoughtful and positive way to the mining industry.” EMILY MCCALLA, MINING ENGINEERING STUDENT AT MONTANA TECHNOLOGICAL UNIVERSITY Emily McCalla is a Mining Engineering student at Montana Technological University and a 2025 recipient of the Royal Gold Scholarship. Emily has distinguished herself through her academic achievement, hands-on industry experience, and campus leadership. She is currently interning with Sandfire Resources at the Black Butte Copper Project and previously worked as an underground miner with Groundhog Mining & Milling Company, contributing to rehabilitation efforts at the World Museum of Mining's historic underground workings. In addition to pursuing a minor in Mineral Processing, Emily serves as President of the Montana Tech Geology Club, an active member of Women In Mining, competes as a student-athlete on the university's track and field team, and participates on Montana Tech's Intercollegiate Mining Team. The Royal Gold Scholarship is helping support Emily's educational journey as she develops the technical expertise, leadership skills, and practical experience needed to make a meaningful contribution to the future of the mining industry. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 54