Typical thematic areas include: • Geology, including exploration potential • Resource estimation • Mining methodology • Mine geotechnical stability • Metallurgy and ore processing • Location consideration — proximity to protected areas of high biodiversity, indigenous lands, climatic conditions • Environmental impacts • Community impacts • GHG emissions and climate change • Permitting, including local view of ongoing or future permitting requirements • Political risk • Project execution and capital cost • Tailings storage and waste rock management • Water supply, water consumption and water management • Infrastructure • Closure plans • Project mineral title • Local law on creditor rights • Local and cross border tax considerations • Operator/project financial health We find that each investment opportunity has unique aspects that vary widely and that each evaluation opportunity requires a project-specific due diligence scope and team. The team for each opportunity will require appropriate technical experts as well as experts with knowledge of the local operating environment, which could include, for example, a third-party expert with specific knowledge of permitting or local community dynamics within a given jurisdiction. Our phased approach to project reviews allows the use of our Phase 1 review findings to develop a unique due diligence scope of work tailored to identify the skills needed on the due diligence team for Phase 2. In areas deemed to have a high level of risk, we often include two experts to develop our findings on a given topic. A summary example of our typical Phase 2 Due Diligence Team is provided in the figure on this page. Due Diligence Team Basic team includes: • Project Coordinator (Royal Gold leader) • Geologist • Resource Geologist • Mining Engineer • Metallurgist • Tailings Facility Engineer • Environmental/Permitting/Social Expert • Infrastructure Expert • Local legal counsel • Local and international tax advisors Greenfield projects include: • Capital Cost Estimator/Project Controls Expert • Capital Cost Benchmarking Expert Specialty experts include: • Hydrologist/Hydrogeologist • Geotechnical Engineer • Specialty Metallurgical Expert • Country-Specific Environmental, Social or Permitting Expert • Community/Indigenous Relations Expert • Biodiversity Expert • Country/Political Risk Expert All Phase 2 due diligence activities are coordinated by Royal Gold management. This phase of due diligence typically consists of a review of publicly available information as well as confidential information provided by the counterparty. The Phase 2 due diligence process typically affords an opportunity to interact with project and corporate management. This interaction can include virtual presentations, video conference calls, in-person question and answer sessions, site visit and meeting with project stakeholders. An assessment of the potential counterparty’s capacity to successfully execute its plan is a critical consideration of the due diligence process. The ability of Royal Gold to interact with project management is determined by the investment opportunity. For example, the opportunity to purchase a third-party royalty on a mining operation may not allow for communications with the Operator, as the royalty is not being sold by the operation’s owner. Conversely, the negotiation purchase of a metal stream is typically with an owner of the mine or project, which allows for direct access to the management team. Royal Gold always endeavors to interact with project management as directly as possible. Upon completion of the Phase 2 due diligence, multiple deliverables are produced to document the due diligence team findings. These include, the following: • Subject Matter Expert Reports — reports prepared by team members for their thematic review area • Value Drivers and Risk Workbook — a compilation of key findings, risks and actions to mitigate identified risks with contributions from all due diligence team members • Sustainability Checklist — a comprehensive document driving the collection and recording of sustainability-related information Due diligence findings provide the content for a Due Diligence Findings Management Presentation that summarizes the work completed and critical findings, with contributions from all team members. The process as described is represented in the figure below. Phase 1 Review Phase 2 Review Due Diligence Design Due Diligence Team Selected Technical Scope Defined Critical/Unique Issues Recognized Interviews Site Visit Data Analysis Information Review Management Presentations Sustainability Checklist Value Driver and Risk Workbook Subject Matter Expert Reports Due Diligence Findings Management Presentation INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 36