Table of Contents 3 A Letter From the CEO 4 A Message From Our Chair About Royal Gold 6 About This Report 7 2025 Milestones 8 Our Business 11 Global Portfolio Map 12 Principal Property Stewardship Highlights 18 Principles of Investment Stewardship 20 Year in Review: Investment Stewardship Risk Discussion 26 Investor Engagement and Priorities Assessment Governance 30 Governance 31 Investment Stewardship Governance 34 Investment Stewardship Policies 35 Due Diligence and Portfolio Monitoring 39 Cybersecurity 40 Taxes, Associations and Political Contributions Our People 42 Talent Attraction and Retention 43 Human Capital 44 Health, Safety and Wellness Supporting Operators and Communities 46 Community Investment 47 Mining Community Investment Highlights 51 Local Office Community Investment Highlights 53 Future Leaders in Responsible Mining Scholarship Investment Stewardship 56 Climate Change 61 Operator Performance 63 Human Rights 72 Safety 73 Biodiversity 75 Operator Tailings Management 76 Legal Matters Appendices 78 Corporate Performance 79 Principal Property Performance 82 Operator Production Performance 92 Operator Energy Consumption 102 Portfolio Energy Intensity Summary 104 Operator GHG Emissions 116 Operator Water Consumption 127 Operator Stewardship Framework Alignment 129 GRI Index 133 TCFD Index 134 SDG Index 135 Glossary 136 GHG Emissions Footprint Calculation Methodology Royal Gold | 2025-2026 Investment Stewardship Report 2