Investment Stewardship Priorities Assessment Stakeholders expect information not only on how risks may financially affect a company but also how a company’s actions may impact the environment and society. Our priorities assessment takes into account perspectives from our investors, our Board and our employees. The two charts below highlight our priorities from two perspectives: consolidated risks identified in our portfolio and our corporate employees. CONSOLIDATED RISKS IDENTIFIED IN OUR PORTFOLIO Biodiversity and Land Use GHG Emissions Talent Attraction and Retention Human Rights and Indigenous People Rights Community Investments and Relations Water Management Climate Change Tailings and Waste Management Health, Safety and Wellness Ethics, Integrity and Compliance Risk Management Sociopolitical OUR CORPORATE EMPLOYEES 🟇 Environmental 🟇 Social 🟇 Governance Climate Change Community Investments and Relations Diversity and Inclusion ESG Integration in Decision-Making Cybersecurity Health, Safety and Wellness Risk Management Talent Attraction and Retention Ethics, Integrity and Compliance Approach Topics and the assessment process for this undertaking were cross-referenced with the Sustainability Accounting Standards Board (SASB) for the industries of “Asset Management & Custody Activities” and “Metals & Mining”, the Corporate Sustainability Reporting Directive (CSRD), peer and mining operator disclosures, and our existing investment stewardship priorities. We have disclosed what we believe are our most important investment stewardship topics relating to our mining operator interests (indirect topics) and our corporate offices (direct topics). Indirect topics include risks at the mine site level that are managed by Operators but nevertheless represent indirect risks or opportunities for Royal Gold. Direct topics include risks at Royal Gold corporate offices that affect its 39 employees. The assessment of responses included both a qualitative and quantitative review of inputs. This approach resulted in two graphs that reflect the impact on society and environment along with the impact on our financial performance by reference to risks impacting our Operators and our own corporate operations. The Investment Stewardship Priorities Assessment is updated periodically. We plan to complete a full review of our Priorities Assessment in 2026. INVESTMENT STEWARDSHIP PRIORITY ASSESSMENT PROCESS Identify sustainability topics. Interview Board and select investors and survey employees. Analyze outcomes (risk and opportunity assessment). Finalize and update Investment Stewardship Priority Matrix with CEO and executive management guidance. Develop strategic action plan to monitor priority topics. Disclose progress made on action plan. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 27