Investment Stewardship Policies For Royal Gold, governance is grounded in a suite of Board-approved policies and codes that collectively establish the framework by which we conduct our internal and external business operations. All policies are regularly reviewed by our Board or a Board committee and updated as necessary. These policies apply to Royal Gold, Inc. and all of its subsidiaries. Links to our corporate policies are in the Document Library section of our website, along with our bylaws and Board committee charters. The list below highlights policies with significant sustainability relevance. Sustainability Policy Our Sustainability Policy sets forth our core commitment to furthering responsible mineral development as a means of creating long-term value for our stakeholders. People Policy We believe that our employees are our most important assets. Our People Policy outlines our dedication to maintaining a safe and healthy workplace that is free from harassment and discrimination. The People Policy also outlines Royal Gold’s approach to fostering an inclusive work environment where individuals are treated fairly and with respect and are given equal opportunities to develop and advance. Code of Business Conduct and Ethics Our Code of Business Conduct and Ethics provides the framework by which we commit to maintaining the highest ethical standards in our operations and our relationship to our employees, counterparties and other stakeholders. Anti-Corruption Policy Our Anti-Corruption Policy outlines our prohibitions against illegal and improper conduct, including bribery and corruption in all forms. Human Rights Policy Our Human Rights Policy provides a framework to ensure that human rights are respected in all Company operations. We believe that human rights are basic standards aimed to secure dignity and equality for all people. Royal Gold is committed to respecting internationally recognized human rights standards. Standards for Suppliers and Operators Our Standards for Suppliers and Operators (formerly referred to as the Supplier Code of Conduct) outline expectations regarding standards of conduct expected from suppliers and Operators that conduct business with us. When selecting new interests or undertaking other relationships with suppliers and Operators, we consider whether potential suppliers and Operators hold values and promote practices that, as applicable, align with our Standards, and we intend to show preference for those suppliers and Operators that demonstrate alignment with our Standards. Whistleblower Policy Our Whistleblower Policy encourages and enables the reporting of any suspected illegal activities, unethical behavior or other misconduct. The Whistleblower Policy is intended to provide a means for Directors, officers and employees of the Company and other stakeholders to report serious concerns that could have a negative impact on Royal Gold or its stockholders, such as actions that may lead to false or inaccurate financial reporting, are unlawful, are not in line with Company policy or otherwise amount to serious improper conduct. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 34 New Horizons community construction in Cotuí, Dominican Republic, Pueblo Viejo site visit, 2025