Operator Tailings Management The safety of people and neighboring communities and the protection of the environment are top priorities. Concerns about tailings and waste products from mining and ore processing underscore the importance of proper management and storage to ensure chemical and physical stability and meeting public safety and regulatory standards. TSF, Khoemacau site visit, 2025 Our Approach As part of our due diligence with respect to new business opportunities, we identify potential risks associated with tailings storage, including reviews of a site’s seismic, hydrological and geotechnical characterization; the design of facilities used to store waste; management monitoring plans for the storage facilities; and emergency planning in the event of a facility failure. We typically enlist geotechnical expertise to assess each site’s unique conditions, comparing facility designs and operations against international guidelines such as the Canadian Dam Association and the Global Industry Standard on Tailings Management. This evaluation helps us gauge how Operators handle this critical aspect of their projects. In some cases, our due diligence reveals substandard tailing storage practices, leading us to discontinue the pursuit of those opportunities. In August 2020, the first global standard for tailings management, the Global Industry Standard on Tailings Management (GISTM), was jointly established by the International Council on Mining and Metals (ICMM), the United Nations Environment Programme, and the Principles for Responsible Investment. The standard sets a high benchmark for improving the safe management of tailings storage facilities and underpins the shared objective of achieving zero harm to people and the environment. In 2025, all five Operators of our Principal Properties disclosed details of their tailings storage facilities and operating practices, and we estimate that properties generating 95% of revenue provide some level of disclosure on their tailings storage facilities. Given the heightened public profile associated with tailings storage, we have provided links on our website to the tailings management disclosures presented by our stream and royalty Operators. We actively maintain a comparative assessment of all the tailings facilities in our portfolio using publically available information. The assessment ranks both the physical and environmental characteristics of the facilities and the level of internal and external oversight. PRINCIPAL PROPERTIES - TAILINGS MANAGEMENT Policies/Standards/ Disclosures Andacollo Cortez Mount Milligan Pueblo Viejo Kansanshi Operators Teck Resources Limited Nevada Gold Mines LLC Centerra Gold Inc. Barrick Gold Corporation First Quantum Minerals Ltd. Policies/Standards Tailings Management Policy Tailings Management Standard Sustainable Development Policy Tailings Management Standard Safety and Security of our Tailings Storage Facilities International Standards GISTM GISTM Canadian Dam Association (CDA) GISTM GISTM GRI GRI GRI Australian National Commission on Large Dams ICMM ICMM International Commission on Large Dams ICMM Mining Association of Canada Tailings Protocol CDA International Commission on Large Dams Disclosures 2025 Storage Facility GISTM Disclosure Report 2025 Storage Facility GISTM Disclosure Report 2025 Sustainability Report 2025 Storage Facility GISTM Disclosure Report 2025 Environmental, Social and Governance Report INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 75