Offsetting Our Corporate Emissions Since 2020, we have acquired verified carbon credits to offset scope 2 and 3 corporate emissions that we otherwise have been unable to eliminate, thus achieving carbon neutrality for our corporate operations. We are committed to achieving carbon neutrality for our corporate operations, annually. We continue to purchase verified carbon credits through Anew Climate, LLC, a leading climate solutions company that offers environmentally focused products, services and investments that support decarbonization, including the sale of verified carbon credits. For the past three years, Royal Gold sourced carbon credits from the GreenTrees Reforestation Project in Arkansas, U.S. GreenTrees Reforestation Project GreenTrees is reforesting one million acres of marginal farmland in the Mississippi Alluvial Valley. To date, GreenTrees has planted more than 42 million trees on 120,000 acres in partnership with private landowners. The tree plantings have generated millions of tons of verified carbon credits that are registered on the American Carbon Registry (ACR). These credits account for the vast majority of domestic forestry credits registered on the voluntary market. In recognition of its vision in building toward a 1,000,000-acre goal, the ACR awarded GreenTrees the Innovation Award in April of 2018. GreenTrees has delivered and/or retired millions of tonnes of carbon offsets to corporations and municipalities, including Duke Energy, Norfolk Southern and the Arbor Day Foundation. Technology and mechanism Reforestation: Replanting trees in a previously forested area Mechanism: Removal Durability: 40+ years. The durability of this project is 40 years, based on its crediting period. However, the project is designed to have incentives to keep project lands permanently in forest. Project details Emissions reduced or carbon removed annually: 526,702 tonnes Project certifications Certifier: ACR Standard: American Carbon Registry Registry ID : ACR114 SDG Alignment: INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 58 GreenTrees Reforestation Project, Mississippi Alluvial Valley