Investment Stewardship One of our key investment principles is understanding the environmental and social risks, opportunities and impacts of the stream and royalty interests we hold. Our disciplined, deliberate approach to investment stewardship reflects our business model and the level of influence and relationships we have with the Operators of our stream and royalty interests. IN THIS SECTION 56 Climate Change 61 Operator Performance 63 Human Rights 72 Safety 73 Biodiversity 75 Operator Tailings Management 76 Legal Matters INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 55