Our Management Team’s Role in Investment Stewardship Our President and CEO has direct management responsibility for the risks inherent in the business, including sustainability risks such as climate change. The sustainability of our business largely depends on our ability to identify and manage risks inherent in our interests and is therefore central to the development of our corporate strategy and ongoing oversight. Enterprise Risk Management Committee Royal Gold’s ERM program aims to actively identify, assess and mitigate the Company’s top risks associated with its operations and revenue-generating properties. We organize our risks within a set of broad subjects that are captured in two subject areas. Business sustainability: We look to identify issues associated with changing laws and social dynamics within our portfolio and potential business opportunities. Investment portfolio performance: We look to identify issues that will impact the operations that generate revenue from our streams and royalties over the short, medium and long terms, which would capture issues associated with increasing costs or revenue loss. Enterprise risks, including sustainability risks, are monitored by the ERM Committee, which includes members of our senior management team. Input from other members of the Royal Gold team includes individuals responsible for new compliance and the technical assessment of our stream and royalty interests. The ERM Committee meets quarterly to consider present and potential risks to Royal Gold’s ongoing success and to determine mitigation strategies to execute as appropriate. Investment Stewardship Committee The Royal Gold Investment Stewardship Committee is responsible for ensuring that Royal Gold’s sustainability and sustainability initiatives are effectively monitored, managed and fulfilled and that issues are reported to the CNG Committee as appropriate. The Investment Stewardship Committee’s specific responsibilities include the following: • Annually review sustainability-related policies for relevance, recommending updates to the CEO for CNG Committee approval. • Recommend the investment stewardship strategy to the CEO, including priorities, objectives and initiatives related to training, target-setting, due diligence, surveys, reports, communication, standards, and assess emerging risks and opportunities aligned with Royal Gold’s ERM program. • Evaluate Operator sustainability performance and, in collaboration with the legal department, review Operator compliance with sustainability-related contractual standards. • Assess Operator philanthropic/social initiatives and explore opportunities for Royal Gold participation. • Review significant sustainability events for potential material reputational and/or financial risks to Royal Gold and/or its Operators. The Investment Stewardship Committee is a cross-functional management committee and consists of members of Royal Gold senior management with investment stewardship expertise in the following areas: sustainability, operations, compliance, finance, investor relations and legal. It is led by the Vice President of Investment Stewardship. Business Development Royal Gold’s senior management, led by our CEO, reviews all new investment opportunities. These individuals bring extensive experience in the technical, financial and legal aspects of mining project investment, development and operations. They may be supported by external experts in subject matter areas including the following: permitting, geology, resource estimation, construction, mining operations, geotechnical, metallurgy, ore processing, water, tailings management, energy and emissions, community and Indigenous engagement, biodiversity, political risk and off-take marketing and sales. The senior management team presents each particular investment opportunity above $25 million to the Board for final approval. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 32 Electrified operations, Kansanshi site visit, 2025