Our Business Royal Gold, Inc., together with our subsidiaries (“Royal Gold,” the “Company,” “we,” “us,” and “our”), acquires and manages precious metals streams, royalties and other similar interests. Royal Gold common shares are listed on the Nasdaq Global Select Market under the symbol “RGLD”. We focus on building and managing a diversified, cash- flowing portfolio of interests in producing mines by aligning with experienced Operators while creating a pipeline of earlier-stage interests that have the potential to be cash-flowing in the future. Portfolio Manager Versus Mine Owner and Operator Royal Gold does not own, develop, or mine the properties on which we hold stream or royalty interests (except for the joint venture interest in Hod Maden); instead, our stream and royalty interests are passive interests in mine production. The properties where we hold interests span various stages of mining project development, from the initial stages of exploration and evaluation through development and production. The Operators make all development and operating decisions, and in general, we have limited to no influence regarding the development or operation of the mineral properties through the contractual arrangements we put in place, or that are already in place, when an investment is initiated and over the course of our relationship. Our management team has significant industry experience and is well equipped to evaluate new opportunities by performing project, Operator and country due diligence and to manage the existing portfolio of stream and royalty interests. Our scalable business model also allows us to effectively manage our business with a small team of professionals. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 8