Investment Stewardship Alignment in Executive Compensation The CNG Committee sets annual targets for stewardship and risk management, which includes investment stewardship and sustainability performance as part of our annual short-term incentive compensation (bonus) program for all Company personnel. These targets are intended to align Company performance with the interests of our shareholders and other stakeholders. Sustainability, stewardship and risk management factors the Board considered in 2025 included publishing our fourth Investment Stewardship Report, publishing our second Asset Handbook, addressing issues commonly raised in investor engagement, TCFD disclosures, maintain carbon neutrality and strengthening our academic scholarships and donations program. Strategic Planning Our management team meets to discuss corporate strategy, including annual, short-term and long-term goals. Our investment stewardship strategy is reviewed annually, at a minimum, by our President and CEO together with senior management and is modified as necessary as part of our corporate strategic planning and ERM processes. Senior management then presents relevant updates to the CNG Committee. This input from Royal Gold management to the Board and its committees enables an integrated approach to sustainability as part of our overall risk management effort. Management’s process for reviewing sustainability matters is summarized in the figure below. Board of Directors Reports quarterly and as otherwise appropriate Reports quarterly and as otherwise appropriate to the CNG Committee Opportunity-specific presentation materials to full Board (two separate meetings) Provides direction and approvals/ rejections as required Oversight and direction provided as required; ERM program reviewed annually Strategic plan presented annually ENTERPRISE RISK MANAGEMENT INVESTMENT STEWARDSHIP COMMITTEE BUSINESS DEVELOPMENT CORPORATE STRATEGIC PLANNING Senior management team Considers present and potential risks to Royal Gold’s ongoing success, including ESG and climate change considerations, and determines appropriate risk mitigation actions and strategies Senior management team Ensures that Royal Gold’s sustainability initiatives are effectively monitored, managed and fulfilled Senior management team Ensures that Royal Gold completes thorough due diligence and risk assessments for potential new stream and royalty opportunities, including climate and climate change risks Senior management team Comprehensive strategic plan, including sustainability and climate change objectives, with short-term and long-term goals RISKS AND OPPORTUNITIES INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 33