5. Kansanshi, First Quantum Minerals NORTH-WESTERN PROVINCE, ZAMBIA | 2025 REVENUE: $129,830,000 Kansanshi is an open-pit mine owned and operated by Kansanshi Mining PLC, which is 80% owned indirectly by First Quantum Minerals Ltd. (“First Quantum”) and 20% by ZCCM Investments Holdings PLC, a listed company that is majority owned by the Government of the Republic of Zambia. The mine is located adjacent to the town of Solwezi, the capital of the Zambian North-Western Province. On August 5, 2025, RGLD Gold entered into a precious metals purchase agreement for gold deliveries referenced to copper production from the Kansanshi copper-gold mine. Royal Gold included a community contribution to support of the mine's sustainability efforts of $7 per gold ounce delivered in our 2025 stream agreement for the mine. Annual Stewardship Assessment JURISDICTION AND COMPANY REPUTATION - 2026 RepRisk ESG country risk rating Moderate RepRisk ESG company reputational risk rating Very High Corruption Perception Index quartile ranking 3rd Quartile WATER - 2024 2 Water stress rating by Aqueduct™ Water Risk Atlas N/A Water consumption intensity (m 3 /GEO) quartile ranking 1 N/A Water consumption intensity (m 3 /tonne ore processed) quartile ranking 1 N/A SAFE OPERATION - 2025 Number of fatal accidents 0 Tailing management disclosure Yes ENERGY AND CLIMATE - 2024 2 Corporate emission reduction targets N/A GHG emissions intensity (tCO 2 e/GEO) quartile ranking 1 N/A Total energy intensity (GJ/GEO) quartile ranking 1 N/A BIODIVERSITY - 2026 IUCN Red List species, critically endangered and endangered (located in a 10-km radius of the project center) 21 Designated protected area or KBA covering all or part of the project area None COMMUNITY AND HUMAN RIGHTS - 2026 Human Rights Policy Yes Modern Slavery Disclosure Report Grievance Mechanism Yes 1. Based on Skarn Associates Gold Industry ranking curves for 2024 2. An “N/A” indicates that 2024 data associated with Kansanshi is not reported as the asset was not part of the Royal Gold portfolio. We expect to fully report detailed data for Kansanshi in next year’s report. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 17