About This Report At Royal Gold, we are committed to publishing our Investment Stewardship Report (ISR) annually. In this report, stakeholders will find detailed information regarding our internal processes as they relate to risk management, sustainability considerations and specific information on the performance of the revenue- generating portion of our portfolio. This includes our Principal Properties 1 , which consist of five interests that provided approximately 52% of our annual revenue in 2025. We define our streaming and royalties as “interests,” and we refer to the operators of our stream and royalty properties as the “Operators.” Our Climate Report provides investors and stakeholders with more expansive climate-related reporting. Operator climate-related performance will continue to be reported annually in this report, and our Climate Report will be periodically updated. The scope of this report includes sustainability-related information for our Royal Gold corporate operations from December 31, 2024 to December 31, 2025. Due to the delayed timing and availability of production and emission data from the Operators, we report Operator data from December 31, 2023 to December 31, 2024. In cases where the report features forward- or backward-looking information to support the narrative, we have specified the referenced time period. All quartile references throughout the report reflect “1st quartile” as best. Our disclosures reflect performance against the Global Reporting Initiative (GRI) Standards, the United Nations Sustainable Development Goals (SDGs) and the Task Force on Climate-related Financial Disclosure (TCFD). In many cases, the most fulsome dataset and full scenario analysis for a given asset may be best reported by the Operator of that asset; however, we aim to provide stakeholders with a straightforward assessment of the risks and performance associated with our Principal Properties. This report does not include detailed data on emissions, energy and water associated with the assets we acquired in the Sandstorm Gold and Horizon Copper acquisitions, or the Kansanshi transaction, none of which was part of our portfolio during the December 31, 2023 to December 31, 2024 reporting period. We expect to fully incorporate those assets in next year’s report. Unless otherwise noted, all dollar amounts are in U.S. dollars. We welcome your questions and feedback on our report or performance. Please send your questions or comments to investorrelations@royalgold.com . INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 6 1. Royal Gold management periodically reviews the materiality of individual stream and royalty interests within our portfolio. In making the determination of a Principal Property, management considers primarily the relative contribution of estimated future revenue. Estimated future revenue is derived from multiple factors, including net asset value, projected average annual attributable gold equivalent ounce (“GEO”) production over the next five years, and resource and reserve attributable GEO expectations across life of mine assumptions. Royal Gold Board of Directors, Kansanshi site visit, 2025