TCFD Index TCFD Core Element and Recommended Disclosures Reference Governance Describe the Board’s oversight of climate-related risks and opportunities. 2023 Climate Report > Board Oversight, p. 14 2023 Climate Report > Management’s Role, p. 15 Describe management’s role in assessing and managing climate-related risks and opportunities. 2023 Climate Report > Management’s Role, p. 15 Strategy Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term. 2023 Climate Report > Climate Strategy, p. 17 2023 Climate Report > Climate-Related Opportunities, p. 33 2023 Climate Report > Risk Assessment Time Frames, p. 40 2023 Climate Report > Risk Drivers, pp. 41–42 Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning. 2023 Climate Report > Strategy, pp. 24–33 Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. 2023 Climate Report > Climate Scenario Analysis, pp. 18–23 2023 Climate Report > Organizational Resilience to Climate Change Impacts, pp. 34–36 Risk Management Describe the organization’s processes for identifying and assessing climate-related risks. 2023 Climate Report > Identifying and Assessing Risks, p. 38 Describe the organization’s processes for managing climate-related risks. 2023 Climate Report > Managing Risks, p. 39 Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management. 2023 Climate Report > Identifying and Assessing Risks, p. 38 Investment Stewardship, pp. 55 – 76 Due Diligence and Portfolio Monitoring, pp. 35 – 38 Metrics and Targets Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. 2023 Climate Report > Organizational Resilience to Climate Change Impacts, pp. 34–36 2023 Climate Report > Tracking our Performance, pp. 44–46 Operator Performance, p. 61 ISR Appendix > Operator Energy Consumption, pp. 92 – 101 ISR Appendix > Operator GHG Emissions, pp. 104 – 114 ISR Appendix > Operator Water Consumption, pp. 116 – 126 Disclose scope 1, scope 2 and, if appropriate, scope 3 GHG emissions and the related risks. 2023 Climate Report > Tracking our Achievements Performance, pp. 44–46 Climate Change, pp. 56 - 60 ISR Appendix > Operator GHG Emissions, pp. 104 – 114 Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. 2025 Investment Stewardship Priorities, p. 28 Offsetting Our Corporate Emissions, p. 58 INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 133