Due Diligence and Portfolio Monitoring Royal Gold’s investment strategy plays a crucial role in responsible stewardship. By aligning the strategy with sound sustainability principles, we consistently demonstrate a commitment to sustainable and ethical practices. Our rigorous due diligence helps identify opportunities that align with the Company’s values and long-term goals. This process, central to our business model, involves seeking out and promoting responsible and sustainable mineral development across our portfolio. A comprehensive understanding of the Company’s assets is also an essential component of responsible investment stewardship, which involves ongoing monitoring and assessment of our stream and royalty interests. Risk evaluation is a foundational element of our extensive due diligence process on prospective stream and royalties to identify which opportunities will provide long-term value. Our active monitoring of stream and royalty interests within the portfolio also considers sustainability-related factors that contribute over the long term. Sustained economic performance generally cannot be obtained without sound investment stewardship practices; therefore, the sustainability of our stream and royalty interests is fundamental to our long-term success. Our Approach While we do not take an active role in the management of the mining projects in which we hold stream and royalty interests and generally have limited or no influence over the decisions of the Operators, it has always been central to our business model that successful mining projects create sustainable benefits for all stakeholders, including shareholders, project labor and local communities. In line with our Sustainability Policy, we therefore seek to promote responsible and sustainable mineral development across our portfolio. Royal Gold endorses the ICMM Mining Principles and the World Gold Council’s Responsible Gold Mining Principles (WGC RGMPs), both of which promote ethical and sustainable resource development. These principles are integrated into Royal Gold’s business planning and operations, as appropriate, and we encourage the Operators to adhere to these or similar principles in their management and operations. In due course, we will support the Consolidated Mining Standard Initiative (CMSI) once the ICMM Mining Principles and WGC RGMPs are sunsetted. CSMI will replace and combine the Copper Mark, the Mining Association of Canada’s Towards Sustainable Mining, the WGC RGMP’s and ICMM’s Mining Principles into one global standard that reduces complexity and clarifies responsible practices for mining companies of all sizes across all locations and commodities. The standard is expected to be finalized in 2026. For the 2025 calendar year, Operators responsible for generating more than 90% of our revenue endorsed either the WGC RGMPs or the ICMM Mining Principles and/or subscribed to one or more similar sustainability initiatives. Please see the Appendices, starting on page 77 , which identify the Operators, their calendar year 2025 contributions to Royal Gold revenue and the sustainability initiatives to which each Operator subscribes. Our Process Our investment due diligence process is a critical time to identify any potential sustainability, technical and governance risks prior to entering into an agreement with an Operator or purchasing a royalty from a third party. Royal Gold’s senior management team is responsible for completing due diligence reviews and assessing findings from those reviews. For each new investment opportunity, our team conducts an internal Phase 1 review — a high-level and typically internal review of, as appropriate, financial, technical, legal, political and sustainability risk considerations. If the results of the Phase 1 are positive, the opportunity moves to a more detailed Phase 2 review encompassing a more detailed review. For the technical Phase 2 review, there is a more detailed evaluation. A team of subject matter experts is assembled, from both within our organization and from external advisors, to provide in-depth assessments on a variety of considerations for a potential investment. OPERATOR EXPECTATIONS When selecting new investments or undertaking other relationships with suppliers and Operators, Royal Gold considers whether potential suppliers and Operators hold values and promote practices that align with our Standards for Suppliers and Operators, as applicable. Royal Gold seeks to build mutually beneficial working relationships with suppliers and Operators and intends to show preference for those that demonstrate alignment with our standards. Suppliers and Operators are expected to comply with the laws of the jurisdictions in which they operate, including those concerning health and safety, human rights, the environment, bribery and corruption, securities and taxes. We also encourage the Operators to pursue, where possible, internationally recognized best practices for improvements in environmental performance related to water and energy conservation, biodiversity management, pollution control, tailings management and reduction of GHG emissions. Where possible, Royal Gold seeks contractual standards for and monitors Operator compliance with the relevant portions of these Standards. Please refer to our Standards for Suppliers and Operators for more details. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 35