6. Reputation and Investor Sentiment IMPACT The risk associated with decreasing investor interest in gold and a loss of confidence in management’s ability to properly manage risk and effectively communicate with the market and our shareholders. MITIGATION AND COMMENTARY We seek to mitigate these risks through strong governance and transparent disclosure practices, frequent interaction with our shareholders and, where appropriate, by addressing concerns and recommendations. SUMMARY Royal Gold grew significantly in 2025 through $5.4 billion of acquisitions, creating a materially larger and more diversified portfolio. This transformation supported a year-end share price of $222.29 and a market capitalization of $18.9 billion, representing year-over-year increases of approximately 70% and 120%, respectively. We believe our enhanced scale, industry-leading diversification, and improved trading liquidity strengthen Royal Gold’s position within the sector and address prior investor concerns regarding the Company’s relative size and market relevance. In March 2026, we introduced a 5-year outlook for total GEOs to provide transparency for our long-term revenue potential. To support this growth, we expanded human capital within key functions including finance, accounting, investor relations, legal, operations, and technology. Our continued strong cash flow supported a 6% increase in the annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual increase. Since inception, Royal Gold has paid approximately $1.2 billion in cumulative dividends, representing a compound annual growth rate of approximately 15%. Royal Gold remains unique within the sector as the only precious metals company included in the S&P High Yield Dividend Aristocrats Index, alongside other high-quality companies such as Lowe’s, Caterpillar, and Walmart. Our inclusion across more than 250 global indices further reflects the breadth of our shareholder base and market presence. Our cash G&A remained low and stable at approximately 4% of revenue. At the annual shareholders’ meeting in May 2025, independent Directors Mr. Bill Hayes, Chair, and Mr. Ron Vance, were re-elected. Additionally, Mark Isto, formerly Executive Vice President and Chief Operating Officer for Royal Gold, was appointed to the Board as a non-independent Director. Mr. Isto brings more than 40 years of global experience in mining engineering, mine management, and project development. After serving as a Director since 2014, Mr. Kevin McArthur resigned from the Board at the annual shareholders’ meeting in May 2025 to assume a new role requiring significant commitments of his time and attention. Mr. McArthur’s technical experience will be filled by that provided by Mr. Isto. Independent Directors Ms. Fabiana Chubbs and Ms. Sybil Veenman were re-elected at the May 2026 annual shareholder’s meeting. Investor engagements focused on key areas including rising political risk, competitive transaction pricing, and the restructuring of key interests within the Sandstorm Gold and Horizon Copper portfolios. Shortly after closing these transactions, we began rationalizing the combined portfolio through the sale of our approximate 25% equity interest in Versamet Royalties, followed by the restructuring of certain equity and debt interests in Bear Creek Mining in late 2025. Our non-operating JV interest at the Hod Maden project was a particular focus for investors after we acquired the portfolio. We were pleased to restructure this interest in Q2/2026, which included receiving a new NSR royalty over the project and certain rights pertaining to a new royalty granted to another JV partner as part of the sale of their interest in the project. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 25 DIVIDEND HISTORY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 $4,800 Dividend (US$/share) Gold Price (US$/ounce) 17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% 17% Dividend Payout Ratio Gold Price Source: Company records