About Royal Gold Royal Gold’s business is to acquire and manage precious metals streams, royalties and other similar production-based interests. By partnering with capable operators, we focus on building and managing a diversified, cash-flowing portfolio of precious metal properties, while also accumulating a pipeline of earlier-stage properties that are not yet cash-flowing, but have the potential to do so in the future. IN THIS SECTION 6 About This Report 7 2025 Milestones 8 Our Business 11 Global Portfolio Map 12 Principal Property Stewardship Highlights 18 Principles of Investment Stewardship 20 Year in Review: Investment Stewardship Risk Discussion 26 Investor Engagement and Priorities Assessment INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 5