15 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Sound Investment Stewardship Practices are Fundamental to Success RISK RATING LOW MEDIUM HIGH SEVERE 0 1 2 3 4 5 6 7 Jun-19 Jun-20 Sep-21 Oct-22 Oct-23 Nov-24 A AA AA AA ESG RATING 23.4 22.8 18.8 9.1 9.7 10.9 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 AAA AA A BBB BB B CCC Source: MSCI; see disclaimer at end of presentation for additional information Source: Sustainalytics A Materially better market perception with improved disclosure AA