On November 15, 2022, the Board of Directors of Royal Gold, Inc. (the “Company”) approved an amendment to the Company’s Code of Business Conduct and Ethics (the “Code”) to prohibit service on the board of a competitor. This description of the amendment to the Code is qualified in its entirety by reference to the full text of the Code, which is posted at /files/doc_downloads/2022/11/Code-of-Business-Conduct-and-Ethics-Final-Approved-by-Board-11-15-22.pdf