26 ROYAL GOLD 2023 Asset Handbook Internally, Royal Gold considers resource conversion at the mineral properties underlying its stream and royalty interests and may estimate future production beyond mine lives stated by the operators. However, decisions regarding the development or operation of these mineral properties are determined by the operators and Royal Gold does not publicly disclose these internal estimates. In some cases, the operator may provide additional information that may be indicative of its expectations for mine life extension beyond reserve lives. For example, Barrick discusses the planned conversion of existing resources to reserves at Cortez, potentially extending the lives of the open-pit and underground operations by at least four years and 10 years, respectively. 1 It is also important to note that a stated mine life is given at a point in time. Estimated mine lives can change over time as exploration success and conversion of resources to reserves occurs, and when different assumptions for metal prices, operating costs, operating performance, etc., are considered. Royal Gold has benefited from mine life extensions as reserves have grown as shown in the chart, which shows changes to AGEOs (from gold reserves only) over the past 20 years. As shown, we have added approximately 5.89 million ounces of reserves through the acquisition of stream and royalty interests during this period, and a further 1.19 million ounces of reserves were added by the operators at the assets underlying those interests over the same time period. While production/depletion has reduced reserves by approximately 4.39 million ounces over the same period, organic reserve growth within the portfolio has offset over approximately 27% of this depletion. 1 Source: Barrick Gold, 2023 Annual Information Form Exposure to assets with organic growth and upside potential provides Royal Gold investors with optionality that can add significant value over time. Net Reserve Growth Transactions 2004 Reserves 0.50 5.89 1.19 Attributable Gold Ounces (Millions) 0 1 2 3 4 5 6 7 8 2023 Reserves Production/Depletion -4.39 3.18