30 ROYAL GOLD 2023 Asset Handbook Mount Milligan Mount Milligan is a large-scale open-pit copper and gold mine operated by Thompson Creek Metals Company Inc. (“Thompson Creek”), an indirect subsidiary of Centerra Gold Inc. (“Centerra”). The mine is located within the Omenica Mining Division in north-central British Columbia, Canada. Operational Overview Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and- shovel fleet, with ore processed through a 60,000 tonne per day flotation processing plant, to produce a concentrate containing copper, gold, and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Existing Stream Agreement”). Payable gold is calculated as 97% of contained gold in concentrate. Payable copper is calculated as the greater of 95% or actual percentage paid to Centerra. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price. CANADA 1 Refer to table on page 31 2 Source: Centerra Gold, February 14, 2024, Press Release OPER ATOR Centerra Gold Inc. MINER ALIZATION ST YLE Porphyry Cu-Au MINE T YPE Open-pit METAL(S) C u A u PRODUCT Concentrate CURRENT STREA M 35% of Payable Gold 18.75% of Payable Copper CURRENT ONGOING PAYMENT $435/ounce for Gold 15% of spot for Copper + Cost Support Agreement 1 YEAR OF ACQUISITION 2010-2012 TERM OF STREA M Life of Mine MINE LIFE 2035 2 2024 OPER ATOR GUIDANCE 180,000 to 200,000 ounces of gold and 55 to 65 million pounds of copper. 2 LONGER-TERM OPER ATOR OUTLOOK Reserve additions in 2023 support a mine life to 2035, and results of the Preliminary Economic Assessment (PEA), exploration drilling and site optimization program currently underway will define the long-term outlook for Mount Milligan. 2 Sask Alberta British Columbia Yukon Territories MOUNT MILLIGAN STRE A M In February 2024, Royal Gold announced an additional agreement with Centerra to provide cost support to allow an extension of the Mount Milligan mine life to 2035 and offer the potential for a future mine life increase (the “Cost Support Agreement”). This agreement provides for additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries.