112 ROYAL GOLD 2023 Asset Handbook For more information, please visit: www.kutcho.ca . Kutcho Creek Kutcho Creek is a copper project, owned by Kutcho Copper Corp. (“Kutcho Copper”). Kutcho Creek is located in northern British Columbia, approximately 8 kilometers east of Kutcho Creek and 100 kilometers east of Dease Lake. Development Update In November of 2021, Kutcho Copper announced the results of a Feasibility Study (FS) for the Kutcho Copper Project. Open- pit mining will be by conventional truck and loader methods and underground mining will be carried out using longitudinal long-hole open stoping methods. Ore will be processed at a rate of 4,500 tonnes per day. The next steps are to advance permitting with the objective of getting to a positive construction decision. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from Kutcho Creek. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINER AL RESOURCES AND RESERVES As of July 30, 2021 CONTAINED Au (koz) Ag (koz) Cu (Mlb) Zn (Mlb) AGEOs* (koz) Proven and Probable 92 6,841 230 373 17 Measured and Indicated 28 2,135 64 95 5 Inferred 28 2,210 58 74 4 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. 1 Source: Kutcho Copper, 2021 Feasibility Study OPER ATOR Kutcho Copper Corp. MINER ALIZATION ST YLE VMS ROYALT Y 2.0% NSR Royalty (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 11 years 1 CANADA PROJECT OUTLOOK As per its 2021 FS, the Kutcho Copper Project is expected to produce 533 million pounds of copper, 841 million pounds of zinc, 10.6 million ounces of silver, and 129,700 ounces of gold over its mine life. 1 Sask Alberta British Columbia Yukon Territories KUTCHO CREEK ROYALT Y Acquisition Cost US$M $3.0 Net Book Value US$M $3.0