138 ROYAL GOLD 2023 Asset Handbook For more information, please visit: www.northisle.ca . North Island The North Island project is located near Port Hardy, British Columbia, approximately 20 kilometers south of Port Hardy, and is owned by Northisle Copper and Gold Inc. (“Northisle”). Development Update In early 2021, Northisle announced a Preliminary Economic Assessment (PEA) for the North Island Project based on the Hushamu and Red Dog deposits (the Red Dog deposit is not covered by Royal Gold’s royalty) and contemplates an open- pit mining operation, which incorporates a 75,000 tonne per day concentrator expected to produce a high-quality copper concentrate with significant gold by-product as well as a high-grade molybdenum concentrate. Northisle is currently focused on advancing the project through a Prefeasibility Study while continuing exploration. Royal Gold’s Royalty Interest Royal Gold holds a 10.0% net profits interest (NPI) royalty on all metals produced from the Hushamu deposit. Royal Gold acquired the North Island royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINER AL RESOURCES AND RESERVES As of February 4, 2021 CONTAINED Au (koz) Cu (Mlb) AGEOs* (koz) Proven and Probable – – – Measured and Indicated 4,070 2,325 92 Inferred 2,410 1,380 54 * 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: Northisle, February 4, 2021, Press Release OPER ATOR Northisle Copper and Gold Inc. MINER ALIZATION ST YLE Porphyry Cu-Au ROYALT Y 10.0% NPI Royalty YEAR OF ACQUISITION 2010 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 22 years 1 CANADA PROJECT OUTLOOK As per the 2021 PEA, the North Island Project (based on the Hushamu and Red Dog deposits) is expected to produce on average 96 million pounds of copper, 100,000 ounces of gold, and 3 million pounds of molybdenum per year over its life of mine. 1 Sask Alberta British Columbia Yukon Northwest Territories NORTH ISLAND ROYALT Y Acquisition Cost US$M $2.2 Net Book Value US$M $2.2