32 ROYAL GOLD 2023 Asset Handbook Mount Milligan (Cont’d) CANADA Royal Gold’s Royalty Interest Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. Free cash flow is defined as gross revenue less total costs including treatment and refining costs, operating costs, exploration costs, capital costs and the net stream costs. FCF Interest payments will not be payable if the free cash flow is negative in a given calendar year, and Centerra is entitled to recover any negative free cash flow before FCF Interest payments resume. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $1,340.6 Historic Revenue to Royal Gold US$M 2022: $180.5 2023: $158.2 Metal Deliveries to Royal Gold Since Inception 729.2 koz Au 83.5 Mlb Cu Advance Payment US$M $781.5 Investment Recovered % 124% Net Book Value US$M $360.5 MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Au (koz) Cu (Mlb) AGEOs* (koz) Proven and Probable 2,822 962 916 Measured and Indicated 2,333 851 489 Inferred 84 24 17 * 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.