47 Overview Principal Producing Development  Highlighted Evaluation Evaluation/Exploration  Mineral Resources and Reserves DEVELOPMENTS AND POTENTIAL Potash deposits in Saskatchewan are the world’s largest, richest and most economic to mine. The Allan mine has been in operation since 1968. Since then, capital expenditures have been made on a regular and ongoing basis to sustain production and to expand production from time to time. Allan has a significant mineral reserve, supporting an estimated 47-year mine life, before considering resources. 1 For more information, please visit: www.nutrien.com . Royal Gold’s Royalty Interest Royal Gold holds a 40% interest on a sliding-scale royalty on the Allan potash mine. The royalty rate varies based on annual potash production. The royalty is based on a sliding scale, which caps at $1.44 per ton at prices above $23; note, potash prices have exceeded $200 per ton for more than a decade. The royalty is 100% of the sliding scale for the first 600,000 attributable tons produced during a calendar year. For 600,000 to 800,000 tons, the royalty reduces to 50%. For all additional production during the year, the royalty rate is 25% of the $1.44. Royal gold holds 40% of an additional royalty, which pays $0.25 per tonne of attributable potash sold for the first 600,000 attributable ton, or a maximum of $150,000 per annum. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED K 2 O (Mlb) KCI (kt) 2 AGEOs* (koz) Proven and Probable 73,622 60,344 29 Measured and Indicated 1,570,580 1,287,326 – Inferred 462,807 379,340 – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $16.5 Historic Revenue to Royal Gold US$M 2022: $1.3 2023: $1.3 Acquisition Cost US$M $17.0 Investment Recovered % 97% Net Book Value US$M $15.2