136 ROYAL GOLD 2023 Asset Handbook Berg The Berg Project is located in west-central British Columbia, approximately 80 kilometers southwest of Houston, British Columbia, and is owned by Surge Copper Corp. (“Surge Copper”). Development Update In mid-2023, Surge Copper announced a Preliminary Economic Assessment (PEA) for Berg, outlining a large, open- pit operation with a process plant expected to operate at 90,000 tonnes per day nominal capacity. Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from Berg. Royal Gold acquired the Berg royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINER AL RESOURCES AND RESERVES As of June 7, 2023 CONTAINED Cu (Mlb) M o (Mlb) Ag (koz) AGEOs* (koz) Proven and Probable – – – – Measured and Indicated 5,181 22 150,000 167 Inferred 2,031 239 65,000 65 * 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: Surge Copper, June 13, 2023, Press Release OPER ATOR Surge Copper Corp. MINER ALIZATION ST YLE Porphyry Cu-Au ROYALT Y 1.0% NSR Royalty YEAR OF ACQUISITION 2010 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 30 years 1 CANADA PROJECT OUTLOOK As per the 2023 PEA, the Berg Project is expected to produce an average of 121 million pounds of payable copper, 13 million pounds of payable molybdenum, 3 million ounces of payable silver, and 12,000 ounces of payable gold per year over its life of mine. 1 For more information, please visit: www.surgecopper. com . Sask Alberta British Columbia Yukon Territories BERG ROYALT Y Acquisition Cost US$M $8.3 Net Book Value US$M $8.3