129 Overview Principal Producing Development  Highlighted Evaluation  Evaluation/Exploration  Mineral Resources and Reserves Northern Territory South Australia RED DAM Western Australia ROYALT Y Red Dam Red Dam is a development project, currently one of 15 deposits that comprise the December 2022 ore reserve at the Mungari operation. The project is owned by Evolution Mining Limited (“Evolution”) and is located in the Eastern Goldfields district, in Western Australia, approximately 600 kilometers east of Perth and 20 kilometers west of Kalgoorlie. Development Update Evolution is committed to investing $250 million towards increasing the processing capacity at Mungari from 2 million tonnes per annum (Mtpa) to 4.2 Mtpa. In September 2023, Evolution awarded $155 million to a contract company to complete plant expansion works. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.5% gross smelter return (GSR) royalty and a 2.5% net smelter return (NSR) royalty on silver produced from the Red Dam tenement. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Au (koz) AGEOs* (koz) Proven and Probable 117 3 Measured and Indicated – – Inferred – – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. OPER ATOR Evolution Mining Limited MINER ALIZATION ST YLE Orogenic Au ROYALT Y 2.5% GSR Royalty (gold) and 2.5% NSR Royalty (silver) YEAR OF ACQUISITION 2008 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. AUSTRALIA PROJECT OUTLOOK Detail not publicly disclosed by operator. For more information, please visit: www.evolutionmining.com.au . Acquisition Cost US$M $0.2 Net Book Value US$M $0.2 1 Source: Evolution, February 14, 2024, ASX Announcement