9 Overview Principal Producing Development  Highlighted Evaluation  Evaluation/Exploration  Mineral Resources and Reserves Attributable Gold Equivalent Ounces Attributable Gold Equivalent Ounces (“AGEOs”) are a measure used to describe the portion of an operator’s reported reserves or resources that we believe are attributable to Royal Gold’s royalty or stream interest. AGEOs consider our estimate of the value of the reserves or resources subject to a royalty or stream interest converted to gold equivalent ounces (“GEOs”). AGEOs are derived from in-situ metal and do not include certain factors that could affect both the future economic viability of the AGEO interest and the value of that interest to Royal Gold. Limitations that prevent the AGEO measure from providing a complete understanding of Royal Gold’s financial interest in a property include: • Metallurgical recoveries are not included in the calculation as these can be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. • Payability factors and treatment/refining charges are not included in the calculation for GV, GSR and NSR royalty interests. • Ore resource conversion factors are not included in the calculation. Operator estimates of mineral resources are subject to development risks that may impact the conversion of estimated mineral resources to mineral reserves. Calculation of AGEOs: • Royalty interest AGEOs – contained metal, in either reserves or resources, multiplied by the metal price, divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable royalty percentage, as modified by deductions specific to the royalty type, to yield AGEOs. For royalty interests that are calculated on a fixed dollar per tonne or dollar per metal quantity basis, these are converted to a royalty percentage based on internal budget pricing and grade and treated similarly to royalty interests that are determined on a percentage rate basis. Deductions for the different types of royalty interests are included as follows: • GV, GSR and NSR royalties – assume 100% of the royalty rate without deductions, as the deductions for these royalty types are typically not significant. • NVR – include deductions in a range of 5% to 60% of the royalty rate depending on historical deductions or estimates for each specific royalty. • NPI royalties – include deductions of 90% of the royalty rate, as NPI royalties are an interest in net profits and significant deductions are typical. • Stream interest AGEOs – contained metal, in either reserves or resources, multiplied by the net metal price (the metal price less the price paid for future metal deliveries), divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable stream percentage to yield AGEOs. Metal prices for this calculation are based on Royal Gold’s internal budget pricing, which is developed using various inputs and is updated annually as part of the budgeting process. Budget prices used for the AGEO calculations in this edition of the handbook are: $1,950/oz gold, $23/oz silver, $3.80/lb copper, $0.90/lb lead, $1.10/lb zinc, $7.50/lb nickel, $15/lb cobalt, $12/lb molybdenum and $1.44/ton potash. Mineral Resources and Reserves related to Royal Gold’s stream and royalty interests are reported on page 148 of this handbook. Portfolio AGEO Breakdown AGEOs (in Thousands) Property Stage Proven and Probable Measured and Indicated Inferred Principal 3,203 1,632 674 Producing (Excluding Principal) 908 829 625 Development 406 285 194 Evaluation 7 1,923 977 Exploration (Excluding Evaluation) 0 0 0 All Stages 4,524 4,669 2,471 AGEOs (in Thousands) Geography Proven and Probable Measured and Indicated Inferred Canada 1,440 1,713 748 United States 735 630 381 Latin America 1,903 1,817 407 Africa 263 234 724 Australia 153 265 203 Other 30 10 8 All Geographies 4,524 4,669 2,471