42 ROYAL GOLD 2023 Asset Handbook Khoemac a u Khoemac a u is a copper-silver mine located in the Kalahari copper belt in northwestern Botswana in the Kalahari Desert and is operated by a subsidiary of MMG Limited (“MMG”). MMG completed the acquisition of Khoemac a u Copper Mining (Pty.) Limited (“KCM”), effective March 22, 2024. Operational Overview The Khoe mac a u operation consists of mechanized underground mines producing from the Zone 5 orebody and a sulfide ore flotation plant producing a copper-silver concentrate product at Boseto. The project completed construction in the second half of 2021 and ramp-up of mining and processing operations to the 10,000 tonnes per day (tpd) target production rate was achieved in December of 2022. The Zone 5 operation is designed for a total production rate of 3.65 million tonnes per annum (Mtpa) through three decline systems, with a single decline system production rate of 1 to 2 Mtpa, all using the long-hole open-stoping mining method. The upper levels of the mine incorporate stabilizing pillars between long-hole stopes and paste backfill will be used as depth increases to improve overall mineral resource recovery. BOTSWANA 1 Source: MMG, November 21, 2023, Acquisition Announcement: MMG disclosed an initial mine life of 27 years. 2 Source: Production estimate received from MMG. 3 Source: MMG, November 21, 2023, Corporate Presentation OPER ATOR MMG Limited MINER ALIZATION ST YLE Sediment-Hosted Cu-Ag MINE T YPE Underground METAL(S) C u A g PRODUCT Concentrate CURRENT STREA M 100% of Payable Silver CURRENT ONGOING PAYMENT 20% of spot for Silver YEAR OF ACQUISITION 2019 TERM OF STREA M Life of Mine MINE LIFE +2040 1 2024 OPER ATOR GUIDANCE 1.4 to 1.6 million ounces of silver. 2 LONGER-TERM OPER ATOR OUTLOOK 1.8 to 2.0 million ounces per year of payable silver over a >20-year mine life from Zone 5. This does not reflect the potential expansion project. 1 KHOEMACAU Namibia South Africa Zambia Angola Zimbabwe Botswana STRE A M