146 ROYAL GOLD 2023 Asset Handbook EXPLORATION (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2023) 1 Royalty paid on dollars per tonne of ore above 50,000 tonnes up to 500,000 tonnes. 2 Royalty payable on gold only. 3 Royalty applies to production above 40,000 ounces and is capped at $1 million. 4 Royalty payable on all minerals, except nickel or any by-products in whatever form or state. 5 Operator has the option to purchase 0.25% of the 1.0% NSR at any time for CDN$250,000. 6 Royalty rate is equal to 15% of the proceeds of production until $1,760,000 has been paid. A 2.0% NSR royalty applies to production thereafter. 7 The 2.0% NSR royalty applies to production from an area of the property referred to as the “GeoNova Properties,” and the 3.0% NSR royalty applies to production from an area of the property referred to as the “Homestake Properties.” 8 Operator has the option to purchase the entire 1.0% NSR for $1 million prior to the development of a mine on the property. Property Location Ownership Royalty Rate Martha Argentina Patagonia Gold Corporation 2.0% NSR (gold and silver) Mina Cancha Argentina Pan American Silver Corporation 2.50% NSR Abbotts Australia Ora Gold Limited 1.5% NSR Cheritons Find Australia Shandong Tianye Group 1.5% NSR Chesterfield Australia Tanzi Pty Ltd 1.5% NSR Croesus Australia Zijin Mining Group A$1.25/tonne 1 Edna May Australia Ramelius Resources Limited 0.5% GSR Forrestania Australia IGO Limited 1.5% NSR 2 Lake Ballard Australia Delta Lithium Limited 0.60% NSR Lounge Lizard Australia IGO Limited 1.5% NSR 2 Merlin Orbit Australia Lucapa Diamond Company Limited 1.0% GV Mt Newman-Victory Australia Genesis Minerals Limited 1.5% NSR Northwell Chilkoot Australia Northern Star Resources Limited 2.5% to 4.0% GV Red Hill West Australia API Management Pty Ltd 2.5% NSR 3 Southern Cross Nickel Australia IGO Limited 1.5% NSR 4 Stakewell Australia Diversified Asset Holdings Pty Ltd 1.5% NSR Wallbrook Australia Nexus Minerals Limited 1.5% NSR West Wyalong Australia Argent Minerals Limited/Golden Cross Resources Limited 2.5% NSR Afridi Lake Canada Shear Diamonds Ltd 1.5% GV Ashmore Canada Quaternary Mining & Exploration Company Limited 1.5% NSR Black Lake Canada Stillwater Critical Minerals 1.0% NSR Cameron Gold Canada First Mining Gold Corp. 1.0% NSR 5 Carswell Lake Canada Orano Canada Inc./Capstone Copper Corp. 5.0% NSR Cochenour Canada Evolution Mining Limited 5.0% NPI Duverny Canada Threegold Resources Inc. 15.0% NPI 6 Franquet Canada Nuinsco Resources Limited/Ocean Partner Holdings Limited 2.0% NSR 7 3.0% NSR 7 Gauthier Canada Agnico Eagle Mines Limited 3.0% NSR Godfrey II Canada STLLR Gold Inc. 2.0% NSR Gold Dome Canada Victoria Gold Inc. 2.0% NSR Golden Bear Canada Newmont Corporation 2.0% NSR Hood River Canada Shear Diamonds Ltd 1.0% GV Kizmet Canada Centerra Gold Inc. 1.0% NSR 8 McKenzie Red Lake Canada Evolution Mining Limited 1.0% NSR ML Canada Prospector Metals Corp. 2.0% NSR