52 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Stream Interest In 2015, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a stream agreement with New Gold Inc. for a percentage of the gold and silver production from the Rainy River project. Specifically, RGLD Gold AG owns the right to purchase 6.5% of the gold produced and contained in doré from Rainy River until 230,000 gold ounces have been delivered, and 3.25% thereafter. The purchase price for gold ounces delivered is 25% of the spot price per ounce of gold at the time of delivery. Royal Gold also owns the right to purchase 60% of the silver produced and contained in doré from Rainy River until 3.1 million silver ounces have been delivered, and 30% thereafter. The cash purchase price for the silver ounces is 25% of the spot price per ounce of silver at the time of delivery. Rainy River Rainy River is an open-pit and underground mine operated by New Gold Inc. (“New Gold”). The mine is located 65 kilometers northwest of Fort Frances, Ontario, Canada. The Rainy River Mine occupies approximately 61 square kilometers, comprising 100 patented mining rights and surface rights claims. Operational Overview Rainy River commenced processing open-pit ore in September 2017, and commercial production followed in October 2017. Underground production commenced from the Intrepid Zone with the first stope blasted in September 2022. The open-pit mine is a conventional truck-and-shovel mining operation, while the underground is designed as a mechanized, ramp-access mine that uses longitudinal long-hole open- stoping with unconsolidated waste backfill. The Rainy River process plant includes crushing, grinding, gravity separation, cyanide leaching, carbon-in-pulp (CIP), carbon stripping and regeneration, electrowinning, and doré production. Tailings are deposited in the tailings management area (TMA), and TMA water is reclaimed and returned to the process plant. CANADA 1 Source: New Gold, 2022 Technical Report 2 Source: New Gold, February 8, 2024, Press Release OPER ATOR New Gold Inc. MINER ALIZATION ST YLE VMS/Orogenic Au MINE T YPE Open-pit & Underground METAL(S) A u A g PRODUCT Doré CURRENT STREA M 6.5% of Gold Produced 60% of Silver Produced CURRENT ONGOING PAYMENT 25% of spot for Gold 25% of spot for Silver YEAR OF ACQUISITION 2015 TERM OF STREA M Life of Mine MINE LIFE 2031 1 2024 OPER ATOR GUIDANCE 250,000 to 280,000 ounces of gold. New Gold does not provide production guidance for silver. 2 LONGER-TERM OPER ATOR OUTLOOK As per its three-year operational outlook, Rainy River is expected to produce 295,000 to 335,000 ounces of gold in 2025 and 315,000 to 355,000 ounces of gold in 2026. Mill throughput is expected to remain near full capacity until at least 2030. 2 Manitoba Ontario Quebec RAINY RIVER STRE A M