94 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. Bellevue Bellevue is an underground gold project owned by Golden Spur Resources Pty Ltd., a wholly-owned subsidiary of Bellevue Gold Limited (“Bellevue Gold”). Bellevue is located in Northeastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 160 kilometers north of Leonora. Operational Overview The Bellevue mine achieved production on-time and on-budget with its first gold pour on October 25, 2023. Underground mining at Bellevue utilizes long-hole open- stoping. The Bellevue processing facility is a nameplate 1.0 million tonnes per annum (Mtpa) conventional carbon- in-leach (CIL) and gravity plant. Ore will be predominantly derived from underground extraction with five separate work areas in the underground reflecting the new lode discoveries: Tribune, Deacon, Viago, Marceline and Armand. 1 Source: Bellevue Gold, June 10, 2022, Press Release 2 Source: Bellevue Gold, January 29, 2024, Press Release OPER ATOR Bellevue Gold Limited MINER ALIZATION ST YLE Orogenic Au MINE T YPE Underground METAL(S) A u PRODUCT Doré ROYALT Y 2.0% NSR Royalty (all metals); 2.0% NSR Royalty (gold) and 1.5% NSR Royalty (all other metals) YEAR OF ACQUISITION 2008 TERM OF ROYALT Y Life of Mine MINE LIFE 2033 1 AUSTRALIA 2024 OPER ATOR GUIDANCE 75,000 to 85,000 ounces of gold for first six months of calendar 2024. 2 LONGER-TERM OPER ATOR OUTLOOK As per its 2021 Stage Two Feasibility Study, Bellevue is expected to produce 200,000 ounces of gold per year for the first five years of its mine life. 1 Northern Territory South Australia BELLEVUE Western Australia ROYALT Y