36 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold owns a 2.0% net smelter return (NSR) royalty on all metals produced from the Peñasquito mine. Royal Gold acquired the Peñasquito royalty in January 2007 from Minera Kennecott S.A. de C.V. Peñasquito Peñasquito is an open-pit mine composed of two main deposits, Peñasco and Chile Colorado, which host gold, silver, lead and zinc reserves. Peñasquito is operated by Minera Peñasquito S.A. de C.V., a subsidiary of Newmont Corporation (“Newmont”), and is situated in the western half of the Concepción Del Oro district in the northeast corner of Zacatecas State, Mexico. Operational Overview Open-pit mining commenced in 2010 and full production was achieved in 2011. Open-pit mining is undertaken using a conventional truck-and-shovel fleet. Processing of sulfide ore to produce zinc and lead concentrates uses a conventional crushing, milling and flotation facility with a design capacity of 130,000 tonnes per day (tpd). In late 2018, the first gold pour was achieved at the pyrite leach circuit addition, which is expected to increase gold and silver recoveries and reduce the amount of metal that would otherwise report to tailings as waste. In early 2024, Newmont announced that the pyrite leach plant was abandoned in Q4, 2023. MEXICO 1 Source: Newmont, December 31, 2023, Technical Report 2 Source: Newmont, February 22, 2024, Press Release 3 Source: Newmont, November 2021, Corporate Presentation OPER ATOR Newmont Corporation MINER ALIZATION ST YLE Breccia-Hosted Pb-Zn-Au- Ag MINE T YPE Open-pit METAL(S) A u A g P b Z n PRODUCT Concentrate ROYALT Y 2.0% NSR Royalty (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALT Y Life of Mine MINE LIFE 2032 1 2024 OPER ATOR GUIDANCE 250,000 ounces of gold, 34 million ounces of silver, 209 million pounds of lead and 540 million pounds of zinc. 2 LONGER-TERM OPER ATOR OUTLOOK Peñasquito has a large resource base and prospective land package with potential to extend mine life to 2040. 3 PEÑASQUITO San Luis Potosí Zacatecas Durango Nayarit Guanajuato Nuevo León Coahuila de Zaragoza Jalisco ROYALT Y