67 Overview Principal Producing Development  Highlighted Evaluation Evaluation/Exploration  Mineral Resources and Reserves For more information, please visit: www.excelsiormining.com . DEVELOPMENTS AND POTENTIAL Excelsior’s main development asset is the Gunnison Copper Project, part of which falls within Royal Gold’s area of interest and is planned to be mined using in-situ leaching. In order to achieve additional copper production as Gunnison progresses through operational ramp-up, Excelsior intends to restart operations of the historic Johnson Camp using conventional pushbacks on both the Burro and Copper Chief pits. In 2024, Excelsior is progressing studies to review a potential restart of JCM and technical trials for Gunnison well stimulation. 1 MINER AL RESOURCES AND RESERVES As of February 21, 2022 CONTAINED Cu (Mlb) AGEOs* (koz) Proven and Probable – – Measured and Indicated 472 23 Inferred – – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $0.2 Historic Revenue to Royal Gold US$M 2022: $0.1 2023: $0.1 Acquisition Cost US$M $4.7 Investment Recovered % 5% Net Book Value US$M $4.5