43 Overview Principal Producing Development  Highlighted Evaluation  Evaluation/Exploration  Mineral Resources and Reserves For more information, please visit: www.mmg.com . Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, holds a life of mine purchase and sale agreement for 100% of the silver produced from Zone 5 at Khoemac a u. Royal Gold AG provided stream financing to KCM, the original owner and project developer, during the construction of Khoemac a u, and on January 6, 2021, Royal Gold AG completed a total advance payment of $212 million in return for a base stream of 80% of payable silver. Subsequently, KCM elected to access an option for up to an additional $53 million in advance payments from Royal Gold AG for up to the remaining 20% of the silver produced, and as of March 14, 2022, KCM had fully drawn this additional advance payment, increasing Royal Gold AG’s interest to 100% of payable silver. The stream rate will drop by to 50% of the payable silver upon the delivery to Royal Gold AG of 40 million ounces of payable silver. Royal Gold AG will pay 20% of the spot price of silver for each ounce delivered. Depending on the achievement by KCM of mill expansion throughput levels above 13,000 tpd, which is 30% above the current mill design capacity, Royal Gold AG will pay higher ongoing cash payments for ounces delivered in excess of specific annual thresholds. Metal deliveries to Royal Gold AG typically occur up to a month after production at Khoemac a u due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. DEVELOPMENTS AND POTENTIAL The Zone 5 mineral resource remains open at depth and in some cases open on strike. An expansion project contemplates expansion of the Zone 5 mine to 4.5 Mtpa along with new mines at Zone 5 North, Zeta NE, and Mango; Royal Gold has exposure to expansions at Zone 5 and Mango. The expansion plan has been completed to a Pre-Feasibility Study level. 3 MINER AL RESOURCES AND RESERVES As of December 31, 2022 CONTAINED Ag (koz) Cu (Mlb) AGEOs* (koz) Proven and Probable 19,000 1,305 179 Measured and Indicated 14,988 956 141 Inferred 44,001 2,752 415 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $58.5 Historic Revenue to Royal Gold US$M 2022: $18.8 2023: $34.6 Metal Deliveries to Royal Gold Since Inception 2,593.7 koz Ag Advance Payment US$M $265.0 Investment Recovered % 18% Net Book Value US$M $224.3