122 ROYAL GOLD 2023 Asset Handbook For more information, please visit: www.hochschildmining.com . Mara Rosa Mara Rosa is an open-pit gold mine development project owned by Amarillo Mineração Do Brasil Ltda (“Amarillo”), a subsidiary of Hochschild Mining plc. (“Hochschild”), and is located in the State of Goiás, central Brazil, approximately 6 kilometers north of the town of Mara Rosa. Development Update In April 2022, Hochschild acquired Amarillo and its flagship Mara Rosa project and immediately commenced project construction. Hochschild announced the Mara Rosa Project achieved first gold pour on February 20, 2024, and remains on schedule for commercial production towards the end of the second quarter of 2024. 2 Royal Gold’s Royalty Interest Royal Gold owns a 2.75% net smelter return (NSR) royalty on all metals produced from the Mara Rosa Project. Royal Gold acquired a 1.0% NSR royalty effective February 22, 2010, with the acquisition of International Royalty Corporation. Royal Gold purchased an additional 1.75% NSR royalty on June 29, 2018, from Amarillo Gold Corp. Acquisition Cost US$M $10.9 Net Book Value US$M $10.9 MINER AL RESOURCES AND RESERVES As of December 31, 2022 CONTAINED Au (koz) AGEOs* (koz) Proven and Probable 902 25 Measured and Indicated 248 7 Inferred 2 – * 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. 1 Source: Hochschild, November 2023 Corporate Presentation 2 Source: Hochschild, February 21, 2024, Press Release OPER ATOR Hochschild Mining plc MINER ALIZATION ST YLE Orogenic Au ROYALT Y 1.0% NSR Royalty and 1.75% NSR Royalty (all metals) YEAR OF ACQUISITION 2010 and 2018 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE February 2024 EXPECTED MINE LIFE +10 years 1 BRAZIL PROJECT OUTLOOK Mara Rosa is estimated to produce 88,000 to 98,000 ounces of gold in 2025 and 95,000 to 105,000 ounces of gold in 2026. 1 For 2024, the Mara Rosa mine is expected to produce 83,000 to 93,000 ounces of gold. 2 Amazonas Mato Grosso MARA ROSA Tocantins Mato Grosso do Sul Minas Gerais Bahia Goiás ROYALT Y