92 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 Don Nicolas, which was acquired in 2000. Don Nicolas Don Nicolas is an open-pit gold mine owned and operated by Minera Don Nicolas S.A., a wholly-owned subsidiary of Cerrado Gold, Inc. (“Cerrado”) and is located in the mineral-rich Deseado Massif in the Province of Santa Cruz, Argentina. Don Nicolas comprises a series of tenements within a greater block of exploration leases totaling some 2,730 square kilometers in area, with mining activities having been carried out on the Martinetas, La Paloma, and Calandrias Norte areas. Operational Overview Operations at Don Nicolas commenced in 2018 and use a hub- and-spoke model feeding a central mill. Higher-grade ore is processed with a conventional crushing and grinding circuit followed by a carbon-in-leach (CIL) circuit for gold recovery. The rated capacity of the plant is 1,000 tonnes per day, and gold recovery averages over 90%. In mid-2023, Cerrado began placing lower-grade ore on the new Calandrias heap leach pad, and Cerrado expects the addition of the Las Calandrias and Martinetas heap leach projects to add approximately 20,000 to 25,000 ounces per year of gold production over a 5-year period. 1 Source: Cerrado Gold, December 2023 Corporate Presentation 2 Source: Cerrado Gold, Q1 2023 MD&A OPER ATOR Cerrado Gold, Inc. MINER ALIZATION ST YLE Low-Sulfidation Epithermal Au MINE T YPE Open-pit METAL(S) A u A g PRODUCT Doré ROYALT Y 2.0% NSR Royalty (all metals) YEAR OF ACQUISITION 2000 TERM OF ROYALT Y Life of Mine MINE LIFE N/A ARGENTINA 2024 OPER ATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPER ATOR OUTLOOK Cerrado expects total production to increase to 90,000 ounces per year with the addition of the heap leach operations. 1 Chubut Santa Cruz DON NICOLAS ROYALT Y