56 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Labrador Nickel Royalty Limited Partnership (LNRLP) holds a 3% net value royalty (NVR) on all metals produced from Voisey’s Bay, of which Royal Gold, Inc.’s wholly-owned indirect subsidiary, International Royalty Corporation, is the general partner and 90% owner. The remaining 10% interest in LNRLP is owned by a subsidiary of Altius Minerals Corporation. Royal Gold acquired the Voisey’s Bay royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. Voisey’s Bay Voisey’s Bay is an underground mine, owned and operated by Vale Newfoundland & Labrador Ltd., a subsidiary of Vale S.A. (“Vale”). Voisey’s Bay is located in the province of Newfoundland & Labrador, Canada, approximately 35 kilometers southwest of the town of Nain and 80 kilometers northwest of Natuashish. Operational Overview Operations at the Voisey’s Bay open-pit mine began in 2005. Ore is processed at a 6,000 tonne per day mill facility that produces two products: nickel-cobalt-copper concentrate and copper concentrate. Nickel concentrate is processed at the Long Harbour Processing Plant (LHPP) hydrometallurgical processing facility in Long Harbour, Newfoundland, which began operations in 2014, and copper concentrate is sold on the open market. 1 Source: Vale, 2022 20-F 2 Source: Vale, 2023 Management Report OPER ATOR Vale S.A. MINER ALIZATION ST YLE Magmatic Ni-Cu MINE T YPE Underground METAL(S) N i C o C u PRODUCT Concentrate & Cathode ROYALT Y 2.7% NVR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALT Y Life of Mine MINE LIFE 2036 1 2024 OPER ATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPER ATOR OUTLOOK 1 With the Voisey’s Bay underground mine extension project (VBME), estimated average annual production will be around 45,000 tonnes of nickel, 20,000 tonnes of copper and 2,600 tonnes of cobalt. CANADA Quebec Newfoundland and Labrador VOISEY’S BAY ROYALT Y