8 ROYAL GOLD 2023 Asset Handbook Produced Versus Payable Metal Under stream agreements, Royal Gold receives a percentage of produced or payable metal, the percentage of which is defined by the agreement. Produced metal refers to the metal recovered from mine site operations and contained in the form of either concentrate or doré. Payable metal refers to ounces or pounds of metal paid to the mine operator after the deduction of a percentage of contained metal by a third-party smelter and/or refiner pursuant to smelting and refining contracts. When an operator produces a concentrate, this product is sold to a smelter. The percentage of metal deduction is mainly a function of the type and quality of the concentrate product. When an operator produces doré, this product is sold to a refiner. Due to the purity of doré product, the deductions related to refining costs are relatively modest. In practice, payable factors related to our metal streams are defined within the terms of our stream agreements. Note, the percentages highlighted below are the contractual payable percentages and not necessarily what the operator receives. Payable Metal Stream Metal Product Payable % Andacollo A u Concentrate 89.0% Khoemac a u A g Concentrate 90.0% Mount Milligan A u Concentrate 97.0% C u Concentrate Greater of 95% or actual % paid Pueblo Viejo A u Doré 99.9% A g Doré 99.0% Rainy River A u Doré 100.0% A g Doré 100.0% Wassa A u Doré 99.5% Xavantina A u Doré 99.0% Bogoso and Prestea A u Doré 99.5%