84 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the El Limón mine, which was acquired in 2007. El Limón El Limón is an underground and open-pit mine owned and operated by Calibre Mining Corp. (“Calibre”). El Limón is located in northwestern Nicaragua, approximately 100 kilometers northwest of the country’s capital, Managua. Operational Overview Mining operations at the El Limón Complex use conventional open-pit mining methods at the Limón Central open-pit and longitudinal sublevel stoping and modified Avoca mining methods at the Santa Pancha, Panteon and Veta Nueva underground mines. The El Limón processing plant consists of agitated cyanide leaching and carbon adsorption, followed by carbon elution, electrowinning, and doré production. The annual throughput is approximately 500,000 tonnes. 1 Source: Calibre Mining, March 2021 Technical Report 2 Provided for Calibre Mining’s Nicaragua operating segment and not El Limón specifically. OPER ATOR Calibre Mining Corp. MINER ALIZATION ST YLE Low-Sulfidation Epithermal Au MINE T YPE Open-pit & Underground METAL(S) A u A g PRODUCT Doré ROYALT Y 3.0% NSR Royalty (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALT Y Life of Mine MINE LIFE 2029 1 NICARAGUA 2024 OPER ATOR GUIDANCE Detail not publicly disclosed by operator. 2 LONGER-TERM OPER ATOR OUTLOOK Detail not publicly disclosed by operator. EL LIMÓN Chinandega León Managua Estelí ROYALT Y