86 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Stream Interest Royal Gold’s wholly-owned subsidiary RGLD Gold AG, entered into a stream agreement on June 30, 2021, with a subsidiary of Ero, and the transaction closed on August 6, 2021. In return, Royal Gold will receive 25% of the gold produced from the Xavantina Operations until the delivery of 93,000 ounces, and 10% thereafter. The cash purchase price for gold is 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. Royal Gold will also contribute $5 per ounce of gold delivered under the stream agreement towards Ero’s environmental, social and governance (ESG) commitments within the area of influence of the Xavantina Operations. Xavantina The Xavantina Operations (formerly known as the NX Gold Mine) is an underground mine operated by a subsidiary of Ero Copper Corp. (“Ero”), located in southeastern Mato Grosso State, Brazil, approximately 670 kilometers east of the capital city of Cuiabá. It is accessible all-year round by road from the town of Nova Xavantina 18 kilometers to the east, and the site is connected to the national electrical grid. The total Xavantina Operations claim area currently covers approximately 45,300 hectares. Operational Overview The Xavantina Operations consist of fully integrated underground mining and processing facilities. The high- grade, shear-zone hosted, quartz vein system is accessed via declines. Handheld and mechanized room-and-pillar and drift-and-fill mining methods are used. Ore is processed using a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching, and flotation followed by carbon-in- leach (CIL) processing. The Xavantina Operations processing facilities have the capacity to process approximately 300,000 tonnes of ore per year; the plant is currently operating below capacity and utilization of this excess capacity could significantly increase production volumes in the future. 1 Source: Ero, October 31, 2022, Technical Report 2 Source: Ero, February 21, 2024, Press Release 3 Source: Ero, April 5, 2023, Press Release 4 Source: Ero, 2023 Annual Information Form OPER ATOR Ero Copper Corp. MINER ALIZATION ST YLE Orogenic Au MINE T YPE Underground METAL(S) A u PRODUCT Doré CURRENT STREA M 25.0% of Payable Gold CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2021 TERM OF STREA M Life of Mine MINE LIFE 2028 1 BRAZIL 2024 OPER ATOR GUIDANCE 55,000 to 60,000 ounces of gold. 2 LONGER-TERM OPER ATOR OUTLOOK Xavantina is expected to produce 55,000 to 60,000 ounces of gold per year from 2024 to 2027. 3 XAVANTINA Colombia Peru Brazil Bolivia Argentina STRE A M