128 ROYAL GOLD 2023 Asset Handbook Cosmos The Cosmos Nickel Operation (“Cosmos”) is an underground nickel development project owned by Australian Nickel Investments Pty Ltd, a subsidiary of IGO Limited (“IGO”). Cosmos is located within the Leinster-Wiluna nickel camp of Western Australia, approximately 30 kilometers north of Leinster. Royal Gold’s royalty interest at Cosmos covers the Alec Mairs 5 (AM5), AM6, and Mt Goode deposits. Development Update In Janu ary 2024, IGO provided an update following the completion of a comprehensive review on the Cosmos Project. Based on the findings of the review, a decision was made to transition Cosmos into care and maintenance. During the transition to care and maintenance, IGO will assess the value of continuing work on select exploration programs to increase the size and definition of the mineral resource, in particular the AM5 and AM6 orebodies, and optimizing the mining and materials handling methods. IGO intends to protect the optionality to restart Cosmos in the future should market conditions improve. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% NSR royalty on all metals, other than gold, and a $10 per ounce royalty on gold produced. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINER AL RESOURCES AND RESERVES As of June 30, 2023 CONTAINED Ni (Mlb) AGEOs* (koz) Proven and Probable 104 6 Measured and Indicated 453 35 Inferred 121 9 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. 1 Source: IGO Limited, January 31, 2024, Press Release OPER ATOR IGO Limited MINER ALIZATION ST YLE Magmatic Ni-Cu ROYALT Y 1.5% NSR Royalty (all metals other than gold), $10 per ounce (gold) YEAR OF ACQUISITION 2008 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. AUSTRALIA PROJECT OUTLOOK Detail not publicly disclosed by operator. For more information, please visit: www.igo.com.au . Northern Territory South Australia COSMOS Western Australia ROYALT Y Acquisition Cost US$M $8.1 Net Book Value US$M $0.5 Historical Revenue US$M $9.2