126 ROYAL GOLD 2023 Asset Handbook Albania Greece Serbia North Macedonia Albania ILOVICA Bulgaria STRE A M Ilovica Ilovica is a porphyry copper-gold deposit, owned by Euromax Resources DOO Skopje, a wholly-owned subsidiary of Euromax Resources Ltd. (“Euromax”). Ilovica is located in southeast North Macedonia, within the municipality of Bosilovo, approximately 15 kilometers west of the Bulgarian border and approximately 20 kilometers east of the town of Strumica. Development Update Euromax completed a Feasibility Study (FS) for Ilovica in January 2016 and is currently working with the North Macedonian authorities to advance permitting approval. 2 Royal Gold’s Stream Interest In 2014, Royal Gold, through its wholly-owned subsidiary Royal Gold AG, announced a $175 million gold stream transaction with Euromax to finance the construction of Ilovica. Upon completion of the investment, Royal Gold is entitled to 25% of the payable gold until 525,000 ounces of payable gold have been delivered, and 12.5% thereafter. The purchase price for gold ounces delivered is 25% of the spot gold price. To date, Royal Gold paid two advance deposit payments totaling $15 million. A third payment of $160 million remains subject to certain conditions. Early termination provisions allow the return of Royal Gold’s $15 million investment under certain circumstances or, alternatively, allow Royal Gold to retain a gold stream calculated as 2.0% of Ilovica’s gold production for the life of the project with no further investment beyond the first $15 million. OPER ATOR Euromax Resources Ltd. MINER ALIZATION ST YLE Porphyry Cu-Au CURRENT STREA M TBD CURRENT ONGOING PAYMENT TBD YEAR OF ACQUISITION TBD TERM OF STREA M Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 20 years 1 NORTH MACEDONIA PROJECT OUTLOOK As per its 2016 FS, Ilovica is estimated to average annual payable production of 83,000 ounces of gold and 16,000 tonnes of copper over its mine life. 1 1 Source: Euromax Resources, 2016 Feasibility Study 2 Source: Euromax, June 2022 Corporate Presentation 3 $11.25 million invested, $163.75 million subject to certain conditions. Advance Payment US$M See footnote 3 Net Book Value US$M $12.0 MINER AL RESOURCES AND RESERVES As of January 5, 2016 CONTAINED Au (koz) Cu (Mlb) AGEOs* (koz) Proven and Probable 2,010 899 – Measured and Indicated 870 310 – Inferred – – – * 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. For more information, please visit: www.euromaxresources.com .