82 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold holds a 3.25% net smelter return (NSR) royalty on gold and a 2.0% NSR royalty on silver produced from the Dolores mine. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. Dolores Dolores is an open-pit and underground silver-gold mine owned and operated by Compañía Minera Dolores S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corporation (“Pan American”). Dolores is located in Chihuahua state, Mexico, approximately 240 kilometers west of the city of Chihuahua. Operational Overview Construction of the mine began at the end of 2006, the first doré was produced in November 2008, and commercial production began in May 2009. The processing facilities include a crushing plant, conveying and stacking facilities, leach pads, solution ponds, and Merrill-Crowe and refining facilities. Pan American completed an expansion of the Dolores mine in 2017 that featured a pulp agglomeration plant to process high-grade ore from a new underground mine, together with the high-grade portion of the ore from the open-pit mine. Mining at Dolores has been ongoing since 2008 using conventional open-pit methods with excavators, shovels, loaders, and haul trucks. Underground mining of the deposit by long-hole open-stoping methods occurred between 2017 and 2022. Ore is crushed and conveyed to the heap leach pads at a nominal rate of 16,200 tonnes per day. 1 Source: Pan American Silver, June 2022 Technical Report: Mining at Dolores is expected to end in 2024, while no date was provided for the cessation of leaching of ore on the leach pads. 2 Source: Pan American Silver, January 17, 2024, Press Release OPER ATOR Pan American Silver 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 3.25% NSR Royalty (gold only) 2.0% NSR Royalty (silver only) YEAR OF ACQUISITION 2007 TERM OF ROYALT Y Life of Mine MINE LIFE 2024 1 MEXICO 2024 OPER ATOR GUIDANCE Dolores is expected to produce 65,000 to 75,000 ounces of gold and 1.9 to 2.2 million ounces of silver. 2 LONGER-TERM OPER ATOR OUTLOOK Mining and stacking on the heap are expected to conclude in the third quarter of 2024, with the property entering into its reclamation phase while residual leaching continues for a few years thereafter. 2 DOLORES Chihuahua Texas Sonora Sinaloa Durango Coahuila de Zaragoza Arizona New Mexico ROYALT Y