SPAIN Las Cruces Las Cruces is a high-grade open-pit copper mine and hydrometallurgical plant, owned and operated by Cobre Las Cruces S.A., a wholly-owned subsidiary of First Quantum Minerals Ltd. Las Cruces is located approximately 20 kilometers northwest of the city of Seville, in the Seville Province of southern Spain. ROYALTY OPERATOR First Quantum Minerals Ltd. MINERALIZATION STYLE Sediment-Hosted Cu ROYALTY 1.5% NSR (copper only) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE +20 years 1 Development Update In 2021, the Las Cruces mine transitioned from open-pit mining to re-processing of high-grade tailings, which was completed in the third quarter of 2023. Work is advancing on the Las Cruces Underground Project, and, on February 20, 2024, First Quantum filed an updated NI 43-101 Technical Report on mineral resources and reserves for the Las Cruces Underground Project. The proposed project comprises a new decline access underground mine producing up to 2.0 million tonnes per annum (Mtpa), feeding a new polymetallic process plant/refinery, which has a design throughput of up to 2.2 Mtpa, allowing for the additional processing of existing stockpiles. Over the life of mine, average annual production is expected to be approximately 40 million pounds of copper, 79 million pounds of zinc, 33 million pounds of lead and 775,000 ounces of silver. The mine life is expected to exceed 20 years of production, following a project period consisting of a six-month pre-project development phase followed by a 25-month construction period. All permits are in place for the Las Cruces Underground Project. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on copper produced from the Las Cruces mine. The royalty is payable only when the London Metal Exchange (LME) cash settlement price for Grade A copper is equivalent to or greater than $0.80 per pound of copper. Royal Gold acquired its interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the 1.5% NSR royalty on Las Cruces. PROJECT OUTLOOK Detail not publicly disclosed by operator. MINERAL RESOURCES AND RESERVES As of September 30, 2023 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable 1,042 25 Measured and Indicated 280 7 Inferred 224 5 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. Acquisition Cost US$M $57.2 Net Book Value US$M $0.0 Historical Revenue US$M $69.4 1 Source: First Quantum Minerals Ltd., February 2024 Technical Report Performance Introduction Attributes of Our Business Portfolio Overview Expected and Outlook Portfolio Details Reference Materials 141