MEXICO 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 the State of Chihuahua, Mexico, approximately 240 kilometers west of the city of Chihuahua. ROYALTY OPERATOR Pan American Silver Corp. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré ROYALTY 3.25% NSR (gold only), 2.0% NSR (silver only) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2024 1 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. Dolores has reached the end of its life. Mining concluded in July 2024 and stacking of ore on the leach pad concluded in Q1 of 2025. The mine has now entered the residual leaching phase. 2025 OPERATOR GUIDANCE Dolores is expected to produce 28,000 to 31,000 ounces of gold and 0.9 to 1.0 million ounces of silver. 2 LONGER-TERM OPERATOR OUTLOOK The property has transitioned into the residual leaching phase with active reclamation. In the residual leaching phase, gold production is expected to continue for three years and silver production for eight years. 2 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. 1 Source: Pan American Silver, 2024 Annual Information Form; Mining activities at the Dolores mine concluded in 2024. 2 Source: Pan American Silver, April 1, 2025, Modelling Workshop Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 91