NICARAGUA La India La India is a surface and underground project, owned by La India Gold S.A., a subsidiary of Metals Exploration plc (“Metals Exploration”). La India is located in the western flanks of the Central Highlands in northwestern Nicaragua, in the municipalities of Santa Rosa del Peñon and El Jicaral, approximately 70 kilometers to the north of the capital city of Managua. ROYALTY OPERATOR Metals Exploration Plc MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE End of 2026 1 EXPECTED MINE LIFE 12.4 years 1 Development Update In November 2024, prior to the acquisition of Condor Gold plc (the previous owner), the Metals Exploration team visited the La India site and conducted a number of studies to assess the potential operational and financial performance of La India. Initial estimates from Metals Exploration’s Internal Study show significant improvements from the Bankable Feasibility Study conducted in 2022 by SRK Consulting. The Internal Study contemplates both an open-pit and underground operation. Metals Exploration is in final negotiations to purchase a second-hand plant to match the potential upside performance of 1.4 million tonnes per annum of ore. 1 Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at La India. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of February 28, 2022 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 602 1,250 19 Measured and Indicated 419 637 13 Inferred 837 921 25 * 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. PROJECT OUTLOOK As per the Internal Study, La India is expected to average 145,000 ounces of gold per annum over its mine life. 1 Acquisition Cost US$M $1.0 Net Book Value US$M $1.0 1 Source: Metals Exploration, January 17, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 137 For more information, please visit: www.condorgold.com