CANADA Lawyers The Lawyers Project is located within the Toodoggone mining district of north-central British Columbia, Canada. The project is owned and operated by Thesis Gold Inc. (“Thesis”), which acquired its interest through a merger with Benchmark Metals Inc. (“Benchmark”), the previous owner of the Lawyers Project, in 2023. Thesis is also owner of the Ranch Project located northwest of, and adjacent to, the Lawyers Project. ROYALTY OPERATOR Thesis Gold Inc. MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 0.5% NSR YEAR OF ACQUISITION 2022 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 14 years 1 Development Update On September 5, 2024, Thesis announced the results of an updated Preliminary Economic Assessment (PEA) for a combined Lawyers-Ranch project. The PEA contemplates both open-pit and underground mining methods. In early 2025, Thesis commenced work on a Pre-Feasibility Study which is scheduled to be completed in Q4 2025. Royal Gold’s Royalty Interest Royal Gold holds a 0.5% net smelter return (NSR) royalty on production from areas subject to our royalty interest at the Lawyers Project. Additionally, Royal Gold holds a right of first offer over a 2.0% NSR royalty on the adjacent Ranch Project. Royal Gold acquired the Lawyers royalty and right of first offer on March 24, 2022. MINERAL RESOURCES AND RESERVES As of August 30, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 2,641 82,600 18 Inferred 258 7,400 2 * 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 updated 2024 PEA, the Lawyers-Ranch Project is expected to produce an average of 165,000 ounces of gold and 4.0 million ounces of silver per year over its life-of- mine. 1 Acquisition Cost US$M $8.1 Net Book Value US$M $8.1 1 Source: Thesis, September 5, 2024, Press Release ROYAL GOLD 2024 Asset Handbook 154 For more information, please visit: www.thesisgold.com