CANADA Kutcho Creek Kutcho Creek is a copper project, owned by Kutcho Copper Corp. (“Kutcho Copper”). Kutcho Creek is located in northern British Columbia, approximately 8 kilometers east of Kutcho Creek and 100 kilometers east of Dease Lake. ROYALTY OPERATOR Kutcho Copper Corp. MINERALIZATION STYLE VMS ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 11 years 1 Development Update In November of 2021, Kutcho Copper announced the results of a Feasibility Study (FS) for the Kutcho Copper Project. Open-pit mining will be by conventional truck and loader methods and underground mining will be carried out using longitudinal, long- hole open stoping methods. Ore will be processed at a rate of 4,500 tonnes per day. In 2025, Kutcho intends to advance near- resource and greenfields exploration targets, evaluate opportunities identified in the FS through detailed engineering, and continue to de-risk and advance the Project towards a production decision. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Kutcho Creek. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of July 30, 2021 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) Zinc (Mlb) AGEOs * (koz) Proven and Probable 92 6,825 230 373 14 Measured and Indicated 28 2,135 64 95 4 Inferred 28 2,210 58 74 4 * 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 its 2021 FS, the Kutcho Copper Project is expected to produce 533 million pounds of copper, 841 million pounds of zinc, 10.6 million ounces of silver, and 129,700 ounces of gold over its mine life. 2 Acquisition Cost US$M $3.0 Net Book Value US$M $3.0 1 Source: January 14, 2025 Press Release 2 Source: Kutcho Copper, 2021 Feasibility Study ROYAL GOLD 2024 Asset Handbook 128 For more information, please visit: www.kutcho.ca