AUSTRALIA Red Dam Red Dam is a development project, currently one of 15 deposits that comprise the December 2022 ore reserve at the Mungari operation. The project is owned by Evolution Mining Limited (“Evolution”) and is located in the Eastern Goldfields district, in Western Australia, approximately 600 kilometers east of Perth and 20 kilometers west of Kalgoorlie. ROYALTY OPERATOR Evolution Mining Limited MINERALIZATION STYLE Orogenic Au ROYALTY 2.5% GSR (gold), 2.5% NSR (silver) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Evolution is committed to investing $250 million towards increasing the processing capacity at Mungari from two million tonnes per annum (Mtpa) to 4.2 Mtpa. In January, Evolution reported that the Mungari mill expansion was ahead of schedule and under budget. Early commissioning works for the mill are now set to commence in the June quarter 2025. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.5% gross smelter return (GSR) royalty and a 2.5% net smelter return (NSR) royalty on silver produced from the Red Dam tenement. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 117 3 Measured and Indicated – – Inferred – – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $0.2 Net Book Value US$M $0.2 1 Source: Evolution, January 22, 2025, ASX Announcement Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 147 For more information, please visit: www.evolutionmining.com.au