DEVELOPMENTS AND POTENTIAL In December 2024, Vale announced it had completed construction and commissioning of the VBME project, with the expansion transitioning Voisey’s Bay from open-pit to underground mining at the Reid Brook and Eastern Deeps mines, and extending the mine life of the Voisey’s Bay operation to 2037. Full ramp-up of the VBME is expected by the second half of 2026. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $228.7 2023: 2024: Historic Revenue to Royal Gold US$M $5.3 $6.0 Acquisition Cost US$M $205.7 Investment Recovered % 111% Net Book Value US$M $81.2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Nickel (Mlb) Cobalt (Mlb) Copper (Mlb) AGEOs * (koz) Proven and Probable 1,175 75 534 47 Measured and Indicated 58 1 45 3 Inferred 300 20 150 12 * 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. ROYAL GOLD 2024 Asset Handbook 62 For more information, please visit: www.vale.com