UNITED STATES Cactus The Cactus Project is a brownfield copper development project owned by Arizona Sonoran Copper Company Inc. (“ASCU”) near the city of Casa Grande, Arizona. The Cactus Project encompasses an extensive land package of approximately 5,720 acres, which includes the Parks/Salyer deposit and the Cactus East and Cactus West deposits. The Project is located on private land and is close to significant infrastructure including paved roads, railways and grid power. ROYALTY OPERATOR Arizona Sonoran Copper Company Inc. MINERALIZATION STYLE Porphyry Cu ROYALTY 2.5% NSR (all metals) YEAR OF ACQUISITION 2024 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2028/2029 1 EXPECTED MINE LIFE 31 years 2 Development Update On August 7, 2024, ASCU announced the results of a Preliminary Economic Assessment (PEA) for the Cactus Project. The project is envisioned to have two open pit mines, Cactus West and Parks/ Salyer, and a sublevel cave underground mine, Cactus East, with ore being processed via heap leach and solvent extraction/ electro-winning. On October 15, 2024, ASCU announced it had initiated a Pre-Feasibility Study for the Cactus project that is expected to be completed in the second half of 2025. As per the 2024 PEA, the Cactus Project is forecasted to generate average annual copper production of 172 million pounds per year over the 31-year mine life, with an average of 232 million pounds per year over the first 20 years of operation. 2 PROJECT OUTLOOK ASCU is currently targeting first cathode production in 2028/2029. Work underway to achieve this timeline includes completion of the Pre-Feasibility Study and amendments to permitting in 2025, completion of a definitive feasibility study and construction decision in 2026, followed by a construction period of 18 to 24 months. Acquisition Cost US$M $55.0 Net Book Value US$M $55.0 Royal Gold’s Royalty Interest Royal Gold holds a 2.5% net smelter return (NSR) royalty that covers 100% of the Cactus East and Cactus West deposits, as well as 50-60% of the Parks/Salyer deposit, ASCU holds an option to buy back 0.5% of the aggregate 2.5% royalty for $7 million, until July 10, 2025. Royal Gold acquired this royalty interest on December 31, 2024, from a private seller. MINERAL RESOURCES AND RESERVES As of July 11, 2024 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated 4,623 145 Inferred 2,538 80 * 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. 1 Source: ASCU, February 2025 Corporate Presentation 2 Source: ASCU, August 7, 2024 PEA Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 133