21. Peñasquito resources and reserves are reported under SK-1300 and have an effective date of 12/31/2024. Metal prices used for reserves are $1,700 Au, $20.00 Ag, $0.90 Pb and $1.20 Zn. Prices used for resources are $2,000 Au, $23.00 Ag, $1.00 Pb, and $1.30 Zn. Cut-off grade varies with level of silver, lead and zinc credits, but is not less than $14.10 NSR per tonne. 22. Rainy River resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Reserves use $1,650 Au and $20.00 Ag prices. Resources prices are not disclosed. Cut-off grades for both reserves are 0.3 g/t AuEq for open-pit 1.68 g/t AuEq for underground. Cut-off grades for resources are 0.3 g/t AuEq for open pit and 1.4 g/t for underground. Our stream interest at Rainy River is 6.5% of the gold produced until 230,000 gold ounces have been delivered, 3.25% thereafter, and 60% of payable silver produced until 3.1 million ounces are delivered, 30% thereafter. 23. Red Chris resources and reserves are reported under SK-1300 and have an effective date of 12/31/2024. The operator reports its 70% ownership which is converted to our 100% royalty coverage. Reserves use $1,300 Au and $3.00 Cu prices. Resources use $1,400 Au and $3.40 Cu prices. Cut-off grades vary with copper credits. 24. Ruby Hill does not have current reserves disclosed. We classify it as a producing property because of revenue from ongoing heap leaching. Ruby Hill resources are estimated under CIM standards with an effective date of 12/31/2024. Resources use a $2,175 Au price and $26 Ag price. Cut-off grades are 0.1 g/t for Mineral Point open-pit and 5.06 g/t Au for Archimedes 426 zone and 5.48 g/t Au for Archimedez Ruby Deeps zone. 25. South Laverton resources and reserves are reported under JORC standards and have an effective date of 3/31/2024. The operator reports resources and reserves for Carosue Dam, of which our royalties cover certain deposit areas. Reserves and resources use AUS$1,850 and AUS$2,250 respectively. Cut-off grades are 0.56 g/t Au. The AUS$6.00 per ounce royalty is payable once 265,745 ounces of gold have been produced and the A$10.00 per ounce royalty is payable once 160,333 ounces of gold have been produced from certain South Laverton tenements. The thresholds have not been met for either AUS$ per ounce royalty. 26. Twin Creeks reports resources and reserves to CIM standards with an effective date of 12/31/2022. The Twin Creeks royalty is now a part of the Turquoise Ridge JV, operated by Nevada Gold Mines. Reserves and resources use gold prices of $1,300 and $1,700 respectively. Cut-off grades are 0.005 oz/t Au for leach and 0.022 oz/t for mill material. 27. Ulysses resources and reserves are reported to JORC standards with an effective date of 12/31/2024. Metal prices used are AUS$2,800 and cut-off grades are 0.7 g/t for open pit and 1.8 g/t for underground for reserves. Resources use 0.4 g/t for open pit and 2.0 g/t for reserves. 28. Wassa resources and reserves are reported to JORC standards with an effective date of 9/30/2024. Resources and reserves use a gold price of $2,050 and cut- off grades of 1.34 g/t for underground and 0.5 g/t for open-pit, except Chichiwelli resources which use a $1500 gold price and 0.55 g/t cut-off. Our stream interest at Wassa is 10.5% of payable gold until 240,000 ounces are delivered, 5.5% thereafter. 29. Wharf reserves are reported to SK 1300 standards with an effective date of 12/31/2023. A gold price of $1,600 and a cut-off Au grade of 0.01 oz/short ton was used for reserve reporting. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce. 30. Williams resources and reserves are reported to CIM standards with an effective date of 12/31/2024. For reserves, a gold price of $1,400 was used, with cut- off grades of 0.43 g/t for open-pit and 2.43 g/t for underground. For resources, a gold price of $1,900 was used, with cut-off grades of 0.36 g/t for open-pit and 1.95 g/t for underground. 31. Wonder resources are reported to JORC standards as of 3/31/2022. Gold price assumption is AUS$2,250 and resources use a 0.5 g/t Au cut-off grade. 32. Xavantina reports resource and reserves to CIM standards as of 6/30/2024. Resources and reserves use a gold price of $1,650/oz, and cut-off grade is $72/t. Our stream interest at Xavantina is 25% of payable gold until 160,000 ounces are delivered, 10% thereafter. 33. Back River resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Reserves and resources use gold prices of $1,750 and $2,100 respectively. Cut-off grades for reserves are 1.65 g/t for open-pit and 4.64 g/t for underground. Resource cut-off grades are 0.9 g/t for open pit and 2.2 g/t for resources in Goose and 1.4 g/t for open pit and 3.1 g/t for underground in George. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: 0.7% NSR royalty rate until the receipt of CAD$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Royalty revenue from the George portion is expected based on an approximate 3.2-4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. 34. Bateman Gold resources and reserves are reported to JORC standards with an effective date of 12/31/2023. Royal Gold royalty covers 80% of the McFinley resource area of the Red Lake property according to Evolution Mining. Gold price used for reserves is AUS$1,800 and the cut-off grade is 3.5 g/t Au. Gold price used for resources is AUS$2,500 with a cut-off grade of 2.5 g/t Au. 35. Bogoso and Prestea resources and reserves are reported under SK-1300 standards with an effective date of 4/1/2024. Gold prices used for reserves and resources were $1,950. Cut-off grades are 0.7 g/t for open pit and 5.2 g/t for underground. 36. Castelo de Sonhos resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Resources and reserves use a gold price of $1,550 and an NSR cut-off of $12.00 per tonne. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty for a further investment of $5.0 million to $8.0 million to be determined by reference to mineralized material at Castelo de Sonhos when the option is exercised. 37. Don Mario resources and reserves are reported to CIM standards and have an effective date of 9/30/2023. Metal prices used for reserves were $1,600 Au, $18.00 Ag, and $3.00 Cu. Resource prices are $1,700 Au, $3.25 Cu. Cut-off grade is 0.3 g/t Au. 38. Hasbrouck Mountain resources and reserves are reported to CIM standards with an effective date of 1/11/2023. Metal prices used for reserves are $1,790 for Au and $21.50 for Ag. For resources, $1,850 Au and $22.75 Ag are used. Cut-off grade is 0.007 opt Au. 39. Kundip resources and reserves are reported to JORC standards with an effective date of 12/31/2023. The Royal Gold royalty area covers only certain deposit areas. Metal prices used are AUS$2,946 Au, AUS$42.00 Ag and AUS$7.57 and cut-off grade is 0.5 g/t AuEq for open pit and 2.0 g/t AuEq for underground. The royalty pays at a rate of 1.0% on the first 250,000 ounces of gold produced, 1.5% thereafter. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 177