MEXICO Peñasquito Peñasquito is an open-pit mine composed of two main deposits, Peñasco and Chile Colorado, which host gold, silver, lead and zinc reserves. Peñasquito is operated by Minera Peñasquito S.A. de C.V., a subsidiary of Newmont Corporation (“Newmont”), and is situated in the western half of the Concepción Del Oro district in the northeast corner of the State of Zacatecas, Mexico. ROYALTY OPERATOR Newmont Corporation MINERALIZATION STYLE Breccia-Hosted Pb-Zn-Au-Ag MINE TYPE Open-pit METAL(S) Gold, Silver, Lead, Zinc PRODUCT Concentrate ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2032 2 Operational Overview Open-pit mining commenced in 2010 and full production was achieved in 2011. Open-pit mining is undertaken using a conventional truck-and-shovel fleet. Processing of sulfide ore to produce zinc and lead concentrates uses a conventional crushing, milling and flotation facility with a design capacity of 130,000 tonnes per day (tpd). Currently, the Peñasco and Chile Colorado open pits are being mined. The Peñasco pit has three remaining stages (Phases 7 to 9) and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2) and will reach 375 m ultimate depth. An ore stockpiling strategy is practiced. 1 2025 OPERATOR GUIDANCE 390,000 ounces of gold, 28 million ounces of silver, 200 million pounds of lead and 520 million pounds of zinc. 2 LONGER-TERM OPERATOR OUTLOOK Newmont has forecast average annual production of approximately 330, 000 ounces of gold, 29 million ounces of silver, 185 million pounds of lead and 460 million pounds of zinc for 2026 through 2028. 1 Peñasquito has a large resource base and prospective land package with potential to extend mine life to 2040. 3 Royal Gold’s Royalty Interest Royal Gold owns a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Peñasquito mine. Royal Gold acquired the Peñasquito royalty in January 2007 from Minera Kennecott S.A. de C.V. 1 Source: Newmont, December 31, 2023, Technical Report 2 Source: Newmont, February 20, 2025, Press Release and Corporate Presentation 3 Source: Newmont, November 2021, Corporate Presentation Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 93