DEVELOPMENTS AND POTENTIAL In December 2024, Vault announced Board approval for the expansion of the KOTH processing facility by 20% to 6.0 mtpa. The expansion is expected to commence in April 2025 and be completed within 15 months, with commissioning scheduled for Q4 FY 2026. 4 Near-term exploration drilling is focused on the West and Regal Zone at KOTH as high priority targets for life-of-mine extension immediately beyond known mineralization and current development. Vault is working to develop a dedicated exploration platform to remove drill limitations. Additionally, satellite deposits have an opportunity to contribute over the life of mine, including Rainbow, Cerebus-Eclipse and Centauri, which currently have ore reserves. 4 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $18.2 2023: 2024: Historic Revenue to Royal Gold US$M $4.2 $5.3 Acquisition Cost US$M $0.0 5 Investment Recovered % N/M Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of June 30, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 2,092 31 Measured and Indicated 1,522 23 Inferred 476 7 * 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 112 For more information, please visit: www.vaultminerals.com