UNITED STATES Johnson Camp The Johnson Camp Mine (“JCM”) is owned by Gunnison Copper Corp. (“Gunnison”) and is located in a sparsely populated ranching and mining area about 105 kilometers by road east of Tucson, Arizona. ROYALTY OPERATOR Gunnison Copper Corp. MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Copper PRODUCT Cathode ROYALTY 2.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2047 1 Operational Overview The JCM is a past producing open-pit, heap leach operation. The operation includes two open-pits, a two-stage crushing-agglomerating circuit, a solvent extraction and electrowinning (SX-EW) plant capable of producing 25 million pounds of copper cathode per year, a set of pregnant leach solution and raffinate ponds, and support infrastructure (ancillary facilities, access, power, water and communications). 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 2.5% net smelter return (NSR) royalty on all metals produced from Johnson Camp. Royal Gold acquired the Johnson Camp 2.5% NSR royalty on February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Gunnison, February 2025 Corporate Presentation 2 Source: Gunnison, Q3 2024 MD&A 73 Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction