CANADA Ming The Ming Mine is an underground operation, and part of the larger Green Bay Copper-Gold Project, owned and operated by FireFly Metals Ltd. (“FireFly Metals”). Green Bay is located in Newfoundland and Labrador, Canada, approximately 20 kilometers east of Baie Verte. Royal Gold’s royalty interest only applies to the 188L mining lease. ROYALTY OPERATOR FireFly Metals Ltd MINERALIZATION STYLE VMS ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update FireFly Metals has a strategy to expand the current resource at the Ming Underground mine through investment in drilling. The existing underground infrastructure will fast-track work with drill positions immediately accessible. Resource extension will focus on testing the down-plunge continuation of both the high-grade copper-gold VMS zones as well as the broad footwall copper stringer zone. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Ming mine. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of March 31, 2022 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – – Measured and Indicated 25 191 16 1 Inferred 4 32 2 – * 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: FireFly Metals, January 31, 2025, Press Release PROJECT OUTLOOK In 2025, FireFly will continue to focus on resource growth and in-mine exploration at the Ming Mine. 1 Acquisition Cost US$M $0.5 Net Book Value US$M $0.0 Historical Revenue US$M $1.5 and Outlook Introduction Attributes of Our Business Portfolio Overview Expected Performance Portfolio Details Reference Materials 131 For more information, please visit: www.fireflymetals.com.au