Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials Produced Versus Payable Metal Under stream agreements, Royal Gold receives a percentage of produced or payable metal, the percentage of which is defined by the agreement. Produced metal refers to the metal recovered from mine site operations and typically contained in the form of either concentrate or doré. Payable metal refers to ounces or pounds of metal paid to the mine operator after the deduction of a percentage of contained metal by a third-party smelter and/or refiner pursuant to smelting and refining contracts. When an operator produces a concentrate, this product is sold to a smelter. The percentage of metal deduction is mainly a function of the type and quality of the concentrate product. When an operator produces doré, this product is sold to a refiner. Due to the purity of doré product, the deductions related to refining costs are relatively modest. In practice, payable factors related to our metal streams are defined within the terms of our stream agreements. Note, the percentages highlighted below are the contractual percentages specified under our stream agreements and not necessarily what the operator receives. PAYABLE METAL Stream Metal Product Payable % Andacollo Gold Concentrate 89.0% Khoemacau Silver Concentrate 90.0% Mount Milligan Gold Concentrate 97.0% Copper Concentrate Greater of 95% or actual % paid Pueblo Viejo Gold Doré 99.9% Silver Doré 99.0% Rainy River Gold Doré 100.0% Silver Doré 100.0% Wassa Gold Doré 99.5% Xavantina Gold Doré 99.0% Bogoso and Prestea Gold Doré 99.5% Attributable Gold Equivalent Ounces Attributable Gold Equivalent Ounces (“AGEOs”) are a measure used to describe the portion of an operator’s reported reserves or resources that we believe are attributable to Royal Gold’s stream or royalty interest. AGEOs consider our estimate of the value of the reserves or resources subject to a stream or royalty interest converted to gold equivalent ounces (“GEOs”). Limitations of AGEO as a measure AGEOs are derived from in-situ metal and do not account for certain factors that could affect both the future economic viability of the AGEO interest and the value of that interest to Royal Gold. Limitations that prevent the AGEO measure from providing a complete understanding of Royal Gold’s financial interest in a property include: • Metallurgical recoveries - these are not considered in the calculation as recovery and may be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. • Payability factors and treatment/refining charges - these are not considered in the calculation for GV, GSR and NSR royalty interests as payability is specified in the offtake agreements in place from time to time. • Ore resource conversion factors - these are not included in the calculation. Operator estimates of mineral resources are subject to development risks that may impact the conversion of estimated mineral resources to mineral reserves. AGEO calculation methodology • Royalty interest AGEOs – contained metal, in either reserves or resources, subject to Royal Gold’s royalty interest, multiplied by the metal price, divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable royalty percentage, as modified by deductions specific to the royalty type (if applicable), to yield AGEOs. For royalty interests that are calculated on a fixed dollar per tonne or dollar per metal quantity basis, these are converted to a royalty percentage based on internal budget pricing and grade and treated similarly to royalty interests that are determined on a percentage rate basis. 11