BOLIVIA Don Mario Don Mario is an open-pit copper-gold-silver mine, owned by Empresa Paititi S.A., a wholly- owned subsidiary of Orvana Minerals Corp. (“Orvana”). Don Mario is located within the San Juan Canton, Chiquitos Province, Santa Cruz Department in eastern Bolivia, approximately 380 kilometers east of Santa Cruz de la Sierra and 76 kilometers from San Juan de Chiquitos. ROYALTY OPERATOR Orvana Minerals Corp. MINERALIZATION STYLE VMS ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Early 2026 1 EXPECTED MINE LIFE Oxide Stockpile Project (OSP) and Tailings Reprocessing Project (TRP) have potential to add 6-7 years of mine life 2 Development Update Construction of the Don Mario OSP is underway, and, as of December 31, 2024, the project approached 3.5% completion. Orvana expects to complete construction by the end of 2025, conditional on securing the remaining required balance of the funding during the first half of 2025. Orvana’s goal is to resume production in 2026. The OSP is projected to operate for 35 months, starting after construction. 1 Royal Gold’s Royalty Interest Royal Gold holds a 3.0% net smelter return (NSR) royalty on all metals produced from the Don Mario project. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of September 30, 2024 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 121 3,221 86 9 Measured and Indicated 71 927 54 5 Inferred 24 190 14 1 * 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. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $10.5 Net Book Value US$M $0.0 Historical Revenue US$M $15.4 1 Source: Orvana, January 16, 2025, Press Release, February 13, 2025, December 2024 MD&A 2 Source: Orvana, November 2024 Corporate Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 139 For more information, please visit: www.orvana.com