CANADA North Island The North Island project is located near Port Hardy, British Columbia, approximately 20 kilometers south of Port Hardy, and is owned by Northisle Copper and Gold Inc. (“Northisle”). ROYALTY OPERATOR Northisle Copper and Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 10.0% NPI YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 22 years 1 Development Update In early 2021, Northisle announced a Preliminary Economic Assessment (PEA) for the North Island Project based on the Hushamu and Red Dog deposits (the Red Dog deposit is not covered by Royal Gold’s royalty) and contemplates an open-pit mining operation, which incorporates a 75,000 tonne per day concentrator expected to produce a high-quality copper concentrate with significant gold by-product as well as a high- grade molybdenum concentrate. Northisle expects to deliver an updated PEA in Q1 2025. Royal Gold’s Royalty Interest Royal Gold holds a 10.0% net profits interest (NPI) royalty on all metals produced from areas subject to our royalty interest at North Island. Royal Gold acquired the North Island royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of March 1, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 6,259 2,766 126 Inferred 1,469 542 27 * 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 As per the 2021 PEA, the North Island Project (based on the Hushamu and Red Dog deposits) is expected to produce on average 96 million pounds of copper, 100,000 ounces of gold, and three million pounds of molybdenum per year over its life of mine. 1 Acquisition Cost US$M $2.2 Net Book Value US$M $2.2 1 Source: Northisle, February 4, 2021, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 155 For more information, please visit: www.northisle.ca