PERU Los Chancas The Los Chancas Project is located in Southern Peru approximately 65 kilometers southwest of the city of Abancay in the Department of Apurimac and is owned and operated by Southern Copper Corporation (“Southern Copper”). ROYALTY OPERATOR Southern Copper Corporation MINERALIZATION STYLE Porphyry Cu-Au-Mo ROYALTY 0.375% NSR YEAR OF ACQUISITION 2020 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2030 1 EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Currently classified by Southern Copper as exploration stage, Los Chancas is envisioned as an open-pit mine with a combination of concentrator and solvent extraction and electrowinning (SX-EW) processes. A Feasibility Study was completed in 2020, and a Technical Report summary was published in 2021. Next steps include restarting the environmental impact assessment and beginning hydrogeological and geotechnical studies as well as a resource verification drilling campaign. Royal Gold’s Royalty Interest Royal Gold holds a 0.375% net smelter return (NSR) royalty on all metals produced from Los Chancas. Royal Gold acquired the Los Chancas royalty from a private party, effective December 23, 2020. Acquisition Cost US$M $6.6 Net Book Value US$M $6.6 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated 1,648 12 Inferred 14,165 104 * 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 Southern Copper expects the Los Chancas Project to produce approximately 118,000 tonnes (130,000 tonnes) of copper and 6,800 tonnes (7,500 tonnes) of molybdenum per year starting in 2030. 1 1 Source: Southern Copper, Q3 2023 Corporate Presentation Introduction and Outlook Portfolio Details Reference Materials Attributes of Our Business Portfolio Overview Expected Performance 157 Formoreinformation,pleasevisit: www.southerncoppercorp.com