Evaluation/Exploration Properties EVALUATION 1 (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2024) Property Location Ownership Royalty Rate Balcooma Australia Aurora Metals Limited 1.5% NSR Bell Creek Australia Australian Mines Limited A$1.00 to A$2.00/tonne 2 Burnakura Australia Monument Mining Limited 1.5% to 2.5% NSR 3 Buttercup Bore Australia Horizon Gold Limited 2.0% GV Cosmos Australia IGO Limited 1.5% NSR (all metals other than gold); $10 per ounce (gold) Jaguar Australia Aeris Resources Limited 1.5% NSR (gold) Mt. Fisher Australia Rox Resources Limited A$5.00/oz 4 Paddington Australia Zijin Mining Group 1.75% NSR Phillips Find Australia Horizon Minerals Limited A$10.00/oz 5 Pinnacles Australia Nexus Minerals Limited/Northern Star Resources Limited 1.5% NSR Quinns Austin Australia CNN Investments Pty Ltd 1.5% NSR Red October Australia Matsa Resources Limited 1.5% NSR (gold) Temora Australia XavierLinQ Pty Ltd. 12.5% NPI Van Uden Australia Wesfarmers Limited/Shandong Tianye Group 1.5% NSR Wallbrook Australia Nexus Minerals Limited 1.5% NSR Westmoreland Australia Laramide Resources Ltd. 1.0% NSR Yundamindra Australia Nex Metals Explorations Limited 1.5% NSR Inata Burkina Faso Balaji Group 2.5% GSR Belcourt Canada Conuma Resources Ltd. 0.103% GV (coal only) Berg Canada Surge Copper Corp. 1.0% NSR Bronson Slope Canada Seabridge Gold Inc. 1.0% NSR 6 Caber Canada Glencore plc 1.0% NSR 7 Follansbee Canada Evolution Mining Limited/Equinox Gold Corp. 2.0% NSR 8 Gold River Canada Pan American Silver Corporation 1.5% NSR Great Bear Canada Kinross Gold Corporation 2.0% NSR High Lake Canada MMG Limited 1.5% NSR 9 Holt Canada Agnico Eagle Mines Limited 0.00013 x Au price NSR (gold) Horizon Coal Canada Conuma Resources Ltd. 0.50% GV (coal) North Island Canada NorthIsle Copper and Gold Inc. 10.0% NPI 1 Royal Gold considers and categorizes an exploration stage property to be an “evaluation stage” property if mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term “mineralized material”. Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves. 2 The royalty is A$1.00 per tonne on the first five million tonnes of production; A$2.00 per tonne, thereafter. 3 The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12-month period and at a rate of 2.5% on production above 75,000 ounces during that 12-month period. 4 Royalty is capped at 500,000 ounces. 5 Royalty applies to production above 40,000 ounces and is capped at $1 million. 6 Royalty shall be greater of (a) 1% NSR; and (b) 8.25% Net Operating Profits. 7 Operator has the option to purchase half of the 1.0% NSR for $500,000. 8 Operator has the option to purchase half the 2% NSR, on the basis of $500,000 for each 0.5% of the NSR acquired and, in doing so, having paid $1 million, leaving a 1% NSR. 9 Operator has option to purchase 0.5% of the 1.5% NSR for $1 million. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 161