AUSTRALIA King of the Hills King of the Hills (“KOTH”) is an underground and open-pit gold mine, owned by Vault Minerals Limited (“Vault”). KOTH is located in the Eastern Goldfields of Western Australia, approximately 80 kilometers south of Vaults Darlot Gold Mine and 28 kilometers north of the town of Leonora. ROYALTY OPERATOR Vault Minerals Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2037 1 Operational Overview Vault (previously, Red 5 Limited) established the new KOTH Processing Hub in 2022, with a new 4.7 million tonne per annum (mtpa) process plant being fed by open-pit and underground mines at KOTH, and an underground satellite mine at Darlot. The KOTH carbon-in-leach (CIL) plant was completed on time and on budget in June 2022, achieved full production in September 2022 and declared commercial production in December 2022. 2025 OPERATOR GUIDANCE 210,000 to 230,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK Steady-state production is expected to be approximately 200,000 ounces of gold per year. 3 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from the KOTH mine. Royal Gold’s royalty does not cover ore from the Darlot mine. Royal Gold acquired its royalty interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the 1.5% NSR royalty on King of the Hills. 1 Source: Vault, August 9, 2023, Corporate Presentation 2 Source: Vault, August 29, 2024, Press Release: For Fiscal Year 2025 (June 30-ending), includes some ore from Darlot, which is outside Royal Gold’s royalty area. 3 Source: Vault, Corporate Website 4 Source: Vault, January 29, 2025, Press Release 5 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the King of the Hills royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 111