CANADA LaRonde Zone 5 LaRonde Zone 5 (“LZ5”) is an underground mine, owned and operated by Agnico Eagle Mines Limited (“Agnico Eagle”). LZ5 is located on the Bousquet property, immediately west of the LaRonde mine complex, in the Rouyn-Noranda mining district, northwestern Quebec, Canada. ROYALTY OPERATOR Agnico Eagle Mines Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2034 1 Operational Overview LZ5 was approved for development in February 2017 as an underground mining operation and achieved commercial production on June 1, 2018. Underground access is via a decline and the mining methods are longitudinal retreat with paste backfill, and transverse open stoping with paste or unconsolidated waste backfill. The ore is trucked to the surface and then two kilometers east to the LaRonde processing complex. Ore from LZ5 is commingled with ore from the LaRonde Mine (Penna Shaft) and treated through the 7,200 tonne per day (tpd) carbon-in-pulp (CIP) plant. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 2 LONGER-TERM OPERATOR OUTLOOK Over the life of mine, the LZ5 mine will be mined at a rate of 3,200 to 3,800 tpd. The mine will produce about 90,000 ounces of gold annually at peak production. 3 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the LZ5 mine. Royal Gold acquired its royalty interest effective October 1, 2008, with the acquisition of Barrick Gold Corporation’s royalty portfolio, which included the LaRonde Zone 5 royalty. 1 Source: Agnico Eagle, 2024 Annual Information Form 2 Provided for the LaRonde Complex and not LZ5 specifically 3 Source: Agnico Eagle, December 31, 2022, Technical Report 4 Source: Agnico Eagle, February 13, 2025, Press Release 5 Source: Agnico Eagle, February 27, 2025, 40-F Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 55