Summary of Portfolio Outlook The majority of the properties in Royal Gold’s portfolio are expected to continue generating revenue over the medium to long term. Additionally, plans are in place to realize production expansions and/or mine life extensions at several of these properties, and these plans are described in the Portfolio Details section of this handbook. This section provides a current snapshot of the operators’ production expectations for all properties in the portfolio that generated revenue in 2024. 1 Operator guidance and longer-term outlooks are publicly available for properties that contributed approximately 94% of Royal Gold’s 2024 revenue. Guidance for the remaining properties is either not publicly available, is not relevant for Royal Gold because of partial royalty coverage, or available guidance is consolidated with other properties owned by the operator where Royal Gold does not have an interest. Outlook Summary for Properties Comprising 94% of Revenue Producing Property 2024 Revenue (USD Million) 2024A 2025E 2026E 2027E 2028E Mount Milligan (2) $186.0 168 koz Au 54 Mlb Cu 165-185 koz Au 50-60 Mlb Cu 200 koz Au 59 Mlb Cu 162 koz Au 71 Mlb Cu 162 koz Au 60 Mlb Cu LT outlook: PFS on potential multi-decade mine life extension beyond 2036 to be published Q3 2025 Pueblo Viejo (60%) (3) $83.1 352 koz Au 824 Moz Ag 370-410 koz Au n/a Ag ~540 koz Au 3.3 Moz Ag ~600 koz Au 3.2 Moz Ag ~600 koz Au 2.5 Moz Ag LT outlook: new TSF expected to allow mine life extension to 2046 Cortez (100%) (4) $69.8 722 koz Au 680-765 koz Au 790 koz Au 1.1 Moz Au 925 koz Au LT outlook: progress at Fourmile, and planned conversion of existing resources to reserves could extend open-pit and underground operations to at least 2038 and 2052, respectively Andacollo (5) $47.5 21 koz Au 39.7 kt Cu 35-39 koz Au 45-55 kt Cu Au not provided 45-55 kt Cu Au not provided 45-55 kt Cu Au not provided 35-45 kt Cu LT outlook: mine life expected to continue until 2037, although additional environmental permits will be required to extend mine life beyond 2031 Wassa (6) $48.5 ~190 koz Au 201-203 koz Au 186-204 koz Au 116-236 koz Au 32-216 koz Au LT outlook: reserve Life of Mine plan expected to continue through 2028, resource conversion potential could extend mining of Southern Extension to 2049 Peñasquito (7) $46.1 299 koz Au 33 Moz Ag 212 Mlb Pb 570 Mlb Zn 390 koz Au 28 Moz Ag 200 Mlb Pb 520 Mlb Zn 300 koz Au 30 Moz Ag 140 Mlb Pb 563 Mlb Zn 300 koz Au 28 Moz Ag 205 Mlb Pb 413 Mlb Zn 400 koz Au 29 Moz Ag 212 Mlb Pb 406 Mlb Zn LT outlook: mine life expected to continue until 2032 Rainy River (8) $45.8 226 koz Au 265-295 koz Au 491 koz Ag 325-365 koz Au 503 koz Ag 245-295 koz Au 535 koz Ag 252 koz Au 447 koz Ag LT outlook: reserves mine life expected to 2033; open pit mining expected to continue to 2028 and keep the mill at full capacity until the end of 2029, with underground production only thereafter Khoemacau (9) $33.6 1.1 Moz Ag 31 kt Cu 1.3-1.5 Moz Ag 43-53 kt Cu Ag not provided 60 kt Cu Ag not provided 60 kt Cu Ag not provided 130 kt Cu LT outlook: Zone 5 mine life expected to continue through 2041; FS underway for potential production expansion to 130,000t Cu Xavantina (10) $38.8 57 koz Au 50-60 koz Au 50-60 koz Au 50-60 koz Au n/a LT outlook: Ero Copper targeting a mine-life extension to 10 years through in- mine exploration within the next 3 years, with regional exploration ongoing Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 31