DEVELOPMENTS AND POTENTIAL Potash deposits in Saskatchewan are the world’s largest, richest and most economic to mine. The Allan mine has been in operation since 1968. Since then, capital expenditures have been made on a regular and ongoing basis to sustain production and to expand production from time to time. In recent years, the Allan mine underwent a major expansion which brought the nameplate capacity up to 4.0 million tonnes of finished potash products per year. In 2024, operational capability at the Allan facility was 2.4 million tonnes per year. Operational capability may vary during the year and year-to-year. Allan has a significant mineral reserve, supporting an estimated 53-year mine life, before considering resources. 1 Royal Gold’s Royalty Interest Royal Gold holds a 40% interest on a sliding-scale royalty on the Allan potash mine. The royalty rate varies based on annual potash production. The royalty is based on a sliding scale, which caps at $1.44 per ton at prices above $23. Potash prices have exceeded $200 per ton for more than a decade. The royalty is 100% of the sliding scale for the first 600,000 attributable tons produced during a calendar year. For 600,000 to 800,000 tons, the royalty reduces to 50%. For all additional production during the year, the royalty rate is 25% of the $1.44. Royal gold holds 40% of an additional royalty, which pays $0.25 per tonne of attributable potash sold for the first 600,000 attributable tons, or a maximum of $150,000 per annum. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $17.7 2023: 2024: Historic Revenue to Royal Gold US$M $1.3 $1.2 Acquisition Cost US$M $17.0 Investment Recovered % 104% Net Book Value US$M $14.9 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED K 2 O (Mlb) KCI (kt) 2 AGEOs * (koz) 3 Proven and Probable 65,259 53,489 20 Measured and Indicated 881,766 722,739 – Inferred 300,049 245,935 – * 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. 50 2024 Asset Handbook ROYAL GOLD For more information, please visit: www.nutrien.com