DEVELOPMENTS AND POTENTIAL In the March 2025 quarter, Bellevue was impacted by mining and uncharacteristic geological factors including the deferral of high grade mining areas, dilution and the grade performance of three key stopes located on the outer edges of the orebody. Bellevue Gold has undertaken a review of operations focussed on operational execution, increased cash flow and capital cost reduction, resulting in a de-risked June 2025 quarter production plan and the withdrawal of the previously reported five-year LOM plan. A further expansion of the process plant is now on hold. Bellevue Gold has expressed confidence that issues experienced in March 2025 are isolated and that the operational changes being implemented will ensure that any similar occurrences would be identified earlier and managed effectively. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $7.0 2023: 2024: Historic Revenue to Royal Gold US$M $0.1 $7.0 Acquisition Cost US$M $0.1 Investment Recovered % 6066% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of March 1, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 1,510 30 Measured and Indicated – 10 Inferred 1,200 24 * 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. ROYAL GOLD 2024 Asset Handbook 108 For more information, please visit: www.bellevuegold.com.au